Rex needs a buyer willing to spend big on planes
The government is downplaying its interest in a bailout, but may have no choice but to stump up to help keep the regions connected.
ASX to rise, Nvidia surges higher, Fed holds
Australian shares are set to rise. Techs mostly rebounded, paced by Nvidia. Microsoft lagged. Meta results ahead. Oil leaps on wider war worries.
Fed holds rates steady, nods to possible September cut
Policymakers voted to keep interest rates steady this month, as widely expected, and set stage for a rate cut at their September 17-18 meeting.
The day Jess Fox became the world’s best
The unparalleled yet unassuming Aussie canoeist just can’t seem to stop, and our swimmers are hoping to follow in her wake. Here’s what you missed overnight.
- Live
- Need to Know
Brilliant Jessica Fox rewrites Olympic history; Matildas in trouble
Canoeist Jessica Fox has become the first Australian ever to win six individual Olympic medals but there was disappointment in the swimming. Follow our live coverage.
RBA rate rise off the table as inflation not so bad
Investors believe the next move by the RBA will be an interest rate cut rather than a rise, after underlying inflation came in only slightly above forecasts.
Middle East on edge after Israel assassinates Hamas chief
All eyes are on Iran’s response after twin Israeli strikes targeted top officials belonging to the Hamas and Hezbollah terror groups.
Wealth Generation: News and views to help aspirational investors grow their wealth. In your inbox every Wednesday.
paris 2024
The day Jess Fox became the world’s best
The unparalleled yet unassuming Aussie canoeist just can’t seem to stop, and our swimmers are hoping to follow in her wake. Here’s what you missed overnight.
‘Like a video game’: How it felt to race in the Seine
These Aussie triathletes have been all over the world, competing in all sorts of conditions. But they’d never seen or done anything like this.
Meet the data junkies helping the Aussie team succeed
They aren’t Olympians or even in Paris, but this team is critical to Australia’s success.
Memory of her dad gives McKeown ‘superpower’ to retain gold
Kaylee McKeown’s furious final lap to win the 100m backstroke earned her a fourth Olympic gold medal and kept Australia at the top of the swimming competition.
‘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.
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Companies
Why Rio Tinto wants a bigger presence in lithium and copper
‘I couldn’t care less about what the lithium price is in the next 12 months,’ says chief executive Jakob Stausholm.
Rio boss dismisses Jabiluka uranium ‘extortion’
Jakob Stausholm says precious cultural heritage at Jabiluka made it a no-go zone and advocates for a uranium mine were engaging in “extortion”
Eraring output at five-year high as coal dependence persists
Origin Energy lifted provisions on plant sites by $235 million and warned of a big jump in coal costs for the generator.
Customers seeking more discounts than ever, says David Jones chief
Although shoppers remain cautious, Scott Fyfe and Anchorage Capital are hoping their $250 million revamp will keep consumers spending.
Elecnor blames earnings slump on SA-NSW high-voltage cable project
EnergyConnect’s Spanish contractor has recorded a provision of $13.98 million for losses on its Australian projects in the six months to June 30.
Nickel boss says Indonesia trying to distance itself from China
Nickel Industries managing director Justin Werner says Jakarta wants to attract more Western investment to an industry dominated by China.
NZ regulators probe banks over government bond trading
As ASIC’s investigation into suspected manipulation in the government bond market heats up, New Zealand’s corporate watchdog is making its own inquiries.
Companies in the News
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Markets
Relief rally sweeps market after cool inflation tempers rate fears
Shares had the best day since 2022, the Aussie dollar fell, and bond yields tumbled after core inflation prompted traders to rapidly start pricing in a rate cut in Australia.
- Opinion
- Chanticleer
Microsoft’s $334b sell-off 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.
ASX jumps 1.8pc after June CPI data; Rio rallies
Shares jumped the most since 2022 amid a broad rally; traders bet on Reserve Bank rate cuts; Commonwealth Bank tops BHP to become biggest Australian firm; Rio Tinto half-year profit at $5.8 billion. Follow updates here.
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.
Opinion
Inflation helps government dodge interest rate bullet
The June quarter figures were not good, but they also weren’t as bad as feared. That is likely to give the Reserve Bank breathing space to keep interest rates on hold next week.
