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Bigger surplus comes from less spending, not more taxes: Chalmers
Treasurer Jim Chalmers says the additional $6 billion surplus in the budget outcome for 2023-24 is a result of reduced government spending. Follow updates here.
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COVID-19 report delayed until late October
Airstrikes hit Beirut in first attacks on city centre since 2006
Hezbollah flag flyers should be punished, says Chalmers
Difficult to get this year’s budget into surplus, says Chalmers
Last updated 24 mins ago
Perpetual faces investor backlash over bonuses with ‘no justification’
Proxy advisory firm Institutional Shareholder Services, which had previously been supportive of the fund manager, is urging a vote against executive pay and board members.
Iron ore rockets 10pc as ASX, China records tumble
The price of Australia’s key export soared above $US110 a tonne on Monday morning, extending a rally in mining stocks and lifting the sharemarket to a record.
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- Markets Live
Energy, miners lift ASX to all-time high, again
Shares reset record high; Synlait posts giant loss; Pacific Smiles rejects Genesis bid; AGL nabs new deal with Portland smelter; iron ore prices leap 7pc. Follow updates here.
- Opinion
- Chanticleer
The ‘everything bubble’ is back. Here are five dangers to watch
Thanks to the Fed and China, markets are back at the levels reached during the 2021 frenzy. But it might not take much for investors to let a little air out.
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- Home loans
Own home becoming ‘just for rich’: Coalition weighs lending overhaul
Housing has become a key battleground for the major parties, as record prices and high interest rates combine to significantly reduce affordability.
How Israeli spies penetrated Hezbollah
The depth and quality of Israeli intelligence helped Netanyahu’s forces turn the tide against the Lebanese militant group.
- Drinks With Max Allen
- Japan
Heading to Hokkaido? The Nikka distillery is a must
Get our expert take on the race to the White House plus receive our weekly World View newsletter to make sense of the global impact. Exclusive to subscribers.
Edition
AFR Magazine – Power 2024
The hotly anticipated lists of Australia’s most powerful people in 2024.
The best of travel, fashion, cars and more, straight to your inbox every Saturday.
Companies
Drifting former telco turned Austrian miner gets unstuck in Mongolia
Jade Gas has bounced around for three decades, and is trying its luck with coal seam gas in the ex-communist country. Could this be the ASX’s next gas giant?
Billionaire Bruce Gordon retires from WIN as succession questions loom
The future of billionaire Bruce Gordon’s expansive estate – regional broadcaster WIN, 25 per cent of Nine Entertainment, and countless properties – is anyone’s guess.
Minister was told ERA wouldn’t fight Jabiluka decision before it sued
Advisors to Resources Minister Madeleine King thought it “doubtful” Energy Resources of Australia would pursue legal action if she decided to cancel its mining permit.
Investors in Vik Bansal’s biogas side hustle are up 85pc
The Boral CEO is also chairman of ASX-listed biogas group LGI, which has 32 waste landfill sites and supplies electricity into the grid when returns are highest.
Clayton Larcombe sells majority stake in Clearwater PM
Sources said Larcombe sold to TEB after quietly soliciting buyers for the business earlier this year.
PFAS foam leaks on Transurban’s Brisbane toll road rankle council
Transurban’s maintenance practices are being reviewed by Brisbane’s city council after fire-fighting foam spilled from a tank into a pump station in the company’s Clem Jones Tunnel.
Open banking limps to life with ANZ customers seeking full picture
ANZ is the first major bank to use open banking to aggregate multiple accounts through its app. Ultimately, it will be used as a tool to lure new customers.
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Markets
Missed out on Nvidia and Ozempic? This fundie says it’s never too late
Northcape Capital’s Fleur Wright may have missed out in the early AI and GLP-1 investor frenzy, but she made other good calls that were perfectly timed.
- Opinion
- Sharemarket
The ASX’s ‘switch from hell’ has only just begun
The dominance of the banks over the miners in 2024 has been off the charts. But developments out of Beijing could be the catalyst for a final quarter comeback.
There’s a ‘very real’ chance of two rate cuts by Christmas
Momentum is critical and right now, Australia’s economy is at genuine risk of stalling. It’s no surprise then that the bond market has already priced in rate cuts.
ASX set for fresh record as investors bank on China and rate cuts
Futures indicate the S&P/ASX 200 Index is poised to advance 0.3 per cent at the opening bell, enough to reset Friday’s record high.
Iron ore’s ‘fundamentals’ still point to lower price: Goldman
The steelmaking material surged more than 10pc on news of China’s latest efforts to stoke its flailing economy. But Goldman says the advance will prove fleeting.
Opinion
Israel’s dream of a new Middle East order could become a nightmare
With its decapitation of Hezbollah in Lebanon, the Israeli government hopes that it has finally seized the initiative in the battle with its regional enemies.
Columnist
No end to Australia’s love affair with solar
Rapidly declining solar feed-in tariffs could change the way Australian households manage their renewable energy. That is bound to be good for the grid.
Contributor
Queensland wipeout good for Labor’s federal election chances
The LNP small target strategy is politically effective. It’s on track to take out an unpopular Labor premier and, in the process, give a Labor prime minister a better chance of keeping his job.
Editorial
Will Steven Miles be Albanese’s sacrificial anode? Labor hopes so
Feds beware: Miles has shamelessly thrown money at the cost of living and no-one has thanked him for it.
Political editor
What J.D. Vance and Tim Walz need to do to get Trump or Harris elected
In the vice presidential debate on Wednesday, the Democrat’s message needs to be about the economy. The Republican needs to just repair his image.
