CBA lifts dividend, beats forecasts with $9.8b cash profit
Commonwealth Bank will pay a final dividend of $2.50 a share to bring its full-year dividend to $4.65 a share fully franked and representing 79 per cent of its profit.
- Breaking
- Regulation
ASIC claims ASX misled market about critical trading system upgrade
The corporate regulator is suing the sharemarket operator, alleging the company knew in February 2022 that the CHESS project was going off the rails.
- Live
- Markets Live
ASX to rise; AGL swings to $711m profit
Shares set to open higher; producer inflation data sent Wall Street soaring; Commonwealth Bank boosts dividend; Pro Medicus posts $82.8m in net profit; ASIC sues ASX Ltd. Follow here for more.
Resurgent AGL sprints into the black as profits surge
The giant electricity and gas supplier’s core profit almost tripled in the 2024 financial year, but is set to soften in 2024-25.
One in three pupils fails to meet baseline literacy, numeracy
The latest NAPLAN results also reveal a stubborn gap between test results of rich and poor children, highlighting the failure of schools to overcome disadvantage.
- Live
- Need to Know
Regulator orders Cbus spending review amid CFMEU allegations
The prudential regulator orders review into the construction industry fund Cbus; Liberals demand 20 changes to CFMEU bill; Education minister says reform needed right across the system. Follow live updates.
Putin names bear-beating ex-bodyguard to lead Kursk defence
Alexei Dyumin, now considered a potential successor to Vladimir Putin, rose to prominence after scaring off a bear at one of Putin’s residences.
Wealth Generation: News and views to help aspirational investors grow their wealth. In your inbox every Wednesday.
earnings season
- Results Wrap
- Chanticleer
How Temple & Webster won day two of profit season
CSL was the headline result, but it was Seek which was hit hardest on results day. Here’s what caught our eye.
Seek’s venture fund wears $210m hit even as top performers surge
The $2.1 billion Seek Growth Fund, run by Andrew Basset, is one of the few vehicles exposed to public markets, and showed tight valuations for start-ups.
EY partner profits down by about 13pc
EY Australia has been hard hit by the sector-wide downturn in demand for advisory services, with revenue and average partner profits falling.
Temple & Webster bucks retail slump, shares soar
The online furniture retailer’s shares have jumped 23 per cent after it achieved almost $500 million in sales by expanding its market share.
- Updated
- Earnings season
CSL’s bullish earnings call dimmed by stumbles at new Vifor business
The country’s largest pharmaceutical company says it expects double-digit earnings growth for the next five years as its core blood products business surges.
NAPLAN RESULTS
Boys’ results plummet early in high school
After 10 years of compulsory schooling, about two in five boys are struggling to read and write at a high level. This is a big problem for the nation.
One in three pupils fails to meet baseline literacy, numeracy
The latest NAPLAN results also reveal a stubborn gap between test results of rich and poor children, highlighting the failure of schools to overcome disadvantage.
- Opinion
- NAPLAN
NAPLAN is a measure of wealth, not student ability
This year’s assessment results confirm what we already know – rich kids do well, poor kids don’t. This is to our national shame.
- Opinion
- NAPLAN
Three ways to end NAPLAN mediocrity in our schools
Governments must lift proficiency levels, boost the quality of classroom curriculums and identify as soon as possible those students who are falling behind.
Minister on a mission needs a break from the states
The latest NAPLAN results are bad news for too many school students. Jason Clare is determined to change that, but will he succeed where so many others failed?
Get the front page and latest edition of the Financial Review as it was printed, delivered to your inbox every morning.
Companies
Coal miners go it alone with first lobby group in more than a decade
But the companies say the emergence of Coal Australia will not lead to a split of the powerful resources association Minerals Council of Australia.
Catalano and Waislitz plot with ARN on Southern Cross takeover
The chairman of Australian Community Media, publisher of The Canberra Times, flew to Sydney for discussions with executives about whether a bid could be revived.
Tabcorp stoush with ex-CEO could escalate to Federal Court
Adam Rytenskild will square off with his former employer at Fair Work. It may not end there.
