The Energy Awards recognise the people and businesses driving the future of the industry.
- Investigation
- Building Bad
Leaked texts reveal Labor women who backed Setka
Leaked text messages reveal Labor politicians and insiders sent messages of support to the CFMEU boss as he dealt with domestic violence-related offences.
- Live
- Markets Live
ASX to tumble, Wall Street falls, Netflix adds 8 million subscribers
ASX futures down 1.1pc. Netflix’s profit surges 44pc.US stocks reversed early gains to end lower. Copper, gold fall. Volatility leaps. Follow here.
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
Joe Biden’s former boss reportedly said in recent days that the current Democrat president’s path to victory has greatly diminished.
- Live
- Need to Know
Biden appears to accept he may have to leave race: sources
Shorten, Dutton disagree over government’s CMFEU knowledge; Biden ‘soul searching’ about dropping out of race; What to watch as the Republican convention enters fourth day. Follow updates here.
- Exclusive
- Productivity Commission
‘Care economy’ won’t boost productivity: Wood
Treasurer Jim Chalmers has described spending on aged care and the NDIS as “investments”, but Danielle Wood is far less optimistic on the sector’s productivity outlook.
The secret to joining an ASX 200 board, from two women who succeeded
Eleven women were appointed to chair S&P/ASX 200 companies between March and June, taking the total to a record 25.
Wealth Generation: News and views to help aspirational investors grow their wealth. In your inbox every Wednesday.
BUILDING BAD
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.
- Opinion
- Building Bad
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.
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.
RICH BOSSES
The 10 wealthiest executives in the ASX 300 revealed
The Australian Financial Review’s Rich Bosses list for 2024 is dominated by tech and mining executives and also welcomes a new face.
- Exclusive
- Rich Bosses
The secrets to becoming a rich boss
There are good reasons why tech companies dominate this year’s Rich Bosses list.
Why only four execs have kept spot on rich bosses list over decade
Chris Ellison, Graham Turner, David Teoh and Gerry Harvey have maintained their positions while some of their richer peers of yesteryear have bowed out.
This rich boss always wanted a private jet. Now he is on his second
In his twenties, David Dicker had not yet figured out how he was going to make money, but he knew he wanted a private jet. Then he worked out how to afford one.
David Dicker now claiming his ex-wife’s shares
David Dicker still owns most of Dicker Data. Or does he?
Get the front page and latest edition of the Financial Review as it was printed, delivered to your inbox every morning.
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.
Ex-Allens lawyer sets up Australia’s first prison newspaper
The first edition of About Time the first edition of which was delivered to correctional facilities in NSW, Victoria, Tasmania and the ACT earlier this month.was delivered to correctional facilities in NSW, Victoria, Tasmania and the ACT earlier this month.
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.
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.
What happened overnight? Wall Street extended its losses
Australian shares were set to drop 1.3 per cent at the open. US stocks reversed early gains, though Nvidia rebounded. Volatility leapt to a three-month-high.
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.
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
Productivity Commission pours cold water on care spending
Jim Chalmers’ misclassification of the care economy as a driver of productivity simply underlines why Labor needs a genuine reform agenda.
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
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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by BCGPolitics
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
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.
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.
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
Having too much money isn’t possible, happiness researcher finds
A senior fellow at the Wharton School says the correlation between wealth and wellbeing does not plateau once incomes reach a certain point.
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.
Technology
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”.
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.
Work & Careers
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.
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.
Life & Luxury
America’s most powerful export may be anxiety
What if mental health cannot be separated from culture, and cultural forces are making young English-speakers unhappy?
Don’t seize the day in Europe. Seize the night
It’s another gangbusters season for continental travel, and the usual suspects are dealing with baking heat and swarms of tourists. Here’s how to avoid both.
Celeste Barber made fun of the beauty industry – now she’s in it
This comedian, actor, author and Instagram queen has never shied away from a challenge. Now she’s creating make-up for women who fear it.
‘I’m in Hell’ – when AI resurrection goes wrong
It is in its infancy but “death capitalism” will soon become big business.
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.
