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Burke, Albanese warn CFMEU not to fight administration push
Workplace Relations Minister Tony Burke warned the CFMEU he would legislate to remove legal barriers if it opposes the appointment of an external administrator.
Top 10 super funds revealed for FY24
A tiny mining industry fund delivered the highest returns for the second year in a row, with two retail super giants joining it in first place.
- Opinion
- Chanticleer
Stocks just keep rising, but bonds are flashing a big warning
Wall Street’s rally is grinding on, and now seems to be broadening out. However, beneath the surface, there are signs of fragility that shouldn’t be ignored.
- Live
- Markets Live
Tech and property stocks push ASX up 1pc
Shares advance; BHP breaks iron ore export record, promises copper lift; Cettire flags revenue, customers ahead of FY24 report; gold climbs to record; New Zealand Q2 inflation slows, keeps rate cuts on the table. Follow updates here.
- Live
- Need to Know
Trump feted by former rivals in show of Republican unity
Trump attends RNC before speeches from former rivals; Albanese, Minns and Burke all back independent administrator decision; Dutton says CFMEU scandal could be “biggest defrauding of Australian taxpayer”. Follow for updates.
- Opinion
- US election
Why Trump’s Republicans are feeling confident
The Republican National Convention is showcasing a party dominated by Donald Trump and his views, while the disarray in the Democrats just keeps coming, writes Jennifer Hewett.
Dexus poaches AustralianSuper’s infrastructure tsar Nik Kemp
It is the biggest hire so far by the company’s new chief executive, Ross Du Vernet, who took over the top post from long-serving Darren Steinberg this year.
Wealth Generation: News and views to help aspirational investors grow their wealth. In your inbox every Wednesday.
BUILDING BAD
- Investigation
- Building Bad
CFMEU boss caught on covert camera allegedly taking a cash bribe
A police lens hidden in the roof of the union’s Sydney office is said to have captured Darren Greenfield being passed money in a suspected kickback deal.
NSW premier backs independent administration of CFMEU
Chris Minns will suspend the union and ban any donations from it after a hidden police camera captured a union leader being passed $5000 in a suspected kickback deal.
- Exclusive
- Building Bad
Albanese to push aside CFMEU bosses
The Albanese government will seek to appoint an external administrator to clean up the CFMEU, sidelining its national and state leaders. The MUA is also considering whether to split from the CFMEU.
How vicious feuds 50 years ago sowed the seeds of the CFMEU
The evolution of today’s militant construction union can be traced back to the unlikely locale of the leafy Sydney suburb of Hunters Hill.
Outrage at CFMEU bid to get prosecution powers
The ACT branch of the embattled construction union is seeking powers to investigate and refer matters to the ACT Director of Public Prosecutions.
US ELECTION
- Analysis
- US election
Biden circle shrinks as Democrats fear election wipeout
The attempted assassination of Donald Trump at the weekend has muted some of the public pressure on the US president to exit the race. But the party remains deeply divided.
Trump could be ‘a loser’ if he abandons Ukraine, says Tony Abbott
The former prime minister reckons that Vladimir Putin owes the families of MH17 victims an apology and compensation for the “atrocity”.
- Opinion
- US election
How toxic talk turns too easily to assassin’s bullets
A more centrist political culture doesn’t make Australia immune to the language that has inflamed American politics in recent times, writes Georgina Downer.
Trump donations surge to record levels
The $600 million raised is three times the first-quarter total and roughly double their contributions from the same period of the 2020 election.
Like Vance, Rudd has changed his views on Trump
The Australian ambassador to the US says he has been busy building bridges with Donald Trump’s team and the Republicans’ MAGA movement.
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Companies
BHP breaks iron ore export record, promises copper lift
The mining giant could raise copper production by 10 per cent in the year ahead as its most important commodities offset nickel and coal woes.
Ramsay’s French asset posts weaker earnings, launches debt refinancing
The healthcare provider says lower government subsidies and inflation are hurting the performance of its Ramsay Sante business.
‘Not good enough’: Blackbird admits its gender pledge has stalled
Australia’s largest VC fund pledged to track data to support its rhetoric around investing in more women founders. Its first report shows it has gone backwards.
