Top industry leaders discuss how Australia can make the most of mining’s trillion-dollar opportunity.
Coalition shifts goalposts on immigration cuts
During a National Press Club address, shadow treasurer Angus Taylor said the Coalition would cut both permanent migration and net overseas migration.
Inside the most promising critical minerals discovery in years
WA1 Resources has enjoyed a 108-fold increase in share price since floating in 2022 thanks to a discovery near the tiny remote community of Kiwirrkurra in WA.
Mining lobby warns Labor’s tax credits could create ‘white elephants’
Minerals Council chief executive Tania Constable says the government should limit access to the $13.7 billion production tax credit to avoid funding unviable projects.
- Opinion
- Federal budget
Bill Shorten’s NDIS spending claims can’t be trusted
For hard-working taxpayers, the NDIS minister must deliver his pledged $14.4 billion savings, not just forecasts, writes John Kehoe.
Star may never be suitable to hold Sydney casino licence, inquiry told
In his closing remarks, assisting counsel Caspar Conde rejected a number of assertions made by Star about its suitability.
Florence, the Snowy 2.0 machine, is stuck again
Snowy Hydro does not know how long it will take to restart the Florence boring machine on its $12 billion Snowy 2.0 pumped hydro scheme after it stopped tunnelling.
- Analysis
- Iran sanctions
How sanctions played havoc with Iran’s ageing helicopters
The US-made Bell 212 carrying the country’s president and foreign minister was almost 30 years old when it crashed into a mountainside.
The Australian Financial Review has launched an improved app for iPhone and iPad users.
AFR MINING SUMMIT
Lithium giant says China will remain pivotal to local mining projects
Local miners are torn between their dominant customer and investor over two decades, and the lure of subsidies from the US, Australia’s biggest defence ally.
Hancock exec says Cook’s California dream may mean higher emissions
Magnetite projects fit perfectly into Australia’s green future but are hamstrung by insufficient power, water and regulatory fatigue, Sanjiv Manchanda said.
- Updated
- Mining Summit
King says BHP prioritised shareholder returns over nickel jobs
The miner has said it will decide whether to close its nickel business by August. The resources minister says there has been a decade of underinvestment.
- Opinion
- Chanticleer
Big China question hangs over Australia’s critical minerals sector
Geopolitical tensions between China and the West loom large over Australia’s critical minerals industry, and there are no easy answers.
- Exclusive
- Mining Summit
King accuses ‘anti-WA’ Dutton of jeopardising national security
Federal Resources Minister Madeleine King also accuses the opposition leader of stoking class warfare by opposing the government’s production tax credits for miners.
Get the latest business news on the go with the AFR’s new iOS app.
Companies
Bird flu fears put health authorities, farmers on edge
Two unrelated cases of the potentially deadly virus have been detected in Victoria.
- Exclusive
- Pubs
Public Hospitality Group’s Jon Adgemis raided by tax authorities
The company, which owns a sprawling portfolio of pubs, has been attempting to refinance its significant loans with Deutsche Bank in a bid to avert collapse.
Subsidy wars: Carbon capture cost adds up for fertiliser maker
Carbon capture and storage would add 50 per cent to the cost of producing ammonia in the Pilbara, making it uneconomic without further government support.
More jobs go at Downer EDI in efficiency drive
Dozens of employees have lost their jobs in a new wave of cost-cutting including senior executives and people in the engineering group’s IT operations.
Webjet shares surge as it flags demerger, record earnings
Demand for travel has kept the earnings of the online travel bookings company solid in FY 2024, with plans to split its business-facing and direct-to-consumer operations.
Rich Lister down $160m as Eagers shares crash on profit warning
Australia’s biggest car dealership group warned of a June-half profit drop as household cost-of-living pressures rise.
EY tax advice cost Billabong founder $50m
A Federal Court judge found there were no logical reasons for transactions undertaken by Gordon Merchant, other than to minimise his tax.
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Markets
Traders wrong-footed after RBNZ shocks with rate rise talk
New Zealand’s central bank kept the cash rate steady at a 15-year high of 5.5 per cent as expected on Wednesday, but surprised the market by pushing out the likely timing of some rate relief.
Morgan Stanley turns more bullish on ASX – here’s how it’s positioned
The broker has upped its target for the Australian market by another 10 per cent and says with rates staying high for longer, it’s time to rethink bank stocks.
Hopes of ether ETF revived after flurry of SEC filings
The digital token surged about 23 per cent this week and was trading at around $US3780 in Asian trading on Wednesday.
Why a small Pacific island territory is upending nickel prices
New Caledonia possesses an estimated 25 per cent of the world’s nickel resources and accounts for 6 per cent of global production of the metal.
The ASX stocks fundies are avoiding – and what they’re backing instead
With the ASX 200 trading within 50 points of its record high on Monday, here’s what these fund managers think could be ripe for a re-rate.
