Comyn says regulators have ‘undue’ concern with banker bonuses
The chief executive of the country’s largest lender says mortgage brokers who write the majority of loans “don’t have any controls” on pay at all.
- Live
- Need to Know
King says cash rate will settle in low 3pc range
WATCH LIVE: Peter King says banker pay is a ‘live issue’ for Westpac; CBA boss Matt Comyn says term deposit rate accusations are incorrect after he was quizzed on coffee prices. Follow live updates.
- Opinion
- Chanticleer
Qantas’ profit drop is a good sign for Hudson. But new tests loom
Chief executive Vanessa Hudson has walked the tightrope between customers, staff and shareholders. But will the economy make her turnaround harder?
Mining billionaire Chris Ellison bemoans ‘s---tiest time’ to be boss
No one is making money in lithium and every job is under scrutiny, warned the Mineral Resources boss who lamented “it’s not a fun time” to be in business.
CFMEU directors depart in Cbus board clean-out
The lawbreaking construction union’s three directors have left the board of Cbus, but it is unclear who the CFMEU administrator will replace them with.
- Live
- Markets Live
ASX drops as Cettire craters, Tabcorp extends losses
Shares fall; Nvidia’s forecast disappoints; Sandfire ups revenue; higher profit for Wesfarmers; Atlas Arteria & Qantas profit drop; Southern Cross skips dividend. Follow updates here.
Seven says 13 women have claims about newsman Robert Ovadia
The former high-profile crime reporter was sacked by Network Seven in June amid an internal investigation. He is fighting the claims.
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Companies
Cettire auditor fails to sign off on accounts, begins ‘nuanced’ review
The luxury online retailer was a market darling. But its market capitalisation has been slashed amid weaker sales and questions about its business model.
- Updated
- Earnings season
Qantas talks up travel demand but margins cut in reputation repair job
The airline reported $2.08 billion in earnings for the last financial year, down 18 per cent from a record result in 2023.
Platinum profit falls as funds flee on performance
The investment manager blamed poor performance for shrinking inflows, but said “green shoots” were coming through on investment returns.
- Updated
- Earnings season
Kmart sparkle sends Wesfarmers’ profits and dividends higher
While the conglomerate’s retail brands including Bunnings and Officeworks posted increased earnings, the mining and energy businesses went backwards.
South32 warns WA carbon emissions limits ‘way above’ reasonable
South32 has warned that the carbon emissions limits proposed by the WA government would far exceed those demanded by the federal government.
Mineral Resources ditches dividend for first time in a decade
Chris Ellison-led MinRes says it will defer expansion projects and focus on cost reduction after ending the financial year with net debt of almost $4.43 billion.
Rio Tinto poised to take control of uranium project clean-up
Rio Tinto is attempting to end decades of disputes with minority investors, traditional owners and governments over the project in the Northern Territory.
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Markets
Warren Buffett’s Berkshire Hathaway tops $US1 trillion market cap
The conglomerate has become the first US company outside the technology sector to reach the 13-figure milestone, after its shares rose 30 per cent this year.
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.
Why a surging gold price could signal ‘more sinister’ times ahead
Investors are being urged to look further into the record-breaking rally in gold prices, and a “quiet trade” unfolding in Russia and China.
China bond bulls warned of bubble risk over bumper debt supply
People close to the Chinese central bank say a wave of new issuance could burst the market “bubble”.
Gold bulls delight in Jackson Hole as Powell juices rally
Investors say the Federal Reserve chairman’s speech was a watershed moment for bullion.
Opinion
Labor losing ground on left and right
Labor’s fury at Greens MP Max Chandler-Mather over his CFMEU support is a convenient political distraction.
Columnist
Why the Pilbara is not going to explode in a wave of strikes
Getting the majority of workers to back a new wave of unionism in the Pilbara might be harder than either side thinks.
Former Union Official.
The two words you should always treat with caution in business
Sentences which begin “Studies show...” are often followed by a description of a correlation interpreted as if it were a causal relationship - when it’s not.
Economics professor
Whole-of-government should cut across ‘legacy’ portfolios
The big and wide-ranging issues that will dominate future decades require an integrated strategy office to be established to wrestle with complex, integrated problems.
Strategic thinker
Harris’ refusal to answer questions is only hurting herself
The Democratic presidential nominee’s reluctance to do media interviews will not help sell her to undecided voters before the November election.
Columnist
Have universities brought Clare’s hard cap on themselves?
It’s a populist political fix for cutting immigration. But a failure of university self-regulation has also led to government intervention.
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
King lashes BHP for railing against Labor workplace laws
Resources Minister Madeleine King has accused the mining giant of consistently opposing Labor policy, and says miners on $250,000 a year “deserve every bloody penny”.
