Immigration, housing, IR reshuffled
Anthony Albanese has gutted the Home Affairs department and moved aside the two ministers responsible for the troubled Immigration portfolio, in a modest but pointed reshuffle.
ASX to rise as big tech earnings threaten stability
Futures point to a strong start on Monday for the local bourse with the S&P/ASX 200 set to open up 0.8 per cent as volatility is set to return to global sharemarkets this week.
- Live
- Need to Know
Jess Fox sets pace with great time in slalom final
Jess Fox is aiming to win a fourth medal in as many Olympics; mens rowers qualify for final Strong start for Womens’ sevens. Follow the latest here.
Merger crackdown to make ACCC ‘judge and jury’ on deals
More takeovers will be able to be blocked under the government’s move to give the competition watchdog stronger powers than previously thought, lawyers say.
- Opinion
- Big four
It’s the bond trader that’s overvalued, say Buffett and Gorman
As ANZ’s board battles to contain an escalating bond trading scandal, it must decide whether it could have been avoided and whether it was worth the trouble.
UN warns Israel, Hezbollah against ‘catastrophe beyond belief’
Israel blames Hezbollah for a deadly rocket strike on a soccer field in the Golan Heights. But the Lebanese militant group has denied responsibility a tensions rise.
Now its O’Neil v Chandler-Mather on housing
Clare O’Neil will take on selling the government’s housing agenda, which pollsters say has been drowned out by the Greens’ precocious spokesman Max Chandler-Mather.
Wealth Generation: News and views to help aspirational investors grow their wealth. In your inbox every Wednesday.
paris 2024
Are you excited yet? Australia leaps to top of medal tally
Disappointment in the rugby, heartbreak at the diving pool, but gold in cycling and a four-medal haul at the pool. Here’s everything you missed overnight.
Biles outshines star-studded audience in Olympic return
Lada Gaga, Ariane Grande, Anna Wintour and even Baz Luhrmann were among the celebrities on hand to see Simone Biles Olympic return.
Aussies Ewing, Wright through in Olympic surfing
Ethan Ewing won his Olympics heat at the feared Teahupo’o break where he broke his back last year. Tyler Wright also survived mighty surf to go through.
Noise, pressure and humility: Australia’s epic night in the pool
The world-beating Dolphins must brim with self-belief, right? Yet ask them how winning feels, and they say they can’t believe it. It’s all part of staying grounded.
‘Pretty brutal’: Australia’s first medal bid ends in heartbreak
Synchronised divers Anabelle Smith and Maddison Keeney entered their fifth and final dive on course for at least bronze. And then it all went wrong.
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Companies
ATO ready to send companies broke rather than wait for tax
Black Brewing Co stopped paying the tax office for almost a year and ultimately joined the dozens of craft brewers who have gone bust. The ATO will not budge.
Boss Energy made $550m Jabiluka bid before PM’s mine veto
ERA’s fractured share register opened the door to an opportunistic play for the highly controversial Jabiluka mineral lease.
- Analysis
- Due diligence
Why M&A arb funds are sitting out ‘the trade of the year’
Sierra Rutile has caught the eye of London’s ‘most daring emerging markets fund’, a Sierra Leone mining contractor and a global commodities trader in a three-way bidding war, writes Jemima Whyte.
Chinese rare earths giant looks to set up in Australia
Shenghe wants to expand into Australia despite strong government opposition to Chinese investment.
States should drop ‘ridiculous’ uranium bans: Mundine
Former ALP national president Warren Mundine says state government should end their bans on mining uranium, and the Mirrar people should be able to negotiate whether the practice remains at Jabiluka.
That cool op-shop jacket could earn you carbon credits
Federal regulators are considering a proposal to offer financial incentives to consumers who buy second-hand clothes.
Macquarie takes full ownership of Britain’s gas network
Macquarie is set to take full control of Britain’s core gas transmission network in a roughly $1.4 billion deal, as the world’s largest infrastructure investor bets on an enduring future for gas pipelines.
Companies in the News
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Markets
- Opinion
- Hedge funds
US regulator says activist short seller was a pump-and-dumper
Andrew Left had a reputation for hunting frauds, but that gave him a platform to pump-and-dump stocks, the SEC has alleged, writes Jonathan Shapiro.
- Opinion
- Sharemarket
Why Australia’s sharemarket is a sure bet over the long term
The S&P/ASX 200’s piercing of 8,000 is impressive, but it’s the last 30 years that should be celebrated. Every $10,000 invested in 1994 would be worth $137,626 today, writes Paul Taylor.
Tech reversal pushes US megacaps into correction territory
Double-digit falls last week in Nvidia, Tesla, Meta and Alphabet, which have powered the US market rally for the past nine months, highlight questions on artificial intelligence investment returns.
Ackman’s Pershing postpones US fund IPO
Billionaire Bill Ackman’s US closed-end fund is facing a delay to its highly-anticipated initial public offering as it awaits regulatory approval.
US stock rotation trade picks up on Fed-friendly data
Every major group in the S&P 500 rose on bets that the start of the Fed easing cycle will keep fuelling the outlook for Corporate America.
Opinion
Will Albanese’s ‘no losers’ reshuffle be enough?
The former workplace relations minister who let the law-breaking CFMEU off the leash by abolishing the Australian Building and Construction Commission has been put in charge of policing the nation’s borders.
Editorial
Uranium mining bans belong to a previous era
Labor’s efforts to keep Australia’s energy transition uranium mining-free amount to a self-defeating hobbling of the nation’s green superpower hopes.
Editorial
Merger changes crown the ACCC as Wizard of Oz dealmaking
The legislation, which empowers the antitrust regulator to be the administrative “steward” of M&A, is the most profound reorientation of Australian merger law in its 50-year history.
