- Updated
- Mergers & acquisitions
Chalmers approves ANZ’s $4.9b Suncorp deal
The decision paves the way for the biggest merger in banking since Commonwealth Bank took out ailing Bankwest during the global financial crisis in 2008.
- Live
- Markets Live
ASX to rise; ANZ-Suncorp $4.9b deal approved
ASX futures add 0.3pc. ANZ, Suncorp Bank merger approved. Adore Beauty in $25 million acquisition. Nasdaq paces Wall St higher. US inflation, French elections ahead. Follow here.
- Exclusive
- Disability
NDIS to cost $100b, exceeding the pension: budget watchdog
The NDIS is on track to overtake the age pension as the most expensive area of spending within three years if it remains stuck on its current trajectory.
Multiple interest rate rises needed to quash inflation
The hawkish warnings from economists came as the share of borrowers falling behind on repaying their home loan has risen to the highest level in five years.
- Live
- Need to Know
ANZ CEO hails Suncorp deal as ‘significant milestone’
Bank leader reacts to Chalmers’ approval; Trump and Biden set for first debate at 11am; economists predict more RBA rate hikes. Follow updates live.
RBA deputy talks up renewable energy potential
RBA deputy Andrew Hauser has talked up Australia’s potential to be a world leader in solar, as the nation debates the best energy mix to achieve net zero.
France’s election could trigger market shockwaves, BoE warns
The Bank of England’s alert comes before Sunday’s first round of voting. Polls now show the populist right potentially closing in on a parliamentary majority.
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LAW PARTNERSHIP SURVEY
Top 50 law firms add a record 806 new senior associates
Law firms have promoted a record number of senior associates, as demand for work remains high and staff turnover is slowing.
Energy transition lights a rocket under law firms
Law firms are streaking ahead of the broader economy, adding partners as deals return and the energy transition offers decades of lucrative work.
What the fastest-growing law firms are doing differently
Rapidly expanding law firms say the traditional partnership model is outdated and ineffective, as they look towards outside investment.
HWL Ebsworth appoints new board
The HWL Ebsworth partnership has elected seven members to its new governance board, which will bring it in line with common practice at other firms.
British law firm DWF bulks up Down Under
Just three years ago DWF slashed its Aussie headcount. Now the insurance-focused business is bulking up again, buying local claims management firm Proclaim.
review
The rise of Keir Starmer, from ‘superboy’ to Labour leader
Born without privilege, he raised himself to high office through his own endeavours; yet he is somehow reluctant to celebrate this success.
- Opinion
- Investing
A stock trader’s guide to navigating the French election
The prospect of a change in the balance of power in France has investors on edge. These are the sectors most affected by the coming political upheaval.
- Opinion
- China relations
We must consider imposing non-military costs on China
We are failing to deter China from committing increasingly frequent acts of aggression and intimidation against Taiwan.
- Opinion
- Israeli-Palestinian conflict
What Israel’s ultra-orthodox draft means for Netanyahu
The Israeli Prime Minister relies on the support of minority parties to hold on to power. The court ruling has put some of them offside.
The Ozempic effect: How weight loss wonder drug gobbled up an economy
Pharmaceutical giant Novo Nordisk has grown so large in its native Denmark that it’s hard to find staff. Meanwhile, its philanthropic foundation is running out of local causes to support.
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Companies
Retailers have bigger worries than possible interest rate rise
Nick Scali and Harvey Norman say they are getting squeezed from all directions. A rate rise would add to their woes but other costs are doing more damage.
Lynas to break China’s heavy rare earths stranglehold
The Amanda Lacaze-led miner will start producing two critical minerals that are essential to the US and its allies from next year.
- Updated
- Casinos
Casino regulators clear way for Bruce Mathieson to buy up more of Star
The decision by NSW and Queensland authorities means the billionaire can increase his stake in the gaming operator from the 9.7 per cent he currently holds.