PM’s ‘nonsensical’ $1.5b solar and battery plan needs review: PC
The Productivity Commission has urged Labor to assess if the subsidies are in the national interest, as energy expert Tony Wood warned against competing with China.
Albanese has a hot-mic moment in the Pacific
Anthony Albanese played down a conversation with a top US official over the Pacific police pact, and questioned a journalist’s ethics for recording the exchange.
Pressure on power grid eases as EV uptake falters
The Australian Energy Market Operator also cited softer economic growth and the bigger size of rooftop solar systems for the cut in forecast demand from the grid.
Uncover Jewish chat group doxxers or risk violence, Labor elders say
Former Labor MP Mike Kelly says if the people responsible for doxxing Jewish creatives were not held accountable, they would be emboldened to take further action.
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World
‘Obscenely greedy’ oil execs jailed over vast 1MDB fraud
A Swiss court found the former PetroSaudi executives responsible for embezzling $2.6 billion in what the court heard was the “fraud of the century”.
Telegram boss charged, blocked from leaving France
Pavel Durov faces preliminary charges over the alleged failure to address criminality on the messaging app, including the distribution of sexual abuse content.
Even Temu is crashing, in red flag for China’s economy
PDD Holdings, owner of market darling Temu, has surprised investors with an unusually gloomy outlook, as the nation’s economic malaise takes a toll on demand.
Japan orders 800,000 people to evacuate ahead of powerful typhoon
Authorities say Typhoon Shanshan could be one of the strongest storms to hit the region, prompting emergency warnings across the country.
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.
Property
Dreaming of a tree change? You might be too late
Housing approval numbers in many regional areas went backwards in the past financial year, while capital cities fared a lot better, official data shows.
- Exclusive
- Building Bad
How construction failures push up costs for builders – and consumers
Union officials with unchecked power on construction sites force builders to cover costs of insolvent subcontractors, which in turn pushes up costs for home buyers.
- Exclusive
- Luxury property
Late Foxtel boss’ luxury weekender sets Central Coast record
The luxury weekender owned by one of Australia’s most influential entertainment pioneers, the late Brian Walsh, sold for an undisclosed price understood to be between $9.5 million and $10 million.
Home building goes backwards as infrastructure booms
Developers and economists say conditions might improve soon for detached homes, but there’s no sign of any change that would get apartments going up again.
- Exclusive
- Luxury property
John Singleton puts ‘for sale’ sign on $16m Central Coast acreage
Rich lister adman John Singleton has listed his Killcare acreage on the NSW Central Coast just ten months after buying it for a suburb record of $15.85m.
Wealth
Yachts, fine art and investment properties targeted by ATO
The ATO will use data from insurance and property management companies to cross-check taxpayer claims.
- Opinion
- SMSFs
Beware – DIY repairs and renovations are a minefield for SMSFs
Doing work on a property owned by your SMSF is fraught with danger because of strict tax and superannuation laws. Here’s what you need to know.
My short-term memory is a worry – should I close my DIY super fund?
Many retirees with SMSFs worry about diminished capacity as they get older – this is what to do.
Technology
Ray Dalio to beta test an AI version of himself
Billionaire Ray Dalio created the world’s biggest hedge fund, now he’s recreating himself with AI to share his principles.
No sweetener for NextDC in AirTrunk’s $20b auction
The CEO of data centre group NextDC, Craig Scroggie, doesn’t expect AirTrunk’s sale to influence the way his company is valued by the sharemarket.
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.
Work & Careers
Five times you shouldn’t trust your gut as a leader
Gayle Dickerson says relying on intuition can be useful when you’re dealing with imperfect information.
- Exclusive
- CFMEU
Veteran CFMEU leader may return as rebels jockey for hearts and minds
Respected former construction union leader Andrew Ferguson may be a key appointee to help clean up the CFMEU.
Life & Luxury
The year’s top watches are from brands you’ve probably never heard of
The ‘Oscars of watchmaking’ takes place in Geneva later this year – and there are some unexpected names among the nominees.
- Exclusive
- Art
How the Melbourne Symphony Orchestra is tearing itself apart
War erupted on the board of one of Australia’s most prestigious arts institutions long before the public upheavals over a pianist’s remarks about Gaza.
Why everyone should play this game of integrity
Actuarial recruiter Jas Singh only became serious about mastering golf in the past few years and believes the fairway is a great place for personal growth.
‘Kneecap’ and ‘Touch’: edgy Irish hip-hop and an Icelandic romance
The fictionalised biopic of a loud, incomprehensible band has a rough and ready quality, while a heart-warming drama somehow manages to keep the lid on the treacle jar
Private investigator’s weapons fetch a fortune
Warren Mallard penchant’s for “edged” weapons has paid off, while James Wolfensohn’s modern Australian classics get a mixed reception.
