Traders don’t believe the RBA’s warning on rates
Bond markets are still wagering that the Reserve Bank will cut interest rates this year even as the central bank said it considered a rise on Tuesday.
McDonald’s hit with multi-employer bargaining push
The retail union is using Labor’s new multi-employer bargaining laws to force McDonald’s back to the negotiating table for its first collective agreement in more than a decade.
Inflation to linger until 2026, RBA warns
A surge in state and federal government spending means inflation won’t return to the RBA’s target band until December 2026, later than previously forecast.
- Opinion
- Chanticleer
Euro summer madness is making markets look extreme
It’s easy to forget what day-to-day life looks like on the other side of the world at the moment. But it is an important part of the market sell-off story.
MinRes joins job cuts carnage in WA mining
The Chris Ellison-led Mineral Resources is slashing its white-collar workforce amid iron ore mine closures and a retreat in its lithium expansion plans.
- Opinion
- Chanticleer
RBA is in no place to comfort fearful investors
The reality of Australia’s inflation problem means Michele Bullock has little room to encourage investors’ flagging animal spirits.
- Opinion
- Interest rates
RBA at odds with the market and the world
A panicked market is convinced the central bank faced a simple choice. Its staffers clearly don’t see it that way, writes Jonathan Shapiro.
Wealth Generation: News and views to help aspirational investors grow their wealth. In your inbox every Wednesday.
PARIS 2024
Inside Gina Rinehart’s lavish party cruise for Aussie Olympians
The billionaire iron ore magnate has been labelled the godmother of Australia’s swim team, and hosted a luxury cruise on the Seine to celebrate the Olympians’ success.
One consulting firm has more Olympians than the others
In the hyper-competitive world of big four consulting in Australia, one firm stands out in a completely unofficial ranking of which has more Olympic athletes at the Paris Games.
A fairytale for the Fox family – and a luxury party for swimmers
The sport of kayaking might’ve passed you by until now, but the feats of Jess and Noemie Fox will make them household names. Here’s what you missed overnight.
Sister act: Noemie Fox joins sister Jess as gold medallist
The kayak cross champion has finally come out from behind the shadow of her legendary sister Jess.
Aussie high jumpers atop the ‘perfect podium’
Four athletes from two nations – Australia and Ukraine – who have dominated women’s high jump recently, celebrated on the mat after sharing the three medals.
Loading data centre
TECH TUESDAY
Australian venture capital firms face a battle for their future
Venture capital firms are under pressure to secure funding, as superannuation funds re-evaluate their investment options.
- Exclusive
- AI
This Aussie unicorn is paying millions for a chief AI officer. Should you?
SafetyCulture is on the hunt for its first AI boss as companies scramble to find executives to help unlock billions of value from the hot technology.
- Exclusive
- Venture capital
Blackbird, Tiger Global-backed start-up shares valued at zero
Retail AI start-up Hivery has had to cut costs, staff and had two co-founders depart. Its biggest local investor has now written a stake down to $0.
- Opinion
- Digital Life
It’s the battery life, stupid: Why we love Lenovo’s new laptop
Microsoft’s Copilot+ PCs are supposed to be all about the new AI features. But until Recall arrives, all we care about is their fabulous battery life.
Why this earnings season is the end of an era for Apple
The AI era is upon Apple, and all of its tech peers, and the stories it tells its investors and customers about its products are about to change forever.
Get the front page and latest edition of the Financial Review as it was printed, delivered to your inbox every morning.
Companies
Iron ore producers must learn from nickel: Fortescue boss
Australia must invest heavily in green iron or risk losing out to international competitors, chief executive Dino Otranto warns
Jabiluka owner sues over axing of uranium mine permit
ERA, majority-owned by Rio Tinto, lobbed the case in a bid to overturn the NT’s decision to revoke its lease to mine uranium in Kakadu.
Woodside punished as investors query ‘marginal’ green projects
The oil and gas producer had almost $2.6 billion wiped off its market value as investors struggled to accept projected returns on a large US acquisition.
