- Opinion
- Chanticleer
Why BHP’s hopes of buying Anglo American are fading fast
BHP boss Mike Henry has taken his takeover pitch directly to Anglo American investors. But the hurdles to this bid are multiplying, and time is running out.
Wages grow at slowest pace in more than a year
Wages growth slowed for a second consecutive quarter in March, to 0.8 per cent, and economists tipped further easing that lowers the chances of an interest rate rise soon.
- Live
- Need to Know
Budget splurge to fuel inflation, stoke rate rise risk
Business groups have warned Treasurer Jim Chalmers’ third budget could fuel inflation and urged the government to rein in spending. Follow updates live.
- 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”.
- Live
- Markets Live
ASX climbs; Q1 wages growth slows to 0.8pc, misses forecasts
Shares rally after budget as BHP jumps; AACo swings to a loss; S&P 500 nears record high. Q1 wages data at 11.30am. Follow updates here.
The winners and losers in the federal budget
Green business, public servants, renters and taxpayers are budget winners while consultants, the Reserve Bank and tax cheats do poorly.
Victorian parliament bans MPs from wearing keffiyeh
Victoria has joined a Canadian province in becoming one of the few parliaments in the world to ban MPs from wearing the keffiyeh.
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FEDERAL BUDGET
Spending addiction fuels a new decade of deficits
This pre-election budget includes $300 in power bill discounts for every household, $1.9 billion in rent assistance and $14 billion in tax credits for critical mineral miners and green hydrogen producers.
‘Back in the game’: Hydrogen sector celebrates from afar
Almost 50 Australian companies were in Rotterdam for the World Hydrogen Summit. When news of the budget bonanza came through, the reaction was ecstatic.
Holiday homeowners to get $600 in power bill discounts
Holiday and second homeowners will receive multiple $300 energy bill credits, after the government said all households would automatically receive the benefit.
‘Higher costs, more taxes’: Business warns budget could fuel inflation
Business has warned Treasurer Jim Chalmers’ third budget could add to inflation, and urged the government to rein in spending to prevent a decade of deficits.
Labor’s $24b green energy superpower bet
The Albanese government has made a $24 billion bet on turning Australia into a renewable energy superpower, powered by green hydrogen, critical minerals processing and green commodity exports over the coming decade.
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
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
- Federal budget
Forget policy, Albonomics is all politics
The budget is just more hard proof that Australia has not elected a government driven by policy since Kevin Rudd’s Labor in 2007, writes Richard Holden.
- Opinion
- Federal budget
This budget won’t be a catalyst for rate cuts
When setting monetary policy, the RBA will look through temporary factors impacting prices to understand the underlying trend for inflation within the economy, writes Warren Hogan.
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Companies
Eyes on Transgrid as super funds bail out of $8b infra fund UTA
Sources say Aware Super has hired Campbell Lutyens, a specialist in moving illiquid investments for institutional investors, to shop a $600 million stake.
- Updated
- Federal budget
Miners hail tax credits but Coalition to block ‘billions for billionaires’
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”.
- Updated
- Mergers & acquisitions
BHP says Anglo American demerger plan vindicates takeover structure
The London-listed miner will sell or shut assets except those producing copper, iron ore and crop nutrients as it hopes to see off its Australian suitor.
Judge chides critics who want to ‘regulate class actions out of existence’
The newest member of the High Court, Justice Robert Beech-Jones, also gave qualified support to competition between courts.
Anglo American to sell Queensland coal in big shrink, spurning BHP
Anglo American will sell or shut everything except its copper, iron ore and potash mines as part of a strategy to dodge BHP’s advances.
Arena to receive $5.1b to back renewable energy
A big winner is the Australian Renewable Energy Agency, a body threatened with abolition a decade ago.
Optus denies ‘cloaking’ Deloitte report on 2022 cyberattack
A press release published after Optus’s 2022 cyberattack had legal purposes, even though they were never mentioned, Optus has argued in a court appeal.
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Markets
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.
What happened overnight? US markets rallied on megacap techs
Australian shares were set to advance. Budget details in focus. Nasdaq broke its closing record high. Meme stocks extended their surge. Bitcoin struggled.
