Developers to Dutton: Housing fix must not block foreign tradies
Developers warn that cutting immigration would slow home building at a time when it is already at a decade-low pace.
- Opinion
- Chanticleer
Dutton wants a housing election. This could get nasty
As the RBA says, there are no quick fixes to the residential property crisis. But that won’t stop Peter Dutton trying before the next election.
The red line: Division in Gaza boils over at home
The Israel-Hamas conflict is exposing deep cracks within Labor, universities and the wider community over the government’s handling of the issue.
Nvidia bulls are selling – here’s what one fundie is buying instead
The AI market darling is reporting earnings next week, following a jaw-dropping share price run in the last 18 months.
- Live
- Markets Live
Shares drop; Bendigo Bank jumps, lithium miners climb
Shares drop 0.7pc. Star’s license suspension extended. US equities swing lower. Iron ore climbs on China meeting. Oil firms. Follow here.
Westpac brings back time sheets for salaried staff up to $140k
Time recording for high-earners is becoming the new norm in the finance sector as firms guard against underpayments from excessive overtime. But some white-collar workers “hate it”.
- Live
- Need to Know
Prescription data safe says cyber chief
A-League players arrested for yellow card betting racket; Pesutto apologises and settles defamation actions; no need to replace Medicare cards after cyber hack. Follow updates here.
Dutton’s housing election; Putin’s Ukraine push; Retire by 35
FEDERAL BUDGET
Dutton concedes homes sales to foreigners are ‘low’
Opposition Leader Peter Dutton has conceded only a tiny fraction of property sales in Australia are made by foreign residents, hours after releasing a major new population policy.
Dutton to slash migrant intake, ban foreign property buyers
The opposition leader has vowed to slash permanent migration by a quarter and ban foreign investors buying established homes for two years.
No more buzz – hydrogen is finally trying to get real
At the World Hydrogen Summit this year, vaulting ambition began giving way to pragmatism and a paring back of priorities.
- Exclusive
- Federal budget
Two-thirds of new road and rail money flows to Labor seats
Labor has allocated $4.1 billion for 64 new priority infrastructure projects, $2.7 billion of which has gone to Labor seats in Tuesday’s federal budget.
Budget gives $1.7b boost for green aviation fuel but still no mandate
While the EU, Singapore and Japan have all signed on to sustainable fuel mandates, the Albanese government will study the idea for another two years.
review
Inside the weird, deluded world of Donald Trump’s Mar-a-Lago
The former president exists in a parallel universe inside the walls of his beloved Florida estate.
How South Africa has changed 30 years after apartheid
The country, which goes to the polls on May 29, made widespread improvements in its first 15 years of majority rule. The past 15 have been another story.
The unlikely relationship between Russell Brand, Bear Grylls and God
Why would chief scout Grylls, a man with a flourishing global career, team up with the “cancelled” Brand – and risk harming his own squeaky-clean brand?
- Opinion
- Russia-Ukraine war
Vladimir Putin’s preparing for a long war
The Russian president’s idea of the motherland is much larger than the country’s globally recognised borders, an atavism that’s widely shared within his nation.
How 18-year-old Barron Trump could follow in his father’s footsteps
The youngest of Donald Trump’s children graduates high school this week, which makes him a target for the press.
Get the latest business news on the go with the AFR’s new iOS app.
Companies
Lendlease sells down Asia venture amid campaign for overhaul
The $147 million sale of a stake in its life sciences business comes amid activist investor demands for the property giant to pull back from overseas markets.
Traders finger ‘pre-hedging’ in ANZ bond probe
Fixed income traders say pre-hedging is “a gray area” riddled with inherent conflicts of interest. ASIC has already targeted Westpac over the practice in swap markets.
- Exclusive
- Commercial property finance
Lendlease’s Michael Ullmer to step down in board overhaul
The country’s largest property group will face disgruntled investors this month, who are calling for significant changes to its strategy.
Anglo American wants a single buyer for its Australian coal division
The London-listed diversified miner this week unveiled a major divestment plan designed partly to keep a $64.4 billion buyout proposal from BHP from succeeding.
