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If your business is turning inspiration into innovation, it’s time to be recognised.

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The budget that could be make or break for Labor

Jim Chalmers is gearing up for his third and most important budget. If he spends too much and stokes inflation, he knows he’ll own the next rate increase.

Soul Patts’ board’s decision to lob a $3 billion bid for Perpetual accelerated negotiations for this week’s $2.2 billion deal with KKR.

Inside Project Constantine, the plan to sell Perpetual

Soul Patts’ $3 billion offer for the asset manager set the stage for whirlwind negotiations and accelerated a sale that private equity firms had eyed for years.

Anglo’s South African investors open to improved BHP bid

The shareholder stance defies South African government hostility to the plan that would break up the national champion.

Australia’s ‘yes’ vote on Palestine at UN slammed by Labor MP

Penny Wong said Australia’s support for Palestinian statehood will help to broker peace, but a Labor MP has argued it will further isolate Jewish Australians.

Lowy’s lament: ‘I know how insidious antisemitism can be’

Sir Frank Lowy experienced hatred against Jews first hand in Hitler’s Europe, and is shaken by what he now sees “leaking out of decent people” in Australia.

PE firm behind Bonza, Melbourne Victory calls in insolvency experts

The private equity firm called in advisers overnight to assist with “operational challenges”. It is a major shareholder in the A-League club and budget airline.

No more gaming the system, says High Court

The High Court has sent a clear message: those “manipulating the system” won’t be rewarded with a get-out-of-detention free card.

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weekend reads

Former President Donald Trump walks to the courtroom following a break in his trial at Manhattan criminal court on Thursday.

Trump’s long week in court as election looms

Stormy Daniels’ allegations of a sexual encounter with Trump set the courtroom alight this week. How they play into his election chances is unclear.

RBA governor Michele Bullock’s communications style is proving successful – so far.

Michele Bullock’s run of good news may be about to end

RBA governor Michele Bullock has proven a better communicator than her predecessor Philip Lowe. But her real test may still be yet to come.

The 300-year-old River Red Gum in Bulleen wins Victoria's tree of the Year in 2019.

This tree symbolises how Victoria became a financial basket case

After 300 years of withstanding the elements, the River Red Gum in Bulleen forced the North East Link to be redesigned as the cost of the project blows out by billions of dollars.

The world’s wiliest climate warrior? It’s not who you think

International Energy Agency boss Fatih Birol, a lifelong bureaucrat with roots in the oil industry, has made the net zero transition a personal mission.

Is it time to stop talking about mental illness?

I believe many young people are being encouraged to frame normal experiences as psychiatric conditions. There are even financial motivations.

smart investor

While governments find it tempting to punish people holding large balances with more tax, what we really need is to learn from the past.

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.

Emma Lo Russo with her children Eliza and Jack.

Love or money? What to tell kids about career choice

Do you tell them to do what they love or urge them to become a doctor, accountant or a lawyer because it will provide financial security?

RBA governor Michele Bullock revealed “the board did discuss the option of raising interest rates”.

RBA’s credibility at risk as central banks confront interference

The contradictions in the Reserve Bank of Australia’s communications reveal policy conflicts that could erode its already embattled credibility, writes Christopher Joye.

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.

Building commissioner’s parting warning for property developers

David Chandler’s legacy includes an army of inspectors able to identify the developers most likely to produce suspect buildings.

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

For this Rich Lister, does the reality live up to the hype?

Property mogul and entrepreneur Shaun Bonett has a fortune of more than $2 billion, according to the Rich List. Those valuations might not live up to the hype.

Lendlease hit with $112m tax bill over retirement business

The property group has been hit with an initial $112 million bill from the Tax Office, in a dispute that could ultimately cost it more than $300 million.

Bank executives face a big problem. From left, Andrew Irvine (NAB), Peter King (Westpac), Shayne Elliott (ANZ), and Matt Comyn (CBA).

Can the banks fight their way out of the commodity trap?

It’s hard to see how the banks can meaningfully increase profit margins unless the trend towards mortgage brokers reverses.

Lex Greensill.

Lex Greensill alleges his UK pursuers were protecting David Cameron

The fallen Aussie financier alleges that media leaks by the Insolvency Service, which is seeking to ban him as a company director, were politically motivated.

