Labor’s plan to unlock the right foreign investment
While some investors will get a fast track, extra safeguards will be set up for high-risk proposals, like China entities investing in critical infrastructure.
- Live
- Need to Know
Treasurer dismisses $13b surplus suggestion
Jim Chalmers says a new report “dramatically overstates” budget revenue; Donald Trump has been threatened with jail after violating a gag order; National cabinet to meet. Follow updates here.
- Live
- Markets Live
ASX to drop; Qantas app breached, cyber hack not ruled out
Shares to fall over 1 per cent after US data spooks Wall Street; bond yields soar; Amazon reports solid cloud sales; Woolworths sells 5 per cent of Endeavour for $468 million. Follow here for more
Treat violent men like terrorists or gangsters, experts say
Swift sanctions, including jail, are needed to stop domestic violence, say researchers, who argue no amount of “respectful relationships training” will stop some men.
Trump threatened with jail, fined for contempt of court
The former president was ordered to pay the fine by the end of the week, and he deleted, as ordered, the offending posts from his Truth Social account.
- Exclusive
- Big four
Westpac’s Yetton targets ‘right returns’ over mortgage wars
The consumer bank chief also also promises to extend a moratorium on regional branch closures until 2027.
Amazon reports strong cloud unit sales on rising AI demand
Despite the strong cloud performance, the sales forecast for the current quarter fell short of estimates, reflecting concern about the main e-commerce business.
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best places to work
This company pays you for your commute with extra days off
This fintech has taken a different approach to getting people back into the office and the results are paying dividends for diversity, too.
How a weekly Shark Tank challenge turned The Royals family around
Suffering high turnover and low engagement, creative agency The Royals decided to carve out a day each week dedicated to one pitch. It worked.
- Analysis
- Best places to work
How we picked the award winners
The AFR BOSS Best Places to Work ranks the best workplaces in Australia and New Zealand across nine different industries.
- Opinion
- Best places to work
Employees want more autonomy, so it’s in bosses’ interest to listen
Convinced that happier workers are also more productive, Australia’s most progressive employers are giving staff greater freedom and choice.
How these firms retained staff by helping them grow
Boutique management consultancy Grosvenor has won the professional services category of the 2024 AFR Best Places to Work list.
Get the latest business news on the go with the AFR’s new iOS app.
Companies
Qantas app breached, cyber hack not ruled out
The flying kangaroo is investigating a system malfunction that gives passengers access to other Qantas customers’ data.
Coles wants suppliers’ help in cutting prices as shoppers seek deals
The supermarket chain’s sales rose 5.1 per cent in the third quarter but liquor sales fell as consumers cut spending by looking for cheaper alcohol options.
‘The future is the future’: Anglo American won’t rule out a merger
Chairman Stuart Chambers told the miner’s AGM that his job in coming weeks was to see if major shareholders backed the board’s rejection of BHP’s $60 billion bid.
Ex-SFE boss warns ASX a threat to financial stability
Former SFE boss Les Hosking says ASX is a ‘single point of failure risk’ threatening financial stability. Joe Longo says he’s ready to act.
Kean questions need for Eraring bailout
It will be the “NSW government”, not the renewables sector, that faces the music if sluggish wind, solar and transmission rollout leads to blackouts.
Bapcor CEO-elect quits two days before taking job
Paul Dumbrell has pulled out of taking the top job as investors brace for a profit downgrade and one of the founders lashes out at the board.
ASIC chairman ‘very disturbed’ about CBA’s bonus move
Joe Longo said he had raised concerns about CBA’s breach of bonus caps directly with the bank’s chairman Paul O’Malley and urged the bank to reconsider.
Companies in the News
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Markets
BHP Anglo deal could create headache for ASX investors
The mining giant is already one of the largest companies on the ASX 200. A successful buyout bid of Anglo American could add to the heavy concentration of resource stocks on the index.
What happened overnight? Hot US labour data sank Wall Street, oil fell
Australian shares were set to fall after US stocks took a sharp turn towards a monthly loss on hotter than expected employment cost figures.
European economy rebounds, but June rate cut still on the cards
The bounceback has not triggered inflation, creating space for the European Central Bank to start easing the squeeze before the US Federal Reserve.
CBA tips one rate cut this year as retail sales ease fears of a rise
Last week’s hot inflation data reignited the prospect of further rate increases, but Tuesday’s weak retail sales numbers have traders walking back those expectations.
China’s factory activity slows, denting recovery
China’s factory activity expanded for a second consecutive month in April, but at a slower pace, suggesting its vast manufacturing sector might have lost steam.
Opinion
Quantum a better bet than burning a billion on solar panels
But even if this is the right place to deploy such a huge sum, we know too little about whether this was the best way to spend it.
Editorial
Labor’s reforms will de-risk foreign investment
The overhaul in the budget will strengthen the review framework where we need to, streamline it where we can, and make it more transparent, writes Jim Chalmers.
Federal treasurer
Labor green lights toxic bully-boys of the CFMEU
The political protection racket the modern ALP is running for the toxic behaviour of the CFMEU, which would be condemned in any other setting, is disgraceful.
Editorial
Why Australia can’t build enough new homes
The nation’s housing ambitions are way off target. That means the price of new homes and rentals will continue to climb, compounded by still high immigration numbers.
Columnist
Are we about to witness a rerun of the Asian financial crisis?
Investors are becoming increasingly alarmed as the buoyant US economy and high US interest rates risk triggering renewed instability throughout the Asian region, writes Karen Maley.
