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ASX dips as banks and supermarkets sink; BHP rallies
Shares fall; Iron ore spikes on China rate cut; Light & Wonder dives after losing in Nevada; Cettire releases audited results. Follow updates here.
Latest Posts
ASX dips as banks and supermarkets sink; iron ore spikes
RBA still sees no rate cuts in near term
Bullock on supermarket price gouging accusations
RBA governor says Australia different to other countries on rates
Last updated 21 mins ago
RBA leaves rates on hold, signals no near-term cut
The RBA board has left the cash rate on hold at 4.35 per cent and continued to rule out a near-term rate cut as underlying inflation remains too high.
Aldi the big winner from price gouging backlash
Investment banks warn of huge penalties and reputational damage after the ACCC alleged the supermarkets advertised specials that were cheaper weeks earlier.
- Opinion
- Chanticleer
Did China fire the bazooka to stop the big bank run?
If it takes a bazooka to stimulate the Chinese economy, it will also take a bazooka to end the banks’ run.
- Exclusive
- Executive shake-up
Macquarie’s Bingo secures $100m lifeline but loses CEO and CFO
The waste management group has been struggling under a heavy debt burden after being downgraded by S&P Global this year. In all, three executives will leave.
Hemmes wins Establishment trademark dispute
The Merivale hospitality entrepreneur won a decisive naming rights victory against a new Brisbane restaurant called Establishment 203.
Netanyahu’s polls rebound after aggressive Israeli operations
The recovery in his party’s fortunes has become more pronounced since the end of July, when Israel assassinated senior Hezbollah and Hamas leaders in Beirut and Tehran.
The best of travel, fashion, cars and more, straight to your inbox every Saturday.
POWER LIST
Australia’s most powerful people in property for 2024
Interest rates and construction costs are wreaking havoc and creating new winners and losers. Perhaps the biggest power shift is the fading influence of the CFMEU.
The most powerful people in the consulting sector in 2024
As the fallout from the PwC scandal still looms large, smaller operations are moving in on the big four’s turf.
Trying to make sense of the US election? Spare a thought for our diplomats
Australian policymakers have an apprehensive wait to see whether they will be dealing with a Trump or Harris administration.
The five most powerful Australian tech leaders in 2024
The biggest deal of the year, the end of an era at Atlassian and the rising influence of super funds helped to shape the list of technology’s most powerful in 2024.
Australia’s most powerful deal makers in 2024
If investors step up and hit the bid on those valuations, the market will see real momentum. If not, it will be the same painful conversation about dry powder next year.
The best of travel, fashion, cars and more, straight to your inbox every Saturday.
Companies
PwC revenue slumps $820m after tax leaks scandal
Takings fell by more than a quarter to $2.35 billion in 2023-24, making it PwC Australia’s worst decrease ever, as the fallout from the crisis continues.
Cettire gets auditor’s tick of approval, adding $247m to valuation
A month after the online luxury retailer delivered unaudited accounts, worrying investors, Grant Thornton have signed off, sending the share price surging.
Aristocrat wins dragon game injunction against Caledonia-backed rival
The ruling prevents Light & Wonder from selling, leasing, or making money from its game Dragon Train in the US.
- Exclusive
- Rich List
Rich Lister’s Mexican chain locks in 400th location
Sam Prince’s will open Zambrero’s 300th store on Wednesday. Its next 100 locations are locked in.
- Updated
- Supermarkets
Woolworths, Coles faked discounts on hundreds of products, says ACCC
The regulator is suing the country’s two biggest supermarkets, claiming they told customers prices were falling when they were actually higher than before.
CBA crypto experiments held up in regulatory bottlenecks
Unanswered questions from a myriad of regulators are stifling Australia’s largest bank from advancing cryptocurrency and digital asset projects.
It was cybersleuths who (allegedly) caught Woolies, Coles in the act
In the end, it wasn’t the government, or Treasury, or a parliamentary committee that caused the biggest headache for the country’s supermarket giants this year.
Companies in the News
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Markets
Go long and let others take the risk: crypto fundies’ top strategies
Some of Australia’s best performing digital asset managers have told investors to ignore the noise when mulling a bet on cryptocurrencies.
ASX in the ‘dividend doldrums’ as boards hoard cash
The Australian sharemarket had one of the sharpest declines in payouts in the world in the second quarter and the outlook is not much better, investors warn.
What happened overnight? Wall Street rose as rate-cut path came into sharper focus
Australian shares were set to open down. The RBA was expected to hold rates steady in its decision at 2.30pm. Gold reset its record, copper gained, iron ore fell and oil slipped.
Kashkari backs two more Fed rate cuts
Federal Reserve Bank of Minneapolis president Neel Kashkari says he expects two more quarter-point rate cuts from the Fed this year.
Industry veteran builds ‘better’ model to pick ASX winners
Former Credit Suisse alumni John Birkhold has spent years developing a model that undoes traditional ways of investing – he’s now about to turn it on the ASX.
Opinion
The farm that is Australia needs fixing. The Nats must help
Labor is only adding to sense of regression and decline in Australia. The Nationals can’t restore the country if they succumb to populism themselves.
Contributor
Coles and Woolworths score own goal on dodgy discounts
The big supermarket chains have already lost the public relations war over the ACCC’s allegations of fake discounts. What’s the next move?
Columnist
Dutton nuclear policy sell fails to add up the cost
The energy future of Australia requires details – and lots of them – so that voters can make an informed choice.
Editorial
Dutton’s nuclear folly is an economy wrecker
Under the Coalition, Australian manufacturing would face a decade of uncertainty and taxpayers would finance the renationalisation of electricity generation.
