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    Labor premier backs Dutton’s plan to slash immigration

    Queensland’s Steven Miles claims credit for the federal opposition’s policy to cut overseas arrivals, saying the housing industry needs time to catch up.

    The ASX 200 is set to open lower.

    ASX to slip to start the day, RBA minutes awaited

    Australian shares are set to edge modestly lower at the opening. Nasdaq gets Nvidia boost. Ether leaps, bitcoin follows. Follow updates here.

    Hard Rock operates dozens of venues around the world, including several large casinos such as The Mirage in Las Vegas.

    Hard Rock contradicts Star, says it has made no approach

    The Florida-headquartered entertainment giant said it had not authorised its name for use despite Star telling investors it had received a proposal.

    Lendlease tax whistleblower’s 12-year fight for vindication

    Lendlease’s tax dispute could cost it at least $112m, but whistleblower Anthony Watson has lost his job, battled depression and is about to sell his family home.

    Assange wins right to appeal extradition to US

    The UK High Court said Assange’s argument that he may not be able to rely on US free speech rights deserved a full appeal. Read updates here.

    Biden condemns ICC arrest warrants for Israeli, Hamas leaders

    US President Joe Biden called the ICC prosecutor’s decision “outrageous”, adding “there is no equivalence — none — between Israel and Hamas”.

    BHP runs down the clock on $64b Anglo American dream

    It is a week since Anglo American rejected an improved takeover bid from BHP, but as a deal deadline approaches, the target and its suitor are steadfast on their own terms.

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    tuesday tech

    Cameron Bryant says most businesses will simply need to adjust their website content to benefit from the move to AI.

    How business websites will have to change for Google’s AI era

    Enterprises hoping to attract the attention of the search engine’s Gemini platform will need short, punchy web pages, says a digital advertising expert.

    Sircel CEO Anthony Karam, says the acquisition of Scipher will leave his company in a dominant position in the local e-waste recycling market.

    Government-backed green tech firm goes broke, gets acquired for $5m

    Scipher Technologies, an e-waste processor that the government invested $15 million in, has been bought for $5 million after it entered administration in March.

    Apple’s new iPad Pro with its new Magic Keyboard.

    Why the iPad Pro still hasn’t made itself useful enough

    Apple’s latest tablet is undoubtedly one the greatest feats of computer hardware engineering ever. But what about its software?

    NSW surgeons bet they can beat investment bankers with VC fund

    Two surgeons behind a new $50 million venture capital fund based in Bowral, NSW, have launched a new venture capital fund.

    Why we should celebrate the unsung heroes of the Aussie tech scene

    Successful start-up exits deliver rich returns to investors and create wealth for founders and some employees, and hopefully recycle talent back into the sector.

    Features include the ability to save articles, dark mode and real time notifications.

    Get the latest business news on the go with the AFR’s new iOS app.

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    Companies

    Ex-Star CEO accuses board of being involved in regulator stoush

    The barrister representing Robbie Cooke has told an inquiry the company’s directors “cannot escape” - they were part of the rift with the NSW casino authorities.

    Star’s Sydney casino in Pyrmont is in the spotlight as Adam Bell, SC, considers whether the company should be given its gaming licence back.

    Star shares surge after casino confirms Hard Rock interest

    The company has “received inbound interest” from several parties even as it faces the loss of its lucrative Sydney gaming licence.

    Rio Tinto Group has declared force majeure on alumina cargoes from its refineries in Queensland.

    Rio Tinto declares force majeure on Australian alumina cargoes

    The company notified clients that its Queensland refineries have been unable to run properly due to a regional shortage of gas.

    Burson is a big brand which sells car parts to mechanics workshops. Parent company Bapcor is temporarily shutting three big distribution centres for two weeks in late June to prevent an inventory blowout.

    Bapcor shuts big warehouses for two weeks to stop inventory blowout

    The owner of Autobarn, Burson and Autopro has told car parts suppliers it won’t be taking any deliveries in late June at three large distribution centres in Victoria, Queensland and WA.

    BHP averts Pilbara industrial action as train drivers agree to deal

    The company’s iron ore train drivers will receive $40,000 in bonus payments under a new workplace agreement that ends a decade of tensions.

    Star bidders need to answer one big question

    That the stricken Star would attract potential bidders is no surprise. But there’s one question buyers will struggle to answer.

    Hard Rock knows a thing or two about the mass market

    If a deal proceeds, there’s every chance casinos in Sydney and Queensland will look very different. Just look at their guitar-shaped Florida palace.

    Companies in the News

    Search companies

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    Markets

    Craig Wright, the UK-based, Australian-born tech entrepreneur who claims to be bitcoin inventor Satoshi Nakamoto.

