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- Earnings season
CBA prints $2.4b profit, ‘momentum’ improves
The net profit for the three months ended March was 5 per cent lower than the third quarter a year ago but slightly above consensus forecasts.
- Live
- Markets Live
ASX to retreat; CBA profit slips, Citi downgrades Perpetual
ASX futures fall. Wall Street flat. CBA’s profit slips 5pc, consumer debts creep higher. Baby Bunting cuts guidance, warns on retail. Orica lifts profits. Follow here.
Labor backs gas ‘to 2050 and beyond’
The government has shed its ambivalence towards gas and adopted a strategy that locks in its use for several more decades along with measures to promote carbon capture.
- Opinion
- Energy
We will need new sources of gas: Madeleine King
Australia is committed to reaching net zero emissions by 2050, and we will need gas to get there.
AFR to stop printing in WA after Seven’s ‘abuse of power’
Nine has been forced to pull its print editions of The Australian Financial Review from Perth after Seven West Media demanded double the cost of printing.
Blackstone wants bigger Australia bet as brighter economy beckons
Jon Gray says the US private capital giant will look to increase its exposure to Australia ahead of what he expects will be an economic upswing.
- Live
- Need to Know
Federal Labor commits $3b to Victorian road project facing blowouts
The federal government will commit an extra $3.25 billion to Melbourne’s North East Link that has more than doubled in cost; Bonza aircraft heads offshore. Follow updates live.
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Companies
Citi’s Bonza links emerge in emails showing overdue invoices
The Wall Street investment banking giant is a lender to AIP Capital, the aircraft lessor tied to the budget airline and its ailing private equity owner.
- Exclusive
- Executive shake-up
New Uber bosses to see through gig economy transition
There will be new heads of both Uber and Uber Eats in Australia, ahead of gig economy rules that threaten to significantly raise its cost of doing business.
BHP’s Anglo bid will turn into a ‘complete mess’: Angus Aitken
The prominent stockbroker has told his clients the strategy to buy the whole company to just get its copper and coal mines “seems crazy to us”.
PSC strikes $2b sale to Ardonagh in insurance broker deal
PSC helps arrange cover for everything from cyber-hacks on businesses to accidents and agricultural enterprises.
Whyalla steelworkers cop 30pc pay cut as furnace damage worsens
The major plant, owned by Sanjeev Gupta’s GFG Alliance, has not been producing for months. South Australian officials are seeking an “independent assessment”.
Seven, WIN turn off ‘loss making’ Ten in Mildura
A joint venture between Seven West Media and WIN will shut down at the end of June, cutting off the aerial signal to Network Ten in parts of regional Victoria.
Atlas Arteria’s ‘back-up plan’ to fight French taxes
The tollroad group is cutting costs and jobs as it tries to keep dividends at current levels, chief executive Graeme Bevans says.
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Markets
Some fundies unconvinced the RBA’s done with rate increases
Fortlake Asset Management’s Christian Baylis has joined a small number of economists who expect rates to rise, not fall. He says inflation isn’t under control.
What happened overnight? The S&P 500 finished little changed
Australian shares were set to open lower. Iron ore slid. The S&P 500 traded in a narrow range. Sweden cut its rate. The BoE was expected to hold.
European stocks hit new record high on flow of solid earnings
European stocks have added 2.1 per cent already this month. Separately, the FTSE 100 also hit a fresh record, lifted by commodities outperformance.
Reddit’s bright first earnings report sends shares soaring
Reddit’s IPO was one of the biggest in the US this year - and its first ever earnings report shows revenue increased 48 per cent.
Companies tap offshore money as IPO drought deepens
A dire environment for capital raising is seeing a rise in dual listing activity between Canada and Australia as companies look to raise more money overseas.
Opinion
No place for antisemitic incitement on campus
The protests that reduce the complex history of the Middle East to simplistic anti-Zionist slogans hardly align with universities’ founding institutional mission.
Editorial
Albanese’s troubled critical minerals dream
The Albanese government has high hopes for much more downstream processing of critical minerals. But the numbers aren’t adding up. What can change that?
Columnist
An RBA tightening bias is called for
It’s hard not to interpret the governor’s press conference and the board’s statement as at least a mild tightening bias that will keep the cash rate where it is at least until near the end of 2024.
Editorial
A rate rise was closer than you think
RBA insiders may be making the case for higher rates, as Michele Bullock walks the line between public opinion and the bank’s credibility.
Economist
Australia’s ‘dumb’ luck budget in one extraordinary chart
Treasurers have been extremely lucky to receive big tax revenue windfalls from the China-driven mining boom, but none have been as lucky as Jim Chalmers.
Economics editor
Reforms rather than rate rises
Supply side deregulation to drive productivity is the other half of the policy armoury that should be deployed to help curb inflation and keep employment full.
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
High Court rejects Crown immunity for sacred sites damage
The custodians of Kakadu National Park have won a test case in the High Court over a walking track at picturesque Gunlom Falls.
