More RBA rate rises ‘unwarranted’ as non-migrant jobs growth tumbles
Yarra Capital chief economist Tim Toohey has cut his economic growth forecast from 2.25 per cent to 1.75 per cent in 2024-25, well below the RBA’s 2.1 per cent.
Against a gloomy security outlook, leaders gather for NATO summit
Australia will have a diminished presence as the summit grapples with China, Russia, Iran and North Korea working together to upend the global order.
Russia hits Kyiv children’s hospital in missile attack that kills 20
Russia launched a missile attack across five cities in Ukraine, striking a children’s hospital and apartment buildings and killing at least 20 people.
Scyne hires from public service, new KPMG role for former OECD exec
Public sector consulting firm Scyne has appointed its first new managing director, while KPMG has brought on former Labor minister David Bradbury as a partner.
South Africa open to deals – it’s all in the approach
South Africa’s government will do deals, like the ones BHP would need to acquire Anglo American, but they need to be done discreetly.
Copper boss in swipe at BHP after $393m Indonesian-led takeover bid
Indonesia’s billionaire Salim family has swooped on Australia’s biggest fully permitted copper project.
UK results signal Labor threat from Muslim Vote
Labor believes the war in Gaza will boost independents and the Greens, including in the Melbourne electorate of Wills.
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MONDAY MEDIA
Mediaweek publisher to ‘step back’ amid workplace misconduct claims
Formal complaints about alleged behaviour of Trent Thomas, owner of the trade media publication, lodged by two people and investigated by external firms.
‘We know nothing’: Media blasts information void in privacy reform
Uncertainty about the Albanese government’s new privacy laws threatens billions in advertising, with one data firm urging clients to pause online targeting.
Todd Woodbridge and the jackpot quiz thwarting Seven’s news offensive
The former tennis star and Nine presenter is upending the 6pm news ratings battle because of the unlikely success of the game show he hosts at 5pm.
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.
Airtasker bets $10m stake on radio, outdoor media surge
Airtasker founder Tim Fung has signed two deals in two weeks with media companies to promote its gig economy platform.
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Companies
- Investigation
- Property development
Investors ‘hung out to dry’ as NDIS housing schemes fail
Investors had been pitched double-digit “government-backed” returns. But there are no signs of those and, without tenants, there is little choice but to liquidate.
Private credit jumps 45pc in five years and is threatening banks: Citi
Risk-averse major lenders have created a “structural” change in the market by staying away from indebted companies and commercial real estate, analysis says.
Can the NRL pull off its biggest ever expansion?
The NRL is deciding whether to expand to a 20-team competition. The rewards could be huge, but the clubs aren’t so confident.
HMC Capital chooses battery storage for first climate investment
David Di Pilla’s asset manager will pay up to $50 million for a controlling stake in StorEnergy, which is headed by a former Spark Infrastructure executive.
- 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.
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
- Competition
Could this be the country’s stupidest public policymaking debacle?
From a regulator which has declared it can’t do anything to a company – PEXA – transparently trying to keep its monopoly, there’s not much that can compare, writes Kylar Loussikian.
Companies in the News
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Markets
Why the Aussie dollar rally could just be getting started
It’s a good time for Australians to be heading overseas, with the currency’s surge to a six-month high likely to extend into the second half of this year.
Some of the Gulf’s most influential investors? They’re Australians
The region’s state-owned investment funds that account for more than $US3 trillion ($4.44 trillion) in capital – increasingly deployed into Australian companies.
ASX slips as iron ore sell-off extends; BHP, Rio Tinto fall
Australian shares edge lower. Core Lithium rallies as other lithium miners fall. Iron ore extends Friday drop.
Meet the fund manager doing it better than everyone else
In a market completely saturated with Aussie equity funds, Robert Gregory, a one-man band, has come out on top thanks to some cracking stock bets.
- 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.
Opinion
Our larrikin egalitarianism is more appealing than tribalism
This is another critical time for this nation’s multiculturalism. Anthony Albanese must lead the case against sectarian identity politics that might unsettle it.
Columnist
The one reason swing states are turning back to Trump
Joe Biden is still betting big he can move key swing states his way, but Arizona was shifting back to Trump well before that debate.
Columnist
This is the new normal of office life
Flexible working patterns in a decent place that makes it easy to do the job you’re paid for is a basic recipe for success in a post-pandemic world.
