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Skip to navigationSkip to contentSkip to footerHelp using this website - Accessibility statementExperience the AFR for half the priceSave 50% Now * Today's Paper * Markets Data * Events * Lists * Subscribe * Log in 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 * 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 & Fitness * Food & Wine * Fashion & Style * Arts & Culture * Design * LUXURY * AFR Magazine * Sophisticated Traveller * 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 AUDUSD0.7496 -0.0003 (-0.04%)-0.04%Toggle market snapshot SPI 2007383.00 2.00 (0.03%)0.03% S&P/ASX 2007387.10 9.20 (0.12%)0.12% All Ords7669.00 4.00 (0.05%)0.05% NZX 504872.14 -26.87 (-0.55%)-0.55% Hang Seng21945.95 -208.13 (-0.94%)-0.94% Nikkei28110.39 70.23 (0.25%)0.25% View all Join the ranks of world’s most successful innovators. Nominations for 2022 are now open. Enter now * Federal budget CONTRACTORS AT ‘BREAKING POINT’, SEEK RELIEF AS COSTS SPIRAL Civil contractors say they are hugely stretched due to soaring prices and have called on governments to follow Queensland’s lead and bear more of the costs of core building materials. * TECH SECTOR URGES IMMIGRATION POLICY CHANGES * WE’LL HAVE TO THINK BIG ON BUDGET REPAIR * Opinion * Chanticleer CASINOS ARE IN THE DOGHOUSE. BUT REGULATORS NEED A SHAKE-UP Australia’s two casino companies are under fire thanks to damning revelations about their lax approach, but the evidence also shows regulators have been asleep at the wheel. * Australia's China challenge ALARM BELLS OVER MOOTED CHINESE BASE IN SOLOMON ISLANDS The Morrison government was scrambling on Thursday after revelations of a draft security agreement between Beijing and the Solomon Islands which paved the way for a Chinese military presence on the Pacific Island nation. * Carbon challenge BANKS CITE EMISSIONS DATA PROBLEMS IN REACHING NET ZERO PLEDGES Australian banks are moving towards disclosing financed emissions but want customers to provide good data first. * Russia-Ukraine war BLACKROCK’S FINK SAYS UKRAINE WAR MARKS END OF GLOBALISATION Russia’s invasion will reshape the world economy and further drive up inflation by prompting companies to pull back from their global supply chains, he says. * Opinion * Canberra Observed SANCTIMONY IS A DANGEROUS CARD TO PLAY IN POLITICS Those who warned that the weaponisation of the term “bullying” for political purposes was an exercise in mutually assured destruction have been vindicated. * Federal budget POLICY BACKFLIP TO REMOVE ALL REFUGEES FROM NAURU The Morrison government has removed a pre-election impediment and agreed after nine years to a resettlement deal with New Zealand. * International students STUDENTS LOOK ELSEWHERE FOR ‘QUALITY’ EDUCATION * Super wars LUCKY BOOMERS POST RECORD YEAR OF INVESTMENT GAINS * Australian Open ASH BARTY WANTED TO RETIRE AFTER 2019 FRENCH OPEN * Exclusive * Property development MELBOURNE UNI SITE TO BECOME $400M APARTMENT PROJECT The biggest news in politics, markets and business in your inbox as it breaks. Sign up for breaking news alerts STREET TALK * REECE MULLS TRIP TO THE US FOR WATER DISTRIBUTION BOLT-ON DEAL * BIG KIWI WASTE AUCTION IN FINAL STRETCH; BINDING BIDS FLY IN * SPHERE DRONES BUYS RISE ABOVE DRONES & ROBOTICS CHANTICLEER * CASINOS ARE IN THE DOGHOUSE. BUT REGULATORS NEED A SHAKE-UP * CROWN STILL TOO BIG TO FAIL, BUT PROFIT PAIN IS COMING * WHY THE FED WON’T MIND HURTING HOUSE PRICES AND SHAREMARKETS REAR WINDOW * WHY WE’LL REMEMBER PENNY WONG * BEVAN SLATTERY’S MEGAPORT SHARE SALES NOT FORCED BY BANKERS * BRYCKI BROTHERS HAVE SOCIAL MEDIA FAME COVERED Advertisement COMPANIES * Gambling CROWN PERTH ‘UNFIT’ TO HOLD LICENCE BUT ALLOWED TO STAY OPEN The WA royal commission recommends the casino be subject to heavy oversight by an independent monitor, similar to that in place for Crown Melbourne. * Hearsay HOW CAN LAW FIRMS PAY GRADUATES $300,000 A YEAR? Yep, that’s the going rate at elite US law