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Last chance to save over 50%.Get offer * 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 AUDUSD0.7189 0.0003 (0.04%)0.04%Toggle market snapshot S&P/ASX 2007225.60 -70.60 (-0.97%)-0.97% All Ords7501.50 -73.30 (-0.97%)-0.97% NZX 504961.34 -48.43 (-0.97%)-0.97% Hang Seng24549.49 -243.28 (-0.98%)-0.98% Nikkei26880.25 -352.62 (-1.29%)-1.29% View all * Opinion * Chanticleer THE GIANTS OF THE ASX ARE FLEXING THEIR MUSCLES This week some of our biggest companies sparked big post-profit stock moves. But it’s also becoming clear how much scale matters right now. * WESFARMERS’ WARNING TO ‘GREEDY’ RIVALS * BOOMING BHP SEES THE BRIGHT SIDE ON INFLATION * TELSTRA LEAVES OPTUS, VODAFONE IN ITS WAKE * Lithium LILLEYMAN BULLISH LITHIUM IS PILBARA’S NEXT BIG PLAY Greg Lilleyman says that like higher quality iron ore, lithium is one of the standout commodities in terms of supply and demand tailwinds. * Property tax SURGING STAMP DUTY SLASHES HOME SALES The rising cost of stamp duty has slashed the number of properties being sold each year by hundreds of thousands of dwellings, as homeowners are deterred from moving and opt to stay put. * Lunch with the AFR HOW THE TOP AUSSIE WOMAN ON WALL STREET SURVIVED AND THRIVED Jennifer Nason started her 36-year career at JPMorgan in New York on the day of the 1987 market crash, so she knows a thing or two about financial collapses. * Live * Markets Live UKRAINE RATTLES SHARES; MAGELLAN JUMPS ON PROFIT BEAT, EYES BUYBACK Latitude agrees Humm deal. Macquarie eyes National Grid bid. QBE dives on results. Gold tops $US1900, energy, bonds gain. Follow the latest here. * Super wars AUSTRALIA’S WORST DEFAULT SUPER FUND CALLS IT QUITS Maritime Super is in talks to merge with Hostplus, meaning nine of the 13 worst products in last year’s inaugural performance test are exiting the super system. * Live * Need to Know ALBANESE MOST LEFT-LEANING LABOR LEADER SINCE WHITLAM: PM Scott Morrison describes Anthony Albanese as the most left-wing Labor leader since Gough Whitlam; NAB boss Ross McEwan says getting Sydney, Melbourne workers back in offices will revive CBDs. Follow updates here. * Food TOP CHEF SHARES THE PORK BELLY RECIPE INSPIRED BY HIS NONNA * Explainer * Travel HERE’S ALL YOU NEED TO KNOW BEFORE BORDERS REOPEN ON MONDAY * Advertising A VIRAL ADIDAS AD SHOWED BARE BREASTS. IS THAT EXPLOITATIVE? * Wall Street THE REAL REASON WHY TECHIES AND BANKERS LOVE VESTS The country’s sharpest opinion, commentary and analysis. In your inbox every Sunday. Sign up for the newsletter STREET TALK * NICKEL, COBALT EXPLORER ARDEA RAISING $20M * 10.14am * RESEARCH ORGANISATION GEORGE CLINICAL TRIALS EXIT PLANS WITH BANKERS * APA GROUP VIES FOR NSW’S RENEWABLE ENERGY ZONES CHANTICLEER * MAGELLAN PRESENTS A BAG OF MIXED MESSAGES * THE GIANTS OF THE ASX ARE FLEXING THEIR MUSCLES * ORIGIN SHOWS AGL THE WAY REAR WINDOW * ALEX TURNBULL, SPECTACULARLY FORGETFUL * MACQUARIE PONDERS FUTURISTIC SECURITY REGIME * ADORE BEAUTY IS BLOODY HARD TO LOVE Advertisement ENERGY TRANSITION * Energy transition COAL SHUTDOWN RISKS BILL SHOCK Energy minister Angus Taylor has slammed his NSW counterpart Matt Kean’s reliance on batteries as “delusional”, amid fresh fears energy prices will spike after Origin Energy’s shock decision to close the country’s biggest coal-fired power