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The Future made in Australia Act draws a line between nostalgists and strategists, Jim Chalmers says.

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.

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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.

Former Downer project manager Abdal Aziz gives evidence at ICAC’s hearings in 2023.

Downer EDI and council workers were ‘seriously corrupt,’ ICAC finds

Former employees of Downer EDI were corrupt on transport projects and the company did not always comply with rules dealing with subcontractors, investigators found.

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.

‘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.

‘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.

Bonza in crisis after planes repossessed

Bonza has appointed a voluntary administrator to run the discount regional airline after the company behind its aircraft provider repossessed its planes in Australia leaving thousands of passengers stranded on Tuesday.

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best places to work

staff

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.

The Royals’ Andrew Siwka and Kristy Camarillo.

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.

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.

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.

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

Coles supermarkets revenue reached $9.1 billion, advancing 5.1 per cent or 4.2 per cent on a comparable sales basis.

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.

Anglo American’s board has not rolled out the welcome mat for unsolicited suitor BHP.

‘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.

ASIC chairman Joe Longo at the  parliamentary joint committee 
hearing in Sydney on Tuesday. “There will be no shortage of attention and expectations of ASX to maintain a robust, resilient clearing and settlement facility.”

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.

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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.

Coles has a bit of a booze problem

While Coles’ supermarket sales are holding up well, a shock drop in its liquor division tells a story about the growing pain of interest rates.

Companies in the News

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Markets

Arian Neiron, CEO of VanEck Asia Pacific.

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 America could add to the heavy concentration of resource stocks on the index.

Germany’s economy is recovering, but its industrial base is yet to start firing on all cylinders.

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.

Nominal retail sales unexpectedly fell in March.

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.

ASX closes up; worst day for Worley since 2021

Shares firm; retail sales disappoint; $A slips; Sidara sale sinks Worley; BHP confirms $38b settlement; Origin gas revenue falls; Coles sales up.

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.

The AFR View

Editorial

The AFR View

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.

Jim Chalmers

Federal treasurer

Jim Chalmers

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.

The AFR View

Editorial

The AFR View

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.

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.

Karen Maley

Columnist

Karen Maley

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.

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Politics

Domestic violence

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.

Annual growth in retail sales has fallen to its lowest level since the pandemic as cash-strapped households tighten their belts.

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.

Prime Minister Anthony Albanese announcing the government will invest nearly $1 billion into Silicon Valley start-up PsiQuantum.

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.

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.

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World

Police and forensics officers on the scene at Hainault in north east London.

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.

Gold is trading near a record of $US2343 per troy ounce, valuing Beijing’s stockpile at $US170.4 billion.

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.

Outgoing Prime Minister Manasseh Sogavare could remain a major player in Solomon Islands politics despite his demise.

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.

BHP’s rivals for Anglo American set to emerge

The UK-listed miner has rejected an approach from BHP, but other major miners including Rio Tinto could announce a competing bid.

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.

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.

The 139-room hotel is due to open in the first half of 2027.

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.

Tesco is one of Britain's largest supermarket chains.

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.

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Wealth

House and apartment prices in Victoria should be due for a solid rise.

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.

How to maximise your long-term returns

If your portfolio is inconsistent with your risk tolerance, you’re more likely to lose sleep and make poor decisions driven by emotions.

I lost $2.5m of my super to scammers

Five victims outline how their funds were taken by sophisticated impersonation fraudsters and why they feel abandoned by their banks.

Technology

PsiQuantum’s Jeremy O’Brien (left) and Terry Rudolph.

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.

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.

Snap chief executive Evan Spiegel’s app claims eight million users in Australia.

Snapchat going backwards in Australia

Elon Musk’s takeover crushed Twitter, but Snap is still a fraction of the size of the dominant Meta-Google online advertising machine.

Work & Careers

CFMEU assistant state secretary Jade Ingham with strikers on Tuesday.

Review targets workplace watchdog’s stomach for construction fights

Details about a KPMG review into the Fair Work Ombudsman comes as the CFMEU strikes on a key Qld government project, and warns of potential political fallout.

Singapore’s burnout rate shows the price of success

Singaporeans enjoy some of the highest living standards in Asia. But all of this has come at a price. It is also one of the most stressed-out societies.

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Life & Luxury

Le Manoir aux Quat’Saisons. The gardens are a big draw, as well as the hotel and restaurant.

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.

Holly Garber, left, and her mum Jenny. “We are both very neat dressers; we have never been interested in grunge or being overly feminine,” says Holly.

The style I stole from my mum

To celebrate Mother’s Day, Life & Leisure quizzed three duos on how they found their personal look.

Kim Crowley of Style Sense says Kim Crowley says few people know what colour really suits them.

TikTok and cost-of-living crisis reignite a mega ’80s style trend

Just because you like a colour, doesn’t mean it likes you. Yes, “getting your colours done” is the new fashion hack for buying smart, not more.

Protein supplements typically come in the form of powders to be mixed into water or milk.

2024’s best protein supplements help with exercise and ageing

They’re not just for gym junkies – emerging research suggests they may hold benefits for mid-lifers and older adults, as your requirements increase with age.

Spotify chief Daniel Ek has made a tough call on a third round of redundancies this year.

Spotify’s CEO launches body scans to prolong life

The company that billionaire Daniel Ek founded, Neko Health, opened in Stockholm last year, and it is about to open in London.

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