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Skip to navigationSkip to contentSkip to footerHelp using this website - Accessibility statementEOFY sale ends soon. Subscribe now for only $6/week.Save over 50% * Today's Paper * Markets Data * Events * Lists * Subscribe * Log in THE AUSTRALIAN FINANCIAL REVIEW MenuSearch Newsfeed Newsfeed * Log in * Home * Companies * Financial Services * Mining * Professional Services * Retail * Telecommunications * Energy * Healthcare & Fitness * Infrastructure * Transport * Media & Marketing * Gaming & Wagering * Manufacturing * Agriculture * Sport * Tourism * Markets * Equity markets * Commodities * Currencies * Debt markets * Markets Live * Markets Data * Street Talk * Politics * Federal * Canberra Observed * Federal Election * NSW Election * Policy * Carbon Challenge * Economy * Energy & Climate * Foreign Affairs & Security * Tax & Super * Health & Education * Public Service * World * North America * Asia * Europe * Middle East * Pacific * South America * Central America * Africa * Property * Residential * Commercial * Technology * Fintech * Start-ups * Social Media * Enterprise IT * Technology Reviews * Opinion * The AFR View * Chanticleer * Rear Window * Letters to the Editor * Wealth * Investing * Personal Finance * Superannuation & SMSFs * Tax * People * Rich List * Young Rich * Wealth Generation * Work & Careers * Careers * Workplace * Management * Education * Executive Education * Leaders * BOSS * Women of Influence * Power List * Life & Luxury * Travel * Cars, Bikes & Boats * Health & Wellness * Food & Wine * Fashion & Style * Arts & Culture * Design * AFR Magazine * Fin! Magazine * Life & Leisure Close menu Search Search * Home * CompaniesExpand * MarketsExpand * Street Talk * PoliticsExpand * PolicyExpand * WorldExpand * PropertyExpand * TechnologyExpand * OpinionExpand * WealthExpand * Work & CareersExpand * Life & LuxuryExpand MORE * Today's Paper * Markets Data * Events * Lists Advertisement AUDUSD0.6781 -0.0009 (-0.13%)-0.13%Toggle market snapshot S&P/ASX 2007,341.70 -16.10 (-0.22%)-0.22% All Ords7,530.50 -18.00 (-0.24%)-0.24% NZX 504,619.34 -1.36 (-0.03%)-0.03% Hang Seng19,607.08 -305.81 (-1.54%)-1.54% Nikkei33,470.50 81.59 (0.24%)0.24% View all * Breaking * Telecommunications TELSTRA-TPG DEAL BLOCKED IN MAJOR WIN FOR OPTUS, ACCC The Australian Competition Tribunal considered “vast” evidence to conclude that the deal would increase Telstra’s strength relative to Optus. * TELCO STOUSH ABOUT MUCH MORE THAN WHO WINS IN THE BUSH * Live * Markets Live GOLD MINERS, ENERGY FALL; REX DIVES ON DOWNGRADE TPG drops on Telstra deal rejection. BHP targets 30pc carbon emissions reduction. Rex lowers guidance, warns on pilot shortages. Bitcoin tops $US28k. Follow updates here. * Mergers & acquisitions GROK TRIMS AGL STAKE, REMAINS BIGGEST INVESTOR Mike Cannon-Brookes’ company said the reduction in its holding should not be seen as a broader sale plan, and that AGL remained a “high-conviction” investment. * Live * Need to Know GREENS SAY STAND-OFF IS DRIVING PROGRESS ON RENT REFORM Voice will seek to change Australia Day, say opposition; Coal ports face protest disruption; Daniel Andrews still the best paid state leader. Follow here: * Exclusive * Political leadership BUSINESS LOBBY GROUPS CAPTURED BY ANDREWS: INSIDER Former Victorian Property Council head Danni Hunter says groups like the Victorian Chamber of Commerce and Industry are “compromised” by their reliance on grants. * Copper RIO TINTO MAKES $800M BET ON US COPPER MINING There is a looming supply crunch in the market, with the commodity a key part of the transition away from fossil fuel and toward renewable energy. * Opinion * Chanticleer VENTURE CAPITAL READY TO BACK THE NEXT