Mortgage relief in sight after traders scrap rate rise bets
A surprise pickup in the unemployment rate has bolstered bets that the next move from the Reserve Bank may be lower. Cooling US inflation data overnight also helped, sending the Aussie dollar to a five-month high.
Jobless jump could unwind next month, economists say
Economists predict some of the surprise lift in unemployment in April may unwind in May, as more workers opt to switch jobs in the months following Christmas.
- Exclusive
- Cybersecurity
Electronic prescriptions company hacked in major ransomware breach
The government’s cybersecurity co-ordinator has confirmed it is managing the fallout from a “large-scale ransomware data breach”.
- Live
- Markets Live
Shares jump on jobs data; tech rises as WiseTech tops $100
Unemployment rises by 30,000 in April, economy adds 38,500 jobs on surging immigration. Shares jump on rate cut bets. Bond yields retreat. Copper, gold, bitcoin rally. Follow here.
Can Australia become a green energy superpower? Five charts that say yes
The Albanese government is taking a big punt on its signature Future Made in Australia policy, betting $24.3 billion over 10 years in Tuesday’s budget – these charts show why.
- Opinion
- Chanticleer
How gridiron and cartoon elves sent this ASX giant surging
The 10 per cent surge in Aristocrat Leisure’s share price reflects a solid profit beat. But there’s a secret sauce behind its long track record of growth.
Liquidators say a ‘clearly’ broke Air Vanuatu owes at least $99m
Liquidators said the airline had ‘a significant level of debt’, employing ‘a high number of staff for an operation of [its] size and nature’.
Unemployment jumps; Biden v Trump; no quick fix for housing
FEDERAL BUDGET
RBA will ignore budget’s ‘miracle’ inflation forecast
Former Reserve Bank official Jonathan Kearns has cast doubt on whether the budget can produce a “magical” drop in inflation beyond the short term.
RBA says ‘no quick fix’ to house prices
RBA chief economist Sarah Hunter warns that undersupply of homes means house prices and rents will continue to rise as the market fails to keep pace with strong demand.
Dutton rejects ‘Rich Lister’ tax cuts
The opposition has blasted $27.8 billion in production credits in the budget as “tax cuts for billionaires”, vowing to repeal them if elected.
‘Expansionary’ budget at odds with RBA rate push
Despite calls for Labor to adopt a contractionary fiscal policy to complement the RBA, economists say Tuesday’s budget was likely expansionary or neutral at best.
- Opinion
- Federal budget
It’s right for Australia to join the critical minerals subsidy rush
The scepticism about government interventions is understandable. But this time, they are creating new industries of immense value.
Get the latest business news on the go with the AFR’s new iOS app.
Companies
Anglo American wants a single buyer for its Australian coal division
The London-listed diversified miner this week unveiled a major divestment plan designed partly to keep a $64.4 billion buyout proposal from BHP from succeeding.
Atlas Arteria dodges second strike on remuneration at AGM
IFM Investors backed the toll road group’s remuneration report this year but the company has hit another setback in its attempts to raise toll fares in the US.
Incitec Pivot blames gas prices for $498m fertiliser write-down
But the company said it could double returns if it sold those struggling operations to Indonesia’s PT Pupuk Kalimantan Timur and focused only on explosives.
Fonterra says it wants to sell its Australian dairy assets
The New Zealand-headquartered co-operative is behind household brands such as Western Star butter and Mainland cheese and has eight local manufacturing sites.
Biofuels battle: GrainCorp puts $500m-plus price tag on oilseed plant
GrainCorp boss Robert Spurway says market was underestimating the cost of building a new oilseed crushing plant, and the potential returns amid growing demand for biofuels.
ACCC intervenes in bidding war over Namoi Cotton
The regulator’s intervention pushed shares down eight per cent at the start of trade on Thursday. It has fielded offers from France’s Louis Dreyfus and Olam.
Rio chief ‘not afraid’ of M&A as Anglo break-up looms
Jakob Stausholm won’t rule out entering the acquisition fray, but told investors he doesn’t want big transactions to derail his recovery mission at the miner.
Companies in the News
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Markets
Panic sets in as short squeeze rockets copper price
A violent spike in copper futures traded in New York has caught markets off guard and sent traders scrambling to cover short positions.
This small cap has rocketed since South32’s manganese mine disaster
Shares in Jupiter Mines have doubled in value since Cyclone Megan forced the closure of one of the world’s biggest producers of the steel making commodity.
Mortgage relief in sight after traders scrap rate rise bets
A surprise pickup in the unemployment rate has bolstered bets that the next move from the Reserve Bank may be lower. Cooling US inflation data overnight also helped, sending the Aussie dollar to a five-month high.
US stocks close at record high on slower inflation pace
Wall Street notched record closes after data showed price growth moderated, bolstering investor hopes for interest rate cuts by the Federal Reserve.
Moody’s warns big ‘structural’ spend will leave budget mired in red
The influential ratings agency said the broader issue was “how effective spending programs such as Future Made in Australia are in allocating resources”.
Opinion
Chalmers is telling a big budget fib
Treasurer Jim Chalmers stood in front of 600 guests at his post-budget speech in Parliament House on Wednesday and repeated a misleading number about spending.
Economics editor
It’s right for Australia to join the critical minerals subsidy rush
The scepticism about government interventions is understandable. But this time, they are creating new industries of immense value.
Industry leader
Why Chalmers’ budget made me very grumpy
I’m feeling as grumpy as I appear in my headshot. That’s because the big ask of the budget was not to poke the inflationary bear. It didn’t pass that test.
