If your business is turning inspiration into innovation, it’s time to be recognised.
- Opinion
- Chanticleer
The two forces driving Lendlease to tear itself apart
For 66 years, Lendlease has been an icon of Australian business. But its global ambitions lie in tatters after a reckoning that’s been coming for decades.
Central Coast builder for Woolies and Singo collapses
Stevens Construction built a number of supermarkets and malls for Woolworths and also completed residential projects for John Singleton.
- Opinion
- Chanticleer
The indicator that has Macquarie fearing a ‘downgrade cluster’
Confession season has been quiet this year, but that doesn’t mean investors shouldn’t be looking over their shoulders.
Fifty cents for Qld trains, buses – but they’re still ‘old and slow’
The Queensland Labor government’s slashing of public transport costs has been welcomed, but an advocacy warned of major network issues failing passengers.
Australia among biggest losers if US-China trade war flares
Australia would suffer a $30 billion income hit – the second-largest fall in the world – if tensions worsen and countries try to manufacture more at home, the OECD says.
Nine to investigate television newsroom culture after Wick exit
The media group’s leadership team held a crisis meeting last week to discuss the situation, and the company’s board is also expected to meet this week.
RBA can still cut this year, says Fitch – traders aren’t so sure
The ratings house view is increasingly at odds with traders, which have pushed pricing for the Reserve Bank’s first rate cut beyond June 2025.
Exclusive insights from the Street Talk team delivered to your inbox daily.
MONDAY MEDIA
Netflix shifts 92pc of $1.1b Australian revenue offshore
The streaming giant behind Bridgerton, Stranger Things and Heartbreak High paid its overseas affiliates most of its Australian revenue in 2023.
Winners and losers emerge as News Corp’s major restructure takes shape
Nicholas Gray appears to have prevailed over Edwina McCann, the influential editor-in-chief of Vogue Australia who had been elevated to be editorial director of News Prestige
Labor’s controversial sports broadcast plans heading for Senate fracas
The government’s proposal, which would allow big streamers like Netflix to bid against free, local platforms, is “un-Australian”, according to the Greens.
- Opinion
- Publishing
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.
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.
Get the latest business news on the go with the AFR’s new iOS app.
Companies
China-linked entity ousts WA rare earths boss
Northern Minerals’ new executive chairman said the resignation of Nick Curtis created an “alignment” between shareholders and the board.
Lendlease seals truce with activists in radical reset
The property giant expects its new strategy to free up $4.5 billion of capital and will sweeten the deal with a $500 million share buyback.
Star Entertainment suitor claims it kept Hard Rock in the loop
Two firms – HDI-BB and Hotel Development International – confirmed on Monday that they approached Star in March with a turnaround strategy.
Healius to sell $650m X-ray and ultrasound division after UBS review
The struggling pathology company told investors it had engaged advisers to sell Lumus Imaging as it focuses on reinvigorating its core pathology business.
Accolade Wines ends merger talks, Australian Vintage to raise capital
Shares in the owner of McGuigan and Tempus Two wine brands have been suspended as debt levels rise to dangerous levels, with a potential back-door listing of Australia’s No.2 player, Accolade off the table for now.
Optus loses appeal to keep Deloitte report on cyberattack secret
The decision means information in a report commissioned by Optus into the causes of its 2022 cyberattack will be given to a class action law firm.
- Exclusive
- Commercial real estate
Lendlease to end global ambitions and put $4b in assets on the market
Lendlease will end all international property development and sell its overseas construction divisions, marking the biggest shake-up at one of Australia’s largest real estate groups in 20 years.
Companies in the News
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Markets
$A bulls face disappointment on long road to pandemic high
Traders hoping the Australian dollar will strengthen may be caught out as optimism over China’s rebound fades and the local economy falters.
ASX climbs; Cettire, Lendlease shares jump
Sharemarket rebounds from Friday’s slump. Cettire hits back at counterfeit allegations. Neuren Pharma rallies after trial results, Megaport chairman offloads more shares. Follow for more
Fund abandons ASX mandate to jump on US tech rally
Nathan Bell is upping his allocation to US stocks, saying the current price for some quality names on the ASX had reached “ridiculous” levels.
Commodities on cusp of ‘super-bull’ rally after traders cash in
Investors have taken profits following a powerful rally in copper and gold prices, but strategists believe the correction will be short-lived.
Bond returns are back and Pimco is ‘excited’
The $2.9 trillion fund manager is buying up Australian government bonds, among other things, betting that the Reserve Bank will need to cut rates less than the Fed. They are also wagering on the US housing market and consumer.
Opinion
Why Dutton risks losing WA sentiment
Peter Dutton’s rejection of production tax credits for critical minerals processing is risking support in several must-win seats in Western Australia.
Columnist
ICC loses its moral bearings over Israel and Gaza
An each-way bet on the ICC’s war crimes charges against Israel adds to the incoherence of Labor’s position amid a fraying of the social fabric of multicultural Australia.
Editorial
We must protect Australia’s free and open economy
Australia prospered in an open postwar world economy. But a new generation has less faith in it.
