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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 AUDUSD0.6731 -0.0029 (-0.42%)-0.42%Toggle market snapshot SPI 2007,187.00 -15.00 (-0.21%)-0.21% S&P/ASX 2007,255.40 3.80 (0.05%)0.05% All Ords7,460.00 3.90 (0.05%)0.05% NZX 504,716.76 3.61 (0.08%)0.08% Hang Seng20,429.46 -190.25 (-0.92%)-0.92% Nikkei27,498.87 -17.66 (-0.06%)-0.06% View all Calling all emerging leaders! The search is on for this year’s BOSS Young Executives. Enter now. * National security HOME AFFAIRS TO BE RESTRUCTURED IN RESPONSE TO NEW THREATS: O’NEIL The Home Affairs minister has tasked secretary Michael Pezzullo with reorienting the department’s focus towards domestic security challenges. * POLICE LAUNCH MULTICULTURAL AD BLITZ TO COUNTER FOREIGN AGENTS * GOVERNMENT COULD TAKE OVER COMPANIES’ IT SYSTEMS AFTER HACK * ASIO BREAKS UP ‘HIVE OF SPIES’ TRYING TO STEAL SECRETS * Superannuation SUPER TAX CHANGE COULD FORCE FUNDS TO SELL ASSETS Investors and experts have criticised the government’s proposal to tax unrealised gains in $3 million-plus super accounts as “highly discriminatory”, warning the move could force retirees to sell shares at a loss. * Opinion * Canberra Observed LABOR TAKES AIM AT THE WEALTHY - AND TESTS THE TEALS The super wars present an awkward choice for teal and other independents, who not only campaigned heavily on integrity, but represent the wealthiest electorates, writes Phillip Coorey. * Opinion * Chanticleer INDIA’S THE HOT TICKET FOR CEOS AND WORLD LEADERS After years of failing to fulfil its potential, India is the go-to economy in Asia, which makes Prime Minister Anthony Albanese’s trip fortuitous. * World politics WONG URGES CHINA TO PLAY LEADERSHIP ROLE ON UKRAINE WAR Australia’s foreign minister made the comments when meeting her newly appointed Chinese counterpart in New Delhi on the sidelines of the G20. * Geoff Wilson ACTIVIST FUNDIE WILSON EYES UP MAGELLAN Wilson Asset Management is sizing up the embattled global fund manager as its shares sink to a decade low. * Carbon challenge ORICA SAYS IT’S BEING PUNISHED FOR EARLY ACTION ON CLIMATE CHANGE The explosives giant, which has embarked on one of the nation’s biggest industrial decarbonisation projects, says Labor is reneging on a seven-year carbon deal. * Industrial relations SALLY RUGG UPS THE STAKES IN MONIQUE RYAN UNFAIR DISMISSAL CASE * Company tax THE COURT CASE THAT THREATENS TO UNLEASH A PAYROLL TAX GRAB * Arts JOYCE TO TAKE REINS OF SYDNEY THEATRE COMPANY * The Fin THIS YEAR WILL BE THE TIPPING POINT FOR ELECTRIC VEHICLES Get expert advice for moving ahead in the new world of work. In your inbox every Thursday. Sign up for the newsletter STREET TALK * HEDGE FUNDS STOP SINGING AT BHP AND OZ; SCHEME BOOK SAILS * 9.34pm * SEATS GOING IN NINE ENTERTAINMENT BOARD ROOM, SPENCER STUART SEARCHES * 9.33pm * CATL TRADE: HOW TO MAKE $800M INSIDE FOUR YEARS * 9.33pm CHANTICLEER * INDIA’S THE HOT TICKET FOR CEOS AND WORLD LEADERS * ELON MUSK’S ENERGY ‘MASTER PLAN’ HAS A WRINKLE FOR ANDREW FORREST * WHY $6 PIZZAS, WEAK GDP AND SHRINKING SAVINGS ADD TO RBA’S PUZZLE REAR WINDOW * ALAN JOYCE PASSES AROUND THE EXPLODING CIGAR * DON MEIJ SELLS $7.6M IN STOCK TO PAY DEBTS * PETER VAN ONSELEN RETURNING TO ACADEMIA Advertisement SUPER WARS * Superannuation TREASURY REVEALS ‘TERRIBLE’ PLAN TO TAX SUPER FUNDS’ UNREALISED PROFIT Treasury announced on Tuesday that it would include “all notional gains and losses” in its calculation of earnings under government’s new super tax regime. * Superannuation SUPER CAP FREEZE WILL TRAP YOUNGER WORKERS Younger workers will be relatively worse off at retirement due to the government’s refusal to index its proposed $3 million superannuation cap. * Income tax