‘Expansionary’ budget at odds with RBA rate push
Despite calls for Labor to adopt a contractionary fiscal policy to complement the RBA, economists say Tuesday’s budget was likely expansionary or neutral at best.
Santos will sack 200 people as project delays spoil returns
The reliance on new projects such as Barossa in the Timor Sea takes on greater importance at Santos, where many of its legacy assets are being depleted.
- Opinion
- Chanticleer
Fundies are riding a wave of stimulus. Jim Chalmers just added to it
Investor bullishness is as strong as it’s been since 2021, but one key question in BoA’s latest fund manager survey particularly resonates after the latest budget.
- Opinion
- Federal budget
Chalmers is telling a big budget fib
Treasurer Jim Chalmers stood in front of 600 guests at his post-budget speech in Parliament House on Wednesday and repeated a big budget fib about spending, writes John Kehoe.
ASX closes higher; BHP, miners advance
Shares end higher after budget as BHP jumps; AACo swings to a loss; Iress reveals data leak; CSR hit by energy costs; Q1 wages cool more than expected.
- Opinion
- Housing slump
Can $32 billion fix the housing crisis?
The Albanese government’s ambitious plan to boost housing supply might not make a difference before the next election. Is there a better solution, asks Robert Harley.
Unions to ramp up pay claims despite inflation slowdown
Unions want to make up for “lost ground” after years of cost-of-living pressure, despite Treasury forecasts that inflation could fall beneath 3 per cent by Christmas.
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FEDERAL BUDGET
- Updated
- Federal budget
Miners hail tax credits but Coalition to block it
Australia’s critical minerals industry has hailed $13.7 billion in budget tax credits at the same time as the Coalition has vowed to block the policy claiming it will deliver “billions to billionaires”.
WA GST deal to cost federal taxpayers $53b and rising: budget
The deal will cost $44 billion more than originally promised, but neither side of politics dares change it for fear of losing seats in the west.
Treasury debunks Albanese’s solar and battery push
Treasury says there is a “strong case” for green hydrogen and green metals have “significant potential”. Making solar panels and batteries is another story.
Defence tries its hand at consulting as Labor keeps heat on big firms
The government will also conduct a second audit of public sector employment to track the progress on reducing its reliance on external advice.
Labor adds $16.5b road and rail projects
The government committed $16.5 billion to road and rail projects, including $4.1 billion for 65 new developments – just 12 of which were revealed in the budget.
budget analysis
- 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, writes John Kehoe.
- Opinion
- Federal budget
Chalmers soothes the symptoms instead of fighting the problem
I’m feeling as grumpy as I appear in my headshot. That’s because the big ask of the budget was not to poke the inflationary bear. It didn’t pass that test, writes Chris Richardson.
- 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, writes Steven Hamilton.
- Opinion
- Federal budget
Why economists hate the $300 energy rebate
This is a budget that acknowledges the government is facing a mountain of problems that cannot be solved any time soon, writes Laura Tingle.
- Opinion
- Global economy
US-China trade war choices for Chalmers’ green budget
The new incentives for critical minerals and green hydrogen are about more than industry policy. They will play out in a global contest over rival political systems, writes Richard McGregor.
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Companies
Gupta’s $500m Whyalla steelworks upgrade delayed by two years
A plan to produce green steel will now be pushed out until 2027, the company said. It is already grappling with issues that have shut down the furnace.
Rio chief ‘not afraid’ of M&A as Anglo American break-up looms
Jakob Stausholm won’t rule out entering the acquisition fray, but told investors he doesn’t want big transactions to derail his recovery mission at the miner.
Prezzee co-founder quits Shaun Bonett-owned gift card company
Claire Morris is leaving the group, and resigning as its brand ambassador. It follows a string of senior executive departures in the last 18 months.
Beef giant slumps to loss but CEO says there’s ‘strong demand’
The beef giant saw a drop in profits as rivals pushed more meat onto the market and costs rose.
‘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.
Aluminium losses hit CSR ahead of Saint-Gobain $4.3b buyout
Shareholders will vote next month on the bid from Saint-Gobain, which must wrestle with a loss-making aluminium business hit hard by high energy costs.
- Updated
- Mergers & acquisitions
BHP says Anglo American demerger plan vindicates takeover structure
The London-listed miner will sell or shut assets except those producing copper, iron ore and crop nutrients as it hopes to see off its Australian suitor.