Strike hits BHP’s biggest copper mine
Workers walked off the job at the Escondida mine in Chile that produces about 5 per cent of the world’s mined copper.
NAB is owed $12m in Billson’s Beverages collapse
The lender called McGrathNicol to “review” the ready-to-drink vodka maker four months before it collapsed. About 50 expressions of interest have been lodged.
Rio Tinto prepared to sell stakes in Winu copper project
Rio Tinto wants to grow its copper division, but a sale process for WA’s Winu deposit shows it wants large, world-class assets.
Hancock’s Senex Energy loses long-time CEO post $1b expansion deal
Outgoing chief executive Ian Davies has told staff he will hand over to chief operating officer Darren Stevenson “in late 2024”.
Companies in the News
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Markets
Strike hits BHP’s biggest copper mine
Workers walked off the job at the Escondida mine in Chile that produces about 5 per cent of the world’s mined copper.
What happened overnight? Wall Street rejoiced in benign PPI data
US stocks rose and bond yields dropped after producer price inflation slowed, increasing expectations of a US rate cut in September,
- Opinion
- Interest rates
Rate cuts rely on an inconvenient truth about inflation
US and UK Inflation data this week is expected to tick up, which risks muddling careful central bank messaging that higher borrowing costs are coming to and end – at least outside of Australia.
Asian short sellers are ramping up bets against Australia’s miners
Resources stocks account for almost 80 per cent of the ASX’s top 20 shorts, with traders targeting everything from uranium and lithium producers to iron ore and copper.
Why the market’s danger trade could make a comeback
Speculative investors in the so-called yen carry trade could tiptoe back as early as Wednesday as markets appear calmer after last week’s brutal sell-off.
Opinion
Minister on a mission needs a break from the states
The latest NAPLAN results are bad news for too many school students. Jason Clare is determined to change that, but will he succeed where so many others failed?
Columnist
NAPLAN is a measure of wealth, not student ability
This year’s assessment results confirm what we already know – rich kids do well, poor kids don’t. This is to our national shame.
Education editor
Three ways to end NAPLAN mediocrity in our schools
Governments must lift proficiency levels, boost the quality of classroom curriculums and identify as soon as possible those students who are falling behind.
How Kamala Harris might still lose
Elections in the US are close. After almost a decade of chasing or holding the White House, Trump’s oddities are priced-in. Harris remains ill-defined and half-tested, writes Janan Ganesh.
Contributor
PwC saga puts structural split of big four on radar
At the front and centre of the tax leak scandal are fundamental questions about the structure and integrity of the consulting sector.
Editorial
Labor’s shock at CFMEU deserves an acting prize
After years of ignoring all the evidence, Labor governments have expressed their shock at evidence of criminality and corruption in the construction union. What now?
Columnist
Politics
- Updated
- Wage growth
Public servant pay growth to outstrip private sector wages
A slowdown in the jobs market is forcing private sector workers to rein in their pay demands while state premiers abandon public servant salary caps.
- Exclusive
- Israeli-Palestinian conflict
‘They know who has been in prison’: Row over Gaza security checks
The Home Affairs Department is curbing visas for people fleeing from wartorn Gaza as the Coalition demands Labor take stricter line on security checks.
Morrison feared ‘fatal outcome’ for Reynolds in Higgins saga
Scott Morrison told a court he saw Senator Linda Reynolds stressed during debate over Brittany Higgins’ rape allegations, and worried it would kill her.
Sydney Uni enters hiring crackdown amid foreign student cap fallout
Sydney University head Mark Scott has flagged that vacant roles may not be filled in light of the migration reforms targeting international students.
The hidden jobs revealed by the new skills atlas
A new digital jobs and skills atlas shows where the hidden jobs are and reveals surprising new trends, especially in regional Australia.
SPONSORED
World
Starbucks ousts CEO, appoints Chipotle boss amid slowing sales
The swift change in leadership at the coffee giant comes as it grapples with weakening results in some of its biggest markets, particularly the US and China.