MAGNETIC LEADER As much as listed equities investors may be put off by venture capital’s white sneakers and airy approach, the two camps are looking for the same thing: a magnetic leader. * Analysis * Test cricket THE GENIUS AND RECKLESSNESS OF BEN STOKES’ ‘BAZBALL’ * Breakfast with the boss THIS CEO LOSES AN OFFICE HOUR EACH DAY – BUT IT’S WORTH IT * Opinion * Tourism MISSING TITANIC SUB NEEDS A LOT OF THINGS TO GO RIGHT * Tax minimisation SIX TAX HITS FOR PROPERTY OWNERS FROM JULY 1 Australia’s most influential corporate column unpacks the most important stories in business, markets and politics. Sign up for the Chanticleer newsletter STREET TALK * GUZMAN Y GOMEZ C-SUITE CLEAN OUT * 7.20am * TENS OF THOUSANDS CAUGHT IN PERPETUAL OUTAGE, SECURITY INCIDENT * TONY DAVIS TEAM LOBS RESIGNATION AT SHAW AND PARTNERS; PREPS RIVAL CHANTICLEER * THREE THINGS BLACKBIRD LOOKS FOR IN A START-UP FOUNDER * RBA AND PBOC FACE VERY DIFFERENT PROPERTY PROBLEMS * WOODSIDE’S $10.5B OIL BET SHOWS REALITY OF SLUGGISH ENERGY TRANSITION REAR WINDOW * TALK IS CHEAP FOR AUSTRALIA’S BEST PAID VICE-CHANCELLOR * SAME JOB, SAME PAY AT DEPARTMENT OF FINANCE? PERHAPS NOT * LABOR MPS DODGE TURBULENCE OVER QANTAS’ CHAIRMAN’S LOUNGE Advertisement AFR ENTREPRENEUR SUMMIT * Corporate ethics I WOULD DO IT ALL AGAIN: THERANOS WHISTLEBLOWER Erika Cheung says putting Elizabeth Holmes in jail was never her intention, but potential harm to patients made her speak up. * Opinion * Entrepreneur Summit TECH WRECK FORCES ENTREPRENEURS TO WASH THEIR OWN FACE Australia’s best tech start-ups know they will survive tougher market conditions, and don’t mind if frothier companies fall by the wayside, writes Paul Smith. * Opinion * The AFR View CREATIVE CRUNCH TIME FOR ENTREPRENEURS Crunch times are part of the process of concentrating the allocation of ultimately scarce capital to the entrepreneurs who have the best chance of long-term success. * Start-ups TAKE THE CASH IN A START-UP SALE, NOT GOLDEN HANDCUFFS, FOUNDERS SAY Several large Australian venture capital firms launched their first funds a decade ago, putting pressure on them to find exits. * Entrepreneur Summit AUSTRALIA’S FOOD, DRUG AND FINANCE REGULATORS CAN BE PROGRESSIVE Founders say Food Standards Australia and the Therapeutic Goods Administration are open to supporting new business models. Get the latest business news on the go with the AFR app. Now available for Android and iOS. Find out more COMPANIES * Industrial relations BUSINESS TO TARGET BURKE OVER LABOUR HIRE TENSIONS Business will step up its industrial relations ad campaign, including targeting the electorate of Workplace Relations Minister Tony Burke. * Exclusive * PwC tax scandal PARLIAMENT TO DEMAND PWC NAME 63 STAFF CAUGHT UP IN TAX LEAK The Greens and the Coalition have voted together to force Treasurer Jim Chalmers to make public documents related to the federal police investigation. * AI MACQUARIE TAKES ‘AI-FIRST APPROACH’ IN BANKING Software engineers at Google and Macquarie will work together to on new tools to put the power of AI into its banking app. * Updated * Oil WOODSIDE INVESTORS BACK $10.6B MEXICAN OIL PLAY Woodside Energy investors have backed a new $10.6 billion oil project in Mexico even after climate groups called for a capital strike against the company. * Energy transition ALINTA CEO JEFF DIMERY: CUT DEFENCE TO FUND ENERGY TRANSITION The energy company chief says the US and China aren’t going to invade each other “any time soon” and the exaggerated security risk is preventing the shift to clean energy. * Executive shake-up EXEC SHAKE-UPS AT PREMIER, COUNTRY ROAD AND DAVID JONES The changes come as consumer spending slows and the outlook for the retail sector turns negative amid rising