plant seven years early. * Energy transition PLAN NEEDED FOR EXIT OF THOUSANDS OF COAL WORKERS: UNIONS The shock early closure of Origin Energy’s Eraring coal-fired power station in 2025 will put 500 workers out of a job in Labor’s heartland. * Energy transition MACQUARIE EYES CONTROL OF $US10B UK GAS BUSINESS Macquarie Group is weighing the purchase of a controlling stake in National Grid Plc’s gas transmission business that could value the asset at more than $US10 billion. * Chanticleer ORIGIN SHOWS AGL THE WAY Origin Energy’s move to shut down the country’s largest coal-fired power station in 2025 makes AGL Energy’s looming demerger of its coal power business look like a hospital pass. * Opinion * The AFR View ERARING SHOWS THE COMPLEXITY OF THE ENERGY TRANSITION The size and complexity of the electricity challenge means all cleaner energy opportunities, including the nuclear option, should be on the table. REVIEW * Ukraine crisis VLADIMIR PUTIN IS NOT A THROWBACK. HE’S A VERY MODERN LEADER. The Russian President is trying to bury the old world, not re-create it, and he can and might invade Ukraine. Welcome to our frightening new world. * Ukraine crisis WHILE UKRAINE’S OLIGARCHS FLEE, MY FRIENDS AND I HAVE LUNCH Outwardly, there is no evidence of panic in Kyiv as people argue about who should represent the country at Eurovision. But they are still stocking up on bottled water. * Investing ‘YEARS AGO, SELL-SIDE ANALYSTS WERE KINGS. IT’S NOT THE SAME THESE DAYS.’ Most of Facebook’s 62 analysts – who spend their lives crunching numbers – failed to predict its dismal earnings report. * Opinion * US politics WASHINGTON DC AND JOYCE’S ‘ULYSSES’: BOTH INCOMPREHENSIBLE The only thing that can save President Joe Biden and the Democrats now is the Republicans showing how fringy and far out they’ve got. * Opinion * Ukraine crisis RUSSIA AND THE WEST KEEP MISREADING EACH OTHER Many people in the United States and Europe overestimate the level of Putin’s popular support. COMPANIES * Earnings season VIFOR RESULTS SHOW STRENGTH AS CSL TENDER PERIOD NEARS END Soon-to-be CSL-owned Swiss biotech company Vifor Pharma recorded a solid full-year result, led by the bounce back of its iron deficiency business. * Earnings season SMARTGROUP REGROUPS AFTER $1.4B PRIVATE EQUITY BIDDER DRIVES OFF The car leasing company says Chinese auto brands like LDV, Haval and MG are making inroads in Australia because of better supply. * Earnings season QBE SHARES TUMBLE DESPITE PREMIUM BUMP The insurer reaped a large amount of new revenue, and said pricing pressure remained. * Energy POSCO TAKEOVER OF SENEX CLEARS FOREIGN INVESTMENT BOARD Foreign Investment Review Board said it had “no objection” to POSCO’s $883.56 million takeover. * Mergers & acquisitions FORREST BACKS IGO TAKEOVER OF NICKEL MINER WESTERN AREAS Forrest backs IGO takeover of nickel miner Western Areas * Cryptocurrencies TIIIK PREPARING TO BRING CRYPTO SAVING TO THE MASSES Tiiik has seed funding from prominent angel investors and will offer savers a 10 per cent yield, while reducing the complexity of lending to DeFi protocols. * Exclusive * Funding PERENNIAL, TIGER TIP $32M INTO CSIRO SPIN-OUT EMESENT US-based tech investor Tiger Global Management has made its latest Aussie bet, backing autonomous mapping and data analytics start-up Emesent. 