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- Need to Know
Debate descends into golfing contest
Joe Biden’s mental and physical capabilities became a main point of discussion as the head-to-head concluded. Overall, the President repeatedly sought to confront Donald Trump, who repeatedly attacked the state of the nation. Follow updates here.
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‘I just won two club championships’: Trump
Trump pledges to free WSJ reporter
Robert Kennedy answers the same questions elsewhere
Trump resurfaces Biden’s debunked ‘super predator’ comments
Last updated 6 mins ago
- Opinion
- Inflation
RBA forced into a humiliating rate-raising cycle
In a huge embarrassment for the central bank, its next move in interest rates should be higher, not lower, writes Christopher Joye.
NDIS ‘unsustainable’ and ‘out of control’: Wayne Swan
Mr Swan was one of the architects of the NDIS, which is growing at 20 per cent per year and on track to become the most expensive area of government spending.
Nine Entertainment to cut 200 jobs as Meta content deal ends
CEO Mike Sneesby made the announcement as Nine battles a weaker advertising market and a content deal with Meta, which runs Instagram and Facebook, ends.
Guzman y Gomez isn’t the only fast food giant with big plans
McDonald’s, Pizza Hut, Wendy’s. The race is on for who can grab the biggest slice of a $25 billion market, as big players scramble for sites and customers.
- Opinion
- Chanticleer
Chalmers turns ANZ’s Suncorp bid into once-in-a-generation deal
When you look at the commitments ANZ is making to buy Suncorp, you have to wonder: if it is competition we’re after, is it competition we’ve got?
- Live
- Markets Live
ASX rise; IAG surges on reinsurance deal, Macquarie at 2-year high
Shares gain 0.7pc. Suncorp adds 3pc. GQG Partners hits record high. Adore Beauty in $25m acquisition. Lithium miners retreat. Wall St higher. US inflation, French elections ahead. Follow here.
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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
Adore Beauty snaps up Blue Mountains wellness brand Ikou for $25m
The online beauty retailer said the deal would support its “private label and physical store initiatives” as it attempts to increase its profit margins.
- Updated
- Mergers & acquisitions
Chalmers approves ANZ’s $4.9b Suncorp deal
The decision paves the way for the biggest merger in banking since the Commonwealth Bank took out ailing Bankwest during the global financial crisis in 2008.
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.
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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.
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- 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.
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.
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.
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.
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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
Mirvac sells $1.3b stake in new tower to Mitsui
The transaction is the latest evidence of the company’s efforts to trade out of lower-quality office assets and focus on new, premium ones.
- Exclusive
- Luxury property
Mining technology entrepreneur buys $30m Noosa home
The purchase was the second highest in Queensland residential history, after Gina Rinehart paid $34m for an oceanfront property at nearby Sunshine Beach.
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.
Wealth
I’ve saved $50,000 but have a large HECS debt – what should I do?
Banks do take tuition debt into consideration when assessing mortgage applications.
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.
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
Why Anna Meares chased the job of leading the Aussie Olympic team
As one of the country’s most decorated athletes, Australia’s chef de mission knows the triumph and heartache of competing at this level better than most.
- 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.
Life & Luxury
I tried the ‘Tesla’ of fasting diets. Here’s what happened
Valter Longo’s books about the benefits of abstaining from food have been bestsellers around the world, but the science to support his ideas is not conclusive.
Do you know this week’s news? Answer these 10 questions
Have you been paying attention this week? Test your knowledge across politics, business and world news.
Christopher Esber first Australian to win French fashion accolade
The Sydney designer has won the prestigious ANDAM Grand Prize, taking home more than $400,000 in prize money.
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.
- 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.
