Join the debate around the future of ESG in today’s business and financial markets.
- Opinion
- Australian economy
Why weak GDP is not the full picture for the RBA
The economy is barely crawling, but weak 0.1 per cent quarterly growth should be considered a Goldilocks scenario for Treasurer Jim Chalmers and the Reserve Bank, writes John Kehoe.
Economic growth slumps to 1.1pc
Economists question whether consumers will stash away their income tax cuts, as the Reserve Bank of Australia had hoped, given new revelations about spending.
- Live
- Markets Live
ASX extends gains; property stocks, Treasury Wine rally
Real estate, banks buoy sharemarket despite lower commodities prices. GDP growths stalls in first quarter. Rates on hold for now. Bitcoin above $US70,000. Follow updates here.
- Opinion
- Chanticleer
Why KKR’s Colonial First State calls default pension plan ‘dangerous’
In his first interview, Colonial First State chief executive Clive van Horen says the wealth and super giant is back in growth mode. But he’s not shying away from a big super debate.
- Exclusive
- Private equity
Wylie’s Tanarra eyes $1b for new credit fund, snares ex-HSBC banker
The firm’s latest tilt at private credit will provide long-term loans for investment-grade companies that typically raise capital in overseas bond markets.
Chalmers’ energy rebate won’t change RBA’s mind on rates, inflation
Governor Michele Bullock says the central bank won’t hesitate to raise interest rates again if inflation proves stickier than thought, and that government energy subsidies will not affect underlying inflation.
- Opinion
- World elections
Modi’s magic is fading fast. Who’s next for India?
The prime minister’s fading halo can no longer keep people distracted from everyday issues such as high unemployment in cities and depressed incomes in villages, writes Andy Mukherjee.
Economy grows by 0.1pc | RBA to ignore energy rebate | Medibank faces $21.5 trillion fine
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
- Opinion
- Chanticleer
Beware the knock-on effect of ‘sensible’ decisions like Eraring
If we want private capital to transition Australia’s power grid, we need to remember the ground rules.
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.
mabo legacy
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.
- 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.
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Companies
Medibank faces maximum $21.5 trillion fine in new cyber hack case
The privacy watchdog alleges the private health insurer failed to protect the details of 9.7 million customers, under a law that provides for a penalty of $2.2 million for each breach.
‘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.
Seek ends decades-long Latin American foray with $128m sale
The ASX-listed employment platform said it would use the proceeds of the sale of its Mexican and Brazilian businesses to Spain’s Redarbor to pay down debt.
The execs behind an equity sale to save Australia’s ‘surfing bible’
Tracks Magazine has been published since 1970, and was sold to three corporate surfing enthusiasts in 2021. Now they’re selling equity to raise $2 million.
- 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.
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Markets
GDP revisions dent hopes of RBA rate cuts
Traders have pushed back the timing of rate cuts to July next year after “material” revisions in the GDP data, indicated household finances were robust that many had feared.
- 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
Treasury is addicted to income tax to fund spending
Virtually everyone is protected by the government from inflation eroding their real incomes, except the humble wage earner.
Economics editor
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
Let’s wait before we make rash decisions on foreign students
Universities are being asked to fix a housing problem they did not create, and the government’s haste will massively disrupt thousands of students’ lives.
Vice-Chancellor
Don’t bet on this meme stock trading frenzy being like the last
It is a very different market to the early days of 2021, as traders hoping for a quick profit from GameStop have found. And analysts say it is increasingly fragile.
Columnist
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
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.
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- Live
- Need to Know
Cost-of-living pressures ‘hit different’ between generations: Chalmers
Weak growth likely to continue, Chalmers says; Modi forced to rely on allies after failing to secure a majority; Netanyahu coalition splits over ceasefire plan. How the day unfolded.
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.
Tough jail terms for deepfake porn peddlers under new laws
The creators and sharers of non-consensual sexually explicit material will face up to seven years’ jail under the new rules, which also put pressure on tech firms.
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.
- 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.
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World
- Analysis
- World elections
India election strips 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.
Modi’s shock narrow win puts reform plan at risk
India’s election result is a stunning disappointment for the prime minister, who had pledged more business-friendly reforms to keep the powerful economy growing.
Farage’s milkshake drowns out British leaders’ feisty TV clash
The populist publicity magnet was attacked with a banana milkshake – a moment that will live longer than Rishi Sunak’s narrow TV debate win over Keir Starmer.
- Analysis
- World elections
The women shaking up world’s second-biggest election
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.
Chicago wants to enlist remote workers in rescue of downtown
It’s not the usual return-to-office pitch. Instead, the city is leaning into the rise of remote work by promoting co-working spaces in its iconic locations.
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.
Rental homes hoovered up by US giant in bet on UK housing shortage
The Blackstone deal is the latest sign that Britain’s rental sector is attracting greater levels of investment from private equity groups and pension funds.
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.
Wealth
The three types of people most likely to avoid high-end super tax
A new study shows a quarter of high-income earners tweak their finances to minimise the tax they pay on superannuation, and they are mostly self-employed, trust beneficiaries and women.
- 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.
Technology
eSafety drops case against Musk’s X over bishop stabbing video
The online safety watchdog has abandoned its court case against X after suffering a legal setback.
- 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.
Work & Careers
Labor’s rule our chance to reverse membership rout: unions boss
Union leaders have told the ACTU Congress they will seek to recruit workers and “free riders” after winning sweeping reforms.
- 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.
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.
