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Hezbollah fighters attend funerals for those killed in Israel’s air strike in Beirut.

Humiliated Hezbollah eyes new tactics in Israel war

The Iranian-backed militant group is under pressure to change its strategy after a series of devastating attacks.

Quad leaders voice ‘serious concern’ about South China Sea

The PM announces shared coast guard duties in the Indo-Pacific as Quad talks end in Delaware; Jim Chalmers rejects assertions by the RBA’s Sarah Hunter that the economy is running too hot. Follow updates here.

Fed chairman Jerome Powell appears more confident than RBA’s Michele Bullock on inflation.

Don’t expect a victory speech from Michele Bullock any time soon

Rate cuts have begun and the Federal Reserve estimates the US cash rate closer to 3 per cent next year. But where does that leave Australia?

Out in the cold: Why housing is just one problem for Labor

Unless Labor can dig its way out of its parliamentary quagmire, it faces the real possibility of ending up in minority government – or worse.

Brits regret Brexit, but can the country turn back?

Boris Johnson ‘got Brexit done’, but most Brits now seem to wish he hadn’t. Polls show more people see it as a failure, and would even vote to rejoin the EU, writes Hans van Leeuwen.

Albanese visits Biden’s home to ‘tackle shared challenges’

The pair exchanged gifts and discussed rising violence in American politics, during the first visit of a foreign leader at Biden’s personal residence.

How CrowdStrike’s outage became Australia’s big cyberattack rehearsal

Qantas chairman John Mullen got the “blue screen of death” while Telstra’s cyber chief Narelle Devine was in the pool sipping cocktails when she got the call that something was seriously wrong.

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smart investor

Three trends are making it harder for ASX investors.

Three ways the ASX has changed and what investors can do next

Finding yield, good value and diversification on the ASX is getting harder. We asked experts what investors can do to overcome the challenges.

Accessing your super early to save your business is probably illegal.

Can I access my super to save my business?

Using your superannuation for anything other than its intended purpose – your retirement – can be a legal minefield.

AFR

Disputes over the remains of loved ones are on the rise

Fights over funeral arrangements and ashes are increasingly ending up in courts. What to know about your rights and responsibilities.

Want to invest like Warren Buffett? This bot may help

A chatbot-powered ETF promises to harness the brainpower of the investment world’s most illustrious minds.

$1 trillion: Millennials drive SMSF ‘renaissance’

SMSFs are undergoing a renaissance thanks in part to interest from Millennials. But it’s not all good news because many operate without any expert guidance.

weekend reads

How investors should play the first rate cut

Australian market participants are all-in on the immaculate soft landing narrative. But history says they need to tread carefully as interest rates come down.

Rupert Murdoch favours his eldest son Lachlan to run the family business, but a trust gives equal voting rights to four of his children.

Akin to Orwellian genius: Inside Murdochs’ Project Harmony

After a quarter-century of increasingly public bickering, today the only thing that can bring Rupert Murdoch’s family together is a court case.

The sad and lonely lives of the world’s richest kids

There’s a darker side to being super-wealthy, from Vladimir Putin’s two secret sons who “live in isolation” to $180,000-a-week clinics for depressed kids.

Corporate Australia can’t let Albanese brush reform under the carpet

Business needs to get more on the front foot in calling out the policy and political class failure that most media coverage has normalised.

Has the Fed overreacted to the US economy?

The Fed’s decision meets the theoretical economic rules but there is an intuitive question about whether such a large cut was needed right now given the state of the economy.

The best of travel, fashion, cars and more, straight to your inbox every Saturday.

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Companies

The Republic Hotel on the corner of Bridge and Pitt Streets, Sydney sold for $40 million.

Republic Hotel goes into administration as financiers chase $90m

Financiers have given embattled hospitality group Virtical one month to pay $90 million in loans.

Olivia Wirth, chairwoman of Myer, will have the review of the business finalised by year’s end.

Myer investors grow impatient over new strategy as growth stalls

The mid-market department store was expected to outline its growth plans next month. That has been delayed as it considers buying up well-known fashion brands.

Arcadium  Lithium chief executive Paul Graves says it doesn’t make sense to invest in Australia ahead of options in Canada and Argentina.

ASX-listed lithium giant Arcadium turns its back on Australia

The company had flagged aggressively expanding domestically. Now it says it may sell its Mt Cattlin operation and will prioritise its Canadian and Argentine assets.

bitcoin

Bitcoin is going mainstream. Can Australia join the party?

Twenty-thousand crypto believers descended on Singapore this week – and the companies they represented may surprise you.

The five pharma stocks exciting investors

Risky but with rewards, Australian pharmaceutical companies developing treatments for rare diseases are competing for investor attention.

SEC accuses Macquarie of inflating asset values, issues $117m fine

The US markets regulator said Macquarie’s asset management business had “no reasonable basis” to believe it could sell at the valuations it quoted.

