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.
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.
- Opinion
- Energy transition
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.
- Live
- Need to Know
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.
- Live
- Markets Live
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.
- Analysis
- Open banking
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’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.
- 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.
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.
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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.
- 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.
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.
- 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.
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.
Economics editor
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.
BCA chief executive
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.
Contributor
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.
Global financial commentator
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
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.
Editorial
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
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.
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.
- 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.
- 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.
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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.
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 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.
- 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
- Exclusive
- Luxury 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
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.
Wealth
- Opinion
- Superannuation
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.
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 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.
Life & Luxury
- 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.
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,
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.
