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

    Nominate now

    Thai-born Kunachon Somboonporn, 26, is one of the 5 per cent who opted for a South Australian university.

    Why universities are headed for a reckoning

    Half the students at Sydney and Melbourne universities are now from overseas. A decade ago, this figure was 25 per cent. But cuts are coming, and for some it’s a matter of survival.

    A DIY store with an estimated 200 people inside has been struck by Russian missiles in Kharkiv.

    Russia launches deadly missile strike on Ukrainian DIY store

    A DIY store with about 200 people inside has been struck by Russian missiles in Kharkiv. President Joe Biden tells West Point graduates they face threats like ‘none before’. Follow updates live.

    CBA preps ultra-cheap loan amid war with 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.

    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.

    The real reason for spending $1b on PsiQuantum

    Defence planners have long worried how vulnerable military information systems are to GPS being taken out by an adversary.

    ‘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.

    Who’s in more trouble: Israel or Iran?

    Middle East conflict is making Iran’s clerical regime seem ever more fragile, and Israel’s sense of nationhood even stronger, writes Bret Stephens.

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    WEEKEND READS

    Anthony Albanese and Peter Dutton .

    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.

     Korean investors paid $395 million for specialised facilities as part of the NDIS scheme. It was all a lie.

    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.

    From Lego to McKinsey, bureaucratic managers hurt companies

    Big business executives are allowing themselves to be used to deliver social benefits governments can’t.

    smart investor

    AFR

    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.

    There are 635,000 rich Australians, representing around 2.5 per cent of the total population.

    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.

    Adrian Orr, governor of the Reserve Bank of New Zealand.

    Kiwis outplay Aussies in monetary policy game

    The New Zealand central bank has given its Australian equivalent a dancing lesson in political independence.

    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?

    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

    The senate inquiry wants banks to pay more taxes to fund new ‘community bank branches’ in remote areas.

    Raise bank levy and force AusPost deals, branch closure probe says

    The government should build a new publicly owned bank to service regional towns and increase the major bank levy, a Senate inquiry has found.

    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.

    Bendigo Bank has a new marketing campaign painting it as a big bank, but more attentive to customers.

    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.

    Elon Musk announced his bid for Twitter on Twitter, later to rename it X.

    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

    Wall Street.

    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.

    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.

    The rally in copper prices to record highs haven’t translated to a stronger Aussie dollar yet.

    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.

    Michael Stutchbury

    Editor-in-chief

    Michael Stutchbury

    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.

    The AFR View

    Editorial

    The AFR View

    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.

    Laura Tingle

    Columnist

    Laura Tingle

    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,

    Phillip Coorey

    Political editor

    Phillip Coorey

    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.

    The AFR View

    Editorial

    The AFR View

    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.

    Rowan Dean

    Satirist

    Rowan Dean

    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.

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    Politics

    The building of a port to support the development of a wind farm in Victoria clashed with the protection of Ramsar-listed wetlands.

    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.

    The Electrical Trades Union says industry rates are needed to fix a shortfall of 32,000 electricains by 2030.

    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.

    Treasurer Jim Chalmers.

    ‘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.

    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

    An Israeli soldier directs a tank near the border with the southern part of the Gaza Strip.

    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.

    Bird flu worries are on the rise.

    US restricts some Australian poultry imports due to 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 gained 11 kilograms making Super Size Me, a documentary about eating only McDonald’s food for a month.

    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

    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.

    Shophouses on Telok Ayer Street in Singapore.

    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

    Melissa and Steve Rosich.

    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.

    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.

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    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?

    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.

    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

    Appen chief executive Ryan Kolln.

    ‘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.

    Canva co-founders Cliff Obrecht, Melanie Perkins and Cameron Adams.

    ‘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

    Former Ord Minnett director David Wylie is suing to get his $110,000 bonus back.

    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.

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    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.

    The most widely known victim of pornographic deepfake images is Taylor Swift.

    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.

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

    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.

    Handpicked Wines boss William Dong with Sydney Symphony Orchestra members Alexandra Osborne  and Tim Nankervis at the Handpicked Cellar Door in Chippendale, Sydney.

    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.

    A cruise around Antarctica provides time to soak up the beauty – and the ethereal silence.

    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.

    From the gallery