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How South Korea’s giant pension funds fell prey to a $395m NDIS scam
The elaborate fraud succeeded by making grand claims, name-dropping Australia’s biggest property players, and was only discovered by chance.
Hard truths: What immigration cuts really mean for the economy
The latest migration debate has so far been framed in terms of its benefits, but little regard has been given to the costs of closing the door on skilled workers.
Inside the unstoppable rise of Australia’s mortgage brokers
They’re wealthy, brash and eating the banks’ lunch. Meet the millionaire mortgage brokers taking on the major lenders and – for now – winning.
Rich foreign property buyers are not the problem, their agents say
Luxury property “concierge” Monika Tu says Peter Dutton’s plan to ban foreign property buyers for two years is “absolutely ridiculous” and could fuel perceptions of racism.
CBA preps ultra-cheap digital loan amid war with mortgage brokers
Brokers say major lenders are going straight to customers threatening to leave, even after they have already engaged a mortgage broker to find the best deal.
European G7 ministers warn over China trade war risks
Finance ministers from Germany, France and hosts Italy all called for a common front against China’s growing export strength.
US restricts some poultry imports from Victoria on bird flu concerns
New restrictions on Victorian poultry and poultry by-products entering the United States will have limited impact on the local industry, a peak group says.
AFR Weekend: The big stories, best reads and expert advice. In your inbox on Saturday.
WEEKEND READS
How South Korea’s giant pension funds fell prey to $395m NDIS housing scam
The elaborate fraud succeeded by making grand claims, name-dropping Australia’s biggest property players, and was only discovered by chance.
American chatbots: oversexed, overhyped and over here
In just two weeks, Microsoft, OpenAI and Google have each previewed AI chatbots that critics say are as dangerous as they are impressive.
‘China is run by engineers, US by political lawyers’: Tech pioneer’s warning
As senior exec at AOL and Sun, William Raduchel spent 60 years at the forefront of the tech revolution - and once dated Janet Yellen. Here’s what he’s learnt.
- Opinion
- MeToo movement
The uncancelling of Kevin Spacey, MeToo’s greatest casualty
It is the cruel catch-22 of cancel culture that being innocent may afford no protection against being treated as guilty.
Hard truths: What immigration cuts really mean for the economy
The latest migration debate has so far been framed in terms of its benefits, but little regard has been given to the costs of closing the door on skilled workers.
smart investor
There are 635,000 rich Australians. Are you one of them?
Once, being a millionaire made you wealthy. But the goal posts have shifted, and a two-storey house with in-ground pool doesn’t really cut it any more.
What to do if you are asset rich but cash poor
Four strategies to help your assets and savings work harder as the cost of living grows.
- Opinion
- Interest rates
Kiwis outplay Aussies in monetary policy game
The New Zealand central bank has given its Australian equivalent a dancing lesson in political independence.
- Opinion
- Superannuation
How to claim a $157,000 tax deduction while turbocharging super
Anybody who can make extra concessional contributions of this magnitude should seriously consider doing so.
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?
Get the latest business news on the go with the AFR’s new iOS app.
Companies
Why Bendigo Bank shares are up sharply this month
Bendigo’s senior management briefed analysts and investors on a new four-year strategy, which includes a new lending platform and push into business lending.
CBA preps ultra-cheap digital loan amid war with mortgage brokers
Brokers say major lenders are going straight to customers threatening to leave, even after they have already engaged a mortgage broker to find the best deal.
Man behind $395m NDIS investment fraud gets 12 years in prison
The verdict brings to an end a criminal matter in which the former property developer used fake documentation to secure financing from Korean pension funds.
Elon Musk’s X accountable for hate speech posts in Australia: ruling
The Queensland Civil and Administrative Tribunal has rejected the platform formerly called Twitter’s argument that it should not be held responsible for anti-Muslim posts here because it is US-based.
BHP sticks to its guns as Anglo’s resistance softens
BHP says it has “made progress” on assuaging Anglo American directors’ concerns about the substance of its $75 billion takeover bid. BHP now has until May 29 to lob a binding offer.
Eraring set to benefit from high electricity prices
Origin may not need to tap the $225 million compensation fund unveiled by the NSW government this week.
Lithium giant says Chinese partners should have access to tax credits
IGO’s Ivan Vella says Chinese investors who pioneered Australian critical minerals processing have earned the right to be included in Labor’s incentives.
Companies in the News
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Markets
Magnificent seven power Wall Street higher
Tesla, Meta Platforms, Nvidia and Apple paced the advance as investors opted to buy this week’s dip with conviction ahead of a three-day US weekend.
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.
Rally hits a wall on China growth and US inflation fears
Worries about China and hotter-than-expected business activity in the United States hit markets on Friday as traders ramped up bets against the $A.
Di Pilla’s HMC buys Payton Capital in $5b private credit push
HMC has appointed the former head of Macquarie’s US principal finance business in New York to run the new strategy.
Gorman to step down as Morgan Stanley chairman at year-end
The Australian-born James Gorman has announced he will step down after a 20-year run in which he transformed Morgan Stanley.
Opinion
AFR will not walk away from WA
Political and business leaders in Western Australia say privately that Kerry Stokes has an unhealthy degree of media power in the state.
Editor-in-chief
Cutting migrant intake is a soft target and dead-end strategy
Reducing migration will just exacerbate the housing shortages it is trying to fix. Higher education will be the collateral damage.
Editorial
Someone will have to bite the bullet and raise taxes
It’s delusional to think that we can find large new areas to spend money on without the overall cost of government going up. But whoever raises taxes first will have an advantage.
