Join the debate around the future of ESG in today’s business and financial markets.
- Opinion
- Chanticleer
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.
- Updated
- GDP
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.
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.
- 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.
- 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.
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.
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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
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.
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.
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.
- 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
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.
- 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.
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 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
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Markets
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.
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.
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.
- 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.
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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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.
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.
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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.
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.
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.
- 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.
Property
- Exclusive
- Luxury 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.
- Exclusive
- Retail property
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 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.
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 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.
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?
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.
- 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.
