Power rebates hide inflation threat, with no rate cuts in sight
Headline inflation fell to 3.5 per cent in July thanks in part to state and federal energy rebates that will have only temporary effects, meaning the RBA is likely to keep interest rates where they are.
Two-speed economy exposes the great Australian divide
The gap has widened between younger and older Australians, small and large businesses, and resources-rich Western Australia and the east.
Albanese seals Pacific policing pact despite pushback
The diplomatic coup comes after Vanuatu’s pro-Beijing PM warned the Australian-backed police deal could be used for “geostrategic denial”.
- Opinion
- Chanticleer
Banducci’s last Woolies profit is his worst misstep and finest moment
CEO Brad Banducci leaves the retail giant in a difficult spot. But the strategic decisions he’s made can drive the group’s turnaround.
- Live
- Markets Live
Energy and materials weigh on ASX; Woolworths rallies
Shares lower; $A rises as July CPI cools; Tabcorp dumps turnaround strategy; Woolworths flags special dividend; Kelsian bounces after sell-off; APA profits increase. Follow updates here.
Flight Centre reveals who is travelling (and who isn’t)
The travel booking company has streamlined and boosted efficiency and says the corporate travel segment is still weak but it’s still winning market share.
- Live
- Need to Know
Labor policies help to push down inflation: Chalmers
Jim Chalmers says the CPI figures are “quite welcoming”; Volodymyr Zelensky says incursion into Russia part of plan to end war; PM announces endorsement for Pacific police. How the day unfolded.
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Companies
Gill McLachlan hits the Tabcorp reset button with $1.4b write-down
The wagering giant has struggled to best its larger overseas rivals, and its new chief executive said it was obvious it would not meet cost reduction targets.
Fortescue dividend worth $2.2b for Forrest family
Andrew and Nicola Forrest will receive the windfall after Fortescue raised its dividend payout ratio at a time when it is cutting 700 jobs.
Woolworths supermarkets lose ground to Coles after tumultuous year
The major retailer recorded a slight rise in underlying profits, which were all but wiped out by a big write-down in its New Zealand business.
Bird flu ruffles feather prices in bad news for decorators
Chief executive of Adairs says the virus outbreaks and soaring popularity of puffer jackets are leading to sharp inflation, as he reported a profit slump.
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.
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.
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.
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Markets
ASX investors paying ‘eye-watering’ prices despite weak earnings
Investors in Australia’s sharemarket are increasingly getting less bang for their buck for some of the biggest names on the ASX, but they are paying it anyway.
Gold bulls delight in Jackson Hole as Powell juices rally
Investors say the Federal Reserve chairman’s speech was a watershed moment for bullion.
What happened overnight? Wall Street churned as it awaited Nvidia
Australian shares were set to open down. US stocks traded in a narrow range as the AI darling’s quarterly results loomed. Iron ore advanced, oil pulled back.
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.
Opinion
Why the RBA will ignore lower inflation
While Treasurer Jim Chalmers will welcome Wednesday’s lower inflation number, the RBA won’t be fooled by the temporary and artificial effect of energy subsidies.
Economics editor
Biden was good at managing America’s decline
Between the peak of something and its ultimate demise, a vast amount can be achieved. Perhaps it took a man who became president at 78 to see the point.
Contributor
Why haven’t the police investigated the doxxing of Jewish creatives?
We now know who leaked the names and comments in the WhatsApp group. But what about holding accountable those who used carriage services to menace and harass?
Australian Jewish Creatives and Academics WhatsApp group
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
An aggressive Ukraine has crossed Washington’s red line
Volodymyr Zelensky is prepared to ignore Russia’s nuclear threats. But the Biden administration is still wary of escalating the war, writes Gideon Rachman.
Columnist
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
Greens demand $500b in ‘Robin Hood’ taxes on miners, corporates
The Greens’ “Robin Hood” reforms would levy an extra $514 billion in taxes over 10 years.
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.
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.
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.
Doxxed Jewish group demands police probe of NYT admission
Members of a group of Jewish creative workers who suffered harassment after details of a private chat group were published believe there’s evidence of a possible crime.
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World
Trump hit with new US criminal charges before election
Prosecutors are attempting to tailor the fresh charges against Donald Trump to reflect the Supreme Court decision on presidential immunity.
Israel rescues first living hostage from Gaza tunnel
The 52-year-old Israeli father of 11 was taken to a hospital, where members of his large Bedouin Arab family gathered around his bedside in a joyful reunion.
Chip challengers try to break Nvidia’s grip on AI
Cerebras, d-Matrix and Groq are among a group of smaller companies aiming to take a slice of the multibillion-dollar artificial intelligence hardware market.
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.
Property
Airbnb boom hits a wall as landlords slash prices to lure tourists
A broad backlash from residents and resurgent interest in hotels has made life more difficult for property owners, forcing rates down in many popular areas.
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.
Villawood secures $400m, 800-home project in SA wine region
The new Aldinga community is part of a plan to boost the population of an area that has grown more slowly than central Adelaide.
- 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.
Wealth
The window to make decent money on term deposits is fast closing
Banks have already started cutting interest rates anticipating the Reserve Bank’s next move, but there are still reasonable deals to be found.
The hunt for truly diverse investments – from alligators to concrete
With regular asset classes increasingly correlated, wealthy investors are looking to some esoteric choices.
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.
Technology
Chip challengers try to break Nvidia’s grip on AI
Cerebras, d-Matrix and Groq are among a group of smaller companies aiming to take a slice of the multibillion-dollar artificial intelligence hardware market.
- 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.
- Exclusive
- Performing arts
New talent 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.
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
- Drinks With Max Allen
- Wine & spirits
How a dinner conversation led to a vineyard purchase
Novice owners are writing the next chapter at a top Mornington Peninsula estate.
The robochef revolution poised to take over restaurants
Robot-driven kitchens are delivering profit margins that traditional restaurateurs can only dream of, and their spruikers argue that human chefs will benefit too.
The newest trend on London’s Savile Row: women
“We don’t discriminate, except when it comes to gender,” says Daisy Knatchbull, who’s turning heads in the home of suiting.
- Driving With Tony Davis
- Motoring
This FI beauty could top $100m at a legendary racing car auction
The Indianapolis Motor Speedway Museum is about to part with some of its extraordinary collection.
Affordable or significant? Sydney’s biggest art fair offers both
With 86 galleries taking part in Sydney Contemporary, new director Zoe Paulsen reckons visitors will find something that piques their interest.
