- Opinion
- Canberra Observed
Muslims and farmers, everyone wants a piece of Labor
An unanticipated backlash in WA is the last thing the government needs, given the prospect of the creation of a pro-Muslim political movement targeting heartland ALP seats, writes Phillip Coorey.
Australia’s winter gas woes to extend into 2025
Considerably higher demand for heating in the winter months is set to cause supply shortfalls in NSW, Victoria and Tasmania.
Labor plays down call to break up ASIC, talks up whistleblower rewards
The Australian Securities and Investments Commission was on Wednesday accused of being a “toothless tiger” in the final report of a 20-month Senate inquiry.
Leaving war-torn Ukraine was hard. Then this AI worker tried Australia
Tech skills have been in red-hot demand for a decade, but skilled migration has cooled as numerous companies have shed staff in the so-called tech funding winter.
BHP misses internal targets, docks incentives across global workforce
BHP’s top brass has cut employee incentives around the globe based on failures to hit internal performance targets.
Tamawood profit jumps, but can’t predict FY25 earnings
Chairman Robert Lynch said factors such as the Queensland election, weather and land shortages meant it was “impossible” to predict the builder’s performance.
Santos wins court battle on EDO funding quest
The Federal Court also cleared the way for Santos to pursue the Environmental Defenders Office for costs in its failed case against the Barossa gas project.
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Companies
Zinc miner’s $30m deductions claim sinks in royalties stoush
Queensland Supreme Court rejects attempts to claim expenses for managing a transport vessel – before a management agreement started.
More law firms hit gender targets as partnership gap narrows
A record number of law firms now have more than 40 per cent female partnerships, but part-owner gender ratios contrast sharply with the engine room.
Fastest-growing firm pledges ‘aggressive’ targeting of legal rivals
Global law firm HFW has booked record local revenue, and says it plans to target competitors for further growth.
Saudi, UAE interest puts $25b Santos in play
Renewed takeover speculation has underlined the oil and gas producer’s status as a potential target in the wave of global energy consolidation.
ACCC gives Lendlease, Stockland two-month ultimatum over $1.3b deal
The competition watchdog has further delayed a decision on the two property giants’ transaction over a 12-community portfolio of assets.
- Exclusive
- Emissions
NSW coal power stations put on notice over CO₂ limits
The new licence conditions come amid a resurgence in coal power generation in the state and across the National Electricity Market in the June quarter.
Treasury Wine US exec in restraining order row with Napa official
A restraining order has been filed against Debra Dommen by a Napa Valley politician, Belia Ramos, who says the Treasury exec opposed her re-election.
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Markets
AOFM chief puts banks on notice as bond trading probe heats up
The head of the government’s debt agency has reminded the banks, which are hired to help it sell billions of dollars of bonds, what is expected of them.
Banks, REITs will only get cheaper as outlook darkens: fundies
Australian fund mangers Merlon Capital, Lazard Asset Management, Australian Eagle and Blackwattle share their best stock picks for FY25.
Miners boost shares; Santos jumps, bitcoin sinks again
Shares rise 1pc. Lendlease, Stockland deal faces ACCC opposition. Magellan jumps. Japanese shares, Nasdaq hit record high. Gold, oil climb. Follow here.
Phil King’s Regal Partners set for major payday after banner year
Soaring funds under management and strong performance pushed fees at the investment house, which has snapped up several rivals this year, to record levels.
Why Forager exited Meta after the stock surged 194pc
Portfolio manager Harvey Migotti oversaw a 21 per cent 2023-24 return. He reveals how the big returns from Meta were redeployed into quality compounders of the future.
Opinion
Sectarian divide threatens idea of Australia that benefits migrants
Battling out toxic foreign feuds here, and pushing votes on issues far beyond the reach of Australian governments is both pointless and divisive.
Editorial
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
Dutton’s populist break up big stick betrays Liberal principles
Cheap anti-business sentiment is fuel for the left and right-wing populists causing havoc in Europe and the US. No one should be rushing to bring it here.
Editorial
Canberra’s $1b digital identity play could be the next white elephant
The failure of open banking and the poor uptake of My Health Record offer a salutary warning for the government’s digital ID system.
Government editor
There is no catastrophic failure of AUKUS Plan A
The “optimal pathway” may not run exactly to plan, but the risk is known, is being managed, and all three partners have demonstrated their commitment to the process.
Defence expert
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
Reports
Law partnership survey
After a period of caution following a pandemic-era peak our Law Partnership Survey shows firms have roared back, with growth near its COVID-era record.
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‘Stay tuned’: Payman open to forming a new party
First-term senator Fatima Payman has not ruled out forming her own political party after she quit the ALP, citing its “indifference” to the plight of the Palestinians in Gaza.
