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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 * 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 AUDUSD0.7007 0.0022 (0.32%)0.32%Toggle market snapshot SPI 2007260.00 11.00 (0.15%)0.15% S&P/ASX 2007241.20 16.00 (0.22%)0.22% All Ords7543.60 7.50 (0.10%)0.10% NZX 505185.92 -0.11 (-0.00%)-0.00% Hang Seng23766.69 -22.24 (-0.09%)-0.09% Nikkei28029.57 276.20 (1.00%)1.00% View all * Coronavirus pandemic SA URGED TO KEEP BORDER OPEN AS NSW, VICTORIA STAY THE COURSE Canberra and business groups have told the South Australian government not to backflip on reopening borders. * SA MUST HOLD ITS NERVE ON THE BORDER * OMICRON BRINGS STORM CLOUDS FOR RISK ASSETS * FALL IN JOBLESS RATE SETS STAGE FOR SWIFTER TAPER OF FED STIMULUS * Sharemarket OMICRON BRINGS STORM CLOUDS FOR RISK ASSETS Investors are uncertain over whether an omicron-induced rotation into safe-haven assets will unwind or accelerate into the Christmas holidays. * Opinion * Federal election DIFFERENT TRACKS, SAME DESTINATION IN RACE FOR THE LODGE As Anthony Albanese laid out policy at a full-scale campaign rally, Scott Morrison hammed it up for the supercar crowd at Bathurst, writes Phillip Coorey. * Federal election RENEWAL, NOT REVOLUTION: ALBO’S PITCH FOR POWER Anthony Albanese has assured voters a change of government would improve their lives, not create more upheaval. * Shipping CHOKED SUPPLY CHAINS MAY EXIST ‘FOR A VERY LONG TIME’ Toll Group managing director Thomas Knudsen has some bad news for anyone hoping for relief from sky-high international freight charges. * NSW councils NSW COUNCIL ELECTIONS PAINT POSSIBLE FEDERAL BATTLEGROUNDS Labor, the Greens and independent tickets have seen strong support in NSW’s local government elections as Clover Moore continues her run as Sydney’s mayor. * Opinion * Climate policy LABOR DELIVERS A LIBERAL PLAN FOR CLIMATE ACTION Labor’s climate policy slakes the thirst of economic rationalists hanging out for someone – anyone – to deliver a rational response to the climate challenge, writes Steven Hamilton. * Property prices BUYERS SPOILED FOR CHOICE AS AUCTION BOOM ROLLS ON * Private schools PRIVATE SCHOOL BOYS NEED TO STOP BEHAVING BADLY * Bitcoin SINGAPORE SUSPENDS CRYPTO EXCHANGE OVER SPAT WITH K-POP GROUP BTS * Streaming THE BEST TV SHOWS OF 2021 Get tomorrow’s Street Talk today. In your inbox every night, Sunday to Thursday. Sign up for the newsletter STREET TALK * INSIGHT PARTNERS GOES EARLY WITH RELEVANCE AI’S $US3M RAISE * UPSWELL, JELIX VENTURES BACK AMAKA IN $5 MILLION RAISE * CSL CENTRE OF ATTENTION AS IT REELS IN BIG FISH VIFOR CHANTICLEER * TIME TO RETHINK BERKSHIRE HATHAWAY * SOHN DELIVERS LESSONS ON TECH DISRUPTION * WHY MACQUARIE SAYS OMICRON COULD RESHAPE M&A BOOM REAR WINDOW * RIO TINTO’S TWITTER WARS * DIANE SMITH-GANDER STEERS ZIP THROUGH THE CORRECTION * THINGS STILL GETTING WORSE AT ANZ Advertisement WEEKEND READS * Lunch with the AFR HOW TO SURVIVE A CRASH: LESSONS FROM A FINANCIAL SURVIVOR Name an economic crisis from the past 30 years, and Perth-born Symon Drake-Brockman had a ringside seat. Does anything still keep him awake at night? * Shipping SINGAPORE’S $20.6 BILLION MARITIME BET While Australia’s ports wallow near the bottom of world rankings, the city-state is planning decades ahead to consolidate its position in global supply chains. * Analysis * Inflation WHY THE ECONOMY COULD ‘SERIOUSLY OVERHEAT’ There’s concern among economists that a wall of cash will hit the economy just as freed consumers start to spend in earnest. * Workplace culture WHEN STANDARDS FAIL: PARLIAMENT BEHAVING BADLY Kate Jenkins’ landmark report on conduct in federal government workplaces has revealed a rotten culture fuelled by alcohol. * Analysis * Jobs THE REAL REASON 4.4 MILLION AMERICANS ARE QUITTING THEIR JOBS A childcare crisis created by a dysfunctional schooling system has a lot to do with a record number of job openings in the US. LIFE & LEISURE * Opinion * Review 12 TECH CHRISTMAS GIFTS THAT ARE WORTH THE WAIT Running late with Christmas shopping? You’re