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Skip to navigationSkip to contentSkip to footerHelp using this website - Accessibility statementNew Year Sale. 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 AUDUSD0.7145 0.0004 (0.05%)0.05%Toggle market snapshot S&P/ASX 2007095.10 17.10 (0.24%)0.24% All Ords7393.80 19.20 (0.26%)0.26% NZX 505009.28 -32.82 (-0.65%)-0.65% Hang Seng23802.26 252.18 (1.07%)1.07% Nikkei27241.31 -292.29 (-1.06%)-1.06% View all * Live * Markets Live ASX BOUNCES BACK; REA POSTS RECORD HIGH DIVIDEND ASX bounces after early fall; Boral tumbles in ex-dividend trading; REA posts record dividend; News Corp 13pc rise Q2 revenues; Statement on Monetary Policy ahead; Meta falls 26pc in biggest value wipeout in market history; Amazon +15pc and Snap +43pc in after hours trading; Brent crude +1.8pc. Latest Posts * 34 mins ago — 10.42AM REA GROUP DEFIES COVID-19 TO DECLARE RECORD DIVIDEND * 47 mins ago — 10.29AM LITHIUM PRICE ROCKETS 45PC WITH NO END IN SIGHT * 50 mins ago — 10.25AM JANUS HENDERSON POSTS INCOME FALL, SELLS INTECH * 58 mins ago — 10.17AM ASX EDGES LOWER AS BORAL TUMBLES 40PC Last updated 34 mins ago * Opinion * Social media FACEBOOK HIT WITH ITS MOST SERIOUS CRISIS YET The social network is feeling the cold hand of mortality on its shoulder as it sees a decline in user numbers and advertising growth, writes Ben Marlow. * Energy transition LITHIUM PRICE ROCKETS 45PC WITH NO END IN SIGHT The most relevant commodity price for Australian lithium exporters rose by more than 45 per cent in January alone and experts reckon it will keep rising. * Sharemarket FACEBOOK SUFFERS BIGGEST WIPEOUT IN MARKET HISTORY Meta has suffered a $320 billion blow to its market value in one day as investors rethink their love of the stock. * Live * Need to Know HOSPITAL ADMISSIONS FALL IN NSW Another 67 people have died with COVID-19 in Victoria and NSW, where cases and hospitalisations continue to drop; Police move on anti-vaccine mandate protesters in ACT. NSW to provide an update at 10:30am Watch here. * Coronavirus pandemic SCHOOLS ARE NOW ENGLAND’S OMICRON HOT-HOUSE Battle-weary parents are becoming blasé about the constant presence of COVID-19 in the classroom. * Street Talk GOLDMAN SACHS NAMES CONSUMER AND RETAIL HEAD Goldman Sachs has called in its TMT head Adrian Lee to lead consumer and retail coverage, after Will Broughton left for Sayers Group. * Veganism WHY VEGAN MEAT IS THE WORST JUNK FOOD OF ALL * Health SIX BIOHACKS THE SUPER RICH ARE USING TO LIVE TO 100 * Billionaires ZUCKERBERG’S WEALTH PLUNGES BY $43B AFTER META SHOCK * Opinion * Gadgets THIS PORTABLE MONITOR IS THE ANSWER TO WFH The latest in food, wine and where to travel. In your inbox every Saturday. Sign up for the newsletter STREET TALK * GOLDMAN SACHS NAMES CONSUMER AND RETAIL HEAD * 9.51am * INTERMEDIATE CAPITAL READY TO SHIP SCF CONTAINERS, JEFFERIES PREPARES AUCTION * GENWORTH INVESTORS BETTING ON BUMPER DIVIDEND, BUYBACK CHANTICLEER * WESTPAC LANGUISHES AT HALF THE VALUE OF CBA AFTER LOST DECADE * MAGELLAN AND PLATINUM BOTH CAN’T BE RIGHT * TIKTOK, TIKTOK: ZUCKERBERG IS IN A RACE TO EVOLVE REAR WINDOW * LABOR PAINS FOR ARNOLD BLOCH LEIBLER * SLATTERY REBUFFED TWICE ON DIRECTOR OPTIONS GRANT * TIM SMITH’S COFFEE WITH SPINNER Advertisement REVIEW * Investing HOW A MAN WHO WASHED HIS OWN UNDERWEAR BUILT INVESTMENT COLOSSUS GIC Singapore’s decision 40 years ago to put its currency reserves to work in the Government of Singapore Investment Corporation has paid off big time. * Myanmar coup A YEAR ON FROM THE COUP, MYANMAR IS ‘A COMPLETE BASKET CASE’ Around 1500 civilians have been killed, Myanmar’s economy is in shreds, and half the population – among those who haven’t fled – lives in extreme poverty. * Opinion * UK leadership BORIS JOHNSON’S REAL PROBLEM IS NOT CAKE AND PROSECCO A lack of personal integrity could be the undoing of the British Prime Minister. * Streaming WHY SPOTIFY’S JOE ROGAN PROBLEM ISN’T GOING AWAY The risk for the streaming platform, which has aggressively promoted Rogan’s podcast, is that music’s biggest stars will join the protest. * Billionaires CHINA’S AGEING TYCOONS PREPARE TO HAND OVER $1.5 TRN TO HEIRS The real succession drama is happening right now as moguls who built the country’s biggest business empires kick-start an era of massive wealth transfers. LIFE & LEISURE * Travel READY TO RETURN TO PARIS? A BEVY OF GRAND NEW HOTELS AWAITS Whether you are looking for a traditional French getaway, or something with a touch of modern chic, this is what the city’s newest hotels have to offer. * Opinion * New car snapshot A