Former Labor minister and economist
The humble email sign-off is not what it used to be
It is not exactly clear when the sign-off turned into yet another tool in the arsenal of self-promotion deployed in so much of modern corporate life, but I do not see it fading any time soon.
Columnist
Failure to deliver green pipeline is keeping Eraring open
The NSW government has left its green energy project pipeline languishing for years. Now it is charging a coal keeper tax instead.
International students show our statecraft missing in action
Educating the region’s high-flyers is a major source of soft power for Australia. But we are in danger of taking it for granted.
Foreign relations expert
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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School graffiti attack builds heat on government over antisemitism
The government could not say whether a graffiti attack on a Jewish school would be covered by proposed new hate laws.
Foreign ‘power couples’ could head the queue under migration revamp
Amid business fears migration cuts will worsen labour shortages, the Coalition wants foreign workers’ partners to have skills that contribute to the economy.
Young, ready to go regional: the migrants business wants most
Australia should prioritise full-time workers who have settled in locations with the biggest skills shortages, big four firm KPMG says.
Australia among biggest losers if US-China trade war flares
Australia would suffer a $30 billion income hit – the second-largest fall in the world – if tensions worsen and countries try to manufacture more at home, the OECD says.
Wilkinson seeks $1.8m in costs for Lehrmann trial
Ten has ‘limited’ chance of recouping costs; PNG landslide death toll estimated to be at least 670; Israeli airstrikes kill at least 35 in Rafah; Marles denies go-slow on Ukraine aid request. Follow updates here.
SPONSORED
World
China’s industrial profits return to growth
A global cyclical boom in technology products like chips as well as a push by the government to get firms to replace their old equipment supported the April upturn.
US legislator tells Taiwan its weapons are coming
The island nation has complained for two years of delays in deliveries of US weapons, as manufacturers supply Ukraine to support its defence against Russia.
Papua New Guinea landslide toll revised up to 2000
The unstable terrain, remote location and nearby tribal warfare are hampering relief efforts in PNG.
China hails ‘new beginning’ with US-allied South Korea, Japan
China, South Korea and Japan are trying to manage mutual distrust amid the rivalry between Beijing and Washington, and tensions over Taiwan.
China’s online ‘Kim Kardashian’ banned for being too ostentatious
The online disappearance last week of Wang Hongquanxing is part of the government’s latest campaign to maintain its dominance over China’s social media culture.
Property
Perth, Brisbane and Adelaide apartments poised to outperform
Fewer property valuers expect demand to rise in the next 12 months, but more are still predicting higher prices due to scarce supply.
Barry Sternlicht’s $15b real estate fund limits withdrawals
There’s trouble when an REIT fears it won’t have enough cash to pay investors back because the rate of withdrawals is higher than the amount of money coming in.
Former analyst pays $48m for Brisbane office tower
Jacob Fong has taken a deep dive into the Brisbane office market and uncovered good buying opportunities in the city’s Midtown precinct.
Co-working is moving to the suburbs
With hybrid work the new norm, the industry is betting on sedate suburban and small-town locations where employees of big companies go to escape their homes.
Point Piper mansion sells on the quiet for $80m-plus
Point Piper mansion Rockleigh has sold for over $80 million, clocking the highest price for a property so far this year.
Wealth
Inside the great Rich List wealth transfer
Control of vast business empires is passing to a new generation, forcing families to confront the hard questions around succession planning. Of the 200 richest Australians, 45 are over 80 and control $136.1 billion.
- Opinion
- Rich List
How the Rich List is dodging real-life Succession dramas
As some of its icons are farewelled, a new generation is taking the reins. So far, Australia’s business landscape has remained relatively stoush-free.
Investors to be stung by $250m in new advice fees
A tax office ruling will see investors pay 7.5 per cent more for advice obtained from super funds and platforms, despite government moves to cut advice costs.
Technology
- Exclusive
- AI
Rich Lister entrepreneur’s final start-up will build underwater robots
Bevan Slattery is arguably Australia’s most successful tech entrepreneurs of the last 20 years. He thinks he has one more start-up in him, and has big plans for reviving coral reefs.
- Exclusive
- Funding
Blackbird-backed deep tech start-up faces liquidation
The Supreme Court of Victoria has ordered food waste recycler Bardee be wound up for unpaid bills, but it has already sold a large part of its assets.
‘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.
Work & Careers
CFMEU push to end workers’ returns under redundancy fund
The NSW union branch is seeking to end workers getting thousands of dollars in returns a year and to send their contributions to a John Setka-backed Victorian fund.
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.
Life & Luxury
Is it sheer madness to experiment with this trend?
Often clothes are about coverage – but if Fashion Week styles are anything to go by, we’ll all be showing off a lot more.
If you love single malt, food and a good craic, try this $10k pairing
An Australian chef with a two Michelin-starred restaurant in Dublin has collaborated with an Irish whiskey maker to create something exceptional and very exclusive.
Why limiting your diet could be harming your brain
Researchers have found that people who liked a variety of foods did better on cognitive tests than those with limited dietary preferences.
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.