    Technobabbling liar: Judge tears strips off Aussie’s bitcoin claims

    A UK judge had already ruled that computer scientist Craig Wright was not bitcoin inventor Satoshi Nakamoto. But in an excoriating full judgment, he let rip.

    Wall Street.

    What happened overnight? S&P 500 edges higher, ether paces cryptocurrency rally

    Australian shares are set for a muted start with the RBA’s latest minutes awaited. Nvidia paced an advance in techs and the Nasdaq Composite.

    X owner Elon Musk.

    Tesla shareholder group slams Elon Musk’s $84b pay package

    A coalition of Tesla shareholders that hold a small portion of Tesla stock said Musk is distracted by his commitments to the five other companies he controls.

    Jamie Dimon signals he’ll be retired within five years

    The chief executive officer of JPMorgan Chase & Co said succession plans at the largest US bank were “well on the way”.

    Ivan Boesky, convicted of insider trading in 1980s, dies at 87

    Ivan Boesky was believed to have inspired the character of Gordon Gekko, the rapacious villain played by Michael Douglas in the 1987 film Wall Street.

    Opinion

    Hamas’ defeat, helping Ukraine win, best for West

    The sooner Israel defeats Hamas, the better. And also the sooner the US focuses attention on helping Ukraine win the war, the better.

    The AFR View

    Editorial

    The AFR View

    Why WA loves the critical minerals budget boost

    Peter Dutton’s refusal to endorse Labor’s plan for production tax credits for critical minerals processing and green hydrogen won’t make him popular in must-win seats in Western Australia.

    How much fun should you have at work?

    Jokes at work need to be deployed with skill and care. Yet, the best are glorious and the working world would be a far better place if we had a great deal more of them.

    Pilita Clark

    Columnist

    Pilita Clark

    The Coalition must give up its nuclear dreaming

    The opposition’s current nuclear proposal is an unserious political wedge being used to pry open a climate war Pandora’s box. A new round of the climate wars would be catastrophic.

    Paul Farrow

    Trade unionist

    Paul Farrow

    Budget and reply add up to a bad week for Australian prosperity

    Both major parties are failing to meaningfully engage with the centrist growth agenda of incentive-sharpening policy reform and mostly disciplined macro policy that provided the foundation for Australia’s three decades of prosperity.

    The AFR View

    Editorial

    The AFR View

    Penny Wong must speak up on New Caledonia

    It’s time for Australia’s foreign minister to act as the honest friend and tell France that they are mishandling their Pacific territory.

    Hamish McDonald

    Commentator

    Hamish McDonald

    Reports

    The future of financial advice

    This special report looks at options to make financial advice more accessible and affordable, including robo-advice.

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      by CommBank
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    Politics

    Part of the $2.3 billion EnergyConnect transmission line being built between SA and NSW. Photo: ElectraNet

    Risk of summer power shortages in NSW, Victoria rises

    AEMO will tender for emergency reserves from industrial energy users such as aluminium smelters and cement plants to minimise the risks to consumers. 

    Wind is no longer Australia’s second-favourite source of power.

    Voters like gas better than wind power but solar is still king

    A slide in support for wind farms has allowed gas to become entrenched as the nation’s preferred energy source after solar, an AFR/Freshwater Strategy poll has found.

    As conditions moderate, buyers will become more discerning about where they invest in agricultural land.

    Farmers prepare to go to war with Labor over live sheep trade

    A heated meeting between federal Agriculture Minister Murray Watt, the prime minister and senior National Farmers Federation officials last week may mark a low point in relations.

    Vic Labor playing ‘ideological games’ on gas, says industry

    Gas, business and union figures have slammed Victorian Labor’s energy stance after a state conference voted against federal Labor’s Future Gas Strategy.

    How we can take on Tesla, according to WA’s Roger Cook

    WA Premier Roger Cook insists his state’s nickel crisis should not deter major miners from pushing ahead with higher social and environmental standards.

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    World

    Supreme Leader Ayatollah Ali Khamenei.

    Little-known vice president named as interim Iranian president

    Iran’s Supreme Leader Ayatollah Ali Khamenei has named the first vice president, Mohammad Mokhber, as caretaker, in line with the constitution.

    As a convicted felon and admitted liar, Cohen is a problematic witness.

    Cohen testifies stealing from Trump was ‘self-help’

    Michael Cohen testified he was upset about his annual bonus being cut after he fronted his own money to buy the silence of porn star Stormy Daniels.

    Israeli Prime Minister Benjamin Netanyahu.

