- Updated
- Mergers & acquisitions
Anglo American rejects BHP deal extension
Anglo American has rejected BHP’s request for more time to negotiate a $75 billion takeover offer, meaning the deal is off for at least six months, unless BHP lobs a formal bid by 2am.
Labor revamps deportation directive to stem visa crisis
The controversial Direction 99 will be rewritten to ensure legal authorities “give weight to community safety” when hearing appeals against visa cancellations.
- Exclusive
- Defamation
Former PwC partner sues firm for allegedly linking him to tax scandal
Richard Gregg alleges people have shunned and avoided him because of an implication by PwC that he was involved in the tax leaks scandal, when he was not.
RBA ‘one bad inflation report’ away from hiking: economists
Yields rose and equities sank on Wednesday, after another hot inflation print fanned rate rise worries among Australia’s traders and economists.
- Updated
- Interest rates
No rate cuts until December 2025 as inflation stops falling
Investors have pushed back the timing for the RBA’s first cash rate cut after inflation edged higher for a second straight month.
Sydney’s east, North Shore to get many more houses under Minns’ plan
Councils in areas such as Ku-ring-gai, Woollahra and the North Shore will have to build thousands more new homes under a major shake-up by the NSW government.
News Corp unveils major restructure, with editors shown the door
The highest-profile casualty of the overhaul is Lisa Muxworthy, the editor-in-chief of the country’s most-read online publication, news.com.au.
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rich list
- Exclusive
- Rich List
More than half the 11 new Rich Listers are already billionaires
Two cryptocurrency giants, an under-the-radar mattress mogul, a former mechanic and an ex-NRL player are among 17 new and returning faces on this year’s Rich List.
How the Turner women are creating a legacy beyond Flight Centre
Graham Turner may have turned Flight Centre into a household name, but wife Jude and daughter Jo have a different approach to business.
What Rich Listers think about money – and what they teach their kids
Nine of Australia’s wealthiest people reflect on their journey with money and whether material success leads to a rich life.
- No. 176
- Rich List
Rich Lister Wes Maas’ three rules for business decisions
The former NRL player has built a billion-dollar company through hard work and diversification.
Inside the great Rich List wealth transfer
Control of vast business empires is passing to a new generation, forcing families to confront the hard questions around succession planning. Of the 200 richest Australians, 45 are over 80 and control $136.1 billion.
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Companies
Don’t believe the banks, mortgage brokers are a good deal: Jefferies
Jefferies analyst Matthew Wilson argued that “the proverbial genie was let out of the bottle” and “we doubt banks can successfully in-source this craft”.
Payroll tax for big four partner profits, inquiry urges
A NSW upper house inquiry into consultants has called for a radical reshaping of the taxation and oversight of the major consulting firms.
Lendlease sells US construction business days after reset
The development giant had on Monday outlined plans to progressively offload its international construction and property assets as investor unrest mounted.
IAG hit with discounting class action in latest legal headache
The insurance giant says it will defend the Slater and Gordon lawsuit alleging that customers were duped about discounts.
Consultant to take reins at Geelong in AFL succession
Boston Consulting Group’s local managing partner Grant McCabe will succeed Craig Drummond as the president of the Geelong Football Club.
- Exclusive
- Media & marketing
Stan executive left Nine’s streaming business after workplace claims
The departure followed complaints from multiple staff, and was months before another executive left the media group amid separate sexual harassment allegations.
Spending crunch spreads as Peter Warren Auto tumbles on profit warning
Shares in the second-largest car dealership group on the ASX crashed to a record low as it warned of a margin squeeze amid cost-of-living pressures.
Companies in the News
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Markets
ASX slumps 1.3pc, BHP requests Anglo American bid extension
Shares fall; IAG sued over loyalty discounts; Fonterra boosts guidance; Ramelius with takeovers panel; Fisher & Paykel eyes profit bounce.
RBA ‘one bad inflation report’ away from hiking, say economists
Yields rose and equities sank on Wednesday, after another hot inflation print fanned rate rise worries among Australia’s traders and economists.
Why the big four banks keep wrong-footing the market
Investors are asking whether analysts jumped the gun by advising clients to sell bank stocks, as the lenders continue to defy bearish views on their valuations.
The AI bulls are sticking to Nvidia despite 600pc share price rally
“When people ask ‘who is the next Nvidia’? The next Apple was Apple – the next Apple, even today, is still Apple,” said Munro Partners’ stockpicker Qiao Ma.
UBS bets big on China despite ‘challenging’ backdrop
The investment bank believes China is a ‘bright spot’ in Asia, and warns that Indian equities are ‘priced too perfection’.
Opinion
Why rate cuts look even further away
The latest inflation figures look like bad news for interest rates, even if the government doesn’t agree.
Columnist
Global expansion vision survives Lendlease exit
It’s a myth that Australian companies don’t do well overseas. Yet, it is hard not to be disappointed at this ebbing of an Australian company with vision in its blood from the start.
Editorial
Taxpayers are poorer without a carbon tax
Instead of imposing a carbon levy on polluters to fund big personal income tax cuts, governments are gambling taxpayer money on climate and energy projects, writes John Kehoe.
Economics editor
Alex Pollak is already investing in ‘the very next’ Nvidia
A shift in where AI queries are being handled has opened up the investment field to more chipmakers, and to apps we haven’t even dreamed of yet.
Columnist
Why Lendlease couldn’t grow like Westfield or Goodman
The developers’ mantra “think global, act local” makes sense but too often the offshore investments, by Lendlease and many others, have lacked discipline.
