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- Markets Live
ASX tops 8000 points; RBA minutes show rate rise on the table
Australian shares continue to march higher as US shares rise for eighth session. Ansell cuts dividend. Reliance Worldwide rallies. Follow updates here.
Latest Posts
RBA confirmed it considered lifting rates in August
Gold steadies near record high ahead of Jackson Hole
Helia rises as mortgage fears fade
Kathmandu, Rip Curl owner ends grim year with June quarter recovery
Last updated 16 mins ago
- Exclusive
- Big four
Big banks pre-empt RBA move by cutting rates on term deposits
Intense competition for deposits has benefited savers but squeezed bank margins. The cuts come well before most expect the RBA to drop the cash rate.
Superyacht sinks in Italy, tech tycoon, several others missing
Mike Lynch had just been acquitted of a billion-dollar fraud. Now he’s missing, and one person is dead after his luxury yacht was struck by a tornado.
- Live
- Need to Know
Harris gives surprise speech to roaring Democrat crowd
Kamala Harris gives brief speech about uniting shared visions at the Democratic National Convention; The Higher Education Summit discusses international student caps. Follow live updates.
Why Chris Kourtis just sold BHP and bought Fortescue
Investors and analysts are starting to warm to the longtime ASX pariah, despite the slumping iron ore price.
- Exclusive
- Legal industry
ASIC, ACCC ‘materially weakened’ in court by $5k cap on top silk pay
Former chairmen of ASIC and the ACCC have spoken out against the 13-year freeze on federal government pay rates for barristers, saying it cost them in the courtroom.
Yancoal withholds dividends to hoard cash for M&A spree
The cashed-up miner has declined to pay dividends ahead of “potential corporate initiatives”.
Wealth Generation: News and views to help aspirational investors grow their wealth. In your inbox every Wednesday.
EARNINGS SEASON
Kathmandu, Rip Curl owner ends grim year with June quarter recovery
New Zealand’s KMD Brands said sales across its three retail chains fell 11 per cent over the 2024 financial year, but improved in the final three months.
Dexus posts $1.5b loss as office values tumble
The fund manager and investor expects a drop in earnings in the 2025 financial year amid a challenging commercial property sector.
Chadstone owner Vicinity beats guidance as occupancy rates rise
The mall landlord, which also owns Sydney’s Queen Victoria Building, reported operating earnings of 14.6¢ per security after saying in February that it would hit the top end of its guidance of 14.5¢.
Monadelphous optimistic on energy transition despite lithium loss
The Perth-based construction group delivered a 16 per cent increase in annual net profit to $62.2 million.
- Updated
- Earnings season
Booming Chinese demand not enough to stave off a2 Milk share slump
The company has warned revenues will grow far below the pace expected by investors this year after challenges finding product for the lucrative export market.
TECH TUESDAY
- Exclusive
- Start-ups
Investors back ‘unicorn’ Go1 CEO swap, as IPO plans emerge
The founding CEO of $3b Queensland tech firm Go1 will step down in a move backed by its early investors, with his co-founder taking sole charge of the run to an IPO.
Ex-Young Rich Lister’s collapsed tech firm questioned over ‘unusual transactions’
Administrators of collapsed former tech player LiveTiles have questioned “unusual” transactions, and an investment in a start-up that had only been incorporated for a day.
- Opinion
- AI
What a Microsoft boss learnt from Senate grilling on AI
Microsoft’s Steven Worrall says Australia’s economic outlook over the next 30 years depends on it getting AI regulatory settings, and training plans, right.
Why an Aussie firm spent $1.5m on a ‘Drive to Survive’-like rally doco
In a branding strategy inspired by the success of influencers such as MrBeast, SafetyCulture founder Luke Anear is using YouTube to increase audience reach.
- Analysis
- AI
The new ‘killer app’: How AI is reinventing the phone
Artificial intelligence might well be the latest killer app for phones, but unlike previous killer apps, it might not be one that consumers are willing to pay for.
Get the front page and latest edition of the Financial Review as it was printed, delivered to your inbox every morning.
Companies
- Updated
- Earnings season
Power grid foils Ampol’s big EV charger plans
One of the country’s largest petrol retailers says it has become more difficult to connect to the power grid, at the same time as sales of EVs are sluggish.
