Wild winds blow up solar farm profits
Almost 80 per cent of NSW solar farm output was turned off on Sunday to avoid losses as prices plunged due to oversupply amid plentiful rooftop solar and wind power.
- Breaking
- Gaming & wagering
Sceptical NSW poised to reject Star’s pleas, complicated turnaround
But the Queensland government appears open to allowing the embattled casino operator to push back the tax debt that it owes to give the company breathing room.
- Opinion
- Chanticleer
History says REA’s $9b UK bet is a risk. But here’s why it can work
Local investors have been repeatedly burnt by big Australian companies trying to go offshore. But there are sound strategic reasons REA can defy history.
Consumer slowdown hits profits and GDP growth
Growth in profits and wages is slowing sharply across consumer-facing sectors such as retail and construction, raising expectations for sluggish June GDP figures.
- Live
- Markets Live
ASX inches closer to record; CBA resets record high; Star suspended
Gold miners take a hit. Dreamworld operator slips on tiger mauling. Iron ore declines on China woes. Follow for more.
CBA mandates Gresham to sell ultra-high-net-worth advice business
Sources say the advisory firm has begun mailing out marketing materials to prospective buyers.
- Opinion
- Leading Indicators
These two charts show the worst of the rental crisis is over
Small shifts in behaviour can have a big effect. A jump in the number of homeowners welcoming flatmates has added the equivalent of 106,000 houses onto the market, writes Michael Read.
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
REA eyes global transformation with $9b Rightmove purchase
The News Corp-backed real estate platform confirmed it was interested in buying the largest property portal in the United Kingdom. Investors are unconvinced.
Autobarn owner’s new chief winds down McKinsey plan
The Better Than Before program resulted in an “unacceptable” profit decline, as analysts suggested any new bid needed to be above $6 per share.
- Exclusive
- Casinos
Star asks lenders for relief and money to secure financial future
The struggling casino giant has also asked for temporary tax relief from the NSW and Queensland governments as it prepares to resume trading on Monday.
- Exclusive
- Healthcare
Health Department review finds private hospitals ‘uninvestable’
The preliminary findings, which have not been made public, come as Labor MPs grow concerned that the government is failing to fix a crisis in the system.
Vegan chain collapses amid lack of appetite, Rich Lister dispute
Flave, started by Stuart and Samantha Cook in 2020, wanted to bring plant-based meat to the masses with a chain of vegan restaurants, but it struggled to attract customers.
Brokers unload on CBA’s Comyn over pay
Industry group boss Anja Pannek said comments critical of broker pay controls from CBA boss Matt Comyn were a “deflection” after he lifted bonus caps for his bankers.
ESG fights for its place in mining sector’s sacred tome
For decades, the JORC code has been the little-known foundation upon which $544 billion in market value has been built. Now it’s getting a big shake-up.
Companies in the News
Search companies
View stories and data from an ASX listed company
Markets
When bigger is not better: meet the fundies going it alone
As the investment giants grapple with rising costs and dwindling assets, there’s a band of ultra boutique firms that have sprung up and are making waves.
‘Winner takes all’ cycle dashes hopes of ASX small-cap revival
Blue-chip stocks asserted their dominance throughout the August reporting period, but analysts warn that has left valuations stretched.
- Exclusive
- Interest rates
Inflation could become entrenched, ex-RBA research boss warns
The central bank’s former top researcher, John Simon, says the decision not to raise rates further has not been adequately scrutinised by the board.
Growth tipped to slump to 0.9pc, but don’t expect a rate cut
Outside the pandemic, it would be the slowest rate of annual growth since the 1990s recession, and the sixth consecutive quarter in which GDP per person declined.
Crypto owners are more likely to have psychopathic traits, study says
Digital asset holders exhibit higher levels of “dark” personality attributes, such as narcissism, Machiavellianism and sadism, according to an academic paper.
Opinion
Why has a long-term understanding with Asia eluded us?
Even as Australia has become more multicultural, the best we can manage is a pragmatic relationship punctuated with fits of enthusiasm.
International editor
Raising the bar against mergers will rob everyone of benefits
Why clamp down on mergers with less than maximum benefits when the public would still gain from seeing them go through?
BCA chief executive
Genuine bipartisanship is needed on the RBA dual board plan
The question now is what Labor and the Coalition are prepared to do to ensure those best qualified are in the room when monetary policy is being set.
Editorial
The case for making childcare costs tax deductable
Government contributions will again increase demand without boosting supply. No wonder fees keep rising.
Economics professor
Five questions to ask for Australia to reach its destiny in Asia
After years of spruiking ‘engagement’ with the region, we need to start asking ourselves some deep questions about how we advance our prosperity in the region.
Foreign policy expert
Class action skewers Rio Tinto’s Bougainville redemption
A secretive company is disrupting efforts to finally make amends for the environmental devastation caused by its copper mine in Bougainville some 30 years ago.
