- Exclusive
- Open banking
Banks spent $1.5b on account switching. No one is using it
The consumer data right, which has already cost banks $1.5 billion, is too complicated and doesn’t have a clear use four years after launch, major lenders say.
ASX to rise, Powell stokes bets for pivot to rate cuts
Australian shares are set to edge higher. Tesla surges 10pc, Apple also extended its rally. The Fed boss said disinflation is intact in the US.
Power price strength poses challenge for inflation target
Other areas of the economy will need to offset the impact of higher than expected power prices to keep inflation within target, economists say.
Why overseas money is pouring into Australian green energy
The country’s electricity generation sector is being radically reshaped, and there is hardly a household name among the big participants in solar, wind and batteries.
- Updated
- Supermarket wars
Dutton’s break-up powers are populist ‘madness’: Kennett
Former Victorian Liberal premier Jeff Kennett said the Coalition’s plan to break up Coles and Woolworths was “madness” that demonised employers and would not bring down prices at the checkout.
Liontown’s future tied to Korean battery giant in $379m funding deal
Liontown boss Tony Ottaviano says the company’s flagship Kathleen Valley mine would be in production on-time and on-budget before the end of the month.
Consultants face decade-low growth slump
Annual growth in the sector is forecast to fall to its lowest level – apart from the short-lived pandemic slump – since 2015.
Wealth Generation: News and views to help aspirational investors grow their wealth. In your inbox every Wednesday.
Get the front page and latest edition of the Financial Review as it was printed, delivered to your inbox every morning.
Companies
- Exclusive
- Funding
Ex-Atlassian insiders pull in millions for AI development start-up
Redactive has raised $11.5 million from local and US-based investors after convincing financial services clients to use it to help software engineers develop AI tools.
HESTA returns 9.1pc, looks for domestic opportunities
Soaring global equity markets drove the industry super fund’s high returns, but its investment team believes local markets will be more fairly valued going forward.
Network Ten wavers on turning off broadcast across swathe of WA
The regional signal – a joint venture between Seven West Media and WIN Corporation – will remain on air only after more funding from the federal government.
- Analysis
- Pets
Roaring Kitty’s pet food play is more like a dog’s breakfast
The man behind the GameStop mania of 2021 has a new $US250 million bet: pet food retailer Chewy, but it isn’t going to plan.
Transurban beds down new executive team after restructure
An operations manager has left Transurban’s Brisbane office as the toll road group’s new executive management team tries to shake off claims it breached the Fair Work Act.
- Exclusive
- Private equity
Blackstone, ANZ join forces to target rich families in volatile world
The pair launched a new fund that puts a higher price on alternatives in today’s more “volatile” investment landscape.
ANZ lashed for charging fees to dead people
The Banking Code Compliance Committee said deficiencies in the bank’s compliance frameworks for dealing with deceased estates were “deeply concerning”.
Companies in the News
Search companies
View stories and data from an ASX listed company
Markets
Tesla surges as quarterly deliveries fall less than expected
Shares in the EV maker leapt as much as 10 per cent after it reported that it delivered 443,956 vehicles in the second quarter.
Powell: The US is back on a ‘disinflationary path’
Still, US policymakers need to have more confidence that price pressures are continuing to ease before pivoting to rate cuts, the central bank boss said.
Migration cut no ‘silver bullet’ to Australia’s inflation problem
While economists said a tightening in immigration rules should relieve rent prices and take pressure off the labour market, it may not be enough to curb inflation.
More pain tipped for lithium stocks as rout takes hold
Brokers are warning that the nose dive in lithium prices is far from over, spelling more trouble for the ASX’s worst-performing mining companies.
Rising cheese prices bite into Domino’s earnings: Barrenjoey
Barrenjoey has slashed its earnings forecasts for Domino’s due to a slower store rollout, weak Japanese yen and rising cheese prices.
Opinion
How to end our incoherent housing policies
There is no silver bullet to fixing housing affordability. What government can do is adjust the policy mix to make it more cost-effective.
Power price inflation risk for RBA and Labor
Australia’s green energy superpower hope is cheap and clean power. The near-term reality is higher than expected electricity prices to the end of the decade.
Editorial
Resurgent Trump will have consequences for Australia
Trump 2.0 will pile rising expectations in Washington on Australia’s military readiness and on its strategic minerals. But that’s just the start, writes Patrick Gibbons.
Corporate advisor
Central banks have done their job. Now others must do theirs
Central bank independence from governments has proved its worth yet again. But it is politicians who now have to step up reforms that cannot be put off.
Central banker
When the numbers just don’t add up
MAGA in the US and National Rally in France are both making voters big economic promises, but their ideas have some massive holes, writes Paul Krugman.
Contributor
Liberals panic worldwide as Trump, Le Pen rise
Liberals are in for a long struggle as nationalist populism surges in the US and Europe, writes Gideon Rachman.
