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.
- Live
- Markets Live
ASX to drop, Nvidia leads Nasdaq to record high
Australian shares to drop. BHP deadline fast approaching. Nvidia’s market cap surges towards Apple. Monthly inflation data at 11.30am. Follow updates here.
- 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.
- Live
- Need to Know
Vic premier defends $12b ‘credit card’ as ‘absolutely’ transparent
Premier Jacinta Allan has defended Labor’s use of a $12 billion ‘credit card’ to spend on policy promises not listed in the budget; Robert De Niro labels Donald Trump a ‘clown’. Follow updates live.
- Exclusive
- Rich List
More than half the 11 new Rich Listers are already billionaires
Two cryptocurrency giants, an under-the-radar mattress mogul, a former mechanic and an ex-NRL player are among 17 new and returning faces on this year’s Rich List.
BHP may need more time to break Anglo bid impasse: reports
BHP is reportedly poised to ask for another deadline extension from Anglo American as it seeks to resolve continuing concerns about its takeover bid.
- 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.
Husic’s tax call | Lendlease’s UK handbrake | ‘River to the Sea’ explained
rich list
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.
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.
- 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.
Behind Ian Malouf’s $50m bet on umbilical cords
The Dial-A-Dump founder has shrugged off doubts about stem cell therapy and is investing heavily to get the treatments more widely approved.
- 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.
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.
Leonardo Ai co-founder says AI will enhance, not crush, creativity
Generative artificial intelligence will enhance creative work done by real people rather than replace them, the founder of a Sydney-based start-up says.
The AI bulls are sticking to Nvidia despite 600pc share price rally
“When people ask ‘who is the next Nvidia’? The next Apple was Apple – the next Apple, even today, is still Apple,” said Munro Partners’ stockpicker Qiao Ma.
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.
- 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.
Get the latest business news on the go with the AFR’s new iOS app.
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.
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.
How the Turner women are creating a legacy beyond Flight Centre
Graham Turner may have turned Flight Centre into a household name, but wife Jude and daughter Jo have a different approach to business.
Market speculation may justify share buys: ASIC insider trading case
Duncan Stewart is charged with buying Kidman shares in April 2019 while aware that Wesfarmers had made a proposal to buy the company.
- 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.
Westpac’s RAMS faces ASIC, APRA blowtorch
ASIC has been investigating the big four-owned group and its franchisees since at least September 2023.
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.
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Markets
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.
What happened overnight? Nvidia optimism paced the Nasdaq to a record closing high
The Magnificent One as Yardeni Research is calling Nvidia leapt 7.1pc and its market cap is now a mere $US100 million less than Apple. US bonds were dented by weak auctions.
- Opinion
- Bonds
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.
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’.
Six ASX stocks the AI bulls may have overlooked
A report from Morgan Stanley has shed light on the overlooked sectors on the ASX that could be set to benefit from the artificial intelligence revolution.
Opinion
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
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
Husic’s corporate tax call revives Hawke-Keating Labor spirit
Rather than have his office rebuke his cabinet colleague for comments made at the Summit, the treasurer should start making the pro-business and pro-worker case for reform.
Editorial
US allies in Indo-Pacific can breathe easier as election nears
There is a long list of reasons why even a second Trump presidency may – as Mark Twain might have said – not be as bad as it sounds.
Commentator
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
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.
Asia commentator
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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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.
EU critical minerals deal a boost for ‘green premium’ nickel
A new MoU between Australia and the European Union will smooth the way for investment in resources projects.
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.
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.
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.
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World
Key witness lied on stand, Trump lawyer tells jurors
“President Trump is innocent,” defence attorney Todd Blanche said in an hours long closing argument to jurors.
Israeli tanks advance into the heart of Rafah
Tanks and armoured vehicles mounted with machineguns were spotted near Al-Awda mosque, a city landmark, witnesses said.
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.
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.
The woman who could be Mexico’s next president
If Claudia Sheinbaum wins the presidential election on Sunday, she will be the country’s first female, and first Jewish, president.
Property
- 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.
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.
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.
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.
Rich Lister Terry Snow steps away from the cockpit
At 79, the Canberra property dynamo behind Canberra Airport is finally stepping down from active roles. His son Tom will now chair the airport board.
Wealth
- Opinion
- Shopping centres
Why shopping centres are a good investment prospect
Population growth, a robust employment market and rising incomes will stoke retail spending, and much of the extra money will end up in shopping centres.
Baby Boomers are loaded. Why are they so stingy?
Recent evidence has cast doubt on the notion that a spending splurge by those born between 1946 and 1964 is on the way.
‘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
OpenAI says it has begun training a new flagship AI model
The startup said it expected the new model to bring “the next level of capabilities” as it strove to build a machine that can do anything the human brain can do.
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.
- 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.
Work & Careers
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.
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.
Life & Luxury
We check out the new Six Senses Kyoto
In a departure for the brand, this hotel is not in a remote location. It’s plum in the heart of the city, yet feels like an oasis of serenity.
The green liqueur that’s on everyone’s lips
Chartreuse, that venerable herbal blend is hip once more, prompting other producers to get in on the act – including two new Australian brands.
Lessons in legacy-building – from history’s most tenacious rulers
The NGV’s winter blockbuster will take a deep dive into what it meant to be pharaoh – and the complex power systems they needed to maintain their supremacy.
Max Allen reviews three top drops from a shiraz-obsessed former chef
Syrahmi winemaker Adam Foster has launched the first release from his own close-planted vineyard in Heathcote.
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.
