Skip to navigationSkip to contentSkip to footerHelp using this website - Accessibility statement
  • Advertisement
    AUDUSD0.6662
    0.0017 (0.25%)0.25%
    SPI 2007,768.00
    -15.00 (-0.19%)-0.19%
    S&P/ASX 2007,769.00
    31.90 (0.41%)0.41%
    All Ords8,022.20
    28.10 (0.35%)0.35%
    NZX 504,554.40
    39.11 (0.87%)0.87%
    Hang Seng18,408.66
    -35.45 (-0.19%)-0.19%
    Nikkei38,490.17
    -347.29 (-0.89%)-0.89%
    View all

    Join the debate around the future of ESG in today’s business and financial markets.

    Full coverage here

    Investors’ big worry from GDP data isn’t what you think

    The March quarter GDP numbers suggest a whiff of stagflation in the air. But the real story is of surprising economic resilience.

    Overseas travel boom hidden amid weak GDP growth

    Households are saving much less than previously thought and spending far more on travel, prompting economists to suggest consumers will splurge more of the stage three tax cuts than expected.

    Modi will need to rely on allies to form a government for the first time since he stormed to power a decade ago

    India’s stock crash triggers rethink for investors

    A shock election result has changed the fortunes for one of the world’s best-performing sharemarkets, causing investors to re-position.

    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.

    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.

    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.

    Morgan Stanley Infra wins in MinRes’ $1b pit-to-port haul road auction

    The iron ore and lithium miner has had a great deal riding on the sale, which analysts say would materially lower the mining group’s debt levels.

    Advertisement

    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

    HESTA chief executive Debby Blakey. says the fund Ms Blakey said the fund wants to know how food companies are thinking about antibiotics use and the risks.

    Super funds target fast food giants over antibiotic use

    Superannuation funds have opened a new ESG front by demanding companies such as McDonald’s provide more information about their use of antibiotics.

    David Atkin says Australia should not “cherry pick” the sustainability reporting standards.

    Australia is ‘cherry-picking’ sustainability reporting standards

    It is one of few jurisdictions that has agreed to apply new reporting standards only partially, says former super fund chief David Atkin.

    Kate Turner of First Sentier says that while the importance of nature is intrinsically understood, it’s harder to account for it in a financial sense.

    Nature the next frontier but boards lack skills

    Biodiversity is critical for maintaining a liveable planet, but a surfeit of skills at the board level is proving a roadblock in accounting for its value.

    Companies undeterred by failure of the Voice referendum

    Big companies such as Westpac say the failure of the Voice referendum will not dissuade them from campaigning on social issues.

    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.

    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.

    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. 

    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.

    ‘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.

    Get the front page and latest edition of the Financial Review as it was printed, delivered to your inbox every morning.

    Sign up for Today’s Paper

    Companies

    Mach Energy is owned by one Indonesia’s richest families, which Forbes values about $US10 billion.

    Indonesian coal baron gets bumper payday from offloaded Rio mine

    Eight years after the wealthy Salim family snapped up the Mount Pleasant operation in NSW, the mine has delivered it a dividend of $273 million.

    Tanarra Capital has hired experienced debt capital markets banker Violeta Kelly to oversee a roughly $1 billion ong-term debt fund.

    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.

    Sandfire’s DeGrussa operations in Western Australia. Indigenous items were disturbed at this site.

    Ignorance rather than greed behind Sandfire’s Indigenous blunder

    An investigation conducted by Gilbert + Tobin concluded there was a “clear failure” by the copper producer’s former management to understand “ESG obligations”.

    Medibank is facing increasing legal challenges related to a 2022 data breach.

    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.

    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.

    ‘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.

    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.

    Companies in the News

    Search companies

    View stories and data from an ASX listed company

    Markets

    SG Hiscock portfolio manager Hamish Tadgell, Tribecca portfolio manager Jun Bei Liu and Simon Mawhinney of Allan

    Buying the dip? Seven trashed ASX stocks fundies are snapping up

    Lovisa, Worley and Orora are among the recent laggards that fund managers have been buying at – what they believe – are rare discounts.

