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Dutton puts CFMEU’s future on the election agenda
Peter Dutton has made the future of the CFMEU an election issue by pledging to deregister the union if he wins office, as well as re-establishing the construction industry watchdog.
Obama tells allies Biden needs to seriously consider his viability
Former president Barack Obama has told allies in recent days that President Joe Biden’s path to victory has greatly diminished, The Washington Post reported.
Dutton puts CFMEU’s future on the election agenda
Peter Dutton has made the future of the CFMEU an election issue by pledging to deregister the union if he wins office, as well as re-establishing the construction industry watchdog.
We don’t know when rates will be cut again, ECB says
European Central Bank chief Christine Lagarde says the question of an interest rate cut in September is “wide open”, and dependent on data.
Green hydrogen too ‘expensive and inefficient’: Finkel
Former chief scientist Alan Finkel – who devised Australia’s first clean hydrogen strategy – now says we are “unlikely to use hydrogen for storage of electricity”.
Workers’ rights law firm admits to underpaying staff $300,000
Prominent class action firm Slater & Gordon says there are “no excuses” for the underpayment which was due to a decade-long miscalculation of leave entitlements.
- Opinion
- Canberra Observed
Wall-to-wall Labor not necessarily a bonus for the PM
As the federal election nears, the question is whether Labor in power across the entire mainland has become a problem for the Albanese government in terms of brand damage, writes Phillip Coorey.
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BUILDING BAD
- Opinion
- CFMEU
On CFMEU, Albo must emulate Hawke
The union must be deregistered, and government construction contracts must once again be used to ensure that unacceptable union behaviour is not tolerated.
CFMEU treats $19m in fines as ‘cost of doing business’
Judges have constantly called out the rogue union while issuing workplace penalties of about $19 million since 2016 – including the latest on Thursday.
Labor rules giving building unions more powers on projects
The construction industry in Queensland is worried about state policies that benefit the CFMEU, but which will saddle consumers with great costs.
APRA puts onus on Cbus to ensure CFMEU directors are fit, proper
Senators have called for the construction industry fund to cut ties with the CFMEU amid allegations of criminality at the union. The prudential regulator says it is up to superannuation fund boards.
ACCC urged to investigate damning CFMEU document
Competition experts are shocked at a secret side deal between John Holland and the CFMEU to only use three-CFMEU-backed labour hire companies on a major state project.
US ELECTION
- Opinion
- US election
Democrats try to stop the slide as Biden isolates
Nothing has gone right for Joe Biden since his disastrous debate with Donald Trump last month. His COVID diagnosis may be the last straw for a distraught party, reports Jennifer Hewett from New York.
Economic populism clashes with Trump’s pitch to donors
Even as the former president leans into populist themes that make some Republicans wary, he has told major donors he is the only bulwark against higher taxes.
- Analysis
- US election
Will Vance’s rags-to-riches story win back Trump deserters?
The senator lauded the former president, calling him “a once-in-a-generation business leader” who showed the instincts to fight for his country when he was shot.
- Updated
- US election
Two top Democrats tell COVID-struck Biden he won’t win
The two top Democrats in Congress have privately told Joe Biden that he can’t beat Donald Trump in November, as the president, now isolating with COVID-19, conceded he would give up the race if a doctor told him he had a problem.
The Trump family: who is up, who is down, and where is Melania?
Ex-president’s wife and daughter Ivanka fade into the background as Republican National Convention chair Lara takes the limelight.
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Companies
Star was warned of lack of executive experience before NSW inquiry
A report from special manager Nick Weeks blames regulatory and financial pressure as reasons for a lack of good quality candidates on Star’s board.
Telix shares hit new high on upgraded revenue forecast
The biotech’s shares double in value this year due to strong sales in the United States for its prostate cancer imaging product.
LNG export purse crunched 25pc as prices drop
Australia’s LNG revenue fell in 2023-24 despite flat export volumes, with Santos’ sales broadly reflecting the wider picture as prices softened.
