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    Featured Opinion

    Attention investors: the risk of a sovereign debt crisis is back

    The financial market volatility induced by the political dramas in France show the world is moving into a new risk regime.

    Dutton’s climate poll surge evokes Fightback! saga

    The headline numbers confirm Peter Dutton is setting the agenda, but to stay on top he will need to prove how his nuclear plan will ease the cost of living.

    Laura Tingle

    Columnist

    Laura Tingle

    Are state governments on the brink of a debt crisis?

    Victoria and Queensland have caught the infrastructure fever from NSW. Ideas are plentiful, but financial discipline is often in short supply and the funding numbers are staggering.

    Tim Hext

    Contributor

    Nuclear election poses energy transition questions for both sides

    The Coalition’s nuclear option deserves a proper debate, not the puerile meme scare campaign that Labor is running.

    The AFR View

    Editorial

    The AFR View

    It’s time to revisit all those famous nuclear disaster movies

    With debate about nuclear energy firmly in the zeitgeist, the movie business would be wise to contemplate redux versions of some box-office classics.

    Rowan Dean

    Satirist

    Rowan Dean

    Why Australia needs to stop being PNG’s payday lender

    It might seem a good, neighbourly thing to do. But loans can be damaging as poorly tied aid. The alternative is subsidising direct Australian business investment.

    Dutton is prepared to take risks, but he is no onion eater

    The signature difference between what the Coalition unleashed on Wednesday and the debilitating climate fights of the past is that both parties are operating from the assumption that emissions need to be reduced.

    Phillip Coorey

    Political editor

    Phillip Coorey

    Small bank targets a niche product the big four have long neglected

    Enthusiasm about the challenge from neobanks to the banking sector has come and gone, along with several start-ups. But Avenue Bank has its own plans.

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    PSP Investments’ CEO Deborah Orida has been in Australia visiting some of the pension fund’s investments, including farmers in NSW’s Riverina region.

    In Canadian giant PSP v Aware Super, who wins?

    There are very different ways to make 10 per cent a year. We compare Canada and Australia’s third-biggest super funds, with a combined $470 billion in assets.

    • 4 mins ago
    • Anthony Macdonald
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    Putin to Xi: I have options in East Asia

    The Russian President’s visits last week to North Korea and Vietnam shows Russia’s residual capacity to stir trouble in East Asia.

    • 35 mins ago
    • James Curran
    Donald Trump and Blackstone founder Stephen Schwarzman at the White House in 2017.

    Why billionaires support Trump

    Business people struggle to understand fanaticism. In commercial life, all actors are negotiable, even if their price is high. They also tend to overrate contrarianism.

    • Janan Ganesh
    State Street Global’s Dwyfor Evans has a wider Asia Pacific remit, which a different lens on his coverage of the Australian economy. He met with superannuation funds and institutional investors in Melbourne and Sydney this week.

    Two charts show why RBA is discussing rate hikes, not cuts

    Australia is in pretty rare company and that’s not necessarily a good thing. What the bank needs if it is to stamp out goods inflation is a stronger Australian dollar.

    • Anthony Macdonald
     Michael Zawadski, Blackstone, CIO of global credit.

    Blackstone’s mega private credit deal is a sign of the times

    Private credit funds are the solution for private equity’s problems. But can the good times last for Wall Street’s hottest sector? Blackstone thinks they can.

    • Jonathan Shapiro
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    Yesterday

    Neil Howe says the world is building towards a climax. “This book is not about where we want to go, it’s about where we are going – whether we want to go there or not.”

    Why the favourite demographer of market gurus predicts catastrophe

    History says something really ugly is coming, according to Neil Howe. Investors need to be ready.

    • James Thomson

    This Month

    Brighton’s centre is all about coffee and the cool end of consumerism.

    The English town where Australia’s latte left would feel right at home

    Brighton’s trendy centre has an unmistakable inner-city or Byron vibe – and the politics to match. But can the Greens resist voters who are seeing red?

    • Hans van Leeuwen
    Jill Dupleix sips a frozen margarita waiting for her burrito at Guzman Y Gomez.

    What does a $3b burrito taste like? Jill Dupleix rates Guzman y Gomez

    Mexican food is at its best when it’s made by hand, with a squat stone molcajete and smoky char from a hot grill, and unlimited access to sun-dried Mexican chillies. This isn’t that.

    • Jill Dupleix
    Reserve Bank governor Michele Bullock is walking a fine line balancing interest rates and inflation.

    Bullock v the burritos: $3b float speaks to the RBA’s nagging problem

    Central banks have a problem: rate hikes are slowing the economy, but a wealth effect from housing and shares is keeping inflation sticky.  

    • James Thomson
    Lexus NX450h+ F Sport

    Is Lexus’ plug-in hybrid the best NX on the market?

    A PHEV is either the perfect compromise or an expensive and unnecessary one, depending on your situation.

    • Tony Davis
    Nice little earner: The ASX debut of Guzman y Gomez provided a financial windfall for co-CEOs Steve Marks and Hilton Brett, and early backer Tom Cowan of TDM Growth Partners.

    Winners are grinners at Guzman y Gomez, but real test to come

    TDM Growth Partners’ initial $40 million bet has delivered a massive return. But while first-day profits are nice, it’s long-term success that counts. 

    • James Thomson
    ROWE

    CFMEU break-up overdue

    The real source of John Setka and other union bosses’ political power remains the institutional privileges unions are granted by Australia’s archaic industrial relations framework.

    • The AFR View
    Feeding frenzy: Guzman y Gomez co-founder and CEO Steven Marks, and TDM Growth Partners founder Tom Cowan.

    Can big burritos save public markets?

    We won’t know for many years whether Guzman y Gomez investors have overestimated Australians’ appetite for Mexican-themed restaurants.

    • The AFR View
    Latitude Financial chief executive Ahmed Fahour.

    The fund meant to save Australia held ‘sham’ meetings

    The $15 billion National Reconstruction Fund is struggling to find investments, but it is great at holding meetings.

    • Aaron Patrick
    Office property valuations may not have hit the bottom just yet.

    Why the office property market is still in real pain

    Sliding valuations in Australian office real estate means the debate about whether the sector has hit the bottom will rage on. 

    • James Thomson
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    Going hungry: there is a general reluctance in Australia to support new floats, so the likes of GYG are getting creative.

    Guzman’s three FOMO factors put life into IPO market

    As soon as you walked into the listing ceremony on Thursday, you could tell the stock was going to pop. It’s time to dust off those float candidates.

    • Anthony Macdonald
    The new homeowners seem happy to live next door to the Lucas Heights nuclear reactor, which has operated safely for over 60 years.

    Why I welcome a nuclear power station in my backyard

    I have never been against some solar and wind power. My message is that we need a balanced mix of energy types.

    • Matt Canavan
    The Navy has achieved many milestones, with all branches now open to women, and females now commanding ships at sea and establishments ashore.

    Time to promote a woman as deputy chief of Navy

    The officer second in charge of the Royal Australian Navy will shortly rotate, opening the way for a historic first appointment of a female.

    • Jennifer Parker
    Donald Trump and Joe Biden will appear in two presidential debates before November’s poll.

    Why next week’s Biden v Trump debate is so important

    A set piece clash between Joe Biden and Donald Trump will turn less on policies than on manner and appearance. What they say will matter less than how they seem.

    • Updated
    • Edward Luce
    China’s property crisis has crippled the economy.

    China’s banks feel the sting as problem loans mount

    China’s deepening housing market crisis is eroding the balance sheets of the country’s largest state banks.

    • Karen Maley