‘Not sustainable’: sex work, steam rooms, crypto to be banned on NDIS
Payments for sex work will be banned under changes to National Disability Insurance Scheme funding, with federal Labor conceding a wide range of services being billed to taxpayers are unsustainable.
Mediaweek rocked by sexual harassment allegations
Trent Thomas, who owns and runs Mediaweek, was found by an internal HR investigation to have sexually harassed and bullied staff.
- Exclusive
- PwC tax scandal
Sold for $1, Scyne claws back a third of PwC’s revenue
Scyne, spun out of PwC a year ago, is heading towards $200 million in revenue, rebuilding a third of the roughly $600 million earned by its predecessor firm.
Mt Gox repays ‘forced’ bitcoin holders years after its collapse
Japanese bankruptcy lawyers have begun repaying thousands of creditors of collapsed crypto exchange Mt Gox, including some Australians.
Foreign start-ups swarm Australia, ‘buying time’ to show profits
Australia offers a gateway to Asia, a skilled commercial workforce and cultural commonality with the US, but its wealthy customer base is an even bigger prize.
- Opinion
- UK election
How The Muslim Vote’s sectarian insurgency over Gaza shocked Britain
Across the country, Sir Keir’s party was enjoying a famous victory, but a powerful counter-current flowed from a single cause, rooted in a single demographic group, writes Jake Wallis Simons.
ASX to sit out global rally amid iron ore woes
Australian shares are set to dip on Monday despite a strong lead from Wall Street as investors brace for the release of crucial US inflation data this week.
Wealth Generation: News and views to help aspirational investors grow their wealth. In your inbox every Wednesday.
SMART INVESTOR
Why this is the ideal age to downsize
Move into a smaller home too early, and you miss out on the opportunity to put additional money into super. Leave it too late, and you might not be up to the task.
How to turn a six-figure salary into lifelong wealth
Are you a HENRY (high earner, not rich yet)? Here’s how to rework your financial future to join the HNW (high net worth) ranks.
- Opinion
- Investing
Best investments of the past financial year, ranked by risk
Among the higher risk asset classes, global shares did very well, and gold even better. But the king of 2024 was bitcoin, writes Christopher Joye.
How the 50/30/20 budgeting hack can unlock your finances
This straightforward strategy suggests dividing your income into three buckets: needs, wants and financial goals.
Four ways to build wealth with your tax cuts
Whether you’re trying to pay off your mortgage early or boost your super, put your extra income to good use.
Get the front page and latest edition of the Financial Review as it was printed, delivered to your inbox every morning.
Companies
Ski season finds cold comfort from a slow start
Ski industry operators say soft early snowfalls combined with 13 interest rate rises have led to a slower start to the season. But things can change quickly.
Palmer accuses CITIC of contract breach with 3000 jobs in balance
The Chinese conglomerate has dismissed Clive Palmer’s claims as absurd in the latest twist in a bitter legal battle over an $18 billion WA mine.
- Analysis
- Due diligence
Competition for broadband intensifies as consumers crack down on bills
Small telcos such as Superloop and Aussie Broadband have been stealing internet customers from Telstra, TPG Telecom and Optus as consumers shop around.
Why Biden has investors worried, super fund winners and year ahead predictions
This week on the Chanticleer podcast, Anthony Macdonald and special guests Tony Boyd and Hannah Wootton talk about the US, super and predictions for FY2024-25.
- Exclusive
- Private equity
Quadrant taps Houlihan Lokey for premium pet food review
The private equity firm with a strong track record in the pets category is mulling its options, including a sale of the premium Prime100 brand.
Fortescue green dream sullied by spying revelation
Andrew Forrest is nowhere to be seen after the discovery that private investigators were hired by the company to spy on the families of former employees.
EQT’s latest $20b-plus infrastructure fund sets sights on Australia
The Swedish private equity firm expects to deploy billions of dollars in infrastructure by next March, and wants to add to its $11b of local deals.
Companies in the News
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Markets
- Opinion
- Investing
Michele Bullock’s next rate call will be one of the toughest
The RBA governor faces one of the hardest calls any central banker has ever had to make. The chances of getting it wrong are higher than ever, and so are the costs, writes Jonathan Shapiro.
The next global investing megatrend: war stocks
Governments around the world are ramping up military spending – and fund managers are positioning accordingly.
Meta, Apple drive Nasdaq, S&P 500 to record highs
Investors continue to press tech valuations higher bolstered by renewed bets that the Federal Reserve is closer to a rate pivot.
Why coal stocks are seeing an epic rally
Underground fires at two major coal operations have ignited a rally in unloved ASX miners, and some analysts are tipping prices to push even higher.
US payroll growth slows, jobless rate edges higher
Average employment growth over the past three months slowed to the least since 2021, bolstering the case for a pivot to interest rate cuts.
Opinion
NDIS payback for Shorten
The new regulations are a worthwhile but modest start, and after the Coalition’s playing politics, both sides should come together to get on top of disability spending.
Editorial
Reject injecting political Islam into Australia
The British general election has underlined the dangers now facing Australia’s political and social cohesion.
Editorial
Pezzullo bangs the war drums against placating an ‘imagined China’
The former Home Affairs secretary does not, however, present a philosophy of international relations that might form a basis for Australia’s position in the world.