firms, a number that has law firm chief executives in Australia shaking their heads as they do the maths. * Gas DON’T RUSH THE ENERGY TRANSITION, WOODSIDE URGES Woodside’s CEO Meg O’Neill urged critics to see the progress made by the fossil fuel industry in reducing emissions. * Updated * Mergers & acquisitions BROOKFIELD JOINS MORRISON IN RACE FOR UNITI Uniti signs a new exclusivity arrangement with the Brookfield/Morrison & Co consortium with a $5 million break-fee. * Retail JB HI-FI A RETAIL POWER WHATEVER COVID-19 THROWS AT IT New sales figures show that big TVs, appliances and home office computers and equipment are still in strong demand. * Legal industry DANNY GILBERT STEPPING DOWN AS MANAGING PARTNER Leading law firm Gilbert & Tobin will look for a new managing partner after co-founder Danny Gilbert said he was moving to a “more strategic” role. * Courts EX-ANZ EXEC SAYS HE WAS SACKED FOR REPORTING ALLEGED SEXUAL HARASSMENT A former ANZ employee is claiming he was victimised after blowing the whistle on an alleged incident at a conference in 2013. COMPANIES IN THE NEWS All Companies SEARCH COMPANIES View stories and data from an ASX listed company Search company by ASX code or name Search MARKETS * Markets Live ASX UP; CROWN SHARES RALLY AS CASINO LICENCE RETAINED Firefinch up 3pc on J Cap research; JB Hi-Fi reports strong sales growth in Q3; Janus Henderson hires new chief executive; Australian dollar touches four-month high. * Fundie Q&A NAVIGATING A COMMODITY BOOM WITHOUT BUYING MINERS Prime Value’s Richard Ivers explains how the fund has outperformed the Small Ords despite avoiding resources and buy now, pay later stocks. * Opinion * Chanticleer WHY THE FED WON’T MIND HURTING HOUSE PRICES AND SHAREMARKETS Credit Suisse’s global head of equities says markets are underestimating what the Fed needs to do on inflation, including hitting household wealth. * Bonds US RECESSION IN SIGHT FOR BOND TRADERS Bond investors are worried the US is heading for a recession, casting doubt on the Federal Reserve’s soft landing with its ambitious monetary tightening. * Cryptocurrencies ANZ THE FIRST BANK TO MINT AN AUSTRALIAN DOLLAR STABLECOIN, THE A$DC ANZ says creating a new digital asset linked to the AUD will reduce settlement risk costs and facilitate access to crypto more broadly. OPINION * Federal budget WE’LL HAVE TO THINK BIG ON BUDGET REPAIR Australia will need to improve its fiscal position by $40 billion a year. There are good solutions but they have to be radical. Richard Holden Economics professor * Russia-Ukraine war BIDEN NEEDS REALPOLITIK, NOT IDEALS TO WIN UKRAINE WAR The US President must come clean and admit the Ukraine war is not about democracy versus autocracy. Janan Ganesh Contributor THE PERMANENT CASE AGAINST POINTLESS FUEL EXCISE CHANGES What the Financial Review editorialised in 2001 against John Howard’s fuel excise election bribe stands today as the permanent case against what the Morrison government might do in next week’s budget. The AFR View Editorial * Monetary policy WILL SANCTIONING RUSSIA UPEND THE GLOBAL MONETARY SYSTEM? Few moves have raised the stakes in the global money system more than the West’s action to freeze Russia’s foreign currency reserves. Jim O'Neill Columnist * Federal budget COULD FRYDENBERG OR CHALMERS CUT LIKE KEATING AND WALSH? Tens of billions of dollars are being added each year to the national credit card for future generations to be burdened with. John Kehoe Economics editor * Fairfax Media MAX WALSH WROTE THE STORY OF AUSTRALIA’S REFORM ERA Without Max Walsh’s commitment to informing Australians about the big-picture nexus between politics and the economy, modern Australia would have remained a smaller and less prosperous country. The AFR View Editorial Advertisement POLITICS * Exclusive * Federal election MCKINSEY PARTNER WHO ADVISED ON JOBKEEPER WINS LIBERAL ENDORSEMENT Simon Kennedy was chosen as the candidate for the safe seat of Bennelong after telling party members how he helped the