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Finance sector union not opposed to ANZ’s $4.9b Suncorp bank buy
The federal treasurer, a Queenslander with close ties to the state government, has been considering the takeover of the Brisbane-based bank since April.
PEXA drags feet on breaking up its own monopoly, pleasing investors
While shareholders are hopeful of overseas riches, the property settlement platform is facing the threat of its stranglehold on e-conveyancing being broken.
- Opinion
- The AFR View
Chalmers might make right decision on banking
After Queensland Labor Treasurer Cameron Dick backed the ANZ-Suncorp merger, it’s hard to see how a Queensland-based federal Labor Treasurer would not.
Cbus tops list for super complaints
Cbus also paid $1 million in compensation claims to customers in the first half of the financial year.
Victorian premier refuses to condemn Setka’s threats against AFL
Jacinta Allan said the dispute was a matter for the AFL and the construction union, preferring to trumpet ambitious housing targets set for the next 27 years.
Sleeping Duck wins court battle with biggest investor
Venture capitalist Adir Shiffman had alleged the mattress retailer had sidelined him from the business. The Supreme Court of Victoria threw out the case.
Traders tip RBA to keep rates on hold this week, and all year
Australian shares are set for a weak start this week ahead of the central bank’s meeting. Some economists even say the chance of a rate rise is underpriced.
Breaking news on companies, politics and economics, in your inbox as it happens.
smart investor
Eight ways to squeeze more into super – which ones are you using?
A couple employing just four of these methods could boost their retirement savings by almost $5 million.
- Opinion
- Inflation
Profligate public spending amplifies inflation crisis
Financial markets might spit the dummy and unilaterally impose a much higher long-term cost of capital on everyone.
Eight ways high earners can maximise their tax returns
The key message this tax time is to bring deductions forward and push income back.
The four biggest mistakes downsizers make, according to this expert
Many people overestimate how much they will have left over after downsizing, but smaller doesn’t necessarily mean cheaper.
The average retiree has 7800 days to fill. Here’s how to find your passion
Researchers at Macquarie University have identified the “big five” activities that mentally healthy people do every day.
Get the latest business news on the go with the AFR’s new iOS app.
Companies
- Exclusive
- Media & marketing
Bruce Gordon backs Nine as $550m stake fuels succession questions
The billionaire says the publishing and broadcast giant is a company “worth investing in” despite turmoil, controversy and the abrupt departure of its chairman.
GrainCorp looks beyond life as a rainy day stock
Wet conditions have boosted hopes of another bumper crop. The ASX-listed agribusiness’s share price has been a big beneficiary.
Chanticleer’s best calls, biggest rogues and dud deals
This week in a special episode of the Chanticleer podcast, James and Anthony take you inside Chanticleer’s 50-year anniversary lunch, and share the best stories, insights and moments.
Westpac to follow CBA by dumping Hayne-era bonus caps for bankers
Westpac chief executive Peter King said he was “considering our approach to ensure we remain competitive and keep the best bankers”.
KPMG launches radical overhaul, cuts 200 senior jobs
KPMG Australia will overhaul its consulting business to focus on tech-related advisory and software installation as part of an $80 million cost-cutting exercise that will include cutting about 200 roles at the firm.
Fortescue’s British Formula 1 car designer loses CEO
The Williams Advanced Engineering boss is the latest executive to exit Andrew Forrest’s empire. WAE is central to the company’s batteries ambitions.
- Exclusive
- Private equity
Private equity giant Blackstone enlists former AFL boss Gill McLachlan
The businessman stepped down as chief executive of the AFL at the end of last year. He’s been linked to a range of roles across sport and wagering.
Companies in the News
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Markets
World is looking ‘more like the 1930s’, Future Fund warns
Australia’s sovereign wealth fund chief is reshaping its $200b portfolio as global risks hit a 50-year high.
Rare earths hopeful Resouro surges on ASX debut
Shares in the Regal-backed company soared nearly 40 per cent, as investors took advantage of its lower offer price compared to its Canadian listing.
Wall St slips as French political crisis deepens
The S&P 500 was modestly lower in afternoon trading. European shares fell further amid a resurgent far-right. Bitcoin drops.
ASX greenlights first bitcoin ETF in landmark listing
VanEck’s bitcoin ETF is expected to list next week, marking the first direct exposure to the emerging asset class on Australia’s primary exchange.
Investors scramble for Guzman y Gomez shares amid hot demand
Sources said some investors interested in the $2.2 billion float received 10 per cent of what they had wanted, while others managed to grab 45 per cent.
Opinion
Five lessons from the Lendlease debacle
Lendlease was globally recognised for engineering excellence, its ability to build thriving community spaces, and its nurturing of many leading CEOs. Its diminution is instructive as well.
Contributor
Australia-China ties are not ready for AUKUS
It’s no surprise that Li Qiang will head straight to Australia’s mining capital and most pro-Chinese city. But he will bypass the Stirling naval base where US nuclear-powered submarines will arrive.
Columnist
Stalled RBA governance board vital to manage AI’s threat to financial system
One of the authors of the Reserve Bank review says the sudden rise of artificial intelligence makes the need for the proposed dual-board structure even more urgent.
Contributor
Setka’s AFL square-up out of bounds
What amounts to an appalling abuse of union power to blackmail a third party, and make a former public servant unemployable just for doing his job, must surely be against the law.
Editorial
Get ready for a riskier world
The causes and effects of geopolitical risk events are complex and multi-faceted. Events can take many years to develop and are almost impossible to predict, writes Raphael Arndt.
Contributor
Diplomatic niceties ignore the human rights cost of doing business with China
The persecution of Jimmy Lai marks the death of the rule of law in Hong Kong, and is a red flag for those still seeking to get rich in China.