WHY $3M SUPER BALANCES FACE 22PC TAX RATE (NOT 30PC) The effective tax rate paid by superannuants with more than $3 million in their accounts will be about 22 per cent due to franking credits and capital gains tax discounts – below the 30 per cent headline rate. * Super wars DIY SUPER ‘NOT JUST FOR RICH PEOPLE’: NEW SMSF CHIEF The new spokesman for the $865 billion self-managed superannuation sector says it’s not only Rich Listers who have $3 million balances. * Superannuation RETIRED JUDGES COULD AVOID SUPER CONCESSION CHANGES A delicate legal and accounting exercise awaits Labor as it moves to include tens of thousands of former public servants and politicians in changes to retirement saving rules. COMPANIES * Critical minerals PM’S BATTERY DREAM ‘ADMIRABLE’ BUT UNLIKELY: CEOS Critical minerals producers reckon there is little chance Prime Minister Anthony Albanese can achieve his goal of establishing a domestic battery industry. But we could be a leader in battery chemicals. * Activist shareholders SINGAPORE INVESTORS BACK AUSTRALIAN ACTIVIST ON STANMORE TAKEOVER PUSH Former Goldman Sachs banker Jeremy Raper has won the support of the shareholder association in a campaign to force a wealthy family to pay more to increase its ownership of the coal miner. * Governance ASIC WARNS BOARDS ABOUT ‘FORSEEABLE RISKS’, CLIMATE DISCLOSURE ASIC chairman Joe Longo says the corporate regulator’s case against 11 Star Entertainment directors and executives will break new ground on whether directors in high-risk sectors can be held to a higher standard because of the “forseeable risks”. * Opinion * Retail ALDI SAYS IT’S 17PC CHEAPER AND SHOPPERS THINK IT’S WORTH THE TRIP How much margin will Coles, Woolworths and Metcash have to give up to defend their market share from a resurgent Aldi? * Opinion * Chanticleer MUSK’S ‘MASTER PLAN’ HAS A WRINKLE FOR TWIGGY The CEO painted the energy transition as relatively simple and very affordable at Tesla’s investor day. But if he’s right, there will be implications for Australian miners like BHP and Fortescue. * Mergers & acquisitions MACQUARIE IN $9B PLAY FOR UK FUND MANAGER IN ASSET PUSH Macquarie Group is eyeing an $8.9 billion takeover bid of the UK-listed fund manager and insurer M&G, according to British media reports. * Banking products HOME LOAN COMPETITION COULD INTENSIFY, SMALLER BANKS SAY As industry growth slows, smaller lenders say a battle for market share could spark more competition for home loans. 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 * Bonds INVESTORS RECAST FED, EUROPE RATE PATHS AFTER UPBEAT DATA Surprisingly strong US factory data and elevated inflation in Europe reinforced expectations of higher-for-longer interest rates. * Sharemarket IRON ORE PRICE EXTENDS RALLY TO LIFT MINERS, BANKS FALL Increased bets on China’s reopening supporting iron ore prices sparked a rally in the resources sector, as banks retreated and US 10-year yields topped 4pc. * Cryptocurrencies RBA TO PILOT 14 USE CASES FOR A DIGITAL $A ANZ, CBA and Mastercard will join several fintechs to develop central bank digital currency applications for Australia that will involve real claims on the central bank. * Markets Live ASX RISES 0.1PC AT THE CLOSE, BANKS TUMBLE, MINERS GAIN Australian shares rose 0.1 per cent at the close. Downer EDI workers investigated by NSW ICAC. Nitro board push to accept Potentia capital’s offer. * Fundie Q&A WHY THIS FUNDIE PREFERS LOUIS VUITTON OVER APPLE Alphinity’s Mary Manning on stocks that are resilient in a recession, Starbucks as a China reopening play, and when to buy US megacap tech. OPINION * Russia-Ukraine war WHY HELPING RUSSIA ISN’T WORTH IT FOR CHINA A couple of years ago, Xi Jinping might have sent aid to his accomplice. But