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    It’s a tough time to be an underperforming company and trying to reignite investor enthusiasm.

    Small caps’ wild EOFY ride exposes market’s dirty little secret

    Monday’s list of worst performers looked like Friday’s best performers turned upside down. It was laughable. 

    The cost of the deeming rate freeze are not detailed in the federal budget papers.

    Deeming rate freeze costing up to $1.8 billion a year

    If the freeze is maintained over the forward estimates, the overall unrealised savings could be more than $7 billion, according to government figures, though this is not reflected in the budget.

    Immigration Minister Andrew Giles says the federal government wants to ensure more skilled migrants are going to the states that need them.

    Queensland to cop skilled migrant cut amid boost to smaller states

    Queensland will be the only Australian state to suffer a reduction in the number of skilled migrant allocations this financial year.

    Power prices to surge amid sluggish rollout of clean energy: UBS

    Wholesale power prices could be almost 50 per cent higher than last year, the investment bank’s analysts warn, as renewables project development has stalled.

    Investors hunt for diamonds among ASX dogs

    With the new financial year kicking off, funds are busy hunting through the sharemarket’s bargain bin for oversold names, betting on a rebound.

    Why you should vote at the ballot box and not with your portfolio

    Election uncertainty in the US and Europe looks to increase volatility, but investors should be cautious about over or underestimating the impact of political change, writes Andrew McAuley.

    Baby Bunting plots expansion on the back of HMC’s property portfolio

    The retailer fell on tough times but its new CEO is expanding the network into fresh areas with smaller formats and exclusive products.

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    Edition

    AFR Magazine – July 2024

    Read all the stories in our Culinary & Travel issue.

    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

    National Australia Bank has been growing mortgages the slowest of the majors, with annualised growth of just 0.5 per cent.

    Rising interest rates are bad news for bank stocks

    Another cash rate increase would do more damage to arrears than it would help net interest margins, according to Morgan Stanley.

    Me&u chief executive Kim Teo says the greatest challenges since merging had been integrating technology and staff.

    How Kim Teo pulled off a mega-merger with her start-up’s 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.

    Toll road group Transurban is defending six Fair Work claims.

    Transurban denies employee fired for whistleblowing

    The toll road group has asked courts to dismiss a claim by a former employee who alleged he lost his job after alleging coercion, manipulation of records and safety failings.

    Argentina is part of the South American lithium triangle, a focus for explorers and developers of the commodity, including Lake Resources.

    Lithium play Lake Resources slashes jobs, sells assets

    The ASX-listed group said this would allow it to focus on its flagship $2 billion Kachi project in Argentina, which has already been delayed until 2027.

    Oaktree trading house squares off against shareholders for nickel mine

    The distressed debt specialist emerged in pole position to pick up the Avebury mine as job losses and closures engulf the country’s nickel industry.

    Fortescue’s ex-iron ore boss joins Evolution board after abrupt exit

    The long-time resources executive has become a director of the gold and copper producer almost a year after leaving Andrew Forrest’s iron ore and energy group.

    ‘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.

    Companies in the News

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    Markets

    From lithium to Healius, investors are backing some of the ASX’s worst-performing stocks.

    Investors hunt for diamonds among ASX dogs

    With the new financial year kicking off, funds are busy hunting through the sharemarket’s bargain bin for oversold names, betting on a rebound.

    ASX falls; Coronado, Whitehaven jump; WiseTech drops

    Shares dip; coal stocks jump; Euro gains as Le Pen’s party set for smaller victory than feared; Lendlease rallies after selling US military housing business for $480 million. Follow updates here.

    UniSuper chief investment officer John Pearce thinks central banks should leave interest rates where they are for now.

    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.

    Shares to rally as profits grow at fastest clip in years

    Analysts have set the bar high for the second-quarter reporting season on Wall Street, with US companies tipped to post the fastest quarterly earnings growth since 2021.

    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.

    Opinion

    Labor’s identity politics tensions exposed

    Senator Fatima Payman is also now part of the Greens’ political weaponisation of the Gaza war to try to win Muslim votes in Labor-held seats.

    The AFR View

    Editorial

    The AFR View

    The public sector is the key to Australia’s productivity puzzle

    There is some cause for cautious optimism for increased productivity in health if outcomes can be more accurately measured, writes Alex Robson.

    Alex Robson

    Productivity Commission deputy chair

    Alex Robson

    Why central banks are in two minds on the private credit boom

    The US Fed is not worried about the systemic risks of private credit, but the Bank of England and the ECB are not so sure. Who is more right?

    Howard Davies

    Former deputy governor of the Bank of England and chair of Natwest group.

    Howard Davies

    There is a respectable economic argument for nationalised nuclear

    The bottom line is that there are sound public choice arguments for the government to build and own nuclear power plants.

    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.

    Michael Stutchbury

    Editor-in-chief

    Michael Stutchbury

    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.

