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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 AUDUSD0.7136 -0.0005 (-0.07%)-0.07%Toggle market snapshot SPI 2007258.00 25.00 (0.35%)0.35% S&P/ASX 2007261.20 -56.80 (-0.78%)-0.78% All Ords7547.00 -57.00 (-0.75%)-0.75% NZX 504752.88 -35.18 (-0.73%)-0.73% Hang Seng19946.36 11.65 (0.06%)0.06% Nikkei26386.63 -313.48 (-1.17%)-1.17% View all The search is on for the best young leaders in the country. Entries close Friday * Disability NDIS COST TO BLOW OUT TO $64B BY 2030: NEW REPORT An independent actuarial review of the NDIS is pointing to a further $19 billion in extra costs, with the scheme now predicted to be costing around $64 billion by the end of the decade. * HOW TO REDUCE AUTISM PREVALENCE AND SAVE THE NDIS * PUSH TO EXPAND NDIS TO OVER 65S AWAITS ELECTION WINNER * NEXT GOVERNMENT MUST REIN IN NDIS SPENDING MONUMENT * Opinion * Chanticleer AMP SEVERS LINKS WITH THE GLORY DAYS The dismantling of AMP Capital made strategic sense, but it has removed $200 million in earnings that underpinned AMP’s advice and banking businesses. * Energy security CLIMATE CHANGE PUTS 4PC OF GLOBAL GDP AT RISK, NEW STUDY ESTIMATES Ratings firm S&P Global looked at the likely impact of rising sea levels, and more regular heatwaves, droughts and storms. * Opinion * Federal election INFLATION BECOMES THE ELECTION WILDCARD For Australia, it’s the end of the era of low interest rates due to low inflation. The Reserve Bank now faces an accelerated timetable to raise the cash rate as soon as next week. How does that translate to an election campaign, asks Jennifer Hewett. * Opinion * Chanticleer INFLATION SURGE PUTS SPOTLIGHT ON HOUSING MARKET The big question for investors and the broader economy is how high rates can go before highly indebted households feel the strain, writes James Thomson. * Investment banking AMP INVESTORS TALLY UP CAPITAL RETURN The Dexus deal marks the demise of AMP Capital after 40 years as the crown jewel of the Australian wealth management icon. * Analysis * Bonds HOW MAY WAS SWIFTLY PUT IN PLAY FOR RBA LIFT-OFF The Reserve Bank wants to remain invisible during an election campaign. The market says it does not have that luxury, writes Jonathan Shapiro. * Jewellery WHY BULGARI TURNED TO A RARE GEM THAT’S NEARLY UNKNOWN * Cars DEALERS ‘STUNNED’ AS MERCEDES-BENZ SAYS THEY WELCOMED AGENCY MODEL * Skills shortage MONEY HELPS YOU RECRUIT STAFF - HERE’S WHAT MAKES THEM STAY * Inflation WHAT HAPPENED WHEN THIS CAFE RAISED COFFEE PRICES ... AS HIGH AS $6.50 A unique look at data that will help determine who forms the next federal government. Sign up for The Election Brief STREET TALK * MITSUI SHOPS STAKES IN WOODSIDE JVS; JEFFERIES HIRED * 9.35pm * PARTNERS GROUP EYES $4B-PLUS FOR CWP RENEWABLES, INDICATIVE BIDS IN JUNE * 9.34pm * NEW NAME PARTNER FOR STOCKBROKER AITKEN MOUNT * 9.31pm CHANTICLEER * AMP SEVERS LINKS WITH THE GLORY DAYS * INFLATION SURGE PUTS SPOTLIGHT ON HOUSING MARKET * THE BOARD WHISPERER’S WARNING FOR THE C-SUITE REAR WINDOW * BANNED DOMINIQUE GRUBISA APPARENTLY A TOP CEO * RESERVE BANK REFRESHMENTS FAIL TO SPARKLE * PARLIAMENTARY EXPENSES AGENCY TAKES FORMER SENATOR TO COURT OVER $114 Advertisement ELECTION 2022 * Breaking * Federal election BUDGET REPAIR ON HOLD AS LABOR PLEDGES $5B IN SAVINGS The major parties are poised to go to the election without concrete plans for budget repair after Labor outlined savings and tax increases