Former Labor minister and economist
Labor sings vastly different tunes on supermarkets and Qantas
Aviation is much more concentrated than supermarkets, yet the government seems to accept that the airline industry should remain anticompetitive.
Senior reporter
Did ‘illusory’ discounts from Coles, Woolies really mislead consumers?
The murky legal issue for the ACCC case against the big two supermarkets is what constitutes a “reasonable” period between a price increase and a subsequent promotional saving.
Consultant
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.
Politics
‘Beyond our capacity’: Wong warns Australians in Lebanon
Beirut’s airport is on Israel’s target list but would only be hit if Hezbollah keeps attacking Israel, an IDF expert has warned.
Coalition nuclear policy relies on coal for longer than experts expect
Opposition leader Peter Dutton has conceded that the Coalition’s nuclear policy relies on an extended use of coal power and a sharply increased role for gas power.
Why do I have to pay more for others’ free childcare?
Readers’ letters on who bears the cost of childcare subsidies; bitcoin going mainstream; the BCA and populism; the cost of nuclear energy; CFMEU members’ fears; and the benefits of hip replacement.
ASIC wants crypto start-ups to hold financial services licences
The corporate regulator will appear at the AFR Crypto and Digital Assets Summit on Monday with a warning to developers in the polarising sector.
Only Labor can form majority government: Albanese
Prime Minister Anthony Albanese has stepped up his stability pitch to voters by disparaging the Greens as a party of extremists
SPONSORED
World
China unleashes stimulus blitz to hit annual growth goal
The central bank announced a cut to the amount of money banks must hold in reserve, taking it to the lowest level since at least 2020. It also cut a key policy rate.
- Updated
- Middle East tensions
Thousands flee in Lebanon as Israeli strikes kill 500
Benjamin Netanyahu warned civilians to “get out of harm’s way” as the attacks caused the largest one-day death toll for decades.
- Analysis
- Electric vehicles
Elon Musk could be biggest loser of Biden’s Chinese car ban
Gina Raimondo, the US commerce secretary, raised the terrifying scenario of a rogue state controlling America’s cars remotely.
- Analysis
- Middle East tensions
Israel’s deadly gamble is looking even riskier
The intensifying strikes on Lebanon show how determined Tel Aviv is to stop Hezbollah’s cross-border attacks, and how far it is from achieving that goal.
US to sue Visa over debit card fees
The US Justice Department is preparing to file a lawsuit against the payments giant over alleged anticompetitive behaviour.
Property
- Exclusive
- Hotels
Hospitality empire on brink as Adelphi Hotel put in administration
Virtical group, which exploded on to the Sydney and Melbourne pub scene last year, has lost control of its two biggest assets.
Sell in the first two weeks, or wait? They sold, for $2.35m
There were many people looking, but few buying. When the vendor of this Sydney home secured two potential buyers, they acted. Quickly.
‘Pay to stay’: Average Sydney hotel room rate to hit $426 by 2033
Sydney will be the standout hotel market over the next decade as occupancy rises to 86pc and few new hotels are completed to keep up with demand.
Cheap no more: where the buyer rush has blunted home affordability
Housing affordability has worsened sharply in some of the country’s cheaper areas amid strong demand.
Apartments taking two-and-a-half years longer to deliver: Urbis
The forecast delay in supply comes as pressure is increasing on the federal government to navigate political opposition to key planks in its housing policy.
Wealth
Let others take the risk: crypto fundies’ top strategies
Some of Australia’s best performing digital asset managers have told investors to ignore the noise when mulling a bet on cryptocurrencies.
The $1 rule, and 43 other easy ways to be better with money
Not everything about money has to be hard. We asked experts for their top tips on how to be better at saving, budgeting and investing.
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.
Technology
ASX hopeful Evolt 360 reveals plans to cash in on Ozempic boom
The founders of body scanning company are hoping to list on the stock market before Christmas, backed by investors including Regal, Soul Patts and Perennial.
Digital debt collector worth $350m after big money raise
Business booms for InDebted when cost-of-living hits consumers. It has attracted new investors, including a super fund to back a rare valuation increase.
- Gadgets With John Davidson
- Digital Life
Can a robot be too human? This one can
Ecovacs’ latest robovac cleans more like a human does than anything we’ve ever seen. But that’s not always a good thing.
Work & Careers
- Opinion
- Gender equality
Young women are leaving men behind (and not only at uni)
Females are now not only more likely than males to be caring for family members, but also to be in work or full-time education.
Australia’s most powerful deal makers in 2024
If investors step up and hit the bid on those valuations, the market will see real momentum. If not, it will be the same painful conversation about dry powder next year.
Life & Luxury
Our fashion editor’s guide to shopping in New York City
Personally researched and painstakingly compiled, it will save you time and possibly even money. Your retail therapy journey starts here.
Cripps, again. But Brownlow standouts may not be who you think
Carlton’s Patrick Cripps blew the competition out of the water at AFL’s highest individual accolade. Here’s a closer look at the history of Australian rules’ highest honour reveals a startling fact about this year’s finalists.
- Gadgets With John Davidson
- Digital Life
Can a robot be too human? This one can
Ecovacs’ latest robovac cleans more like a human does than anything we’ve ever seen. But that’s not always a good thing.
The Gaza conflict ripped through the arts and ripped it apart
The conflict in Gaza hangs heavily over theatres and galleries, as animosities lead to a wave of resignations, donor withdrawals and boycotts.
Amazing Grace Brown won’t ride back on retirement call
The Olympic champion became the first woman to win both the Olympic Games and world time trial titles in the same year
