- 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.
- Live
- Markets Live
ASX to rise; S&P 500 closes at record high
Shares are set to open up; Powell bolsters rate-cut pivot hopes; retail sales data ahead; APA Group expects $145m non-cash impairment to Moomba pipeline. Follow updates here.
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.
- Live
- Need to Know
Chalmers backs banks’ concerns on inept $1.5b account switching scheme
Labor senators earlier this week resisted Coalition proposals to extend the consumer data right; Anthony Albanese offers olive branch to Labor senator Fatima Payman. Follow updates here.
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.
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.
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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.
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.
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.
Companies in the News
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Markets
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.
Tesla surges as quarterly deliveries fall less than expected
Shares in the EV maker leapt 10.2 per cent after it reported that it delivered 443,956 vehicles in the second quarter.
What happened overnight? The S&P 500 closed above 5500 for the first time
Australian shares were set to edge higher. Tesla surged 10 per cent, Apple also extended its rally. The Fed boss said disinflation was intact in the US.
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.
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.
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.
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World
Biden’s polling slumps as Democrats pile on pressure to quit
Four major polls released in the last 24 hours further question whether the president is the right person to lead the Democratic ticket.
Trump’s hush-money sentencing delayed as judge mulls immunity
The postponement sets the sentencing for September – if it happens at all, since Donald Trump’s lawyers are arguing that the conviction should be tossed out.
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.
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
- Opinion
- AI
The bear case against Nvidia and artificial intelligence
The computer chip company will struggle to sustain its growth as interest in AI wanes.
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.
Work & Careers
The #MeToo lawyer accused of being a tyrant
Roberta Kaplan’s poor treatment of colleagues, including micromanagement, insults and personal attacks, triggered her expulsion from the firm she founded.
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
What makes Queen the most valuable rock band of all time
Expect to hear even more of the songs that have become anthems after the band sold the rights to Sony Music and the private equity giant Apollo for $1.9 billion.
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.
Defending Wimbledon champ crashes out in first round
Marketa Vondrousova was the first unseeded women’s champion at Wimbledon last year. Now she’s suffered a historic defeat, going out in straight sets at the first hurdle.
