Scott Farquhar to step down as Atlassian co-CEO
Mike Cannon-Brookes will become the sole chief executive of the Nasdaq-listed, Sydney-headquartered software giant from August 31.
- Exclusive
- Interest rates
RBA to lift cash rate to 5.1pc, says top forecaster
Judo Bank’s Warren Hogan, who was ranked 2023’s most accurate forecaster, predicts a resurgent economy will force the RBA to lift rates to 5.1 per cent.
Foxtel faces its streaming apocalypse
Once the country’s most profitable media group, Foxtel is losing subscribers and is facing a mega-sports rights bill. Will it make it through?
- Live
- Need to Know
Australian journalist embroiled in Trump hush money trial
Former Channel 7 journalist named as co-conspirator; Atlassian’s Scott Farquhar steps down; BHP’s $60b bid for Anglo American. Follow updates here.
- Live
- Markets Live
ASX to drop; Alphabet, Microsoft jump on earnings, bond yields rise
ASX futures fall; Wall Street lower on US GDP slowdown. ResMed beats on profits. Alphabet declares first dividend, Microsoft tops expectations. Australian bond yields climb. Follow here.
- Updated
- Mining
BHP lobs $60b copper play for Anglo American
BHP is making a $60 billion bet on copper demand growing exponentially in the global shift away from fossil fuels, with a bold takeover bid for British resources heavyweight Anglo American.
- Exclusive
- PwC tax scandal
Burrowes wants everyone to move on from PwC’s tax scandal
“We feel we’re in a good position now to start to turn to a new chapter, look to the future and drive the firm with a new strategy,” the PwC chief executive says.
Wealth Generation: News and views to help aspirational investors grow their wealth. In your inbox every Wednesday.
Edition
May 2024 – philanthropy
See the inner workings of the Gold Dinner charity gala, find out which Australians gave away the most money last year and don’t miss out women’s watch special.
REVIEW
In Israel, resignation that the killings are not over
A visit to Israel by one of Australia’s leading writers reveals a shattered society under no illusions about its much-criticised war against Hamas.
Is it possible to find love without an app?
Online-dating fatigue is creating pressure for innovations to help humans discover love in real life, but hitting on strangers isn’t easy.
- Opinion
- Electric vehicles
Musk sells the Tesla dream, skips the details
On the car maker’s results call this week, the numbers were bad but the words were dreamy. Perhaps too dreamy.
- Analysis
- Gen Z
Stop complaining, Zoomers – you’re rich
People born between 1997 and 2012 should appreciate that Millennials and Baby Boomers were poorer at this stage in their lives.
Eric Schmidt is helping build Ukraine’s war machine
Google’s ex-chief executive is a force behind a new generation of drones that may revolutionise warfare.
Get the latest business news on the go with the AFR’s new iOS app.
Companies
- Investigation
- Shares
Broking bad: ASIC ‘threat’ fears about Morgans revealed
The corporate cop dealt with problems brewing at leading stockbroker Morgans for three years before a public crackdown. New documents detail the scale of its concern.
Anglo’s stumbles made it quarry for mining’s biggest predator
Anglo American once held pride of place on the sharemarket. Now its reputation is in tatters. And for BHP, the crisis at Anglo has come at the perfect time.
Kogan executives handed $17.6m payday three weeks before stock crash
The online retailer disclosed earlier this month that key executives would be able to sell options back to the company without having to exchange them for shares.
Macquarie, ANZ and Canva CEOs help power Australia’s India push
Governments hope to prevent another false dawn in bilateral trade and investment by getting business to work on policy.
Facebook shifts more than $1.1b offshore, local profits rise
The Meta-owned social media giant defied the challenging advertising market to add $85 million in extra ad revenue last year, new accounts show.
Woodside to pay $18b for hydrocarbon projects despite climate rebuke
This massive outlay comes as investor opposition to the oil and gas giant’s climate plan has grown over the past two years.
- Exclusive
- Media & marketing
Inside Tabcorp’s CEO search
Recruiters for the wagering group have a long list of potential candidates - including Patrick Delany, the chief executive of Foxtel.
Companies in the News
Search companies
View stories and data from an ASX listed company
Markets
US data shows economy in unexpected slowdown
US GDP figures showed slower growth than economists expected, with inflation accelerating.
What happened overnight? Wall Street faltered on US economic data
The ASX was set to drop as Wall Street took fright after US economic data revealed “the worst of both worlds” - a slowdown in the economy and inflationary pressure.
Traders see zero chance of RBA rate relief
The bond market has completely removed any chance of an easing in 2024, making Australia the only major economy where rates could rise.
Investors pile into miners as commodity rally heats up
Surging copper, gold and oil prices are fuelling a rotation into mining stocks as analysts scramble to adjust their profit forecasts for the sector.
How ex-Bomber went from AFL to a big hit in lithium
Wildcat Resources executive director Matthew Banks played three games for Essendon, including two Anzac Day blockbusters. His career in mining has been more successful.
Opinion
‘Decolonising’ Anzac Day’s revival
The day offers a welcome counterpoint in an age of fragmenting identity politics in which it is becoming more difficult to find agreement about Australia’s national identity.
Editorial
Are the magnificent seven at risk of having their wings clipped?
Perhaps investors are finally losing patience with the hundreds of billions of dollars being ploughed into artificial intelligence as the world’s leading tech companies vie for supremacy.
Columnist
How China plans to win the global EV war
The US and European governments are increasingly alarmed at the potential for China’s EV ambitions to put their own car manufacturers at risk.