not alone. The whole technology industry is running behind. * Travel WELLNESS IN THE WILDERNESS AT PUMPHOUSE POINT RETREAT Lake St Clair in Tasmania is the perfect setting for an antidote to the stresses of this year – and the excess of Christmas. * Opinion * Christmas SO WHAT IF YOUR FAMILY FESTIVITIES GET STRESSFUL? IT’S CHRISTMAS! The true meaning of the season eluded me – until last year I found myself home alone with my partner and a cat who turned his nose up at my ocean trout roe. * Food SEVEN OF THE BEST COOKBOOKS TO GIVE THIS CHRISTMAS Don’t fight the overload of titles – just delight in being spoilt for choice by everyone from Peruvian star Virgilio Martinez to Matt Preston. * Home accessories THE AFR’S PICK OF DESIRABLE BOOKS FOR CHRISTMAS These recently published tomes do double duty as reference books and coffee-table statement pieces. They also make excellent gifts. Podcast | How Australia’s top entrepreneurs built their fortunes and what they learnt along the way. Listen now COMPANIES * Bulls & bears LYNAS ALREADY A WINNER FROM THE CLEANER ENERGY MINERALS BOOM Analysts are raising concerns about whether the market is becoming too optimistic about the rare earths miner. * Mergers & acquisitions WOOLWORTHS FACES HARDER ROAD IN API TILT The powerful Pharmacy Guild and the competition regulator are bigger roadblocks for the supermarket giant than for Wesfarmers in the takeover battle. * Mergers & acquisitions CSL SHARES DIP BELOW $300 AS IT CONFIRMS M&A TALKS CSL shares dipped below $300 on Friday - their lowest in more than four weeks - after the biotech giant confirmed it is in talks with an unidentified offshore party. * Extreme weather LA NINA FLOODS CAUSE HAVOC FOR FARMERS More than 70 per cent of farmers in NSW are yet to harvest their winter crops as flood waters move south from Queensland. * Electricity PLUNGING ENERGY PRICES SINK VALES POINT POWER STATION Power barons Trevor St Baker and Brian Flannery have slashed the value of the Vales Point power station after a 93 per cent fall in annual profits. * Hayne fallout FIXING BANK CULTURE, SYSTEMS A PRIORITY: CALLAGHAN REVIEW Australian Banking Association says a new banking code responds to Royal Commission, as well as digital banking take-up. * Coronavirus pandemic MODERNA WORKING ‘AROUND THE CLOCK’ TO FIGHT OMICRON The drugmaker’s co-founder, Robert Langer, told the Sohn Hearts & Minds conference the company will know in about a week how effective its COVID-19 vaccine is. 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 * Investing WHY JEREMY GRANTHAM IS DOUBLING DOWN ON GREEN INVESTING Billionaire investor Jeremy Grantham says green investing is “going to be the most important investment theme for the rest of your life”. * Wall Street BIG TECH SINKS US STOCKS AS TRADERS RUSH INTO HAVENS Wall Street plunged, although some late buying helped ease the fierceness of the sell-off. The Australian dollar and bitcoin were hit in the rush to the exits. * Analysis * Employment FALL IN JOBLESS RATE SETS STAGE FOR SWIFTER TAPER OF FED STIMULUS While Friday’s payroll data came in under estimates, the US jobs market seems in rude health – adding to pressure on the central bank to move quicker to tighten policy. * Opinion * Chanticleer SOHN DELIVERS LESSONS ON TECH DISRUPTION From e-signatures to last-mile logistics and facials, the annual conference showed that waves of disruption continue to break in different ways across different sectors. * Investing ALL THE PICKS FROM SOHN HEARTS & MINDS Thirteen of the leading minds in funds management revealed their top stock picks for this year’s virtual Sohn Hearts and Minds event. OPINION * Climate policy VOLUNTARY CLIMATE ACTION WON’T REACH NET ZERO ‘Technology not taxes’ is not enough. A price on carbon is needed to make more expensive lower-emissions innovations the cheaper option. Ross Garnaut Contributor * Climate policy LABOR DELIVERS A LIBERAL PLAN FOR CLIMATE ACTION Labor’s climate policy slakes the thirst of economic rationalists hanging out for someone – anyone – to deliver a rational response to the climate