The Energy Awards recognise the people and businesses driving the future of the industry.
Global IT chaos triggered by software glitch eases slightly
The impact of what’s being called the most spectacular IT failure the world has ever seen is expected to take at least several days to tally.
US equities drop as selling pressure persists
The S&P 500 poised for its worst week since April as investors continue to shift from this year’s winners to its laggards.
- Investigation
- Building Bad
The gangster, the footballer and the union deal
When Faruk Orman and ex-AFL player Kayne Pettifer aligned to secure a firm with CFMEU support, it was a case study in underworld figures monetising union backing.
Biden vows to fight on amid ever rising calls to step aside
While more than one in 10 congressional Democrats have now publicly called on the president to step aside, Joe Biden said he will renew his campaign next week.
A triumphant Trump seizes control of rollercoaster race
There’s a sense that a newly energised Trump needs an equally dynamic Democrat to take him on as polling increasingly favours a Republican victory in November.
Remote work fuelling higher housing costs: BIS
Housing inflation is proving particularly tough to tame, as landlords pass on rising mortgage rates to tenants and working from home adds to demand.
Yemen’s Houthis take credit for shock drone strike in Tel Aviv
The attack in the heart of Israel’s most populous city killed one and injured at least five people, sparking renewed concerns of wider regional violence.
AFR Weekend: The big stories, best reads and expert advice. In your inbox on Saturday.
WEEKEND READS
Political poison: Unions, the Labor Party and the CFMEU
With an election due within a year, the CFMEU scandal will be an issue that dogs Labor and the unions all the way to polling day.
How Donald Trump went from pariah to political saviour
The former president was in the wilderness not much more than a year ago, but now he is back. The seven battleground states will be the ultimate judge.
Bikie delegates axed as CFMEU scrambles to fight back
Sources say the Labor government is struggling to find someone willing to take on external administration of the CFMEU, a move it is desperately trying to fend off.
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?
Elon Musk wants to colonise Mars, seriously
The billionaire has directed SpaceX employees to design a Martian city, which he expects could have a million residents in 20 years.
SMART INVESTOR
New $3m super tax is ‘stealing my children’s inheritance’
Family enterprises face hard questions about whether to abandon their succession and retirement plans by selling their shops, farms and factories,
- Opinion
- US election
Second subprime crisis more likely with Trump in the White House
Investors need to start preparing for how a re-elected Donald Trump will shape inflation, interest rates, and hence asset prices.
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.
Not rich enough! Why my financial adviser dumped me
Half a million Australians have been ‘sacked’ by their financial planners as firms clamour to win wealthier clients.
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.
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Companies
Bombed out retailers stage comeback ahead of results season
There is plenty of pressure on household budgets, but retailers from Universal Store to shoe chain owner Accent Group say trading is picking up.
Green hydrogen not dead despite Fortescue retreat, says Bowen
State energy ministers have unanimously reiterated their opposition to Peter Dutton’s nuclear plans.
Energy CEOs urge industry not to quit hydrogen dream
Australian businesses need to be smarter and work harder to overcome the cost hurdles in hydrogen, which has a strong future in some industries, CEOs insist.
Mining boss calls for policy changes with more jobs in danger
The boss of WA’s peak resources lobby group says the Albanese government needs to step up to prevent more job losses.
‘True giant’ Kevan Gosper, Olympic veteran and businessman, dies
The Olympic silver medallist, who was planning to go to next week’s Paris Games, gave Australia’s fledgling Olympic movement business-like governance.
Prudential watchdog halves $1b Westpac penalty
APRA will slash its $1 billion capital penalty levied on the bank four years after it was first implemented.
Whitehaven Coal says inflation is ‘rife’
The coal miner says the cost of parts and services continues to rise despite higher unemployment, as a rail “glitch” soured its $6.4b move into Queensland coal.
Companies in the News
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Markets
ANZ’s toxic trading-floor roulette spins out of control
The bank is engulfed in one of its biggest scandals after a sudden market move swung tens of millions of dollars out of its client’s favour. The client was the government.
ASX small caps miss out on ‘Great Rotation’ as rate worries linger
The gains in US small caps have further to run, say strategists, but Aussie investors shouldn’t hold their breath for a knock-on rally closer to home.
Has the CBA share price peaked?
After the Commonwealth Bank’s latest record, analysts and fund managers are wondering whether the hyper-rally in bank stocks can be sustained.
- Opinion
- Chanticleer
Time to sell stars like CBA and Nvidia? History says be careful
More market watchers are getting worried the stars of this rally are starting to fade. But new research says big winners tend to keep winning.