Forrest says Element Zero execs burned bridges ‘like Nazis’
Fortescue chairman Andrew Forrest has distanced himself from surveillance tactics used against former employees, but fully supported the IP lawsuit against them.
- Updated
- Food
Domino’s shuts dozens of stores, dumps big growth target
The company told shareholders it would close stores in Japan and France and warned that the “timing of achieving the long-term outlook was under review”.
Albanese sticks to hydrogen despite Fortescue retreat
Andrew Forrest ditching plans to produce 15 million tonnes of green hydrogen by 2030 has sparked questions over the government’s climate policies.
- Updated
- Big four
ANZ board ‘acutely focused’ on trading scandal
In a note to staff, the bank’s executives said directors and senior management met on Tuesday to review probes into workplace conduct and market manipulation.
Companies in the News
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Markets
The Aussie funds that beat bitcoin and big tech
It was often savvy bets at the smaller end of the market that shot the top-performing fund managers to the top of the leader table in the last financial year.
SG Hiscock offloads retailers and buys these small caps instead
Small caps manager Shawn Lee explains why he’s bearish on the consumer discretionary sector and names a Kiwi-based retirement living operator as a stock he thinks is cheap.
- Opinion
- Chanticleer
Nvidia crash shows dark side of the Trump trade
Donald Trump’s comments on Taiwan added to a global sell-off in computer chipmakers. The episode has three big lessons for investors.
Geopolitics tops inflation as key market risk: global fund managers
The “perception” of geopolitical risk is a net 88 per cent above normal, and at its highest since November 2022, according to a Bank of America metric.
Tech sector plunges; traders lift bets on interest rate increase
Jobless rate edges higher in line with expectations, job gains beat forecasts. Domino’s cuts guidance. Telix lifts sales forecasts. Nasdaq posts worst day since 2022. Follow here.
Opinion
Wall-to-wall Labor not necessarily a bonus for the PM
As the federal election nears, the question is whether Labor in power across the entire mainland has become a problem for the Albanese government in terms of brand damage.
Political editor
Democrats try to stop the slide as Biden isolates
Nothing has gone right for Joe Biden since his disastrous debate with Donald Trump last month. His COVID diagnosis may be the last straw for a distraught party.
Columnist
Picking green over blue is stalling our hydrogen superpower hopes
Labor’s tax incentive scheme maintains the habit of describing identical molecules with colours of the rainbow. It is out of step with Australia’s competitors and customers
Energy expert
Don’t put all energy transition eggs in one green basket
The energy revolution is producing militant evangelists and sceptics of individual technologies. Andrew Forrest’s hydrogen retreat shows policymakers need to be more open-minded.
Editorial
Only a full judicial inquiry can lift the lid on the CFMEU
The scandals at the construction union leave a host of unanswered questions that will shape the future of industrial relations in Australia.
Former Fair Work Commission vice-president
CFMEU’s industrial power has corrupted
The scale of the systemic wrongdoing that has been uncovered demands a fuller judicial inquiry that must also probe the institutional enablers of the CFMEU’s crimes.
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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Trust in government is the newest gender divide
Only 38 per cent of Australian women trust the federal government, compared with 54 per cent of men, an OECD study has found.
Labor urged to include tax havens in profit shifting crackdown
About 50 per cent of large US companies and multinationals from China, Japan, and Germany will be covered by the rules.
- Updated
- Employment
Rate rise chances grow as employment jumps
The market is pricing in a one-in-five risk the RBA will increase the cash rate when it meets next month, after 50,000 jobs were added to the economy in June.
One in 40 highly indebted homeowners are behind on their mortgage
Banks expect home loan arrears to increase further as more borrowers struggle to deal with high interest rates and cost-of-living pressures.
Don’t restart energy wars, business and green groups warn
A coalition of business and environment groups has urged governments to provide credible and consistent energy policy.
SPONSORED
World
Economic populism clashes with Trump’s pitch to donors
Even as the former president leans into populist themes that make some Republicans wary, he has told major donors he is the only bulwark against higher taxes.
