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    Opportunities still abound in AI, and will for the next 30 years, Mark Delaney says.

    Industry super giant lags rivals with 8.5pc return

    Defensive positioning against equities stung AustralianSuper early in 2023-24, but growing its exposure to soaring technology stocks helped it recover.

    Retail sales jump 0.6pc on heavy discounting

    The latest data supports a swath of profit warnings on the ASX as margins are squeezed by input costs such as wages that businesses are unable to pass on to consumers.

    Australian-born Silicon Valley-based investor Peter Barrett was on the board of Univeral Hydrogen.

    Fortescue, Playground-backed hydrogen flight start-up collapses

    Universal Hydrogen had attracted almost $150 million in funding, including from Aussie Peter Barrett’s Playground Global, but it wasn’t enough for it to take flight.

    Under-pressure Biden says he almost ‘fell asleep’ during debate

    Joe Biden said he was exhausted heading into the debate. Four major polls in the last 24 hours question if he is the right person to lead the Democratic ticket.

    Energy transition will cost much more than politicians are pretending

    The brutal reality is that taxpayers and consumers will be on the hook for much higher costs under a renewable or nuclear energy system, writes John Kehoe.

    Firms pushed to cheat to win government work

    Construction firms are in a “race to the bottom” amid a culture of under-quoting; Three multibillion-dollar pumped hydro projects are declared as “critical”. Follow updates here.

    Miners and energy buoy ASX; May retail data beats forecasts

    Shares advance; retail sales increased 0.6 per cent; Woodside trumps Santos in RBC’s global energy picks; Powell bolsters case for rate cuts. Follow updates here.

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    Companies

    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.

    Consumer data right was meant to make it easier for bank customers to switch if they found cheaper products – and for competitors to offer better services with access to more data.

    They built it – but nobody came. Consumer data right needs help

    Privately, bank bosses remain highly agitated about being more open about the valuable data they hold, the sharing of which could make competition more intense.

    Liontown boss Tony Ottaviano  says the Kathleen Valley lithium mine will start producing on time and on budget.

    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.

    Redactive co-founders Lucas Sargent, Andrew Pankevicius, and Alexander Valente have international ambitions after raising capital.

    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.

    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.

    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.

    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.

    Companies in the News

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    Markets

    Economists are now less unified in their predictions about inflation than they were in last year’s survey.

    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.

    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.

    Powell has repeatedly emphasised his focus on the data.

    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.

    The bear case against Nvidia and artificial intelligence

    The computer chip company will struggle to sustain its growth as interest in AI wanes.

    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.

    Opinion

    Energy transition will cost much more than politicians are pretending

    The brutal reality is that taxpayers and consumers will be on the hook for much higher costs under a renewable or nuclear energy system.

    John Kehoe

    Economics editor

    John Kehoe

    Slashing foreign student numbers would be economic self-harm

    Before the government puts the squeeze on Australia’s $48 billion university export industry, it should consider how much GDP it is prepared to sacrifice.

    Bran Black

    BCA chief executive

    Bran Black

    Feckless liberals are to blame for Biden’s downfall

    The left worldwide ignores problems on its own side, and recent history has turned on that failure.

    Janan Ganesh

    Contributor

    Janan Ganesh

    UK needs ‘moonshot’ growth agenda

    After so many years of insufficient investment and sagging productivity, there is no singular, silver-bullet reform to achieve buoyant, durable, sustainable and inclusive economic growth.

    Mohamed El-Erian

    Global financial commentator

    Mohamed El-Erian

    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.

    Augustin Carstens

    Central banker

    Agustin Carstens

    Open banking offers a salutary tale

    The lesson is that governments trying to regulate their way to a greater bank competition can have anti-competitive effects.

    The AFR View

    Editorial

    The AFR View

    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.

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    Politics

    Power prices are expected to be volatile through Australia’s transition to low-carbon energy.

    RBA inflation target challenged by power prices

    Other areas of the economy will need to offset the impact of higher than expected power prices to keep inflation within target, economists say.

    Prime Minister Anthony Albanese and Opposition Leader Peter Dutton at a Paralympics event on Tuesday.

    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.

    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.

    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.

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    World

    EY’s new boss leaves split questions up in the air

    Janet Truncale’s alternative to a failed spin-off of the firm’s consulting arm is criticised for lacking detail.

    Donald Trump’s conviction following his hush-money trial in New York is being appealed.

    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.

    A hung parliament would risk policy paralysis for the rest of President Emmanuel Macron’s presidency.

    French candidates bow out in bid to block far right

    More than 200 have confirmed they will not stand in Sunday’s second round voting 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.

    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

    ‘Insane’ Perth mansion with Vestey family links hits market for $35m

    A historic Perth mansion with links to Britain’s billionaire Vestey family has hit Western Australia’s prestige market guiding $35 million

    Stevens Construction completed this 40-unit project in Gosford for John Singleton.

    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’.

    Property developer Intaj Khan is expected to be called up for liquidator examinations on Wednesday.

    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.

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    Wealth

    The super trick every couple should know about

    It can make a material difference to your total retirement kitty and the tax you pay – but you need to get it right.

    Will a gambling or BNPL account wreck my mortgage chances?

    If you want to buy a house, lenders will go through your expenses with a fine-tooth comb – and Sportsbet and Afterpay accounts can be red flags.

    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.

    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.

    Mina Radhakrishnan is in the early stages of building a new start-up after :Different collapsed.

    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

    Litigation lawyer Craig Evans hosts Arnold Bloch Leibler’s podcast Access ABL, which interviews the firm’s partners.

    Why this radio host moved in with his in-laws to become a lawyer

    Check out the latest post in our fortnightly AFR series featuring professionals who have made a big career leap into the unknown.

    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.

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    Life & Luxury

    Porsche 911 GT3 RS

    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.

    Kirsha Kaechele, picutred at MONA in December, felt an urge to reorganise exhibits after the court ruling/

    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.

    Generic weighted armored vest exercise

    Supercharge your workouts with a weighted vest

    They’re suddenly everywhere and no wonder. It’s the one piece of gym kit that will get you fit faster while making you feel like an action hero,

    Queen frontman Freddie Mercury.

    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.

    From the gallery