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    Shadow treasurer Angus Taylor.

    Coalition to bring back tax and spending limits: Taylor

    The Coalition will reintroduce speed limits on tax and spending, and implement reform to encourage investment and aspiration.

    Only legitimate Ozempic will be allowed in Australia, which will reduce supply.

    Replica Ozempic and Mounjaro will be banned by October

    The ruling preserves the status quo of the drug market in a boon to big pharmaceutical firms and a blow to start-ups that are trying to disrupt the sector.

    Anthony Albanese attended a housing construction project in western Sydney on Tuesday.

    Labor premiers leave Miles on his own with Dutton on immigration

    Former treasurer Wayne Swan has accused Peter Dutton of “dog whistling on migration”. 

    One dead, dozens injured as turbulence strikes Singapore Airlines jet

    Strong turbulence forced the plane to make an emergency landing in Bangkok during a flight from London to Singapore.

    Brisbane developer at centre of Star’s Hard Rock mystery

    The Florida-based entertainment giant said it had not authorised its name for use, despite Star telling investors it had received a proposal.

    Zip’s Larry Diamond returning to Sydney, says US mission accomplished

    Diamond says he heeded warnings from James Gorman, setting Zip onto a profitable path in the US, where he expects BNPL to keep winning share off credit cards.

    Old guard of US beachfront revolts over first new luxury condos in decades

    What’s at stake is a contest to unlock prime waterfront land for extravagant buildings for wealthy newcomers from the US Northeast, Midwest and California.

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    tuesday tech

    ASIC Chairman Joe Longo says Australia’s regulatory framework is inadequate for the emerging AI era.

    Corporate regulation is not as bland as AI thinks: Longo

    ASIC asked a generative AI program to summarise reams of documents as a test. The results were more boring than the originals.

    Scarlett Johansson takes on Sam Altman over ‘eerily’ similar AI voice

    The Hollywood actor says she was “shocked” by the use of a voice “eerily similar” to her own in the latest worry for the ChatGPT maker.

    Microsoft fights back against Apple with AI laptops

    Microsoft says it now has laptops that can match Apple for battery life as well as performance. Plus, they have AI.

    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.

    Features include the ability to save articles, dark mode and real time notifications.

    Get the latest business news on the go with the AFR’s new iOS app.

    Find out more

    Companies

    Woodside boss Meg O’Neill.

    Data centres may close Woodside’s hydrogen circle: O’Neill

    Chief executive Meg O’Neill said data centres in Singapore – which the government has insisted must provide their own green power – could be an industry model.

    Bunnings managing director Mike Schneider said he is not going anywhere, and the internal restructure is to ensure the group steps up its focus on customers.

    Four executives exit Bunnings amid ‘reshaping’ of top management

    Bunnings managing director Mike Schneider has overhauled his top management team, but he says it’s not part of a cost-cutting blitz.

    El Primo Sanchez in Paddington

    Lenders move on Adgemis’ El Primo Sanchez bar

    The move comes amid debt refinancing negotiations led by major lenders to the dealmaker’s hospitality empire.

    Mineral Resources has started loading iron ore on to transhippers for export to China’s biggest steel maker.

    Billionaire MinRes boss hits back at Dutton

    Chris Ellison says tax credits to help build a critical minerals industry that will be around for decades are of high value to Australia, and the Coalition is on the wrong side of history.

    Brisbane developer at centre of Star’s Hard Rock mystery

    The Florida-based entertainment giant said it had not authorised its name for use, despite Star telling investors it had received a proposal.

    Four listed fintechs say they’ll be smashed by credit report rules

    Plenti, MoneyMe, Harmoney and Wisr allege major banks are conspiring against them by restricting access to crucial credit file data they use to price loans.

    Mobile users face price rises as Telstra swings the axe

    Customers could be hit with above-inflation price increases for mobile phone plans, as well as higher internet fees, as the telecommunications giant slashes costs.

    Companies in the News

    Search companies

    View stories and data from an ASX listed company

    Markets

    VGI Partners founder Robert Luciano has sold down his stakes in two Regal-owned funds.

    VGI founder Robert Luciano pulls millions from Regal-owned funds

    The high-profile stock picker has sold stakes in the funds managed by Phil King after registering a new venture last month.

    Ether jumped 14 per cent overnight on ETF hopes.

    Crypto lifted by ether’s biggest jump since 2022 on ETF hope

    Social media is alive with speculation that the US regulator may be warming to the idea of an ether exchange-traded fund.

    Immigration is shaping as a key electoral battleground – again.

    Macquarie says there is a 50pc chance of recession this year

    The group’s economist Sophie Photios said the economy was like a “masquerade”, where immigration had masked it going backwards in per person terms.

    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.

    Trillion-dollar fund managers pile money into Asia, emerging markets

    Schroders is bullish on European and Japanese equities, and Blackrock has gone overweight on emerging markets for the first time since 2020.

    Opinion

    From euphoria to subsidies to kick-start the next great mining hopes

    An Australian mining industry more used to being threatened by super-profit tax raids is being offered handouts to kick-start its way into the low carbon era.

    The AFR View

    Editorial

    The AFR View

    Gas industry hawks its carbon credentials

    Barrow Island and its inhabitants of kangaroos, perentie lizards and rare native fauna is also home to the world’s largest dedicated carbon capture and storage project.

    Why you can’t argue the $300 energy rebate will lower inflation

    Energy bill relief increases real disposable income and boosts aggregate demand. We can debate how far they push inflation, but not that the direction is up.

