RBA likely to hold rates as underlying inflation eases
Trimmed mean inflation, the RBA’s preferred measure of underlying price pressures, eased to 3.9 per cent in June from 4 per cent in March.
- Live
- Markets Live
ASX rallies as traders switch dramatically to rate cut bets from rises
Shares rise and $A drops after June CPI data; Microsoft shares drop after results disappoint; Rio Tinto half-year profit at $5.8 billion; Rex appoints administrators. Follow updates here.
- Opinion
- Chanticleer
Spluttering China the big risk to Rio Tinto’s new growth era
Rio boss Jakob Stausholm says the miner is at a growth inflection point and is relaxed about China’s apparent weakness. But sentiment towards resources is souring.
- Updated
- Aviation
Over 600 jobs at risk after Rex grounds flights
Over 600 jobs at troubled airline Regional Express are at risk, the administrator told workers on Wednesday after the company’s shares were suspended and flights grounded between capital cities.
- Exclusive
- Defence spending
The ‘criminal price tag’ for the navy’s new warships is $4b a pop
A new fleet of frigates will cost almost $4 billion each, even before weapons are fitted, it can be revealed, making them the navy’s most expensive warship.
- Live
- Need to Know
Inflation ‘sticky and stubborn’ but lower, Chalmers says
Treasurer Jim Chalmers says government policies are helping ease inflation; Kamala Harris tipped to announce running mate early next week; Disability Royal Commission findings handed down; Rex Boeing 737 jets grounded permanently. Follow updates here.
- Opinion
- Chanticleer
Microsoft’s selloff is a sign of healthy AI doubts
Microsoft smashed analysts’ forecasts in the June quarter, but it still wasn’t enough to please a market that has bet too heavily on the AI revolution.
- Driving With Tony Davis
- Motoring
Meet the Lamborghini V12 hybrid Revuelto
Wealth Generation: News and views to help aspirational investors grow their wealth. In your inbox every Wednesday.
paris 2024
The day Canada trampled on Aussie hopes
It was a day when Canada got the best of Australia in no less than three head-to-head encounters in Paris. Here’s what you missed overnight.
‘It sucks’: Distraught Aussie women walk away from rugby empty-handed
The sevens team came into the Games set for gold, but against Canada and then the US they watched a medal almost literally sprint away from them.
He nearly drowned but Jack Robinson just beat the world’s best surfer
The Olympics might be in Paris, but the surfing competition is half a world away in Tahiti where conditions are “so dangerous, so crazy”.
A solution to the athletes village conundrum might be on the Gold Coast
Paris’ capital-light infrastructure plan for the 2024 Olympics has been a great success. But plans to turn the village into new housing faces a new hurdle.
‘They want to swim’: Meares shrugs off fears of filthy Seine
The $2.3 billion spent cleaning up the river may not be enough to ensure the triathlon’s swim leg through Paris’ historic heart goes ahead.
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Companies
Rio Tinto wants more lithium and copper
Rio is the world’s biggest or second-biggest producer in most of the commodities it produces but lacks equivalent dominance in attractive green metals.
- Analysis
- Aviation
How Rex’s ‘golden triangle’ plan failed
Rex appears to have fallen prey to the curse plaguing challengers keen to throw down the gauntlet to the established duopoly of Qantas and Virgin. But Labor’s inaction on aviation policy didn’t help.
Carl’s Jr local brand holder calls in KPMG
As voluntary administrators consider the sale of 20 burger stores, some Carl’s Jr franchisees are still in business.
Overhaul for Adgemis’ Public Hospitality Group after refinancing
The Jon Adgemis-chaired pubs empire has completed its refinancing with Deutsche Bank, with the former KPMG dealmaker to focus on redeveloping its pubs.
BHP in $3.2b South American copper deal
BHP will step into Argentinian copper under a $US2.1 billion ($3.2 billion) deal with the famous Lundin family to take a Canadian explorer private.
- Investigation
- Cyprus Confidential
Importers got rich on COVID masks; the shipment’s still on the dock
When COVID-19 erupted around the world, the race was on to secure masks and gowns. Middlemen were in lucrative taxpayer deals, even one which went awry.
Woolworths in leadership limbo after exec becomes Ramsay CEO
After missing out on the CEO role at the retailer, Natalie Davis will take over from long-serving Ramsay boss Craig McNally who will step down next year.
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Markets
Traders gird for ‘dangerous’ 48 hours in markets
There’s a lot riding on the next few days, with Australia’s quarterly inflation report and the US Federal Reserve’s interest rate decision. Anything less than consensus could rile markets.
Microsoft reports slower Azure cloud growth; shares drop
Microsoft’s main growth engine in recent years, its Azure cloud-computing service, expanded revenue by 29 per cent against expectations of 31 per cent.
What happened overnight? Techs sell off again in New York, paced by Nvidia plunge
Nerves are fraying on Wall Street as results challenge lofty valuations. Bank of Japan and Federal Reserve policy decisions are among the next hurdles to clear.
90 per cent off: Ackman forced to slash target for IPO
The offering is expected to bring in $US2 billion, less than one-tenth the target the billionaire hedge-fund manager suggested earlier this month.
BlackRock’s Larry Fink won’t be rushed in the search for his successors
The head of the giant asset manager has been grooming a new top team for more than a decade. Some worry he is taking too long.
Opinion
Rex turmoil flies into airline competition confusion
The Transport Minister seems too inclined to accept Australia’s two-airline syndrome, that a third player on the busiest routes will inevitably be trampled by Qantas.
