- Exclusive
- RBA
RBA deputy points to ‘jobs test’ for interest rates
New deputy governor Andrew Hauser says the Reserve Bank has an agreement with Treasurer Jim Chalmers to “test” how low unemployment can sustainably be, justifying the central bank’s lower interest rates than overseas.
- Live
- Markets Live
ASX to rise to start the month with wage decision in focus
Australian shares are set to open higher after Wall Street extended its rally on the final trading day of May. Follow updates here.
- Investigation
- Indigenous
Call to reform Mabo’s $1b native title dividend
Native title groups hosting Australia’s iron ore industry are holding more than $1 billion of net assets in trusts, but after 32 years of the native title regime, there is little to show for the vast majority of Indigenous Australians.
- Live
- Need to Know
Liberals should do everything possible to attract Frydenberg: Andrews
Karen Andrews said Frydenberg would be an ‘absolute asset’; Rupert Murdoch weds for fifth time; NAB says GDP growth flatlined in March. Follow updates live.
Trail of pain behind Jon Adgemis’ PHG rescue deal with Deutsche Bank
A dangerous incident two years ago was a sign of things to come for the hospitality baron.
‘This may not end well for you’: The secret war behind the PwC inquiry
Documents tabled by three federal agencies raise questions about whether the ATO tried to shut down the investigation into the PwC tax leaks and targeted the man leading it, Michael O’Neill.
- Opinion
- Chanticleer
From 40 red buses in Melbourne to $400m a year and a $4b payday
Bus company Kinetic is one of Australia’s unheralded success stories. In an industry full of family operators, no one has cracked it like Kinetic’s crew.
AFR Weekend: The big stories, best reads and expert advice. In your inbox on Saturday.
Edition
Financial Review Rich List 2024
Tracking the fortunes of Australia’s richest people since 1983 | Australia’s 200 most wealthy and how they are handing over the keys to the kingdom
MONDAY MEDIA
Rupert Murdoch hosts secret wedding as he eyes trip home
Rupert Murdoch tied the knot for a fifth time on Sunday. He could be visiting Australia as soon as next month.
- Exclusive
- Hong Kong protests
Ex-Crosby Textor pollster ‘deeply uncomfortable’ with Hong Kong work
The think tank which commissioned the research was founded by city’s former chief executive who remained a part of the Chinese People’s Political Consultative Conference.
Maurice Blackburn eyes tsunami of TV news lawsuits amid Nine strife
The law firm has put out a call for people in the commercial TV industry to share their stories of sexual harassment and unlawful discrimination.
Directors at Network Ten owner Paramount back merger with Skydance
The global media company, which owns Network Ten in Australia, is up for sale by its billionaire owner Shari Redstone.
Nine Entertainment executives begin review that could backfire on them
An external review of Nine Entertainment’s TV business and an anonymous tip-line have the potential to reshape power atop Australia’s largest media company.
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Companies
Investors fear more profit downgrades as pricing power crumbles
Erosion of pricing power for which many companies were once vaunted is shaping as the next leg of the confession season with less than a month of trading left.
Gold Coast prequel to Star’s Hard Rock overture
A storm erupted last month about Hard Rock’s ties to a deal for casino operator Star. This was not the first time such perplexity had emerged, it can be revealed.
- Investigation
- Decision making
Star’s decision to keep its do-everything CEO may have been a mistake
Robbie Cooke made himself invaluable to the casino group, leading it into a fight with a regulator that threatens the whole company.
Indonesian billionaires dig into Australian coal mines
Indonesian conglomerates have ploughed more than $3 billion on coal mining projects in NSW and Queensland since 2016, records show.
- Opinion
- Financial planners
The ghost of Dixon Advisory haunts planning industry
Financial planners are up in arms about being forced to pay out tens of millions of dollars in compensation to victims of the conflict-riddled wealth management firm, writes Jonathan Shapiro.
New MoneyMe chairman accuses banks of stunting competition
The government’s open banking regime “hasn’t worked as designed”, nearly four years after its introduction, new MoneyMe chairman Jamie McPhee said.
- Exclusive
- Hong Kong protests
Crosby Textor advised pro-Beijing HK officials
The Australian political consultancy provided advice used by pro-Beijing officials in Hong Kong ahead of the start of national security laws that dramatically curtailed free speech.
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Markets
- Analysis
- Mergers & acquisitions
Global M&A lurches back to life
After a weak 2023, a recent flurry of deals is the latest sign of a revival in activity. But political uncertainty is holding back some takeovers.
ASIC trains its sights on private equity
The regulator is trying to work out what’s caused the slump in public listings, and whether this has triggered problems that ASIC needs to tackle.
- Analysis
- Due diligence
Only way to lose on Aussie property? Top short defies doubters
Lifestyle Communities, one of the market’s most shorted stocks, was a key hedge fund bet at the Hong Kong Sohn conference.
- Opinion
- Sharemarket
Forget banks, it’s time to start buying mining stocks
Money has flowed disproportionately to the big four and Wesfarmers, but headwinds are starting to turn into tailwinds for the resources sector.
Economists read riot act to Fair Work on minimum wage
The Fair Work Commission is expected to lift the minimum wage by 3.5 per cent to 4 per cent next week, but economists warn that anything more will add to inflation.
Opinion
The Liberals need Frydenberg, but at what cost?
The optics of a bloke pushing aside a woman, especially in a teal seat, just because it’s suddenly become winnable, will be poor.
Political editor
Marles delivers right China message in right forum
The defence minister’s realistic assessment is that Beijing’s aggression is not only a threat but is undermining China’s legitimate self-interests that should be pursued as part of a peaceful and prosperous regional order.