Biden backs Australian critical minerals miner Ioneer in Nevada

Approving the new project will significantly increase domestic lithium supply amid a push toward greater self-reliance in the critical minerals supply chain.

Companies in the News

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Markets

The New York Stock Exchange.

S&P 500 slips in post-Fed meeting consolidation

US stocks struggled during the final session of their week as markets continue to adjust to the Fed’s pivot to rate cuts. Gold rallies, oil edges lower.

There are millions of unsold, unfinished and vacant homes across China due to the property market collapse.

The market’s most ‘contrarian play’ is high-risk, high-reward

With fund managers’ allocation to commodities at a multi-year low, traders are weighing the chance to front-run a rebound, but that involves a big bet on China.

The S&P 500’s record setting run is set to extend through the end of the year.

S&P 500 risks tilt to the upside, strategists say

For bullish market watchers, the outlook is clearer now that the US has started cutting interest rates: hang on for more record highs.

ASX closes at all-time high, Life360 leaps

Shares scale all-time high; UBS lifts NAB, Westpac price targets; Myer cuts dividend; Regis Healthcare and Kelsian nab contracts; Namoi Cotton backs Olam Agri bid; Follow updates here.

Bank of England holds fire on rate cuts after Fed’s bazooka round

Facing less pressure from its economy or jobs market, the BoE is expected to wait until November to unleash a second interest rate cut.

Opinion

Why ‘free’ childcare is bad for working parents

Further childcare subsidies will likely require an explicit new tax rise to fund it. Billions of dollars of more debt can’t be added to the national credit card.

John Kehoe

Economics editor

John Kehoe

Rate cuts herald risky new regime

Financial markets have entered a dangerous new economic environment defined by unusually elevated uncertainty after the US Federal Reserve’s pivot this week.

Senate standoff shows politics and policy are a long way from perfect

The complexity of the housing challenge requires a level of cooperation between governments and politicians that feels a long way from the debate we are having.

Laura Tingle

Columnist

Laura Tingle

A week that put Australia’s reform challenges up in lights

A fractious political class distracted by populism, opportunism, and polarisation is failing to tackle key growth and productivity challenges.

The AFR View

Editorial

The AFR View

Australian rugby’s problems only look to be getting worse

The problems with Australian rugby extend far beyond the coaching box or those who wear the jersey.

James Curran

International editor

James Curran

Corporate Australia can’t let Albanese brush reform under the carpet

Business needs to get more on the front foot in calling out the policy and political class failure that most media coverage has normalised.

Michael Stutchbury

Editor-at-large

Michael Stutchbury

Reports

Executive Education - lifelong learning

This special report looks at lifelong learning, focusing on the impact and efficacy of leadership courses designed for top-tier managers and business leaders.

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Politics

 Professor Genevieve Bell, Australian National University (ANU) Vice-Chancellor and President, Professor Sharon Pickering, Monash University Vice-Chancellor and President, Professor Nicola Phillips, University of Melbourne Acting Vice-Chancellor, Professor Mark Scott, University of Sydney Vice-Chancellor and President, and Professor Iain Martin, Deakin University Vice-Chancellor, during a hearing with the Legal and Constitutional Affairs Legislation Committee, at Parliament House in Canberra on Friday.

Sydney University boss Mark Scott admits he failed Jewish students

A fiery Senate hearing was told a leading university failed to ensure the safety of Jewish students, but university leaders denied that antisemitism was endemic on campuses.

For many women who return to work, it is almost not worth their while because they are losing out via the tax system, and also through the loss of other government benefits, such as family payments.

Tax, not childcare fees, keeps women at home

The Productivity Commission and economists agree that fiddling with childcare subsidies will not increase women’s workforce participation.

ASIC chairman Joe Longo at a parliamentary joint committee in April.

‘I would not recommend ASIC’: scathing assessment by staff

The results of a confidential cultural survey make for embarrassing reading on staff motivation, satisfaction and the regulator’s leadership team.

Nuclear debate stalls as detail goes missing in action

The information vacuum includes the costings behind the Coalition’s nuclear vision and a realistic assessment from Labor about the problems in the way of 2030 climate targets.

How Australia crushed the COVID curve and lost the race

This country had one of the best-designed economic responses in the world, and one of the worst vaccine procurement processes.

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World

Donald Trump speaks during a campaign rally at North Carolina Aviation Museum.

Trump’s ‘black Nazi’ porn scandal is a stunning gift for Democrats

The former president is now stuck with an embattled candidate in the critical swing state of North Carolina, in a race that previously looked extremely close.

Mourners in Beirut walk with a coffin during a funeral for four killed in the pager attack.

