Labor’s $3.6b pre-election pay boost for childcare workers
The government will fund a 15 per cent, $3.6 billion pay rise for child care workers over the next two years on the proviso their employers agree to limit fee increases until after the election.
ASX to slip, Wall St’s rally falters as volatility persists
Australian shares are set to edge down. US stocks reversed early gains as crosscurrents continue and volatility persists. Bullock speech at midday.
Medal mania: This is Australia’s best Games ever
Australia won four gold medals in five hours, surpassing the record set in Athens and Tokyo. Here’s what you missed overnight.
- Live
- Need to Know
Nina Kennedy wins pole vault gold in brilliant day for Aussies
It was a huge day for Australia with Nina Kennedy taking out the pole vault final while Matthew Denny hung on for bronze in discus. Follow our live Olympic coverage.
Inside the election of a PwC chief executive
The candidates had unofficial campaign managers and developed manifestos. Lobbying was done in the office, over drinks, during the weekend. And like any good election, the voters’ main concern was what was in it for them.
- Exclusive
- Building Bad
CFMEU put Bandidos bikie on its governing board
Marty Albert was a union organiser on Victorian government construction projects and held a senior position in the John Setka-led branch of the CFMEU.
- Exclusive
- International students
‘Careful what you wish for’: The hidden hit in foreign student caps
Foreign student enrolments in Canada plunged far more than expected after the government capped visas, in a salutary tale for Australia.
- Driving With Tony Davis
- Motoring
Pagani lifts lid on its glamorous $5m hypercar
Wealth Generation: News and views to help aspirational investors grow their wealth. In your inbox every Wednesday.
PARIS 2024
Super sailor Wearn wins second straight gold - after agonising delays
Australia’s Matt Wearn endured weather delays and was forced to race his final twice before securing his second consecutive gold in the men’s dinghy.
Andrew Liveris learns how not to run an Olympics
The president of the Brisbane 2032 Organising Committee has had a jam-packed schedule in Paris as part of a contingent learning what to do – and not do – for the Games.
How to beat the post-Olympic blues at work
It’s not just Olympians who wonder what’s next after years of work culminate in a dramatic conclusion. Lawyers and consultants also get post-project blues.
Stunning gold for 14-year-old Aussie skateboarder
The skateboarder won in stunning style at the women’s park final, entering the history books as Australia’s youngest Olympic champion.
What’s the future for the Boomers without talismanic Patty Mills?
Australia, like many other basketball teams at the Olympics, relies on the outlier brilliance of one superstar. The coach admits it’ll be hard to replace him.
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Companies
Fortescue chief scientist fudged CV, court told
Federal Court documents reveal a buried conflict within Fortescue’s ranks between Andrew Forrest and an Element Zero defector.
New punters to halve under Labor’s gambling crackdown, brokers warn
One of the sector’s most respected analysts has told clients that the racing industry will be some $6.4 billion worse off over time from the proposed changes.
Arcadium flags it may have to shut Mt Cattlin amid low lithium prices
The chief executive of the world’s third-biggest lithium company, Paul Graves, says few mines make sense to operate, delaying growth projects.
Rex’s regional rivals eye an opportunity to expand into key routes
But others in the industry are urging the federal government to step in and provide funding to ensure towns aren’t left without services and staff are paid.
- Updated
- Carbon challenge
Glencore says ESG mood has ‘evolved’ and it will keep coal mining
The Swiss-based commodities giant had proposed spinning off the fossil fuel into a separate company but has decided to retain the division.
- Exclusive
- Big four consultants
Big four consultants’ ‘land and expand’ strategy hammered by scandals
The big four consulting firms secured about $90 million worth of contract extensions from Canberra last year, down from a record $252 million the year before.
Super Retail claims Harmers tried to surf in on deal with ex-executive
The owner of Rebel Sport wants the law firm removed from a lawsuit, alleging it tried to protect itself from defamation as part of settlement negotiations.
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Markets
Investors warn global rout may have not gone ‘far enough’
Goldman Sachs, JPMorgan Asset Management and Capitol Group warn that volatility in the market is likely to persist after Monday’s brutal sell-off.
Why the market doesn’t believe the RBA on rates
Despite the surprisingly strong hawkish rhetoric from the Reserve Bank this week, bond traders (and some economists) aren’t buying it.
Hedge funds were busy buying the dip amid turmoil
As trillions of dollars were being erased from global equity markets on Monday as investors fled, some fast money was stepping back in.
- Opinion
- Insolvency
‘Safe harbour’ talk sends Mosaic Brands into rougher seas
The obvious question to ask here is: should the company have disclosed this fact? The less obvious answer is no, not under ASX continuous disclosure requirements.
- Opinion
- Chanticleer
There’s ‘only one outcome’ that really matters, and it’s not Trump v Harris
Calmer markets mean investors are back to worrying about US politics and the Middle East conflict. But this leading strategist says both fears are overdone.
Opinion
The big risk in Kamala Harris’ surprise choice for VP
Tim Walz’s down-to-earth language was transformed into the equivalent of a magic wand, but there’s a risk in overlooking Josh Shapiro in a must-win state.
Columnist
British riots show importance of managing migration
Australia can credit its overall success as a migrant nation on having got its immigration policy broadly right, and thereby avoiding an anti-immigration populist backlash.