Columnist
Macron the gambler wins the right to play kingmaker
The French left’s best chance of power is to follow the Keir Starmer strategy of breaking with the extremists and reuniting with the centre.
European political commentator
How to invest in the golden age of health disruption
Investing in healthcare in today’s market combines exposure to two key drivers – structural demand growth and disruptive innovation.
Managing Director at UBS Global Wealth Management Australia
Reject injecting political Islam into Australia
The British general election has underlined the dangers now facing Australia’s political and social cohesion.
Editorial
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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by UNSW SydneyPolitics
Japan, Philippines sign defence deal amid China tensions
Japan and the Philippines sign deal to boost security; New housing loans fall in value by 1.7 per cent to $28.8 billion. How the day unfolded.
- Exclusive
- Insolvency
Labor reveals personal bankruptcy overhaul
The threshold for involuntary bankruptcy will rise to $20,000 and Attorney-General Mark Dreyfus will also launch consultations for a mini-bankruptcy regime.
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.
- Exclusive
- AUKUS
Australia might blink at AUKUS cost, fears Trump’s ex-Pentagon chief
A former top security official under Donald Trump says AUKUS would be safe under a Trump administration but he is more worried Australia could baulk at the hefty cost.
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.
SPONSORED
World
NATO allies to pledge $64b for Ukraine amid domestic turmoil
Tectonic shifts have undermined NATO’s efforts to cast the alliance’s 75th anniversary as a show of unwavering support for Ukrainian President Volodymyr Zelensky.
The untold story of the most chaotic NATO summit ever
Donald Trump’s hijacking of the 2018 NATO summit marked the biggest turning point in the history of the alliance that has guaranteed European security since 1949.
Boeing to plead guilty to fraud for violating deal on 737 Max crashes
The guilty plea marks a low point in the company’s century-long history after years of turmoil sparked by two crashes.
- Updated
- World elections
France faces political gridlock after shock election result
France faces fresh political uncertainty and weeks of wrangling, with an intractable hung parliament carved up between three blocs, after a shock election result.
House Democrats join calls for Biden to step aside
More Democrats in Congress are expected to voice their concerns that the president step aside, but others are mounting efforts to stand by him and refocus.
Property
Redcape sells trio of pubs for $136m to meet priority redemptions
Redcape managing director Chris Unger said the group will pay out priority redemptions and provide $40 million of liquidity over the next year.
Home loan size hits record $626,055 as Perth, Brisbane power up
Owner-occupiers are, on average, taking out larger loans than ever before despite the fact the cash rate is sitting at a 12-year-high.
One-bed unit, no car park – the price? Almost $1m
There were not many takers for this nice, but expensive, property. But one buyer valued it differently – and was prepared to pay for that.
Foreign land buyers take class action against Victorian surcharge
It’s the latest step in a debate between those who argue taxation based on nationality is discriminatory and state governments that say it’s about revenue.
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.
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
- Exclusive
- Start-ups
Start-up ditches carbon credits supplier after Zimbabwean fiasco
Sendle’s CEO says it has found new suppliers to stay carbon neutral as it faces a wave of discontent from former staff.
- Analysis
- The Breakdown
Zuckerberg shows he is, like a teen, desperate to be cool
The man who has everything is still stung by criticism and anxious for validation online, proving his critics right about Meta’s effects on mental health.
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.
Work & Careers
Sending kids to selective schools doesn’t pay off: study
Demand for selective public high schools far outweighs places, but a new study casts doubt on whether they live up to their promise.
Work-free Friday nights ‘unrealistic’ for CEOs
British Prime Minister Keir Starmer says he tries not to work past 6pm on a Friday. Some of Australia’s top CEOs say that wouldn’t fly in their world.
Life & Luxury
The all-in-one physical, mental and emotional workout
Kimbali Harding began learning piano as a toddler. The hobby has not just guided her career choice – she can’t imagine her life without it.
- Driving With Tony Davis
- Motoring
The upgraded Tesla that’s cheaper than its predecessor
The new Model 3 Performance delivers a power boost and driving modes that range from Chill to Insane.
The secret to ageing may lie in AP-1
Australian researchers appear to have uncovered a crucial master controller that governs the activity of human genes as we develop and age.
Why you probably need to rethink your bucket list
Rather than grand plans, small actions every day are the key to achieving happiness and a sense of worth.
Why Sofia Coppola is so enamoured by this particular lip balm
Such is her dedication to European brand Augustinus Bader, the movie director has helped it create three tinted versions.
