Labor may speed up tax credit as lithium miners buckle
The Albanese government may bring forward the $17.6 billion critical minerals production tax credit after Albemarle said it would slash 300 jobs and shrink its giant WA facility.
- Analysis
- Canberra Observed
Like Howard, Albanese knows two heirs apparent are better than one
Labor’s leadership succession plan seems less obvious than it did six months ago.
Top Gun games pull the trigger on deterrence
Exercise Pitch Black has pulled together air forces from 20 nations for practice missions over northern Australia as concern rises about collaboration between China and Russia.
PwC clears itself of misleading ATO on FIRB application
Three current and former PwC Australia CEOs will appear before parliament on Friday to testify about the firm’s tax leaks scandal .
- Opinion
- Chanticleer
Bidders having it both ways with ‘best and final’ threats
You’ve got to give it to the top investment bankers and lawyers – they’ve perfected the art of driving a truck through a two-inch gap.
- Exclusive
- Legal industry
How the NACC helped a global law firm take top spot for taxpayer work
“I think the NACC certainly has sharpened people’s focus on integrity,” says Holly McAdam, the firm’s head of Commonwealth government.
Rex was months behind payments, as ratepayers left to foot bill
The collapse of Regional Express into voluntary administration is bad news for local councils still reeling from the loss of Bonza, which also left unpaid airport fees.
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paris 2024
Matildas coach exits after Olympic dream cut short
Tony Gustavsson informed the Matildas after the 2-1 loss against the US, which ultimately ended the Paris campaign, that he would no longer be their coach.
‘Today was pure joy’: Fox rises into a new echelon with second gold
The canoe champion becomes the first Australian in history to win six individual Olympic medals – and could add still add another gold to her tally.
What’s on today? Check out the full schedule here
Find the times and days of all your favourite sports right here with this interactive guide to the Paris Olympic Games.
The day Jess Fox became the world’s best
The Aussie canoeist just can’t stop winning, but the medals dried up for our swimmers and the Matildas were bundled out. Here’s what you missed overnight.
Matildas’ dream over after gut-wrenching defeat
The Matildas lost 2-1 to the US in a match riddled with errors and yellow cards. It was the team’s second loss in a group stage, meaning they are now headed home.
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Companies
Noel Pearson appointed to Fortescue board
This is the Indigenous leader’s first public move following his keeping a low profile since the defeat of the Voice to parliament referendum in October.
ANZ knocks NAB off the home lending podium
ANZ is now the country’s third-biggest lender to households, boosted by the acquisition of Suncorp’s bank this week.
Labor may speed up tax credit as lithium miners buckle
The Albanese government may bring forward the $17.6 billion critical minerals production tax credit after Albemarle said it would slash 300 jobs and shrink its giant WA facility.
- Exclusive
- Private equity
Ex-Pinnacle executives line up Dinimus in private credit push
Scarcity Partners is closing in on yet another minority investment in an asset manager, in what would be the firm’s second deal since starting in March 2023.
Banks, supermarkets prep Armaguard contingency plans
ACCC deputy chairman Mick Keogh said it was “important that the parties continue their discussions” over cash transit services.
Ex-Macquarie exec named PwC’s first independent chairman
Company director and thriller writer John M. Green will take the role at PwC Australia as part of reforms following the firm’s tax leaks scandal.
Rex called in advisers in May, Westpac emerges as creditor
Documents filed with ASIC on Thursday show EY had been called in by Rex’s major lender PAG months before it went into voluntary administration.
Companies in the News
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Markets
Pinnacle funds under management hits record $110b
The multi-affiliate investment manager recorded a 20 per cent jump in assets in 2023-24, with international clients accounting for the bulk of net inflows.
Fed’s rate cut conviction sweeps RBA up in global easing hopes
Markets are fully priced for Jerome Powell’s September easing, but economists do not share the same enthusiasm that the Reserve Bank may not be far behind.
