Major universities smashed in Labor about-face on overseas students
The government will cap numbers and redistribute them across the sector, one of the country’s biggest export industries, with smaller institutions to benefit.
Rogue CFMEU leaders vow ‘absolute destruction’ of Labor
Ousted CFMEU officials have vowed to campaign to turf Labor out in state and federal elections, as tens of thousands stopped work to protest the CFMEU administration.
- Opinion
- Chanticleer
How Coles stopped the thieves and beat the petty politics of profits
Populist politicians will probably claim Coles is price gouging. But its results tell a more nuanced story that’s resonating with investors, if not voters.
BHP’s warning for high-cost iron ore producers
“We would expect some high-cost suppliers to be driven out of the market over time,” BHP said of its iron ore producer rivals.
Tradies get a taste for Guzman y Gomez’s breakfast burritos
“Cafes are expensive,” says Guzman y Gomez co-CEO Steven Marks, who is tapping into the fast-growing drive-through breakfast rush.
Younger people overtake Boomers as biggest investment scam victims
More than half of investment scam victims last financial year were aged under 50, while a similar portion of the losses were in cryptocurrency, according to the AFP.
Insurer payments to hospitals are rising – so are out-of-pocket costs
But major hospital groups say surging specialist fees and medical device expenses mean the higher payments are still barely keeping them above water.
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EARNINGS SEASON
Coles rewards shareholders as profit and margins jump
The result pushed Coles shares to a two-year-high, as major retailers face more political heat over alleged price gouging.
Guzman y Gomez is nearly a $4 billion company
The Mexican-themed fast-food chain is outstripping rivals in delivering strong same-store sales growth and closed at a record on Tuesday.
- Updated
- Earnings season
Woodside investor relief as payouts to remain ‘strong’
Analysts are expected to lift Woodside’s forecast yield after it clung to an 80 per cent payout ratio for shareholder returns.
Worley profits surge but pipeline softens as energy projects cancelled
Customers are being more “pragmatic” on how they reduce carbon emissions and putting pure sustainability projects on hold, says chief executive Chris Ashton.
Zip nails comeback, predicts huge US transaction growth
Zip shares took a breather after a strong run driven by its pivot to profitability.
TECH TUESDAY
- Exclusive
- Superannuation
AustralianSuper takes billion-dollar hit on venture capital failure
The country’s largest superannuation fund had extended loans and capital to education start-up Pluralsight. But lenders have moved in, wiping its investment.
- Exclusive
- Venture capital
How this research institute turned cancer success into a $66m VC fund
After banking $US325m from co-developing a blockbuster cancer drug, WEHI has begun making start-up investments seeking scientific breakthroughs from a new $66m fund.
Why this start-up thinks it can succeed where Uber failed
Drive Mate says it has had a 39 per cent increase in vehicles listed to rent on its platform since news broke of Uber’s plan to close its car sharing service.
The Pixel 9 Pro features we won’t forget about
Smartphone makers, including Google, are throwing dozens of new artificial intelligence features at us right now. How many of them will stick?
- Exclusive
- Performing arts
New music booking platform raises millions to cut out middle men
Try to book big names for an event, and you’ll face a dozen sites claiming to represent them. That scourge may now end for artists such as Casey Donovan.
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Companies
Insurer payments to hospitals are rising – so are out-of-pocket costs
But major hospital groups say surging specialist fees and medical device expenses mean the higher payments are still barely keeping them above water.
Austal fights to keep US Navy work after $35m fraud penalty
The Australian defence contractor accepted a $US24 million fine in a plea deal to avoid criminal prosecution after a long-running American investigation.
Snowy Hydro’s Kurri Kurri generator to run on diesel for months
The new 660-megawatt power station will begin operating in December but only switch to gas early next year, with green hydrogen now a long-term option.
McGorry ‘taken out of context’ by CA ANZ chief van Onselen
Patrick McGorry says he was taken out of context in an opinion article by Chartered Accountants ANZ chief executive Ainslie van Onselen about proposed new laws to rein in rogue tax agents.
