Join business leaders and industry pioneers at this timely Financial Review summit on the latest in AI.
AI minister: Cut company tax to boost robotics, automation
A call by Ed Husic to cut taxes on corporate profits to encourage investment in advanced manufacturing has been applauded by business but exposed a split in the cabinet.
- Opinion
- Chanticleer
How much will hungry data centres take out of the power grid?
Australia’s ability to make the most of AI and digitisation is only as good as its energy sources. Next decade, that will become a hot topic.
- Exclusive
- Property development
Housing for 100,000 people in limbo as construction projects stall
Elevated construction costs, a shortage of labour and a lack of off-the-plan buyers have lifted the number of stalled new dwellings that are already approved to over 37,000.
The super funds where customers are retiring faster than new ones join
The research from KPMG comes as the $3.6 trillion superannuation industry heads towards the point it is paying out more cash than it brings in.
If Lendlease shrinks abroad, it must grow at home: analysts
Analysts have endorsed Lendlease’s radical retreat to Australia, where the global developer is better performing, but warn considerable execution risk remains.
- Opinion
- Chanticleer
How an AI-powered Santa makes the case for tax reform
AI threatens to change everything, from education to manufacturing. Ed Husic is right to ask whether tax reform is needed as part of this revolution.
CFMEU redundancy fund push sparks call for worker choice
Builders are calling for workers to have the right to choose their own redundancy fund in response to a CFMEU push to oust a fund that returned thousands of dollars to workers.
Husic’s tax call | Lendlease’s UK handbrake | ‘River to the Sea’ explained
AFR AI SUMMIT
- 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.
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.
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.
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.
Get the latest business news on the go with the AFR’s new iOS app.
Companies
- Opinion
- Chanticleer
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.
What Rich Listers think about money – and what they teach their kids
Nine of Australia’s wealthiest people reflect on their journey with money and whether material success leads to a rich life.
- 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.
Consulting rookies: how to absorb the data deluge
Selina Liang has spent much of her first 15 months at consulting firm Oliver Wyman learning how cope with the reams of information typical of new projects.
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’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.
Companies in the News
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Markets
- Updated
- Interest rates
Cautious consumers to trigger more profit warnings
Economists warned of more softness in consumer spending until tax cuts and government stimulus breathe new life into the economy amid a string of corporate profit warnings with more to come.
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’.
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.
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.
Opinion
The long wait for rate cuts may be just beginning
Rate cuts that had been pencilled in for mid-year have been regularly pushed back. It’s fair to wonder whether they will instead be a feature of 2025.
Contributor
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.
Columnist
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
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.
Defence expert
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
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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Giles orders urgent review into criminal ‘migrants’
Immigration Minister Andrew Giles says he is looking at freshly cancelling the visas of non-citizens who a tribunal has stopped from being deported.
Reform GST to abolish stamp duty: Liberal MP
Newly elected Cook MP Simon Kennedy says states and territories should compete for housing and infrastructure funding.
RBA’s asbestos-ridden HQ shouldn’t be sold, MPs say
The cost of renovating the RBA’s Martin Place headquarters has blown out fourfold to $1.1 billion, but forging ahead with the refurb is still the cheapest option.
Human Rights Commission’s ‘silence deafening’ on antisemitism
Former regulator Graeme Samuel has taken aim at the Human Rights Commission for it’s ‘deafening silence’ on the rise of antisemitism.
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.
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World
Macron, Scholz plan joint push to boost European air defence
The initiative is one of several policy areas, including capital markets reform, that the two European leaders were scheduled to discuss.
Fears of second PNG landslide and disease outbreak
The blanket of debris has become more unstable after rain and streams trapped between the rubble.
‘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 airstrike 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.
Property
Why rising home listings in some suburbs may not spark price declines
Home listings are rising in some suburbs in Adelaide, Melbourne and Sydney, but this may not be enough to pull prices down.
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.
Boomers’ property wealth in ‘fire sales’ to pay UK inheritance tax
Inheritance tax can run into hundreds of thousands of pounds. Their cash-poor descendants could be unable to afford their own inheritance.
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.
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
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.
Life & Luxury
Between a rock and a hard place? That’s this director’s sweet spot
“I love the feeling of accomplishment when I’ve worked on a hard climb,” says the managing director of Perth-based Access Analytics.
Why young women are falling out of love with dating apps
Gen Z is a priority for Tinder and Bumble but threats and unsolicited material from potential suitors often turn users off.
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.
- Driving With Tony Davis
- Motoring
Volvo’s new EX30 Ultra takes just 3.6 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.
