Skip to navigationSkip to contentSkip to footerHelp using this website - Accessibility statement
  • Advertisement
    AUDUSD0.6624
    0.0005 (0.08%)0.08%
    S&P/ASX 2007,778.60
    -69.50 (-0.89%)-0.89%
    All Ords8,049.80
    -68.50 (-0.84%)-0.84%
    NZX 504,460.52
    0.77 (0.02%)0.02%
    Hang Seng19,195.60
    -25.02 (-0.13%)-0.13%
    Nikkei38,700.54
    83.44 (0.22%)0.22%
    View all

    If your business is turning inspiration into innovation, it’s time to be recognised.

    Nominate now

    Unis brace for up to 95pc less foreign students

    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.

    Origin Energy’s Eraring power station.

    NSW to pay Origin up to $225m a year to keep Eraring open

    Origin will pay the government a fifth of any operating profits up to a maximum of $40 million a year should the plant operate at a profit during the extension period.

    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.

    Anglo knocks back new $73.9b offer from BHP

    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 drops; BHP slips after third Anglo bid rejected, Xero rallies

    Australian shares slide after US Fed minutes, $A lower. BHP’s US-listed shares plunge 4.7pc. Fed minutes point to higher rates for still longer. Follow updates here.

    ‘Let me finish the job’: Sunak’s gamble to avoid disaster

    On the steps of Downing Street, a rain-soaked Sunak was drowned out by Tony Blair’s victory anthem. It was hard to see past these harbingers of imminent defeat.

    Furious Israel pulls funding after Palestinian state recognition

    Israel labels recognition of Palestine as giving “a gold medal to Hamas terrorists”. NSW government relents to Origin in coal plant deal after difficult negotiations. Follow updates live.

    Advertisement

    AFR MINING SUMMIT

    Sanjiv Manchanda at the Summit.

    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.

    Arcadium’s Peter Coleman at the Summit on Wednesday: “You’ve just got to understand there is a coexistence that needs to occur.”

    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.

    Resources Minister Madeleine King at the AFR Mining Summit in Perth on Wednesday.

    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.

    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.

    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

    Optus has been hit with a new lawsuit from the communications regulator related to its 2022 cyberattack.

    Optus sued by regulator for breaches in 2022 cyberattack

    The communications regulator has filed a lawsuit in the Federal Court claiming Optus did not protect customers’ information before it was struck by a cyberattack.

    News Corp has announced its deal to sell Move, Inc. is off.

    News Corp strikes lucrative content deal with OpenAI

    The Wall Street Journal said the deal could be worth more than $377 million as the rise of generative AI tools is poised to transform the publishing business.

    A version of bird flu has been found at an egg farm in Victoria.

    Bird flu fears put health authorities, farmers on edge

    Two unrelated cases of the potentially deadly virus have been detected in Victoria.

    Virgin Money would depart from the ASX.

    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.

    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.

    APRA warms to AI, tells banks they can adopt it

    A senior APRA member has told an industry event that banks with proper governance systems and technology in place should feel confident proceeding with advanced AI.

    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.

    Companies in the News

    Search companies

    View stories and data from an ASX listed company

    Markets

    Jensen Huang, co-founder and CEO of Nvidia, has reiterated his enthusiastic outlook for AI.

    Nvidia forecast shatters estimates as AI boom stays strong

    The chipmaker at the centre of the artificial intelligence boom also says it will lift its quarterly dividend by 150pc and will split its stock 10-for-1.

    US Federal Reserve chair Jerome Powell.

    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.

    Wall Street.

    What happened overnight? Fed policymakers spook investors, Nvidia results boost AI outlook

    US equities closed lower, though off their session lows, after the latest Fed minutes pointed to higher rates for still longer. Nvidia reported solid results after New York’s closing bell.

    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.

    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.

    The AFR View

    Editorial

    The AFR View

    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.

    Bill Shorten’s NDIS spending claims can’t be trusted

    A lack of respect for taxpayers explains the NDIS blowout. Perhaps it’s because almost half of adults pay no net income tax.

    John Kehoe

    Economics editor

    John Kehoe

    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.

    Chanticleer

    Columnist

    Chanticleer

    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

    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.

    Yanmei Xie

    Contributor

    Reports

    The future of financial advice

    This special report looks at options to make financial advice more accessible and affordable, including robo-advice, as well as tips for the new financial year.

    Sponsored

      by CommBank
    Advertisement

    Politics

    Australian Prime Minister Anthony Albanese is backing local battery-making.

    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.

    Angus Taylor addressed the National Press Club on Wednesday.

    Coalition shifts goalposts on immigration cuts

    The Coalition has confused its message on immigration after shadow treasurer Angus Taylor said net overseas migration would be reduced by 25 per cent over three years by a Dutton government.

    Women dominate industries such as childcare, aged care and nursing, and wages are often low.

    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.

    Costello backs Dutton on super for housing

    Former treasurer Peter Costello has backed Opposition Leader Peter Dutton’s super for housing policy, saying members should be able to choose what happens to their money.

    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.

    SPONSORED

    World

    Prime Minister Rishi Sunak has called an election.

    British PM Sunak sets July 4 election date

    The election has come much sooner than expected, even though the ruling Conservative Party faces a potential landslide loss.

    A Palestinian demonstrator carries a mock rocket and the Hamas militant group flag during clashes with Israeli forces in the West Bank city of Jenin

    Furious Israel pulls funding after Palestinian state recognition

    Israel said it will not transfer much-needed funds to the Palestinian Authority after three European countries decided to recognise a Palestinian state.

    PwC is facing a crisis in China as partners brace for penalties over its audit of collapsed property developer Evergrande.

    PwC braces for China crisis and a hefty fine

    PwC’s role in approving accounts for troubled property developer Evergrande has led to infighting at the big four firm as clients reconsider their relationship.

    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.

    Property

    All penthouses in Orchard Piper’s Toorak Village have been sold to locals.

    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.

    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.

    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.

    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.

    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.

    Advertisement

    Wealth

    Being the trustee of your own fund does not put you above the law.

    ‘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?

    More zeros than heroes in active funds management

    Don’t be fooled by short-term performance data and carefully assess after-fee returns.

    Technology

    NIB chief executive Mark Fitzgibbon said tighter regulation was a better approach than an outright ban.

    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.

    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.

    Work & Careers

    Bec Ellinson, who is now working for Seek, studied both on-campus and online – not out of choice, but because of the pandemic.

    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.

    Advertisement

    Life & Luxury

    The Queen Anne’s inaugural sailing was on May 3, a seven-day round trip from its home port in Southampton.

    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.

    Effortless chic is “the look” for long-haul travel. But how to achieve it?

    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