Pilbara Minerals loads up on debt despite bleak lithium outlook
A new line of credit was unveiled on Monday at the miner’s full-year result, where it reported the lithium price crash had dented its net profit by 89 per cent.
NIB says plan to fix hospital pricing ‘crazy’ as funding tensions grow
Insurers and hospitals are split on how to fix their acrimonious pricing negotiations as government reviews private health.
Ciaran Carruthers to leave Crown Resorts
The departing chief executive will be replaced by David Tsai as interim CEO from September 1.
Companies in the News
Search companies
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Markets
Gold bulls delight in Jackson Hole as Powell juices rally
Investors say the Federal Reserve chairman’s speech was a watershed moment for bullion.
Iron ore’s spike above $US100 won’t last: strategists
The price of Australia’s key export has bounced 10 per cent in just two weeks, catching hedge funds off guard.
CBA chief economist Stephen Halmarick calls time at bank
The economics specialist is due to depart early next year after almost 16 years with the big four lender to pursue other opportunities in the field.
ASX slips; Woodside, BHP shine
Shares slip; Integral Diagnostic swings to loss; Coles reports higher profit; Lovisa’s revenue jumps; BHP cuts dividend; Telix revamp. Follow updates here.
Traders pile into $A, commodities ahead of Fed cuts
Investors have started targeting the US dollar, adding further momentum to its decline and sparking a rally across foreign-exchange and commodity markets.
Opinion
BHP steps boldly in an uncertain world
The company is confident of future growth prospects in copper and potash, while iron ore profits continue to underpin its bottom line despite nerves over China.
Columnist
How to remake the CFMEU culture of confrontation
Only deeper, durable changes will stop the law-breaking construction union’s self-reinforcing behaviour re-emerging after three years of administration.
Industrial relations expert
Beijing could do without Trump’s unpredictability on steroids
The conventional idea is that China would prefer the chaos of second Trump term. But on the ground, officials and scholars are wary of a Trump victory.
Columnist
Private credit boom demands regulatory attention
Investor protections, transparency and higher disclosure standards need to be put in place, so investors can have faith they’re being paid for the risk they’re taking by moving their money out of guaranteed bank deposits.
Editorial
How business can navigate ‘counterproductive’ workplace laws
The government crackdown on flexible forms of employment will require finding other ways drive innovation, productivity and growth in ways they can control.
Workplace lawyer
Dutton’s populist politics trashes Liberal principles
The Coalition’s junior National Party partner is running a populist anti-business agenda, trashing the pro-business principles the Liberals purport to stand for.
Editorial
Reports
Higher Education Awards
The Higher Education Awards highlight the tremendous contribution that the Higher Education sector makes to Australian capability, prosperity and society.
Politics
Households have run out of pandemic savings
The $300 billion in pandemic-era savings may have run out, encouraging households to save stage three tax cuts.
Labor warns on production credits as Libs flag $92b in spending cuts
Resources Minister Madeleine King says the Coalition will risk national security if it revokes production tax credits for critical minerals to fund tax cuts.
Younger people overtake Boomers as biggest investment scam victims
More than half of investment scam victims last financial year were aged under 50, while a similar portion of the losses were in cryptocurrency, according to the AFP.
PM says Labor ‘not for turning’ as Greens court militant unions
The Greens have aligned themselves with the CFMEU as the Labor hierarchy played down the prospects of a damaging backlash.
- Exclusive
- Immigration
CFMEU rout could pave way for foreign tradies to ease housing crunch
Wentworth MP Allegra Spender and business leaders want the Albanese government to speed up visa approvals for workers to build more homes in Australia.
SPONSORED
World
Ukraine plans payback with new weapon after ‘massive’ Russian attack
Ukraine says it has a new long-range “game changer” weapon to strike deep into Russia, and it doesn’t require asking permission from the US and other allies.
Top US, China officials to meet on military, Taiwan, fentanyl
The two countries are at odds over the Middle East and Ukraine, Chinese territorial claims from Taiwan to the South China Sea, and trade.
