GDP growth tipped to slump to 1.1pc, but don’t expect a rate cut
Economists expect GDP figures next week could show annual growth slumped to just 1.1 per cent in March, after consumer spending and home building went backwards.
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- Food & drink
Jon Adgemis strikes $400m refinancing deal to save pub empire
The former KPMG dealmaker will likely stay on as executive chairman of his Public Hospitality Group after reaching a deal with Deutsche Bank to avert collapse.
Markets increasingly expect next interest rate move will be up
Traders are increasingly confident the Reserve Bank will be forced to raise interest rates, particularly if a decision to lift minimum wages next week is above expectations.
The ASX business so good ‘you can’t put a sell on it’
Analysts say Pro Medicus is one of the world’s most expensive stocks, but also one of the best.
Biggest density rises in Minns’ housing plan are in Liberal seats
The seven councils with the largest increases to their housing targets, in percentage terms, are predominantly located in Liberal-held electorates.
Perth’s house prices to jump 21pc by 2025: NAB
The bank upgraded its house price expectations for Perth, Brisbane and Adelaide as values there accelerate.
Nine Entertainment backs CEO, says TV newsroom needs culture rebuild
After a three-hour board meeting, Peter Costello co-signed a note to staff announcing a set of initiatives to improve the media giant’s workplace culture.
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rich list
- Exclusive
- Rich List
Australia’s 10 richest people revealed
Gina Rinehart has broken through the $40 billion barrier, topping the Rich List for the fifth time. The 10 wealthiest are worth $223 billion in 2024, up $7 billion from last year.
‘Biggest challenge by a mile’: why developers can’t build homes people can afford
Developers Tim Gurner, Sam Tarascio and Maha Sinnathamby have kept their places on this year’s Rich List amid a housing crisis. This is how they did it.
- 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.
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.
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.
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Companies
Cettire founder Dean Mintz backs his ‘best in class’ returns process
The luxury marketplace’s chief executive told a stockbrokers’ conference the company, which has divided investors, was spending more on customer service.
Chemist Warehouse-bound Sigma gets first strike on pay
The drug wholesaler, which is seeking to merge with Chemist Warehouse, will get news on the deal from the ACCC in mid-June.
‘Paying a pittance’: Australia Post wants banks to boost funding
Ahead of a Senate estimates hearing on Thursday night, Paul Graham says its banking service is heading towards a loss and contracts need to be redrawn.
ChatPwC v KPMG KymChat: Consultants race is on after ‘world’s biggest’ AI deal
The US and UK arms of consulting giant PwC have become the biggest direct corporate client of OpenAI, announcing a deal to use and resell the AI firm’s tools.
Tesla slams Glass Lewis after report on Musk mega pay deal
The electric vehicle maker has hit back at the proxy adviser and is urging investors to back Musk’s mega pay deal.
Legal action vowed against Rugby Australia after Melbourne Rebels axed
Troubled rugby union club Melbourne Rebels has been shut down after 14 seasons.
Thames Water’s big stink: Is Macquarie to blame?
The crisis in England’s water sector is coming to the boil. Macquarie, with more than $3 billion invested and its UK reputation on the line, will be feeling the heat.
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Markets
ASX sell-off extends as rate worries take root, iron ore prices tumble
Australian shares end lower for their third straight session, in line with losses in New York. Catapult Sports rallies on results. BHP tracks miners lower.
Inflation ‘clearly’ still strong: RBA chief economist
Sarah Hunter says price pressures remain strong, after hotter-than-expected inflation data led investors to push rate cuts to December 2025.
The stocks fuelling Victor Smorgon’s 40pc returns
The Melbourne firm’s global fund has shot out of the blocks again this year thanks to record gold and copper prices. It’s also very bullish on one newly listed mining stock.
L1 Capital says banks pose risk to ASX, but it likes AGL
The Melbourne fund manager is warning that the dream run for retailers and the big banks will come to an end and weigh markets down.
- Updated
- Interest rates
No rate cuts until December 2025 as inflation stops falling
Investors have pushed back the timing for the RBA’s first cash rate cut after inflation edged higher for a second straight month.
Opinion
Investors find little to celebrate as focus shifts to US election
Investors are becoming increasingly anxious that massive US government deficits and increasing tariffs represent a dangerous inflationary cocktail.
Columnist
Business has bigger worries than ESG
One explanation for the seeming decline in discussion about ESG is that it’s something that goes in and out of fashion according to economic conditions.
Columnist
Cutting company tax is not the only way to spur investment
Recognising the cost of equity in the tax system is the equitable, effective and productive way to achieve corporate tax reform.
Banks are at war with each other, not mortgage brokers
The major lenders’ market share is not being “taken” by the mortgage broking industry. It is being taken by more than 100 other lenders in the market, writes Anja Pannek.
CEO of Mortgage & Finance Association
Taxpayers are poorer without a carbon tax
Instead of imposing a carbon levy on polluters to fund big personal income tax cuts, governments are gambling taxpayer money on climate and energy projects, writes John Kehoe.
Economics editor
Why we commemorate D-Day 80 years on
The Red Army did most of the dying and killing necessary to smash Hitler’s Wehrmacht but the Normandy landings were the decisive military event of war in the West.