Contributor
Reports
Chanticleer celebrates 50 years
In 1974, Chanticleer revolutionised business journalism. This anniversary wrap celebrates 50 years of covering the corporate deals that shape the nation.
Politics
Chinese Premier Li Qiang declares ties ‘back on track’
Li Qiang, who is second only to President Xi Jinping, has visited Adelaide Zoo for a bit of panda diplomacy, after declaring Australia-Chinese relations are “back on track”.
AI poses ‘massive’ risk to financial system, warns RBA reviewer
Renee Fry-McKibbin, one of the authors of the RBA review, says the risk posed by AI shows the need for specialist governance and interest rate-setting boards.
Flood alert for some WA regions as eastern Australia shivers
Cold and frosty mornings are expected for much of eastern Australia this week while there are flood warnings for parts of WA.
- Opinion
- China relations
‘Stabilisation’ shouldn’t straitjacket deeper economic ties with China
Anthony Albanese’s date with Chinese Premier Li Qiang in Canberra is an opportunity to work on a trade-based agenda for the future between two deeply complementary economies, writes James Curran.
Push to dump Liberal’s Chinese candidate in Bennelong
After boundary changes made the seat more winnable, rivals begun lobbying factional leaders to hold a vote to replace Scott Yung, party sources say.
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World
US targets Houthi radar sites after sailor goes missing
The attacks come as the US Navy faces the most intense combat it has seen since World War II in trying to counter the Houthi campaign.
Biden courts Hollywood, while Trump tackles swing state
Some of Hollywood’s brightest stars headlined a glitzy fundraiser for the president, while his opponent was on the hustings in the crucial battleground state of Michigan.
- Updated
- Russia-Ukraine war
Ukraine peace summit seeks consensus on Russia rebuke
China’s absence from the meeting and the attendance of lower-level diplomats from the BRICS states cast a shadow over efforts to win over the Global South.
Serbia to give green light to Rio Tinto lithium mine
“New guarantees” from the Anglo-Australian miner and EU could transform the continent’s electric vehicle industry.
- Updated
- Israeli-Palestinian conflict
Israel to pause daytime fighting to let aid into Gaza
The “tactical pause” announced by the military, which applies to about 12 kilometres of road in the Rafah area, falls far short of the ceasefire sought by the US.
Property
- Exclusive
- Luxury property
Brighton mansion built by billionaire Larry Kestelman sells for $16m
The bayside suburb clocked its highest sale price so far this year after Rob and Melita Chaloner’s mansion sold.
German billionaire bags $17m cattle farm, Chinese tycoon into cotton
Cathrina Claas-Muehlhaeuser has bought Tuwinga in the NSW Liverpool plains, while investor Jacky Cheung has emerged as the buyer of a big NSW cotton farm.
- Exclusive
- Industrial
More cold sheds needed to supply veg and meds
Australia will have to ramp up its construction of cold storage sheds to service the food supply needs of our booming population, says CBRE.
- Exclusive
- Luxury property
Snack queen buys Rich List garbo’s $25m beach weekender
Snack food wholesaler Lenka Dransfield has paid $25 million for one of three Palm Beach waterfront properties owned by Rich Lister garbo Ian Malouf.
$12m sale reveals how Steel City turned to property gold
While it will never compete with Sydney prices, regional hub Newcastle has shed its industrial origins to become a coveted prestige market.
Wealth
- Opinion
- Flat Chat
ATO warns property investors not to ‘double-dip’ on expenses
Rental property taxes can be tricky, and that’s before you add in the strata factor.
What to do with $400,000 inheritance when you have no super
A windfall could give a woman living in her daughter’s granny flat access to three income streams.
When it’s worth giving up government subsidies to stay home for longer
There may be more home care packages in the recent federal budget, but in some cases you would be better off financing care yourself.
Technology
What Apple Intelligence means for you
Though the “where” and “when” of Apple’s new AI system are still a mystery, we do know a lot about the “who”, “what” and “why”.
Why publishers fear Google AI search will kill their websites
News organisations are heading into another battle with tech giants, with growing fears the race to beat each other with AI summaries will result in more content stolen.
- Updated
- Workplace culture
Canva co-founder calls for ‘wartime’ approach to staff performance
Cliff Obrecht says companies that let poor performance slide are forced to do big lay-offs, something the graphic design group headed for an IPO has avoided.
Work & Careers
- Exclusive
- Workplace
Employers lose more than 655,000 days of work to mental health claims
Increased awareness around mental health and the rising cost of living are contributing to a big jump in workers’ compensation for mental health injuries.
Jobs are booming in this industry, but the cause is rooted in sadness
A mental health services recruiter says demand for employer assistance programs has skyrocketed since the pandemic as people battle cost of living pressures.
Life & Luxury
The unlikely father and daughter paying for King Lear
Barrister Katherine Brazenor has a taste for the darkly comic. No wonder she’s enlisted her father as a co-patron of the Bard’s play on a fatally dysfunctional family.
Meet the Timorese lawyer chasing Australian wind licences for Norway
A former refugee carried out of East Timor on her mother’s back has returned to Australia as country head of Norwegian energy giant Equinor to chase offshore wind licences.
Aussie swimmers poised to make Olympic history
Australia’s swim team could make history in Paris, with a long line of champion women powering through qualifying trials.
Finally, a documentary about Midnight Oil
Paul Clarke’s ‘The Hardest Line’ is largely a celebration of the Oils that never ventures a word of criticism.
Kim Williams shares Paul Keating’s lesson on art of persuasion
The ABC’s new 72-year-old chairman plans to use a speech next week to argue a tsunami of American and British content is diluting Australian culture.
