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    Consumers were hit with the biggest annual rise in fruit and vegetable costs in a year.

    Inflation hits six-month high, raising risk of a rate rise

    Inflation edged up to 4 per cent in May from 3.6 per cent in April, raising the chance of another rate rise as underlying price pressures remain entrenched.

    Assange walks free after US plea deal

    WikiLeaks founder Julian Assange has pleaded guilty to publishing US military secrets; deputy PM rules out expelling WA Labor senator. Follow here for more. Watch live.

    Wentworth MP Allegra Spender.

    Spender, Pocock join forces against $3m super tax grab

    The teal independent and the crossbench senator are working to stop the government taxing unrealised gains in its plans for large superannuation balances.

    ASX drops after inflation spike; lithium miners, Harvey Norman fall

    Money markets ramp up rate hike bets after inflation data comes in hotter than expected. Star shares rise after new CEO appointed. Follow updates here.

    High rates forcing indebted homeowners to sell: RBA

    Highly leveraged borrowers are selling out of property and consolidating their savings into offset accounts, RBA assistant governor Christopher Kent says.

    Nuclear out in cold in $122b power grid plan

    The energy market operator says work needs to start on another $3.4 billion of transmission lines in its latest $122 billion plan to transform the power grid.

    Former Lendlease boss Steve McCann takes top job at Star Entertainment

    The businessman also ran the casino group’s rival, Crown Resorts, before it was sold to Blackstone. He will receive a $2.5 million sign-on bonus.

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    WOMEN IN LEADERSHIP

    ‘You need to trust your gut’: How to build an empire

    The founder and CEO of MCo Beauty, the winner of the Retail category, knows she is underestimated. It’s what drives her to succeed.

    Women in Leadership award winner Danielle Wood.

    The ‘magic and mundane’ leadership style of Danielle Wood

    The chairwoman of the Productivity Commission was selected as the overall winner for her contributions to economic policy and a preparedness to take an unpopular position in key national debates.

    Tammy Medard, Managing Director, Institutional Australia & PNG at ANZ, Danielle Wood, Chair of the Productivity Commission, and Jessica Vanderlelie, Deputy Vice Chancellor Academic and Professor La Trobe University and Bronwyn Le Grice
CEO and Managing Director of AND Health.

    The winners of the Women in Leadership Awards

    Meet the winners of the 2024 Women in Leadership Awards, in eight key economic categories.

    The ‘utterly shocking’ moment that made Westpac leader want to flee

    Siobhan Toohill, the winner of the Financial Services - Banking category, faces a new frontier after 10 years leading Westpac’s sustainability efforts, including convincing the board to ditch new oil and gas projects.

    Versatile risk-taker who shines when the going gets tough

    Washington H Soul Pattinson’s Jaki Virtue swears by the power of ‘unknown sponsorships’, as she takes out the Financial Services - Non-banking category.

    Entrepreneur Summit

    Honey Insurance co-founder Richard Joffe says employees need to be prepeared to ‘go to war’.

    ‘Pick up a knife and get on with it:’ Start-ups reject work-life balance ‘beast’

    Start-up workers must be prepared to “go to war,” to help their companies succeed, rather than worrying about work-life balance top local entrepreneurs have warned.

    ‘What if a cruise ship got in the way?’ Rocket wrapped in red tape

    Australia’s first home-grown rocket launch has been slowed down by a nervous regulator, says Gilmour Space Technologies CEO.

    Ben Thompson of Employment Hero says 1 per cent of super should be exempt from the performance test so that it can back riskier start-ups.

    No easy super money for next-gen risk-takers

    A start-up golden age is coming because without plentiful money to hide the risks, entrepreneurs will be forced to focus on what really works for customers and investors.

    Start-up founders take us back to basics. It’s refreshing

    It’s refreshing to hear from founders and their investors who aren’t tied up in corporate spin. Their stories are about survival.

    ‘I fire people just as quickly as my male co-founders’

    High-profile female entrepreneurs including Airwallex’s Lucy Liu have hit out at sexist attitudes, and male-led venture capital investors.

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

    Sign up for the Today’s Paper newsletter

    Companies

    New Seven boss Jeff Howard has axed some of his executive team.

    Seven West in major executive reshuffle as it cuts $100m in costs

    Analysts have warned the structural challenges facing the free-to-air television industry would hinder the broadcaster’s ability to grow its profit margins.

    Czech entrepreneur and investor Pavel Tykac.

    Czech coal baron’s bid for control of ASX miner collapses

    Pavel Tykac’s family office, Sev.en, agreed to buy 51 per cent of Coronado, but the deal will not proceed after failing to get past FIRB in time.

    Cettire shares traded lower on Tuesday.

    Brokers turn on Cettire after profit downgrade

    The company’s shares fell again on Tuesday as analysts doubted whether a soft luxury market was the only cause of its dramatic downgrade.