LUXURY LANDCRUISER WITH A HUGE WAITING LIST Toyota’s luxurious 2.6-tonne monster beats the vehicle it replaces on almost every score – which may help explain the long, long waiting list. * Opinion * Wine & spirits WINEMAKERS FIRE UP THEIR WHISKY STILLS Demand for craft spirits has inspired several heritage Australian wine companies to dust off long-mothballed equipment and get on the whisky bandwagon. * Travel CHOOSE YOUR ARCHITECTURAL ADVENTURE AT HOBART’S NEWEST LUXURY HOTEL After pandemic delays and great anticipation, The Tasman is finally open. * Time Out Q&A HOW THIS UBER EXECUTIVE FINDS CLARITY ON THE RUN There is no form of exercise that requires less planning and less investment than running, says Dom Taylor, who grabs any moment he can to hit the road. COMPANIES * Earnings season REA GROUP DEFIES COVID-19 TO DECLARE RECORD DIVIDEND REA Group benefited from a resilient Australian residential property market with national listings up 17 per cent for the half. * Opinion * Chanticleer MAGELLAN AND PLATINUM BOTH CAN’T BE RIGHT Magellan and Platinum have very different responses to the current market volatility, with one avoiding the stocks that the other loves. * Opinion * Chanticleer WESTPAC LANGUISHES AT HALF THE VALUE OF CBA AFTER LOST DECADE Australia’s oldest bank was once the country’s biggest and best performing. Now, it trades at the largest discount to its big four peers in history. * Earnings season NEWS CORP DELIVERS PROFIT AS FOXTEL’S REVENUES DROP News Corp is focused on pitching Foxtel as a success story as revenues for the pay TV group drop by 3 per cent in the second quarter of fiscal 2022. * Earnings season WESTPAC SAYS A HIGHER CASH RATE WILL POINT TO ECONOMY’S STRENGTHS Bank margins are under pressure from competition in mortgages and the withdrawal of support from regulators. But rising interest rates signal a recovery. * Exclusive * Funding CBA BACKS ‘LIVE NOW, BUY LATER’ START-UP THAT WILL DITCH HOME DEPOSITS CBA and Square Peg are backing a $31 million investment in OwnHome, a fintech start-up that claims to offer first home buyers an affordable way into the market. * Earnings season INTERIM PROFIT SEASON CALENDAR AND RESULTS Here is a list of the results of Australian companies reporting their interim results in the February reporting season. 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 * Billionaires BUFFETT STRIKES GOLD AS JAPAN TRADING HOUSES RAKE IN RECORD PROFITS Warren Buffett shocked the world in 2020 when Berkshire Hathaway bought stakes in five of the country’s biggest trading companies. Now he’s cashing in. * Monetary policy BANK OF ENGLAND LIFTS KEY RATE BY 25 BASIS POINTS UK policymakers met expectations though they were just one vote short of approving a 50-basis-point increase. * Earnings season AMAZON REPORTS STRONG QUARTERLY RESULTS DESPITE SUPPLY CHAIN SNAGS Shares in Amazon rebounded in after-hours trading even though it forecast weaker than expected sales in the current quarter. * Before the Bell ASX TO FALL, META DRIVES US DROP, GLOBAL RATE HAWKS TAKE FLIGHT Australian shares are set to open lower as Meta’s shock weakness triggered a global sell-off and central bankers pivot ever more hawkish. * Interest rates LAGARDE PIVOTS AS 2022 ECB RATE RISE NO LONGER RULED OUT Investors brought forward bets on European Central Bank action after the monetary chief’s unexpectedly hawkish comments. OPINION * Canberra Observed THE PANDEMIC IS DRAINING THE POWER OF INCUMBENCY Once upon a time, solidarity in facing COVID-19 got governments re-elected. That’s now turned into voter irritation that might toss them out. Phillip Coorey Political editor * Big four WESTPAC LIKES WHAT IT SEES ABOUT THE ECONOMY It is the first of the big banks to update its quarterly results and says the level of stress felt by business and mortgage borrowers is lower than it was before the pandemic. Jennifer Hewett Columnist * Federal election PM’S PRESS CLUB GRILLING WAS A SORRY BUSINESS The 2022 federal election should be a genuine, policy-focused contest of ideas, not simply the referendum on the Prime Minister that some in the media want it to be. The AFR View Editorial * Scott Morrison HOW THE LIBERALS HAVE FOUND THEIR INNER KEVIN The Liberals are now besotted with the grandiose language of planning, straight from the Kevin Rudd School of Management. John Roskam Columnist * RBA RBA OPENS DOOR TO WINDING BACK DIRT CHEAP MONEY After putting some monetary policy flexibility back on the table, Australia’s well-respected central bank has the chance to come through this extraordinary period with its policy credibility