Labor premier backs Dutton’s plan to slash immigration
Queensland’s Steven Miles claims credit for the federal opposition’s policy to cut overseas arrivals, saying the housing industry needs time to catch up.
- Live
- Markets Live
ASX to slip to start the day, RBA minutes awaited
Australian shares are set to edge modestly lower at the opening. Nasdaq gets Nvidia boost. Ether leaps, bitcoin follows. Follow updates here.
- Breaking
- Gaming & wagering
Hard Rock contradicts Star, says it has made no approach
The Florida-headquartered entertainment giant said it had not authorised its name for use despite Star telling investors it had received a proposal.
- Analysis
- Tax disputes
Lendlease tax whistleblower’s 12-year fight for vindication
Lendlease’s tax dispute could cost it at least $112m, but whistleblower Anthony Watson has lost his job, battled depression and is about to sell his family home.
- Live
- Need to Know
Assange wins right to appeal extradition to US
The UK High Court said Assange’s argument that he may not be able to rely on US free speech rights deserved a full appeal. Read updates here.
Biden condemns ICC arrest warrants for Israeli, Hamas leaders
US President Joe Biden called the ICC prosecutor’s decision “outrageous”, adding “there is no equivalence — none — between Israel and Hamas”.
BHP runs down the clock on $64b Anglo American dream
It is a week since Anglo American rejected an improved takeover bid from BHP, but as a deal deadline approaches, the target and its suitor are steadfast on their own terms.
Exclusive insights from the Street Talk team delivered to your inbox daily.
tuesday tech
How business websites will have to change for Google’s AI era
Enterprises hoping to attract the attention of the search engine’s Gemini platform will need short, punchy web pages, says a digital advertising expert.
- Exclusive
- Mergers & acquisitions
Government-backed green tech firm goes broke, gets acquired for $5m
Scipher Technologies, an e-waste processor that the government invested $15 million in, has been bought for $5 million after it entered administration in March.
- Opinion
- Digital Life
Why the iPad Pro still hasn’t made itself useful enough
Apple’s latest tablet is undoubtedly one the greatest feats of computer hardware engineering ever. But what about its software?
- Exclusive
- Funding
NSW surgeons bet they can beat investment bankers with VC fund
Two surgeons behind a new $50 million venture capital fund based in Bowral, NSW, have launched a new venture capital fund.
- Opinion
- Start-ups
Why we should celebrate the unsung heroes of the Aussie tech scene
Successful start-up exits deliver rich returns to investors and create wealth for founders and some employees, and hopefully recycle talent back into the sector.
Get the latest business news on the go with the AFR’s new iOS app.
Companies
Ex-Star CEO accuses board of being involved in regulator stoush
The barrister representing Robbie Cooke has told an inquiry the company’s directors “cannot escape” - they were part of the rift with the NSW casino authorities.
Star shares surge after casino confirms Hard Rock interest
The company has “received inbound interest” from several parties even as it faces the loss of its lucrative Sydney gaming licence.
Rio Tinto declares force majeure on Australian alumina cargoes
The company notified clients that its Queensland refineries have been unable to run properly due to a regional shortage of gas.
Bapcor shuts big warehouses for two weeks to stop inventory blowout
The owner of Autobarn, Burson and Autopro has told car parts suppliers it won’t be taking any deliveries in late June at three large distribution centres in Victoria, Queensland and WA.
BHP averts Pilbara industrial action as train drivers agree to deal
The company’s iron ore train drivers will receive $40,000 in bonus payments under a new workplace agreement that ends a decade of tensions.
- Opinion
- Chanticleer
Star bidders need to answer one big question
That the stricken Star would attract potential bidders is no surprise. But there’s one question buyers will struggle to answer.
Hard Rock knows a thing or two about the mass market
If a deal proceeds, there’s every chance casinos in Sydney and Queensland will look very different. Just look at their guitar-shaped Florida palace.
Companies in the News
Search companies
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Markets
Technobabbling liar: Judge tears strips off Aussie’s bitcoin claims
A UK judge had already ruled that computer scientist Craig Wright was not bitcoin inventor Satoshi Nakamoto. But in an excoriating full judgment, he let rip.
What happened overnight? S&P 500 edges higher, ether paces cryptocurrency rally
Australian shares are set for a muted start with the RBA’s latest minutes awaited. Nvidia paced an advance in techs and the Nasdaq Composite.
Tesla shareholder group slams Elon Musk’s $84b pay package
A coalition of Tesla shareholders that hold a small portion of Tesla stock said Musk is distracted by his commitments to the five other companies he controls.
Jamie Dimon signals he’ll be retired within five years
The chief executive officer of JPMorgan Chase & Co said succession plans at the largest US bank were “well on the way”.
Ivan Boesky, convicted of insider trading in 1980s, dies at 87
Ivan Boesky was believed to have inspired the character of Gordon Gekko, the rapacious villain played by Michael Douglas in the 1987 film Wall Street.
Opinion
Hamas’ defeat, helping Ukraine win, best for West
The sooner Israel defeats Hamas, the better. And also the sooner the US focuses attention on helping Ukraine win the war, the better.
Editorial
Why WA loves the critical minerals budget boost
Peter Dutton’s refusal to endorse Labor’s plan for production tax credits for critical minerals processing and green hydrogen won’t make him popular in must-win seats in Western Australia.
Columnist
How much fun should you have at work?
Jokes at work need to be deployed with skill and care. Yet, the best are glorious and the working world would be a far better place if we had a great deal more of them.
Columnist
The Coalition must give up its nuclear dreaming
The opposition’s current nuclear proposal is an unserious political wedge being used to pry open a climate war Pandora’s box. A new round of the climate wars would be catastrophic.
