Consumer slump 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.
ASX to edge modestly higher, iron ore slumps
Australian shares are set for a muted start. European stocks close little changed. Bitcoin hovers at $US58,000. US equities seen extending year-to-date rally.
- Exclusive
- Asia-Pacific
Wong’s rallying cry to region over US-China tensions
Foreign Minister Penny Wong says the Indo-Pacific needs to work collectively to manage relations between the US and China.
AirTrunk owners keep bidders on the edge of their seats
AirTrunk bidders expected the winner to be announced on Monday afternoon. Instead, they were given a loose promise to expect the results overnight or on Tuesday.
These three charts show how Coles is outperforming Woolworths
The country’s second-largest supermarket chain is doing better than its bigger rival – from more stock on shelves to lower theft and better value. Here’s why.
- Updated
- Gaming & wagering
Sceptical NSW poised to reject Star’s pleas for tax relief
But the Queensland government appears open to allowing the embattled casino operator to push back the tax debt that it owes, to give it breathing room.
- Opinion
- Chanticleer
McCann’s Star plan collides with angry lenders, politics
It’s one thing to have a turnaround plan, it is another to get the clear air to pull it off.
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The best of travel, fashion, cars and more, straight to your inbox every Saturday.
Companies
Macquarie’s $1.9b mortgage assault pushes big four
The nation’s largest lenders are ready to ramp up competition for home borrowers.
Investors have moved away on private hospitals, industry warns
Investors in private hospital developments have shifted away from the sector, further heaping pressure on the healthcare system.
Changes to mining rule book ‘would not have helped Regis investors’
Mining industry figures discuss rationale behind the proposed ESG amendments in light of the shock Indigenous heritage ruling that derailed the $1 billion project.
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.
- 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 why REA can defy history.
Canva triples prices citing the need to pay for new AI design tools
The increase in the cost of its popular software ahead of an IPO may lead some smaller customers to abandon the company for cheaper rivals, analysts warn.
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.
Companies in the News
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Markets
Hybrids make stealthy return in Scentre vision
A $750 million hybrid security issue entertained by Scentre may encourage more corporations to turn to the Australian debt market to bolster their balance sheets.
‘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.
Here’s why REIT valuations may have finally bottomed
Morgan Stanley says cap rates for industrial and retail properties have peaked, signalling a buying opportunity for investors. Office towers may have further to lose.
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.
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.
Opinion
Why Albanese is talking big in WA
The Albanese cabinet is trying to prop up its electoral standing in Western Australia with the promise of new jobs and economic opportunities. The resources sector is highly sceptical of Labor’s agenda.
Columnist
Is Anthony Albanese fated to lead the last majority government?
Labor may not hold off the Greens, and the Coalition may not recapture the seats it lost to the teals. Another marriage of convenience may beckon.
Former Labor adviser
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
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.
Economics correspondent
WA a case study in Australia’s carbon challenges
Where the west goes now, so might Labor’s political fortunes. More important is what WA’s economic fortunes mean for Australia’s prosperity.
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
Albanese backs in Chalmers over RBA rates stoush
Dr Chalmers said at the weekend that global uncertainty and rate rises were “smashing the economy”. The opposition has accused Labor of trying to blame others for its failures.
Student caps about education quality, not houses: Labor
Assistant Immigration Minister Matt Thistlethwaite said the changes were not about easing housing pressures, but instead about maintaining quality in higher education.
WA calls for urgent action on private health funding crisis
The WA government says the nation’s private healthcare system needs immediate reforms, with the state’s health minister lamenting fundamental problems in the sector.
Reynolds picked wrong target in Higgins defamation suit
Brittany Higgins’ barrister said she spoke out about her alleged rape in parliament to ensure nobody experienced a similar ordeal, not to traumatise her former boss.
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.
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World
Russia pounds Kyiv with missiles, Ukraine’s military says
Ukraine’s air defence units have destroyed more than 10 cruise missiles and nearly 10 ballistic missiles, says the city’s military administration.
- Analysis
- Global economy
Ireland’s problem: what to do with its $14b budget surplus
More than a decade on from a crash that required the EU and IMF to step in with loans, deciding what to do with the country’s tremendous fortune is proving tricky.
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.
Property
Apartments boost housing approvals – but not enough
Australia’s home-building activity remains well below target to meet the government’s 1.2 million target. The slowdown is hitting all types of housing.
- Exclusive
- Commercial real estate
‘Great assets’: Nick Politis pays $50m for Porsche dealerships
Sydney Roosters chairman Nick Politis has added two Melbourne Porsche dealerships to his 28pc stake in ASX-listed Eagers Automotive.
A $1.4m sale plays the Brisbane and Melbourne markets – and wins
It wasn’t on purpose, but a young couple bought and sold in two capital city markets at just the right time.
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.
Wealth
- Opinion
- Commercial real estate
How investors can profit from the commercial property cycle
It’s important to recognise and understand the four phases in the cycle – recovery, expansion, hyper-supply and recession – to enable better decisions.
- Opinion
- Investing
How Australia’s ‘magnificent 10’ contributed to returns over 20 years
How costly was failing to pick the ASX’s 10 top performers over the past two decades? Vanguard did the sums
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.
Technology
Canva triples prices citing the need to pay for new AI design tools
The increase in the cost of its popular software ahead of an IPO may lead some smaller customers to abandon the company for cheaper rivals, analysts warn.
Why ex-Google chief Eric Schmidt warns we may have to pull plug on AI
The former Google chief executive and chairman said Western democracies had to regain lost ground in industrial policy to counter China.
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.
Work & Careers
How to sue your boss for getting fired, even if you earn $175,000-plus
If you’re paid more than that amount a year and aren’t covered by an award, you can’t bring an unfair dismissal claim. But that doesn’t mean you can’t act.
- 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?
Life & Luxury
From a $240 lipstick to a fabulous French knit for $40
What do tennis, travel, fashion and cakes have in common? They all star in this week’s edition of Spend, our curation of lovely luxuries.
How to jump the watch queue for something special
Here’s a treat for About Time Watch Weekend attendees – the latest novelties from the oldest watchmaker, Vacheron Constantin.
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.