Margins recover at Westpac as bank profit pressures ease
Chief executive Peter King said that the three months to June 30 was a “solid quarter” for the Sydney-based lender.
Suncorp says insurance premiums will continue to rise
The Queensland insurer said water damage from busted pipes is putting pressure on home insurance premiums even as global reinsurance rates stabilise.
Telcos gear up for tech showdown
Australia’s biggest telcos are battling for taxpayer dollars in the debate over replacing ageing copper wires.
Gold miner says $1b project ‘unviable’ after Plibersek intervention
Regis Resources may challenge Environment Minister Tanya Plibersek’s decision to protect Indigenous heritage over the $1 billion McPhillamys project in NSW.
EML Payments chairman resigns after board clash over credit card use
Luke Bortoli, also the chief financial officer at lithium hopeful Pilbara Minerals, said he was pleased to leave the prepaid gift card group in “great shape”.
ACF ditches challenge to Woodside’s gas project
The green group dropped the case – described as “frivolous lawfare” by one energy analyst – when it became clear it was unlikely to succeed.
Companies in the News
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Markets
Investors are buying up gold stocks before the first US rate cut
The precious metal is the standout commodity this year, jumping 21 per cent to fresh records on expectations that the US dollar will weaken. It has also lit a fire under ASX-listed producers.
The ASX stocks that could still shock this reporting season
Here are the winners and losers so far as earnings month hits half-time. And UBS reveals the companies that could rally or sell off in the second stanza.
- Opinion
- Chanticleer
The market sell-off was crazy, but so is what’s happened since
The biggest market panic since the pandemic seems to have come and gone. But don’t believe the calm – this is a fragile market.
- Opinion
- Chanticleer
Why Australian shares will get more expensive before they get cheaper
Two things can drive share prices: earnings, and how much investors are willing to pay for those earnings. Reporting season puts the focus on the latter.
- Exclusive
- Bonds
ANZ sacks first trader amid workplace culture investigation
While the bank has taken action against staff involved in the bond trades, this is the first time an employee has been let go due to the cultural review.
Opinion
Dutton and Albanese ignore ASIO warning to tone down Gaza brawl
Peter Dutton sees an advantage in keeping up the pressure on Anthony Albanese over visas for Gaza refugees, accusing him of making the country less safe.
Columnist
Our universities have become talent bottlenecks
Australia’s higher education system is optimised for foreign students. It is neither developing enough local skills, nor keeping the best of overseas talent.
Business leader and philanthropist
All should stand with Jewish Australians against antisemitism
It is deeply concerning that antisemitism is emerging as an unthinking form of prejudice in parts of Australian society.
Editorial
We’ve heard TV stations and footy codes prophesise doom before
The gambling lobby has a well-thumbed playbook developed from earlier health warnings and advertising restrictions on tobacco and alcohol.
Gambling reform advocate
What Microsoft boss learnt from Senate grilling on AI
Microsoft’s Steven Worrall says Australia’s economic outlook over the next 30 years depends on it getting AI regulatory settings, and training plans, right.
Contributor
Fixing the electricity market for good
The Productivity Commission looks set to review the 1990s-era electricity market design. The key will be making sure that governments stick to an agreed fix.
Energy expert
Reports
Wealth - Sustainable investing
This special report looks at the growing movement to support natural capital and options for investors to balance returns with greening their portfolios.
Politics
NYT must investigate chat leak further, says prominent lawyer
Arnold Bloch Leibler partner and Zionist Federation of Australia president Jeremy Leibler says the impact on doxxed members has been profound.
- Exclusive
- Manufacturing
Caravan and chocolate makers line up for Made in Australia billions
Caravan manufacturers, chocolate makers, software developers and native titleholders are among the slew of interest groups putting their hands out for taxpayer support.
‘Political roadkill’: why Labor can’t get credit for its $32b housing plan
Newly appointed Housing Minister Clare O’Neil says the causes of the supply crisis facing Australian families are more complicated than legislation in parliament. She has a plan to break the deadlock.
Rare recruitment guide reveals what it takes to be a spy (sort of)
Australia’s most secretive spy agency puts the emphasis on HR speak rather than the glamour of spying as it tries to recruit staff.