Columnist
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.
Politics
Dutton moves to election footing after budget shift, NATO snub
Opposition Leader Peter Dutton has told his party room to “be ready” for an election as early as September.
- Exclusive
- AUKUS
Senior WA minister airs doubts on AUKUS submarine schedule
WA Defence Industry Minister Paul Papalia believes Australia is likely to receive five US-made nuclear-powered submarines, implying delays in the ones to be built.
Rising inflation tests RBA’s ‘limited tolerance’
More rate rises could be needed, as soon as August, after the Reserve Bank noted inflation “increased the risk” rates would not rein in CPI as quickly as forecast.
Greens seek profit from human misery: Labor MP
The Greens say they will keep trying to destabilise the government over the war in Gaza.
‘Critical issue’: Queensland businesses dismayed at visa allocation
Queensland will see its state-nominated permanent skilled migration allocation reduced from 900 to 600 spots and temporary visas reduced from 650 to 600.
SPONSORED
World
Biden’s post debate polling shocker
Four major polls released in the last 24 hours further question whether President Joe Biden is the right person to lead the Democratic presidential ticket.
French candidates bow out in bid to block far-right
More than 200 candidates have confirmed they will not stand in Sunday’s second-round for France’s 577-seat national parliament.
Campaigners seek to harness Gaza anger among UK Muslim voters
Britain’s ‘Muslim Vote’ campaign is looking to win enough votes to send a strong message to the new parliament.
- Analysis
- Shipping
Chinese exporters raise fears of Christmas freight crisis
Red Sea attacks have pushed up costs and put pressure on profits during a critical season for trade. There are also worries US tariff increases could add further to costs.
‘Dangerous precedent’: Biden lashes Trump immunity ruling
The Supreme Court ruled Donald Trump has immunity for actions he took in office. Joe Biden says the decision means his opponent will “now be free to ignore the law”.
Property
Nearly 3000 building companies go broke in a year
The construction sector remains by far the single largest category of insolvency as builders carry the ‘largest risk’.
Developer Intaj Khan to be examined over failed $30m property deal
Suspected Ponzi scheme Remi Capital raised money from investors to buy Mr Khan’s 24.6-hectare site but allegedly funnelled the money into a secret bank account.
Priced out of housing, communities take over development
Easing of investment restrictions allows neighbourhood groups to finance unconventional projects that banks and institutional lenders won’t touch.
Crown Group founder fails to raise funds to buy back 473-unit site
Crown Group co-founder Paul Sathio had won the tender to buy the site but was unable to accrue enough funds by the settlement date.
Russia ends housing mortgage subsidy that stoked a property boom
With state support ending for most eligible groups, the real estate market that’s been one of the key drivers of Russia’s wartime economy faces uncertainty.
Wealth
Court denies deathbed wish to award $1.2m to estranged lover
A bitter family fight over a super inheritance highlights the role of binding death nominations, how they work and why it is necessary to regularly review them.
‘I had my bank account cleaned out and $5000 is all I got back’
With scammers getting increasingly sophisticated, don’t rely on your bank to bail you out.
- Opinion
- Investing
The best way to invest an inheritance
Buy shares with the lot or “drip-feed” into the market over a period of time? This is how the numbers stack up.
Technology
We’re not coming for your job, AI companies say
A report funded by the AI industry says artificial intelligence will create 200,000 jobs in Australia by 2030.
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.
What this start-up founder learned from the public death of her company
Mina Radhakrishnan, the only founder of a collapsed start-up brave enough to speak at the Financial Review Entrepreneur Summit, hopes the industry values battle scars as she tries again.
Work & Careers
Why workers are saying no to management
Working from home is far from the only enduring workplace trend of the pandemic. It’s clear that our attitudes to work have changed significantly too.
Why underperforming executives need to be worried
It’s about doing more with less and finding leaders who can operate in that environment, says the managing partner at an executive search firm.
Life & Luxury
About Time Watch Weekend to return in September
Fifteen of the world’s top manufacturers of mechanical watches will showcase their latest timepieces in Sydney and Melbourne.
- Driving With Tony Davis
- Motoring
Is this race-bred Porsche with driver harness too much for the road?
Some believe the turbocharged Porsche 911 GT3 RS is lucky to be road legal. After driving it, this is what we think.
MONA has a new home for its Picassos: The women’s toilet
MONA is appealing a ruling that closed down its Ladies Lounge after finding it was discriminatory to men.
Shows you must see for NAIDOC Week
From a trans-Tasman tour de force for Bangarra Dance Theatre, to a Vincent Namatjira retrospective featuring ‘that’ portrait of Gina Rinehart, there are plenty of shows to get you into the spirit of the week.
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.
From the gallery
The Australian Financial Review Magazine
About Time Watch Weekend to return in September
- 1 hr ago
- Matthew Drummond