- Updated
- US election
Two top Democrats tell COVID-struck Biden he won’t win
The two top Democrats in Congress have privately told Joe Biden that he can’t beat Donald Trump in November, as the president, now isolating with COVID-19, conceded he would give up the race if a doctor told him he had a problem.
Struggling bitcoin miners seek deals with AI companies
They now hope to benefit from a surge in demand for powerful but scarce chips which are used in both crypto mining and AI processing.
- Analysis
- US election
Will Vance’s rags-to-riches story win back Trump deserters?
The senator lauded the former president, calling him “a once-in-a-generation business leader” who showed the instincts to fight for his country when he was shot.
‘I love you, Mum’: Vance draws on his own struggles in voter pitch
Donald Trump’s running mate introduced himself to Americans at the Republican convention while using his story to argue he understands their everyday problems.
Property
- Exclusive
- Luxury property
Luxury homes now ‘critical asset’ for Australia’s wealthy
The number of house sales over $5 million has rocketed since 2019, with a new report saying prestige property is key to long-term wealth creation.
Singaporean billionaire brings Hilton to Hobart
Koh Wee Meng’s Fragrance Group has ditched Accor’s Novotel brand and has instead appointed Hilton to run its new Hobart Hotel as a DoubleTree.
- Exclusive
- Office
The 19 corporate giants behind Sydney’s tumbling office values
Australia’s biggest companies have cut close to 200,000 square metres from their Sydney CBD office footprints. And so far, only Westpac is considering expanding again.
Barrenjoey partner swaps Bondi federation mansion for Double Bay villa
After selling their Bondi home to designer Camilla Franks, Barrenjoey Capital founding partner Ben Scott and wife Pensiri have bought in Double Bay.
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.
Wealth
ATO targets property valuations in countdown to new $3m super tax
SMSFs are in the firing line for failing to update the market value of investment properties and commercial buildings such as farms and medical practices.
- Opinion
- Superannuation
Spending a few hours on this now will make you richer later
Work through these 11 steps to grow your superannuation faster.
Can I put $360,000 into super before my divorce settlement?
A reader getting $1.9 million from her ex-husband’s super fund wants advice on maximising her savings and the $15,000 she already has in her fund.
Technology
Microsoft may have just become Canva’s most dangerous rival
The world’s biggest software company has debuted an AI-powered design app, presenting Canva with a deep-pocketed rival.
Drone food delivery set to land in Melbourne’s east
Lightweight, styrofoam drones will soon be flying over the city, delivering meals and packages to homes in Melbourne’s sprawling outer-eastern suburbs.
I gave up my phone as an example to my teenagers – it was disastrous
Before you ban your kids from using smartphones, ask yourself why.
Work & Careers
What went wrong with KPMG’s legal experiment
Finding top lawyers willing to tolerate relative anonymity and powerlessness in a distant corner of a mammoth multinational proved a challenge for the legal division.
The $50,000 arts degree arrives, as student debt climbs
The cost of a degree is at historical highs, with no relief in sight for at least another two years.
Life & Luxury
The Sydney-born solution to NYC’s paragon of inefficiency
Architect Ben Berwick’s modular glazing system for saving energy costs is more than window dressing.
The luxury watches that insiders were talking about in Geneva
The biggest and best competed for attention at the year’s largest horological fair, although true surprises were the exception.
Why testosterone is a wonder drug for men and women over 50
More than just a male sex hormone, it can be the foundation for a healthy lifestyle – and the Olympics is about to put its powers under the spotlight again.
‘Grazed, but not Dazed’: Trump T-shirts go viral
Entrepreneurs in Asia were quick to cash in on the attempted assassination of former president Donald Trump.
The secret to French beauty? It’s simple, and powerful
Terry de Gunzburg, the woman behind the By Terry makeup empire, says a laissez-faire approach – and a little red lipstick – goes a long way in business, and life.
