Top industry leaders discuss how Australia can make the most of mining’s trillion-dollar opportunity.
Anglo rejects BHP’s $73.9b third offer but grants one-week extension
BHP and Anglo American are a step closer to a deal after Anglo granted its Australian suitor seven extra days to make an improved offer.
ASX to drop, US equities fall on Fed rate outlook
Australian shares are set to slide, $A lower. Fed minutes point to higher rates for still longer. Nvidia reports results after New York’s closing bell.
- Opinion
- Chanticleer
Make no mistake, BHP’s Anglo dream is alive and kicking
Mike Henry has finally got what he always wanted – a chance to convince the Anglo American board of the merits of his deal. But’s he’s paid a hefty price to get here.
Universities brace for foreign student cuts of up to 95pc
Both sides of politics say the reductions are needed to relieve housing pressure and both plans would deliver a huge shock to the $48b industry.
- Breaking
- UK politics
British PM Sunak sets election date with destiny on July 4
The election has come much sooner than expected, even though the ruling Conservative Party faces a potential landslide loss.
Companies turn class action tide with five wins in a row
Corporate Australia will no longer pay “go-away” money to avoid shareholder class actions after plaintiff firms lost five major cases in a row, a trend lawyers said would encourage more boards to fight cases in the courts.
Big miners split with smaller peers over tax credit ‘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.
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.
- 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.
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.
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.
- 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.
Get the latest business news on the go with the AFR’s new iOS app.
Companies
- 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.
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.
Virgin Money shareholders back $5.5b Nationwide takeover
Britain’s sixth-biggest bank, which is half-owned by Australian shareholders, will now exit the ASX and London Stock Exchange.
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.
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.
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.
Bird flu fears put health authorities, farmers on edge
Two unrelated cases of the potentially deadly virus have been detected in Victoria.
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Markets
Fed officials rally around ‘higher-for-longer’ rates
Policymakers noted disappointing readings on inflation over the first quarter, according to the minutes from their April 30-May 1 meeting.
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.
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.
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.
ASX flat; Telstra falls, Inghams says unaffected by Victorian bird flu
BHP’s bid faces London deadline. AP Eagers crashes on inflation warning. Webjet jumps on split plans. Telstra loses 4pc. Lendlease chairman to depart. Follow here.
Opinion
The cold war for Australia’s critical minerals future
Despite signalling Labor’s support for aligning with the US on economic security, Madeleine King is likely to want to keep the Chinese investment spigot open.
Editorial
Critical mineral miners chase China’s tail
The sector has welcomed the 10 per cent production tax credits but the big question is where the additional investment to fund growth will come from.
Columnist
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
Why Webjet wants to let the Ferrari out of the garage
Breaking up is usually hard to do – but fed-up investors are mad for it. Webjet is jumping on the bandwagon.
Columnist
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
Why China is reluctant to help consumers spend more
China’s rulers see cautionary tales in consumer-driven American capitalism. They aspire to build a manufacturing superpower rather than a rich consumer society.
Contributor
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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Albanese powers ahead with Australian-made battery plan
Prime Minister Anthony Albanese will launch a National Battery Strategy on Thursday for the $523 million for batteries in last week’s budget.
Victoria, South Australia exempt GPs from payroll tax
The Victorian decision represents a backflip by the Allan government that will cost the state budget $10 million a year.
Budget uncertainty on minimum wage could spoil unions’ bid
The workplace umpire has complained that it has no clarity over government funding for higher minimum wages for female-dominated sectors, risking spoiling unions landmark bid for a 9 per cent increase.
Nuclear power will be cheaper than CSIRO estimates, Libs insist
The Coalition agrees with the CSIRO about the construction cost of a nuclear power station, but not the price of electricity it would produce.
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.
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World
- Breaking
- UK politics
British PM Sunak sets election date with destiny on July 4
The election has come much sooner than expected, even though the ruling Conservative Party faces a potential landslide loss.
Dutton open to cutting ties with ICC over Netanyahu arrest warrant
Opposition Leader Peter Dutton has floated cutting ties with the International Criminal Court amid a deepening political row over an arrest warrant being sought for Israeli Prime Minister Benjamin Netanyahu.
UK inflation falls to 2.3pc, but rate cut hopes dented
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.
Norway, Ireland, Spain recognise Palestinian state in ‘historic’ move
Israel’s foreign minister branded the three countries’ decision a “distorted step”, which shows “terrorism pays” and immediately recalled its ambassadors.
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.
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
- Property market
Housing supply falls below demand in all states but WA
The Urban Development Institute’s new Housing Index shows supply is falling further behind demand, especially in NSW and Victoria. Only WA is performing well.
- Exclusive
- Luxury property
Locals ‘you would know’ spend $23m on off-the-plan Toorak penthouses
The sale of the two sub-penthouses in Orchard Piper’s Toorak Village project achieved record rates of $38,000 per square metre.
- 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.
Wealth
- Opinion
- Superannuation
‘It’s my money’ attitude leading to illegal super withdrawals
Early release of super is only supposed to allowed as a last resort. So why are so many people being approved to use it for dental work?
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.
Technology
Replica Ozempic ban could deny thousands ‘life-changing medication’
Healthcare start-ups say the ban is a step too far and risks leaving tens of thousands of Australians without the medications they need.
Australian Open champ backs Melbourne composting start-up
The Funded blog is the home for news on the tech deals that are done in Australia, as soon as we hear about them.
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.
Work & Careers
The uni employers like most when hiring graduates
Curtin University ranked highest among bosses for the quality of graduates, but a survey found students who studied off campus lacked collaboration skills.
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.
Life & Luxury
What it’s like to sail on Cunard’s first new ship in 14 years
Queen Anne cost more than $900 million to build, and its top Queens Grill Suites are among the most luxurious at sea. It also marks a new chapter for the line.
At $74,760 per runner, is this the world’s most expensive marathon?
You have to watch out for ice cracks and polar bears, and many run in life vests. But so far, 534 people have completed this mind-boggling race.
Fashion insiders reveal what they wear for a long-haul flight
Flying can be stressful, but you don’t have to look like a white-hot mess. From a chic silk blazer to merino-wool leggings, here are some handy go-to labels.
Tag Heuer relaunches the ’80s watches that made it famous
Has the brand hit on a winning collaboration with streetwear brand Kith or will the pricing favour flippers rather than fans?
Why you might want to hold on to your ’90s designer furniture
The work of design pioneer Gaetano Pesce is striking a chord with collectors.
From the gallery
The Australian Financial Review Magazine
Tag Heuer relaunches the ’80s watches that made it famous
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