    Arrest warrants huge blow for Israel and massive gamble by ICC

    The question of how the US president responds to this, along with Congress, now becomes critical.

    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.

    The AFR View

    Editorial

    The AFR View

    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.

    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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      by CommBank
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    Politics

    Anthony Albanese attended a housing construction project in western Sydney on Tuesday.

    Labor premiers leave Miles on his own with Dutton on immigration

    Former treasurer Wayne Swan has accused Peter Dutton of “dog whistling on migration”. 

    Governments ‘should report cost blowouts just like companies do’

    State governments should be held to the same reporting standards that ASX-listed companies when it comes to major projects, Marion Terrill says.

    Queensland Treasurer Cameron Dick.

    Queensland heads for deficit as Labor readies election cash splash

    A pre-election spending spree will result in Queensland’s forecast surplus swinging into a deficit of about $3 billion, Treasurer Cameron Dick says.

    NDIS reforms can’t wait for a ‘magical unicorn day’: Shorten

    Disability Minister Bill Shorten says premiers should stop using disabled people as a political football, after the states called for delays to NDIS reforms.

    Queensland industries fear migration cut will worsen worker shortage

    Slashing migration numbers risks compounding stretched workforces, Queensland industries warn.

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    World

    An RNZAF Hercules C-130 takes off from Whenuapai airbase near Auckland on Tuesday bound for Noumea, New Caledonia, on a mercy mission to rescue stranded New Zealand tourists.

    First Aussies home from riot-hit New Caledonia after RAAF rescue

    French authorities have given permission for evacuation flights to take off and land in Noumea.

    Joe Biden told Benjamin Netanyahu last month, following the killing of World Central Kitchen aid workers in an Israeli strike, that ongoing US support for the war would depend on new steps to protect civilians.

    PM’s refusal to slap down international court ‘tarnishes’ Australia

    Jewish groups and Peter Dutton say Anthony Albanese should join the US and condemn the International Criminal Court’s pursuit of Benjamin Netanyahu over war crimes.

    Hot inflation and the fading prospect of rate cuts won’t help Joe Biden.

    Seven theories of why Biden is losing

    The US president is running like he’s winning, which he isn’t. From his age to economic management, voters are turning off the Democrats’ nominee, writes Ezra Klein.

    Iran moves to project stability after fatal air crash

    The change in leadership comes during heightened tensions in the region and discontent in Iran, where many have called for an end to decades of repressive rule.

    Political bombshell hits Israel’s leaders over Gaza war

    The application by the ICC prosecutor for the arrest warrant for Benjamin Netanyahu is loaded with symbolic and practical implications.

    Property

    An artist’s impression of the approved hotel and apartment development.

    Collins Street tower to appeal to return-to-office ‘boltholers’

    Developer Sterling Global believes corporate high-flyers commuting into town from regional locations on a more regular basis will want a CBD bolthole.

    Development of renewable assets – including wind, solar, battery – is surging.

    Press ‘go’ on the $20b boom in renewables development

    Renewables construction will hit $20 billion annually by 2026/27 as the country races towards ambitious carbon targets and coal-fired power stations close.

    Shaped like a wing: Adrian Williams in front of the Aerofoil co-working hub and new hotels.

    Accor readies Melbourne Airport hotel and co-working hub for take-off

    The hotel offering of 464 rooms across two Accor brands – a Novotel and ibis Styles – will include a two-level co-working hub when it opens on July 1.

    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.

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    Wealth

    Cash often moves a portfolio toward the lower end of the expected return spectrum.

    Why holding too much cash can be harmful to your wealth

    As a standalone asset class cash has long underperformed bonds, property, and shares.

    ‘I lost my 95-year-old mother’s $1.6m life savings to scammers’

    Great-grandmother Elaine Spring is ‘too frail’ to be told that the proceeds of the sale of the family home are gone.

    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.

    Technology

    Andrew Speers, Founding Partner & Chief Operating Officer of Sohi Partners.

    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.

    Apple’s new iPad Pro with its new Magic Keyboard.

    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?

    Sircel CEO Anthony Karam, says the acquisition of Scipher will leave his company in a dominant position in the local e-waste recycling market.

    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.

    Work & Careers

    The NTEU says not paying academics for responding to student emails outside of work hours is inconsistent with the right to disconnect laws.

    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.

    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.

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    Life & Luxury

    Cruise ships docked in Charlotte Amalie Harbour, off Saint Thomas island.

    Pirates, pampering, rum bars and more - the Caribbean has it all

    The region has many drawcards in addition to its famous white-sand beaches and azure waters. Norwegian Cruise Line offers a tantalising taster.

    Sunset above Bandipur, Nepal. The couple have not planned an itinerary; they are working it out as they go.

    How to quit the treadmill and travel for six months – yes really

    We all crave time out from routine and life stress to discover a different, more peaceful world. Here’s how one Australian couple pulled off “the impossible”.

    The Juliette Soft Large Tote from Australian travel brand July has your comfort and convenience very much in mind.

    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.

    GME’s XRS-660: With an unobstructed line of sight, the range can be 10 kilometres or more.

    How to lose yourself in the wild without getting lost

    Having wireless communications with you when there’s no mobile reception isn’t just about making adventure travel more social. It’s safer, too.

    What five common sweeteners are really doing to your body

    New research has revived fears about whether sweeteners cause health problems.

    From the gallery