Join business leaders and industry pioneers at this timely Financial Review summit on the latest in AI.
Cautious households cut back on retail spending
Retail sales per person fell to their lowest level in two years as cost of living pressures force consumers cut back on non-essentials like clothes and furniture.
- Opinion
- Chanticleer
AI could claim 30pc of executive jobs in two years
As Commonwealth Bank CEO Matt Comyn keenly monitors the AI revolution, Adam Driussi of Quantium says more executives need to follow suit.
- Live
- Markets Live
ASX falls; retail sales miss forecasts, gold lifts, Boss Energy sinks
Shares fall. Retail sales lift 1.3pc on April 2023. Gold, silver, copper rise. Southern Cross considers ACM deal. Boss Energy CEO sells shares. Peter Warren downgrades. Playside lifts guidance. Follow here.
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.
APRA tightens Mercer’s super licence over risks, compliance failures
The watchdog has forced Mercer Super to bring in external compliance experts after finding several breaches of its legal duties.
- Exclusive
- Media & marketing
Stan executive left Nine’s streaming business after workplace claims
The departure followed complaints from multiple staff, and was months before another executive left the media group amid separate sexual harassment allegations.
- Live
- Need to Know
Will AI replace creatives? Here’s what Leonardo Ai’s founder thinks
JJ Fiasson, co-founder of image generation start-up Leonardo Ai, says artificial intelligence will allow for art to become more expansive. Follow updates live.
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.
- 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.
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.
AFR AI SUMMIT
Regulators keeping business in the dark on AI: Productivity Commission
Weeks away from new regulations governing high-risk AI use, regulators still haven’t explained how existing laws apply, says one Productivity Commissioner.
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.
Matt Comyn on how AI will change jobs
Commonwealth Bank chief executive Matt Comyn says the rise of artificial intelligence could be as significant as the industrial and scientific revolutions.
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.
30pc of board execs to go in two years
Quantium’s Adam Driussi says board members who avoid AI will be left behind.
Get the latest business news on the go with the AFR’s new iOS app.
Companies
The biggest threat to Australia’s lotteries? This Oregon sports bar
In an understated barbecue joint on the outskirts of Portland, lotto sales are booming – thanks to a secretive Northern Territory-registered wagering group.
Westpac’s RAMS faces ASIC, APRA blowtorch
ASIC has been investigating the big four-owned group and its franchisees since at least September 2023.
Catalano taps Barrenjoey, ABL to push Southern Cross deal
Media entrepreneur Antony Catalano wants Southern Cross Austereo to buy his and partner Alex Waislitz’s regional media business.
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.
Consulting downturn ‘great for us’ as PiP joins Accenture
Partners in Performance head Skipp Williamson says the firm will continue to do “more than PowerPoints” when it joins Accenture.
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.
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
Why inflation will be back, sooner than you think
Central banks cannot be as independent as we like to believe. And they would always rather avoid a recession than avoid inflation.
Columnist
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.
Columnist
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
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
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.
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.
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World
‘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.
Israel’s ‘unbearable’ Rafah strike triggers global outrage
Israel faced widespread international condemnation for the air strike that killed dozens of Palestinians in a camp for displaced civilians in Rafah.
Why EV makers are set to turn on Donald Trump
The former president has vowed to shred President Joe Biden’s electric vehicle policies, threatening “you won’t be able to sell those cars” if he is elected.
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.
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
- Exclusive
- Rich List
AI reshapes Rich Lister business but not their fortunes yet
Rich Listers are using AI to overhaul graphic design, advance healthcare and improve cybersecurity, but few are investing personally.
- No. 38
- Rich List
Why Shakespeare matters to Rich Lister Katie Page
“We all quote Shakespeare all the time, whether we know it or not.” The Harvey Norman CEO – and Rich Lister – has a lifelong love for The Bard.
‘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.
Technology
- Opinion
- AI
This is how the Silicon Valley geeks could destroy Hollywood
Sam Altman’s obsessive pursuit of Scarlett Johansson for his new chatbot has helped end an 18-month media honeymoon for AI companies.
- 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.
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.
A pasta with flavour-bomb of XO that not many know about
Ellie Bouhadana, formerly head chef at Melbourne’s Hope St Radio, shares her secret sauce for pasta.
