ASX eyes record high as rate cut hopes fuel euphoria for shares
Australian shares are set to advance after the Dow Jones crossed the historic 40,000 level on Friday with Nvidia’s earnings this week destined to test the rally.
- Opinion
- Inside China
Two massive things happened while we were watching the budget
While most of us were watching Treasurer Jim Chalmers’ third budget, two huge developments took place overseas that will be much more crucial in determining our future economic prosperity, writes Karen Maley.
Defence Force ‘ready to fly’ to New Caledonia
Australia is working with French authorities to ensure a quick exit for people seeking to flee strife-torn New Caledonia as soon as the Pacific island nation’s airport is reopened.
- Analysis
- Mining
Inside Anglo American’s rushed break-up plan
Some of the most senior executives at Anglo American were caught off-guard by Duncan Wanblad’s spectacular break-up plan. Even the CEO himself.
- Analysis
- Due diligence
ARN Media’s M&A record holds out for elusive win
After seven months, the dream of an ARN-Southern Cross combination fell apart. But if history is any guide, M&A has been a source of unease for ARN investors.
- Opinion
- Sharemarket
These stocks are primed for ‘tectonic-sized’ tailwinds
The magnificent seven are not the only way to play artificial intelligence, there’s money to be made in storage, energy and software on the ASX too, writes Jun Bei Liu.
- Opinion
- Chanticleer
Why a rubbish collector is the ASX’s most vulnerable big company
Cleanaway Waste Management needs investors to buy into its growth story, and soon, because while earnings forecasts are rising, the share price isn’t. That makes it vulnerable to a takeover.
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smart investor
Higher living costs are eating into super. Here’s what to do
Retirees are vulnerable to inflation because higher living costs eat into carefully calibrated savings plans that do not benefit from the injection of regular wages. Here’s what to do.
‘Window of opportunity’ for graduates to score debt reprieve
An accounting quirk means some graduates can escape the brunt of indexation, but only if they act fast.
Super for housing could only work for the fastest movers: experts
First home buyers struggling to save a deposit might welcome the Coalition’s promise to let borrowers tap their super for property, but economists say it will only push up house prices.
- 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.
‘Don’t waste it’: Smart ways to spend your income tax cut
Some workers will have an extra $350 a month from July 1. Don’t waste this “powerful” opportunity, experts say.
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Companies
Rio makes safety change after double-impact derailment
Iron ore giant Rio Tinto reopened the rail line damaged in a train crash as the Mining and Energy Union seeks to highlight a pattern of alleged safety failures.
- Exclusive
- Tourism
On Hamilton, a family dynasty bets there’s more money in islands
After showing potential buyers around last year, Sandy Oatley and his family are instead developing a new resort as they double down on the island.
SkyCity agrees to $67m penalty as licence decision looms
The case was based on allegations the company allowed high-risk patrons to gamble more than $4 billion in dirty cash through its casino.
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”.
Transurban says drivers could pay more under NSW reforms
NSW’s proposed toll road reforms would hit some drivers with higher fares, create traffic congestion and would not necessarily be fairer, Transurban has claimed.
Lendlease sells down Asia venture amid campaign for overhaul
The $147 million sale of a stake in its life sciences business comes as activist investors demand the property giant pulls back from overseas markets.
Traders finger ‘pre-hedging’ in ANZ bond probe
Fixed income traders say pre-hedging is “a grey area” riddled with inherent conflicts of interest. ASIC has already targeted Westpac over the practice in swap markets.
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Markets
S&P 500 hovers near record high
US equities gave up early gains to close mostly modestly higher. Copper, nickel and silver surge. Gold, oil also rally. $A touches US67¢.
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.
BlackRock’s Rieder says rate cut would tame US inflation
High interest rates are generating more income from fixed-income investments for well-heeled Americans, the firm’s chief investment officer says.
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.
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.
Opinion
Dutton’s migrant crackdown treats economy with disdain
In the populist pitch to bring down house prices, there is little recognition of the role of migrants in filling acute skills shortages across the economy.
Deputy editor - News
Made in Australia is just copying US and China protectionism
Anthony Albanese has replicated the economic strategies of Donald Trump, Joe Biden and Xi Jinping. The small mercy so far is no increased tariffs on imports.
Columnist
Keeping Eraring open is about engineering not morality
The imminent decision around when to close Australia’s biggest coal-fired power station is a watershed moment between an ideological approach to climate change and the laws of physics.
Energy expert
Two massive things happened while we were watching the budget
While most of us were watching Treasurer Jim Chalmers’ third budget, two huge developments took place overseas that will be much more crucial in determining our future economic prosperity.
