Dutton rejects ‘Rich Lister’ tax cuts
The opposition has blasted $27.8 billion in production credits in the budget as “tax cuts for billionaires”, vowing to repeal them if elected.
CEOs to Labor: Inflation still needs to be tamed
Measures to lift housing supply are being partly applauded, but a heavier push on curbing inflation seems to be missing in a two-speed economy.
- Opinion
- Federal budget
Chalmers is telling a big budget fib
Treasurer Jim Chalmers stood in front of 600 guests at his post-budget speech in Parliament House on Wednesday and repeated a big budget fib about spending, writes John Kehoe.
- Exclusive
- Investing
Macquarie stokes ETF price war, slashes fees to 3 basis points
Macquarie wants to shake up the asset management sector with ETFs charging management fees as low as 3 basis points.
Imported tradies need to live somewhere too
To fix the housing shortage the government needs to train many more building industry workers at home as well as fast-tracking visas for foreign tradies, builders say.
Moody’s warns big ‘structural’ spend will leave budget mired in red
The influential ratings agency said the broader issue was “how effective spending programs such as Future Made in Australia are in allocating resources”.
- Exclusive
- Property market
Lenders’ preference for luxury units a blow to housing supply hopes
Mortgage broker Stamford Capital is arranging construction finance for developments worth $5 billion. All of them are luxury apartment projects.
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FEDERAL BUDGET
- Updated
- Federal budget
Miners hail tax credits but Coalition to block it
Australia’s critical minerals industry has hailed $13.7 billion in budget tax credits at the same time as the Coalition has vowed to block the policy claiming it will deliver “billions to billionaires”.
WA GST deal to cost federal taxpayers $53b and rising: budget
The deal will cost $44 billion more than originally promised, but neither side of politics dares change it for fear of losing seats in the west.
The budget in five key charts
The five key graphs to understand the government’s latest federal budget.
Defence tries its hand at consulting as Labor keeps heat on big firms
The government will also conduct a second audit of public sector employment to track the progress on reducing its reliance on external advice.
‘Higher costs, more taxes’: Business warns budget could fuel inflation
Business has warned the third Chalmers budget could add to inflation, and urged the government to rein in spending to prevent a decade of deficits.
budget analysis
- Opinion
- Federal budget
There’s an $80b spending bomb buried in the budget
The people who should be most worried about this profligate pre-election budget are Reserve Bank governor Michele Bullock and home borrowers, writes John Kehoe.
- Opinion
- Federal budget
Why Chalmers’ budget made me very grumpy
I’m feeling as grumpy as I appear in my headshot. That’s because the big ask of the budget was not to poke the inflationary bear. It didn’t pass that test, writes Chris Richardson.
- Opinion
- Federal budget
This is the most irresponsible budget in recent memory
The government set itself a simple standard: not to make the Reserve Bank’s job harder. Michele Bullock may just choke on her cornflakes, writes Steven Hamilton.
- Opinion
- Federal budget
Why economists hate the $300 energy rebate
This is a budget that acknowledges the government is facing a mountain of problems that cannot be solved any time soon, writes Laura Tingle.
- Opinion
- Global economy
US-China trade war choices for Chalmers’ green budget
The new incentives for critical minerals and green hydrogen are about more than industry policy. They will play out in a global contest over rival political systems, writes Richard McGregor.
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Companies
Karoon chairman preps for showdown with angry investors
An activist consortium led by Samuel Terry Asset Management intends to vote against five of the nine resolutions up for vote at the oil and gas producer’s AGM on May 23.
- Opinion
- Chanticleer
Queensland in secret bid to buy stricken coal-fired power plant
It’s three years since Queensland power station Callide C blew up, and the fallout hasn’t stopped. Now, a secret deal for the government to buy a 50 per cent stake is in doubt.
Santos will sack 200 people as project delays spoil returns
The reliance on new projects such as Barossa in the Timor Sea takes on greater importance at Santos, where many of its legacy assets are being depleted.