- Exclusive
- Oil
Shell sues ATO over claim it was short-changed $99m in CGT bill
The ATO believes the company should have declared capital gains $330 million higher than first reported for its exit from the old Woodside Petroleum.
Allens to be king of the hill in Sydney’s new legal district
Allens and four other law firms are set to move into the revamped AMP building at Circular Quay as a new legal district in Sydney develops towards the harbour.
Aristocrat pops as pokies giant takes share in lucrative US market
Shares soared nearly 12 per cent after it rewarded shareholders with a 6¢ increase to its fully franked interim dividend. It expects to continue to grow there.
Companies in the News
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Markets
Millennium, Point72 and Elliott are among bitcoin ETF buyers
No matter the reason, and there could be several, Wall Street is clearly dipping its toes into the world’s largest digital asset.
What happened overnight? The Dow broke 40,000 for the first time
ASX futures were lower. US equities pared their early advance to close modestly lower. Gold slipped, oil edged up, iron ore rose. Bitcoin was steady.
Mortgage relief in sight after traders scrap rate rise bets
A surprise pickup in the unemployment rate has bolstered bets that the next move from the Reserve Bank may be lower. Cooling US inflation data overnight also helped, sending the Aussie dollar to a four-month high.
This small cap has rocketed since South32’s manganese mine disaster
Shares in Jupiter Mines have doubled in value since Cyclone Megan forced the closure of one of the world’s biggest producers of the steel making commodity.
The Aussie stock picks that made this fund a top 10
Platypus Asset Management’s Prasad Patkar names Reece among the $5 billion money manager’s key investment calls. But he’s wary of BHP’s big M&A bet.
Opinion
This budget sees the return of government as saviour
Two decades ago, Australia was poised to shed the hard-done-by battler mindset. Now it is more entrenched than ever.
Political editor
What a ‘free Palestine’ means in practice
The campus protesters are not the first generation of Western activists who have championed movements that promised liberation in theory and misery and murder in practice.
Contributor
The big fail in Australia’s housing
The Albanese government’s promises of 1.2 million homes over five years are now in the realm of political fantasy, despite the billions of dollars it has pledged for housing.
Columnist
Solar panels debunking makes case for critical minerals leg-up
Even in a world of geopolitical and supply chain risk, the old economic orthodoxies of international specialisation and comparative advantage still apply.
Editorial
China’s housing mess has finally reached Xi Jinping
The president is stepping in to help the country’s beleaguered developers. But only the state-owned players who are critical to his power base.
Business commentator
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 misleading number about spending.
Economics 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
Jobless jump could unwind next month, economists say
Economists predict some of the lift in unemployment in April may unwind in May, amid broader signs the jobs market remains strong and is absorbing a surge in migrants.
- Updated
- Gas
Labor slammed for offshore gas approval backdown
A deal with the Greens means Labor is close to passing Petroleum Resources Rent Tax changes and vehicle emissions standards, but it has shelved fast-tracked gas approvals.
CFMEU blockade ‘drives up costs’ on state project
An allegedly illegal CFMEU blockade has cost a Queensland infrastructure project $300,000 and will cause weeks of delays, according to the principal contractor.
‘End it now or we’ll call police’: Uni toughens up on protesters
Melbourne University says protesters ‘crossed a line’ when they occupied a building and warned they could be charged by police if they don’t leave immediately.
PM tells Vic Labor to sort out Gaza split
Labor factional powerbrokers were ordered to an emergency meeting to make sure a split on the Palestinian-Israel issue +does not erupt at the Victorian Labor conference.
SPONSORED
World
More troops, better tech: Putin’s Ukraine push worries West
Multiple factors are helping Russia’s military advance, including a delay in US weaponry and Moscow’s technological innovations on the battlefield.
‘Massive’ French police force arrives in riot-hit New Caledonia
Deadly violence has raged across the French Pacific territory this week over electoral reforms pushed in Paris, forcing France to impose a state of emergency.