Editorial
Future Made in Australia is already running off the rails
The Albanese government has fallen into the trap of trying to achieve political wins at high economic cost. And nobody is stopping them.
Economics editor
What does China make of America’s topsy-turvy election?
Beijing will have trouble working out whether a hard or soft approach to a new US administration will work best.
Geostrategist
Populist surge makes it essential to spread gains of migration
Conflict over migration is now breaking out into the open in Western nations. But excessive limits would have a high cost too.
Columnist
Pressure is on Domino’s boss to deliver a turnaround
US parent Domino’s Pizza and local chairman Jack Cowin are each becoming more involved in how ASX-listed Domino’s Pizza Enterprises is run, writes Carrie LaFrenz.
Senior reporter
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
Build-to-rent plan risks ‘repelling investors’
Labor has been warned to redesign key elements of its plan to boost affordable rental stock around Australia.
Companies to face fines for failing to disclose cyber ransom payments
Legislation due to be introduced to federal parliament within weeks will require businesses with a turnover of $3 million or more to report payments to hackers.
Energy needs count, WA warns EPA on gas approvals
Governments cannot throw economic and energy security out the door in favour of environmental factors when assessing gas projects, the WA treasurer says.
- Updated
- Interest rates
Chalmers’ rebates not helping inflation, RBA warns
Federal and state government energy bill subsidies will not help get inflation under control, and big-spending public sector budgets are making it worse, the bank says.
Victoria’s budget woes put ABBA plans on ice
However, despite the state’s debt pressures, the Victorian Chamber of Commerce says ABBA Voyage would generate hundreds of millions in revenue for Melbourne.
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World
Talks sanction more US bombers, fighter jets, spy planes in Australia
Annual defence and foreign affairs talks will see Australia deepen its role as the US’s “unsinkable aircraft carrier” in a potential conflict with China.
UK police prepare for further clashes with far right
PM Keir Starmer said this week authorities had agreed to mobilise a “standing army” of officers to deal with the anti-migrant and anti-Muslim disorder.
China’s exports slow in warning sign for economy
Exports rose 7 per cent in July in dollar terms from a year earlier, falling short of economists’ median forecast of a 9.5 per cent gain.
- Analysis
- US election
Folksy attack dog: Why Harris chose Tim Walz as VP
The plain-speaking Minnesotan brings Midwestern colloquialism and progressive appeal to the Democratic ticket.
- Analysis
- GDP
Is the US heading for a recession?
Most analysts believe the world’s largest economy will make a soft landing, with inflation falling back to the Fed’s 2 per cent goal without a sharp rise in unemployment.
Property
Sydney’s tallest tower to test battered office market
The Japanese property giant is seeking around $600 million for its 30 per cent stake, which would value the entire Salesforce Tower at $2 billion.
- Exclusive
- Luxury property
Vacant Vaucluse mansion asking $30m
In Sydney’s Vaucluse, an 1890s manor, sitting on more than 2000 square metres, has hit the market guiding $30 million.
Federal buybacks in Murray-Darling Basin to stem fall in water prices
The Commonwealth’s plan to buy back 70 gigalitres of water entitlements in the southern Murray-Darling Basin has already lifted water prices in some markets.
Developer cashes in as investors spend $38m on fast food
A vacant Bunnings purchased for $35m in 2020 and redeveloped into a homemaker centre with fast food outlets has generated $95m in total real estate sales.
The most expensive house sales outside Sydney
Recent sales of premium homes in top regional areas could challenge Sydney’s status as the country’s most expensive housing market.
Wealth
Help! My parents want to invite 20 of their friends to our wedding
What to do when mum and dad help out financially but expand the guest list beyond your comfort zone.
I watched 100 fintok videos – here are five finfluencers to follow
Critics say you can’t explain complex issues in 30 seconds, but some young content creators on TikTok do it really well – particularly Australian women.
- 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.
Technology
Olympics’ online trolls get taken down by AI
Athletes have previously had to turn off their phones to avoid online abuse – this year artificial intelligence is helping to keep trolls at bay.
- 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.
- 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.
Work & Careers
How the US, China and Middle East is impacting ANZ and local business
ANZ’s head of geopolitical risk is a growing role that business is increasingly looking to employ, as boards say global tensions have risen to the top of the agenda.
- Exclusive
- CFMEU
HSU calls on Diana Asmar to stand down over ‘ghost’ services probe
The Health Services Union wants its Victorian leader to stand aside after claims her branch spent more than $3 million for non-existent or “ghost” services.
Life & Luxury
MrBeast’s giant game show faces safety complaints
Some of the contestants vying to win the $US5 million prize say they lacked access to food, water and medication, and competitors were injured.
- Drinks With Max Allen
- Wine & spirits
Family revives its rum brand to satisfy thirst for spirits
Sydney’s Red Mill is one of three delicious – and different – new Australian rums that are a credit to their inventive distillers.
Shorts are back this summer. Here’s how to wear them
Briefs are the business for everyone this spring, so get ready to leg it.
The $840 perfume that some say is on the nose, and other exotic luxuries
We’ve reeled in a ring, some square sunnies, sleek swimwear and more in this week’s inspiring selection of goodies.
James Wolfensohn’s Australian classics lead $14m art sale
The canvases by Arthur Boyd and Fred Williams adorned the Australian former president of the World Bank’s Manhattan apartment and lead Smith & Singer’s big mid-year sale.