of $5 billion over the next four years. * Explainer * Federal election WHAT HAPPENS IF NEITHER MAJOR PARTY WINS THE ELECTION? Hung parliaments are not common at a federal level, but they do happen. If neither major party wins a majority of seats in the House of Representatives at the election, here’s what will happen. * Federal election LABOR TO RAMP UP MULTINATIONAL TAX AVOIDANCE FIGHT Hundreds of businesses using offshore tax havens will have until July 2023 to reorganise their affairs, under a new crackdown by Labor if it wins the election. * Carbon challenge LABOR’S POWER PRICE FALL CLAIMS ‘DON’T STACK UP’ Labor’s $20 billion low-cost loan scheme would bring forward poles and wire projects, but experts say the costs will be passed on to consumers. * Federal election CLAIMS CHINA INTERFERED IN FEDERAL ELECTION ARE ‘UNHINGED’, LABOR SAYS Labor says claims that China timed Solomons pact to interfere in the Australian election are ‘conspiratorial fantasy’. BEST PLACES TO WORK * Best places to work FOUR-DAY WEEK KICKS OFF A NEW WAVE OF FLEXIBLE WORK CULTURE How Australia’s best workplaces created a thriving culture both at home and in the office during a global pandemic. * Best places to work EMPLOYEE BENEFITS CATAPULT FUTURE SUPER TO THE TOP OF THE LADDER A climate-friendly policy and women-friendly leave facilities are among the key success factors at Future Super. * Best places to work NUFARM’S MENTAL HEALTH FOCUS TAKES IT TO THE TOP Last year was a tough year for the agriculture, mining and utility sectors with rolling lockdowns affecting employees’ mental health. Nufarm found a way out. * Best places to work ARRIBA’S SLEEP-IN VOUCHER A WINNER FOR STAFF Sleep-in vouchers are part of a wellbeing program at Arriba Group designed to assist people with the mental effects of multiple lockdowns during the pandemic. * Best places to work SLALOM EMPOWERS STAFF TO PURSUE THEIR PASSION Slalom’s culture, learning programs, innovation mindset, and leaders are constantly working towards flexible career paths and meaningful work for staff. COMPANIES * Inflation COST INFLATION SWEEPS THROUGH MINING SECTOR Surging costs were the clear theme on a busy day of quarterly reports in the mining sector. * Opinion * Chanticleer THE BOARD WHISPERER’S WARNING FOR THE C-SUITE Morrow Sodali’s local chairwoman Maria Leftakis says ESG pressures on boards are mounting, creating fresh opportunity for advisers. * Opinion * Chanticleer CATHERINE LIVINGSTONE GOT HER BIGGEST CALL RIGHT During her five years as chairman, Catherine Livingstone led CBA through a firestorm and out again. Her choice of CEO was vital to the turnaround. * Board shake-up O’MALLEY EYES CBA CHALLENGES WITH LIVINGSTONE TO RETIRE Catherine Livingstone said it’s the right time to step down from the CBA board, which she has led since 2017. Former BlueScope boss Paul O’Malley will take over. * Carbon challenge BLACKMORES PUTS HARD EDGE ON $75M ‘GREEN’ LOAN REFINANCE CEO Alastair Symington says supply chain pressures are the toughest he has seen in 25 years in the consumer goods sector. * Board shake-up HOW CBA’S NEW CHAIRMAN SAVED THE PORT KEMBLA STEELWORKS Paul O’Malley, the man who turned around Australia’s biggest steelmaker, credits his ability to make tough decisions to his pub-owning parents. * AGM season AS COVID BARRIERS LOOSEN, WELCOME TO THE HYBRID AGM G8’s meeting gave a guide to how AGMs might look this year after two years of online gatherings, including the spacing of chairs and how Investors shake hands with directors. 