Research associate
Want to stop an Israel-Hezbollah war? Look to Tehran
If the US and the West want calm on the Lebanese border, it needs to find the will to make Iran pay the price for its proxy warfare.
Middle East expert
Reports
Technology - Valuation shift
This special report looks at shifting valuations for tech companies in public and private markets, plus how AI will change work.
Politics
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- Negative gearing
Labor members want negative gearing changes in ambitious housing plan
Labor for Housing, a national group of members, wants Labor to adopt an 80 per cent homeownership target by 2040.
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- Queensland votes
Queensland Labor on track for electoral wipeout
The LNP is nearing just its third election victory in Queensland since 1989, according to new polling, as the election campaign officially kicks off this week.
China stimulus should stabilise iron ore price, says resources minister
Resources Minister Madeleine King says China’s latest stimulus package was unlikely to push prices higher, but it should help arrest the one-third fall seen since the start of 2024.
The hot topic poised to swing a dozen Labor seats in Queensland
The opposition Liberal National Party has committed to its path to winning the coming state election using one burning issue.
Payments for rooftop solar slashed as energy grid overloads
Households with rooftop solar will get up to a third less for supplying their energy to the grid as retailers cut rates in response to an oversupply.
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World
Ozempic alternatives flood the Australian market
The number of Australians taking weight-loss drugs is growing as new medicines hit the market. MPs warn the influx must be managed carefully.
- Analysis
- Middle East tensions
Who will replace Hezbollah’s Hassan Nasrallah?
With Israel eliminating the Iran-backed group’s senior leaders seemingly at will, whoever takes the helm will have few illusions about their life expectancy.
AUKUS was part of plan to punish Macron, says Boris Johnson
Writing in his upcoming memoirs, the former UK prime minister accused the French president of being a “positive nuisance” during talks to leave the EU.
- Updated
- Israeli-Palestinian conflict
How Netanyahu crippled his enemy and put region on the brink
The assassination of the long-standing Hezbollah leader is the latest step in a plan that has sparked panic and mayhem.
- Updated
- Israeli-Palestinian conflict
Shaken Iran left vulnerable after Hezbollah chief’s killing
Leaders in Tehran suggested it would be the Lebanese militia, not Iran itself, that would strike back at Israel after Hassan Nasrallah’s assassination.
Property
Di Pilla’s $50b funds dream inches closer with major mall deal
If it is finalised, the deal for a stake in the Sydney mall will be a fresh expansion of the rapidly evolving funds platform that went public five years ago.
Weak auction markets point to falling house prices
Auction clearance rates have fallen to their lowest level this year, suggesting buyers are worried there is little relief in sight from high interest rates.
Developers head to the regions to deliver housing
Many developers are seeing opportunities to build much-needed housing in regional areas experiencing strong population and economic growth.
The $620m makeover for Manly, Howard Smith wharves
Plans are afoot to transform the faded glory of waterside venues at Manly and in Brisbane to bustling tourist destinations. The locals have had their say, too.
Swimming ponds are status symbols for UK’s wealthy families
Wild swimming has become the trend du jour with wellness junkies. Now there’s a safer way to do it.
Wealth
Financial advice for $88: Super funds launch low-cost tools
Superannuation funds have ramped up their financial advice offerings, but the type of advice they can provide remains limited.
Parents’ eye-watering education bills don’t end with school
Helping kids get started in life has arguably never been more expensive. Plan and save early, experts say. We’ve also found the most generous scholarships available.
- Exclusive
- Rich families
Rich Lister wealth secrets revealed after 30-year loophole ends
Two years after removing an exemption that allowed Australia’s richest families to keep details of their private companies secret, their financials are filtering through.
Technology
- Exclusive
- Start-ups
Cannon-Brookes’ Startmate cybersecurity bet pays dividends
Startmate’s $35,000 stake in cybersecurity company Bugcrowd is now worth $2.1 million, delivering eye-popping returns for its billionaire backers.
Fast-growing OpenAI is burning through truck loads of cash
As the company looks for more outside investors, documents reveal consumer fascination with ChatGPT and a serious need for more money.
- Opinion
- Cybersecurity
Why competition laws could increase the risk of blue screen attacks
We should beware of one-size-fits-all technology policies that could open smart devices to the third-party vulnerabilities that caused the CrowdStrike outage.
Work & Careers
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- CFMEU
CFMEU delegates investigated over ‘steeling’ claims
One of the union delegates under investigation for allegedly selling steel from a major government site is a former member of the infamous Bra Boys surf gang.
Qantas engineers strike goes national, targets peak-hour flights
Qantas engineers critical to aircraft maintenance will stop work at major airports around the country next week, threatening to disrupt peak-hour flights at the start of school holidays.
Life & Luxury
Unlimited ice baths and saunas: LA-style wellness lands here
Super Young’s most expensive membership package includes unlimited access to red light therapy, hyperbaric chambers and cryotherapy. All for $15,000 a year.
AFL grand final audience climbs to 4m
The clash between the Brisbane Lions and Sydney Swans was the most watched for the AFL since 2021.
This really was a discovery expedition
Helicopter flights from a ship exploring the Chilean Fjords revealed glaciers not previously charted.
Small ship, big adventures: Island-hopping in Portugal and Spain
This voyage aboard Windstar Star Pride included plenty of time ashore to explore volcanoes, deserts and tucked-away beaches.
- Drinks With Max Allen
- Japan
Heading to Hokkaido? The Nikka distillery is a must
When Masataka Taketsuru returned to Japan from Scotland a century ago he brought the expertise to make great whisky, a love of all things Caledonian and a wife.