interest rates. * Mining ST BARBARA SHAREHOLDERS HAND GWALIA GOLD MINE TO GENESIS The majority of shareholders voting in favour of the sale concludes a messy auction process. COMPANIES IN THE NEWS All Companies SEARCH COMPANIES View stories and data from an ASX listed company Search company by ASX code or name Search MARKETS * Opinion * Chanticleer RBA AND PBOC FACE VERY DIFFERENT PROPERTY PROBLEMS While the RBA frets about house prices rising again, China’s central bank is worried its property sector can’t get off the canvas. * Sharemarket FUND MANAGER SAYS BUY BHP, RIO, ON CHINA RATE CUTS Wilson Asset Management has around 27 per cent of its $1.8 billion Leaders Fund in mining businesses, as it expects dividends and capital appreciation ahead. * Monetary policy POWELL FACES TRICKY TASK OF EXPLAINING RATE PAUSE IN CONGRESS The Fed chairman will be fresh off the June meeting, where he and his colleagues left rates unchanged but signalled they may deliver two more rises this year. * Opinion * Interest rates LOWE’S ‘COMMONALITY’ WITH OTHER CENTRAL BANKS GOES EVEN FURTHER RBA boss Philip Lowe will be deeply concerned that the failure to quickly quash the inflation surge is damaging the credibility of important central banks. * Before the Bell HERE’S WHAT HAPPENED IN MARKETS OVERNIGHT Australian shares are set to open lower. $A drops. Bitcoin at $US28,000. Energy paces losses in New York on China rate disappointment. OPINION * Critical minerals WHY AUSTRALIA CAN’T OUT-SUBSIDISE THE US ON CRITICAL MINERALS The Albanese government has released its critical minerals strategy but the industry wants more help to realise the dream of more sophisticated processing. Jennifer Hewett Columnist * Energy ENERGY TRANSITION IS FLICKERING AS RENEWABLES STRUGGLE TO CATCH UP Never has the message to keep all options open seemed more sensible. Yet, the rapid developments in affordable nuclear power overseas cannot even get a look-in. The AFR View Editorial * Monetary policy WHY CHALMERS NEEDS TO DECIDE LOWE’S FUTURE SOON That deputy governor Michele Bullock was asked about her RBA leadership ambitions shows Jim Chalmers needs to announce his decision very soon, writes John Kehoe. John Kehoe Economics editor * Workplace IN A TIGHT LABOUR MARKET, WORKPLACE WELLBEING IS NO LAZY ADD-ON Showing empathy towards employee mental health has become a necessary part of business management. Tanveer Ahmed Columnist * Climate policy WHY US INDUSTRIAL POLICY IS BETTER FOR THE POOR THAN EUROPE’S NEOLIBERALISM The role of the US Inflation Reduction Act as a provider of global public goods that could drive down energy prices and expand developing countries’ energy access has been overlooked. Arvind Subramanian Development economist * Interest rates LOWE’S ‘COMMONALITY’ WITH OTHER CENTRAL BANKS GOES EVEN FURTHER RBA boss Philip Lowe will be deeply concerned that the failure to quickly quash the inflation surge is damaging the credibility of important central banks. Karen Maley Columnist Advertisement POLITICS * Exclusive * Political leadership BUSINESS LOBBY GROUPS CAPTURED BY ANDREWS: INSIDER Former Victorian Property Council head Danni Hunter says groups like the Victorian Chamber of Commerce and Industry are “compromised” by their reliance on grants. * Interest rates ABOUT 140K WORKERS TO LOSE JOBS AS RBA BATTLES INFLATION Reserve Bank of Australia deputy governor Michele Bullock has warned the unemployment rate needs to increase to 4.5 per cent to tame inflation. * Pay DANIEL ANDREWS AWARDED HEFTY PAY RISE Victorian MPs will receive a 3.5 per cent increase from July 1, taking the premier’s remuneration to more than $481,000. * Indigenous Voice ‘VOICE WON’T BE GIVING ADVICE ON PARKING TICKETS’ BURNEY SLAMS CRITICS