Foreign student visa fees doubled to highest in the world
Without prior warning, student visa application fees rose from $710 to $1600, in a move Home Affairs Minister Clare O’Neil said would “clean up” the sector.
- Live
- Markets Live
ASX falls; Coronado jumps 10pc; WiseTech drops
Shares dip; Euro gains as Le Pen’s party set for smaller victory than feared; Pacific Current appoint ex-Challenger executive as acting CEO; Lendlease sells US military housing business for $480 million. Follow updates here.
- Investigation
- Investment banking
‘Marking their own homework’: Inside Australia’s $200b unregulated private credit boom
Credit products are being launched a mile-a-minute, promising plenty of returns buoyed by high rates. But behind the euphoria, there’s plenty of disquiet.
Aged care pay rise delayed due to Labor funding decision
Pay rises for 250,000 aged care workers of up to 14 per cent have been delayed until next year, giving the federal government a break over what will likely cost up to $5 billion extra in funding.
- Live
- Need to Know
Payman suspended because of tax cuts rather than Palestine, PM says
Prime Minister Anthony Albanese claims Senator Fatima Payman was suspended from caucus because she hamstrung the government’s ability to talk about cost of living relief. Follow updates live.
Houses deliver $59,000 wealth boost to owners after 8pc jump in FY2024
Residential property owners bagged the capital gains in the past 12 months despite higher interest rates.
Perth billionaire Escalante battles copycats and hostile letters in US
The businessman created a lucrative gambling market stateside from scratch. Now competition and regulation may force the company to change tack.
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Companies
NSW productivity agency queries whether PEXA plays with pricing
In a detailed report, the NSW Productivity Commission says the Commonwealth Bank-backed fintech’s monopoly must be swiftly ended so it does not gain too much data.
Officials warn US, EU manufacturing boost could hit Australian miners
China is Australia’s largest buyer of resources, and in the last financial year accounted for $156 billion in sales, to feed its factories and power stations.
- Analysis
- IPO
Guzman y Gomez’s big challenge? Keeping its franchisees smitten
The growth of the Mexican-themed fast-food business is directly tied to its store owners. The experience of other companies shows managing this is no easy task.
Corporate Travel boss lends to exec he once gave $13m in shares to
Jamie Pherous had previously transferred stock to the company’s former executive director for no consideration to help with her “health challenges”.
Why this economic downturn will hit harder than the GFC
Two decades after spinning out of global firm KPMG, insolvency and advisory firm McGrathNicol has seen the rise and fall of corporate titans and economies.
Nine considers expelling AI bots from checking out its content
Major publishers including the New York Times already restrict what services such as ChatGPT can see. Others say AI “scraping” is an “extinction-level event”.
Solomon Lew’s surprise role model? Vegas mogul Sheldon Adelson
Like the colourful businessman, the billionaire rag trader won’t stop building his empire. And Myer, with a new chief, is finally playing ball.
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Markets
- Opinion
- Investing
UniSuper’s John Pearce has a warning for this financial year
Super funds and portfolio managers have ruled off on a year that was powered by super stocks. As another begins, they’re looking for the obvious trades.
GQG slashes tech exposure, here’s where it’s buying next
Brian Kersmanc was the first analyst that star stockpicker Rajiv Jain hired for his new firm. He’s now co-managing all of GQG’s strategies which are pumping out near-40 per cent returns.
Inflation has no chance of hitting Chalmers’ forecasts: survey
Higher-than-expected inflation will take at least 12 months to fall anywhere near the Reserve Bank’s target, casting doubt on Treasurer Jim Chalmers’ more optimistic forecast.
Super giant seeks tech stock ‘second wave’ after delivering 11.3pc
Rising tech stocks helped land an 11.3 per cent return for Australian Retirement Trust superannuation members, but unlisted property was still a drag.
ASX shares to fall as UK, France elections weigh on investors
The benchmark ASX 200 is set to dip 0.5 per cent at the start of trade. The Bank of England has warned the French elections could trigger market volatility.
Opinion
RBA’s new Englishman tells Aussies: you’ve forgotten how rich you are
If Australians don’t appreciate their fortune, as Andrew Hauser correctly points out, they may not be well placed to preserve it, writes Michael Stutchbury.
Editor-in-chief
In the end, Payman gave Albanese no choice
For the second time in this sitting session Fatima Payman has stolen the agenda and derailed the government’s attempts to spruik cost-of-living relief.
Political editor
Chalmers’ ANZ-Suncorp merger approval is ironic for bank competition
The whole drawn-out process could end up discouraging market dynamism by offering no way out to the smaller banks lacking the economies of scale to compete effectively.
Editorial
Will Keir Starmer go wobbly on AUKUS?
The fantasy of a post-Brexit “global Britain” is gone, but British Labour says it will be everywhere around the world, and all at once.
International editor
Better carrot and stick provides investment certainty for carbon cuts
The climate safeguard mechanism for large emitting facilities means reaching the 43pc emissions reduction target by 2030 is certainly “doable”.
Former energy regulator
Joe Biden must quit now, in case he does actually win
The prospect of Biden as president for four more years is too scary to contemplate: the entire global order will be endangered if there is an empty vessel in the Oval Office.
