- Updated
- Big four
Big business faces down Canberra’s ‘insidious’ populist policies
Commonwealth Bank chief Matt Comyn has warned “performative” attacks is eroding trust, highlighting the rising tensions between MPs and corporate Australia.
Chips are down: $1.4b impairment, convertible raising at Star
CEO Steve McCann is expected to say all equity that has been funneled into Queen’s Wharf Brisbane in Brisbane’s CBD will be impaired – or written off – altogether.
Labor should invest in demonising Bandt as well as Dutton
The government wants us to believe Peter Dutton is dangerous and divisive. It might need to focus on the leader of the Greens as well, writes Phillip Coorey.
Inside the board meeting showdown at the Melbourne Symphony Orchestra
Contradictory accounts have emerged of a May meeting called to discuss a documentary about MSO chair David Li, underlining divisions at the orchestra.
- Opinion
- Chanticleer
Australia’s twin housing crises could hurt Bunnings
Bunnings sales are slowing as building activity stalls. That’s a problem for Wesfarmers, which is priced liked a tech growth stock.
Power market ‘beginning to fail’, energy users say
Manufacturers say forecasts for slower EV uptake are a short-term reprieve and that the regular use of voluntary usage cutbacks shows the market isn’t working.
‘Go elsewhere’: news of student caps hits Chinese social media
Fatigued by a year of migration reforms, students in China think they are being treated badly by Australia.
The best of travel, fashion, cars and more, straight to your inbox every Saturday.
The best of travel, fashion, cars and more, straight to your inbox every Saturday.
Companies
- 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.
- Updated
- Earnings season
Qantas deflects Qatar factor, readies for more competition
The airline reported $2.1 billion in earnings last financial year, down 18 per cent from a record result in 2023.
Mortgage broker pay should attract more scrutiny: Comyn
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.
Only 1¢ in the dollar for creditors in Mighty Craft wipeout
Administrators say creditors may get between 0.5¢ and 0.9¢ in the dollar under a deal that preserves the collapsed beer and spirits group’s stake in zero carb brand Better Beer.
- Analysis
- Bonds
What debt crisis? MinRes bondholders are relaxed (for now)
“Nervous nellies” in Australia are fretting about the company’s debt levels, but its billionaire boss reckons US bond investors would prefer to talk fishing.
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.
Power market ‘beginning to fail’, energy users say
Manufacturers say forecasts for slower EV uptake are a short-term reprieve and that the regular use of voluntary usage cutbacks shows the market isn’t working.
Companies in the News
Search companies
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Markets
These early Nvidia backers are offloading their shares – for now
Some early Australian investors of the AI darling were positioned for a sharp sell-off in the shares this week, including Munro Partners, but a re-acceleration in the chipmaker’s earnings is also in their sights.
US jobless claims slip as market continues to defy rates
Jobless claims ticked down last week, and the four-week average of claims, which evens out some of the week-to-week volatility, also edged lower.
Why this beaten up beauty stock could pay off handsomely
Ex-Magellan stock-picker Kris Webster explains why he’s betting on a rebound in the US beauty industry and a stock that has slumped more than 30 per cent since March.
Wesfarmers, Cettire drive ASX lower
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.
- Analysis
- Earnings season
Nvidia’s fall shows ‘just great’ isn’t good enough any more
On the surface everything was rosy in Nvidia’s market-shifting earnings call, so why have investors headed for the door?
Opinion
Time for lateral thinking on boards
Representation of pensioner members on super fund boards is an eye-catching idea. What if similar lateral thinking was applied to the future of corporate boards too?
Editorial
Business CEOs push back on political grandstanding
Big business makes mistakes as well as money, but chief executives like CBA’s Matt Comyn and Wesfarmers’ Rob Scott are pushing back against “fact-free” accusations.
Columnist
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
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
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
Labor MP breaks ranks over LGBTQ census question
Josh Burns reveals he has been lobbying internally for Labor to keep its promise to count gender and sexually diverse people in the census.
‘Go elsewhere’: news of student caps hits Chinese social media
Fatigued by a year of migration reforms, students in China think they are being treated badly by Australia.
The surprising home of Indigenous art in Europe
Indigenous art curator Tina Baum is riding a wave of popularity and curiosity in Aboriginal and Torres Strait Islander culture
CFMEU directors depart in Cbus board cleanout
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.
Albanese’s hot-mic moment exposes US Pacific security plan
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.
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World
US jobless claims slip as market continues to defy rates
Jobless claims ticked down last week, and the four-week average of claims, which evens out some of the week-to-week volatility, also edged lower.
Chinese officials struggle to build ties with Trump’s campaign
The frustrated overtures come amid rising bipartisan hostility towards China and a realisation in Beijing that US policy is unlikely to become less hawkish.
‘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.
Three dead, factories shut as typhoon hits Japan’s Kyushu
Major vehicle makers, including Toyota and Nissan, suspended operations in domestic factories, while chipmaker Renesas temporarily halted production.
Property
- Exclusive
- Industrial
Rich Listers double down on industrial with $800m logistics plans
Brothers Andrew and Michael Buxton have spent almost $150m buying adjoining sites in south-east Melbourne where they are planning an $800m logistics estate.
Bleak outlook for commercial property: NAB
Sentiment and confidence waned in all states bar Western Australia with Victoria the clear under-performer in all sectors, according to an industry survey.
Guggenheim rises in the desert as Abu Dhabi morphs into expat hub
All around, there are growing signs of a big construction boom that’s changing the face of this once sleepy, oil-rich emirate.
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.
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
- Analysis
- Earnings season
Nvidia’s fall shows ‘just great’ isn’t good enough any more
On the surface everything was rosy in Nvidia’s market-shifting earnings call, so why have investors headed for the door?
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.
Work & Careers
Inside the board meeting showdown at the Melbourne Symphony Orchestra
Contradictory accounts have emerged of a May meeting called to discuss a documentary about MSO chair David Li, underlining divisions at the orchestra.
This Australian creative is taking the top job at global firm Droga5
Mark Green co-founded The Monkeys 18 years ago, selling it in 2017. Now he’s moving to New York to take over as chief executive of the advertising giant.
Life & Luxury
Keep building ambition, says key architect behind Sydney Metro
UK-based John McAslan says Sydney Metro was a smoother ride than London’s recent Elizabeth Line.
Save the date for a feast of shows in September
From Spiderbait to Sweeney Todd, Oscar Wilde to David Williamson, our pick of the best shows around the country will put a spring in your step.
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.