Contributor
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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Zelensky pushes Albanese over peace summit attendance
Volodymyr Zelensky has asked Anthony Albanese to help generate support for the June peace summit in Switzerland. Coal was not raised.
- Exclusive
- Australia's China challenge
Future Fund sells stakes in Chinese firms linked to military, rights abuses
Australia’s sovereign wealth fund has sold out of a range of Chinese companies, including brewer Tsingtao and energy and tech firms.
Labor wants a deal on more senators by Christmas
Tasmania has 402,000 voters and 12 senators; the ACT has 315,000 voters and two senators. MPs want to make upper house representation a bit more even.
‘Johnny on the spot’: China ban ends at perfect time for beef farmers
Just two Australian beef exporters remained locked out of the Chinese market, the latest thawing in the long-running trade dispute between Beijing and Canberra.
Government using drones to track freed former immigration detainees
Immigration Minister Andrew Giles says a $250 million funding boost is helping agencies track the 153 freed detainees; New Zealand’s new centre-right government has cut taxes in its first budget. Here’s how the day unfolded.
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World
Australian among 14 convicted in Hong Kong’s biggest security case
A Hong Kong court has found the pro-democracy activists guilty in a national security case that has effectively wiped out the city’s political opposition.
NZ government cuts taxes even as deficit widens
The tax cuts are almost identical to the pledge Prime Minister Christopher Luxon’s National Party campaigned on ahead of the October election.
WeWork’s no-drama new owner pitches turnaround
Low-profile software tycoon Anant Yardi sees “tremendous opportunity” in the co-working business after a turbulent bankruptcy.
Israel seizes control of Gaza border with Egypt, cutting off Hamas
Israel said it has secured control of Gaza’s southern border with Egypt and discovered numerous smuggling tunnels, in moves that raised tensions with its neighbour.
Google to invest $3b in Malaysian data centre and cloud hub
The news follows Microsoft’s announcement that it would put $US2.2 billion into Malaysia’s new cloud and artificial intelligence infrastructure.
Property
Interstate buyers drive $600k rise in new Gold Coast apartment prices
Interstate investors drove the average price of a Gold Coast apartment purchased off-the-plan to $1.73 million in the March quarter.
- Analysis
- Luxury property
What went wrong at Britain’s poshest retirement village?
High-end retirement homes aimed at wealthy Baby Boomers are popping up all over the UK. Investors now consider the senior living sector to be a profitable asset.
- Opinion
- Affordable housing
Let business play a role fixing Australia’s affordable housing crisis
ASX-listed Aspen has found novel ways to combat the cost inflation plaguing the sector. It’s time to scale via M&A and create sustainable operators.
Baby Boomers are loving the ‘freedom’ of renter life
Typically, those who don’t own a home worry it might be detrimental to their financial future. However, more Baby Boomers are in favour of renting.
Lendlease sells US construction business days after strategy reset
The development giant had on Monday outlined plans to progressively offload its international construction and property assets as investor unrest mounted.
Wealth
- Opinion
- Portfolio management
The economy is turning and your investment portfolio needs attention
Residential mortgage-backed securities might be a good option in a weakening economy.
- Opinion
- Super Q&A
I’m a high earner about to encounter Division 293 tax. What can I do?
You may want to consider reducing your taxable income below $250,000 by claiming allowable deductions such as donations to charity.
- 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.
Technology
Why fake women are a popular use of our powerful new tech
The author of a new book about artificial intelligence says AI is not evil, but has no moral compass.
Here are all the best AI uses from a day talking about it
Will it be useful or “just cool”? Executives and industry insiders spent the AI Summit discussing how they are already using artificial intelligence in their work.
OpenAI is training a model with human brain power
The start-up 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.
Work & Careers
Olympian Grant Hackett’s rise from rock bottom to top 500 CEO
The three-time Olympic gold medallist has always been a long-term planner, and had his career mapped out well before his illustrious swimming career ended.
G+T targets Melbourne, start-ups with new partners
The firm is banking on continued growth in Melbourne corporate activity, and is taking a punt on start-ups and venture capital as a new source of clients.
Life & Luxury
When a marathon isn’t a big enough challenge
Running 42.2 kilometres continuously will always be impressive. But for a rising number of extreme exercisers, it is no more than a starting point.
Seven shows you don’t want to miss in June
From the original ‘Evita’ to Coppélia set in the Adelaide Hills, here’s our pick of the top performances and exhibitions around Australia.
How this spiky sculpture got the fashion world swooning
Among those stopped in their tracks by Mexican ceramicist Andrés Anza’s indefinable work was Pharrell Williams. But, in the end, it’s nothing, says the winner of the Loewe Craft Prize.
The CEO who’s also a seriously elite World Masters sprinter
He’s 42 and took up sprinting only recently, but Hyper Capital’s Gabriel Jakob recently clocked 6.70 seconds over 60 metres.
Movie review: High & Low – John Galliano is a breathless ride
This documentary tracks the rise and fall and rehabilitation of the acclaimed fashion designer, whose grotesque extravagance was no impediment to success.