Join the debate around the future of ESG in today’s business and financial markets.
Future Made in Australia is ‘not tax reform’, says PC boss
Productivity Commission boss Danielle Wood also said cutting company tax would make the economy more competitive, putting her at odds with Treasurer Jim Chalmers.
Modi vows to retain power even as party loses majority
The result is a stunning disappointment for the 73-year-old leader, who has built the Bharatiya Janata Party primarily around himself.
Labor launches review into native title ‘inequality and unfairness’
The review will look into the limitations on native title land being used for economic development and how to support consensus among traditional owner groups.
- Live
- Markets Live
ASX to slip; commodities retreat, S&P 500 edges higher, GDP ahead
Australian shares are set to open modestly lower as iron ore, oil and gold each slid. Gross domestic product figures at 11.30. Follow updates here.
‘EY have modelled it’: Emails reveal advice that cost client $50m
In 2014, Billabong founder Gordon Merchant wanted to sell his bioplastics business. He also wanted to make sure he didn’t pay much tax. Now the advice he took from EY has led to a $50m tax bill.
- Live
- Need to Know
Modi vows to retain power even as party loses majority
Narendra Modi will be forced to rely on allies after failing to secure a majority; Netanyahu coalition splits over ceasefire plan; NDIS fraud unsustainable: Jones. Follow updates here.
Foreign students ‘cannon fodder’ in poll-driven migration war
Universities have accused both sides of politics of using foreign students as “cannon fodder” in a poll-driven exercise to slash migration, risking thousands of jobs.
- Driving With Tony Davis
- Motoring
What it’s like to drive this new $900k electric Porsche-on-water
Get our special EOFY newsletter filled with expert advice on resetting your finances plus receive Wealth Generation each Wednesday.
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
AFR ESG SUMMIT
Climate targets ‘challenged’ as energy transition stumbles
Business leaders say the Albanese government will struggle to meet its goals with the energy transition, which is proving much more costly and difficult than anticipated.
- Opinion
- ESG Summit
The biomethane route to cutting emissions
Renewables such as solar and wind get most of the policy attention, but businesses are experimenting with other low-carbon fuels, writes Jennifer Hewett.
Security and affordability over net zero: energy giant Jemena
Rising geopolitical risks should prompt a rethink of Australia’s energy priorities so reliability of supply and affordability rank above the net zero transition.
Keep food scraps onshore for future aircraft fuel: industry
Singapore is quickly developing the capacity to convert waste into aviation fuel.
Proposed director disclosures may raise privacy concerns
Leading directors question whether an ASX proposal to recommend board members disclose their sexuality, age, ethnicity and any disabilities would add value.
mabo legacy
- Exclusive
- Indigenous justice
Give native title trust fund billions to the Future Fund: Pearson
Cape York Indigenous leader Noel Pearson says existing structures often involve opaque discretionary trusts that either lock up money too tightly or suffer from the funds being squandered and not invested wisely.
- Explainer
- Indigenous justice
What can Indigenous groups do with native title?
Unlike native title rights in other countries, the Mabo decision provided only a limited bundle of rights that must be tied back to a group’s traditional laws and customs. Here’s how it works.
- Exclusive
- Indigenous justice
‘Disgraceful’ government neglect costs Indigenous funds $1b
Two big government funds set up to benefit Indigenous people without native title rights were shackled for decades by the investment equivalent of stuffing money under a mattress.
How the High Court ‘stunned’ Eddie Mabo’s lawyers and saved the case
Three decades later, members of Mabo case’s legal team reflect on the moment that turned their approach to the historic land rights case.
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”.
Get the front page and latest edition of the Financial Review as it was printed, delivered to your inbox every morning.
Companies
- Exclusive
- Healthcare
GenesisCare’s valuation shrinks to less than $500m after bankruptcy
Once a global cancer services giant, the company’s new owners are buying back shares from local backers for just $0.000186 as the business is restructured.
Rare earths miner hacked after Chinese investors ordered out
A ransomware group has posted CEO emails and sensitive commercial data from miner Northern Minerals on the dark web after Chinese investors were ordered to sell.
News Corp on edge as redundancies roll out after major restructure
The publishing giant’s state-based tabloid editors have been the winners in the latest internal overhaul despite their readership records.