right now, Beijing needs prosperous friends more than it needs tough guys. Misha Zelinsky International analyst and columnist * Superannuation STOP SUPER TINKERING, START ASKING HOW TO TAX ALL SAVINGS FAIRLY The deceptively simply solution is a flat, low-rate tax and small concession for superannuation contributions. Robert Breunig Contributor * Big four WHY THE BIG FOUR BANKS FEAR MACQUARIE Borrowers with low debt levels and plenty of home equity are the big winners as Macquarie forces the big banks to fight to keep their well-heeled customers. Karen Maley Columnist * Inflation WHAT IS LABOR’S GROWTH PLAN FROM HERE? With annual GDP growth now dipping below 3 per cent, Wednesday’s national accounts are enough to raise serious questions about what growth plan the government has to get out of the approaching slowdown. The AFR View Editorial * Coronavirus pandemic THERE’S A BIGGER URGENCY ABOUT COVID-19 THAN DISCOVERING ITS ORIGINS The new cold war between the US and China makes the chance of another pandemic more likely. Edward Luce Columnist * Inflation HOW THE FUTURE FUND SAW INFLATION THAT THE RBA MISSED Australia’s $200 billion sovereign wealth fund got ahead of the curve by taking a big helicopter view of how the world had changed after the pandemic. John Kehoe Economics editor Advertisement POLITICS * Robo-debt royal commission ROBERT DENIES HE IGNORED LEGAL ADVICE ON ROBO-DEBT SCHEME In combative testimony to the robo-debt royal commission, former Human Services Minister Stuart Robert denied he resisted advice the scheme was unlawful. * World politics WONG URGES CHINA TO PLAY LEADERSHIP ROLE ON UKRAINE WAR Australia’s foreign minister made the comments when meeting her newly appointed Chinese counterpart in New Delhi on the sidelines of the G20. * Consulting NSW ‘DOESN’T KNOW HOW TO HIRE, MANAGE’ CONSULTANTS The Perrottet government spent $1 billion on external advisers over five years and outsourced “core public service work”, according to a critical report. * Exclusive * PwC TREASURY REVIEWS TAX PRACTITIONERS BOARD POSITIONS AFTER PWC SCANDAL Board members can reapply for their roles as their terms on the Tax Practitioners Board expire in the aftermath of the PwC leaks scandal. * Company tax THE COURT CASE THAT THREATENS TO UNLEASH A PAYROLL TAX GRAB A challenge to moves by states to impose payroll tax on medical centre operators could turbocharge a growing revenue grab by governments around the country. SPONSORED WORLD * Inside China CONDOMS TO COSMETICS: CHINA SALES SURGE IN REVIVAL Resilient sales in China would be a relief for global companies struggling with higher energy and wage costs, and as customers elsewhere slow spending on high inflation. * US politics US CONGRESS VOTES TO BLOCK ESG INVESTING IN SUPER Democrat Senator Joe Manchin has voted with Republicans to overturn Biden administration ESG rules for pension funds. * Electric cars ELON MUSK MUTE ON NEW CHEAP EV IN TESLA ‘MASTER PLAN’ The CEO disappointed many who had been expecting him to lay out a plan to make a small, affordable EV to broaden Tesla’s appeal and fend off competition. * World politics WONG URGES CHINA TO PLAY LEADERSHIP ROLE ON UKRAINE WAR Australia’s foreign minister made the comments when meeting her newly appointed Chinese counterpart in New Delhi on the sidelines of the G20. * Putin's Russia SWISS BANKERS CHARGED WITH HIDING PUTIN’S MILLIONS Employees of Gazprombank’s subsidiary are accused of helping a Kremlin-connected figure open accounts for the Russian president holding tens of millions of dollars. PROPERTY * Property development RENTS TO RISE AS BUILDING APPROVALS HIT DECADE LOW Building approvals slumped to the lowest levels since 2012 in January, fuelling the risk of further rental