Why angry Britain will finally dump the Tories
Five PMs, five elections and a three-ring circus: over 14 years, the Conservative government sowed the seeds of its own downfall – and leaves a mixed legacy.
- Opinion
- Chanticleer
‘If it was normal, I wouldn’t be in a job’: inside AusSuper’s year
CIO Mark Delaney realised he was too bearish and had to make an important call over Christmas. By April, it was reversed. Nvidia was at the heart of it.
- Exclusive
- International students
Visa crackdown halves students from these countries
Study visas to arrivals from India, Nepal and the Philippines have suffered as the odds stack against potential foreign students.
Investors dodge the ASX as a rate rise looms
Australia’s sharemarket is falling further behind its global peers as the risk of a rate rise threatens earnings and performance.
Which states are in ‘the slow lane’ for retail spending?
Retail sales in Victoria and Queensland are lagging the rest of Australia on a per-person basis, while Western Australia tops the spending charts.
- Live
- Markets Live
ASX rises as miners rally; Liontown drops 5pc
Shares advance at the closing bell; 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.
Senate eyes vote on extending data right for bank switching
With Treasurer Jim Chalmers working through banks’ concerns about the data right, Coalition senator Dean Smith is pushing for a Senate vote to add powers to it.
Wealth Generation: News and views to help aspirational investors grow their wealth. In your inbox every Wednesday.
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Companies
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.
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.
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.
Chalice cops a beating on back of weak link to Mitsubishi
The miner’s share price plunged more than 10 per cent after the market was underwhelmed by the potential tie-up with the Japanese giant.
- 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.
Companies in the News
Search companies
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Markets
Guzman y Gomez worth $62 if US dream succeeds: Morgans
The broker initiated coverage with a $30.80 price target, but says the Mexican fast-food chain could be valued at $62 with a successful push into the United States.
- Analysis
- Pets
Meme stock kingpin’s latest play has hit a brick wall
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.
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.
- 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.
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
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
Aged care insurance fees jump on threat of fines and jail
Premiums have doubled for some aged care providers and directors, due to potential big fines and jail time for breaching proposed tougher laws.
Economics editor
Why we need to have a genuine look at nuclear energy
Nuclear energy is the kind of nation building policy we need when our lucky country’s luck is running out.
Robert Menzies Institute
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
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
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
Aged care insurance fees jump on threat of fines and jail
Premiums have doubled for some aged care providers and directors, due to potential big fines and jail time for breaching proposed tougher laws.
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.
Small firms fight push to force data-breach reporting
Before critical cabinet considerations of major privacy reforms, small business groups say now is not the right time to add further compliance costs.
- 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.
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World
Boris Johnson in surprise late move to avert Tory wipeout
Making his first public appearance of the campaign, the former prime minister said Labour would “destroy so much of what we have achieved”.
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.
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.
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.
China seizes Taiwanese fishing boat near mainland coast
The squid fishing boat was near the Taiwan-administered Kinmen islands, which sit next to the Chinese cities of Xiamen and Quanzhou, but in Chinese waters.
Property
- Exclusive
- Luxury property
‘Insane’ 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 with a guide of $35 million.
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
- 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.
