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Greens accused of using Gaza to ‘harvest votes’
The government and the opposition have jointly accused the Greens of using the Israel invasion of Gaza to harvest votes and fan violence, at the expense of social cohesion.
ASX to rise, Nvidia leads megacap tech rally
Australian shares are set to open higher. S&P 500 resets all-time high. Nvidia market cap tops Apple. Bitcoin above $US71,000.
- Exclusive
- Tax avoidance
‘Poacher turned gamekeeper’: The tax commissioner’s secret money trail
Before he was tax commissioner, Chris Jordan was involved in a transfer from a mystery company in the Isle of Man and a casino junket venture that turned out to be a Ponzi scheme.
- Updated
- GDP
Surprise overseas travel boom could keep rates on hold
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.
- Exclusive
- Industrial relations
Union push for five weeks’ annual leave for everyone
Unions are preparing to lobby Labor to change laws so that 25 days paid holiday is the new norm as part of a triumphant ACTU Congress.
‘Ethical’ fund’s excuse for gambling, coal stakes unbelievable: judge
Active Super was found to have engaged in greenwashing, investing in companies such as Whitehaven Coal and SkyCity despite promising not to.
Investors should show fossil fuel companies ‘understanding’: TCorp
The journey to net zero is ‘riddled with uncertainty’ and investors need to have some sympathy for companies, ESG executive Alexis Cheang says.
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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.
Nature the next frontier but boards lack skills
Biodiversity is critical for maintaining a liveable planet, but a deficit of skills at the board level is proving a roadblock in accounting for its value.
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.
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.
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
Heritage ‘price gouging’ strains miners and native title groups
Archaeologists and anthropologists have been accused of “ripping off” native title groups and miners, and driving a sharp rise in the cost of heritage surveys
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.
- 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
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.
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”.
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Companies
Damning Tiwi Island judgment makes bank CEOs wary of in-person visits
Major lenders had promised to send bosses to meet traditional owners near Santos’ Barossa gas project. The Federal Court has made them reconsider.
Uranium miner not deterred by Jabiluka lease portent
An NT government ruling has raised traditional owners’ hopes that the Jabiluka mining lease will not be renewed, but mining company ERA hasn’t given up.
High Court rejects tax break for Dubai ruler’s horse stud
The High Court has ruled that racing and breeding giant Godolphin cannot claim a tax exemption for rural land.
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.
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”.
- Exclusive
- Funding
Aussie vaccine start-up scores $300m valuation
GPN Vaccines has raised $18 million in a round led by Forepont Capital and Kern Capital.
‘Aussie bridge’ builders secure deal of a lifetime with US steel giant
The Mullaney family overcame tragedy to build InQuik into a thriving business in seven years, with CMC signing a deal to control the company’s US operations.
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.
- Opinion
- Investing
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.
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.
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.
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.
Opinion
Chalmers hopes wage increases, tax cuts will lift spirits
The treasurer claims the weak economy shows why the government’s budget strategy was exactly right. Voters are likely to have a different opinion.
Columnist
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.
Economics editor
The slump Australia must have after the bounce-back
Confusing revisions within the national accounts suggest that things are not as dire as the misleading talk about a per capita recession.
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
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
Modi has just learned that hype can only carry you so far
Much of India looks very different from 2014 and the pre-Modi era. But much of it looks the same, and even populists have to deliver.
Contributor
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.
Ailing economy vindicates big-spending budget: Chalmers
Australia’s flatlining economy was vindication for last month’s big-spending federal budget, Treasurer Jim Chalmers has claimed.
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.
Low unemployment is hurting the military
Defence will only hit 57 per cent of its recruiting target this year, Australia’s outgoing military chief says.
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.
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World
Indian PM Modi prepares for record third term after securing coalition
Narendra Modi will remain India’s prime minister despite his BJP party failing to secure an outright majority for the first time in 10 years.
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.
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.
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.
Airfares in Europe set to fall, but only in economy: CEOs
That was the assessment of many airline chief executives gathered in Dubai this week for the International Air Transport Association’s annual meeting.
Property
Apartment sales boom – in the $1 million-plus price range
Soaring materials and financing costs are making most apartment projects unviable. But there’s a niche of the development market that is booming.
- 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.
Great opportunity in hotels, but build-to-rent a ‘catchy title’: Pridham
Andrew Pridham says early in the recovery cycle is when you want to be buying alternative assets like accommodation and pubs, but returns are too low in build-to-rent.
Lendlease taps interest for $1.8b ‘tallest’ timber tower in Sydney
The global developer is moving swiftly on its radical restructure. Chief Tony Lombardo has fronted investors with plans for the world’s tallest hybrid tower.
- 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.
Wealth
I have an older-style pension – has the government forgotten about us?
While legacy income streams were not addressed in the recent federal budget, there are steps you can take to make them easier to work with.
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.
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.
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.
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.
Work & Careers
- Exclusive
- Jobs
Why KPMG employs four full-time ‘prompt engineers’
Amid warnings that AI could destroy millions of jobs, the emergence of prompt engineers offers an insight into the type of job the technology might create.
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.
Life & Luxury
Great escapes: Solo kayaking along Bali’s northern coastline
The writer sets off on an odyssey through tranquil waters in a part of the world that will one day be reclaimed for an international airport.
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.