Editorial
Defence rhetoric is mismatched with lack of action on investment
If nothing changes and war were to break out at any time in the next 10 years, our military would essentially fight with the force it has today.
Executive director of ASPI
Modi’s authoritarianism will make relations with India harder to handle
It would be a tragedy and have adverse implications for the West if India’s struggle for internal harmony were to founder on the rocks of majoritarian elective autocracy.
Former Australian ambassador
Hysteria over Husic’s call shows what’s wrong with tax debate
If honesty were to play any part in tax policy, we would all be searching for a way to have a fulsome conversation about our tax system, and how its failing will negatively affect all Australians.
Tax reform advocate
Our system for scoring skilled migrants makes no sense
The points test should be reformed to better reward the most skilled applicants, and state and regional points-tested visa programs should be abolished.
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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- Exclusive
- Indigenous
‘Land rich, dirt poor’: Price calls for native title reforms
Senator Price said while well-meaning, laws needed to change to encourage private homeownership on native title land as well as more business creation, including Aboriginal owned mines.
Mabo hasn’t closed the gap, even in the Pilbara
Two of the lawyers behind the landmark claim by land rights activist Eddie Mabo say native title “hasn’t spread the wealth evenly”.
Frydenberg’s political comeback splits Liberals
The former treasurer is not ruling out a rematch against teal independent Monique Ryan in his old seat of Kooyong.
Australians still leery of China despite Beijing ending deep freeze
The public is divided on whether Australia should prioritise maintaining stability or deterring China, but is unenthusiastic about Joe Biden, a new poll shows.
Chance of Taiwan’s peaceful ‘reunification’ eroded, warns China
China’s Defence Minister Dong Jun said Taiwan’s ruling Democratic Progressive Party was incrementally pursuing separatism.
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World
‘It’s my honour’: Trump joins TikTok - the app he once tried to ban
The former president made his debut on the video-sharing app in a bid to appeal to younger voters - and attracted 2 million followers.
Modi’s alliance to win big in India election, exit polls project
Most exit polls projected the ruling National Democratic Alliance (NDA) could win a two-thirds majority in the 543-member lower house of parliament.
Netanyahu under pressure from far right to reject Biden ceasefire deal
Far-right Finance Minister Bezalel Smotrich and Minister of National Security Itamar Ben Gvir said they would break up the government if it takes the deal.
Joe Biden seizes on opportunity in Trump’s guilty verdict
Donald Trump is a “convicted felon” who would “destroy our justice system, shred our democracy and attack the very idea of America”, according to the Biden camp.
Former president watches UFC bout amid chants of ‘we love Trump’
Last April Donald Trump sat cage-side after becoming the first former president to face criminal charges. On Saturday, he was at back at the Octagon.
Property
Sydney’s home values to hit new highs within weeks
The city has fully recovered from the recent downturn, while Brisbane overtook Canberra as the second most expensive capital city.
Spike in auction volumes drags clearance rates lower
Preliminary clearance rates drifted lower across Sydney and Melbourne over the weekend as more vendors put their homes on the market.
Lendlease profit cut after ACCC delay on $1.3b estates sale
The earnings downgrade comes as an early blow for the company’s radical reset of its vast development business through a $4.5 billion divestment program.
Home buyers are starting to revolt over steep prices across US
Sellers are grappling with the fact that higher-for-longer rates are choking off demand during what’s typically the key season for the US market.
The Young Rich Listers set to smash Queensland property records
Simon and Tah-nee Beard have listed their luxury penthouse for $30 million, more than double what they paid.
Wealth
How to invest like a Rich Lister and beat the market
There are 37 listed stocks linked to Rich List members, and their ability to deliver above-market returns is impressive.
Decades after tycoon’s death, his family is suing each other over a mansion
Tech tycoon’s widow says she felt ‘used and abused’ in a dispute that pitted her three children against her – and each other.
- 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.
Technology
Why CBA’s AI future needs more reimagining
A US trip left CBA chief executive Matt Comyn with questions to which he doesn’t have all the answers. It’s a common theme across the Australian business world.
Why age restrictions on social media ‘won’t happen overnight’
Australia’s eSafety Commissioner says it is difficult to judge the correct age to ban kids from social media.
Turmoil erupts inside OpenAI over safety fears
Arguments over safety and Sam Altman’s leadership are spilling back into the public domain as the AI start-up is hit by resignations.
Work & Careers
Neil Perry, top chefs combine and take on the old guard
Heavy hitters including Luke Mangan and Merivale have joined a new association to help save the restaurant industry – and challenge a century-old lobby group.
- Exclusive
- Philanthropy
How Geoff Wilson assembled his investment dream team
Philip Lowe, Jennifer Westacott, Mike Baird, David Paradice, Andrew Forrest and Solomon Lew are among the heavy-hitters who have joined Geoff Wilson’s charitable mission to raise money for kids.
Life & Luxury
A house for all seasons made entirely of concrete and plywood
This small Melbourne home is low energy, looks lovely and might win a big architecture prize.
How this comedian built a career while working for PwC
His bosses thought he’d just popped out for a moment, but he was actually working at the ABC.
- 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?
Why Demi Moore’s gory new film is generating so much buzz
The actress’s moving and brutal Cannes sensation, ‘The Substance’, ends her retreat from stardom and reveals her vulnerability after a challenging career.
This is how much saturated fat you can ‘get away’ with eating
A study shows that processes that occur in your heart and blood are the biggest driver in how our bodies use different fats as fuel.