Fiji Airways keen to keep Virgin Australia at bay
The Pacific’s biggest airline would consider a tilt at Air Vanuatu if its liabilities are limited to keep Virgin sidelined.
Gupta’s $500m Whyalla steelworks upgrade delayed by two years
A plan to produce green steel will now be pushed out until 2027, the company said. It is already grappling with issues that have shut down the furnace.
Rio chief ‘not afraid’ of M&A as Anglo American break-up looms
Jakob Stausholm won’t rule out entering the acquisition fray, but told investors he doesn’t want big transactions to derail his recovery mission at the miner.
Prezzee co-founder quits Shaun Bonett-owned gift card company
Claire Morris is leaving the group, and resigning as its brand ambassador. It follows a string of senior executive departures in the last 18 months.
Companies in the News
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Markets
Iron ore plunge baked into the budget ‘unlikely’ to materialise
The threat to China’s iron ore supremacy is front and centre of the latest federal budget, but analysts think the government’s dire outlook may prove too pessimistic.
ASX retail, property stocks to rally from budget boost
The “inflationary” tones from the federal budget could provide a fresh tailwind for the sharemarket, especially for retail and real estate stocks, according to brokers.
Producer prices leap as US inflation remains sticky
The unexpectedly high readings may raise concerns on Wall Street and in the Federal Reserve.
Australian ETF winners had returns as high as 153pc
US megacap tech stocks and cryptocurrencies proved profitable investments in the last year, according to the latest top-performing ETF data – alongside some other surprise standouts.
Investors weigh whether to chase China’s new bull market
The 27 per cent surge in Chinese stocks this year continues to wrong-foot many asset managers, but some are cashing in following a disappointing few years.
Opinion
Chalmers is telling a big budget fib
Treasurer Jim Chalmers stood in front of 600 guests at his post-budget speech in Parliament House on Wednesday and repeated a misleading number about spending.
Economics editor
Why Chalmers’ budget made me very grumpy
I’m feeling as grumpy as I appear in my headshot. That’s because the big ask of the budget was not to poke the inflationary bear. It didn’t pass that test.
Economist
Chalmers’ budget boast overlooks Australia’s debt mountain
The substantial fiscal challenge from the budget is a forecast decade of deficits and highest plateau of federal government net debt for more than half a century.
Editorial
Chalmers crumbles and gives up spending restraint
Jim Chalmers is like a bloke who successfully dieted for two years but crumbled after someone shoved a bucket of KFC under his nose.
Political editor
Budget spending spree that locks in a decade of deficits
Given all the good luck since coming to office, there are no excuses for Labor not running successive substantial surpluses to repair the budget buffers and start repaying the pandemic debt at this point in the cycle.
Editorial
Billions are not enough to realise critical mineral and renewable hydrogen hopes
Where the government can make a real difference is getting the basics right; starting with environmental approval processes is just too hard.
Corporate advisor
Reports
BOSS Best Places to Work
The awards celebrate the achievements of the best small, medium and large organisations and nine sector winners.
Politics
Unions to ramp up pay claims despite inflation slowdown
Unions want to make up for “lost ground” after years of cost-of-living pressure, despite Treasury forecasts that inflation could fall beneath 3 per cent by Christmas.
Time to fix budget’s structural deficit: accountants
Accounting bodies say the federal budget should have done more to deliver substantive tax reform and a plan for implementation. Here’s how the day unfolded.
Pro-Palestine protesters storm university building
Police were called and all classes in one building at the University of Melbourne were cancelled after students occupied the site in defiance of administrators.
Tax fraud, capital gains tax crackdown to raise $3.3b
The budget includes a broad crackdown on tax fraud, the shadow economy and the avoidance of capital gains tax by foreign residents, which Labor hopes will raise $3.3 billion.
Decade of deficits to spark debt interest surge
While Treasurer Jim Chalmers was spruiking debt in 2023-24 being $904 billion, gross debt is forecast to rise sharply in the years ahead.