- Exclusive
- Private equity
Viral beauty brand Coco & Eve snares $100m American PE investment
The company, marketed as vegan and cruelty-free, was founded in 2018 by Emily Hamilton and sells a range of hair, self-tan and body care products.
- Exclusive
- Big four
ANZ suspends traders for alleged misconduct amid markets probe
The bank’s executives are battling to contain a growing scandal about its trading team, with the regulator investigating whether bond trades were manipulated.
- Updated
- Roads
Review finds Transurban should be forced to renegotiate Sydney tolls
The recommendations put the NSW government on a collision course with the ASX-listed motorway giant, which controls 11 of the city’s 13 toll roads.
AGL, Squadron CEOs warn of pitfalls in flagship clean energy policy
The Capacity Investment Scheme could end up supporting poor projects that only won contracts because they bid at a cheap price and which will never be built, a clean energy summit heard.
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Markets
Interest rates might need to stay high to tame inflation: IMF
The IMF’s warning comes as economists await June quarter CPI numbers, which will be decisive in determining whether the RBA raises interest rates in August.
What happened overnight? The Dow gained as rally broadened, yields eased
Australian shares were set to open higher. The Dow rose 743 points or 1.9 per cent; UnitedHealth surged. Trump would keep Powell, saw 60-100 per cent tariffs on Chinese imports.
Bond market dials up US rate cut bets; RBA left behind
Goldman Sachs says there is now “solid rationale” for the Federal Reserve to start cutting rates this month. It’s a different picture in Australia, where markets are still pricing in a rate rise.
Investors to pull money from banks as property, miners rebound
Equity strategists are expecting the ASX 200 to stay around 8000 points until the end of the year. But it won’t be the banks leading the year-end rally.
- Opinion
- Chanticleer
Why these 14 ASX stocks could be set to disappoint
The sharemarket might be flirting with all-time highs, but there’s a growing sense investors are far too optimistic about earnings growth next financial year. Here’s why.
Opinion
Australia’s blue blood miner, management moderniser and business nationalist
During his heyday in the 1970s and ’80s, Sir Roderick Carnegie was a believer in the power of big corporations competing in open markets to drive human progress.
Editorial
Why Trump and other trends all point to higher inflation
Societal forces from politics to geopolitics to de-globalisation to ageing and climate change are creating conditions that push towards higher inflation.
Economics professor
Time running out to fix school funding sticking point
Here we are, 12 years later, with at least one school generation having finished their education, and there’s still no needs-based Gonski funding for disadvantaged students.
Charity leader
Donald Trump goes for broke with Vance
Vice presidential candidate J.D. Vance is more evidence of how confident the Trump campaign feels about its election prospects.
Columnist
By picking J.D. Vance as VP, Trump has picked himself
There’s no broadening of the ticket. It’s a declaration that a 2024 victory means the Republican Party will remain fervently nationalist and populist for years.
US political columnist
Surely everyone knew the CFMEU’s dirty secrets?
Given the money flows between the union, criminals, building companies and the Labor Party, cleaning out this poison must surely require action by federal or state corruption bodies.
Editorial
Reports
Sustainability Leaders
The list celebrates Australasian companies that are making real progress in tackling sustainability challenges – and delivering business value along the way.
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Chief justice intervenes in tax plan for judges
Federal Court Chief Justice Debbie Mortimer has also banned judges using their travel allowance for conferences.
Contribution caps to be raised or removed under aged care reforms
The lifetime contribution cap for residential care would increase from $76,096 to $190,000, and abolished for home care.
Dutton a threat to energy transition’s ‘critical decade’: Bowen
Investment in renewables would grind to a halt on the election of a Coalition government, Climate Change and Energy Minister Chris Bowen says.
- Exclusive
- Cybersecurity
Hunter to hunted: China hit by rise in cyberattacks
Cyberattacks shutting down access to Chinese websites have ramped up significantly in the first part of 2024.
The battle for Australia’s new submarines
A new book reveals the problems Australian political and military leaders faced in making the most important naval acquisition in a generation.
SPONSORED
World
Fewer aristocrats: Starmer lays out left-wing vision
The supposedly cautious UK PM is proposing votes for 16-year-olds, taxpayer funds for green energy, nationalising the railways and rolling out new workers’ rights.