Columnist
August reprieve but no interest rate relief yet
Inflation remains sticky, well-above the 2 per cent to 3 per cent target band, and has basically moved sideways.
Editorial
Jabiluka was cancelled by edict from above
The decision to mine the uranium deposit or not should have been taken by the parties involved, not through the high-handed intervention of an anti-nuclear government.
Former miner
Productivity is the key to taming inflation for good
Either governments and business improve the supply side of the economy, or the RBA will have to keep squeezing demand indefinitely.
Contributor
Why the $3m super tax has turned into a mess
It may seem hard to argue against making people with high superannuation balances pay more tax, but implementing it is a dog’s breakfast.
Economics editor
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
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
- 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.
- Opinion
- Inflation
Inflation stays sticky, but it won’t force RBA rate rise
The consumer price figures were not as bad as feared, but inflation remains persistent and higher-for-longer interest rates will be required.
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.
This start-up invented espresso in a keg to keep coffee prices down
Surging input costs forced Perth company Filament Coffee to rethink how it delivered its cold brew to customers.
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.
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World
Hezbollah confirms that a top commander was killed in Israeli strike
The Iran-backed group said earlier that Fouad Shukur was in the building during the attack, and they were searching for him in the rubble to determine his fate.
Iran’s supreme leader vows revenge on Israel after Hamas chief killed
Israel has been blamed for the killing of Hamas leader Ismail Haniyeh in Tehran, a severe blow to the group that threatens to engulf the region in further conflict.
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.
Top BlackRock executive benefits from unusual ‘points-style’ bonus pay
President Bob Kapito is the only executive named in BlackRock’s annual filings who benefits from a retirement plan linked to individual fund performance.
How China upends a country’s entire car market
The overseas push is the next phase in Beijing’s long-term strategy to focus on new energy vehicles and upend the balance of power in the automobile industry.
Property
- Exclusive
- Building Bad
Builders demand new CFMEU watchdog, but not deregistration
The building lobby wants a new, more powerful industry watchdog, but agrees that deregistering the CFMEU would be counterproductive.
Record leasing, higher rents lift earnings at Centuria industrial fund
Centuria Industrial REIT leased more than 20pc of its portfolio over FY24 and generated average increases of 43 per cent as rents were reset to market rates.
The big switch: tenants take up more space in top towers
The demand for better-quality space is helping make the business case for a new generation of office landmarks.
Rich Lister’s $6b plan for 10,000 homes at master-planned city
The Costa Family Office is the majority investor in a 909ha site near Murray Bridge that will be developed into a $6 billion project with almost 10,000 homes.
DWS sells Brisbane CBD office for $24m less than it paid for it
The property fund manager’s acquisition of 120 Edward Street is yet another sign that office values have dropped at least 20 per cent due to WFH headwinds.
Wealth
Is it possible to pay no income tax?
It is nonsensical to spend money just to get a tax deduction because you’re still out of pocket.
- Opinion
- Superannuation
What to do to with your SMSF if you’re moving overseas
The Tax Office requires trustees to pass three tests if they wish to maintain tax benefits.
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.
Technology
- Exclusive
- Start-ups
Canva’s AI prize Leonardo traded for $320m, dividing VC industry
The valuation has been so closely guarded some investors have refused to tell their own backers how much Canva paid for the start-up.
‘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.
Work & Careers
I won’t be bullied into stipulating my pronouns. Even if I get fired
Why do my colleagues feel they must bring gender activism and their self-actualisation journeys into the office? Because I don’t.
- Analysis
- Fertility
If this law graduate has two children, she will be exceptional
Claudia McDonnell, 24, belongs to the most childless generation of Australian women in modern history.
Life & Luxury
- Drinks With Max Allen
- Wine & spirits
Getting a taste for grenache? Try these new old-vine examples
South Australian producers are serving up a bunch of great grenaches – here are four you need to know about.
How weightlifting strengthens more than muscles for retail strategist
Kelly Brown, co-founder of an e-commerce agency, finds pumping iron reduces her stress levels as she strives to hit personal bests.
An $8.2m result affirms Ron Walker and Denis Savill’s taste in art
Just 28 works owned by two men who spent decades doing deals delivered one of the best auction results of the year.
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.