‘That is a lie’: Trump’s lawyer attacks Cohen’s credibility
The former president’s lawyers have attempted to destroy Michael Cohen’s credibility, grilling the prosecution’s star witness at the “hush-money” trial.
They still hate him, but Wall Street’s big donors turn to Trump
Exasperated with Joe Biden’s policies, top financiers are increasingly on board for a second Trump term despite being alienated during his first presidency.
- Opinion
- Globalisation
America’s race to tear up trade rules hurts everyone
The US is growing tired of upholding the economic rules it laid out for the world after 1945. But tariffs only punish consumers and undermine competitiveness.
Property
- Exclusive
- Luxury property
Adam Flaskas to sell luxury Brisbane ‘sky home’ before Manly move
The developer and his fiancee have put their five-bedroom penthouse on the market ahead of a southern relocation.
- Exclusive
- Luxury property
Ex Pendal CEO to sell $18m harbour mansion with trophy boatshed
Emilio Gonzalez and his wife, Nicola, have called time on their Cremorne harbourside address, offering it to prestige shoppers.
NRMA snaps up Yamba holiday park for more than $40m
The association will add the Blue Dolphin Holiday Resort in Yamba to a tourism portfolio that includes Cradle Mountain Hotel and Freycinet Lodge in Tasmania
Not a home office: cafe finds coffee and laptops don’t blend well
The same reasons that drove19th-century writers from their garrets have led office workers to colonise café tables.
Perth property ‘went nuts’, but these sisters managed to get in first
Jennifer and Maxine Gamble are sisters who have bought a house together to future-proof aged care issues that might arise in the future for them.
Wealth
How this Millennial plans to retire at 35
Saving hard and opting out of the consumer lifestyle has helped these people retire decades before their parents did.
The $150b club: Record number of super rich
The combined net worth of the world’s super-rich club is up 13 per cent this year to $3.3 trillion, according to the Bloomberg Billionaires Index.
- Opinion
- Superannuation
Labor’s ‘double taxation’ in super may not be as steep as you think
A 30 per cent tax rate is unlikely to ever apply to the entirety of annual earnings for people with balances above $3 million.
Technology
Children glued to their phones at meal time face obesity risk
Experts say letting youngsters scroll social media, watch videos or eat in front of the TV is “dangerous” and may be fuelling a growing obesity epidemic.
- Opinion
- Chanticleer
How gridiron and cartoon elves sent this ASX giant surging
The 12 per cent surge in Aristocrat Leisure’s share price reflects a solid profit beat. But there’s a secret sauce behind its long track record of growth.
Hackers steal the keys to Iress’ OneVue platform
Financial software provider Iress is investigating if any client data has been breached after discovering hackers stole a credential to gain access to its systems.
Work & Careers
How Kmart is now more product maker than retailer
Kmart Group’s own brand has boomed, helping it deliver record profits. Its CEO says the low-cost goods chain is now more product maker than retailer.
Law graduates are about to crack a salary record
Top-tier graduates will earn more than $100,000 this year – in Sydney only – but law firms remain tight-lipped on pay rates despite moves towards transparency elsewhere.
Life & Luxury
Think you know this week’s news? Answer these 10 questions
Have you been paying attention this week? Test your knowledge across politics, business and world news.
This week’s lovely luxuries: chi-chi coffee to divine dog blankets
Plenty to savour here, from stylish kitchen essentials to gifts for friends – furry ones included.
Men paid $760 to lose weight in ‘Game of Stones’ health scheme
A trial of a dieting program in which participants potentially lose money has been so successful that it will be rolled out nationally.
- Driving With Tony Davis
- New car snapshot
Why the new Lexus LBX Sports Luxury AWD is an ideal city car
It’s not exciting, but the brand’s smallest car has its pluses, as well as the usual Lexus ownership perks.
Mount Everest from your tent? That’s a view worth the trek
Waking up to behold Nepal’s most renowned mountains is a dream come true. But you’ve got to put in the hard yards to get there.