Columnist
Gentrified mental health has undermined access for the seriously ill
The high costs and limitations of access are unquestionably privileging the privileged.
Columnist
Budget kicks off a populist election season
The housing crisis demonstrates how both major parties insist there are easy answers where none exist.
Editorial
Reports
BOSS Best Places to Work
The awards celebrate the achievements of the best small, medium and large organisations and nine sector winners.
Politics
Dutton’s immigration cuts would cost ‘billions’: Chalmers
Peter Dutton’s plan to slash immigration to free up housing and ease population pressures would cost billions, Treasurer Jim Chalmers has warned, accusing the opposition of plucking numbers “out of the air”.
Meet the former Deloitte consultant taking on Allegra Spender
“There’s no doubt it is going to be a challenge,” says Roanne Knox. It’s a sentiment echoed by party insiders who think Wentworth will be the most difficult of all teal seats to win back.
Budget relief comes on top of ‘decent’ wage rise: Chalmers
Treasurer Jim Chalmers has fought back against an employer push to use the budget’s cost-of-living relief to lower this year’s minimum wage increase.
- Exclusive
- Industrial relations
Call to change bargaining laws as Sephora ‘sidesteps’ union
The retail union is pushing the government to change bargaining laws to stop employers from secretly sidelining unions to push through deals behind their back.
Australia won’t raid Pacific militaries to plug defence gaps: Conroy
Plans to recruit Pacific Islanders to join the Australian Defence Force are focusing on attracting school leavers with the offer of learning a trade.
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World
High Court might rule on Assange extradition
Two judges at the High Court in London are set to rule on whether the court is satisfied by US assurances that Julian Assange, 52, would not face the death penalty.
- Opinion
- China relations
The US-China trade war has helped polarise ASEAN
Regardless of their alignment or dependence on one side or the other, South-East Asian states need to stay focused on their common regional interests.
Musk in Bali to launch Starlink satellite internet service
The billionaire head of Tesla and SpaceX and owner of social platform X to launch the service alongside outgoing Indonesian President Joko Widodo.
Gantz tells Netanyahu: come up with a war plan in three weeks
A popular centrist member of Israel’s three-member war cabinet threatens to resign if the government doesn’t adopt a new plan in three weeks for war in Gaza.
Biden’s Atlanta trip highlights duel with Trump for black voters
While overwhelming support from black voters was key to Joe Biden’s 2020 victory, there’s concern among his supporters that Donald Trump is making inroads.
Property
- Exclusive
- Commercial real estate
Mall war: Kevin Seymour accuses Dexus of anticompetitive conduct
The Rich Lister is accusing Dexus of acting anti-competitively for blocking his proposed Brisbane precinct to protect its own retail asset down the road.
Rural Funds, SA winemakers list $80m of cattle stations
Rural Funds is selling two cattle properties in Queensland’s Gulf of Carpentaria, while the SA-based DiGiorgio family is selling Aroona Station in the NT.
Wagga sheep farm of Fraser-era minister Wal Fife listed for $30m
The 2000 hectares Gundary was owned by the late politician until his death in 2017. Mr Fife served in the NSW and federal parliaments for over 35 years.
- 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.
Why Aesop is putting algae on its shopfronts
The upcoming Melbourne Design Week reveals ideas already in use that could change our world. But getting them to scale is no simple task.
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.
‘Window of opportunity’ for graduates to score debt reprieve
An accounting quirk means some graduates can escape the brunt of indexation, but only if they act fast.
Technology
Medicare numbers, prescription information taken in MediSecure hack
The government has reassured Australians that no documents need to be replaced as a result of the hack on the little-known technology company.
Online music platform Melodie banks $1m funding
The Funded blog is the home for news on the tech deals that are done in Australia, as soon as we hear about them.
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.
Work & Careers
- Exclusive
- Industrial relations
Call to change bargaining laws as Sephora ‘sidesteps’ union
The retail union is pushing the government to change bargaining laws to stop employers from secretly sidelining unions to push through deals behind their back.
Countries wooing corporate digital nomads hope to make them stay
More countries have introduced a form of digital nomad visa since the pandemic increased demand from employees to “work from anywhere”.
Life & Luxury
‘We don’t know the truth’, says senior CIA officer
Beth Sanner was Donald Trump’s daily intelligence briefer for two years. Few people know the boundaries between secrecy and democracy so well.
Sizzling Schauffele grabs early PGA Championship lead
Not even the two hottest golfers on the planet, world number one Scottie Scheffler and number two Rory McIlroy, could muster a challenge to Xander Schauffele.
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.