GDP growth slumps to 1pc, but government spending hits record
The Australian economy barely grew in the June quarter, propped up by record federal government spending on public servant wages and healthcare.
- Live
- Need to Know
Chalmers says ‘our economy is barely growing’
Treasurer Jim Chalmers says fighting inflation is his primary concern after low GDP growth; “No bail out” from federal government for private hospital operators. Follow live updates.
Family trust: Inside the Pratts’ legal soap opera
Richard Pratt carefully designed a succession plan for his three children, Anthony, Heloise and Fiona. But even the best-laid plans can wind up in court.
- Live
- Markets Live
ASX drops 2pc; Orora rallies; BHP down
Shares plunge; US manufacturing data frays investor nerves; Orora rallies after selling North American business; Cettire founder lifts stake. Follow updates here.
AirTrunk’s $23.5b AI pay day
Blackstone emerged as the winning bidder in the year’s biggest merger and acquisition deal, netting its founder Robin Khuda a $1 billion-plus payday.
- Opinion
- Chanticleer
Why Nvidia’s plunge has global markets on edge
A historic fall in the chipmaker’s shares was followed by news it is in the sights of competition regulators. Nervous investors are looking over their shoulders.
Future Fund gains 9.1pc aided by stocks, private credit
The Future Fund’s assets stand just shy of $225 billion after it delivered a 9.1 per cent return over the past financial year.
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asia summit
Be bold on Asia or miss out, business leaders warned
Australian businesses’ narrow focus on China and North Asia means they are struggling to keep pace with the billions of investment dollars pouring into South-East Asia.
Want to do business in Asia? Beware your unconscious bias: Lynas boss
Amanda Lacaze, the managing director of Lynas Rare Earths, narrates how she set aside a full day for cultural awareness during her trip to Malaysia.
Deterrence key to preventing war with China: Rudd
It needs to be made clear to Beijing that military adventurism comes at a high price, the Australian ambassador to the US told the AFR Asia Summit.
Economic challenge looms for Australia regardless of Trump or Harris win
The race for the White House has implications for Australia irrespective of who wins the presidency.
Foreign investors want clarity on retooled FIRB
Federal Treasurer Jim Chalmers’ safeguards for higher-risk foreign investment proposals have been met with confusion overseas.
AIRTRUNK MEGA DEAL
Blackstone wins AirTrunk auction with a price tag close to $23.5b
The $US1 trillion-plus private capital juggernaut emerged as the winning bidder for the data centre group, defeating a consortium led by IFM Investors.
- Opinion
- Chanticleer
AirTrunk isn’t just a $23.5b deal. It’s a moment
From artificial intelligence and private capital to property and energy, AirTrunk’s sale to Blackstone is a deal that brings together so many strands of Australia’s economy and society.
- Opinion
- Chanticleer
AirTrunk’s big number cements its deal of the year trophy
Eight months ago, bankers were telling their clients they could get the data centre giant for $11 billion to $12 billion. It has just sold for double that.
Robin Khuda is the ringleader of this year’s biggest M&A deal
The founder of AirTrunk has cashed in on the inexorable rise in demand for processing power and built a vast fortune on the rise of cloud computing.
Meet the key players behind AirTrunk’s $23.5b sale to Blackstone
The $24 billion deal included $14 billion of equity and was expected to be announced by Blackstone and AirTrunk shareholder Macquarie Asset Management on Wednesday.
The best of travel, fashion, cars and more, straight to your inbox every Saturday.
Companies
Mystery investor raises questions about Northern Minerals divestment
Labor forced the miner’s largest investor, a China-linked fund, to sell its shares. A Hong Kong-registered firm with almost no corporate history bought up.
This man’s $168k annual saving gives hope for net zero
Household rooftop solar has taken off, but small and medium firms have barely started. The huge reduction in the cost of solar panels and batteries may change that.
The only profitable lithium mine in Australia revealed
Every Australian lithium mine is losing money except for the famously low-cost Greenbushes, which could withstand a deeper commodity price rout.
- Exclusive
- Retail
Sass & Bide stores to close as new Myer chief clears the decks
Olivia Wirth has moved quickly to axe the storied fashion chain’s standalone retail outlets ahead of a proposed merger with Premier Investments brands.
Cuscal considers IPO plans after recording a surge in earnings
The payments processor owned by mutual banks and credit unions is lining up meetings with prospective investors as it attempts to hit the ASX before Christmas.
REA’s interest in British realty giant Rightmove met with scepticism
But shares in the London-listed target soared 27 per cent overnight on confirmation that the News Corp-controlled group was considering making a takeover bid.
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.
Companies in the News
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Markets
Brokers tip these stocks in an already hot sharemarket
Equities strategists and fund managers are working out how to navigate a market that has been on a bull run, creating increasingly stretched valuations.
What happened overnight? Nvidia sell-off paced Wall Street slide, oil plunged
Australian shares were set to plunge more than 1 per cent amid heavy selling in New York as manufacturing weakness renewed outlook worries. Volatility spiked.