government with the wage subsidy during the pandemic. * Australia's China challenge ALARM BELLS OVER MOOTED CHINESE BASE IN SOLOMON ISLANDS The Morrison government was scrambling on Thursday after revelations of a draft security agreement between Beijing and the Solomon Islands which paved the way for a Chinese military presence on the Pacific Island nation. * Explainer * Federal election WHY THE FEDERAL ELECTION WILL LIKELY BE MAY 21 The federal election will be held on either May 14 or May 21. Here’s everything you need to know while we wait for an election date. * Exclusive * Perth WA SITTING LIBERAL’S CAMPAIGN UNDER FINANCE PRESSURE FROM INDEPENDENT The WA Liberal Party’s Curtin division agreed to dole out $40,000 to federal election campaigns before Kate Chaney ramped up her push to topple Celia Hammond. * Federal election REX PATRICK RECONSIDERS PLANS AFTER XENOPHON FLAGS COMEBACK Former South Australian independent Senator Nick Xenophon has declared he will run for the Senate at the federal election. SPONSORED WORLD * Russia-Ukraine war RUSSIA SAYS IT WILL UNDERCUT AUSTRALIAN WHEAT Indonesia has voted in favour of UN resolutions calling on Russia to withdraw from Ukraine, but has not signed on to sanctions. * Air accident CHINA FINDS BLACK BOX FROM PLANE CRASH Search efforts have been under way since the plane plummeted into a rural mountainside on Monday. * Russia-Ukraine war PUTIN ADVISER QUITS OVER UKRAINE WAR AND LEAVES RUSSIA Anatoly Chubais is the highest-ranking government figure to resign since Russia’s invasion of Ukraine. * Russia-Ukraine war BIDEN EXPECTED TO ANNOUNCE GAS AID TO EUROPE US President Joe Biden flies in as NATO weighs up how to help Ukraine resist cyber, chemical and nuclear attacks. But Germany’s leader vents sanctions fatigue. * Global economy BRITAIN CUTS PETROL TAX AS INFLATION SOARS, ECONOMY SLOWS In his mini-budget, UK Chancellor Rishi Sunak sought to help the middle class through the sharpest one-year drop in living standards ever recorded. PROPERTY * Property development SEKISUI HOUSE IN $100M NORWEST BUY, REVEALS COASTAL EXPANSION PLANS The Japanese-owned developer and builder is stepping up its expansion plans with Sydney the focus. * Hotels LABOUR SHORTAGES WEIGH ON HOTEL RECOVERY: MARRIOTT Marriott expects to hit a 60 per cent occupancy rate across its 27 Australian hotels next month, but says staffing shortages hamper an even stronger recovery. * Construction GOLD COAST, PERTH, TOWNSVILLE FACE SHARPEST BUILDING COST RISES Disrupted supply chains, labour shortages, floods and geopolitical uncertainty are making project pricing in the construction sector more volatile than normal. * Property market THE UNTAPPED NET ZERO POTENTIAL OF THE $1.3 TRILLION STRATA SECTOR The strata sector could help achieve net zero targets, lower the cost of living and improve housing affordability, the peak industry body says. * Office DEXUS CEMENTS ATLASSIAN TOWER DEAL The 40-level tower that will become Atlassian’s new headquarters has a hybrid concrete and timber design and is set to become a landmark. Advertisement WEALTH * Income tax TAX CUTS MEAN BRACKET CREEP IS ‘MUCH LESS CREEPY’: DELOITTE Personal income tax payments will blow past a record $250 billion in the federal budget, but tax cuts are more than offsetting wage inflation. * Carbon pricing HOW RETAIL INVESTORS CAN OFFSET THEIR CARBON FOOTPRINTS Carbon credits are one tool large emitters use to offset emissions. But can retail investors get in on the action – and speed the transition to net zero? * Rich List RICH LISTER TERRY SNOW BACKS FOUNDERS WHO’VE LIVED THEIR PROBLEMS A new grants program has backed social entrepreneurs motivated by their own adversity and hardships. TECHNOLOGY * Skills shortage TECH SECTOR URGES IMMIGRATION POLICY CHANGES Labor’s pledge to install 1.2 million Australians in tech jobs by 2030 is a “good start” but more skilled migration is necessary, fintech companies say. * Motoring LAMBORGHINI REVEALS WHEN YOU CAN EXPECT ITS FIRST