Anthony Albanese has hit back at Coalition criticism of the Indigenous Voice to parliament, slamming as superficial criticism about the proposed body’s powers. * Media & marketing ‘B STANDS FOR BROADCASTING’: MINISTER SEEKS ANSWERS ON ABC JOB CUTS The national broadcaster wants to reach more Australians consuming news on digital sites and social media, while Michelle Rowland has told colleagues the key is in its name. SPONSORED WORLD * Tourism RESCUERS RACE AGAINST CLOCK TO FIND TITANIC SUB The 21-foot Titan has the capacity to stay underwater for 96 hours, according to its specifications, giving the five people aboard until Thursday morning. * Energy transition BIDEN’S IRA WOULD SURVIVE A 2024 ELECTION DEFEAT, FORREST SAYS Most Republicans except Donald Trump would stick with the $540 billion Inflation Reduction Act, Andrew Forrest predicts. But he doesn’t see maverick former president being elected. * Exclusive * Australia's China challenge AUSTRALIA’S CRITICAL MINERAL PUSH MAKES WORLD SAFER: TAIWAN Taiwan foreign minister Joseph Wu has welcomed Australia’s push to become a global critical minerals superpower. * Opinion * UK BORIS JOHNSON IS AN ‘OPTIMISTIC NARCISSIST’ Britain’s former prime minister, who is leaving public life in disgrace, had no plan for power. * World politics HUNTER BIDEN SEEKS TO AVOID PRISON WITH DEAL ON TAX, GUN CHARGES The arrangement appears to mark the end of a politically charged five-year probe while raising new allegations by Republicans that the pact is too lenient. PROPERTY * Property investment PROPERTY INVESTORS SELL UP AS INTEREST RATE CRUNCH INTENSIFIES The share of newly listed investor-owned residential listings has blown out to 36.3 per cent across Sydney during May, the highest level in two years, CoreLogic data shows. * Rural property CEFC, CANADIAN INVESTOR PUT $200M INTO SUSTAINABLE FARMING PLATFORM The investment in Gunn Agri’s Wilga Farming follows the CEFC putting money into a number of other sustainable farming platforms. * Commercial real estate AUCTIONEER APOLOGISES AFTER SALES FLOP AT ‘STRANGEST AUCTION EVER’ Not a single property sold under the hammer of veteran auctioneer David Scholes, who lambasted selling agents Burgess Rawson for their handling of the event. * Property development INVESTOR AXA IM SHRUGS OFF HOUSING BILL DELAY Community providers say the political uncertainty shown by the hamstrung HAFF bill will keep investment out of the lower end, where it is badly needed. * Commercial real estate CHILDCARE CENTRE DEMAND STRONG DESPITE HIGHER PRICES, SHARPER YIELDS Childcare centre listings are receiving over 150 inquiries “every time”, according to Ray White, as investors are still happy to jump into childcare despite yields dropping nationally. Advertisement WEALTH * Philanthropy ANDREW AND NICOLA FORREST DONATE $5B TO THEIR MINDEROO CHARITY Andrew Forrest and his wife, Nicola, have donated about $5 billion in Fortescue Metals Group shares to their own charity, the Minderoo Foundation. * Opinion * Superannuation WHAT YOU NEED TO KNOW BEFORE TOPPING UP SUPER AHEAD OF JUNE 30 If you want to make a last-minute contribution to get a bigger deduction and tax saving, you’d better snap to it. This is what to do. * Wealth Generation MEET THE YOUNG INVESTORS WHO ARE SEMI-RETIRED AT 27 Drawn in by the Barefoot Investor and unimpressed by the prospect of an endless 9-5, young investors are looking to redefine wealth creation. TECHNOLOGY * Opinion * Review GOOGLE’S PIXEL TABLET IS A BRILLIANT ‘HOME HUB’ You might consider it an Android device (with a charging dock). But we like to think of it as the ultimate domestic tech centre (with a detachable screen). * Opinion * Chanticleer VC INVESTORS TALK TOUGH AFTER YEAR OF ‘MADNESS’ The