Pfizer invests $150m in Melbourne to fight superbugs
The US pharma giant says the federal government must do more to ensure Australians can access new drugs designed to fight deadly superbugs.
Liontown pleads case for fast-tracking lithium royalty relief
Liontown Resources boss Tony Ottaviano says governments must act sooner rather than later on fiscal policy to avoid a repeat of the nickel exodus.
AFL’s mystery man Dustin Martin bows out in unique style
Dustin Martin and Tom Hawkins have both called time on their glittering AFL careers, but the famously media-shy Richmond star didn’t attend his own press conference.
MinRes joins job cuts carnage in WA mining
The Chris Ellison-led Mineral Resources is slashing its white-collar workforce amid iron ore mine closures and a retreat in its lithium expansion plans.
Companies in the News
Search companies
View stories and data from an ASX listed company
Markets
What is the yen carry trade, and why is it now melting markets?
Japan’s debt market has long been an anchor for global investors thanks to rock-bottom interest rates, but the unwinding of that lucrative trade is adding to the panic.
ASX rebounds after global rout; Woodside shares tumble
Shares advance at the closing bell; US futures bounce back; Treasury Wine flags impairment; Coronado revenue slumps 10 per cent; Bullock says rate cut not on the agenda in 2024. Follow updates here.
‘Fears are overblown’: ASX steadies as recession panic eases
Australian shares were around 0.4 per cent higher, rebounding from the worst sell-off in more than four years.
Market panic risks dragging down global growth, economists warn
Analysts say economies in the US and elsewhere are not “nosediving”, but they flag the threat of “self-fulfilling” investor jitters.
- Opinion
- Sharemarket
Why global investors find it so easy to sell Japan
It is easier to sell Japan into a rout than any other Asian market, and unusually attractive to take profits from it right now because the gains this year have been so good.
Opinion
Rise in interest rates only narrowly avoided
A rate increase was closer than many had assumed at the RBA meeting, and a more hawkish-sounding Bullock said it “was a very serious consideration”.
Economics editor
Bullock talks tough, but board can’t stomach raising rates
The RBA has squibbed again this month. With long-run credibility on the line, it needs to focus on getting inflation inside the target band.
Economics professor
RBA at odds with the market and the world
A panicked market is convinced the central bank faced a simple choice to prepare for interest rate cuts. Its staffers clearly don’t see it that way as the bank laid out the case for increases.
Senior reporter
Markets mayhem jangles investor nerves
Why are markets are suddenly tumbling as sentiment turns down – and is this the start of something bigger?
Columnist
Recession fears no reason for RBA rate cut
It remains a long bow to suggest the sell-off by rattled investors heralds a hard landing in the US economy and a global recession.
Editorial
The case for splitting ASIC
Australia needs a dedicated financial industry conduct regulator, rather than a securities regulator that regulates everything.
Contributor
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
Warnings over ASIO workload because of heightened terror threat
The ASIO chief admits the spy agency is “stretched” as it deals with twin challenges of politically motivated violence and foreign espionage.
Foreign student crackdown is ‘economic self-sabotage’: uni chiefs
The policy change is over-reach, interventionist, Draconian and probably unworkable, scores of experts told a a Senate inquiry.
NSW to lease more offices for public servants ordered back
NSW is ready to lease extra office space after declaring it was time to end pandemic work-from-home conditions for its 80,000 public servants.
- Exclusive
- International students
Unis to be capped at 40pc overseas students
The federal government will limit universities to 40 per cent international enrolments and bring numbers back to 2019 levels.
‘Wildly bizarre’: Qld Labor’s petrol price pledge panned
Queensland’s extraordinary bid to open publicly owned petrol stations was panned by industry and economists.
SPONSORED
World
US personnel wounded in attack against base in Iraq, officials say
It was unclear whether the attack was linked to threats by Iran to retaliate over the killing of Hamas leader Ismail Haniyeh.
