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    Join business leaders and industry pioneers at this timely Financial Review summit on the latest in AI.

    Full coverage here

    Ed Husic has called for a reduction in the corporate tax rate.

    Husic calls for lower corporate taxes

    Industry Minister Ed Husic has called for a lowering of corporate tax, either via direct reduction in the rate or through an economy-wide investment allowance.

    ASX futures are pointing to a modestly positive start.

    ASX falls; retail sales miss forecasts, gold lifts, Boss Energy sinks

    Retail sales lift 1.3pc on April 2023. Shares flat. Gold, silver, copper rise. Boss Energy CEO sells shares. Playside lifts guidance. UK, US markets were closed. Follow here.

    Boomer ‘wave’ of outflows starts to hit super

    Australia’s biggest retail superannuation funds are paying out billions more dollars in cash than they are bringing in as baby boomers reach retirement age.

    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.

    30pc of board execs to go in two years

    Quantium’s Adam Driussi says board members who avoid AI will be left behind. CBA’s Matt Comyn says AI changes could be akin to the industrial revolution. Follow updates live.

    ‘River to the Sea’ explained in one map and two charts

    The slogan is a kind of Rorschach test for people in the pro-Israel and pro-Palestine camps – and Canberra is struggling to bridge the gap.

    Rising bond yields have investors on edge

    Rising bond yields are casting a cloud over the US equity market, as investors focus on the budgetary implications of the November presidential election, writes Karen Maley.

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    LENDLEASE OVERHAUL

    Michael Ullmer, the outgoing chairman of Lendlease, has been on the board since 2011 and was there for much of the company’s global property expansion.

    Inside the last days of Lendlease’s global empire

    Three of the country’s most senior investment bankers were drafted in to advise the property giant on its biggest reset for at least a quarter of a century.

    Only a few years ago it was all systems go for Lendlease CEO Tony Lombardo in Britain.

    How Lendlease yanked the handbrake in Britain

    The developer whipped up a $58 billion pipeline in barely a decade. As it goes into reverse, Australia’s super funds could be waiting in the wings.

    Tony Lombardo.

    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.

    Beware ‘unknowns’ in Lendlease’s $4.5b turnaround, say old hands

    “If you’re going to exit today, tomorrow, the next day, you’re going to leave a lot on the table,” a former executive said.

    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.

    tuesday tech

    Yossi Matias at the Financial Review AI Summit on Tuesday.

    Google Research chief predicts children will soon be taught by AI

    Yossi Matias said healthcare, education and climate were the three areas most likely to be most changed by artificial intelligence in the near-term.

    Industry and Science Minister Ed Husic  has selected four organisations to provide free AI training to SMEs.

    Labor to spend $17m to help small businesses join AI revolution

    While major banks and tech firms are rushing headfirst into artificial intelligence investments, smaller firms are less prepared to capitalise on the technology, surveys have found.

    • Exclusive
    • AI
    Bevan Slattery

    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.

    Study shows pay gaps between tech’s big names and the rest

    A new study shows a stark difference in pay at newer tech stars like Atlassian and Canva, compared to public sector and other tech company specialists.

    Hands on with one of the first Copilot+ PCs in Australia

    Microsoft has been trying to break free from Intel for more than a decade, to give us Windows laptops with a proper battery life. This time, they just might succeed.

    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 supply of new vehicles from overseas manufacturers into Australia is rapidly catching up, with order backlogs diminishing fast.

    Spending crunch spreads as Peter Warren Auto tumbles on profit warning

    Shares in the second-largest car dealership group on the ASX crashed to a record low as it warned of a margin squeeze amid cost-of-living pressures.

    Nine Entertainment chief executive Mike Sneesby returned from leave early.

    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.

    PetO co-founders Nick Greenhalgh and David Rowe.

    PetO snares stores from Woolworths-backed pet group

    The supermarket giant’s long-running process to buy PETstock completed the last competition hurdle with privately held PetO swooping in to acquire some sites.

    Yuxiao’s Wu Tao (left) signing a co-operation agreement with the leaders of China Northern and Shenghe Resources.

    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. 

    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.

    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.

    Companies in the News

    Search companies

    View stories and data from an ASX listed company

    Markets

    Australians are facing an economic environment of rapidly rising interest rates.

    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.

    The S&P/ASX 200 is set for a positive start.

    What happened overnight? Nasdaq futures rose to a record, bitcoin steady

    Australian shares are set to advance modestly at the open. UK, US markets were closed overnight. Lendlease, BHP and Healthscope in focus.

    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.

