Labor slammed for offshore gas approval backdown
A deal with the Greens means Labor is close to passing Petroleum Resources Rent Tax changes and vehicle emissions standards, but it has shelved fast-track gas approvals.
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 four-month high.
CFMEU blockade ‘drives up costs’ on state project
An allegedly illegal CFMEU blockade has cost a Queensland infrastructure project $300,000 and will cause weeks of delays, according to the principal contractor.
Regal allegedly embroiled in South Korean investigation
The prominent hedge fund told investors in September it was shorting stocks in South Korea, saying it was focused on “one specific bank”.
- Exclusive
- Cybersecurity
Severe threat: Hackers hold prescription platform to ransom
Australia’s cybersecurity co-ordinator is managing the fallout from a “large-scale ransomware data breach” at MediSecure.
They still hate him, but Wall Street’s big donors turn to Trump
Exasperated with Joe Biden’s policies, top financiers are increasingly on board for a second Trump term despite being alienated during his first presidency.
Xi tells Putin their nations’ ties should last ‘generations’
The Chinese president said his country was “ready to work with Russia as a good neighbour, friend and partner with mutual trust”.
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FEDERAL BUDGET
Budget gives $1.7b boost for green aviation fuel but still no mandate
While the EU, Singapore and Japan have all signed on to sustainable fuel mandates, the Albanese government will study the idea for another two years.
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.
‘Business spends bugger all’: what landmark R&D review aims to fix
Technology industry experts warn a new government review into the R&D system must not cut tax incentives, and must kick-start anaemic business investment.
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.
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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.
- Updated
- Aviation
Liquidators say a ‘clearly’ broke Air Vanuatu owes at least $99m
The airline had “a significant level of debt”, and employed “a high number of staff for an operation of [its] size and nature”.
Aristocrat pops as pokies giant takes share in lucrative US market
Shares soared nearly 12 per cent after it rewarded shareholders with a 6¢ increase to its fully franked interim dividend. It expects to continue to grow there.
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.
- Updated
- Food bowl
Fonterra puts its Australian dairy assets up for sale
The New Zealand-based 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
Robert Spurway says market was underestimating the cost of building a major expansion, and the potential returns amid growing demand for biofuels.
Companies in the News
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Markets
Regal allegedly embroiled in South Korean securities investigation
The prominent hedge fund told investors in September it was shorting stocks in South Korea, saying it was focused on “one specific bank”.
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 four-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.
Opinion
The big fail in Australia’s housing
The Albanese government’s promises of 1.2 million homes over five years are now in the realm of political fantasy, despite the billions of dollars it has pledged for housing.
Columnist
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
Australia’s new course is to be managed decline
The budget is our politics writ small: too lacking in confidence and optimism to seek out new growth.
Columnist
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
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 tells Vic Labor to sort out Gaza split
Labor factional powerbrokers were ordered to an emergency meeting to make sure a split on the Palestinian-Israel issue +does not erupt at the Victorian Labor conference.
‘End it now or we’ll call police’: Uni toughens up on protesters
Melbourne University says protesters ‘crossed a line’ when they occupied a building and warned they could be charged by police if they don’t leave immediately.
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.
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.
Jobless jump could unwind next month, economists say
Economists predict some of the lift in unemployment in April may unwind in May, amid broader signs the jobs market remains strong and is absorbing a surge in migrants.
SPONSORED
World
Hamas regroups and Israel’s Gaza endgame is missing
US and Israeli officials are offering blunt assessments about Hamas’ resilience and Prime Minister Benjamin Netanyahu’s failure to plan for post-war Gaza.
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.
Dalio warns of US debt pile, and he wants Taylor Swift for president
The billionaire founder of Bridgewater Associates is worried about investors being able to absorb new supply, and why he would vote for Taylor Swift as president.
‘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 has shocked the small country and reverberated across Europe.
Property
NRMA snaps up Yamba holiday park for more than $40m
The association will add the Blue Dolphin Holiday Resort in Yamba to a tourism portfolio that includes Cradle Mountain Hotel and Freycinet Lodge in Tasmania
Suburbs 100km from CBDs join upper echelon as prices surge
Strong demand for stand-alone homes during COVID-19 has catapulted a string of outer and previously affordable middle-ring suburbs to the top of the housing ladder.
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.
Wealth
- Opinion
- Superannuation
Labor’s ‘double taxation’ in super may not be as steep as you think
A 30 per cent tax rate is unlikely to ever apply to the entirety of annual earnings for people with balances above $3 million.
‘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?
Technology
- Opinion
- Chanticleer
How gridiron and cartoon elves sent this ASX giant surging
The 12 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.
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.
Work & Careers
If AI can do the work of a grad lawyer, what does a grad lawyer do?
As tech increasingly takes on the legal grunt work, MinterEllison is trying to rethink the work and skills of its young lawyers.
HWL Ebsworth anoints ‘co-pilots’ 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”.
Life & Luxury
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.
- 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.
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.
This airport is one of the world’s most scenic – and treacherous
Trekking in Nepal’s Everest region is on many a bucket list. But the adventure starts well beforehand, with a landing at Tenzing-Hillary Airport.