    Myer executive chairwoman Olivia Wirth joined in March from Qantas, where she was head of loyalty.

    Premier, Myer alliance could yield savings of $55m a year

    The merger could land the department store chain a $1 billion-plus valuation, brokers say.

    Palmer confident on $40b coal damages claim

    Billionaire Clive Palmer says his Singapore business could take the Commonwealth to the cleaners over a stalled coal project in Queensland’s Galilee Basin.

    Qantas plummets in world airline rankings, again

    Fiji Airways beat Qantas and Air New Zealand in the global poll in which the Australian carrier recorded its worst performance for a decade.

    Labor delivers all-clear for $1b Rinehart-backed Senex gas project

    The decision to grant environmental clearance for the Atlas development brings to an end an approvals process that has lasted almost two years.

    Companies in the News

    Search companies

    View stories and data from an ASX listed company

    Markets

    Consumers are planning to keep spending in the next 12 months.

    UBS says it’s time to start buying up consumer stocks

    The broker’s upgrade of consumer discretionary stocks comes despite a flurry of profit warnings from the sector this week.

    Kris Webster (L) and Michael Poulsen of Canopy Investors.

    Ex-Magellan stock pickers partner with Bennelong to launch new fund

    Kris Webster and Michael Poulsen each spent more than a decade at the investment firm before finally setting up their own shop last year.

    Michelle Bowman said she remained “willing to raise” borrowing costs again “should progress on inflation stall or even reverse”.

    Top Fed official warns interest rates may need to go up again

    Michelle Bowman said looser financial conditions and government stimulus “could add momentum to demand, stalling progress or even causing inflation to accelerate”.

    What happened overnight? Nvidia rebounded as investors bought the sell-off

    Australian shares were set to open lower; oil and gold fell. Nvidia rallied 6.8 per cent. Bitcoin briefly recovered to $US62,000. The monthly CPI indicator loomed.

    Nvidia’s murky AI future isn’t reflected in its price

    Despite a recent sell-off, Nvidia’s shares have still surged some 4000 per cent over the past five years. It’s clearly a great business, but is it a great investment?

    Opinion

    The folly of the pro-Trump plutocrats

    Business leaders dismiss fears of a return of the former president to the White House — they are wrong to do so. Trump is crazy and, alas, not amusingly so.

    Martin Wolf

    Columnist

    Martin Wolf

    Citizen Assange’s hero claim is forever tainted

    WikiLeaks mainly benefited Donald Trump, Vladimir Putin and Russian intelligence. That leaves Julian Assange’s claim to be a hero of press freedom forever tainted.

    The AFR View

    Editorial

    The AFR View

    Assange plea deal has echoes of David Hicks

    Julian Assange’s release is not the first time a US president has done such a favour for an Australian prime minister.

    Phillip Coorey

    Political editor

    Phillip Coorey

    Why we should pay Sam Mostyn $700k

    Sam Mostyn will earn $200,000 more than her predecessor, but there has been no change to the practice of how the governor-general’s pay packet is set.

    Tom McIlroy

    Political correspondent

    Tom McIlroy

    The big lie of the big-stick code is lower grocery prices

    By adding cost and complexity, these reforms may well increase the cost of doing business and this could be passed on to consumers at the checkout.

    Robert Hadler

    Consultant

    Robert Hadler

    Unstable France could trigger the next euro crisis

    Runaway budget deficits and a confrontation with Brussels and Berlin are a formula for trouble.

    Reports

    Women in Leadership awards

    The awards celebrate outstanding achievements of women poised to enter the upper echelons of corporate life and government. Meet the winners in eight sectors.

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    Politics

    WikiLeaks founder Julian Assange arrives at the United States Courthouse with Australian ambassador to the US Kevin Rudd.

    Assange to fly to Canberra after guilty plea deal

    The WikiLeaks founder will plead guilty to an Espionage Act charge of conspiring to unlawfully obtain and disseminate classified national defence information.

    Taxation Commissioner Rob Heferen is four months into the job.

    ‘Deeply offensive’: ATO boss slams robo-debt comparison

    New Tax Commissioner Rob Heferen was forceful in his first appearance before Parliament, rejecting criticism of a Tax Office program to chase small debts.

    Vapes would be sold in a similar manner to cigarettes under a Coalition policy unveiled on Tuesday.

    Vapes would be sold like cigarettes under Coalition policy

    Vapes would be subject to an excise tax that could raise billions of dollars annually, under a proposal unveiled by shadow health spokeswoman Anne Ruston.

    Labor senator Fatima Payman crosses the floor over Palestine

    The first-term Labor senator has avoided expulsion from the ALP after voting with the Greens to recognise Palestinian statehood.

    PM tells troops to campaign on cost of living and nothing else

    Anthony Albanese has told his troops July 1 will be a critical day, and they must be out in their electorates.

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    World

    Donald Trump and Joe Biden.