Lawyer
Multicultural report buries Australia’s British past
The institutions that Britain brought – parliamentary democracy, the rule of law, an independent judiciary and a free press – are the very institutions which have allowed multiculturalism to flourish. This report ignores them.
International editor
Harris v Trump presents starkly different Americas
The exit of Joe Biden and the entry of Kamala Harris means real campaigns and robustly articulated choices.
Editorial
Albanese is responsible for the monster that is the CFMEU
A friendly political environment created by the Labor government allows the lawless union to thrive.
Senior correspondent
Reports
Cybersecurity and AI
The federal government lays out plans to help boost the nation’s cyber defences, while experts outline steps to stay safe.
Politics
Now its O’Neil v Chandler-Mather on housing
Clare O’Neil will take on selling the government’s housing agenda, which pollsters say has been drowned out by the Greens’ precocious spokesman Max Chandler-Mather.
Construction collapses lead record insolvency year
It was the highest number of annual insolvencies recorded by ASIC since records dating back to 1999-2000 and surpassed the previous high at the tail end of the global financial crisis.
NSW Premier Chris Minns dodges a fight over Palestine
The Labor leader promised new protections for renters and gig-economy workers at the party’s first conference in power in NSW after 12 years.
That cool op-shop jacket could earn you carbon credits
Federal regulators are considering a proposal to offer financial incentives to consumers who buy second-hand clothes.
States should drop ‘ridiculous’ uranium bans: Mundine
Former ALP national president Warren Mundine says state government should end their bans on mining uranium, and the Mirrar people should be able to negotiate whether the practice remains at Jabiluka.
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World
‘Unhinged’ ‘Just plain weird’: Trump-Harris race gets nasty
Kamala Harris called Donald Trump old, while the former president called her sick, as the race for the White House descended into offensive barbs.
Why Harris is drawing in crucial Gen Z voters
The presumptive Democratic presidential candidate’s campaign gets under way with an explosion of online content that’s drawing in the younger generation.
Trump vows to sack top financial regulator in crypto backing
The presidential candidate has told bitcoin enthusiasts he would ensure regulatory rules were written by people ‘who love’ cryptocurrencies if elected.
‘Weird’ J.D. Vance sparks Republican alarm after bruising week
Contentious comments about “childless cat ladies” by Donald Trump’s vice-presidential pick have led to a barrage of criticism.
The cost of Europe’s backlash against tourists
Record visitor numbers are provoking protests, but their spending props up the economy. Policymakers are trying to find a balance.
Property
Vendors need to rein in price expectations says Ray White boss
While auction clearance rate are holding up well and standout results on some properties are being achieved,
Costa family puts Victoria’s biggest tomato farm on the market
goFARM, a joint venture between the Costa family and Liam Lenaghan, is selling 4,855ha Winlaton Farms which grows field tomatoes sold to Kagome.
- Opinion
- NSW residential property
Considering buying a rental property in NSW? Think again
NSW Premier Chris Minns plans to ban at-will evictions of tenants. The policy is unfair on owners.
QIC loses real estate chief, recruits ex-Dexus executive
QIC Real Estate managing director Michael O’Brien resigned from his role earlier this week.
Rich Lister-owned home building empire faces $100m class action
West Australian construction company BGC Housing Group – founded by the late Len Buckeridge and still controlled by the family – is facing a class action from potentially thousands of aggrieved home owners.
Wealth
Ten books that could help you become a better investor
We asked money managers, financial advisers and a self-made multimillionaire to nominate the books that taught them the most about creating wealth.
- Opinion
- Super Q&A
Why the beach house might be cramping your retirement style
Holiday homes are great, but they don’t produce retirement income and might limit your age pension payments.
Six questions to ask your adult kids before writing a will
Not everybody has the financial literacy and emotional intelligence to handle a significant inheritance.
Technology
How do you solve a problem like Elon?
Linda Yaccarino, the CEO of X, has worked hard to bring back advertisers and fix the platform’s business. But its owner, Elon Musk, is always one whim away from undoing her work.
Expert department ‘not party’ to PsiQuantum deal
Persistent criticism of the nearly $1 billion investment in PsiQuantum was again levelled at ministers and bureaucrats this week.
Look out Google, here comes SearchGPT
OpenAI has unveiled a prototype of SearchGPT, a new web search chatbot that could rival Google, and change how people navigate the online world.
Work & Careers
Martin Indyk, Australian diplomat who pursued Middle East peace, dies at 73
Raised in Sydney’s Castlecrag, the diplomat who helped steer Middle East policy under two US presidents, has died. “He’ll be remembered for his commitment to the cause of Israeli-Palestinian peace, which in the end broke his heart.”
Why ‘quiet vacationing’ could lead to getting sacked
“Quiet vacationing” is an emerging trend as employees take advantage of work from home rules, but they could be contravening tax and visa rules.
Life & Luxury
Is this the craziest sneaker you have ever seen?
Swiss sneaker maker On is hoping the Cloudboom Strike LS will have the same disruptive effect on the sneaker market that Elon Musk’s innovation had on the car world.
What it’s really like when you write a bestseller
Bonnie Garmus’ late literary success has been welcome but not as she imagined.
- Driving With Tony Davis
- New car snapshot
This flagship Lexus sports coupe is a hidden gem
The luxury car maker’s updated LC 500 is a beauty with a roar.
Lin-Manuel Miranda’s ‘other’ musical gets a timely revival
Hamilton is a hard act to precede, but hints of its composer’s genius are all over In The Heights, which is being revived at Sydney Opera House.
It’s About Time you book your spot at the AFR Watch Weekend
Financial Review readers are invited to enjoy special events at the Sydney and Melbourne stores of 15 of the world’s finest watchmakers.
