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Spending addiction fuels a new decade of deficits

This pre-election budget includes $300 in power bill discounts for every household, $1.9 billion in rent assistance and $14 billion in tax credits for critical mineral miners and green hydrogen producers.

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Labor’s $24b green energy superpower bet

The Albanese government has made a $24 billion bet on turning Australia into a renewable energy superpower, powered by green hydrogen, critical minerals processing and green commodity exports over the coming decade.

BHP chief Mike Henry has been in the top job for four and a half years.

BHP says Anglo American demerger plan vindicates takeover structure

BHP’s Mike Henry says Anglo American’s plan to demerge its South African mines vindicates the structure of BHP’s $64 billion takeover bid.

Chalmers crumbles and gives up spending restraint

Jim Chalmers is like a bloke who successfully dieted for two years but caved after someone shoved a bucket of KFC under his nose, writes Phillip Coorey.

Why Andrew Forrest is a big budget winner

Jim Chalmers’ $23 billion bet on turning Australia into a green industry superpower ignores many of the issues on the top of the business sector’s wishlist.

There’s an $80b spending bomb buried in the budget

The people who should be most worried about this profligate pre-election budget are Reserve Bank governor Michele Bullock and home borrowers, writes John Kehoe.

Producer prices leap as US inflation remains sticky

The unexpectedly high readings may raise concerns on Wall Street and the Federal Reserve.

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FEDERAL BUDGET

Harriet

From babies to Boomers: what’s in the budget for you

The 2024 federal budget includes power bill relief, more training places and additional rent assistance.

TikTok says it co-operated with the Tax Office to permanently ban more than 60 accounts that promoted GST fraud.

Tax fraud, capital gains tax crackdown to raise $3.3b

The budget includes a broad crackdown on tax fraud, the shadow economy and the avoidance of capital gains tax by foreign residents, which Labor hopes will raise $3.3 billion.

Belinda Coniglio, pictured with her daughter Jacinta Rose, supports the super guarantee on parental paid leave.

Super on parental leave adds $4250 to retirement balance

The government will also spend $55.6 million over four years to establish the Building Women’s Careers program.

Labor pumps $630m into green jobs

Labor will spend more than $630 million to help secure workers for its signature Made in Australia agenda. 

Decade of deficits to spark debt interest surge

While Treasurer Jim Chalmers was spruiking debt in 2023-24 being $904 billion, gross debt is forecast to rise sharply in the years ahead.

budget analysis

Looser budget policy from Jim Chalmers means interest rates will stay higher for longer, or even rise.

There is method in the energy rebate economists will hate

This is a budget that acknowledges the government is facing a mountain of problems that cannot be solved any time soon.

Reserve Bank governor Michele Bullock.

There’s an $80b spending bomb buried in the budget

The people who should be most worried about this profligate pre-election budget are Reserve Bank governor Michele Bullock and home borrowers.

Last year’s budget expanded net spending by 0.8 per cent of gross domestic product in a year. This year it’s another 1.5 per cent. And those increases look permanent.

Forget policy, Albonomics is all politics

The budget is just more hard proof that Australia has not elected a government driven by policy since Kevin Rudd’s Labor in 2007.

This budget won’t be a catalyst for rate cuts

When setting monetary policy, the RBA will look through temporary factors impacting prices to understand the underlying trend for inflation within the economy.

This is the most irresponsible budget in recent memory

The government set itself a simple standard: not to make the Reserve Bank’s job harder. Michele Bullock may just choke on her cornflakes.

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Companies

UTA’s portfolio includes a stake in TransGrid, Australia’s biggest poles-and-wires company.

Eyes on Transgrid as super funds bail out of $8b infra fund UTA

Sources say Aware Super has hired Campbell Lutyens, a specialist in moving illiquid investments for institutional investors, to shop a $600 million stake.

Resources Minister Madeleine King fought hard for production tax credits.

Miners hail $17.6b in tax credits - but BHP nickel still on death row

Critical minerals sector welcomes $17.6 billion in tax credit support, but it may be too little, too late to save BHP’s nickel business and 3000 jobs.

BHP chief Mike Henry has been in the top job for four and a half years.

BHP says Anglo American demerger plan vindicates takeover structure

BHP’s Mike Henry says Anglo American’s plan to demerge its South African mines vindicates the structure of BHP’s $64 billion takeover bid.

Justice Robert Beech-Jones.