challenge. Steven Hamilton Contributor * Foreign relations IT’S TIME FOR AUSTRALIA TO BE A ‘SMART POWER’ COUNTRY AUKUS shows the Morrison government’s hard power mindset. But getting the balance right with soft power assets is essential to further the national interest. John McCarthy Contributor * Culture wars MORRISON’S CULTURAL GAMBIT AT ODDS WITH LIBERAL PARTY ETHOS In a significant change, conservative governments are using state powers and higher spending to intervene in the cultural battles and to win over lower income and ethnic voters. Tanveer Ahmed Contributor * ALP LABOR TURNS TO THE MARKET TO FIX CLIMATE Labor’s plan to use the safeguard mechanism as a carbon price will cut the cost of decarbonising and open up the opportunities it brings. The AFR View Editorial * Federal politics LABOR OFFERS A FAR MORE AMBITIOUS CLIMATE PLAN The opposition is offering a much more ambitious climate plan than the Morrison government, with the sorts of tangible policies voters can easily grasp. Laura Tingle Columnist Advertisement POLITICS * Coronavirus pandemic PFIZER VACCINE FOR CHILDREN FROM JANUARY 10 Australian children aged five to 11 could get a Pfizer COVID-19 vaccine as soon as January 10 as the first approval hurdles were cleared on Sunday morning. * Opinion * University RICHEST 10PC THREE TO FIVE TIMES MORE LIKELY TO ATTEND UNIVERSITY Nine universities have an atypically low share of disadvantaged students. These include Bond University, University of NSW and UTS, writes Andrew Leigh. * Opinion * Climate policy VOLUNTARY CLIMATE ACTION WON’T REACH NET ZERO ‘Technology not taxes’ is not enough. A price on carbon is needed to make more expensive lower-emissions innovations the cheaper option. * Coronavirus pandemic SA TOUGHENS COVID TESTING FOR ARRIVALS FROM NSW, VICTORIA, ACT SA Premier Steven Marshall says shutting borders to its eastern neighbours is a real possibility as part of an effort to keep the omicron variant at bay. * Climate policy LABOR’S CLIMATE PLAN GOES HARD ON HEAVY POLLUTERS The policy was in line with demands by peak employer and business groups, but nonetheless is set to become an election battleground. SPONSORED WORLD * Analysis * Employment WHY THIS NEW YORK WAITRESS IS IN NO RUSH TO FIND A NEW JOB Ervita Katehis lost her job in October, but knows there’ll be plenty to choose from when she starts looking again in the new year. * Opinion * Investing SOUTH-EAST ASIA IS KEY TO INVESTORS’ FOCUS ON CLIMATE CAPITAL Directing capital towards clean energy infrastructure in south-east Asia over the next decade will be a crucial factor in achieving global climate targets. * Analysis * Employment US CITIES TAP FEDERAL STIMULUS TO REWARD AND KEEP WORKERS From California to Kentucky to Massachusetts, dozens of cities, counties and state governments are using some of the $500 billion they received from the Biden administration to shower extra pay on workers. * Coronavirus pandemic SOUTH AFRICA’S DAILY CASES ALMOST QUADRUPLE IN FOUR DAYS The country recorded 16,055 infections in the last 24 hours and the positivity rate accelerated to 24.3 per cent of tests. * Employment US ECONOMY ADDS 210,000 JOBS IN NOVEMBER, JOBLESS RATE FALLS TO 4.2PC While the US labour market missed expectations for November, there were upward revisions to each of the prior two months. PROPERTY * Industrial MORE RENT RISES TIPPED AS INDUSTRIAL VACANCY RATES HIT RECORD LOWS Vacancy rates have never been lower in Australia’s industrial sector, with demand increasing through the back half of 2021. * Construction CONSTRUCTION ACTIVITY GROWTH DRIVEN BY COMMERCIAL WORK Even as residential and infrastructure sectors held their ground or declined, commercial building boomed in November. * Luxury property THIS TENNIS STAR JUST SOLD HIS MELBOURNE HOME FOR $15M+ Australian ace Lleyton Hewitt and his TV celebrity wife have offloaded their Toorak home of five years for up to $16 million – but there’s one thing missing. * Commercial real estate TRUMP COULD POCKET $140M IN DEAL FOR MONEY-LOSING HOTEL Donald Trump’s DC hotel posted millions in losses and was