Transport costs up 10 per cent nationwide as petrol stokes inflation
The rising cost of diesel in the past three years has put a dent in Jesse Bradley’s removalist business based in Queensland.
The instigator of WA’s GST deal says it is failing
Colin Barnett says there was no need for the prime minister to lift WA’s minimum GST “floor” from 70¢ to 75¢ in the dollar, as is set to occur from July.
Schools sweat on election funding promises as Victorian debt rises
Melbourne’s Hampton Primary School fears the Victorian government won’t follow through on a promise made on eve of the 2022 election.
Pallas vows to prove rating agencies wrong
Treasurer Tim Pallas has fended off warnings Victoria could face a third credit rating downgrade since 2020.
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World
Trump tax cut extension cost swells to $7 trillion, CBO warns
New estimates from Congress’ fiscal scorekeeper make clear the cost of extending the 2017 tax cuts enacted under president Donald Trump.
Most FTX customers to get all their money back after catastrophic collapse
The collapsed cryptocurrency exchange says it will be able to pay off most of its investors - but the soaring price of bitcoin means they still lose.
Garrick Club of London votes to accept female members for first time
The vote – a margin of roughly 60 per cent to 40 per cent – will open membership to women for the first time since the club’s founding in 1831.
Origin reaps $420m Octopus gain as Aware Super climbs on board
The UK energy disruptor has upped its valuation by 15pc, in a transaction that brought in Aware and raised the value of Origin’s stake beyond $2 billion.
TikTok sues over US ban in battle for survival
The lawsuit from the social media platform and its parent company, ByteDance, claims US legislation banning the app would breach free speech rights.
Property
Goodman’s data centre push gathers speed
Occupancy across Goodman’s China portfolio was 93 per cent over the March quarter, compared with 98 per cent across its overall portfolio.
Government’s $91m tradie plan only ‘modest’ boost for home building
Australia’s target of 1.2 million new homes is a crisis of surging demand and a construction workforce facing its own demographic challenges.
Dutch pension fund giant puts $700m into Sydney build-to-rent start-up
Apt.Residential has won the backing of PGGM, which has committed $700m to the rollout of 2500 apartments.
Why $800,000 homes are in hot demand
Competitive pressure is building up in this segment of the market as investors and first-home buyers return in droves.
- Exclusive
- Luxury property
Cotton On CFO lists Melbourne mansion with a contemporary twist
Cotton On CFO Michael Hardwick and his wife Diana have put their Melbourne mansion on the market guiding up to $13.75m after a major renovation.
Wealth
A smarter way to tax high super balances
The government has tried to keep things simple, but in doing so fairness has gone out the window.
Coalition to oppose ‘sophisticated investor’ test overhaul
Labor is grappling with backlash from the start-up sector over calls to limit access to venture capital to investors worth more than $4.5 million.
We have $700,000 in super – can we buy investment property with it?
If you want to add a geared investment property to your retirement savings, here’s what you must think about.
Technology
Ex CSIRO boss would pick different ‘winners’ in $1b quantum push
Larry Marshall, former CEO of CSIRO, says taxpayer money should be targeted at points in the quantum computing supply chain, not the finished product.
- Exclusive
- Executive shake-up
New Uber bosses to see through gig economy transition
There will be new heads of both Uber and Uber Eats in Australia, ahead of gig economy rules that threaten to significantly raise its cost of doing business.
- Opinion
- Digital Life
Will Apple’s new iPad Pro finally replace your laptop?
Apple says its new M4 iPad Pros will have better AI, better performance and better battery life than laptops. But don’t throw away your laptop just yet.
Work & Careers
‘The gap below Cartier and Tiffany’: Michael Hill’s luxury play
ASX-listed jeweller Michael Hill has been undergoing a major rebranding exercise.
Melbourne shuns office return, Sydney coaxed by redundancy fears
New figures also show Canberra has the second-lowest office attendance rates as public service workers do not face the same scrutiny as Sydney’s private sector.
Life & Luxury
‘Kingdom of the Planet of the Apes’ and ‘Monster’ movie reviews
One is set to be a blockbuster, but the other is one of those critically acclaimed films that can expect to enjoy only a modest success at the box office.
- Driving With Tony Davis
- Motoring
Why this wrecked Ferrari is good value at $3m
Apparently, the burnt-out remains of a 1954 Ferrari race car was a bargain.
How TikTok changed fashion
Trends in what people wear, whether hemlines, colours or the way they think about and shop for clothes, no longer begin with designers or even influencers.
Brack bolts, Whiteley sinks on a tough night for art sales
A John Brack with a fabulous backstory was a rare highlight at Bonhams, as Leonard Joel wheels out the big contemporary names for its Centum sale.
Doctors say this popular hangover cure is bunkum
Some people swear that vigorous exercise is the best way to beat a hangover, but is there any science to prove it?
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