Iron ore slides below $US100 a tonne as stock sits on Chinese docks
Strategists are warning that the commodity, one of Australia’s key exports, would continue to sink amid depressed demand for steel in China this year.
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.
Opinion
It’s up to business to take the Asian opportunity
While the government’s initiatives are designed to make it easier for Australian business to get established in new markets, it is up to business to take the opportunities we have created.
Senator
Why the Philippines is the new China flashpoint
Most people have never heard of the Sabina Shoal, but it’s become the latest global testing ground for confrontation with China. Will it trigger broader conflict?
Columnist
Australia’s going backwards in the fastest growing region
Asian investment isn’t just good business, it’s good security as well.
Editorial
Chalmers is smashing Labor’s economic legacy
If only the treasurer focused a little less on managing political expectations and a little more on managing inflation expectations we might have avoided this mess in the first place.
Economist
Chalmers is more in touch with the economy than the RBA
It’s easy enough to understand the treasurer’s criticism of the RBA in political terms. But the inflation target that is good for the central bank as an institution is not so good for the economy.
Economist
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
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
EnergyAustralia a big winner under Labor’s renewables guarantee
EnergyAustralia boss Mark Collette warned Labor’s flagship Capacity Investment Scheme could fund projects that would never be built. Months later EA is the big winner.
Iran summons Australian ambassador over Instagram post
The Australian embassy had posted an Instagram message about supporting LGBTQIA+ youth and the Iranian government complained it “promoted homosexuality”.
CFMEU ban to deny Labor millions in election cash
Party figures expect rival unions including the United Workers Union and the conservative Shoppies to fill a funding void left by the CFMEU’s administration.
- Investigation
- Building Bad
‘I love a cunning plan’: A crime boss, the CFMEU and tax-dodging deals
Secret police recordings of more than 1000 calls made from prison helped unravel George Alex’s sprawling and corrupt labour hire empire.
Feds launch takeover of dysfunctional NSW Liberal division
The NSW Liberal Party will be placed under control of party elders amid fears its ineptitude could cost Peter Dutton dearly at the federal election.
SPONSORED
World
Missile strike kills at least 50 in Ukraine
“The Russian scum will definitely be held accountable for this strike,” President Volodymyr Zelensky said after the attack, the war’s deadliest single strike this year.
Economic challenge looms for Australia regardless of Trump or Harris win
The race for the White House has implications for Australia irrespective of who wins the presidency.
- Analysis
- World politics
No one is talking about the world’s worst humanitarian crisis
Sudan’s catastrophic war could kill millions and spread chaos across Africa and the Middle East as huge numbers of refugees flee the country.
New Zealand nearly triples fees for foreign tourists
Like many popular travel destinations, the shaky isles have struggled with the impact of visitors on the natural environment and local infrastructure.
How China’s coast guard is ‘trying to occupy the ocean’
In most countries, coast guards are there to do just that: guard domestic coasts and territorial waters. China’s, however, is more like a second navy.
Property
- Exclusive
- Property market
NSW valuer general takes half its 2.7 million valuations inhouse
The move will save time and money, but there are bigger changes afoot in the valuation sector, with artificial intelligence offering to turbocharge efficiency.
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.
Wealth
- Opinion
- Investing
Five ‘fallen angels’ on the ASX worth considering
Several former market darlings are beset by short-term issues but could re-emerge as winners.
Why the family farm has become a huge inheritance challenge
Succession planning can be extremely difficult, but it doesn’t have to be if you start talking early and come up with a workable strategy.
- 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.
Technology
- Opinion
- Digital Life
Google or Samsung, which folding phone is best?
Google’s folding Pixel phone has finally come to Australia, so we’ve put it head to head with the incumbent.
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.
Work & Careers
Sacked CFMEU leader goes to High Court to fight takeover
The CFMEU’s ousted leadership has sworn to keep fighting for years just as other unions disband branches or threaten administration over misconduct claims.
Extra 21,000 childcare workers needed now: report
Low pay, excessive overtime, lack of career progression and high levels of burnout are contributing to high attrition rates in the childcare sector.
Life & Luxury
Female sculptors deliver at mid-year art sales
Bronywn Oliver and Gloria Thancoupie caught collectors’ eyes, while a piece of Mosman history with a colourful past is back on the market.
The $6000 health check-up that may help you live to a ripe old age
From lung capacity to the state of your arteries, a battery of tests at a Sydney longevity clinic aims to extend your health span.
Meet the quiet heroes of the Paralympics: the athlete guides
There are 22 Paralympic sports in which competitors are allowed to use guides, and their relationships can border on telepathic.
If you’re leaving Disneyland while it’s light, you’re doing it wrong
The world’s best-known theme park inspires awe and delight during the day, but after dark Walt’s $280 billion vision truly comes to life.
I didn’t love my hair, until I lost it
AFR journalist Lauren Sams hoped losing her hair might feel empowering, but it just made her sad – and cross at anybody who takes their tresses for granted.
