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OECD warns sticky inflation means rates higher for longer
The warning came as CEOs deliver upbeat assessment of the economy and financial markets push out expectations for rate cuts to May or June 2025, potentially after the next federal election.
- Updated
- Earnings season
NAB clings to business banking prize as mortgage brokers bite
National Australia Bank’s first-half profit tumble underlined the toll intense mortgage competition is still claiming on margins.
- Opinion
- Chanticleer
Woolies’ reputational crisis has cost it $8b and counting
The supermarket giant has aggressively brought down prices, but its sales are growing far more slowly than its great rival. That’s a serious problem.
Markets push interest rate cuts beyond the next election
Investors think the first rate cut may not be until May 2025 or June 2025, complicating Labor’s re-election bid amid red-hot voter concern over cost of living.
- Opinion
- Chanticleer
Wesfarmers sprays growth bets, waiting for payoff
Wesfarmers’ hefty businesses proved their resilience in the pandemic. Now, with shares breaking $65 for the first time, Rob Scott needs us to think about growth.
Man arrested in Sydney’s west over clubs data breach
Disgruntled software developers who claim not to have been paid are being blamed for releasing details of more than 1 million pub and club patrons in NSW.
Judge retires to consider if Pauline Hanson is a racist
After a bitterly fought trial, a judge has retired to consider whether Pauline Hanson made a racial slur when telling a Muslim senator to go back to Pakistan.
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Companies
‘Consumers pulling back’: Bapcor in $500m wipeout
Shares in Bapcor, which runs 1100 stores under the Autobarn, Autopro and Burson banners, tumbled as much as 35 per cent after a hefty profit downgrade.
Wesfarmers flaunts its growth record, hopeful of lithium fortune
From hardware giant Bunnings and retailer Kmart, to the emerging lithium business and health unit, Mr Scott says Wesfarmers is well-placed amid a slower economic environment.
Woolworths faces widening gulf with Coles in sales stakes
Brad Banducci, the departing chief executive of supermarket giant Woolworths, is losing the battle with arch-rival Coles as he prepares to bow out in September.
Rio Tinto chairman quiet on Anglo bid, eyes copper profits
Dominic Barton would not comment on whether the company was considering making a rival bid for Anglo American.
Bonza’s sister airline cuts 777 Partners, restructures debt
Flair Airlines finds new backers as Bonza edges closer to the brink.
Ex-Macquarie banker who banked on premium gin hits payday
George Georgiadis left finance to build a gin business with two mates eight years ago. They’ve hit payday with a buyout by Asahi.
Takeover battle for Namoi Cotton heats up with fresh bid
Singapore-based group Olam has moved to trump Louis Dreyfus’ latest takeover offer for the Australian business.
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Markets
NAB result boosts banks; Woolworths, Bapcor, Block sink
Shares rise. Sequoia Financial rebels demand CEO exit. NAB declares flat dividend. Woolworths says food prices largely flat, shares sink. Bapcor crashes. Fed says rate rise unlikely.
Markets cheer after Fed chief rules out rate increases
Traders have ramped up US rate cut bets this year after the Federal Reserve kept interest rates on hold, but the prospect of higher rates in Australia this year is still on the cards.
This fundie says Visa’s shares are a ‘jaw-dropping’ buy
Aoris Investment Management’s Alfred Tadros says investors have missed a trick on the US payments giant and explains why Microsoft is the only magnificent seven stock to own.
Powell signals rates will stay higher for longer
The US Federal Reserve has kept rates unchanged but chairman Jerome Powell said inflation was still too high despite “sufficiently restrictive” policy.
What happened overnight? Powell said a rate increase was ‘unlikely’ as Fed held
Australian shares were expected to rise after the Federal Reserve kept interest rates unchanged.
Opinion
Chalmers’ ‘new growth model’ lacking on the supply side
Jim Chalmers is right to say that Australia cannot draw an “artificial distinction between our prosperity and our security”. It has been a theme of The Australian Financial Review’s since our 2022 Business Summit.
Editorial
The US presidential election is casting a long shadow over the Fed
Lingering inflation has caused hopes for US interest rate cuts to wither. That means the Federal Reserve risks becoming dragged into a divisive election.
Columnist
No safe spaces for Jewish students at universities
Vice chancellors say what’s happening on campuses here is a million miles away from what’s happening in the US. That’s a statement of wishful thinking – not reality.
Columnist
Powell bristles at election influence on rate cuts
The Federal Reserve chairman has taken umbrage at suggestions monetary policy decisions will be influenced by the US presidential election.
United States correspondent
Minimise capability gap while waiting for the new fleet to surface
Ten years from now, Australia will have its most potent navy in decades. In the interim, it will have the least capable in more than half a century.