Workers threaten to ‘grind things down’ at troubled power station
The union has warned electricity prices will ultimately rise amid industrial action at the troubled Callide Power Station.
Southern Cross rejects Catalano’s offer to sell his newspapers
The operator of regional television networks and the Hit and Triple M radio brands says it does not want to buy a portfolio of regional publications.
Meet the most expensive lawyer in Australia
Tax specialist Mark Robertson, KC, is in a league of his own, charging $6250 an hour and $50,000 for an eight-hour day.
ASIC warns banks not to become complacent with new code
ASIC has approved a new Banking Code of Practice, but chairman Joe Longo says lenders must be alive to the dangers of “apathy, complacency and backsliding”.
Companies in the News
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Markets
Inflation shock derails ASX 200 from best gain since 2021
A two-day sell-off after a hot consumer price report has left the bourse with a tepid return for the 2024 financial year.
What happened overnight? Wall Street awaited Fed’s preferred price data
Australian shares were set to open modestly higher, in line with gains in New York. Amazon extended rally. The Fed would slash rates this year and next, said Pantheon.
Why Tyndall has gone all in on Zip Co’s turnaround story
James Nguyen says the market is mispricing the buy now pay later provider and reveals why a $15 billion settlement could be the catalyst for another small cap stock.
First Super, Stafford pen $220m co-investment effort
The private equity firm’s latest comes just days after another superannuation fund, HESTA, signed a $250 million deal.
Yen’s free fall exposes the Fed’s grip on markets
The yen is plunging through milestone levels in rapid succession and likely won’t stop until the Federal Reserve finally pivots on rates.
Opinion
Payman has crossed Labor’s tribal caucus comrades
Unlike the West Australian senator who gifted the Greens a propaganda victory, Penny Wong stayed in the tent and effected change from within on same-sex marriages.
Political editor
Nuclear should fire Coalition’s Fightback!
Finding the same combination of politics and principle on other policies might be the start of a strategy to win, not necessarily the next election – but the one after that.
Columnist
ALP should be flexible like UK Labour and ditch the three-line whip
Fatima Payman crossing the Senate floor is a chance to fundamentally revisit Labor’s approach to caucusing.
Commentator
Union pay push isn’t helping Labor’s inflation fight
It is not necessary to have a 1970s-style wage-price spiral to cause the government grief. It’s enough for the RBA to say that wage increases are above the level that miserable productivity growth can sustain.
Editorial
RBA edges closer to interest rate rise as inflation proves sticky
Governor Michele Bullock will be troubled by the latest inflation data, and contemplating the real possibility of an interest rate rise at the August meeting.
Economics editor
A recession if Trump wins is just the start
Joe Biden has not targeted the former president’s trade policy during the campaign, but it would be disastrous for the US, and the rest of the world.
Columnist
Reports
Powering our energy future
With our renewable energy capacity needing to increase ninefold to meet our net-zero commitments, electrification is critical to our energy and economic future.
Sponsored
by AusgridPolitics
Chalmers confirms second surplus amid rate rise fears
Treasurer Jim Chalmers has confirmed the budget will again be in surplus as he moves to firewall the government against responsibility for another interest rate increase.
Nuclear power would do little to reduce need for renewables: report
The task of reaching a net-zero emissions power sector is “Herculean” but can be done without nuclear.
Wong scolds Payman as factions consider a stiffer penalty
Labor MPs are entitled to be angry at Senator Fatima Payman’s disregard for caucus solidarity, the foreign minister says.
August rate rise could eat up a chunk of your stage three tax cuts
With markets pricing a one-in-three chance of an August rate rise, borrowers may not enjoy the full benefit of the stage three tax cuts that start on July 1.
Melbourne Airport rail mediator rejects underground station
Melbourne Airport has vowed to continue its battle for an underground station despite a report recommending otherwise.
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World
US economic growth revised up slightly to 1.4pc
The US economy experienced the slowest quarterly growth since spring 2022, though the figures were a slight upgrade on previous estimates.