boom in venture capital shifted the power balance from investors to founders. But now the capital has dried up, a new reality has set in. * Analysis * Social media ZUCKERBERG GOES IN FOR THE KILL WITH META’S OWN TWITTER Threads is expected to feature a 500-character limit on its posts, staying true to the original ethos of Twitter even as the rival platform abandons shorter tweets. WORK & CAREERS * University WORKING-CLASS UNIVERSITY BOSS LOBBIES FOR FREE DEGREES Not charging fees for the first year of higher education would cost about $4.3 billion a year, but Duncan Maskell argues income tax revenue would jump. * Industrial relations MUA ‘GOES TO WAR’ FOR GENEROUS GAS SECTOR COMPENSATION SCHEME Seafarers on vessels supplying offshore gas platforms, including Esso and Chevron, are striking indefinitely in support of a high-priced workers’ compensation scheme. Advertisement LIFE & LUXURY * Test cricket AUSTRALIA BEAT ENGLAND IN ASHES CLASSIC Pat Cummins struck 44 not out in a superb partnership with Nathan Lyon to see the Aussies over the line in a climax of suffocating tension. * Opinion * Style THIN IS IN BUT OZEMPIC HAS A BIG FAT PROBLEM When the diabetes drug that aids weight loss arrives in Australia, how does the fashion industry respond? With good old capitalist hustle. * Opinion * Diet THE SCIENCE OF FOOD ISN’T CREDIBLE Academic studies of sweeteners, coffee, chocolate, wine and fad diets often have structural problems that mean they can’t be trusted. * Opinion * Live music IS TAYLOR SWIFT UNDERPAID? Musicians have always made their money mainly by touring and it’s even more true now, in this age of streaming. * Fine dining THE BOLD AND BRAVE TACTICS RESTAURANTS ARE USING TO LURE YOU IN In today’s economic environment, eateries big and small are bending over backwards to come up with a point of difference that gives them a competitive edge. MOST VIEWED 1. MANAGEMENT SHAKE-UPS AT PREMIER, COUNTRY ROAD AND DAVID JONES 2. PROPERTY INVESTORS SELL UP AS INTEREST RATE CRUNCH INTENSIFIES 3. PM SEEKS ADVICE ON DOUBLE DISSOLUTION OVER HOUSING BILL 4. BIG FREEZE TO INTENSIFY ACROSS EASTERN AUSTRALIA 5. ABOUT 140K WORKERS TO LOSE JOBS AS RBA BATTLES INFLATION 6. MEET THE YOUNG INVESTORS WHO ARE SEMI-RETIRED AT 27 FROM THE GALLERY DAVID ROWE’S CARTOONS FOR JUNE 2023 Jun 20, 2023View more editorial cartoons THE AUSTRALIAN FINANCIAL REVIEW MAGAZINE THIN IS IN BUT OZEMPIC HAS A BIG FAT PROBLEM * Lauren Sams * LUXURY SOUTHERN HIGHLANDS ESTATE SET TO BREAK RURAL SALE RECORD * WATCHES THAT SAY EVERYTHING (EXCEPT THE TIME) BOSS FINANCIAL REVIEW WHY THE CARSALES CEO DOESN’T DRIVE SPORTS CARS * Patrick Durkin * WHY EXECUTIVES ARE GETTING MORE BONUSES FOR HITTING DIVERSITY TARGETS * WHY AND HOW THIS PROPERTY GIANT MEASURES COLLABORATION LIFE & LEISURE GOOGLE’S PIXEL TABLET IS A BRILLIANT ‘HOME HUB’ * John Davidson * THE BOLD AND BRAVE TACTICS RESTAURANTS ARE USING TO LURE YOU IN * THE PERILS OF SECRETLY FILMING WHIRLING DERVISHES RICH LIST MODSCAPE’S 20,000SQM SITE TO DRIVE PREFAB BUILDING EXPANSION * Michael Bleby * WHY THIS RICH LISTER ISN’T WORRIED ABOUT FALLING PROFITS * RICH LISTER KAYLA ITSINES IS FINALLY READY TO TALK NOW The Australian Financial Review The Daily Habit of Successful People * Twitter * Instagram * LinkedIn * Facebook MY ACCOUNT MY ACCOUNT * Login SUBSCRIBE SUBSCRIBE * Subscribe * Corporate subscriptions * Student subscriptions ABOUT US ABOUT US * Products & services * Editorial team * Charter of Editorial Independence * History * Careers * Announcements * Corrections * Platinum Year CONTACT CONTACT * Support * Letters to the editor * Submit a story * Advertise * Delivery Status MAGAZINES MAGAZINES * AFR Magazine * Fin! 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