International editor
Labor’s pledge is a bulwark against identity politics
Some say Labor’s caucus discipline is outdated in modern, multicultural Australia. In reality, it is more vital when individualism has infected the party of late.
Researcher
Keir Starmer can drive Britain to reform-led growth
Britain’s new PM must lock in growth quickly if he is to secure Labour’s huge win. With a planning system from hell and a 17,000-page tax code, there is plenty of scope for reform.
Editorial
Why things could get even worse for the Tories
If the Conservative Party doesn’t come to an understanding with Reform there is a real chance Reform could replace it as the main party of the right at the next election.
Historian, journalist, author and political commentator.
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.
Sponsored
by UNSW SydneyPolitics
Caps on overseas students are unworkable, ‘ridiculous’
The government’s own departments reckon putting caps on international students and what they can enrol in will be a bureaucratic nightmare.
Voters will ‘resist the poison from Canberra’: WA premier
Roger Cook says WA voters will resist the introduction of sectarian politics to Australia, warning against “poison” from Canberra coming into his state.
Federal Court allows class action contingency fees
Law firms will be able to run class actions off their own balance sheets in the Federal Court and share in damages awards.
Life sentences for Qld children as LNP pledges youth crime crackdown
Children convicted of murder in Queensland would be jailed for life, with Opposition Leader David Crisafulli saying “victims must come first”.
Fault lines: The growing divide threatening our society
Labor senator Fatima Payman’s resignation from the party highlights a schism between Muslims and the major parties. At risk is Australia’s multicultural ethos.
SPONSORED
World
Biden faces nervous wait as Democrat warns of ‘utter catastrophe’
The US president’s public appearances since the debate debacle have failed to stop a growing chorus of Democrats demanding he step aside.
Billionaire ‘French Murdoch’ behind Le Pen’s rise
Vincent Bollare’s TV channel and related media outlets have normalised and amplified the far-right leader’s message ahead of this weekend’s French elections.
Newcomer Starmer set to be mobbed at NATO summit
Britain’s new prime minister will travel to a NATO summit this week in Washington, where he will represent a rare point of centrist stability among unsettled allies.
Fixing broken Britain needs ‘tough decisions’, Starmer warns
The new prime minister held a cabinet meeting on Saturday to kickstart his bid to resuscitate the country’s ailing public services and tight finances.
Iran’s new president brings moderation hope to millions
Masoud Pezeshkian defeated his headline rival in the second round of Iran’s elections to become president, a victory likely welcomed by world powers.
Property
Lendlease plans $500m development in Sydney’s Edgecliff
The new project is one of many the developer needs to show investors it is replenishing its local housing pipeline as it pivots to a new Australian focus.
Winter chill, school holidays cut auction volumes
Buyers and sellers are cautious about the interest-rate outlook, but are still willing to pay strong prices for good homes – when they can find them.
- Exclusive
- Insolvency
Administrator takes builder Mahercorp to task for halting creditor payments
The insolvent builder has an obligation to meet repayment arrangements it struck with creditors before its restructuring, its own administrator says.
- Exclusive
- Luxury property
Family behind global furniture sensation buys $10.5m Sydney clifftop home
The Condos family of luxury furniture brand Harbour Outdoor pick up a second Maroubra house, while former Pendal CEO sells in Cremorne.
- Exclusive
- Luxury property
Stock picker takes Sunshine Beach spend to $46m
Wilson Asset Management founder Geoff Wilson and his wife, Karen Greer, have expanded their footprint in the area to three oceanfront properties.
Wealth
Time to buy into tech stocks has passed, says UniSuper
Soaring technology stocks helped increase the retirement savings of the fund’s customers last financial year, but it’s hitting the pause button on further investment.
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.
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
Movie stars to narrate audiobooks from beyond the grave with AI
The estates of Judy Garland, James Dean, Sir Laurence Olivier and Burt Reynolds have sold the rights to their famous voices to be used by an AI gimmick reader app.
‘I feel helpless’: techies are banning their kids from social media
The professionals who understand most how social media and other tech platforms work are keeping their own children away from them for as long as possible.
Uber cuts prices – but also pay rates for drivers
The company is expected to pull prices back by up to 5 per cent despite rising costs of insurance and fuel.
Work & Careers
- Exclusive
- Legal industry
Clifford Chance partner to dispute his termination
Perth-based Sam Luttrell, a leading arbitration lawyer, was terminated by the firm after an investigation into complaints of serious misconduct.
The education method that’s made this family millions
When Charles and Colette Assaf bought a Montessori childcare business in 2000, the IT entrepreneur never expected it would become his family’s future.
Life & Luxury
How Terri Irwin defied pundits with debt-free success
The wildlife warrior discusses business strategies that helped Australia Zoo navigate the shock death of her husband – and the zoo’s frontman – Steve.
Are you overweight or obese? Depends on where you carry your fat
European experts have developed a new framework to modernise the staging, diagnosis and management of obesity.
Sexual pathologists would have plenty to say about this film
Director Yorgos Lanthimos has returned to his arthouse roots in Kinds of Kindnesses.
The exercise habit that boosts this founder’s productivity
Road running in the morning gets Brand Rebellion’s Bryden Campbell primed for her workday.
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?