Defence expert
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
Reports
BOSS Best Places to Work
The awards celebrate the achievements of the best small, medium and large organisations and nine sector winners.
Politics
PM, Chalmers mull go-it-alone power price discounts
The Albanese government is considering a second round of power bill discounts, on top of $1000-per-household credits promised by the Queensland government.
Housing focus as Pallas warns of horror Victorian budget
Economists warn that Victoria has no choice but to cut spending in next week’s budget, after slugging businesses and property investors last year.
Dutton calls on unis to shut down pro-Palestinian protests
Peter Dutton says vice chancellors are tolerating racist protests on their campuses and should shut the activists down.
Blow to China’s bid to join trade pact
New Productivity Commission modelling has found there would be little economic benefit to Australia if China was admitted to the trans-Pacific free trade deal.
Chinese investment critical to reach net-zero goals
Clean energy experts warn moves that limit Chinese investment in Australia could undermine the Albanese government’s green energy goals.
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World
Philippines summons Beijing envoy in South China Sea flare-up
The Philippines has accused China of elevating tensions in the South China Sea after its coast guard used water cannon and damaged two vessels.
OECD upgrades global growth outlook as US outperforms
A faster-than-expected fall in inflation has set the stage for central banks to begin rate cuts in the second half of the year, boosting consumers’ incomes, according to the OECD.
New Solomons PM still close to China, but more diplomatic
Despite being foreign minister for almost five years, Jeremiah Manele is unlikely to strictly follow the pro-China policy of his predecessor, according to some.
- Analysis
- Managed funds
Berkshire after Buffett: Can his deputies step up?
Ted Weschler and Todd Combs stand to take over a $546 billion portfolio from the world’s best-known investor.
‘The time is now’: Blinken puts pressure on Hamas, Israel
The US Secretary of State has urged Hamas to accept a proposed truce in Gaza. And he also expects more from Israel’s leaders.
Property
$10 billion housing fund should be doubled, community providers say
The massive response to the federal government’s first tender to develop affordable and social rental housing shows more funding is needed, developers say.
Ransomware group claims attack on valuer HTW
In a post on the dark web, Black Suit says it has obtained 20 gigabytes of the valuation firm’s customer and transaction data.
A housing boom is coming – for the wealthy
Investors, downsizers and upgraders will drive the next wave of residential development. First home buyers will hardly get a look in.
Singapore’s offices await a new wave of tenants
An eight-year cycle in which the tech industry provided demand for working space is coming to an end. Landlords don’t know who their next tenants will be.
How this CFO landed on the perfect property to help her adult children
Kristen Kubank bought a townhouse to help her adult-aged children who have struggled to enter the property market despite having stable jobs.
Wealth
What every buyer needs to know about auction clearance rates
Auction clearance rates give some clues about when to buy or sell.
- Opinion
- Flat Chat
There’s more trouble coming for apartment owners. Here’s why
The Netstrata insurance scandal rocked the strata management industry in NSW but that’s just the beginning as an independent inquiry starts to dig deeper.
Should we pay off our mortgage or keep it for a line of credit?
A line of credit can serve as a financial lifeline – the trick is to know when to let go.
Technology
Don’t swat fruit flies – they’re smarter than you probably think
Researchers say many species, from insects to invertebrates, have consciousness. It turns out humans aren’t so special, after all.
Amazon posts strong cloud unit sales on rising AI demand
The e-commerce company’s operating income more than tripled as Amazon Web Services and adverts provided a boost.
‘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.
Work & Careers
Legal grad pay tops $110k, but wage gap still stubborn
The gender pay gap in the legal industry remains “stubbornly and consistently high”, a survey has found.
- Exclusive
- Workplace
More Australians go above and beyond duty amid job fears
Discretionary effort has hit a four-year-high as workers try to protect themselves from being made redundant, according to global consultancy Gartner.
Life & Luxury
This CEO owns six bikes, and has his eye on another – worth $24k
Pointerra3D boss Ian Olson knows his family has good reason to lament the lack of space in the garage. But cycling is a big part of his life.
How did $1370 knickers become the world’s third-hottest fashion item?
Miu Miu’s unlikely nylon briefs are a highly coveted piece of clothing right now. A closer look at the brand’s strategies shows why that’s not so surprising.
British designer Zandra Rhodes pays homage to Australia
The woman who dressed Jackie Kennedy Onassis and Princess Diana is giving back to the country she fell for 53 years ago.
Six podcasts that will help you cope with stress
At a time of unsettling news at home and abroad, these shows offer tips and first-person accounts to alleviate a spiralling sense of unease.
Why this actress is now the chief Gen Z torchbearer of cool
Zendaya’s films have earned $US2.6 billion so far, making the 27-year-old former Disney star a multimillionaire – and a social media favourite.
