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.
ASX to rise, US equities rally on megacap techs
Australian shares are set to advance. Budget details in focus. Nasdaq resets closing record high. Meme stocks extend surge. Bitcoin struggles.
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 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.
- Live
- Need to Know
Biden hikes tariffs on Chinese EVs, solar cells, steel, aluminium
President Biden slapped major new tariffs on Chinese electric vehicles, advanced batteries, solar cells, steel, aluminium and medical equipment. Follow updates live.
- Opinion
- Federal budget
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.
- Opinion
- Chanticleer
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.
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FEDERAL BUDGET
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.
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.
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
- Opinion
- Federal budget
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.
- Opinion
- Federal budget
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.
- Opinion
- Federal budget
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.
- Opinion
- Federal budget
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.
- Opinion
- Federal budget
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
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.
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 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.
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
‘Back in the game’: Hydrogen sector celebrates from afar
Almost 50 Australian companies were in Rotterdam for the World Hydrogen Summit. When news of the budget bonanza came through, the reaction was ecstatic.
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.
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.
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.
Global financial commentator
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.
Former Labor minister and economist
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.
Editorial
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.
Columnist
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.
Columnist
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.
Political editor
Reports
BOSS Best Places to Work
The awards celebrate the achievements of the best small, medium and large organisations and nine sector winners.
Politics
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.
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.
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.
SPONSORED
World
Biden lifts tariff regime on $27b of China imports
Following a four-year review on trade with China, President Biden will not only keep the tariffs put in place by Donald Trump but ratchet up others.
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.
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.
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.
Property
- Exclusive
- Property development
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.
- Exclusive
- Luxury property
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.
Wealth
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:
- Opinion
- Investing
No, ESG funds have not had their day
Recalibration of ESG investing has been an excellent exercise in weeding out the greenwashers, bandwagon participants and naysayers.
Technology
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.
- Analysis
- Social media
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
Why this event maestro takes a bath every single morning
Katerina Lamb is the founder and director of The World Of, an events agency that produces experiences for clients such as Hermes, Louis Vuitton and Tommy Hilfiger.
- Opinion
- Federal budget
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.
Life & Luxury
- Driving With Tony Davis
- Motoring
An eventful test drive of the new McLaren 750S, priced from $586k
In a nutshell, it’s a pure and precise driving experience, even on city roads (notwithstanding an ill-timed software glitch).
Six tips for styling a room from David Flack
Incongruous and ingenious, the work of this designer has influenced interiors all over the country. Here, he takes a humble den and makes it a haven.
How this tiny English village got a US tech money makeover
Before Michael Birch swooped in, few people had ever heard of Woolsery in North Devon. Now the smart London set happily spend hours driving there.
How a tennis ball saved my marriage
Having considered various remedies to keep his wife sane and his health intact, it turns out there’s a simple solution to the writer’s snoring.
Why this event maestro takes a bath every single morning
Katerina Lamb is the founder and director of The World Of, an events agency that produces experiences for clients such as Hermes, Louis Vuitton and Tommy Hilfiger.