Women’s basketball chases investors for $20m-plus slam dunk

The WNBL is for sale. It’s attracted interest from Aussie rich-listers to offshore funds.

CBA victory shows tide is turning on shareholder claims

The decision is more proof that shareholder claims are no longer a lay-down misere, lawyers say.

Ten and Wilkinson win order for Lehrmann to pay up

Justice Michael Lee ordered Bruce Lehrmann to pay most of Network Ten and Lisa Wilkinson’s court costs – but had strong words for Ten’s conduct.

Companies in the News

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Markets

Graincorp was among a number of companies this week to warn on profit.

Confession season kick-off fails to derail ASX run

Fund managers say this year’s Macquarie Australia Conference was among the least eventful in recent memory – and that may be a good sign for investors.

Jim Simons of Renaissance Technologies has acknowledged that he has had to switch off its models in every major crisis.

Jim Simons, ‘quant king’ at Renaissance Technologies, dies at 86

The mathematician-investor created what many in finance consider the world’s greatest moneymaking machine at his secretive firm.

Interest rates have been on hold in the US>

Fed’s Logan says still too early to think about rate cuts

Lorie Logan, the president of the Dallas Fed, flagged uncertainties over how restrictive monetary policy is.

Crypto miner spruiked 16pc returns for five years without a licence

A Gold Coast cryptocurrency miner was authorised to provide financial services for less than seven months despite operating for six years.

Cabal of industry super funds, led by investors, weighed ASX takeover

The ASX is an essential piece of infrastructure, and has a quasi-monopoly position, a description that would fit Sydney Airport, for instance, which went private in a $23.6 billion takeover.

Opinion

Australia wants more than the Lucky Country can deliver

Successive terms of trade booms – the envy of other nations – have allowed Australian governments to splurge. But now it seems that even that is not enough.

The AFR View

Editorial

The AFR View

Budget week is time for Dutton to roll a few Jaffas down the aisle

In the same week Peter Dutton went in to bat for the koalas, Labor flew the flag for gas.

Phillip Coorey

Political editor

Phillip Coorey

No more gaming the system, says High Court

The High Court has sent a clear message: those “manipulating the system” won’t be rewarded with a get-out-of-detention free card.

Michael Pelly

Legal editor

Michael Pelly

RBA’s credibility at risk as central banks confront interference

The contradictions in the Reserve Bank of Australia’s communications reveal policy conflicts that could erode its already embattled credibility.

GST and gas show a government that’s still out of tune

A huge GST handout to WA and a report that gives a free pass to the state’s gas industry show how far parochial toadying in the west will go.

Laura Tingle

Columnist

Laura Tingle

China’s grim pattern in South China Sea needs a collective response

A quiet tussle is going on over China’s ambitions to control all of its neighbouring seas. Affected countries need to unite before China miscalculates.

Jennifer Parker

Defence expert

Jennifer Parker

Reports

BOSS Best Places to Work

The awards celebrate the achievements of the best small, medium and large organisations and nine sector winners.

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Politics

Australia has protested to Beijing that a Chinese fighter jet endangered an Australian navy helicopter over international waters.

Military tensions flare on the road to stability with China

A near miss between a Chinese fighter jet and Australian helicopter show that friction remains despite improvement in ties between Beijing and Canberra.

Prime Minister Anthony Albanese basks in WA’s GST-fuelled budget this week.

GST and gas show a government that’s still out of tune

A huge GST handout to WA and a report that gives a free pass to the state’s gas industry show how far parochial toadying in the west will go.

The impasse between Jim Chalmers and Angus Taylor means the new RBA interest rate setting board will not be up and running by its planned start date of July 1.

RBA board split in doubt as Libs dig in

The impasse between Jim Chalmers and Angus Taylor means the new RBA interest rate setting board will not be up and running by its planned start date of July 1.

Trade partners applaud gas certainty; trouble brews for Labor at home

Gas, not wishful thinking, is needed to get to net zero, says Anthony Albanese.

Australia considers voting yes on Palestine’s UN bid

Penny Wong says abstaining is a common diplomatic practice, amid pressure to admit Palestine as a United Nations member.

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World

A BYD Atto 3 electric vehicle charger at the company’s megastore in Sydney.