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 * Earnings season MAGELLAN PUTS NEW INVESTMENTS ON ICE, TOYS WITH BUYBACK There are ‘no plans to make further investments via Magellan Capital Partners’, the company said in its first-half result. * Investing CHARLIE MUNGER SAYS CRYPTOCURRENCIES ARE ‘LIKE A VENEREAL DISEASE’ Warren Buffett’s right-hand man also wants bitcoin banned and warned of other ‘wretched’ market excesses, including the flood of venture capital into start-ups. * Opinion * Property market HOUSE PRICE FALLS WILL CAP RBA RATE HIKES The Reserve Bank may only raise its cash rate to 1.25 per cent as house price declines limit the magnitude of this hiking cycle. * Elon Musk MUSK, TESLA ACCUSE SEC OF ‘UNRELENTING’ HARASSMENT Mr Musk’s claims of harassment escalates his battle with regulators, as they scrutinise his social media posts and Tesla’s treatment of workers. * Bonds HOT INFLATION ADDS FUEL TO EXPECTATIONS OF JUMBO RATE RISE Surprisingly strong readings of inflation in the UK and Canada have intensified expectations of higher interest rates. OPINION * Australia's China challenge THERE IS AN ECONOMIC FRONT LINE TOO National security in Australia usually has a khaki tinge to it. But the fragility of global supply chains and potential for coercion means the economy is now being recruited as well. Richard McGregor Columnist * Canberra Observed FROM UKULELES TO UKRAINE, WE’RE IN UNCERTAIN TIMES AGAIN John Howard may have used a dog whistle rather than Scott Morrison’s bullhorn, but there’s a long tradition of security scares in election campaigns. Phillip Coorey Political editor * Energy transition ERARING SHOWS THE COMPLEXITY OF THE ENERGY TRANSITION The size and complexity of the electricity challenge means all cleaner energy opportunities, including the nuclear option, should be on the table. The AFR View Editorial * Retail RETAILERS FACE PRICING DILEMMA AS COSTS SOAR Retailers are raising prices to recoup unprecedented cost increases and protect margins, but if prices rise too far, too fast they risk denting volumes. Sue Mitchell Columnist * Energy transition ERARING IS ONLY THE BEGINNING OF THE END FOR COAL The early closure of Australia’s biggest coal-fired power station in 2025 will test the energy grid and management of the transition from coal as the plants become uneconomic. Jennifer Hewett Columnist * Energy transition ERARING TAKES US OVER THE CARBON RUBICON The deepest and darkest question as big coal generators exit is whether there will always be enough power when it’s needed. Matthew Warren Contributor Advertisement POLITICS * Analysis * National security HYPERBOLE AND FINGER POINTING AS NATIONAL SECURITY LOOMS OVER ELECTION For some experts, the debate over keeping the country safe hasn’t been as partisan and ferocious since divisions over Communism and the Soviet Union in the 1950s. * Federal election PM SHRUGS OFF CRITICISM HE IS POLITICISING NATIONAL SECURITY Scott Morrison has adopted John Howard’s catch-cry from the 2001 ‘khaki campaign’. But a former ASIO boss says this serves the interests of only China. * Exclusive * Federal budget HIGHER-INCOME HOUSEHOLDS WIN FROM TAX OFFSET Higher income earners are receiving more of the low and middle income tax offset, which would increase inflation and budget pressures if it was extended. * Immigration TIDE TURNING ON OVERSEAS ARRIVALS AS FORTRESS AUSTRALIA CRUMBLES