    The ASX 200 is set to open modestly lower.

    ASX closes higher; 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.

    RBA governor Michele Bullock reiterated the central bank was not ruling anything in or out on rates.

    GDP revisions dent hopes of RBA rate cuts

    Traders push back the timing of rate cuts to July next year after “material” revisions in GDP data indicated household finances were more robust than many feared.

    ECB rate cut to breathe fresh life into eurozone economy

    The scale of the impetus will depend on how much further borrowing costs fall, but stubbornly high inflation driven by wage growth could limit the number of cuts.

    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.

    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.

    John Kehoe

    Economics editor

    John Kehoe

    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.

    The AFR View

    Editorial

    The AFR View

    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.

    Mark Scott

    Vice-Chancellor

    Mark Scott

    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.

    Karen Maley

    Columnist

    Karen Maley

    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.

    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.

    Phillip Coorey

    Political editor

    Phillip Coorey

    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 LDV
    Advertisement

    Politics

    Michele Bullock in Canberra this morning

    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.

    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.

    Productivity Commission chair Danielle Wood at Senate estimates on Tuesday.

    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.

    SPONSORED

    World

    Nerandra Modi brushed off concerns about the result on Tuesday night. “Our opponents together have not won as many seats as the BJP alone has won.”

    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.

    Tight race: Paris 2024 organisers want to hold a first-ever opening ceremony outside an Olympic stadium – by floating athletes down the Seine River on boats –  but that increases concerns about security.

    Security fears may force Paris Games to scrap Seine opening ceremony

    France is at its highest terror alert as the Olympic Games near; Australian organisers say Brisbane 2032 will learn from the Paris experience.

    Narendra Modi had looked unbeatable heading into the election, backed by one of the world’s fastest-growing economies.

    Modi’s shock narrow win puts strong growth 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 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.

    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.

    Property

    Shoe boss Daniel Agostinelli steps up his Toorak digs with $17.5m buy

    The CEO of Accent Group and his wife have upgraded their Toorak base, among a flurry of sales in Melbourne’s priciest suburbs.

    Cooleman Court is anchored by Woolworths and Aldi supermarkets.

    Region Group ends two-year drought with $74m mall deal

    The country’s biggest owner of suburban malls has made its first acquisition in two years after buying Canberra’s Cooleman Court centre from Mirvac.

    Australian Unity’s fund its a mortgage fund providing loans for property development.

    Australian Unity hit with stop orders over investment questionnaire

    The funds manager has been pinged by ASIC for tactics that could have inappropriately funnelled clients into its one of its funds.

    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.

    Advertisement

    Wealth

    Only two out of 10 have super as their main retirement income during their 70s.

    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.

    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.

    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

    Bishop Mar Mari Emmanuel was stabbed during a live-streamed church service at a church in Wakeley in south-west

    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.

    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.

    Suncorp’s Adam Bennett said a shortage of skills risked reducing AI-based productivity gains.

    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

    ACTU secretary Sally McManus called members to reverse declining membership.

    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.

    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.

    Advertisement

    Life & Luxury

    Christo’s Wrapped 1961 Volkswagen Beetle Saloon, 1963–2014, will go on sale at Art Basel Unlimited in Switzerland.

    The story of artist Christo’s $6m wrapped VW Beetle

    Christo’s wrapped buildings are ephemeral and impossible to buy, so a 1961 VW Beetle wrapped in wax tarp presents as a rare opportunity.

    Marco Simonit demonstrates the Simonit&Sirch vine-pruning technique.

    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.

    The range of EVs on offer continues to grow and now includes the Rolls-Royce Spectre.

    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?

    Malala Yousafzai makes her acting debut in “We Are Lady Parts” season 2.

    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.

    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.

    From the gallery