Bigger, more frequent Powerball jackpots on the way: Citi
The investment bank’s analysts have told clients that The Lottery Corporation is cashed up and will defend its most popular game by offering more prize money.
Godfreys creditors wiped out after plans to sell retailer collapse
The company’s administrator, PwC, says it has succumbed to fierce price competition, souring consumer sentiment and a flawed strategy of buying out franchisees.
Boost for Afterpay as Block drops plans for Cash App in Australia
Afterpay Plus will make buy now, pay later more ubiquitous, says Nick Molnar, in his first public comments on the growth strategy in Australia post-acquisition.
Rio Tinto to invest $215m in giant iron ore microwave
Microwaves aren’t just for reheating food in the kitchen – they could help solve the carbon footprint problem of the iron ore industry.
Companies in the News
Search companies
View stories and data from an ASX listed company
Markets
- Exclusive
- Energy transition
Pollination lures QIC, wealthy families for punt on climate ventures
The push comes as investors struggle to make the returns they have previously enjoyed on renewable power projects, which have been hamstrung by higher costs.
What happened overnight? Wall St recovered from early losses to end modestly higher
The S&P 500 ended up 0.2pc. Bond yields fell after the latest data pointed to some weakness in the labour market, renewing hopes for a pivot to rate cuts at the Federal Reserve.
Vitamins group Homart brings in Ords, CLSA as it preps for ASX float
As it heads toward the bourse it is bulking up, acquiring New Zealand group Thompson’s Herbals and Thursday Plantation, a natural essential oils business.
Commodities hit as oil slumps; iron ore in correction
Market pundits are at odds about the prospects for oil prices after OPEC’s surprise move to restore some production to the market this year. Iron ore, meanwhile, is struggling to bounce off its lows.
- Opinion
- Chanticleer
Bill Ackman’s coming IPO looks like a great deal for Bill Ackman
The Wall Street legend has sold a chunk of his firm Pershing Square at an impressively rich valuation. But as the firm prepares to float, investors should be cautious.
Opinion
ESG idealism runs into hard realities of execution
The end of cheap money to invest, the cost of living crisis, and energy price shock have dramatically changed the order of priority for customers, governments and investors.
Editorial
In the ESG debate, this is what’s really torching shareholder value
For all the talk about the “E” in “ESG”, what gets CEOs sacked and costs investors money are old-fashioned social licence and governance issues.
Columnist
Fair Work decision gives Labor another chance to run its wages fib
The former government never embarked on a deliberate strategy to suppress wages. But you wouldn’t know it.
Political editor
Reserve Bank must restore credibility and not buy into energy rebate trickery
A year out from an election and amid Labor’s overhaul of the institution, a temporary mechanical reduction in the CPI has the potential to interfere with the RBA’s independent conduct of monetary policy.
Economist
The right way to regulate AI to reap benefits and avoid harm
Rather than a pause, we should engage in more small-scale experiments with AI to identify potential harms when it is still possible to limit their damage.
Contributor
Migration is our ‘special sauce’, so let’s be rational about it
We should be honest about failed housing policy, thoughtful about changing the international student mix, and not shunt blame onto migrants.
Member for Wentworth
Reports
Driving an electric future
This Insights Report looks at the benefits and remaining hurdles of broadscale EV adoption from a business and consumer perspective.
Sponsored
by LDVPolitics
- Exclusive
- White collar crime
ASIC lawsuit reveals up to $2.8m axed from audit oversight
For the first time ASIC has candidly admitted the extent of changes that led to its annual report card on the big four accounting firms’ audit quality being scrapped.
- Exclusive
- Pacific diplomacy
Singapore talks aim to ‘Trump-proof’ new economic deal
Trade Minister Don Farrell will lead a delegation of top Australian investors to Singapore amid fears over the future of the US-led Indo-Pacific Economic Framework.
Tomahawk missiles plan for Collins-class submarines misfires
Australia’s ageing submarine fleet won’t be fitted with strike missiles following advice that modifying the boats would not be value for money.
Profit growth drops amid household spending crunch
Over the past year, profits fell across the manufacturing, wholesale and transport sectors, and barely grew in the consumer-facing retail and hospitality industries.
- Updated
- Disability
‘Too late to prosecute’: Fraud rife among NDIS managers
The integrity chief for the NDIS says nine out of 10 plan managers surveyed showed “significant indicators of fraud” including using scheme money for drugs and alcohol.