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 * Shares ASX FALLS 0.8PC AS MARKET LOCKS IN RATE RISE NEXT WEEK Australian shares fell on Wednesday for a third straight session as the consumer price index exceeded forecasts, prompting rates markets to lock in a Reserve Bank interest rate increase at its meeting next Tuesday. * Analysis * Bonds HOW MAY WAS SWIFTLY PUT IN PLAY FOR RBA LIFT-OFF The Reserve Bank wants to remain invisible during an election campaign. The market says it does not have that luxury, writes Jonathan Shapiro. * Interest rates NAB, ANZ FORECAST MAY ELECTION RATE RISE AMP, NAB and ANZ have brought forward their rate increase projections to next week after inflation jumped to its highest level in 20 years. * Markets Live INFLATION SURGES; TECH SHARES SINK ON MAY RATE HIKE BETS Trimmed mean and headline inflation top expectations at 3.7pc and 5.1pc. Northern Star, 29Metals flag rising costs. CBA’s chairman to retire. Follow updates here. * Sharemarket TECH SELL-OFF INTENSIFIES AS GROWTH FEARS GRIP MARKETS Investors are concerned that corporate earnings will not be able to withstand slowing economic growth caused by the war in Ukraine and China’s zero-COVID-19 policy. OPINION * Monetary policy RATES SHOULD RISE NOW TO RETAIN RBA CREDIBILITY Australia’s inflation breakout is not as severe as across much of the world. The Reserve Bank must now focus much more sharply on ensuring that it doesn’t become so. The AFR View Editorial * Monetary policy RBA MUST RESET INFLATIONARY THINKING There is a good chance the Reserve Bank board will raise rates by 15 basis points on Tuesday. It should follow up with a hike of 25 basis points in June, taking the cash rate to 0.5 per cent within six weeks. Warren Hogan Economist * Inflation PUTIN’S WAR IS CAUSING A MANY-SIDED ECONOMIC SHOCK A quarter of a century ago, many hoped we were on the road to what humanity needed. Alas, we are again on a downhill path toward division, disruption and danger. Martin Wolf Columnist * Company mergers MUSK’S TWITTER DEAL MIGHT FAIL, BUT NOT ON ANTITRUST GROUNDS It’s obvious to even the most novice of antitrust lawyers that the deal won’t be rejected on a market power basis, but that hasn’t stopped Washington’s left-leaning media and politicians. Matthew Cranston United States correspondent * Pacific diplomacy OPENING LABOUR MARKET TO THE PACIFIC WOULD TRANSFORM RELATIONS Australian jobs for Pacific Islanders would do more to match China’s economic appeal in the region than almost any amount of aid. Stephen Howes Contributor * Federal election WHAT I LEARNT WRITING A BOOK ABOUT THE TURNBULLS They’re wealthy, famous and influential, which is why Australians deserve to learn how and why they undermined the Morrison government. Aaron Patrick Senior correspondent Advertisement POLITICS * Inflation FOOD, HOUSING AND TRANSPORT PRICES JUMP Ten of the 11 categories tracked by the Australian Bureau of Statistics recorded price growth in the March quarter. * Autism HOW TO REDUCE AUTISM PREVALENCE AND SAVE THE NDIS A leading expert on autism says a new model of early intervention can reduce diagnosis of the disorder by a factor of three and could take pressure off the NDIS. * Mining MINING LOBBY WANTS ‘TOTAL COMMITMENT’ TO NET ZERO The MCA is concerned about Labor’s workplace, multinational tax and climate policies but wants the government to show ‘total