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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.
- Live
- Markets Live
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.
- 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.
- Live
- Need to Know
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.
- Opinion
- Bonds
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.
Husic’s tax call | Lendlease’s UK handbrake | ‘River to the Sea’ explained
LENDLEASE OVERHAUL
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.
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.
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.
- 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.
tuesday tech
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.
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
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.
- Opinion
- Digital Life
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.
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Companies
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 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 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.
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.
- 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.
Companies in the News
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Markets
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.
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.
Editorial
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.
Editorial
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.
Columnist
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
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
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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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.
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.
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.
SPONSORED
World
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.
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.
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
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.
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.
Wealth
‘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.
- 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.
Technology
- Opinion
- Cybersecurity
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
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.
Work & Careers
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.
Life & Luxury
- Driving With Tony Davis
- Motoring
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.
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.
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.
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.