US warns Iran’s ‘set of attacks’ on Israel could come this week
Israel and the US believe it is increasingly likely that Iran will launch an attack.
Ukrainian commander details captured Russian territory
Russian forces are still scrambling to respond to the surprise Ukrainian attack after almost a week of fierce fighting.
Democrats aim to woo Jewish voters alienated by protests
Democrats are trying to win support from left-leaning Jewish voters who have been disheartened by a rise in antisemitic incidents and backlash from pro-Palestinian protesters.
- Opinion
- US election
Trump turns Musk conversation into a monologue
Donald Trump should have had an actual conversation with the world’s richest man, which may have helped his standings. But he couldn’t help being himself.
Property
Cost-of-living crunch hits supermarket sales, says mall owner Region
Region Group boss Anthony Mellowes says a lack of new mall development in the face of population growth will drive up existing mall values and rents.
Houses are selling at $500k discounts in these prestige regions
House prices in popular areas such as Byron Bay have slumped by as much as $570,000 since peaking two years ago.
- Exclusive
- Mergers & acquisitions
NSW builder NEX wants $1.3b Stockland-Lendlease to go ahead
The largest home builder in Australia’s largest state says Stockland will be able to bring much-needed land to market faster than Lendlease.
- Analysis
- Property development
Hong Kong’s collapsing land sales threaten city’s funding model
For decades, the city’s government generated huge income auctioning off land to developers as prices soared. A property downturn is now undermining the model.
Private hospital woes are ‘short term’, says healthcare property fund
Analysts say the HealthCo Healthcare & Wellness REIT could be one of the few listed property trusts to forecast earnings growth this reporting season.
Wealth
Young investors sold geared ETFs as property becomes pipe dream
Leverage is what makes the housing market such a wealth juggernaut. Should ETFs get the same treatment?
- Opinion
- Commercial property finance
Why the pros are snapping up commercial property
Syndicates believe the market is bottoming out. Here’s how to assess the best opportunities.
- Opinion
- Investing
Small caps are as cheap as they’ve been this century
The phenomenal – albeit short – rally we saw in July is evidence that when small caps finally take off, they can move quickly.
Technology
- Exclusive
- Venture capital
Start-up founder sues Victoria’s VC fund
The Victorian government’s troubled venture capital fund Breakthrough Victoria faces a multi-million dollar legal battle.
- Analysis
- Tech Observed
In love with a bot? OpenAI data shows we are entering sci-fi territory
Humans falling in love with chatbots, and AI platforms hatching ‘catastrophic schemes’ are among concerns being monitored and managed by researchers at OpenAI.
Fears the only way is down for hot tech sector in reporting season
Nervous investors and analysts are ready to punish any ASX-listed tech company that disappoints this earnings season.
Work & Careers
Why this CEO abandoned his rock ‘n’ roll lifestyle
Anthem chief executive Vas Katos is behind many of the country’s biggest shows and events, but family now comes first.
- Exclusive
- Shipping
Union walk-off to close WA port
Western Australia’s largest container port is expected to grind to a halt on Sunday as a small group of key workers walk off the job over a pay dispute.
Life & Luxury
Bluesfest to end after 35 years in fresh blow to live music
The Byron Bay institution will close just three years after record attendance in 2022, highlighting the challenge to music promoters from rising costs.
Michelin stars galore for Aussie chefs in Asia
With no Michelin Guide in Australia, local chefs craving the culinary accolade need to head offshore. Our food editor reveals three who’ve made their mark.
A guide to middle-aged backpacking
What I did not want to relive were the bed bugs, hostel dormitory rooms, or hellish overnight bus journeys on pot-holed roads.
How Alemais became Australia’s hottest fashion export
The first time Lesleigh Jermanus went to Australian Fashion Week, she was an intern. The second time, her label Alemais was the opening show.
- Drinks With Max Allen
- Wine & spirits
Winemaker explores fruitful new territory after bushfire
Exquisite new pinot noirs from Tasmania and Burgundy reveal the best of both worlds.