commitment’ to net zero emissions. * Federal election WHY NEITHER PARTY CAN AFFORD TO VEX BABY BOOMER VOTERS There are about a million more “older” voters (over 65s) than “younger” voters (under 30s), and the gap is widening. * Republic debate AUSTRALIA WON’T BE A REPUBLIC IN MY LIFETIME, SAYS GEORGE BRANDIS The departing high commissioner to Britain says Prince Charles will make “a very fine head of state for Australia”. SPONSORED WORLD * Defence NATO A GOOD MODEL FOR INDO-PACIFIC: US MILITARY COMMANDER Australia’s defence chief said he looked forward to discussing China’s accusation with his Beijing counterpart “when he might next wish to speak with me”. * Russia-Ukraine war RUSSIA ACCUSED OF ‘GAS BLACKMAIL’ AFTER CUTTING OFF POLAND, BULGARIA The Kremlin’s move came after both NATO nations had refused Russia’s request that they pay in roubles. * Trade deals INDIA’S ‘GLOBAL PHARMACY’ TARGETS THE AUSTRALIAN MARKET The ‘global pharmacy’ is looking with new interest at the Australian market, despite its small size and high costs. * Vale CEO OF SPORTSWEAR COMPANY FOUND DEAD IN SINGAPORE The death of Cris Albert, the owner of the Philippines distributor for South Korea-based sportswear company Fila Holdings, is being treated as unnatural. * Regional security US SENATORS URGE BIDEN, AUSTRALIA TO STEP UP PACIFIC DIPLOMACY US defence hawks say Australia and the US need to be on the front foot in the Pacific Islands to push back against China’s influence, but do not offer specific actions. PROPERTY * Office IWG SAYS FLEX WORK SPACE IS BOUNCING BACK AS CLIENTS RETURN Australia’s biggest co-working operator IWG reports stronger customer patronage of its centres since March and future indicators are encouraging. * Commercial real estate DEXUS WINS $28B AMP FUNDS PLATFORM This will kill off AMP’s long-running plan to spin out and publicly list the AMP Capital real estate and infrastructure funds management business. * Retail FAWKNER TOPS UP WITH $140M IN PETROL STATIONS Investors looking for secure returns have pushed up prices over the past two years for well-leased convenience and small retail assets, with the yields on some fuel outlets sold at auction falling below 5 per cent. * Commercial real estate INVESTA GOES TO COURT IN BID TO LIFT NORTH SYDNEY HERITAGE LISTING If you believe in something strongly enough, fight for it. That’s what Investa Property Group is doing to protect a North Sydney project with planning issues. * Office V-LEADER SCRAPS CBD HOTEL AND GOES ALL IN ON OFFICE REVIVAL The developer believes the 40-storey office building will capitalise on a flight to quality in Melbourne including from small businesses. Advertisement WEALTH * Philanthropy THE RADICAL PLAN TO GET TECH FOUNDERS TO GIVE AWAY MORE CASH While philanthropy is rising in Australia, it’s not keeping pace with the rise in wealth. Daniel Petre, Antonia Ruffell and Peter Winneke aim to change that. * Philanthropy AUSTRALIA’S TOP 50 PHILANTHROPY LIST HAS 13 NEW MEMBERS The Financial Review Philanthropy 50 list total of $942 million is down on the previous year. But a higher minimum was required for private donors to make it. * Billionaires THE OBSCURE FAMILY OFFICE BEHIND ELON MUSK’S $61B TWITTER BUYOUT It is called Excession and the man who helped build it is Jared Birchall, a former Morgan Stanley banker who was once mysteriously discharged by Merrill Lynch. TECHNOLOGY * Home tech LIFE360 STOCK PLUNGES 29PC ON DUAL LISTING HALT