    Phillip Coorey

    Political editor

    Phillip Coorey

    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 Ausgrid
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    Politics

    The University of Queensland’s chancellor has backed caps on international students.

    Overseas students cap will protect integrity of universities: Varghese

    While the university sector reels from a raft of measures designed to limit net migration, there is growing support for caps on overseas student numbers.

    The cost of the deeming rate freeze are not detailed in the federal budget papers.

    Deeming rate freeze costing up to $1.8 billion a year

    If the freeze is maintained over the forward estimates, the overall unrealised savings could be more than $7bn, according to government figures, though this is not reflected in the budget. 

    Victorian Premier Jacinta Allan.

    Vic premier to pocket $500,000 as MPs handed 3.5pc pay bump

    Jacinta Allan has cemented her spot as the nation’s second highest-paid politician after Victorian MPs were awarded a 3.5 per cent pay rise.

    Why ‘care’ will be at heart of governor-general position

    Business leader Sam Mostyn, who was sworn in on Monday, warned that younger people were concerned they could miss out on privileges enjoyed by previous generations.

    Small consulting firms to get a leg-up from new Canberra rules

    An overhaul to federal government procurement rules means agencies must now seek quotes from at least one small firm when seeking consultancy services.

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    World

    Supporters of France’s Marine Le Pen celebrate National Rally’s result.

    France teeters towards dysfunction after far-right surge

    Emmanuel Macron’s gamble looks set to usher in a populist government or a paralysed parliament, unless voters rally to him in the poll’s July 7 second round.

    Residential buildings in Shanghai, where the cap on prices of new homes has been relaxed.

    China’s home sales downturn slows after cities ease policy

    The turn in the trajectory of new home sales may offer some relief for China’s economy, which is on track to undershoot the official growth target this year.

    Marine Le Pen avoided any triumphalism, warning that victory was not secure.

    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.

    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 back Biden as voter poll shows rising unease over fitness

    A CBS News-YouGov poll shows that 72 per cent of registered voters think Joe Biden should not be running for president, up from 63 per cent in February.

    Property

    Kevin Maloney on selling Segenhoe and bringing Kentucky to the Hunter

    Kevin Maloney on why he’s selling elite equine stud Segenhoe, and why the Upper Hunter is ripe for Kentucky-style tourism.

    Tourist boats on the Douro River near the historic city centre of Porto.

    Meet the mayor who sees Airbnb as an agent for good

    It’s better to have a short-term rental in a house that’s been refurbished than to have a ruin, says the head of Portugal’s second-largest city.

    The three-bedroom townhouse at 3/29 Wheatleigh Street in lower north shore Sydney’s Crows Nest sold by private treaty for $2,915,000.

    The unusual move that made this seller $4.8m

    Most people with a large block to offload would do just that, but this vendor developed it – and made a much bigger profit in the process.

    Lendlease sells US military housing business for $480m

    The divestment of its contract to maintain and manage 40,000 military housing units is the latest part in the $4.5 billion divestment and global retreat.

    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.

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    Wealth

    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

    Why this $4300 home Wi-Fi router may just be worth it

    In two of the three criteria that matter most to us in the Digital Life Labs, Netgear’s Orbi 970 is the best home Wi-Fi router we’ve ever reviewed.

    Joshua Suntup, the founder of NDIS software start-up Caresquare, and investor Michael Frazis.

    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.

    Me&u chief executive Kim Teo says the greatest challenges since merging had been integrating technology and staff.

    How Kim Teo pulled off a mega-merger with her start-up’s 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.

    Work & Careers

    Health Services Union president Gerard Hayes criticised the government for having to be “dragged” to a shorter timeline.

    Aged care pay rise delayed due to Labor funding decision

    Pay rises for 250,000 aged care workers of up to 14 per cent – likely costing up to $5 billion extra in government funding – have been delayed until next year.

    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.

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    Life & Luxury

    I drank like a Boomer. Here’s what it did to my body

    A tot before breakfast, a brightener here, a livener there – the older generation has perfected the art of perma-imbibing. Could I keep up?

    Toddy McKenney (left) plays neat-freak Felix Ungar, and Shane Jacobson the slovenly Oscar Madison, in a revival of Neil Simon’s The Odd Couple.

    This 59-year-old play about broke divorcees oddly suits the times

    Two of Australia’s great comedic actors make this revival of Neil Simon’s The Odd Couple a funny, relatable affair.

    Among three major Brett Whiteley artworks owned by the late Melbourne businessman Ron Walker is Her, 1967. In oil and mixed media on plywood, and measuring 183 x 237.5 cm, the work is estimated at between $1.8 million and $2.4 million in Smith + Singer’s July 24 sale catalogue.

    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.

    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.

    Le Gainsbarre (detail, 1980 cover of Rock & Folk shot by Jean-Baptiste Mondino).

    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.

    From the gallery