inflation as immigration numbers return to more normal levels. * Property market SYDNEY’S PREMIUM HOMES BOUNCE BACK 4PC Prices in some of the city’s more expensive suburbs were boosted by scarce supply and increasing demand from buyers keen to take advantage of a decline in values sparked by rising interest rates. * Luxury property GRAND ESTATE’S $40M PRICE TAG DIVIDES MELBOURNE LUXURY MARKET Melbourne estate Shrublands has returned to the market with a $40 million guide two years after trading for $29 million, while CFO’s trade places in Sydney. * Commercial real estate LOCAL PROPERTY STOCKS SHINE AMONG GLOBAL REITS Australia’s REITs represent value for money compared to their global peers, making them targets for M&A activity from private capital, according to Citi. * Strata APARTMENT SLOWDOWN A RISK TO STRATA SECTOR PROFIT The sector that coasted on growth for two decades as the number of strata dwellings doubled faces its steepest challenge yet to profitability. Advertisement WEALTH * Philanthropy CRISIS FORCES TARONGA ZOO TO TURN TO RICH LISTERS FOR $40M GOAL The Taronga Foundation has raised 80 per cent of its $40 million target and is looking for more donors to chip in to save native wildlife. * Super Q&A CAN I HELP MY DAUGHTER WITH SUPER TO BUY A FIRST HOME? The risk that Labor will either abolish or foreshadow the end of the Home Saver Super Scheme as early as the May budget makes this strategy more uncertain. * Sharemarket OPPORTUNITIES IN SMALL CAPS AS BIG INVESTORS MOVE ON As giant super funds look for bigger fish to fry, specialists say the outlook for the sector this year is bright. TECHNOLOGY * Gadgets APPLE SUPPLIERS ARE RACING TO EXIT CHINA, AIRPODS MAKER SAYS The expanding conflict between the US and China is spurring a rethink of the electronics industry’s decades-old supply chain. * Mergers & acquisitions SYDNEY FOUNDER TO NET MILLIONS IN JAPANESE TECH GIANT DEAL Japanese tech giant Fujifilm Business Innovation has acquired a 28-year-old Sydney-based IT services company, in a deal that’s expected to net its founder tens of millions. * Exclusive * Food AUSTRALIANS COULD BE EATING LAB-GROWN QUAIL IN 2024 Blackbird-backed Vow has become the first to commence the regulatory process in Australia, and hopes its cell-based meat will be approved next year. WORK & CAREERS * Legal industry LGBTQI+ RIGHTS A BUSINESS IMPERATIVE: FREEHILLS BOSS Justin D’Agostino will be at the Pride March on Sunday, after finding the Mardi Gras parade “a revelation”. * Breakfast with the boss WHY THIS CEO TRIES NOT TO LOOK AT HER PHONE AS SOON AS SHE WAKES UP King & Wood Mallesons chief executive Renae Lattey on her morning routine and how she managed to give up coffee. Advertisement LIFE & LUXURY * Fine dining WHY THE ‘WORLD’S BEST RESTAURANT’ IS TAKING UP RESIDENCY DOWN UNDER Chef Mauro Colagreco is bringing a team of 20 to create a uniquely Sydney version of his three-Michelin star French diner Mirazur. * Review AN ODE TO SAMSUNG’S BRILLIANT NEW GALAXY S23 ULTRA Samsung’s latest productivity phone would be perfect if not for one, curly detail. * Review THIS MACBETH IS GRIM BUT GRIPPING Bell Shakespeare’s new take on Macbeth, now at the Sydney Opera House, takes the Bard’s most despairing work and mostly turns it into dynamite. * Winemakers HOW AN OLD-SCHOOL SA WINERY FOUND ITS HIPSTER GROOVE Coonawarra royalty Penley is a prime example of how once-revolutionary winemaking methods have rippled right through the Australian industry. * Literature WHY I HAD TO STOP THINKING LIKE A COP Former police officer Kerryn Mayne wanted her stories to ring true without being boring. MOST VIEWED 1. ASX RISES 0.1PC AT THE CLOSE, BANKS TUMBLE, MINERS GAIN 2. 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