Columnist
Negative gearing is not a rort or a tax concession
Negative gearing is said to single-handedly be responsible for Australia’s housing crisis. But it is a principled, fair and efficient feature of any tax system.
Economist
Why supermarkets ‘fell off their pedestal’
Building social licence is a significant opportunity for retailers but as the travails of the two big supermarket chains show, it can be easily damaged.
Columnist
Pezzullo takes first step to redemption
The former Home Affairs secretary admitted his mistakes and accepted his disgrace, and knows he will not be working with the Commonwealth for some time.
Government editor
Politics
The unlikely CEO team tackling Australia’s toughest job
Bran Black and Luke Achterstraat represent business at the opposite ends of the spectrum but are determined to present a united front in Canberra.
Tax changes ‘turning investors off Australia’
Business groups react to new tax laws like they do to a horror movie, “with one eye closed and hands covering your face”.
- Exclusive
- Harassment
Legal watchdog accused of quashing sexual assault claim
A lawyer who alleges she was sexually assaulted by a high-profile Sydney solicitor has accused the industry watchdog of blocking a full investigation.
Five boys charged following Sydney terrorist attack
Five children have been charged in connection with the stabbing of an Orthodox Christian bishop at a western Sydney church.
Thousands join Anzac services as nation seeks to heal
Anzac Day was labelled a chance for Sydney to come together and heal after a series of terrifying knife attacks.
SPONSORED
World
Scotland in minority government after Green coalition collapses
The Scottish National Party will run the country as a minority government after its coalition with the Green party fell through over climate policy.
Harvey Weinstein’s 2020 rape conviction overturned by NY appeals court
The New York ruling reopens a painful chapter in America’s reckoning with sexual misconduct by powerful figures.
Hostage begs for release from ‘hell’ in new Hamas video
The Israeli-American man seized by Hamas militants in the October 7 attack also says some 70 hostages have now been killed in Israel’s bombing campaign.
US secretly shipped new long-range missiles to Ukraine
Ukraine for the first time has used a longer-range version of weapons known as ATACMS, striking an airfield in Crimea and Russian troops in southeastern Ukraine.
Pro-China Solomon Islands PM fails to win majority
Manasseh Sogavare has failed to win a majority in parliamentary elections, setting the stage for coalition negotiations.
Property
Shadow of Bob Day clouds building sector as Collier Homes fails again
The former Family First senator’s WA building company, acquired out of liquidation in 2016, has once again gone under.
What the new land value boss thinks will happen to property prices
Sally Dale’s appointment comes at a critical juncture for both the residential and commercial markets in Australia’s most populous state.
Median house prices in Brisbane and Adelaide to hit $1m by December
House price growth momentum has slowed across the capital cities, but is still expected to hit new records this year according to Domain.
The Barbie effect: Mattel expands into mega shed
DHL has relocated its Mattel warehouse to a site 20 per cent bigger as the toy maker looks to cater for rising demand for its products after the hit movie.
The Melbourne shopping hotspot that became a ‘ghost town’
Businesses on Bridge Road in Richmond, which has a whopping 15.5 per cent vacancy rate, fear an insolvency snowball effect.
Wealth
A child won a share of her dad’s estate – despite planning to kill him
A 75 per cent success rate in contesting wills is encouraging more family members to sue for a bigger share. Here’s how to protect your final wishes.
- Opinion
- SMSFs
The rule book on investing in cars, wine or diamonds
Because they’re classified as collectable or personal use assets, strict rules apply to their acquisition, storage, insurance and use if held by an SMSF.
- Analysis
- Gen Z
Stop complaining, Zoomers – you’re rich
People born between 1997 and 2012 should appreciate that Millennials and Baby Boomers were poorer at this stage in their lives.
Technology
- Exclusive
- Social media
TikTok Australia makes its first stand after US ban laws pass
The US congress passed a bill on Wednesday requiring TikTok to be sold within a year or be banned in the country.
‘Safe room for terrorists’: ASIO warns big tech on encryption
Federal spy and crime chiefs will demand access to social messaging systems that allow terrorists, violent extremists and child abusers to operate with impunity.
Scammers are taking over the world
A seedy layer beneath our regular lives is cluttered with bogus messages, spam callers and phishing attempts.
Work & Careers
The unlikely CEO team tackling Australia’s toughest job
Bran Black and Luke Achterstraat represent business at the opposite ends of the spectrum but are determined to present a united front in Canberra.
Highest-paid CFOs revealed
The country’s top CFOs continue to enjoy a “breakout period” on pay and remain in the box seat as the country’s next CEOs.
Life & Luxury
- Driving With Tony Davis
- Motoring
The man behind the new Porsche Macan 4 EV
It’s the most capable model yet, reckons Jörg Kerner. “My mission was to bring the best car you can develop with this new technology to market.”
This week’s pick of lovely luxuries: beaded dresses and a cult bag
Natural materials are turned into beautiful pieces, from a hand-loomed bag and a tactile coffee table to original art on cotton.
Seven must-see shows in May
From the musical “Rent” to ballet with a tropical backdrop, here are performances you don’t want to miss this month.
A simple recipe for baba ghanoush with a twist
A desire to dig deeper into Lebanese cuisine is redefining Gerard’s Bistro in Brisbane.
Is it possible to find love without an app?
Online-dating fatigue is creating pressure for innovations to help humans discover love in real life, but hitting on strangers isn’t easy.