Short-term visitors in December 2021 rose to their highest level since the start of the COVID-19 pandemic. * Federal budget MIGRATION BOOST CRITICAL TO RECOVERY: BUSINESS COUNCIL The BCA has called for a sharp increase in the migration intake over the next two years, followed by a higher level over the long term. SPONSORED WORLD * Ukraine crisis PUTIN’S LONG GAME: INVASION JUST ONE OPTION Analysts say another method of attack is to try and engineer political and economic crises, pulling Russian-controlled economic levers such as the cost of energy and telecoms. * Ukraine crisis JOE BIDEN: ‘EVERY INDICATION’ RUSSIA PREPARED TO ATTACK UKRAINE The US president said Washington saw no signs of a Russian withdrawal, adding that the threat of invasion remains ‘very high’. * UK politics BRITAIN TAPS UP ALEXANDER DOWNER FOR BORDER FORCE REVIEW The London-based former foreign minister, and proponent of turning back the boats, has added a new gig to his post-political portfolio career. * Opinion * Foreign relations FOR PUTIN, DISQUIET IS THE NEW NORMAL The Russian president has already given a masterclass in equivocation and confusion. He has created a state of tension that he has every interest in sustaining * Courts TRUMP AND HIS CHILDREN TO TESTIFY IN BUSINESS PROBE New York’s attorney-general has been seeking to depose the former US president and two of his children over the family business. PROPERTY * Luxury property CENTENNIAL PARK JUST JOINED THE $20M CLUB WITH THIS RECORD SALE The Federation home has soared in value alongside the rest of Sydney’s high-end market since retired colonel Andrew MacNab bought it for $13 million three years ago. * Property investment NOT TOO LATE TO INVEST IN THE REGIONS, BUT BE CAUTIOUS Continued movement from cities to the country will continue to support demand, experts say, but regional prices are likely to slow substantially. * Property development HOME BUILDING IN FOR A SOFT LANDING AS RATES RISE, HIA SAYS Housing construction avoided the hangover scenario it was fearing a year ago. But the predicted slump in new detached homes is another threat to the sector. * Earnings season RENTAL ‘SQUEEZE IS ON’ AS GOODMAN SOARS HIGHER ON ECOMMERCE BOOM Greg Goodman says rents are rising 15 to 20 per cent in places such as Los Angeles and Sydney due to a lack of supply to meet rising demand driven by ecommerce. * Earnings season ABACUS LOCKS IN EARNINGS BOUNCE FROM SELF-STORAGE The work-from-home inspired need to declutter, a busy housing market, and the need to store e-commerce goods are driving demand for self-storage facilities. Advertisement WEALTH * Sharemarket HISTORY SHOWS MARKETS REBOUND AFTER A CRISIS The threat of a Russian invasion of Ukraine has sparked volatility across sharemarkets, but it may not be as bad as investors fear. * Investing ‘YEARS AGO, SELL-SIDE ANALYSTS WERE KINGS. IT’S NOT THE SAME THESE DAYS.’ Most of Facebook’s 62 analysts – who spend their lives crunching numbers – failed to predict its dismal earnings report. * Rich families NEW BOOK SHOWS INHERITED WEALTH CAN BE A NIGHTMARE Laura Thompson’s ‘Heiresses: The Lives of the Million Dollar Babies’ highlights two big problems: Getting kidnapped and boredom. TECHNOLOGY * Gadgets SIX BITS OF PRICEY NEW TECH GEAR YOU CAN CALL AN INVESTMENT IN FUN Classic car simulators, fat tyre mini-trucks and new ways with old hi-fi ... it’s the stuff of dreams for enthusiasts. * Review IS SAMSUNG’S GALAXY TAB S8 ULTRA THE BEST TRAVEL TABLET EVER? If you’re travelling in a group, this ultra-large tablet could be just the ticket for binge-watching movies. * Pay APPLE SHAREHOLDERS URGED TO OPPOSE COOK’S PAY PACKAGE Institutional Shareholder Services expressed “concern” at the chief executive’s stock award last year. WORK & CAREERS * Media & marketing WHY NINE’S SNEESBY IS EXCITED ABOUT ITS DIGITAL FUTURE ‘Every part of our business has a huge opportunity to grow,’ says the group’s chief executive, who is approaching a year in the role. * Newcrest Mining HOW COMPANY DIRECTORS CAN SNIFF OUT A FAILING WORK CULTURE The apology from Newcrest boss Sandeep Biswas for his autocratic style of leadership shows the pitfalls of appointing change agents to fix troubled companies. Advertisement LIFE & LUXURY * Mental health ARE YOU MENTALLY ILL, OR JUST VERY UNHAPPY? As rates of diagnosis rise, a fierce debate rages in psychiatry. Are you experiencing a parallel pandemic, or having a rational response to a traumatic world? * Industrial design DESIGNERS LIST THEIR FAVOURITE THINGS (AND YOU MIGHT ALREADY OWN THEM) What to many people might be simply a chair, a pen or a kitchen implement is, to a designer, a complex interplay of form and function. * Art THE NFT COLLECTORS TURNING THE ART WORLD ON ITS HEAD Catering to the tastes of the crypto nouveau riche has become the frantic obsession of the commercial art world. * Diet IS THIS HEMP-SPIKED DRINK THE NEXT BIG HEALTH FAD? Adaptogenic ingredients, many used in traditional medicine, are being added to fizzy water and marketed as a non-alcoholic way to de-stress – a big claim with little proof. * Performing arts THE UN-CANCELLING OF MICHAEL JACKSON While other controversial celebrities have been “cancelled”, Jackson’s legacy continues to be burnished. MOST VIEWED 1. * Live UKRAINE RATTLES SHARES; MAGELLAN JUMPS ON PROFIT BEAT, EYES BUYBACK 2. HIGHER-INCOME HOUSEHOLDS WIN FROM TAX OFFSET 3. MORRISON RATCHETS UP NATIONAL SECURITY ATTACK ON LABOR 4. TELSTRA LEAVES OPTUS, VODAFONE IN ITS WAKE 5. JUDGE SPRAYS ‘FLIMSY’ PORTER CASE ON COSTS 6. HOUSING MYTHS IN AUSTRALIA TODAY (AND ONE THAT’S DANGEROUSLY WRONG) FROM THE GALLERY DAVID ROWE CARTOONS FOR FEBRUARY 2022 Feb 17, 2022View more editorial cartoons THE AUSTRALIAN FINANCIAL REVIEW MAGAZINE TOP CHEF SHARES THE SIMPLE PORK BELLY RECIPE INSPIRED BY HIS NONNA * 1 hr ago * Jill Dupleix * DESIGNERS LIST THEIR FAVOURITE THINGS (AND YOU MIGHT ALREADY OWN THEM) * SIX BITS OF PRICEY NEW TECH GEAR YOU CAN CALL AN INVESTMENT IN FUN BOSS FINANCIAL REVIEW HOW COMPANY DIRECTORS CAN SNIFF OUT A FAILING WORK CULTURE * Sally Patten and Patrick Durkin * SHOULD I USE MONITORING SOFTWARE TO CHECK ON STAFF PRODUCTIVITY? * THE ONE THING YOU HAVE TO KNOW BEFORE YOU CHANGE JOBS LIFE & LEISURE IS SAMSUNG’S GALAXY TAB S8 ULTRA THE BEST TRAVEL TABLET EVER? * John Davidson * HEADING TO EUROPE THIS SUMMER? HERE’S WHAT YOU NEED TO KNOW * WHY THESE THREE WINES REPRESENT A HINT OF NORMAL TIMES TO COME RICH LIST WESTERN SYDNEY RICH LISTER MAKES BIG DONATION TO NEW PARRAMATTA MUSEUM * Michael Bailey * YOUNG RICH LISTERS WATCH WEALTH PLUMMET AFTER HACK, CRYPTO SELL-OFF * INVESTORS WAIT FOR MINTZ’S NEXT MOVE AS CETTIRE SHARES SLIDE AGAIN 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