China’s ‘Summer Davos’ highlights corporate anxiety over tariffs
A surge of cheap exports and industrial production supported by the government has propelled China’s economy this year. That’s prompted a pushback from trading partners.
How this Australian banker thrived on Wall Street for 30 years
Queenslander Paul Compton, who started a job at Jamie Dimon’s JP Morgan in 2007, knows that the industry can be a rough ride.
Rishi Sunak uses TV debate to try to avert Tory electoral meltdown
With new opinion polls pointing to a massive Labour majority, the PM came out fighting, insisting that Sir Keir Starmer would raise taxes and allow spending to spiral.
What the far right’s Jordan Bardella would do as France’s PM
The 28-year-old chief of the National Rally party said in an interview that he was confident of winning an outright majority in legislative elections starting this weekend.
Property
Home prices tipped to defy rising rates
The prospect of another rate rise is not enough to spark a decline in home values, but could mean prices increase more slowly.
- Exclusive
- Hotels
Caravan king Gerry Ryan puts $50m safari lodge on the market
Gerry Ryan, the founder of Jayco Caravans, and an ex-Rich Lister, is selling the soon-to-be-finished hotel and glamping resort within the Monarto Safari Park in South Australia.
Why this family is swapping a six-bedroom house for apartments
Lexi Dodd and her family are moving into apartments ahead of a new chapter, where being closer to cafés and restaurants is more important than space for kids.
New York-style High Line is coming to Tokyo
The planned Tokyo walkway is also part of a global trend of major cities taking a leaf out of the High Line’s playbook to build similar structures of their own.
Building costs 37pc higher than four years ago
The cost of building a home is surging, threatening the Albanese government’s efforts to build 1.2 million new dwellings.
Wealth
Families that pay together: How to get multigenerational living right
Retirees are increasingly expected to live with, care for and financially support older and younger family members. Here’s your guide to avoiding strife when it comes to wills, means testing and elder abuse.
Why you could be caught by the ‘wealth tax’ this year
Fast-rising wages and asset prices will leave more Australians facing Division 293 tax on their income and deciding whether to pay it from their super.
- Opinion
- SMSFs
SMSFs desert financial advice in face of looming crisis
The government’s quality of advice review was intended to make financial advice more affordable. So why are fewer SMSF trustees seeking financial advice?
Technology
Look at Zoox and Waymo to see Australia’s AI potential
The local ecosystem for investment in artificial intelligence is in its infancy, but could thrive if given the right funding.
- Digital Life With John Davidson
- Digital Life
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.
- Opinion
- Digital Life
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.
Work & Careers
- Opinion
- Women in Leadership
‘Inclusion, resilience, empathy’: How modern leadership is changing
Modern leadership is about more than successfully deploying skills and industry expertise – it strongly encompasses the people side, writes Patricia McKenzie.
- Exclusive
- Industrial relations
Union bans delay $1.7b transport link to Western Sydney Airport
Industrial action has delayed the critical interchange for the city’s second airport by months and is sending subcontractors close to the wall.
Life & Luxury
Experts reveal the best places in Paris to eat, drink, shop and unwind
In the City of Lights, there’s no shortage of places to surround yourself with beauty, and do a little credit card damage, too. But where to begin?
How this Australian banker thrived on Wall Street for 30 years
Queenslander Paul Compton, who started a job at Jamie Dimon’s JP Morgan in 2007, knows that the industry can be a rough ride.
- Exclusive
- Wellness
Tim Gurner takes wellness ‘obsession’ to new level
After dropping nine years off his biological age by taking 35 supplements a day, the Rich Lister is starting a wellness club for a younger generation.
Founder takes coastal path to fitness, friends and freedom
Runner Melissa Jolly, founder of Pinnacle Insurance Brokers, has her eye on the Kokoda Track and a marathon next.
- Jill Dupleix
- Food
‘The most exciting thing about Australian cuisine right now’
The eternal quest to define “modern Australian” cuisine, and how the answer was right next to our chopsticks.