St Vincent’s splits with insurer NIB amid private hospitals ‘crisis’
St Vincent’s on Thursday told health fund NIB it would walk away from its contract over an entrenched pricing disagreement.
- Exclusive
- Energy
LNP to debate nuclear despite ‘intriguing’ omission
The LNP’s Queensland base will be “white-hot angry” if convention doesn’t debate nuclear energy, senior federal MP warns.
Lebanon evacuation plans under way as Hezbollah menaces Israeli border
A stern warning to Israel’s ambassador not to escalate the war was delivered with the safety of up to 20,000 Australians in Lebanon in mind.
Betting apps should let gamblers know ‘if they’re up or down’
Online gambling accounts should display the amount of money that punters have won or lost to better inform problem gamblers, a technology entrepreneur has proposed.
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World
- Analysis
- UK election
How will Keir Starmer change the UK?
As a Labour government gets set to take the reins after 14 years of Conservative rule, what will Starmer do with power in his first 100 days and beyond, writes Hans van Leeuwen.
Labour set for landslide win as UK votes
Britons began casting their ballots, as opinion polls suggest a Labour win of historic proportions. But the many tight three-way contests could still deliver a surprise.
Democratic governors back Joe Biden as crisis deepens
The president met more than 20 influential governors to assure them that he was committed to his re-election campaign.
Biden told ally that he is considering withdrawing
The president reportedly said he understands his future could be determined within days, although the White House called the report “absolutely false”.
- Analysis
- World elections
Why Starmer should now play prosecutor on Brexit
Labour and the Tories have avoided the topic, but a full audit of the impact of leaving the EU would deliver political and economic benefits to incoming ministers.
Property
ACCC gives Lendlease, Stockland two-month ultimatum over $1.3b deal
The competition watchdog has further delayed a decision on the two property giants’ transaction over a 12-community portfolio of assets.
- Exclusive
- Luxury property
Palm Beach trophy sale sets 2024 peninsula record
Frank and Amber Elsworth’s Karala estate has clocked the elite Sydney suburb’s most expensive deal of the year as the coastal market stays below its COVID-19 peak.
Rents in Sydney, Melbourne are starting to come down
New figures show asking rents plateauing or even falling in some markets after several years of sustained increase.
Inside Atlassian’s new workplace – just don’t call it an office
The company’s new Melbourne site has been designed as a so-called connection hub. It only has 12 desks, with an emphasis on social spaces instead.
New home approvals rise to six-month high
As two project approvals in Brisbane and Melbourne show, soaring materials and financing costs have made new projects unviable for all but the priciest homes.
Wealth
Aware Super cashes in on tech, healthcare bias to return 11pc
Aware follows several other super funds with high global equities exposure reporting returns of more than 11 per cent for 2023-24 as tech stocks soared.
- Opinion
- Superannuation
Don’t switch super funds until reckoning in unlisted assets is over
Industry fund executives regularly boasted about capitalising on the so-called “illiquidity premium”, but the world has changed.
Heavy office tower exposure drags down Cbus’ annual returns
But the construction industry super fund stood by its heavy allocation to the asset class, even as its financial year returns fell below rivals.
Technology
America’s campaign to kill Huawei has failed
After international sanctions drove profits down 70 per cent, the Chinese telecommunications company learnt that it didn’t need to rely on the West.
Investors pour billions into AI start-ups, defying a downturn
The AI boom that started in late 2022 has become the strongest counterpoint to the broader downturn in technology funding.
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.
Work & Careers
The co-CEOs who learned the secret to business from ... pasta
Shaun Greenblo and Elliot Midalia are managing directors at Boody, a bamboo-based clothing company. They both meditate – in their own way – before office hours.
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.
Life & Luxury
This week’s pick of luxuries: a $17k wrist cuff and a posh dog harness
Who needs a sculpture by a top American artist when you can get a mini version for your wrist? Or another artwork for your walls when your pooch can wear one?
From ‘Groundhog Day’ to ‘Atonement’: living in a famous building
Life with a piece of cultural history can help pay the bills, but it can also bring some unexpected visitors.
Ozempic could be linked to sudden blindness: report
Patients who took the drugs for weight loss were seven times more likely to be diagnosed with a stroke-like eye condition, according to Harvard research.
The hippy hotelier upping the ante in Bali luxury
We’re a lab for showing those greenwashing monkeys in Bali that not everybody wants to spend their holidays in a concrete shell, says John Hardy of his fantastical jungle resort.
Sexual pathologists would have plenty to say about this film
Director Yorgos Lanthimos has returned to his arthouse roots in Kinds of Kindnesses.