    $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

    Opinion

    Populism aside, questions hang over universities’ foreign student trade

    The political risk confronting universities’ lucrative international students trade raises questions about their business model and the benefits for higher education.

    The AFR View

    Editorial

    The AFR View

    Qld’s 50¢ bus fares are a desperate political gimmick

    Cutting public transport fares to 50¢ is another ratcheting up of a fiscally irresponsible political culture that expects governments to endlessly buy votes.

    The AFR View

    Editorial

    The AFR View

    America is undermining global rules, not defending them

    Washington should dial down its claim to be protecting an international order that is clearly in decline, and instead talk up its defence of the free world.

    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.

    Craig Emerson

    Former Labor minister and economist

    Craig Emerson

    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.

    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.

    The AFR View

    Editorial

    The AFR View

    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
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    Politics

    A surprising number of people say they are unaware of the stage three tax cuts.

    Tax cut ‘surprise’ could pump $10b back into economy

    A surprisingly large number of people are unaware of the stage three tax cuts, which may make them more likely to spend their share of $23 billion, adding pressure to inflation.

    Opposition immigration spokesman Dan Tehan says the Coalition would prioritise skilled migration while reducing the overall migration intake.

    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.

    Mount Scopus principal Dan Sztrajt said he had added extra security because students at his school felt unsafe.

    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.

    Health spending outstrips tax cuts in budget beauty contest

    Defence spending and paying superannuation on public paid parental leave, were the two least popular measures in the federal budget, a new survey reveals.

    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.

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    World

    Palestinians look at the destruction after an Israeli strike on a refugee camp in Rafah.

    Netanyahu says deadly Rafah strike a ‘tragic mistake’

    Israel faced widespread international condemnation for the air strike that killed dozens of Palestinians in a camp for displaced civilians in Rafah.

    Spain’s Rafael Nadal reacts as he plays against Germany’s Alexander Zverev during their first round match.

    Nadal loses in the French Open’s first round

    The loss to Alexander Zverev knocked the 14-time Roland Garros champion out of his favourite tournament.

    Taiwan President Lai Ching-te, right, puts on a cowboy hat given by Representative Michael McCaul during a meeting in Taipei,

    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.

    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.

    Papua New Guinea landslide toll revised up to 2000

    The unstable terrain, remote location and nearby tribal warfare are hampering relief efforts in PNG.

    Property

    Stevens Construction undertook numerous projects for Woolworths including this $27m project at Crows Nest on Sydney’s Lower North Shore.

    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.

    More than two out of five property valuers are predicting house prices to increase by at least 5 per cent nationwide in the coming 12 months amid stock shortage, a CBRE survey shows.

    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. 

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    Wealth

    Jess Brady spent four months in an out of hospital after a major health scare.

    ‘I spent four months in and out of hospital thanking my old boss for this advice’

    After a potentially life-threatening gallbladder condition, Jessica Brady has two goals: Listen to her body, and make sure young people are prepared for the worst.

    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.

    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.

    Technology

    Microsoft CEO Satya Nadella.

    Microsoft CEO should be fired over cyber failure

    A cyber breach slammed by the US government for leaving customers exposed is down to a culture led by Satya Nadella of profit over security.

    • Exclusive
    • AI
    Bevan Slattery

    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.

    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.

    Work & Careers

    The gender pay gap is baked into Australia’s labour market, with men out-earning women just months after graduating from university.

    Female graduates beat males on all fronts – except salary

    The gender pay gap is reducing – slowly – over time. But women who graduate at the same time as men can still expect to earn significantly less.

    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

    The Volvo EX30 Ultra has arrived in Australia: it’s yours for $66,290 plus orc, though there are two other models to choose from too.

    Volvo’s new EX30 Ultra takes just 5.3 seconds to reach 100 km/h

    The fully electric city slicker is the brand’s fastest accelerating car ever, plus it’s roomy, quiet and friendly looking. What’s not to like?

    Robovacs finally come to grips with corners

    Having mastered the first stage of the robotic evolution, vacuum manufacturers have moved onto the next challenge.

    Five bespoke whiskies are based on the five foundations of taste – bitter, sour, salt, umami and sweet.

    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.

    The Wu-Tang Clan’s single-copy, unstreamable 2015 album Once Upn A Time In Shaolin, which comes in a silver jewel-encrusted box.

    Rap album worth $6m to be played at MONA

    The two CDs are the only physical copy of a Wu-Tang Clan album recorded in secret over six years, and sold for millions at auction.

    Different takes on transparency by Albus Lumen during Australian Fashion Week.

    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.

    From the gallery