Columnist
Both sides are pushing buttons on migration, one is being more subtle
Migration long ago became a lazy method, adopted by both sides of politics, to generate growth in the absence of any reform or productivity agenda,
Political editor
What will fill the Tory-shaped hole in British politics?
Just as in Anthony Albanese’s blue-collar rhetoric, Brexit has pushed Keir Starmer’s Labour away from Tony Blair’s post-class modernisation and globalism.
Editorial
The republican crown needs a new head: who will step up?
The Australian Republican Movement throne need not be empty for long considering this shining array of talent.
Satirist
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 CommBankPolitics
Offshore wind plan in ‘Labor limbo’ as Port of Hastings stalls
The state opposition claims Victoria’s offshore wind policy is in “disarray” after Energy Minister Lily D’Ambrosio could not guarantee a key terminal would proceed.
Labor called to mandate industry pay for energy transition
The Electrical Trades Union wants all federally funded renewable energy projects to mandate industry rates to stop a race to the bottom.
‘Super-sized hole’ in budget as Treasury revises tax take
Treasury has cut $11 billion from its four-year estimates of revenue from superannuation taxes, as “overly large tax concessions” keep benefiting the richest retirees.
No time for ‘denial and delay’: PM starts second-term pitch
Anthony Albanese will use his second anniversary in office to urge voters to stick with Labor for another term, rather than vote for the Coalition and return to the era of conflict fatigue.
- Exclusive
- Industrial relations
Qld union’s 13pc pay rise may spoil energy relief
One of the biggest first-year pay rises in the country could add 30 per cent to costs, as Labor rolls out $1300 in household energy relief ahead of the October state election.
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World
- Updated
- Israeli-Palestinian conflict
Top UN court orders Israel to stop Rafah operation
Israel is unlikely to comply with the order from the International Court of Justice, but the ruling adds more pressure to Prime Minister Benjamin Netanyahu.
US restricts some poultry imports from Victoria on bird flu concerns
New restrictions on Victorian poultry and poultry by-products entering the United States will have limited impact on the local industry, a peak group says.
Morgan Spurlock, ‘Super Size Me’ documentary director, dies at 53
The filmmaker’s career imploded after he acknowledged past incidents of sexual assault and harassment. The cause of his death was cancer.
Schwarzman plans to back Trump, scoring a Wall Street win for GOP
The billionaire private equity boss said “the dramatic rise of antisemitism has led me to focus on the consequences of upcoming elections with greater urgency”.
European G7 ministers warn over China trade war risks
Finance ministers from Germany, France and hosts Italy all called for a common front against China’s growing export strength.
Property
- Exclusive
- Luxury property
Rich Lister behind Lego movies buys $12m Byron digs
Animal Logic co-founder Zareh Nalbandian has paid $12 million for a Byron escape after selling his animation studio to streaming giant Netflix.
Ray Dalio joins billionaires snapping up historic Singapore houses
The Bridgewater Associates founder’s family office has bought two heritage ‘shophouse’ properties for about $28.6 million
- Exclusive
- Luxury property
Racing heavyweight lists $5.3m penthouse with three terraces
Steve Rosich, who resigned as CEO of the Victorian Racing Club, is selling his Toorak penthouse, while former David Jones CEO Mark McInnes has completed his mansion upgrade nearby.
Why Australia is falling behind the world in building houses
The nation is building thousands fewer homes than other countries, with Victoria and NSW experiencing the longest development approval delays.
- Exclusive
- South-east Queensland
Miles gives in to councils with $350m bid to fast-track housing
The Queensland premier will unveil a new fund to fast-track housing development in urban areas across the state, incentivising developers to transform industrial zones and low-density suburbs.
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?
What to do if you are asset rich but cash poor
Four strategies to help your assets and savings work harder as the cost of living grows.
- Opinion
- Superannuation
How to claim a $157,000 tax deduction while turbocharging super
Anybody who can make extra concessional contributions of this magnitude should seriously consider doing so.
Technology
‘Asleep at the wheel’: Appen shareholders vent frustrations
Long-suffering shareholders of the data service company have delivered a 19 per cent vote against the company’s remuneration report at its AGM on Friday.
American chatbots: oversexed, overhyped and over here
In just two weeks, Microsoft, OpenAI and Google have each previewed AI chatbots that critics say are as dangerous as they are impressive.
- Exclusive
- Start-ups
‘If you don’t like it, get a job at a bank’: Canva boss
The design software giant’s all-singing, all-dancing debut event in Los Angeles came with a host of new features – and rumblings of a cost to its tired staff.
Work & Careers
Ord Minnett sued for sacking ‘recklessly dishonest’ director
Broking director David Wylie was fired for allegedly making up that the Ord Minnett’s senior leadership expected him to sell his house to pay the firm’s ASIC penalty.
Aussies aren’t all Bondi Beach fit, Ozempic’s new local exec has just realised
Novo Nordisk Oceania managing director Cem Ozenc mourns the fact Australia’s obesity challenge is lost amid the celebrity hype surrounding the medication.
Life & Luxury
Why pouring your own water might save your favourite restaurant
Amid a stream of high-profile restaurant closures, leading industry figures have been forced to adopt minor service changes to control price increases.
Could US Ticketmaster case spell the end of extra fees?
A Biden administration effort to rein in entertainment giant Live Nation might encourage ticketing competition in Australia.
What fashion insiders 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.
Six ways to stay entertained for those staying home this winter
Not everyone is travelling abroad for the northern hemisphere summer. Cosy up in Australia on a rail trip with Journey Beyond, or indulge at The Victoria & Albert Guesthouse in the Blue Mountains.
How my cynicism gave way to tears of relief in Antarctica
It seems the Great White Continent has the power to “break open” even the toughest corporate warrior.