Coalition holds trump card in gambling debate
If the government wants to limit sports betting ads, the Coalition is the only realistic source of support.
SPONSORED
World
‘A lot of risk’: Why CEOs are staying mute on the US election
Many executives hope for a more business-friendly Democrat but remain reluctant to take a public position.
- Analysis
- Russia-Ukraine war
Why Ukraine’s invasion of Russia is Putin’s gravest humiliation
Now that Volodymyr Zelensky has parked his tanks on Putin’s lawn, the Russian public is waking up to the fact that their president is further than ever from winning his war.
Push into Russia is to create a buffer zone: Zelensky
The incursion has proven Ukraine’s ability to seize the initiative and has boosted its morale, which was sapped by a failed counter-offensive last year.
Philippines, China trade blame after vessels collide
China’s Coast Guard said a Philippine vessel that had ignored its repeated warnings “deliberately collided” with a Chinese vessel. Manila saw it differently.
Democrats, protesters in Chicago to cheer or challenge Harris and Biden
The Democratic National Convention kick-off was expected to draw tens of thousands of protesters, many opposed to the Biden administration’s support for Israel.
Property
- Updated
- Earnings season
Lendlease dives to $1.5b loss as it beds down international exit
The country’s largest real estate group said the poor result reflected “poor business conditions and the early actions from our refreshed strategy”.
Construction cost blowout kills $750m housing project
Metrics appoints receivers to a North Melbourne site that was to be developed into a $750m urban village after blowout in construction costs.
GPT flags bigger push into funds management
GPT has been an early adopter of the funds’ management model, running large, well-established unlisted office and malls funds.
The $1m apartment downsizers wouldn’t touch
It had stairs – lots of stairs – faced south and needed a ton of work. But first home buyers fought hard for it.
Ultra-luxury home sales in US are on pace to set record
Billionaires globally have seen their wealth boom, generating momentum for major home purchases.
Wealth
Stability is great for portfolios – if you know where to look
Poll outcomes across the developing world appear to support growth as the US election looms.
- Opinion
- Property prices
What property investors need to know about the mean, median and mode
Property investors need to know the three main statistical metrics and how they each offer a unique perspective on market values.
- Exclusive
- Investing
What investors can learn from 30 years of markets data
Analysis by Vanguard Australia for AFR Weekend reveals how different asset classes have performed and a surprise top performer in the last financial year.
Technology
- Analysis
- AI
The new ‘killer app’: How AI is reinventing the phone
Artificial intelligence might well be the latest killer app for phones, but unlike previous killer apps, it might not be one that consumers are willing to pay for.
Why an Aussie firm spent $1.5m on a ‘Drive to Survive’-like rally doco
In a branding strategy inspired by the success of influencers such as MrBeast, SafetyCulture founder Luke Anear is using YouTube to increase audience reach.
Ex-Young Rich Lister’s collapsed tech firm questioned over ‘unusual transactions’
Administrators of collapsed former tech player LiveTiles have questioned “unusual” transactions, and an investment in a start-up that had only been incorporated for a day.
Work & Careers
Rare recruitment guide reveals what it takes to be a spy (sort of)
Australia’s most secretive spy agency puts the emphasis on HR speak rather than the glamour of spying as it tries to recruit staff.
Damian Oyong could save millions of lives. We almost lost him to the US
Australia needs the best and brightest to lead our research efforts, but too often we make it difficult for them to stay.
Life & Luxury
Why Aussies love this ski resort – and it’s not Whistler
It starts with one season as a ski bum and morphs into an annual family holiday with kids in tow. People keep returning to SilverStar in Canada’s British Columbia.
A Father’s Day gift guide for the desperate
What dads want to do and what they have to do, are not always the same thing. But these gifts help bridge the gap.
How medical research is failing women
For years, the process for developing and testing new drugs has focused disproportionately on male bodies — to the detriment of female patients.
The uncomfortable truth about Dad bod
New fathers often find themselves with extra upholstery. Although polishing off your kids’ meals doesn’t help, that’s not the real culprit.
The secret testing NASA did in the 1960s
Omega had no idea its timepieces were being tested against other major brands to find the most reliable watch to go into space.