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World
China’s military incursions inch closer to Taiwan
An increasing number of Chinese military planes and vessels have staged drills that have alarmed Taiwan, as it prepares to inaugurate its new president.
US to send $1.5b in new military aid to Israel
The White House has alerted Congress a security package is in the works, after it paused a bomb shipment last week in a warning to Israel over its war in Gaza.
Pro-Palestine protesters storm university building
Police were called and all classes in one building at the University of Melbourne were cancelled after students occupied the site in defiance of administrators.
Cohen tells of Trump’s Oval Office deal to pay ‘hush money’
Michael Cohen’s story of a deal struck in the White House with Donald Trump was the only personal account tying the former president to falsified documents.
Putin to meet ‘dear friend’ Xi in China, defying US
The Russian president is set to arrive in Beijing, underlining the key relationship as China faces growing US pressure to curtail support for the war in Ukraine.
Property
- Exclusive
- Property development
Developer Avid flags $1.4b land lease housing play
The privately owned developer that acquired Villa World in 2019 has expanded into the fast-growing land lease business. At scale.
- Opinion
- Housing slump
Can $32 billion fix the housing crisis?
The Albanese government’s ambitious plan to boost housing supply might not make a difference before the next election. Is there a better solution, asks Robert Harley.
Imported tradies need to live somewhere too
To fix the housing shortage the government needs to train many more building industry workers at home as well as fast-tracking visas for foreign tradies, builders say.
Developers cash in as investors spend big on fast food and childcare
Nearly $50m was splashed by investors at a commercial property auction in Sydney, of which almost half was spent on fast food outlets on long leases.
- Exclusive
- Property development
Former AFL star pays $190m for Cranbourne Golf Course
The 70-hectare site in Melbourne’s south-east will support up to 1500 new homes with an end value of about $1 billion.
Wealth
Forget Boomers. Millennials, your next landlord could be a best mate
For decades, Millennials and Generation Z have blamed Baby Boomers for locking them out of the housing market. But what happens when wealthy Boomers start to give their kids cash?
From babies to Boomers: what’s in the budget for you
The 2024 federal budget includes power bill relief, more training places and additional rent assistance.
Super on parental leave adds $4250 to retirement balance
The government will also spend $55.6 million over four years to establish the Building Women’s Careers program.
Technology
Hackers steal the keys to Iress’ OneVue platform
Financial software provider Iress is investigating if any client data has been breached after discovering hackers stole a credential to gain access to its systems.
Google steals OpenAI’s thunder with something 15 times bigger
The new version of Gemini can write poems about objects it’s seen, or even tell the user where it last saw her glasses.
For the Taliban, Afghans’ best status symbol is a $2120 iPhone
Commerce is thriving for some entrepreneurs despite the difficulties imposed by the country’s rulers.
Work & Careers
- Exclusive
- Workplace
Grant Thornton adopts nine-day fortnight, but staff have to earn it
The accounting firm’s year-long trial coincided with record productivity, employee retention and profits.
Why this event maestro takes a bath every single morning
Katerina Grant is the founder and director of The World Of, an events agency that produces experiences for clients such as Hermes, Louis Vuitton and Tommy Hilfiger.
Life & Luxury
A little bird delivers record price for photographer
A bird in the hand might be worth two in the bush, but Petrina Hicks’ photo of a budgie in a girl’s mouth was worth plenty on an otherwise disappointing night.
How this tiny English village got a US tech money makeover
Before Michael Birch swooped in, few people had ever heard of Woolsery in North Devon. Now the smart London set happily spend hours driving there.
How Anya Taylor-Joy morphed from chess nerd to action hero
Despite being the star of Furiosa, the actor’s status was cemented by a small role in another big film set in a desert.
- Driving With Tony Davis
- Motoring
An eventful test drive of the new McLaren 750S, priced from $586k
In a nutshell, it’s a pure and precise driving experience, even on city roads (notwithstanding an ill-timed software glitch).
Older adults are having sex – but there is an increasing downside
Experts have offered five reasons that help explain why sexually transmitted infection rates are rising among ageing people.