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Markets
Iron ore plunge baked into the budget ‘unlikely’ to materialise
The threat to China’s iron ore supremacy is front and centre of the latest federal budget, but analysts think the government’s dire outlook may prove too pessimistic.
ASX retail, property stocks to rally from budget boost
The “inflationary” tones from the federal budget could provide a fresh tailwind for the sharemarket, especially for retail and real estate stocks, according to brokers.
Producer prices leap as US inflation remains sticky
The unexpectedly high readings may raise concerns on Wall Street and in the Federal Reserve.
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.
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.
Opinion
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
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
Billions are not enough to realise critical mineral and renewable hydrogen hopes
Where the government can make a real difference is getting the basics right; starting with environmental approval processes is just too hard.
Corporate advisor
US-China trade war choices for Chalmers’ green budget
The new incentives for critical minerals and green hydrogen are about more than industry policy. They will play out in a global contest over rival political systems.
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
Why the student protests make me optimistic about the future
If there is any failure in Australian universities it more likely lies with administrators, rather than student bodies.
Columnist
Reports
BOSS Best Places to Work
The awards celebrate the achievements of the best small, medium and large organisations and nine sector winners.
Politics
Time to fix budget’s structural deficit: accountants
Accounting bodies say the federal budget should have done more to deliver substantive tax reform and a plan for implementation. Here’s how the day unfolded.
Victorian parliament bans MPs from wearing keffiyeh
Victoria has joined a Canadian province in becoming one of the few parliaments in the world to ban MPs from wearing the keffiyeh.
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.
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.
The budget in five key charts
The five key graphs to understand the government’s latest federal budget.
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World
Cohen tells of Trump’s Oval Office deal to pay ‘hush money’
Michael Cohen’s story of a deal struck in the White House with Donald Trump was the only personal account tying the former president to falsified documents.
Putin to meet ‘dear friend’ Xi in China, defying US
The Russian president is set to arrive in Beijing, underlining the key relationship as China faces growing US pressure to curtail support for the war in Ukraine.
New US tariffs on China could help Australian critical minerals
It’s not just the federal budget that could boost Australia’s critical minerals exports, but also a new round of US tariffs on Chinese imports.
The reclusive billionaire turning Georgia towards the Kremlin
Georgia’s former prime minister Bidzina Ivanishvili has returned to politics for a third time, and is taking a risk by supporting an inflammatory new law.
Biden ramps up tariff regime on $27b of China imports
Following a four-year review on trade with China, US President Joe Biden will not only keep the tariffs put in place by Donald Trump, but ratchet up others.
Property
Imported tradies need to live somewhere too
To fix the housing shortage the government needs to train many more building industry workers at home as well as fast-tracking visas for foreign tradies, builders say.
- 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.
Wealth
Forget Boomers. Millennials, your next landlord could be a best mate
For decades, Millennials and Generation Z have blamed Baby Boomers for locking them out of the housing market. But what happens when wealthy Boomers start to give their kids cash?
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.
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.
Technology
Google steals OpenAI’s thunder with something 15 times bigger
The new version of Gemini can write poems about objects it’s seen, or even tell the user where it last saw her glasses.
For the Taliban, Afghans’ best status symbol is a $2120 iPhone
Commerce is thriving for some entrepreneurs despite the difficulties imposed by the country’s rulers.
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.
Work & Careers
- Exclusive
- Workplace
Grant Thornton adopts nine-day fortnight, but staff have to earn it
The accounting firm’s year-long trial coincided with record productivity, employee retention and profits.
Why this event maestro takes a bath every single morning
Katerina Grant 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.
Life & Luxury
A little bird delivers record price for photographer
A bird in the hand might be worth two in the bush, but Petrina Hicks’ photo of a budgie in a girl’s mouth was worth plenty on an otherwise disappointing night.
How Anya Taylor-Joy morphed from chess nerd to action hero
Despite being the star of Furiosa, the actor’s status was cemented by a small role in another big film set in a desert.
- 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).
Older adults are having sex – but there is an increasing downside
Experts have offered five reasons that help explain why sexually transmitted infection rates are rising among ageing people.
The elite US ski town that flies under the radar of many Australians
It’s the American resort that’s bred the most winter Olympians. After a $US200 million overhaul, Steamboat’s 1500 hectares across six peaks is the place to be.