Canada tries to halt China’s EV flood with 100pc tariffs
The move replicates US and EU measures as Prime Minister Justin Trudeau says China “is not playing by the same rules” as everyone else over electric vehicles.
Risk of broader Middle East war has eased: top US general
But Iran still poses a significant danger as it weighs a strike on Israel, says Air Force General C.Q. Brown
- Analysis
- China relations
‘Two bowls of poison’: China weighs Trump and Harris in White House
Beijing is wary of the mystery around a vice president with little exposure to foreign affairs. But it is equally leery of her rival’s antagonism on trade and COVID-19.
Property
Number of homes for sale soar ahead of spring
Fresh listings are surging in some of the more expensive housing markets in Sydney and Melbourne as sellers rush to beat the competition.
- Exclusive
- Hotels
Accor hotel brand to debut in Melbourne match factory
The former Redheads match factory in Melbourne’s Cremorne will be repurposed into the country’s first Hoxton designer hotel by developer Alfasi.
Construction insolvencies come racing out of the blocks in FY25
It’s not clear when the pressures pushing builders over in numbers disproportionate to the size of the sector will ease.
Lendlease, Warburg Pincus in $1.8b life sciences buy
As it goes through a messy turnaround, Lendlease needs to convince investors it is on the right track. This deal aims to do that.
London’s luxury-home market looks to rich Americans to save it
Agents looking to sell the city’s priciest homes are increasingly seeing US buyers as their best hope for reviving a market hurt by tougher taxes on the rich.
Wealth
Being an Nvidia multimillionaire isn’t as enjoyable as you may think
The tech darling’s 3776 per cent rally has enriched people, but they are too busy to bask in their wealth, as work at the company is gruelling and high-stress.
Can I get a mortgage without a credit score?
Credit scores are a shortcut used by credit providers to assess your history in repaying debt. But what happens if you don’t have one?
How to work less, help the kids and do the job you always wanted
A transition to retirement pension offers opportunities to revamp your lifestyle, pay down debt or gift a home deposit. Here’s how to take advantage.
Technology
- Gadgets With John Davidson
- Digital Life
How to hide your tech in plain sight
Like Samsung’s Frame TV, the Samsung Music Frame uses the power of invisibility to get spouses to finally agree on something for once in their lives.
Why this start-up thinks it can succeed where Uber failed
Drive Mate says it has had a 39 per cent increase in vehicles listed to rent on its platform since news broke of Uber’s plan to close its car sharing service.
- Exclusive
- Performing arts
Why Casey Donovan has 10 people claiming to be her agent
Try to book big names for an event, and you’ll face a dozen sites claiming to represent them. That scourge may now end for artists such as Casey Donovan.
Work & Careers
Anthony Pratt a witness to father’s love for half-sister: court claim
Billionaire Anthony Pratt and his sisters were witness to the “bonds of love and affection” between their late father and his “love child” Paula Hitchcock, claim new court documents.
Landmark bid for gig worker pay prompts warning of ‘legal chaos’
Transport Workers Union applies to set minimum rates for food delivery workers, truck drivers and couriers just days after government’s laws came into effect.
Life & Luxury
What it’s like to eat at Jeremy Clarkson’s new pub
If you want to dine at the controversial TV presenter’s Farmer’s Dog inn, first you have to queue for hours with hundreds of people.
- Opinion
- Mental health
Want to be a more effective trader? Get in touch with your emotions
Emotions put us in the right mind-state so that we can effectively think about situations. Ignore them at your peril.
Fashion house turns up the dial on designer watches
Ralph Lauren is all about bringing a little panache to the wrist without compromising on the mechanicals.
Four core exercises that will help you stay upright as you age
Beyond aesthetics, a strong centre is crucial for overall health, especially as you get older. It could even save you from a fatal fall.
Forget Aperol spritz, this is what’s hot on the drink list this year
Aperol Spritz is so last year. Zoncello limoncello spritz and local sparkling wine are on the summer drinks hit list.
