BHP turns inward after $75b Anglo rebuff
BHP will take investors to see growth projects in Chile to assure them it does not need a big copper acquisition like its failed $75b bid for Anglo American.
Brookfield lands Origin Plan B with $10b Neoen bid
The French utility’s pipeline makes it the largest owner of renewable energy in Australia, six months after Origin dismissed the Canadian investment group.
- Opinion
- Canberra Observed
There won’t be a reshuffle until there is one
To move Immigration Minister Andrew Giles, a close factional ally of the Prime Minister and member of his praetorian guard, could cause more problems than it would solve, writes Phillip Coorey.
- Opinion
- Mining
Why BHP’s pursuit of hot copper went cold
The red metal is the new black. A rebuffed BHP has gone back to the drawing board to plot its next move after Anglo American rejected its request for more time, writes Jennifer Hewett.
Magistrate to decide if alleged Kidman insider trader faces trial
A magistrate will decide next week if Duncan Stewart will face a criminal trial for allegedly buying shares in lithium miner Kidman Resources with inside information.
Treasury boss warns PM: ‘Enormous benefits’ from Chinese solar panels
Commenting on the government’s Future Made in Australia green industrial subsidies, Steven Kennedy says Australia ‘must not be distracted by ideas, frankly, over many decades, have been shown won’t work’.
- Exclusive
- 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.
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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.
Get the latest business news on the go with the AFR’s new iOS app.
Companies
- Opinion
- Chanticleer
Brookfield says au revoir to Origin with French mega deal
Brookfield’s $11 billion French deal will give it a big Australian renewable energy portfolio, just six months after it missed out on Origin Energy.
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.
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.
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.
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Markets
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.
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.
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.
Opinion
Why BHP’s pursuit of hot copper went cold
The red metal is the new black. A rebuffed BHP has gone back to the drawing board to plot its next move after Anglo American rejected its request for more time.
Columnist
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
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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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.
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.
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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
How to get 50,000 frequent flyer points and gold status
Air Canada is joining a string of carriers expanding in Australia, hoping to capture travellers fed up with being unable to use their frequent flier points.
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.