Economist
America’s race to tear up trade rules hurts everyone
The US is growing tired of upholding the economic rules it laid out for the world after 1945. But tariffs only punish consumers and undermine competitiveness.
Columnist
Chalmers confronts his economic critics
The treasurer insists his budget gets the balance right, even if the economists don’t agree. What will the Reserve Bank and the voters think?
Columnist
Chalmers’ budget boast overlooks Australia’s debt mountain
The substantial fiscal challenge from the budget is a forecast decade of deficits and highest plateau of federal government net debt for more than half a century.
Editorial
Reports
BOSS Best Places to Work
The awards celebrate the achievements of the best small, medium and large organisations and nine sector winners.
Politics
- Live
- Need to Know
AFP investigates large-scale ransomware attack on health company
The Australian Federal Police and other authorities are investigating a large-scale ransomware attack on a private health business. Here’s how the day unfolded.
‘Business spends bugger all’: what landmark R&D review aims to fix
Technology industry experts warned a new government review into the R&D system must not cut tax incentives, and must kickstart anaemic business investment.
PM chides Labor MP over her use of anti-Israel slogan
Government and Coalition MPs have united to condemn the use of the “from the river to the sea” pro-Palestinian chant.
- Analysis
- Federal budget
The ADF will grow by just 358 people next year. That’s a big problem
If Defence is to attract the 5000 new soldiers, sailors and aviators it desperately needs, it must do a much better job looking after its current ones.
Universities threaten action over campus protests
Three weeks after protesters set up camps to demand universities divest Israeli interests, administrators are starting to threaten legal and disciplinary action.
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World
Morrison says Trump legal ‘pile-on’ political
Speaking in Washington, Scott Morrison backed Donald Trump’s assertion that America’s legal system is being used against him.
‘Let’s get ready to rumble’: Biden and Trump agree to TV debates
The two men will go head-to-head on CNN on June 27 then on ABC News on September 10.
Slovakia’s populist prime minister shot in assassination attempt
Robert Fico was gravely wounded after a political event in an attempted assassination that shocked the small country and reverberated across Europe.
How 18-year-old Barron Trump could follow in his father’s footsteps
The youngest of Donald Trump’s children graduates high school this week, which makes him a target for the press.
- Opinion
- Russia-Ukraine war
Vladimir Putin’s preparing for a long war
The Russian president’s idea of the motherland is much larger than the country’s globally recognised borders, an atavism that’s widely shared within his nation.
Property
Perth property ‘went nuts’, but these sisters managed to get in first
Jennifer and Maxine Gamble are sisters who have bought a house together to future-proof aged care issues that might arise in the future for them.
- Exclusive
- Luxury property
Restaurant duo splashes on mansion with dark history
Nomad Group’s Al and Rebecca Yazbek have paid about $11 million for Hambleton House on Albert Park’s best street in Melbourne’s bayside.
- Exclusive
- Property market
Lenders’ preference for luxury units a blow to housing supply hopes
Mortgage broker Stamford Capital is arranging construction finance for developments worth $5 billion. All of them are luxury apartment projects.
- Opinion
- Housing slump
Can $32 billion fix the housing crisis?
The Albanese government’s ambitious plan to boost housing supply might not make a difference before the next election. Is there a better solution, asks Robert Harley.
- Exclusive
- Property development
Developer Avid flags $1.4b land lease housing play
The privately owned developer that acquired Villa World in 2019 has expanded into the fast-growing land lease business. At scale.
Wealth
‘Don’t waste it’: Smart ways to spend your income tax cut
Some workers will have an extra $350 a month from July 1. Don’t waste this “powerful” opportunity, experts say.
My partner earns far more than me. Should we still split bills 50/50?
One partner in the relationship earns $200,000, while the other earns much less. What’s the fairest way to divide their living expenses?
Forget Boomers. Millennials, your next landlord could be a best mate
For decades, Millennials and Generation Z have blamed Baby Boomers for locking them out of the housing market. But what happens when wealthy Boomers start to give their kids cash?
Technology
Hackers steal the keys to Iress’ OneVue platform
Financial software provider Iress is investigating if any client data has been breached after discovering hackers stole a credential to gain access to its systems.
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.
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.
Work & Careers
HWL Ebsworth anoints leaders to replace the late Juan Martinez
Australia’s largest legal partnership, HWL Ebsworth, has new leaders who are hoping for “not such a combative relationship with the media”.
- Exclusive
- Workplace
Grant Thornton adopts nine-day fortnight, but staff have to earn it
The accounting firm’s year-long trial coincided with record productivity, employee retention and profits.
Life & Luxury
- Opinion
- Mental disorders
The five types of stalker – a clinical psychologist explains
“Baby Reindeer” accurately portrays the relentless intrusion into another person’s life and the damage it causes to the victims and the people around them.
Mount Everest from your tent? That’s a view worth the trek
Waking up to behold Nepal’s most renowned mountains is a dream come true. But you’ve got to put in the hard yards to get there.
This record-breaking runner is also a boss and single mother of three
Helen Ryvar, who runs her own business, swears by her relentless morning fitness routine – she’s out of the door by 4.15am, rain or shine. Here are her tips.
The unlikely relationship between Russell Brand, Bear Grylls and God
Why would chief scout Grylls, a man with a flourishing global career, team up with the “cancelled” Brand – and risk harming his own squeaky-clean brand?
Society florist to sign off with a signature flower
Grandiflora founder Saskia Havekes plans to be dressed in white, with a floral scent and a magnolia bloom.