Columnist
Magic debt thinking collides with inflation and higher rates
Since the GFC, economists have suggested that using debt to finance government spending is a free lunch. But the tide has turned in the past two years.
Columnist
Politics
New gas supplies ‘needed’ says Bowen as Gippsland wind takes off
Energy Minister Chris Bowen believes Australia has no option but to seek new supplies of gas even as he green-lights six potential offshore Gippsland wind projects.
Bail rules and offender tracking to lead national cabinet talks
High-risk violent offenders face closer tracking in the community, part of a push by state premiers for tough and immediate new responses to domestic violence.
Investors trim rate rise bets as retail sales growth hits 2½-year low
Annual growth in retail sales has fallen to its lowest level since the pandemic as cash-strapped households tighten their belts.
Budget surplus of $13b tipped, but Labor needs a ‘credible’ plan
It could be the second consecutive surplus for Labor and the first time that has happened in almost 20 years. But the longer-term outlook is increasingly bleak.
Rein in states’ spending to help RBA, Chalmers told
Governments are on track to loosen their budgets by $50 billion in the middle of an inflation crisis and rising interest rates.
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World
Tesla fires Supercharger team, raising doubts about expansion
The abrupt dismissal of the Supercharger team caught many people off-guard, and suggested that Elon Musk had changed his mind about the company’s strategy.
The Spanish family who netted $18.5b from a beauty IPO
Members of the Puig family, who made their fortune in perfume and cosmetics, are billions of dollars richer after Europe’s biggest listing this year.
Man with sword kills 14-year-old boy, injures four in London attack
Police described the attack in east London as “truly horrific” but said terrorism was not involved.
China’s gold buying spree raises fears for Taiwan
China has now been buying gold steadily since October 2022, marking its longest build-up of the precious metal since at least 2000.
Chinese influence lingers in Solomons despite Sogavare ouster
The new Solomon Islands government is not expected to be as overtly hostile to Australia after Manasseh Sogavare declared he will not recontest the prime ministership.
Property
Lendlease needs ‘wholesale change’ now: Allan Gray boss
Allan Gray boss Simon Mawhinney says change that would restore shareholder confidence in the property developer should come immediately.
- Exclusive
- Hotels
New Pullman to breathe life into Launceston’s ‘old’ hotel scene
The 139-room hotel will form part of the repurposing of the 1930s TAFE building overlooking Launceston by developer Red Panda.
How supermarket shoppers became part of a $3.8b gold rush
As supermarkets hunt for new sources of revenues in an age of rising costs and narrowing margins, they have stumbled on one of their most valuable assets: data.
Another 10pc fall tipped for office tower values before bottoming
CBD office tower values have been battered by the shift to remote and flexible work, uncertain business conditions and high rates.
Stockland says interest rates key to further market improvement
The country’s largest listed diversified developer said sales picked up in the March quarter, but lower borrowing costs were needed for the housing market to pick up.
Wealth
- Opinion
- Melbourne house prices
Melbourne property market is due for a comeback
Oxford Economics predicts the median Melbourne house price will grow 21 per cent over the next three years, outpacing Sydney’s forecast 18 per cent expected growth.
We retired overseas but came back. What should we do with our money?
This couple may not be able to reopen their super accounts, but there are other tax-effective opportunities.
- Opinion
- Investing
How to sleep easy with your investment decisions
If your portfolio is inconsistent with your risk tolerance, you’re more likely to lose sleep and make poor decisions driven by emotions.
Technology
‘Country mile ahead’: How PsiQuantum won a $1b investment
Chief scientist Cathy Foley said US-based PsiQuantum showed it was a “country mile” ahead of other Aussie companies in trying to build a world-first quantum computer.
- Analysis
- Quantum Computing
Quantum computing explained and what’s different about PsiQuantum
The Australian-invented machine uses light particles, which could be a fast way to build a quantum computer but might use too much power.
- Opinion
- Digital Life
You’ll forget you’re even wearing these earbuds
The OpenFit earbuds by Shokz might not look the best, but they certainly feel the best of any earbuds we’ve ever reviewed.
Work & Careers
Pioneering CEO reveals the truth about four-day work weeks
Workplace consultancy Inventium was the first company in Australia to adopt a four-day week, but more than three years later it is not on track to hit its targets.
McKinsey uses Chumbawamba to boost morale
The firm sought to rally partners at a meeting, but has been hit by news of a criminal investigation and lawsuit from a former senior partner in the past week.
Life & Luxury
There hasn’t been a series this complex – and funny – in a long time
Dichotomies and seeing things from both sides are at the heart of “The Sympathizer”, an adaptation of Viet Thanh Nguyen’s Pulitzer Prize-winning 2015 novel.
I hesitantly went vegan to improve my heart health. Here’s how it went
In the second week, I tried some plant-based cheese, and the bottom fell out of my soul – but by the end of the month, I had some surprising news.
At this luxe Belmond Hotel in Oxfordshire, food is the real star
Four decades on, Raymond Blanc has more planned for his exclusive Michelin-starred gourmet retreat, Le Manoir aux Quat’Saisons.
Adults become lonelier from age 50, say scientists
An analysis of nine long-term studies of nearly 130,000 people from Western countries found a striking “U-shaped” pattern of loneliness throughout life.
The style I stole from my mum
To celebrate Mother’s Day, Life & Leisure quizzed three duos on how they found their personal look.