    Why you won’t want to miss first Biden v Trump debate

    CNN’s debate between the pair will be a night of firsts, starting with the first time a former and current president have slugged it out in a national televised rematch.

    OECD secretary-general Mathias Cormann.

    Global tax war fears as landmark deal set to fail

    Champions of digital taxes have started taking unilateral steps after losing faith in the OECD-backed treaty to overhaul taxation of multinationals.

    Employees take naps during lunch hour at Tencent in Guangzhou, China.

    China’s faltering tech giants push workers to the limit

    As Chinese technology executives face a new reality of low growth, rising competition and investor apathy, many are making tough demands on staff.

    China’s unhappy consumers have even given up on shopping sales

    E-commerce sales declined for the first time during the “618 festival” this year, reflecting pressures on retailers already locked in a gruelling price war.

    Le Pen blasts Macron’s ‘civil war’ scaremongering

    The increasingly strident comments from the president’s camp reflect a last-ditch attempt to woo voters as his centrist party trails the left and right blocs.

    Property

    Mirvac’s 55 Pitt St will stand 56 storeys tall, and have eight floors of retail at the bottom.

    Minters to sit atop Mirvac’s 55-storey office tower

    The top-tier law firm will take up the top floors of 55 Pitt Street, as Sydney’s legal eagles vie for the best perches across the CBD.

    What downsizers and upgraders prefer: new detached homes will form a larger part of the new housing mix in the next building boom.

    The next home-building boom is coming

    Despite higher borrowing and construction costs, increasing demand for new housing will draw out capital – but not from first home buyers.

    Property profits hit 14-year high

    The share of profitable home sales would likely increase further in the June quarter as values continue to rise, CoreLogic says.

    Macquarie joins rush into land lease sector after $2.9b raising

    Macquarie Asset Management’s new global fund will invest in a land lease business on the East Coast alongside investments in logistics and rental housing

    Rich Listers sign up Marriott for $500m Gold Coast marina project

    Marriott will operate the new Marina Mirage hotel under its Luxury Collection brand after signing an agreement with developers the Makris family.

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    Wealth

    The key to dividend investing is in understanding the cyclical and structural risks to a business’s cash flow.

    The top 20 stocks by dividend return this year

    Insurers, miners and fund managers were the top performers, but experts warn of income traps.

    Which investment vehicle is best to build wealth?

    Super, trusts and investment companies all have their pros and cons. The decision on which to use often comes down to tax.

    How anyone can turn $5000 into more than $400,000

    Building wealth can be simple if you stay disciplined. Here are six essential lessons for share investors.

    Technology

    Back from the dead, the Windows laptop is better than ever

    Microsoft’s new Surface Pro 11 marks the beginning of a new era in portable computers, where Windows computers are at least as good as their MacBook rivals, and in many ways better.

    With the new Surface Laptop, Microsoft catches the MacBook

    Microsoft has finally done it. It has broken free from Intel and produced a laptop right up there with Apple’s hitherto incomparable MacBook Air.

    • Exclusive
    • AI

    Aussie brothers’ AI firm worth $120m as big name backers invest

    Melbourne-based Affinda has built AI-based software used by numerous big companies around the world, it has doubled its valuation in 18 months with well-known investors.

    Work & Careers

    Mick Owens, the general manager of Greenfields Developments, estimates construction of about 1600 homes has been delayed due to industrial action by Endeavour Energy workers.

    Pay dispute delays construction of 1600 homes

    Industrial action by workers at poles and wires company Endeavour Energy is stalling the delivery of 1600 homes and $1.2 billion worth of warehouses in Sydney.

    Unis should face inquiry into $380m in underpayments: academics’ union

    Universities are the worst underpayers of staff across the economy and now the academics’ union wants a federal inquiry.

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    Life & Luxury

    Try following a low calorie diet most days of the week, then splurging on one day.

    Four easy ways to cut 300 calories a day – and live longer

    Eating less not only helps you lose weight – it also makes you biologically “younger”. But there’s no need to adopt a strict diet.

    Future-proofing the Olympics: Faster, stronger and hopefully cheaper

    IOC executive director Christophe Dubi loves the Games. He’s about to find out if he’s guaranteed their future.

    Hyundai Ioniq 5 N

    Hyundai amps up engine noise for electrifying EV drive

    The carmaker’s most expensive model, the all-electric Ioniq 5 N from its performance division, is track-ready.

    Men still lag behind women when it comes to household chores.

    Why WFH husbands don’t do the housework

    There must be something about upbringing and environment that makes it so much harder for men to identify the chores that women see as crying out to be done.

    In this film it’s the lawyer (played by Daniel Auteuil) and his family who are the story, not the invisible, anonymous psychopath he is confronting.

    A Silence movie review: a sex fiend’s lawyer seeks atonement

    In Belgian director Joachim Lafosse’s film, a legal professional’s crimes catch up with him, plus we take a look at Australia’s Spanish Film Festival.

    From the gallery