Judge chides critics who want to ‘regulate class actions out of existence’

The newest member of the High Court, Justice Robert Beech-Jones, also gave qualified support to competition between courts.

Anglo American to sell Queensland coal in big shrink, spurning BHP

Anglo American will sell or shut everything except its copper, iron ore and potash mines as part of a strategy to dodge BHP’s advances.

Arena the big winner in the new net-zero bureaucracy

Arena will receive $5.1 billion in extra funding to cover its enlarged responsibilities overseeing key aspects of the drive to make Australia a renewable energy superpower.

Optus denies ‘cloaking’ Deloitte report on 2022 cyberattack

A press release published after Optus’s 2022 cyberattack had legal purposes, even though they were never mentioned, Optus has argued in a court appeal.

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Markets

Wall Street finished flat to open its week.

Producer prices leap as US inflation remains sticky

The unexpectedly high readings may raise concerns on Wall Street and the Federal Reserve.

ASX closes lower ahead of federal budget; critical mineral miners jump

Australian edged down in quiet session ahead of federal budget. Energy and real estate stocks fall. Budget at 7.30pm. US producer prices ahead.

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Investors weigh whether to chase China’s new bull market

The 27 per cent surge in Chinese stocks this year continues to wrong-foot many asset managers, but some are cashing in following a disappointing few years.

Australian ETF winners had returns as high as 153pc

US megacap tech stocks and cryptocurrencies proved profitable investments in the last year, according to the latest top-performing ETF data – alongside some other surprise standouts.

Meme stock stupidity is back at the dumbest possible time

The $6 billion jump in the value of crappy US retailer GameStop is a sign of pure speculative excess. 

Opinion

Why the world won’t respond to shocks as it did before

The world economy is fragmenting, with countries going in different directions. They will not react to frequent violent changes in the same ways.

Mohamed El-Erian

Global financial commentator

Mohamed El-Erian

Gas critics are signing up for coal and candles

The climate movement needs to ask itself what is worse: gas in the new energy mix, or coal that lingers for longer.

Craig Emerson

Former Labor minister and economist

Craig Emerson

Budget spending spree that locks in a decade of deficits

Given all the good luck since coming to office, there are no excuses for Labor not running successive substantial surpluses to repair the budget buffers and start repaying the pandemic debt at this point in the cycle.

The AFR View

Editorial

The AFR View

The costs of the future still start adding up today

Jim Chalmers is betting he can get the balance right between curbing inflation in the short term while promoting growth in the longer term.

Chalmers’ Made in Australia is just a drop in the bucket

The new strategy is just a drop in the bucket compared with the US, and taxpayers can be relieved that the treasurer has been remarkably frugal in its funding.

Karen Maley

Columnist

Karen Maley

Chalmers crumbles and gives up spending restraint

Jim Chalmers is like a bloke who successfully dieted for two years but crumbled after someone shoved a bucket of KFC under his nose.

Phillip Coorey

Political editor

Phillip Coorey

Reports

BOSS Best Places to Work

The awards celebrate the achievements of the best small, medium and large organisations and nine sector winners.

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Politics

ASIC chairman Joe Longo at a parliamentary joint committee in April.

ASIC staff motivation, satisfaction, stress hit critical levels

A confidential staff survey made public through a Senate inquiry on Tuesday showed the regulator had just two out of 12 outcomes at average or desirable levels.

The judge accepted David McBride was of good character following numerous character references and a report by a clinical psychologist outlining his morality and sense of justice.

War crimes whistleblower jailed for nearly six years

David McBride, who leaked documents that revealed allegations Australian soldiers committed war crimes, will spend at least two years and three months behind bars.

Prime Minister Anthony Albanese and Prime Minister of Papua New Guinea James Marape in December.

Solomons, PNG win in $1b-plus Pacific play to ward off China

The government will provide funds for telecommunication cables in the Solomon Islands, help Papua New Guinea with a $600 million bailout and upgrade embassies.

Indebted Victoria faces nurse, paramedic strikes over wages

Treasurer Tim Pallas has vowed to stick to his 3 per cent wages policy as he seeks to head off industrial action by nurses and paramedics, and negotiate new pay deals with firefighters and police.

Tax fraud, capital gains tax crackdown to raise $3.3b

The budget includes a broad crackdown on tax fraud, the shadow economy and the avoidance of capital gains tax by foreign residents, which Labor hopes will raise $3.3 billion.

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World

US Secretary of State Antony Blinken arrives in Kyiv.