A new era of sabotage: weaponising everyday items

The attacks in Lebanon took the art of electronic sabotage to new heights. But the sense that ordinary devices can become deadly may be just beginning.

‘Big Short’ fundie on leave after X post celebrating Gaza crisis

Neuberger Berman’s Steve Eisman was placed on leave after he posted remarks indicating he was “celebrating” the deaths of Palestinians in Gaza.

Killed Hezbollah commander was on US wanted list

Israel said the strike killed Ibrahim Akil, a commander of Hezbollah’s elite Radwan Force, as well as 10 other Hezbollah operatives.

Egypt envoy backs rigour of security checks for Gazan refugees

Egypt’s ambassador says his country conducts thorough security checks on Palestinians crossing from Gaza.

Property

What you need to earn to afford a home in a capital city

Home buying remains elevated despite the median income household only being able to afford 14 per cent of homes, suggesting most purchases are by the wealthy.

James Packer’s former right-hand man snaps up Fairfax family retreat

Matthew “Ched” Csidei purchases another grand Southern Highlands mansion, and northern Victorian country estate Noorilim joins the prestige market.

Des Hasler’s beachfront home Moana sold within the expressions of interest period.

Des Hasler sells luxurious oceanfront abode

The rugby league legend has found a buyer for his Collaroy beachfront, and Manly’s surfboard manufacturing Bennett family has sold its $19.5 million Bower Street pile.

NSW house prices to flatline this year, valuer general says

A strong first half has pushed values up in the NSW capital, but those gains are unlikely to be repeated.

The new high-tech Australian CBD shaping up to rival Singapore

3D printing, semiconductors and advanced packaging are all part of a high-tech mix envisaged for Bradfield city planned for Sydney’s west.

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Wealth

$1 trillion: Millennials drive SMSF ‘renaissance’

SMSFs are undergoing a renaissance thanks in part to interest from Millennials. But it’s not all good news because many operate without any expert guidance.

Three ways the ASX has changed and what investors can do next

Finding yield, good value and diversification on the ASX is getting harder. We asked experts what investors can do to overcome the challenges.

Can I access my super to save my business?

Using your superannuation for anything other than its intended purpose – your retirement – can be a legal minefield.

Technology

Bounce Patrol cast members Alyssa, Jackson, Will, Rachel and Jacinta, with creator Shannon Ross at the front.

They have 31m followers - but you’ve never heard of these YouTube superstars

Bounce Patrol has more followers than Beyonce, operates out of a quiet Melbourne street, and is helping YouTube transform from the home of DIY videos to a major TV broadcaster.

Microsoft CEO Satya Nadella.

Microsoft’s climate hypocrisy on AI

The tech giant has marketed AI technology to ExxonMobil and Chevron as a powerful tool for finding and developing new oil and gas reserves.

Australian Signals Directorate director-general Abigail Bradshaw.

Cyberspies phone businesses to warn of danger but half don’t respond

The Australian Signals Directorate’s new director-general Abigail Bradshaw says there is a stigma to being attacked, but it is costly for companies.

Work & Careers

AFL more important to Khuda than data centres, Swans chairman suspects

Andrew Pridham is vice chairman of asset manager MA Financial and chairman of Sydney Swans. AirTrunk founder Robin Khuda texts him before games.

Disney chief goes retro for AFL finals to reel in streaming rivals

Disney’s Australian boss Kylie Watson-Wheeler is bringing her AFL obsession into her day job as the US giant takes on the dominant players in the local streaming wars.

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Life & Luxury

Mercedes-AMG GT 63 4MATIC+

The fastest car in the Mercedes-Benz line-up has arrived in Australia

The German maker’s exterior design director takes us on a close inspection of the new Mercedes-AMG GT.

Demi Moore as Elisabeth Sparkle, a TV exercise show presenter deemed past it by her station boss (Dennis Quaid), in “The Substance”.

Demi Moore gives performance of her life in shocking ‘The Substance’

There’s a self-referential note to the ’90s superstar’s role in Coralie Fargeat’s fable about ageism, making it doubly compelling.

Aqualand founder Jin Lin with David Handley, founder of Sculpture By The Sea, which the developer has sponsored since 2016.

‘We’re not Logos by the Sea’: How to make arts sponsorships work

Transfield’s exit from Sydney Biennale in 2014 started a torturous recent history for corporate support, but there are still successful exceptions.

Some 95 per cent of Generation Z pet owners buy their animal a gift at least once a year.

People are splurging on their pets like never before

Americans are now spending more on their fur babies than they do on childcare, part of a trend across developed nations.

Amy Crutchfield, winner of the Prime Minister’s Literary Award for Poetry.

How a law firm shaped an award-winning poet’s style

Amy Crutchfield last week won the Prime Minister’s Literary Award for Poetry, and credits her time at Mallesons for shaping her poetic style and philosophy.

From the gallery