the subject of fierce ethical debate as the former US president mixed his personal business with government. * Commercial real estate SUPER FUNDS’ SWELLING CAPITAL FUELS BUY-OUT BIAS The prospect of real estate investment trusts (REITs) becoming vulnerable to privatisation by cashed-up super funds dominated discussion at this week’s Financial Review Property Summit. Advertisement WEALTH * Billionaires PRIVATE JETS ARE IN SHORT SUPPLY AS BILLIONAIRE ECONOMY BOOMS The hunger for pricey jets is just the latest example of the booming billionaires economy, where demand for mansions, boats and many collectibles has surpassed pre-Covid levels. * Opinion * Bonds CALM DOWN! PAY RISES AREN’T NEARLY AS HOT AS THE MARKETS THINK While the inflation and wages data in the US implies that interest rates should be much higher, stocks and bonds don’t want to believe it. * SMSFs DEMENTIA A LOOMING ‘DISASTER’ FOR AGEING SMSF TRUSTEES Billions of dollars are potentially at risk because scheme members have failed to plan for incapacity. TECHNOLOGY * Retail FLOWER POWER: HOW THE PANDEMIC HELPED THIS BRAND BLOSSOM Fast-growing brand LVLY is making hay while the COVID-19 sun shines for its flower delivery services. * Leadership lessons HOW SLACK TOOK OVER THE OFFICE ... AND WHY SOME BOSSES HATE IT What makes the corporate productivity tool insidious is also what makes it appealing, and sometimes dangerous. * Phones APPLE TELLS SUPPLIERS IPHONE DEMAND HAS SLOWED The iPhone maker is still on track for a record holiday season, with analysts projecting a sales increase of 6 per cent to $166 billion. WORK & CAREERS * Research CAREERS ON HOLD AS RESEARCHERS WAIT FOR GRANTS The Australian Research Council has hit a dubious 30-year record, with the latest funding round yet to be announced. * Vaccination BHP VACCINE MANDATE UNLAWFUL, FAIR WORK RULES BHP’s requirement that Mount Arthur miners get the jab has been rejected, opening up other employer mandates to challenge if they fail to properly consult workers. Advertisement LIFE & LUXURY * Weekend Fin MEET THE COUTURE COLLECTORS OBSESSED WITH CHANEL Mark Walsh and Leslie Chin have amassed a 10,000-piece collection and have loaned 32 of their most prized items to the NGV’s exhibition on the designer. * Psychology WHY YOUR GUT INSTINCT IS PROBABLY WRONG Psychologist Steven Pinker wants to make people aware of their biases and fallacies in his new book and podcast. * Exhibitions CHEN WENLING HAS HIS FIRST SOLO SHOW IN AUSTRALIA The Chinese contemporary artist is best known for his ‘red men’, which have featured in Bondi’s Sculpture by the Sea. A new exhibition also showcases his paintings and calligraphy. * Champagne & sparkling wine IMPRESS WITH FIVE OF THE BEST CHAMPAGNE MAGNUMS THIS SEASON When things begin to bounce back, corks start popping again. What better way to celebrate than to go large with a magnum? * Watches 30 TOP NEW LUXURY WATCHES FOR ANY OCCASION What better than a watch to mark a moment? Choose from opulent options, top timers, added sparkle, back to the office or mission ready. MOST VIEWED FROM THE GALLERY DAVID ROWE CARTOONS FOR DECEMBER 2021 Dec 5, 2021View more editorial cartoons THE AUSTRALIAN FINANCIAL REVIEW MAGAZINE IMPRESS WITH FIVE OF THE BEST CHAMPAGNE MAGNUMS THIS SEASON * Max Allen * 30 TOP NEW LUXURY WATCHES FOR ANY OCCASION THIS SUMMER * THE $700,000 RAPPER-INSPIRED WATCH YOU DIDN’T KNOW YOU NEEDED BOSS FINANCIAL REVIEW THANKYOU GROUP DONATES MORE THAN SUNCORP, BRAMBLES, QBE AND MIRVAC * Sally Patten * MILLIONAIRES FACTORY HOSTS SEVEN OF AUSTRALIA’S 10 HIGHEST-PAID EXECS * HOW COMPANIES CAN PLUG THE SKILLS GAP WHILE INCREASING DIVERSITY LIFE & LEISURE SO WHAT IF YOUR FAMILY FESTIVITIES GET STRESSFUL? IT’S CHRISTMAS! * Matthew Drummond * IF THERE IS ONE BOOK ON ABORIGINAL ART TO BUY THIS SEASON, THIS IS IT * ‘EVERYONE ALWAYS WANTS TO DANCE AT CHRISTMAS PARTIES IN TEHRAN’ RICH LIST CROWN RECOVERY DRIVES PACKER VEHICLE TO $505M PROFIT * Michael Bailey * THE 10 LESSONS BEHIND THE HEINES’ $2.8B SUCCESS * WANT TO START A COMPANY? 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