Contributor
Husic states the obvious about tax reform
Without a cut to the corporate tax rate, Australia’s ambitions to be a globally competitive and innovative economy will come to naught.
Contributor
Reports
The future of financial advice
This special report looks at options to make financial advice more accessible and affordable, including robo-advice, as well as tips for the new financial year.
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‘Blaming a guest’: Chinese international students slam migration cut
International students say they are being unfairly blamed for Australia’s housing crisis after the Labor government moved to clampdown on migration.
Plibersek’s new environment laws friendless
Business, conservationists, the Greens and key crossbenchers have all criticised Labor’s plans for a new Environment Protection Agency.
Labor revamps deportation directive to stem visa crisis
The controversial Direction 99 will be rewritten to ensure legal authorities “give weight to community safety” when hearing appeals against visa cancellations.
- Exclusive
- International students
SA premier slams migration cuts, raises alarm on innovation
Peter Malinauskas has slammed the ramped-up rhetoric around migration, and said cuts would not solve the housing crisis but would decimate research.
Chalmers wrong on Husic’s corporate tax call: experts
Business leaders and tax watchers say overdue changes to corporate rates could be a good place to start a major reform push.
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World
IMF lifts China growth forecast but warns on trade war
The International Monetary Fund said it was raising its forecast for the country’s gross domestic product growth in 2024 to 5 per cent from 4.6 per cent.
Trump tried ‘to hoodwink voters’, say prosecutors, as trials wraps up
The landmark case centred on allegations that Donald Trump and his allies conspired to stifle potentially embarrassing stories during the 2016 presidential campaign.
Key clients desert PwC China as big four rivals circle
The accounting firm is under a cloud over audits of the distressed property developer Evergrande, and it faces severe penalties.
Israeli tanks, combat team advance into heart of Rafah
Tanks and armoured vehicles mounted with machine guns were spotted near Al-Awda mosque, a city landmark.
Top CEOs turn mute on ESG over backlash fears
Tired of drawing flak from activists on either side of the political spectrum, many CEOs have decided to bottle it up – particularly in the US.
Property
Home construction activity nears two-year low amid tradie shortages
Builders are struggling to find tradies to complete homes as new ABS data shows a second successive quarterly fall in the value of completed residential work.
- Exclusive
- Property development
Housing for 100,000 people in limbo as construction projects stall
Elevated construction costs, a shortage of labour and a lack of off-the-plan buyers have lifted the number of stalled new dwellings that are already approved to over 37,000.
How Lendlease yanked the handbrake in Britain
The developer whipped up a $58 billion pipeline in barely a decade. As it goes into reverse, Australia’s super funds could be waiting in the wings.
If Lendlease shrinks abroad, it must grow at home: analysts
Analysts have endorsed Lendlease’s radical retreat to Australia, where the global developer is better performing, but warn considerable execution risk remains.
Why rising home listings in some suburbs may not spark price declines
Home listings are rising in some suburbs in Adelaide, Melbourne and Sydney, but this may not be enough to pull prices down.
Wealth
- Opinion
- Shopping centres
Why shopping centres are a good investment prospect
Population growth, a robust employment market and rising incomes will stoke retail spending, and much of the extra money will end up in shopping centres.
Baby Boomers are loaded. Why are they so stingy?
Recent evidence has cast doubt on the notion that a spending splurge by those born between 1946 and 1964 is on the way.
‘I spent four months in and out of hospital thanking my old boss for this advice’
After a potentially life-threatening gallbladder condition, Jessica Brady has two goals: Listen to her body, and make sure young people are prepared for the worst.
Technology
OpenAI is training a model with human brain power
The start-up said it expected the new model to bring “the next level of capabilities” as it strove to build a machine that can do anything the human brain can do.
Why young women are falling out of love with dating apps
Gen Z is a priority for Tinder and Bumble but threats and unsolicited material from potential suitors often turn users off.
- Opinion
- AI
This is how the Silicon Valley geeks could destroy Hollywood
Sam Altman’s obsessive pursuit of Scarlett Johansson for his new chatbot has helped end an 18-month media honeymoon for AI companies.
Work & Careers
CFMEU redundancy fund push sparks call for worker choice
Builders are calling for workers to have the right to choose their own redundancy fund in response to a CFMEU push to oust a fund that returned thousands of dollars to workers.
Harsh migration cuts will stifle new mega-uni’s ambitions
Adelaide University got its official tick of approval on Tuesday, but its plan to recruit 13,000 new students over eight years could suffer from migration cuts.
Life & Luxury
Do you have ‘portion distortion’? Here’s how big your dinner should be
Our appetites and waistlines have been growing at an alarming rate over the past few decades. Here’s how you can bring your dinners back under control.
The surprising health benefits of running backwards
It’s one thing to run a marathon in reverse – competitors either laugh or take offence. But over much shorter distances, it can improve your stamina.
We check out the new Six Senses Kyoto
In a departure for the brand, this hotel is not in a remote location. It’s plum in the heart of the city, yet feels like an oasis of serenity.
The green liqueur that’s on everyone’s lips
Chartreuse, that venerable herbal blend is hip once more, prompting other producers to get in on the act – including two new Australian brands.
Lessons in legacy-building from history’s most tenacious rulers
The NGV’s winter blockbuster will take a deep dive into what it meant to be pharaoh – and the complex power systems they needed to maintain their supremacy.