SPONSORED
World
- Analysis
- World elections
India election strips Narendra Modi of his ‘aura of invincibility’
The expected loss of ruling party’s parliamentary majority deals stunning blow to prime minister ahead of third term.
- Analysis
- World elections
The charismatic women leading the right’s claim on Europe’s future
Italy’s Giorgia Meloni and France’s Marine Le Pen are hoping this week’s EU elections, the world’s second-largest, ramp up their burgeoning, Europe-wide momentum.
Hamas rejects Gaza peace plan without permanent ceasefire
It’s the latest setback for a plan promoted by President Joe Biden to bring an end to the war.
Biden imposes sweeping measures to bar migrants at Mexican border
The new restrictions are expected to trigger legal challenges from immigrant and civil rights groups who have criticised Biden for adopting Trump-like policies.
Supermarket managers earn $800,000 as Walmart fights staff exodus
The American retailer has begun offering bonuses twice managers’ base salaries to supervise huge stores and hundreds of staff.
Property
Billions in CBD office tower sales to test valuations
The slew of assets being offered off-market comes as listed property giants gain confidence that the office sector disruption is finally bottoming out.
Japanese investor joins $200m Cairns hotel exodus
The listing of the Cairns Harbourside Hotel by Japan’s Taisei Kanko follows the sale last week of the Pacific Hotel Cairns for about $35 million to NSW investors.
Rich Listers look to sell Gold Coast waterfront tavern
The billionaire Roche family are selling the large-format Harrigan’s tavern within their Calypso Bay waterfront estate as they focus on their NSW assets.
SA removes stamp duty for first home buyers on all new builds
The pre-budget announcement is a concession that soaring house prices have sabotaged the effectiveness of last year’s more modest exemption.
Vicinity’s $96m exit at Pilbara mall opens door for syndicator
For Vicinity, the sale is the latest in a run of exits from smaller assets as it looks to drive an ambitious development program at its top malls.
Wealth
- Opinion
- EOFY
Five things for SMSFs to do before June 30
Think of it as the world’s most boring, but incredibly profitable, game with the Tax Office.
- Opinion
- First-home buyers
Why Gen Z’s share portfolios should be free of capital gains tax
There’s little prospect of housing affordability improving, so the portfolios of young savers should get the same tax-free treatment as the family home.
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.
Technology
- Opinion
- Media & marketing
Global digital platforms have failed us
Now is the time for decisive government action to safeguard Australia’s democratic values and prevent these platforms from further eroding the information and media landscape.
- Opinion
- AI
Key workers left as invisible bystanders to the AI revolution
A hype-driven, tech-led approach to AI adoption will harm workers, disappoint investors and damage the economy, we must listen and learn from workers at the coalface.
- Opinion
- Digital Life
Nice headphones, Sonos. Shame about the app
Sonos has overhauled its app to add headphones to its legendary multi-room audio system. It shouldn’t have.
Work & Careers
- Exclusive
- Industrial relations
Unions push for ‘total ban’ on non-compete clauses
The ACTU’s main policymaking body will consider a campaign to prohibit all post-employment restraints regardless of pay and push to allow non-full-time staff to work for multiple competitors at the same time.
Gender pay cases loom large over budget
The federal government may have to boost funding to the National Disability Insurance Scheme to cover off potential wage increases flagged by the minimum wage decision.
Life & Luxury
The new rock stars of the wine industry might surprise you
Marco Simonit and Pierpaolo Sirch, founders of the “gentle pruning” method, are sought after by leading winemakers the world over for their skills and advice.
How to choose the right electric vehicle for you
With more and more people making the switch to an EV, and more brands on offer, what are the key considerations for drivers?
Gorry, Foord named in Matildas Olympics squad
Coach Tony Gustavsson named his 18-strong Matilda’s Olympic squad in Sydney on Tuesday. Injured Foord and Gorry are selected in the team.
- Driving With Tony Davis
- Motoring
More than 20 hybrid-powered Hypercars are set to battle it out at Le Mans
The stakes couldn’t be higher for this ultra-competitive class at next weekend’s race: “If you win Le Mans, all the people around the world know it,” says Ferrari’s endurance boss, Antonello Coletta.
The creative force who persuaded Malala to appear in a comedy show
The creator of “We Are Lady Parts’, a show about an all-girl punk band, wants people to see Muslim women as more than trauma victims.