Contributor
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
Dozens of flights cancelled as 100,000 residents without power
At least 26 domestic flights departing from Sydney Airport have been cancelled as residents in three states battle major power outages.
AUKUS jobs and Korean carbon planned for Labor’s big week in WA
Anthony Albanese’s bid to woo Western Australia includes a cabinet meeting and a swathe of events and announcements throughout the week.
‘More for a second-hand toothbrush’: Why EVs are on the nose
The most commonly held concerns about buying an electric vehicle related to upfront cost, charging facilities, and deterioration.
Melbourne Symphony Orchestra rejects pianist’s claim for compensation
The Melbourne Symphony Orchestra’s fight with a pianist it cancelled after he made political comments onstage has led to an exchange of aggressive legal letters.
Greens’ housing solution: hire 1000 public servants and slug landlords
The minor party wants a new national authority to crack down on dodgy real estate agents and landlords, promising to hire 1000 federal public servants to enforce renters rights.
SPONSORED
World
US to present Israel-Gaza ceasefire ultimatum soon
The US has been talking to Egypt and Qatar about the contours of a final “take it or leave it” deal that it plans to present to the parties in the coming weeks.
China’s sputtering growth engines raise urgency for stimulus
Factory activity contracted for a fourth straight month in August, according to an official poll of manufacturers.
Israel braced for industrial action as ceasefire pressure grows
Hundreds of thousands of Israelis demonstrated in cities around the nation on Sunday, in what appeared to be the largest protests since the October 7 attacks.
Scholz alliance humbled as populists surge in regional votes
With a year to go until Germany’s national election, the results are punishing for Olaf Scholz’s federal coalition.
Israel finds bodies of six more ‘brutally murdered’ hostages
Israel’s military says the hostages were executed just before soldiers arrived in a tunnel under Rafah. President Joe Biden said Hamas will “pay for these crimes”.
Property
The ultrarich are buying up big, and using shell companies to hide it
Across the country, the wealthy are increasingly creating schemes to shield real estate transactions from view. And with it, creating a whole new industry.
Adelaide, Perth overtake Melbourne home values
The shift in ranking was partly compositional, but it also reflected Melbourne’s deepening downturn.
- Exclusive
- Housing crisis
Lose ‘wedding cake’ look and build more flats: architects
Top architects including Nightingale boss Dan McKenna, Kerstin Thompson and Andrew Maynard say Victoria’s housing crisis means planning priorities must change.
One-bathroom house beats reserve by $1m
Analysts say mortgage stress is one of the likely reasons more houses are being offered for auction, and warn it could lead to prices stalling or even falling in some places.
- Exclusive
- Construction
Pay deals keep tradies in line with Big Mac index, but teachers lag
Annual wage growth close to 5 per cent for the past two decades has put CFMEU construction workers ahead of other employees, new earnings analysis shows.
Wealth
The super funds failing to perform
For the first time, all default MySuper options passed the APRA performance test, but big retail funds continue to underperform.
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.
Technology
Farquhar’s Atlassian era passes without a grand farewell
Co-founders Scott Farquhar and Mike Cannon-Brookes spent their final day of as co-CEOs working from home. Venture capitalists say Farquhar’s influence goes beyond Atlassian.
The streaming service reeling in Netflix in Australia
Amazon Prime Video is closing the gap on the nation’s most popular entertainment platform, all while more Australians are downgrading to ad-supported plans.
- Analysis
- The Breakdown
Why Nvidia, Apple and OpenAI need to strike a big deal
Microsoft has long been a major investor in the ChatGPT maker, now the two biggest companies in the world look like jumping on board, and OpenAI needs them.
Work & Careers
- Opinion
- Pay
The allure of the loud know-nothing
Do huge entry-level salaries encourage the selection of assertive, confident, forceful people rather than quieter, shyer rivals who are more competent?
The directors under 50 making their mark on top ASX boards
BOSS talks to five directors under the age of 50 about their careers and the experience they bring to the boards on which they serve.
Life & Luxury
An edgy Hollywood hotel brand makes its Australian debut
It may have its origins in Los Angeles, but The StandardX has embraced the gritty hipness of its new location in Fitzroy, Melbourne.
Running a marathon with the big five. At least that was the plan
Riots ended the promise of an extraordinary experience in a Kenyan game reserve. And while some thrilling safaris made up for any disappointment, there’s always next year.
Ozempic reduces risk of heart failure by 27pc: study
Scientists don’t yet know why. But the findings are important given that heart disease is the leading cause of death globally and in Australia.
Need to get away? From pyramids to private islands, try these offers
Jump on these deals for spontaneous getaways this month and holidays on the horizon. You’ll be glad you did.
- Driving With Tony Davis
- Motoring
Carmakers mine their archives to bring missing models to life
There might seem no reason to build a 1930s streetcar that never made it into production. But these extraordinary cars are not for your average driver.