US plans to impose major new tariffs on Chinese EVs

Tariffs on electric vehicles could quadruple to 100 per cent when the Biden administration details its plans next week.

Former President Donald Trump walks to the courtroom following a break in his trial at Manhattan criminal court on Thursday.

Trump’s long week in court as election looms

Stormy Daniels’ allegations of a sexual encounter with Trump set the courtroom alight this week. How they play into his election chances is unclear.

Palestinians headed to a makeshift tent camp west of Rafah on Friday.

More people flee Rafah as fears rise of full-scale invasion

Israeli troops continued to exchange fire with Palestinian fighters near Rafah on Friday, according to both the Israeli military and Hamas.

Ukraine rushes reinforcements to counter Kharkiv regional push

Russian military bloggers said the assault could mark the start of an attempt to carve out a “buffer zone” sought by President Vladimir Putin.

Japan’s energy giants applaud Australia’s ‘clear’ gas plan

Japanese energy giant Inpex said the Albanese government’s new gas strategy shows Australia’s role as a “reliable and trusted” partner.

Property

Liberman family to sell $17m Toorak ‘treehouse’

A glass and steel modernist retreat designed by Robin Boyd has joined Toorak’s prestige market with a guide of $15.9 million to $17 million.

AI pioneers pay $12.45m for harbourside penthouse

Appen founders Chris and Julie Vonwiller have joined a trend of “discerning down-sizers” seeking large apartments.

AFR, 40 Hudson Parade, Clareville, NSW
Supplied 10th May 2024

Simon and Catriona Mordant shoot for record with $16m trophy weekender

The Sydney power couple have listed their Clareville waterfront, which is expected to reset the suburb record.

Westfield Bondi owner says shoppers are back after horror attack

Scentre chief executive Elliott Rusanow said the mall operator had increased security spending as it returned to a “different” normal after the fatal attack.

Why Australia’s long-suffering renters are not alone

Rents are soaring not only in Australia but also in the US, UK and Canada, preventing inflation from declining closer to central banks’ targeted levels.

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Wealth

ASIC’s Simone Constant says super funds found evidence of fees being charged but no service delivered.

ASIC finds super funds still charging fees for no service

Super funds are obliged to ensure members are only charged for financial advice they actually receive but not all are doing so.

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.

Technology

X owner Elon Musk has slammed Australian government attempts to remove videos on his site.

15 minutes to get around X’s stabbing video ban, court hears

Lawyers for the social network argued that they had complied with a government take-down notice, which they said was invalid, by blocking footage in Australia.

Life360 co-founder Chris Hulls and chief financial officer Russell Burke are preparing the tracking company for the US IPO.

Life360 reheats plans to target US investors with Nasdaq listing

The ASX-listed, San Francisco-based family-tracking app does not expect to raise more than $US100 million. It had considered a similar move in 2021.

iPad

Apple ad fail shows why we fear AI

Apple has apologised for an ad for its new iPads that was so tone-deaf that the creative types, who normally love the company, had an existential fright.

Work & Careers

The CFMEU marching on Labour Day in Queensland.

CFMEU in ‘open defiance’ of the law: judges

Federal Court judges said the CFMEU “simply regards itself as free to disobey the law” and 25 years of fines have done nothing to stop it.

Why so many top executives start in accounting, consulting

BOSS delves into the career paths of the senior executives at Australia’s 20 biggest companies to discover where they started – and the critical skills and experience they gained.

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Life & Luxury

Monster and Kingdom of the Planet of the Apes.

‘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.

Anthony Puharich, Jill Dupleix, Peter Gilmore and Andrew McConnell.

When business comes to dine: Fin Dining & Wine launches at Bennelong

The Financial Review’s first restaurant guide features 50 of the best business lunches across Australia, helmed by Jill Dupleix with wine tips from Max Allen.

This luxury spa in India costs $17k for five nights. Is it worth it?

We road-test celebrity magnet Ananda Spa in the Himalayas.

xx

How to host a business lunch

The lowdown on what to do – and what not to do – from three hosts who are legends in their own business lunch times.

International Energy Agency executive director Fatih Birol.

The world’s wiliest climate warrior? It’s not who you think

International Energy Agency boss Fatih Birol, a lifelong bureaucrat with roots in the oil industry, has made the net zero transition a personal mission.

From the gallery