- Opinion
- Chanticleer
Meme stock stupidity is back at the dumbest possible time
The $6 billion jump in the value of crappy US retailer GameStop is a sign of pure speculative excess.
Opinion
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
Chalmers’ Made in Australia is just a drop in the bucket
The new strategy is just a drop in the bucket compared with the US, and taxpayers can be relieved that the treasurer has been remarkably frugal in its funding.
Columnist
Gas critics are signing up for coal and candles
The climate movement needs to ask itself what is worse: gas in the new energy mix, or coal that lingers for longer.
Former Labor minister and economist
Why the world won’t respond to shocks as it did before
The world economy is fragmenting, with countries going in different directions. They will not react to frequent violent changes in the same ways.
Global financial commentator
The costs of the future still start adding up today
Jim Chalmers is betting he can get the balance right between curbing inflation in the short term while promoting growth in the longer term.
Columnist
Reports
BOSS Best Places to Work
The awards celebrate the achievements of the best small, medium and large organisations and nine sector winners.
Politics
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.
ASIC staff motivation, satisfaction, stress hit critical levels
A confidential staff survey made public through a Senate inquiry on Tuesday showed the regulator had just two out of 12 outcomes at average or desirable levels.
War crimes whistleblower jailed for nearly six years
David McBride, who leaked documents that revealed allegations Australian soldiers committed war crimes, will spend at least two years and three months behind bars.
Solomons, PNG win in $1b-plus Pacific play to ward off China
The government will provide funds for telecommunication cables in the Solomon Islands, help Papua New Guinea with a $600 million bailout and upgrade embassies.
SPONSORED
World
New US tariffs on China could help Australian critical minerals
It’s not just the federal budget that could boost Australia’s critical minerals exports, but also a new round of US tariffs on Chinese imports.
Biden ramps up tariff regime on $27b of China imports
Following a four-year review on trade with China, US President Joe Biden will not only keep the tariffs put in place by Donald Trump, but ratchet up others.
- Analysis
- Greensill Capital
Why this Trump acolyte is key to finding Greensill’s billions
The fight to recover funds owed to Credit Suisse clients has landed with West Virginia coal baron and senate hopeful Jim Justice and a small Virginia bank.
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.
- Opinion
- Refugees
Chinese asylum seekers are paying $15,000 to reach the US via Mexico
About 37,000 people from the Asian nation were detained at the United States’ southern border last year.
Property
- 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.
Why would anyone want to invest in Melbourne’s housing market?
Some experts are predicting Melbourne’s housing market to bounce back strongly in the next two years, but others warn about getting in too early.
- Exclusive
- Luxury property
Retiring Reece chair lists $12m family mansion in South Yarra
Melbourne-based Reece chair Tim Poole and his wife Jane have listed their South Yarra home, Atherley, after 24 years owning the Italianate mansion.
For $490 million, last private land in Arctic archipelago can be yours
The massive tract of land could be an investment project for a high-net-worth individual looking to make an impact as an environmentalist.
Demand for housing and sheds to drive Frasers forward
Frasers’ booming Australian residential and industrial businesses will help drive profits at the Singaporean giant, after they fell at the half-year stage.
Wealth
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.
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.
Technology
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.
Judge rebukes ‘clear case’ of government overreach on stabbing video
A Federal Court judge said a global ban would not be a “reasonable” step and would likely be ignored by other countries.
- Analysis
- Social media
X ruling marks the spot for online police
Elon Musk has overreach by Australia’s eSafety commissioner to thank for an important victory in the courts.
Work & Careers
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.
- Exclusive
- Israeli-Palestinian conflict
Go8 Universities agree to combat racism, uphold free speech
Australia’s oldest and most prestigious universities have set out five principles, as Deakin University prepares for a showdown with campus protesters.
Life & Luxury
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.
The elite US ski town that flies under the radar of many Australians
It’s the American resort that’s bred the most winter Olympians. After a $US200 million overhaul, Steamboat’s 1500 hectares across six peaks is the place to be.
Six tips for styling a room from David Flack
Incongruous and ingenious, the work of this designer has influenced interiors all over the country. Here, he takes a humble den and makes it a haven.