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.
Opinion
Trump skips reset moment, doubles down on MAGA magic
Donald Trump had the chance of a lifetime to reinvent himself following an assassination attempt. But why on earth would he do that?
United States correspondent
Why powerless workers are now a potent political force
The rise of hillbilly J.D. Vance and an Australian mega-union that is famous for all the wrong reasons have more in common than you might think.
Columnist
Democrats know that this fight is done
No matter how much Joe Biden points to falling inflation and violent crime rates and rising real wages, too many voters are looking in the other direction, writes Jennifer Hewett.
Columnist
Trump sets out his flawed vision for America
Donald Trump’s policies will bake inflation in, and isolate America while weakening it. The Democrats need to field a credible challenge quickly.
Editorial
What is Trumponomics 2.0, and how will Australia manage it?
Some of Donald Trump’s new economic plans may help Canberra. Most of them will leave us more alone in increasingly volatile world markets.
Economist
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
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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‘We won’t be lectured by Dutton on CFMEU’: Albanese says
The opposition leader has vowed to deregister the union and reinstate the Coalition’s union watchdog.
Surge in expats coming home could thwart migration targets
Strong labour conditions are attracting Australian citizens back from overseas. It could be a political problem for Labor.
Dominic Perrottet to join BHP in senior Washington role
The former NSW premier will join the Big Australian in Washington, heading up the miner’s external affairs in the United States.
Home building slowdown fuels Perth’s rocketing price rises
Dwindling housing completions have helped fuel major increases in Perth’s property prices as developers warn most projects are not viable because of rising costs.
Was the greatest Labor politician of his era corrupt?
Many people believe NSW Premier Neville Wran used his office for personal profit. A biographer wants to correct the record.
SPONSORED
World
- Opinion
- US election
What if Trump had been assassinated?
His death would have pushed America further down a road it is already going – of hatred from both sides towards the other.
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.
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.
Britain’s ultra-rich ‘non-doms’ prepare to flee Labour tax rise
Living in the UK but not legally domiciled, they pay more than £8 billion in taxes a year, and now Keir Starmer’s new government plans to increase their levies.
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.
Property
- Exclusive
- Luxury property
Son of late British billionaire sells $12m Melbourne penthouse
Businessman Mark Healey has offloaded his Toorak penthouse, while packaging executive Alex Commins has downsized to South Yarra.
Fight over Baby Boomer housing takes toll on developer
The Melbourne-based developer and landlord faces the twin battles of a slowing market and criticism of a fee structure that other companies do not use.
- Exclusive
- Luxury property
Society couple settle on $20m Bellevue Hill home
Anabel and Andrew de Saxe have settled on their six-bedroom, four-bathroom mansion, following a string of hefty sales linked to their extended family.
Home building slowdown fuels Perth’s rocketing price rises
Dwindling housing completions have helped fuel major increases in Perth’s property prices as developers warn most projects are not viable because of rising costs.
- 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.
Wealth
Revealed: Which super funds rate the best – and worst – for retirement
Superannuation funds are going backwards in terms of preparing their customers for retirement, new research shows.
- Opinion
- Superannuation
Spending a few hours on this now will make you richer later
Work through these 11 steps to grow your superannuation faster.
New $3m super tax is ‘stealing my children’s inheritance’
Family enterprises face hard questions about whether to abandon their succession and retirement plans by selling their shops, farms and factories,
Technology
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.
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.
Work & Careers
- Opinion
- International affairs
Power tips from ‘House of the Dragon’ and ‘Shōgun’
The popular swords-and-scheming TV series have lessons for modern political parties.
‘True giant’ Kevan Gosper, Olympic veteran and businessman, dies
The Olympic silver medallist, who was planning to go to next week’s Paris Games, gave Australia’s fledgling Olympic movement business-like governance.
Life & Luxury
Do you know this week’s news? Answer these 10 questions
Have you been paying attention this week? Test your knowledge across politics, business and world news.
- Exclusive
- Retail
Bassike third local fashion business to lose a co-founder this year
Bassike co-founder Mary Lou Ryan is leaving the business she helped create.
‘I’m in Hell’ – when AI resurrection goes wrong
It is in its infancy but “death capitalism” will soon become big business.
- Drinks With Max Allen
- Wine & spirits
The six best wines from this year’s Penfolds collection
Wondering what to buy, what to drink and what to stash away? Here are six bottles we especially loved.
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.