ASX tops 8100 points; oil gains on MidEast worries, DroneShield sinks
Australian shares reset record high. Meta rallies after its results beat expectations. Regulator backs Namoi Cotton buyout. Follow updates here.
Fed says September rate cut is ‘on the table’
Jerome Powell said “a reduction in our policy rate could be on the table as soon as the next meeting in September” as the Federal Reserve held rates steady.
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
Productivity Commission shines light on economic costs just as Whitlam wanted
Before riding in on a white horse to stage an ‘ESG takeover’, critics should take more than a cursory glance at the work the commission actually does.
Albemarle sounds warning on critical minerals processing
The US-based firm’s decision to reduce output from its lithium hydroxide plant and write down much of its investment demonstrates the flaws in Australia’s plan for greater domestic processing of critical minerals.
Columnist
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
After Rex’s failure, here is the answer to Australia’s airline competition problem
It would be in the national interest – and Qantas’ – for the government to create a successful duopoly by biting the bullet on foreign ownership of Virgin.
Aviation expert
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
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
Greens prepared to be flexible on housing demands
The Greens say their demands to curb the CGT exemptions and negative gearing deductions are not a condition of their support for housing bills in the Senate
- Analysis
- Government Observed
Five projects to fix Australia’s productivity woes
The answer to the nation’s sagging productivity is staring us in the face says former NSW minister Victor Dominello.
- Exclusive
- Weight loss
Next blockbuster weight-loss drug to launch in Australia this month
Novo Nordisk’s Wegovy is about to go on sale here, avoiding the prospect of a supply disaster when compounded Ozempic is banned.
Accountants escape Labor’s onerous new rules, for now
Assistant Treasurer Stephen Jones has delayed new requirements for tax professionals, amid a growing backlash about the risk of compliance failures.
- 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.
SPONSORED
World
How Kamala Harris took control of the Democratic Party
As speculation grew over President Joe Biden’s future, officials and campaign aides were quietly reminded a backup quarterback was already on the roster.
US to push for Gaza ceasefire despite assassination setback
The US effort to secure a pause in the Israel-Hamas war and free Israeli hostages was thrown into question after the assassination of Ismail Haniyeh.
The venture capitalists who made J.D. Vance
Vance is the first prominent tech venture capitalist to win a spot on a major party presidential ticket, in a sign of the industry’s growing power.
- Analysis
- North Korea diplomacy
On the front line of North Korea’s nuclear threat
The possibility of another Trump presidency has global leaders nervous about Kim Jong-un’s erratic behaviour. Would a second mandate tame or embolden “little rocket man”.
Iran’s leader green lights Israel strike over Hamas killing
Iran’s supreme leader, Ayatollah Ali Khamenei, is considering a drone and missile attack towards Tel Aviv, raising the risk of a region-wide conflict.
Property
San Francisco to ban rent-setting software amid gouging worry
The ban opens a new front in a long-running controversy over the role of software in setting rents as an affordability crisis worsens in many American cities.
QIC property funds head quits
David Asplin, a 12-year veteran of the firm, has left just days after Michael O’Brien quit as the real estate division head.
Two surprising cities to pass Melbourne home values within a month
The shift in the ranks comes as prices continue to increase sharply across Adelaide, Perth and Brisbane, while Victoria’s capital and Sydney weaken.
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.
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
- Analysis
- The Breakdown
The AI delusion says ‘we’re all going to get rich quick’
That sum is the staggering gap between what tech companies are making from selling artificial intelligence and the likely costs of running it.
- 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
Work & Careers
Olympics and Russian disputes: life as a lawyer in Paris
Thomas Adams enjoys the benefits of working at a top American firm, but without the insane hours.
- 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
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.
Deadpool & Wolverine film review – on its way to cinematic immortality
This “action-comedy” has more blood-letting than any other superhero movie, but its “R” rating hasn’t stopped it making financial history.
- 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.
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.