Contributor
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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- Investigation
- AUKUS
Morrison’s ‘longest night’: Inside the making of AUKUS
The military agreement is a mess and risks leaving Australia with no submarine capability at all by the late 2030s. The cloak of secrecy that secured the deal could now be its undoing.
- Updated
- Israeli-Palestinian conflict
Albanese banishes rebel Labor senator
Prime Minister Anthony Albanese has suspended Senator Fatima Payman indefinitely from Labor’s caucus after she defied his leadership by vowing to cross the floor again to back pro-Palestine motions.
- Exclusive
- International students
Teal MPs seek softening of foreign student cap laws
Legislation to cap the number of international students will be debated this week – even as visa numbers are in dramatic decline.
Super giant seeks tech stock ‘second wave’ after delivering 11.3pc
Rising tech stocks helped land an 11.3 per cent return for Australian Retirement Trust superannuation members, but unlisted property was still a drag.
‘Unique position’ secures WA thousands more skilled migrants
Perth property prices have soared amid unprecedented migration. Now WA Premier Roger Cook has landed a promise of thousands more migrants to build more homes.
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World
- Opinion
- World elections
Macron’s reckless gamble leaves French voters with invidious choice
Thanks to Macron’s miscalculations, the eurosceptic, anti-immigration RN has a shot at securing an absolute parliamentary majority in the second round of voting on July 7.
- Analysis
- World elections
Victory no certainty for Marine Le Pen as France faces second vote
Sunday night was a major victory for Marine Le Pen’s National Rally. However, round two of this lightning contest is far from an electoral slam dunk for the right.
Democrats line up to defend Biden as poll shows rising unease over fitness
A CBS News-YouGov poll released on Sunday showed that 72 per cent of registered voters think Joe Biden should not be running for president, up from 63 per cent in February.
Far-right looms as France votes in snap elections
France is voting in parliamentary polls that President Emmanuel Macron called this month, a gamble that has thrust the country into uncertainty over its future.
France’s far-right ‘dream ticket’ chases election victory
Far-right leader Marine Le Pen anointed her youthful protege as prime minister in waiting, but the office may come sooner than either expected as France votes.
Property
Property buyers spooked by talk of another rate rise
Fewer home buyers are willing to pay above the auction reserve and more buyers are pulling out on fears of another increase in interest rates.
Houses deliver $59,000 wealth boost to owners after 8pc jump in FY2024
Residential property owners bagged the capital gains in the past 12 months despite higher interest rates.
- Exclusive
- Architecture
The Australian architecture firm with plans for global growth
The country’s largest architecture practice, Woods bagot, is focusing on growing demands for luxury and non-traditional consultancy services for design firms.
- Exclusive
- Property development
Developers rush to snap up $350m Qld fund to boost housing density
The industry has called for new tax incentives to increase housing supply following the mad rush to snap-up a development fund.
US private equity firm lists $250m farming portfolio
Proterra Investment Partners is having another go at selling its One Tree Agriculture portfolio spanning 21 farms in NSW and Queensland.
Wealth
- Exclusive
- Class action
Litigation funder touts 165pc returns in bid to sign up more clients
Pitched as an “ESG asset”, Sydney-based funder CASL aims to raise a further $150 million on top of the $156 million in its first fund.
The super funds with the most million-dollar members
After losing ground to industry super funds since the Hayne royal commission, data shows retail funds are fighting back when it comes to attracting and retaining high-net-worth members.
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.
Technology
- Exclusive
- Venture capital
Frazis unveils venture capital fund, makes first investments
The Gen Y tech investor has nabbed stakes in a dozen start-ups in tech, health and e-commerce, thanks to $10 million raised from wealthy investors.
How Kim Teo executed a start-up mega-merger with her biggest rival
The co-founder of restaurant ordering app Mr Yum is now the boss of its former competitor me&u, after the heavily backed Aussie start-ups merged to survive.
- Exclusive
- Funding
Financial advisor tech firm $20m richer after funding dash
Dash Technology, a Sydney fintech that sells software to financial advisors has secured $22 million funding, with $20m from ASX-listed VC firm Bailador.
Work & Careers
- Opinion
- World elections
The productivity hack that really does boost careers
Physical stamina is an oddly overlooked superpower in working life. But although it will take you a long way, it won’t always be enough to achieve enduring success.
‘You smile too much’: the early career advice Danielle Wood ignored
Be brave and have fun, is what Australia’s leading women would say to their younger selves.
Life & Luxury
- Exclusive
- Saleroom
Fine art collection of late Ron Walker to fetch up to $8m
He helped build modern Melbourne but the works that hung in his Toorak mansion, and are now for sale, had a very Sydney flavour.
- Driving With Tony Davis
- Motoring
Noosa gears up to show off some of the world’s most collectable cars
From Ferrari to Porsche, ultra-luxury and rare cars will take over the main drag next Saturday for its Concours d’Elegance.
Escape the crowds with an intimate tour of a pop legend’s Paris home
For the first time since his death, the unchanged abode of musician Serge Gainsbourg is open to the public, with his daughter as your guide.
This Australian chef is the first to win three Michelin stars
After being plucked from near-obscurity at just 23, Brett Graham has hit the heights of global gastronomy. Now he’s turning his attention back to the farm.
How fashion and beauty are cashing in on the Olympics
The 2024 Games are being called “the fashion Olympics”, and Australian brands are muscling in on the action.