Trade unionist
Budget and reply add up to a bad week for Australian prosperity
Both major parties are failing to meaningfully engage with the centrist growth agenda of incentive-sharpening policy reform and mostly disciplined macro policy that provided the foundation for Australia’s three decades of prosperity.
Editorial
Penny Wong must speak up on New Caledonia
It’s time for Australia’s foreign minister to act as the honest friend and tell France that they are mishandling their Pacific territory.
Commentator
Reports
The future of financial advice
This special report looks at options to make financial advice more accessible and affordable, including robo-advice.
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Risk of summer power shortages in NSW, Victoria rises
AEMO will tender for emergency reserves from industrial energy users such as aluminium smelters and cement plants to minimise the risks to consumers.
Voters like gas better than wind power but solar is still king
A slide in support for wind farms has allowed gas to become entrenched as the nation’s preferred energy source after solar, an AFR/Freshwater Strategy poll has found.
- Exclusive
- Live exports
Farmers prepare to go to war with Labor over live sheep trade
A heated meeting between federal Agriculture Minister Murray Watt, the prime minister and senior National Farmers Federation officials last week may mark a low point in relations.
Vic Labor playing ‘ideological games’ on gas, says industry
Gas, business and union figures have slammed Victorian Labor’s energy stance after a state conference voted against federal Labor’s Future Gas Strategy.
How we can take on Tesla, according to WA’s Roger Cook
WA Premier Roger Cook insists his state’s nickel crisis should not deter major miners from pushing ahead with higher social and environmental standards.
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World
Little-known vice president named as interim Iranian president
Iran’s Supreme Leader Ayatollah Ali Khamenei has named the first vice president, Mohammad Mokhber, as caretaker, in line with the constitution.
Cohen testifies stealing from Trump was ‘self-help’
Michael Cohen testified he was upset about his annual bonus being cut after he fronted his own money to buy the silence of porn star Stormy Daniels.
Biden condemns ICC arrest warrants for Israeli, Hamas leaders
US President Joe Biden called the ICC prosecutor’s decision “outrageous”, adding “there is no equivalence — none — between Israel and Hamas”.
Assange wins right to appeal extradition to US
It could be many months until the appeal is heard, and then that decision could be taken to the UK Supreme Court.
Australia ready to help Solomons build a defence force: Marles
Deputy Prime Minister Richard Marles will meet Solomon Islands’ new leader Jeremiah Manele in Honiara on Tuesday.
Property
- Exclusive
- Retail property
UBS bets on co-working and bowling to fix troubled Melbourne mall
UBS has secured two big tenancies for St Collins Lane, an arcade in the Melbourne CBD that has been one of the city’s worst performing malls for years.
ISPT to put $250m of logistics sites on the market
The super fund investor is trying to turn around its flagship fund by selling three industrial sites. It plans to recycle that capital into larger sites.
Fund manager busy buying assets in a struggling office market
Brisbane-based Exceed Capital has snared its second office building in nine months and is now circling bigger CBD assets
Regional housing values gather steam
Persistent demand for homes in regional areas with lifestyle advantages and affordable price points sparked a re-acceleration in price growth in the past three months.
The battle for the streets of New York
The Big Apple’s streets are teetering between lively and unlivable. Now, the city is about to embark on the country’s first congestion-pricing plan.
Wealth
JobSeeker, JobKeeper cut wealth inequality
Lower-income households benefited the most from early COVID government payments, but higher-income households had the greatest gains in the recovery.
10 investment tips to ride out the ‘new normal’
Given elevated interest rates and inflation are forecast to flow through financial year 2025, investors are eyeing stocks, property and gold to get ahead.
Super funds spend big ahead of advice reforms
As the legislation enabling them to give more financial advice languishes in Canberra, funds are moving ahead with plans to implement it anyway.
Technology
- Exclusive
- Venture capital
Big win for Square Peg as Nvidia buys AI start-up Deci
The Melbourne VC firm will soon be toasting a rich profit on its investment in an Israeli AI start-up, when it is acquired by chip titan Nvidia for $447 million.
How business websites will have to change for Google’s AI era
Enterprises hoping to attract the attention of the search engine’s Gemini platform will need short, punchy web pages, says a digital advertising expert.
- Opinion
- Digital Life
Why the iPad Pro still hasn’t made itself useful enough
Apple’s latest tablet is undoubtedly one the greatest feats of computer hardware engineering ever. But what about its software?
Work & Careers
Academics seek pay for emails out of hours
A major union is using Labor’s new right to disconnect laws to scrap a “common practice” where casual academics do not get separately paid to be contacted outside of hours.
- Exclusive
- Insolvency
Doctors owed millions in collapse of service provider
The Melbourne-headquartered eReports allegedly failed to disclose $7.2 million owed to more than 400 specialists before calling in administrators.
Life & Luxury
- Opinion
- Cash
Why holding too much cash can be harmful to your wealth
As a standalone asset class cash has long underperformed bonds, property, and shares.
This week’s edit of lovely luxuries for travellers at heart
From seasoned adventurers to those just looking for a short break away from home, we have inspired suggestions for you.
My Caribbean cruise: Pirates, pampering, rum bars and more
The region has many drawcards in addition to its famous white-sand beaches and azure waters. Norwegian Cruise Line offers a tantalising taster.
What five common sweeteners are really doing to your body
New research has revived fears about whether sweeteners cause health problems.
A ski pass for seven resorts for $619? France trumps the US on price
Ski Méribel once, and you’ll be hooked on Les Trois Vallées – especially as the region is cheaper than most American resorts.