    Biden condemns ICC arrest warrants for Israeli, Hamas leaders

    US President Joe Biden called the ICC prosecutor’s decision “outrageous”, adding “there is no equivalence — none — between Israel and Hamas”.

    Assange wins right to appeal extradition to US

    It could be many months until the appeal is heard, and then that decision could be taken to the UK Supreme Court.

    Australia ready to help Solomons build a defence force: Marles

    Deputy Prime Minister Richard Marles will meet Solomon Islands’ new leader Jeremiah Manele in Honiara on Tuesday.

    Property

    The Tag Heuer and Swatch tenancies on Collins Street will be unaffected by the revamp of the arcade.

    UBS bets on co-working and bowling to fix troubled Melbourne mall

    UBS has secured two big tenancies for St Collins Lane, an arcade in the Melbourne CBD that has been one of the city’s worst performing malls for years.

    Kookaburra Logistics Estate is one of three industrial assets that ISPT is putting up for sale.

    ISPT to put $250m of logistics sites on the market

    The super fund investor is trying to turn around its flagship fund by selling three industrial sites. It plans to recycle that capital into larger sites.

    Exceed has purchased this office building in Toowong for $37m

    Fund manager busy buying assets in a struggling office market

    Brisbane-based Exceed Capital has snared its second office building in nine months and is now circling bigger CBD assets

    Regional housing values gather steam

    Persistent demand for homes in regional areas with lifestyle advantages and affordable price points sparked a re-acceleration in price growth in the past three months.

    The battle for the streets of New York

    The Big Apple’s streets are teetering between lively and unlivable. Now, the city is about to embark on the country’s first congestion-pricing plan.

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    Wealth

    People queue to access Centrelink offices in March 2020.

    JobSeeker, JobKeeper cut wealth inequality

    Lower-income households benefited the most from early COVID government payments, but higher-income households had the greatest gains in the recovery.

    10 investment tips to ride out the ‘new normal’

    Given elevated interest rates and inflation are forecast to flow through financial year 2025, investors are eyeing stocks, property and gold to get ahead.

    Super funds spend big ahead of advice reforms

    As the legislation enabling them to give more financial advice languishes in Canberra, funds are moving ahead with plans to implement it anyway.

    Technology

    Nvidia has acquired Yonatan Geifman’s start-up Deci, which is a big win for Paul Bassat’s Square Peg.

    Big win for Square Peg as Nvidia buys AI start-up Deci

    The Melbourne VC firm will soon be toasting a rich profit on its investment in an Israeli AI start-up, when it is acquired by chip titan Nvidia for $447 million.

    How business websites will have to change for Google’s AI era

    Enterprises hoping to attract the attention of the search engine’s Gemini platform will need short, punchy web pages, says a digital advertising expert.

    Apple’s new iPad Pro with its new Magic Keyboard.

    Why the iPad Pro still hasn’t made itself useful enough

    Apple’s latest tablet is undoubtedly one the greatest feats of computer hardware engineering ever. But what about its software?

    Work & Careers

    The NTEU says not paying academics for responding to student emails outside of work hours is inconsistent with the right to disconnect laws.

    Academics seek pay for emails out of hours

    A major union is using Labor’s new right to disconnect laws to scrap a “common practice” where casual academics do not get separately paid to be contacted outside of hours.

    Doctors owed millions in collapse of service provider

    The Melbourne-headquartered eReports allegedly failed to disclose $7.2 million owed to more than 400 specialists before calling in administrators.

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    Life & Luxury

    Cash often moves a portfolio toward the lower end of the expected return spectrum.

    Why holding too much cash can be harmful to your wealth

    As a standalone asset class cash has long underperformed bonds, property, and shares.

    The Juliette Soft Large Tote from Australian travel brand July has your comfort and convenience very much in mind.

    This week’s edit of lovely luxuries for travellers at heart

    From seasoned adventurers to those just looking for a short break away from home, we have inspired suggestions for you.

    Cruise ships docked in Charlotte Amalie Harbour, off Saint Thomas island.

    My Caribbean cruise: Pirates, pampering, rum bars and more

    The region has many drawcards in addition to its famous white-sand beaches and azure waters. Norwegian Cruise Line offers a tantalising taster.

    What five common sweeteners are really doing to your body

    New research has revived fears about whether sweeteners cause health problems.

    Les Trois Vallées in the Savoie region of France has almost 600 kilometres of skiable terrain.

    A ski pass for seven resorts for $619? France trumps the US on price

    Ski Méribel once, and you’ll be hooked on Les Trois Vallées – especially as the region is cheaper than most American resorts.

    From the gallery