EV (AND WHAT IT WON’T SOUND LIKE) The CEO of the Italian luxury car brand says it is absorbing sharp jumps in raw material costs and energy prices, and won’t hike price tags. * Venture capital UNISUPER MAKES FIRST VENTURE CAPITAL FORAY WITH $75M FUNDING UniSuper will tip $75 million into UniSeed – the shared investment arm of the nation’s research agency, CSIRO, and four major Australian universities. WORK & CAREERS * International students STUDENTS LOOK ELSEWHERE FOR ‘QUALITY’ EDUCATION The Australian government’s overtures to woo back international students have failed to revive the tertiary education industry. * Autism MEET THE CEO WITH A PHOTOGRAPHIC MEMORY Raiz Invest’s George Lucas opens up about living with high-functioning autism. Advertisement LIFE & LUXURY * Australian Open ASH BARTY WANTED TO RETIRE AFTER 2019 FRENCH OPEN Coach Craig Tyzzer knew tennis champion Ash Barty’s retirement was coming after her Wimbledon victory. He says the 25-year-old has achieved what she needed to and there’s nothing left in her tank. * Opinion * Opinion WHY WE ARE EXCITED ABOUT THIS APPLE MONITOR Apple’s $2499 Studio Display could change the way you upgrade your computer. * Health STEROID INJECTIONS DO NOT MAKE YOU WEAKER AT THE KNEES: STUDY Judicious use of steroid injections to relieve symptoms of osteoarthritis in the knees does not hasten knee replacement surgery, according to a new study. * Style LUXURY FASHION INSIDERS LOVE EMAIL AGAIN – HERE’S WHY If there’s something worth knowing these days, newsletters delivered to your inbox are the hottest ticket in town. * Motoring LAMBORGHINI REVEALS WHEN YOU CAN EXPECT ITS FIRST EV AND (WHAT IT WON’T SOUND LIKE) The CEO of the Italian luxury car brand says it is absorbing sharp jumps in raw material costs and energy prices, and won’t hike price tags. MOST VIEWED 1. MORE THAN HALF OF UKRAINE’S CHILDREN DISPLACED BY WAR 2. WHY WE’LL REMEMBER PENNY WONG 3. 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ANZ THE FIRST BANK TO MINT AN AUSTRALIAN DOLLAR STABLECOIN, THE A$DC FROM THE GALLERY DAVID ROWE CARTOONS FOR MARCH 2022 Mar 24, 2022View more editorial cartoons THE AUSTRALIAN FINANCIAL REVIEW MAGAZINE WHAT THE SCIENCE SAYS ABOUT MICRODOSING * Yolanda Redrup * WHY MICRODOSING IS GAINING MOMENTUM IN AUSTRALIA * LUXURY FASHION INSIDERS LOVE EMAIL AGAIN – HERE’S WHY BOSS FINANCIAL REVIEW MEET THE CEO WITH A PHOTOGRAPHIC MEMORY * Sally Patten * THE BEST ADVICE I EVER RECEIVED: ‘YOU CAN ONLY DO THREE THINGS WELL’ * BLACKMORES SETS OUT TO REACH 1 BILLION CONSUMERS LIFE & LEISURE WHY WE ARE EXCITED ABOUT THIS APPLE MONITOR * John Davidson * WELCOME TO KOSKELA’S NEW HARBOURFRONT HQ * LYNDAL OATLEY’S GERMAN FAIRYTALE RICH LIST WHY RICH LISTER TIM GURNER TACKLES HIS JOB LIKE A PROFESSIONAL ATHLETE * Patrick Durkin * RICH LISTER TERRY SNOW BACKS FOUNDERS WHO’VE LIVED THEIR PROBLEMS * PORT MACQUARIE HOTEL ‘TOO GOOD TO REFUSE’: LAUNDY 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 * History * Careers * Announcements * Platinum Year CONTACT CONTACT * Support * Letters to the editor * Submit a story * Advertise * FAQs MAGAZINES MAGAZINES * AFR Magazine * BOSS * LUXURY * Life & Leisure * Sophisticated Traveller COLUMNS COLUMNS * Chanticleer * Street Talk * Rear Window * The AFR View MARKETS DATA MARKETS DATA * Australian Indices * World Indices * Commodities * Bonds & Currencies * Companies index * Markets Data FAQs LISTS LISTS * Rich List * Power List * Young Rich * Women of Influence EVENTS EVENTS * Business Summit * Property Summit * Retail Summit * CFO Live * AFR Inside Markets * Banking Summit * National Infrastructure Summit * Super & Wealth Summit * Energy and Climate Summit * Higher Education Summit OUR NETWORK OUR NETWORK * The Sydney Morning Herald * The Age * Brisbane Times * WAtoday * Domain * Drive TERMS AND CONDITIONS TERMS AND CONDITIONS * Accessibility * Subscription Terms * Privacy Policy * Terms of Use * Reprints & Permissions * © Copyright 2022 The Australian Financial Review * Site Map