Netanyahu clashes with security chiefs on Hamas deal
The Israeli PM is openly at odds with the defence establishment over an agreement that could ease soaring tensions in the region. Analysts blame domestic politics.
Bangladesh protesters back Nobel laureate for government role
Protesters have called for Nobel Peace Prize winner Muhammad Yunus to be named chief adviser of a new interim government after PM Sheikh Hasina fled the country.
Two left: Harris set to name White House running mate
Kamala Harris only has days to choose either Pennsylvania governor Josh Shapiro or Minnesota governor Tim Walz to be her vice presidential candidate.
Trump seizes on market meltdown, blames Harris
The former president sought to raise voter concerns about the health of the US economy, saying “we are heading to World War III”.
Property
Developer Guy Nelson puts period mansion on market
The grand Victorian home on Sorrett Avenue in Malvern is being sold by the former Macquarie Group real estate boss and founder of developer Alpha Partners.
Stable cash rate not enough to boost home buyer demand: analysts
The uncertainty over potential rate cuts will weigh on buyer demand and slow price growth in Sydney and Melbourne, experts say.
What a cash rate hold means for REITs
Office landlords face further asset write-downs this earnings season, but there may be little pain after that as interest rates stabilise, says Barrenjoey.
Australia’s 10 most expensive homes are all in one location
Wealthy home buyers splurged nearly a quarter of a billion dollars snapping up the country’s priciest mansions – in Sydney’s eastern suburbs.
- Exclusive
- Property development
Home building faces Productivity Commission probe
The new inquiry comes amid housing industry doubts that the Albanese government will achieve its goal of 1.2 million homes to be built over the next five years.
Wealth
- Exclusive
- Wealth Generation
Where you can afford to buy without breaking the 30pc rule
See how suburb-level affordability across Australia’s three biggest capital cities has changed over the past three decades.
Why you’re probably losing $1500 a year and what you can do about it
With interest rates set to fall in coming months, now is the time to lock in a better rate on your savings.
The one thing this Rich Lister says every founder needs to remember
Sam Kroonenburg built a company from his bedroom, with him and his brother Ryan both making about $500 million. But Sam, 40, is doing what he can to avoid the trappings of wealth.
Technology
- Analysis
- The Breakdown
Google is a monopolist, but the egg can’t be unscrambled
The company paid tens of billions of dollars to become the world’s dominant search engine. Even Microsoft couldn’t compete.
Coalition claims ‘$1 billion captain’s pick’ as PsiQuantum answers emerge
New information reveals the Commonwealth engaged in a lengthy due diligence process before making a $1 billion bet on PsiQuantum.
- Exclusive
- Start-ups
‘Harder and harder’: Why Canva’s $370m AI bet said yes
AI dollars can be “fleeting” and competing with big players can cost hundreds of millions, setting the scene for Leonardo’s sale to Canva.
Work & Careers
NSW to lease more offices for public servants ordered back
NSW is ready to lease extra office space after declaring it was time to end pandemic work-from-home conditions for its 80,000 public servants.
Dead email address for CFMEU evidence a ‘technical issue’, Allan says
The Victorian premier has defended Labor’s investigation into illegal activity in the construction industry against claims it is a “smokescreen”.
Life & Luxury
This lawyer lived a double life for 20 years. Now he’s going all in
After almost two decades of taking time out from his day job at some of Australia’s largest companies to lead adventure tours, David Sinclair is launching his own travel company.
Crete’s iconic Blue Palace opens new chapter
With a growing collection of resorts, two local sisters are staying true to the proud heritage of Greece’s largest island.
Why middle-aged men are so competitive
There is always someone at school sports day who treats the parents’ race as a fierce contest – this time it was me.
How to do Gold Coast’s Bleach festival
If you still think the Goldie is all about surf and schoolies, the exciting, eclectic and inclusive Bleach* Festival will prove you wrong.
Get off the grid to explore Japan’s undisturbed islands
In this part of Japan, there’s no word for retirement in the native tongue. A unique, immersive cruise itinerary will help to reveal why.