Blinken visits Ukraine as Russia’s military closes in

The US secretary of state arrived in Kyiv to reassure Ukraine of America’s commitment to help the push-back against Russian advances that have gathered pace in recent months.

Biden v Trump

Trump leads in crucial states as Biden’s support unravels

A new set of polls shows the US president is behind in five of six battleground states, as the economy, Israel’s war and a desire for change press on voters.

The Warren Air Force Base in Wyoming.

Biden orders Chinese crypto miner to sell land near US military base

The US president ordered MineOne Partners and its associates to sell the land next to Warren Air Force Base in Wyoming within 120 days.

What a second Trump presidency could bring

The influential American conservative platform Project 2025 has spent two years crafting a 900-page proposal for key areas of immigration, tax and trade.

Israel cannot stand alone and Netanyahu knows it

The American decision to restrict arms sales could be a turning point in the US-Israel relationship.

Property

The golf course could support a $1 billion housing estate.

Former AFL star pays $190m for Cranbourne Golf Course

The 70-hectare site in Melbourne’s south-east will support up to 1500 new homes with an end value of about $1 billion.

Why would anyone want to invest in Melbourne’s housing market?

Some experts are predicting Melbourne’s housing market to bounce back strongly in the next two years, but others warn about getting in too early.

Retiring Reece chair lists $12m family mansion in South Yarra

Melbourne-based Reece chair Tim Poole and his wife Jane have listed their South Yarra home, Atherley, after 24 years owning the Italianate mansion.

For $490 million, last private land in Arctic archipelago can be yours

The massive tract of land could be an investment project for a high-net-worth individual looking to make an impact as an environmentalist.

Demand for housing and sheds to drive Frasers forward

Frasers’ booming Australian residential and industrial businesses will help drive profits at the Singaporean giant, after they fell at the half-year stage.

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Wealth

Exchange-traded funds continue to be popular with investors seeking a cheap way to diversify their portfolios.

Australian ETF winners had returns as high as 153pc

US megacap tech stocks and cryptocurrencies proved profitable investments in the last year, according to the latest top-performing ETF data – alongside some other surprise standouts.

Deepfake images lure investors to bogus stock clubs

The ASX is among the latest to be exploited in frauds costing investors at least $25 million a week. Here’s how to spot a scam:

Why superannuation funds are wrong on gold

Millions of Australians could be missing out on the benefits of gold because of a conflict of interest inherent in big super.

Technology

Elon Musk scored a win over Anthony Albanese in the local Federal Court.

Judge rebukes ‘clear case’ of government overreach on stabbing video

A Federal Court judge said a global ban would not be a “reasonable” step and would likely be ignored by other countries.

Elon Musk will be delighted at the Federal Court win over the eSafety commissioner.

X ruling marks the spot for online police

Elon Musk has overreach by Australia’s eSafety commissioner to thank for an important victory in the courts.

A toothbrush that cuts your hair? This is the Swiss army knife of grooming

As Panasonic’s multifunction device reveals, there’s a natural order to morning ablutions.

Work & Careers

Minister for Women Katy Gallagher.

Gender and family advocates will have to wait a bit longer

The issue with announcing a rise in wages for childcare workers is that there is a multi-enterprise bargaining process underway.

Baidu’s PR boss was fired for being a workplace tiger mum

When the of head of public relations for China’s Google was fired over blunt remarks about staff, managers everywhere lost an honest voice.

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Life & Luxury

Hyundai EV owner Pok Ng in Melbourne

Why this EV driver regrets buying his $85k car

Catch up with the latest instalment in our fortnightly series in which we speak to EV drivers who explain the highs and lows of electric car life in Australia.

Caroline Idiens has more than one million Instagram followers through her home workouts.

The five tests that will tell you how well you’re ageing

Does getting out of a chair make you go “oof”? It’s time to start future-proofing your body, using these methods that can be done at home.

Using Ozempic before surgery may be dangerous

Even if users follow “nil by mouth” instructions before an operation, they may still have food in their stomachs when they are wheeled into the operating theatre.

Left to right: Tommy Hilfiger at New York Fashion Week; Salvatore Ferragamo at Milan Fashion Week; Prada on the runway at Milan Men’s Fashion Week.

Ties are making a comeback. Just not for the office

As ties disappear from formal occasions, they’re turning up again in casual dressing.

‘It’s about remembering aromas’: how Chanel’s ‘nose’ makes perfume

Chanel makes some of the world’s most desirable fragrances. Olivier Polge brings them to life.

From the gallery