Skip to navigationSkip to contentSkip to footerHelp using this website - Accessibility statement
  • Advertisement
    AUDUSD0.6659
    0.0003 (0.05%)0.05%
    SPI 2007,793.00
    -25.00 (-0.32%)-0.32%
    S&P/ASX 2007,766.70
    -21.60 (-0.28%)-0.28%
    All Ords8,034.90
    -23.70 (-0.29%)-0.29%
    NZX 504,440.65
    -27.93 (-0.63%)-0.63%
    Hang Seng18,847.53
    20.18 (0.11%)0.11%
    Nikkei38,855.37
    -44.65 (-0.11%)-0.11%
    View all

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

    Full coverage here

    Adam Driussi, CEO of Quantium, says AI will become assistant coaches in professional sporting codes.

    Adapt to an AI world or be replaced, executives warned

    “Hairdresser will use AI. Butchers will use AI,” said Mel Silva, Google’s local managing director. Others said a third of executives would be replaced.

    Consumer demand has been very weak by historical standards for well over a year.

    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.

    The Pit Stop Sports Bar & BBQ Grill on the outskirts of Portland, Oregon.

    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.

    After Comyn’s AI trip, the CBA boss can compute impact on banking

    Comyn now knows AI will reshape the global technology industry, business landscape and geopolitics in profound ways yet to play out.

    Gold miners shine as shares trade sideways, Boss Energy sinks

    Shares fall. Retail sales lift 1.3pc on April 2023. Gold, silver, copper rise. Southern Cross considers ACM deal. Peter Warren downgrades. Playside lifts guidance. Follow here.

    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.

    How Stockland is punting on a bit of Goodman Group magic

    Goodman Group is the gold-standard for creating value in Australian property, so it is interesting to see the likes of Stockland replicating its model.

    Advertisement

    AFR AI SUMMIT

    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. 

    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.

    Industry Minister Ed Husic at the Summit.

    Corporate tax reform needs to be on the table, says Husic

    This is an edited and abridged transcript of a speech followed by a question and answer session given by Minister for Industry and Science Ed Husic at The Australian Financial Review 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 tutored 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.

    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

    Adrian Foo and Mike Sneesby have been friends for many years.

    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.

    Optus is still focused on rebuilding its trust with customers, according to Venter, after last November’s outage, which lasted nearly 16 hours, affected some 10 million people and led to the resignation of then-CEO Kelly Bayer Rosmarin.

    Optus raises monthly mobile plan prices by 5-6pc

    Optus has quietly raised prices of its cheapest and most popular monthly mobile phone plans for new customers above the rate of inflation, blaming higher costs.

    Westpac is also facing scrutiny from the prudential regulator over the actions of former RAMS franchisees

    Westpac’s RAMS faces ASIC, APRA blowtorch

    ASIC has been investigating the big four-owned group and its franchisees since at least September 2023.

    Canva’s Create conference in LA.

    Canva enterprise boss out after six months

    Former Google and Microsoft executive Javier Soltero was hired to lead the company’s enterprise efforts, which are key to its IPO plans.

    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.

    Companies in the News

    Search companies

    View stories and data from an ASX listed company

    Markets

    Investors are returning to the Chinese sharemarket, buoyed by hope of a recovery in consumer demand.

    UBS bets big on China despite ‘challenging’ backdrop

    The investment bank believes China is a ‘bright spot’ in Asia, and warns that Indian equities are ‘priced too perfection’.

    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.

    Opinion

    Why tariffs won’t stop China’s dominance in EVs

    Chinese EVs are facing higher tariffs in Europe and the US, raising the likelihood of a broader trade war. Australia may be caught in the middle.

    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

    Here are the facts about Australia’s nuclear submarine program

    It is not an alliance of mutual obligation. It is not a commitment to support the US in a conflict over Taiwan. It is a technology capability pact.

    Jennifer Parker

    Defence expert

    Jennifer Parker

    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.

    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.

    Karen Maley

    Columnist

    Karen Maley

    Forget defence, agriculture is key to Prabowo’s Indonesia

    Indonesia is obsessed with food self-sufficiency, and free lunches for children was a key election promise from the new president. Australia can help him with both.

    Robert Law

    Asia commentator

    Robert Law

    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
    Advertisement

    Politics

    Concern is growing over the rise of antisemitism in Australia.

    Human Rights Commission’s ‘silence deafening’ on antisemitism: Samuel

    Former regulator Graeme Samuel has taken aim at the Human Rights Commissioner for her “deafening silence” on the rise of antisemitism.

    A statue holds the scales of justice outside a Queensland court.

    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.

    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.

    SPONSORED

    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.

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

    Israel’s ‘unbearable’ Rafah strike triggers global outrage

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

    Hummer electric vehicles on the production line at a General Motors factory.

    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

    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. 

    Advertisement

    Wealth

    Grant Petty, founder of Blackmagic Designs, cautions that AI is not new, and is currently at the top of a hype cycle.

    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.

    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

    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.

    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.

    Work & Careers

    The new merged Adelaide University will be reliant on growing numbers of international students, says David Lloyd

    Harsh migration cuts will stifle new mega-uni’s ambitions

    Adelaide University got its official tick of approval on Tuesday, but its plan to recruit 13,000 new students over eight years could suffer from migration cuts.

    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.

    Advertisement

    Life & Luxury

    Studies have found that running can

    What top brain experts do every day to avoid dementia

    Dementia is a journey into darkness that affects millions around the world. Here’s what four leading brain health experts do to try and protect themselves.

    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.

    Interior sculptural detail in Luna House, the work of Leeton Pointon Architects.

    Building a home? These Melbourne beauties are an ode to concrete

    Make a street statement with this silky-smooth material. It may be costly to produce but its versatility and durability make it a joy to live with.

    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.

    From the gallery