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.
Editorial
Bill Shorten’s NDIS spending claims can’t be trusted
For hard-working taxpayers, the NDIS minister must deliver his pledged $14.4 billion savings, not just forecasts.
Economics editor
Cut through the noise on nuclear power
It’s a mistake to flatly rule out nuclear power when the final cost of a fully renewable system is also far from clear.
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.
Columnist
President’s death shows an Iran with few cards left to play
The death of president Ebrahim Raisi opens the way for a dynastic succession to Iran’s supreme leadership. The regime’s chief goal now is protecting the status quo.
Corporate advisor
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.
Economist
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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Labor’s budget ‘inflationary on every measure’: Costello
Future Fund chairman and former federal treasurer Peter Costello says Labor should pay off debt while Australia enjoys record iron ore, coal and gas prices.
Passengers describe horror of Singapore Airlines jet plunge
Eight Australians are among the injured after severe turbulence flung passengers and crew around the cabin and forced the plane to land in Bangkok.
PM accused of ‘wilful inconsistency’ over Israel arrest warrants
Amid a deepening political row, Australia and Western signatories have little influence over who the International Criminal Court pursues.
Injured Aussies could be compensated ‘millions’ by Singapore Airlines
Fifty-six Australians were on board the flight and eight were injured in the “severe turbulence”; Angus Taylor says “commercial viable” nuclear power industry won’t need subsidies. Here’s how the day unfolded.
- Exclusive
- Federal budget
BCA quits big-spending welfare advisory board
The Business Council, representing top 100 CEOs, has left the government’s Economic Inclusion Advisory Committee, arguing it put insufficient priority on workforce participation.
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World
UK inflation falls to 2.3pc, but hopes of rate cut also ease
While inflation is now at its lowest since 2021, evidence of lingering price pressures is likely to make the Bank of England reluctant to ease rates in June.
‘Hitler’s language’: Biden calls Trump ‘unhinged’ for ‘reich’ post
The US president has seized on a video posted to the Republican’s social media account that referred to a “unified reich” if Donald Trump won a second term.
France grapples with cold, hard truths of its place in the world
Macron’s government continues to read from a free trade hymnal. But in foreign policy, as the bloodshed in New Caledonia shows, the stubborn edifice of its colonial past refuses to budge.
- Analysis
- Israeli-Palestinian conflict
Why ICC arrest warrants are rare good news for Netanyahu
Israel’s prime minister, a renowned political phoenix, may have been given a political lifeline and a boost of public support, though this may be short-lived.
Trump declines to take stand, and the defence rests
Jurors could begin deliberating as soon as next week to decide whether the former president is guilty of 34 felony counts of falsifying business records.
Property
Lendlease chairman to step down at AGM
Michael Ullmer has confirmed he will step down at the company’s shareholder meeting in November, but disgruntled investors want more action than that.
- Exclusive
- Hotels
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.
CBA to accept $10k deposits to speed up off-the-plan construction
Commonwealth Bank will allow $10,000 deposits to be viewed as 10 per cent deposits on certain projects to make it easier for developers to get construction financing.
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.
The top suburbs where home values have bounced out of decline
House prices in some top-end suburbs have bounced back from falls in the previous quarter as demand rises amid lack of stock.
Wealth
I’m a risk-taker but he plays it safe. How do we invest as a couple?
Mismatched risk appetite is a common problem in relationships. How can couples get over this hurdle when investing together?
- Opinion
- Managed funds
More zeros than heroes in active funds management
Don’t be fooled by short-term performance data and carefully assess after-fee returns.
- 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.
Technology
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.
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.
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.
Work & Careers
Cost-cutting advisers the bright spot in professional services
Advisers are being increasingly asked to conduct cost-cutting programs, from upskilling and reducing staff numbers to digitisation and automation.
This lawyer left a major firm to work with robots in New York City
Sydney employment lawyer Jess Harvie quit her job at Corrs and gave herself three months to find work in the tech start-up sector in New York City. She hasn’t looked back.
Life & Luxury
- Opinion
- Style
Forget the big names: fashion brands pivot to less-familiar faces
Instead of models and superstar celebrities, campaigns are finding value in unexpected talent.
Supersized profits: how McDonald’s beat the health-food movement
The 2004 movie ‘Super Size Me’ lead to a backlash against McDonald’s. Twenty years on, the stock is up almost 1000 per cent.
Location, location: Discover the most coveted hotel suites in Paris
They all have round-the-clock butlers, only the freshest of geraniums, and champagne on tap. Welcome to the city of love’s six-star offerings.
‘I’ll stay where she’s staying’: Insiders give their top Paris tips
It took some arm twisting, but these four leading Australian hoteliers have revealed where they love to bed down when in the city of light.
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.