French government to resign but stay on in caretaker role, sources say
The caretaker government will run current affairs in France, including the start of the Olympics, but cannot pass laws.
Luxury brands roll out huge discounts as Chinese rein in spending
The sales are being offered primarily by aspirational brands such as Versace and Burberry, as China’s once-voracious middle-class consumers become more frugal.
In Vance, Trump picks an ambitious ideologue and Millennial
His youth – there are nearly 40 years separating them, and he is the first Millennial nominated to a major-party ticket – could prove a boon to the ticket.
Trump’s running mate once called him an ‘idiot’ and ‘unfit for office’
J.D. Vance, once a strong critic of Donald Trump, and widely known as the best-selling author of ‘Hillbilly Elegy’, will be Donald Trump’s vice president.
Property
Remote work crushes next wave of office towers: experts
The next wave of CBD skyscrapers may not emerge for another decade as Sydney and Melbourne office markets recover from the rise of remote work and record high vacancy rates.
- Opinion
- Property market
Where to profit from Brisbane’s Olympic property boom
How to work out where to invest so that your gains hold for the long term.
The city that is still relatively affordable to buy a house
Rapid house price increases in the past year has sparked a sharp decline in the proportion of affordable house markets across Perth, Brisbane and Adelaide.
- Exclusive
- Retail property
Challenger sells Tasmanian mall for record price
The wealth giant has sold Channel Court, which is the largest sub-regional mall south of the Hobart CBD, for $82.5 million.
- Exclusive
- Commercial real estate
Consolidation coming to co-working as Melbourne rivals merge
CreativeCubes, backed by Flight Centre co-founder Geoff Harris, has bought five Melbourne hubs from Workspace365 as it prepares for an offshore assault.
Wealth
Popularity of sustainable ETFs dives to lowest in a decade
Platinum Asset Management will terminate its Global Transition Fund due to low demand.
These cheap mining stocks still offer opportunity for investors
A drop in mining business valuations has opened a window of opportunity for investors looking to lock in cheap prices and potentially big dividends.
Super giant is ‘comfortable’ being among the worst funds for FY24
Industry super fund Hostplus’ annual return for its default product was among the lowest in the sector, but CIO Sam Sicilia says its long-term plan is solid.
Technology
- Exclusive
- Funding
Construction start-up lands mega $105m deal
Melbourne software company HammerTech has landed a $105 million investment from Californian private equity shop Riverwood Capital.
- Exclusive
- Funding
Woolies, Harris Farm, Tesla chair, pile in to back biosecurity start-up
ExoFlare has plans to build a global biosecurity tech firm, modelled on international cybersecurity players, and has big-name backers watching as it helps tackle bird flu.
- Exclusive
- Funding
Sydney VC raises $20m in four days for ‘evergreen’ fifth fund
Early-stage software investor EVP’s fifth fund is targeting an underserved segment of the Australian capital market, and pulled in $20 million since last Thursday.
Work & Careers
Ashurst partner profits top $2.5m as US challenge looms
Ashurst’s revenue rose by 9 per cent, and partner profits received a handsome boost. But the UK-based firm is looking to the US as American rivals challenge.
This pharmacist retrained as a petroleum engineer just as oil tanked
Check out the latest post in our fortnightly AFR series featuring professionals who have made a big career leap into the unknown.
Life & Luxury
No great leap to self-driving cars, just small steps
The head of Mercedes-Benz’s automation program admits self-driving is lagging, but says the tech is already bringing big gains in safety.
How to pack and stay sane when you travel 200 days a year for work
Photographer Cindy Miller Hopkins travels from polar regions to steamy island jungles. She shares some of her packing tips – including taking two of everything.
This could be the funniest business book you’ll read all year
Former Australian trade negotiator Dmitry Grozoubinski has written a tome about international trade policy. And for that, he’s very, very sorry.
Why fishing is time well spent for this finance podcaster
Casting a line offers a practical life lesson for author and podcast host Glen James.
The nine most pressing questions about middle age, answered
Read this, and you’ll be able to navigate its aches and pains, weight gain, perimenopause, low libido, memory loss, chronic diseases and stress.