Editorial
BHP’s energy transition truths
Green subsidies are not enough when green metals will be harder to mine economically and other have major reserves.
Editorial
The real danger that Trump would pose for Ukraine
Agreeing to Russia’s demand for a neutral Ukraine, as a new Republican presidency might, could leave the country at the mercy of Vladimir Putin’s long-term ambitions.
Columnist
Australia can’t afford for economic security to trump trade in Asia
Economic diplomacy that builds interdependence with China in critical minerals and green energy will contribute to Australian prosperity and security, not detract from it.
Trade expert
Beware propping up ‘bricks and mortar’ hospitals disrupted by ‘virtual care’
Australia needs a big picture reimagining of how to organise and pay for the kind of healthcare services an ageing society needs, setting aside scare tactics about ‘US-style managed care’.
Editorial
AUKUS critics fail to match their speculation with substance
There is a long list of loud objections to the project. But how many of them really stand up to scrutiny?
Defence strategist
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
BHP warns on ‘made in Australia’
BHP has warned the Albanese government that its flagship Future Made in Australia policy risks being undercut by the economy’s high costs, unproductive workplace laws, and uncompetitive tax system.
Nuclear talk finally goes ahead after Holmes à Court criticism
The engineer whose nuclear speech was cancelled the day renewable energy advocate Simon Holmes à Court objected to it has finally delivered the talk.
Home building crisis worsens with young tradies out of work
The wave of construction insolvencies is worsening an undersupply of homes and skills shortages, as trade apprentices are forced to drop out of TAFE courses.
Wong calls on China to rein in North Korea
The foreign minister acknowledged that countries all around Asia are beefing up their defence capabilities in response to China’s dramatic military expansion.
Aussies in Lebanon told: ‘get out while you can’
The government has plans to extract as many as 15,000 citizens from Lebanon using ferries if need be, but is urging them to leave now as there can be no guarantees.
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World
Trump, Harris launch multi-million dollar attack ads
The presidential candidates are trying to land blows with costly advertisements as the election is reset with the new Democratic candidate.
Israel says Hezbollah commander killed in Beirut strike
The attack quickly fuelled fears among Western officials that the conflict between Israel and Hezbollah, which Iran backs, could escalate into all-out war.
UK police clash with far-right protesters after fatal stabbing
The crowd was believed to consist of English Defence League supporters, with the unrest inspired by speculation about the arrested teenage boy.
Democrats feared Georgia was a lost cause. Not any more
Kamala Harris’s appeal with young people, working-age women and non-white voters has scrambled the dynamics in Georgia and other demographically similar states.
Don’t bomb Beirut: US urges Israel to rein in response
Washington is racing to avert a full-blown war between Israel and the Iranian-backed Lebanese group Hezbollah after the soccer field attack that killed 12 children.
Property
Brisbane’s property price hot streak may be about to end
Brisbane’s rapid pace of growth has likely peaked but Perth prices are still “shooting the lights out”, experts say.
Melbourne penthouse prices tipped to double as demand surges
Project marketers and valuers have tipped the average price of a Melbourne penthouse to double to $60,000 per square metre in the next few years.
NSW’s eviction rules will trigger landlord ‘exodus’
The NSW government’s proposed ban on evicting tenants without reasonable grounds will spark landlords’ exodus and deprive the state of billions of dollars in investments in the rental sector, property investors warn.
Thai family targets distressed sellers for luxury hotel growth plans
Earp Siriphatrawan, whose family owns the 415-room Amora Jamison Sydney Hotel, says distressed vendors have created a buyer’s market.
Trend-setting Toorak mansion for sale for the first time in 70 years
Ballara was one of the first Toorak homes to be built in the simpler California bungalow style that soon spread across suburban Melbourne.
Wealth
Where to invest as the tech megacap rally eases
Signs that equity investors are getting cold feet over the rapid advances in artificial intelligence leaders have put a spotlight on some less obvious beneficiaries of the technology boom.
- 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
‘Offensive’ social media companies shamed for letting scams thrive
Financial Services Minister Stephen Jones says social media giants are “dragging their heels” in the fight against scams
Australians welcome Trump’s pro-crypto stand
Crypto traders say Donald Trump’s pledges to end the “persecution” of the industry and sack SEC chairman Gary Gensler are a good start.
- Opinion
- AI
Why Australia needs its own AI large language model
If we are to retain our economic and cultural sovereignty, Australia needs to develop AI that reflects Australian values.
Work & Careers
In tougher job market, aspiring bankers skip class to ‘stack’ internships
Goldman Sachs had 31.5 per cent more internship applications in Singapore this year, and graduate recruitment is now so competitive that “internships are where you can get the foot in the door”.
Companies not as prepared against harassment as they think they are
Companies may think their workplace harassment policies are fit for purpose, but a survey shows many need to change to comply with new obligations.
Life & Luxury
How much champagne is too much? Depends on the airline you’re flying
We joined Singapore Airlines on a whirlwind tour of its premium suppliers across France’s Champagne region. This is what we learnt.
The cheap vegetable that could save your life
According to a new study, eating carrots increases carotenoids in your skin. These phytonutrients lead to a lower risk of chronic disease and a stronger immune function.
The suburbs where Australians drink the most champagne
Baby boomers are big drinkers of imported bubbles, but younger consumers are driving demand for alternatives such as prosecco.
The five best exercises to beat burnout and stress
Knowing what type of exercise to focus on when needed is key to allowing the stress chemicals to move through you more effectively.
- Analysis
- US election
‘Um, so what is brat?’
The British pop star is providing the soundtrack to Kamala Harris’ presidential campaign.