Life360 shares crashed on Wednesday as cash burn and the US company’s paused dual listing spooked investors. * Inflation MICROSOFT WAVES OFF MACROECONOMIC WORRIES WITH BULLISH FORECAST Satya Nadella, chief executive, predicted tech spending would remain strong even if economic growth slowed. * Billionaires BEZOS TAKES AIM AT MUSK’S TWITTER DEAL WITH CHINA JIBE In a series of tweets, the Amazon founder drew attention to Tesla’s close ties with the Asian nation and whether Beijing may now have “leverage”. WORK & CAREERS * Exclusive * Work/life balance WHY A CAREER BREAK WAS JUST WHAT THIS FORMER XERO MD NEEDED Former Xero Australia managing director Trent Innes is taking on the top job at HR tech company Compono on Monday. * Skills shortage MONEY MOTIVATES CANDIDATES TO JOIN BUT CULTURE KEEPS THEM: SURVEY Employers are looking to salary increases to retain staff, but will it be enough to stave off mass resignations? Advertisement LIFE & LUXURY * Formula 1 WHERE THE RICH ARE PAYING $42,000 FOR A TABLE THIS WEEKEND For racing fans, Miami’s first Formula 1 race will be one of the most exciting events of the year. * Travel BRIDGE TO A SENSORY REALM EXPANDS ARTHUR BOYD’S GIFT TO THE NATION An architectural installation at Bundanon lets visitors steep themselves in the world of one of Australia’s most revered artists. * Thailand THEY CALL HER SUPER G: CEO RECREATES AN ICONIC BANGKOK HOTEL The Dusit Thani was a jewel of Thailand’s hospitality industry. Suphajee Suthumpun is the woman tasked with ensuring its replacement becomes a new landmark. * Visual art ART AUCTIONEER ROD MENZIES DIES AT 76 The former cleaning magnate reshaped the Australian art auction landscape and did so with aggressive business tactics that pushed the boundaries of an unregulated industry and tested the patience of his competitors. * Review HARRY POTTER PLAY SELLS MORE THAN 1 MILLION TICKETS A long run for Harry Potter and the Cursed Child is just one part of Michael Cassel’s ambitious post-pandemic plan. MOST VIEWED 1. ELECTION RATE RISE A MATTER OF RBA ‘CREDIBILITY’ 2. INFLATION SURGES; TECH SHARES SINK ON MAY RATE HIKE BETS 3. CEO OF SPORTSWEAR COMPANY FOUND DEAD IN SINGAPORE 4. GOVERNMENT’S $250 PAYMENT TO HIT BANK ACCOUNTS AS CPI FIGURE SOARS 5. ACCENTURE REVEALS ITS MINIMUM PAY RATES 6. ‘WE DIDN’T LET HIM KNOW HE WAS THE ONLY BIDDER’ FROM THE GALLERY DAVID ROWE CARTOONS FOR APRIL 2022 Apr 27, 2022View more editorial cartoons THE AUSTRALIAN FINANCIAL REVIEW MAGAZINE THE RADICAL PLAN TO GET TECH FOUNDERS TO GIVE AWAY MORE MONEY * Jemima Whyte * AUSTRALIA’S TOP 50 PHILANTHROPY LIST ADMITS 13 NEW MEMBERS * HOW SAILING HELPED THIS BUSINESS LEADER NAVIGATE THE BOARDROOM BOSS FINANCIAL REVIEW THE BEST PIECE OF ADVICE I EVER RECEIVED? ‘SAY YES’ * Angela Macdonald-Smith * THE MOST IMPORTANT ATTRIBUTE OF A LEADER, ACCORDING TO THIS EBAY EXEC * THESE SIX PERSONALITY TRAITS CAN HELP YOU REACH YOUR FULL POTENTIAL LIFE & LEISURE BRIDGE TO A SENSORY REALM EXPANDS ARTHUR BOYD’S GIFT TO THE NATION * Xenia Hanusiak * WHY A SPINEL IS THE JEWEL IN BULGARI’S CROWN * THEY CALL HER SUPER G: THE CEO RECREATING AN ICONIC BANGKOK HOTEL RICH LIST BRICKS-AND-MORTAR REVIVAL DRIVES HARRIS SCARFE EXPANSION PLANS * Larry Schlesinger * CANVA TAKES HIT AS INVESTOR SLASHES VALUE OF SHARES BY 33PC * HARRY TRIGUBOFF CARVES OUT HIS BUILD-TO-RENT PORTFOLIO 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 & Payments 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