intact. The AFR View Editorial * Inflation THE BIGGEST LESSON FROM 50 YEARS OF TRADING ON THE JSE As the son of a fund manager, my entire inheritance is invested in the stockmarket. Now I finally understand why. Jonathan Shapiro Senior reporter Advertisement POLITICS * Federal election PM BACKS MCGOWAN ON SHUT BORDER BUT TELLS HIM TO GET HOSPITALS READY Scott Morrison has backed Mark McGowan delaying indefinitely the reopening of Western Australia’s borders - with some free advice. * Diversity RELIGIOUS SCHOOLS TO LOSE POWER TO EXPEL GAY STUDENTS Scott Morrison says amendments to existing discrimination legislation will protect same-sex attracted children * Wage growth UNIONS WARN OF ‘NEW BATTLEGROUND’ AS OLD AGREEMENTS FUEL WAGE INERTIA Unions say this will be a “year of reckoning” as workers see wages go backwards through locked-in pay rises that are being quickly surpassed by rising inflation. * Media & marketing GOVERNMENTS SPENT BIG ON VACCINATION ADVERTISING State and federal governments doubled their advertising spend in 2021, turning to TV and radio to convince Australians to get vaccinated. * Legal industry SENATE COMMITTEE SIGNS OFF ON LITIGATION FUNDING REFORM, WITH CAVEATS The approval was despite the committee recommending amendments to the bill, questioning its constitutionality, and admitting it was ‘not possible’ to know whether the bill would achieve its aims. SPONSORED WORLD * UK leadership FOUR AIDES QUIT AS BORIS JOHNSON ATTEMPTS RESET Boris Johnson’s premiership is facing a growing crisis amid anger over a series of alcohol-fuelled parties held at his office and residence during coronavirus lockdowns. * Winter Olympics HOW BONE-DRY BEIJING CREATED SNOW FOR THE WINTER OLYMPICS The host city of this year’s Winter Games has had to make millions of cubic metres of the white stuff, helped by a Finn who is the world’s top snowmaker. * Courts HE SPIKED HIS DAD’S TEA TO ACCESS $561K IN CRYPTO. HIS DAD SURVIVED. Liam Ghershony, 24, gave his father benzodiazepine powder, so he could transfer his bitcoin to his own account. Two days later his father was still unconscious. * World politics LITHUANIA CALLS FOR MORE GERMAN TROOPS TO FACE RUSSIA ‘THREAT’ President Gitanas Nauseda says the Baltic countries face their biggest danger since regaining independence. * Coronavirus pandemic NEW ZEALAND TO REOPEN BORDERS AS FRUSTRATION MOUNTS New Zealand’s closed border has cut the supply of migrant labor and created a worker shortage. PROPERTY * Property market EARLY RATE HIKE TO TRIGGER HOUSE PRICE FALLS THIS YEAR An early interest rate increase would accelerate the slowdown in the housing market and trigger house price declines by the end of the year, experts say. * Accommodation RICH LISTER MAGID CHECKS OUT OF BOUTIQUE HOTELS Robert Magid has timed his exit from two hotels in Melbourne and Sydney as expectations build for a rebound in the hospitality sector, with travel resuming and the omicron wave passing. * Office BIGGER TENANTS BOUNCING BACK, READY TO COMMIT SAYS CENTURIA OFFICE Smaller, emerging businesses have been behind office leasing demand through COVID-19, but now the bigger operators are set to play a more decisive role. * Property development RESURGENT APARTMENT DEMAND ADDS TO CONSTRUCTION COST PRESSURES With the pipeline soaring, the difficulty for many businesses comes from knowing how long the omicron strain of COVID-19 will worsen already tight pricing of materials and labour. * Opinion * Office IF FLEXIBLE WORK IS THE FUTURE, WHY IS OFFICE SPACE STILL IN DEMAND? Even as the workforce shifts towards flexibility, business and government is holding on to space – and leasing more. Advertisement WEALTH * Property investment TRAPS OF SELLING IN A HOT MARKET AND BUYING THE DIP The key risks are selling quality properties in areas still on the up and total transaction costs of roughly 8 per cent. * Super wars ‘INEQUITABLE’ AND ‘UNSUSTAINABLE’: CALL TO CAP SUPER BALANCES AT $5M A person with a superannuation balance of $5 million can achieve annual tax concessions of around $70,000. * Capital raising HOW TO BECOME AN ANGEL INVESTOR The stakes are high but getting in on the ground floor can be the difference between buying an Atlassian at current prices or backing a winner from the start. TECHNOLOGY * Disruption META PLUNGES AS FACEBOOK USERS STALL, FORECAST FALLS SHORT The dour outlook and stalled user momentum sent shares down as much as 24 per cent in extended trading, a striking decline for a stock that has posted gains in every year but one since its 2012 IPO. * Courts ANDREW FORREST SUES FACEBOOK OVER SCAM ADS Iron ore magnate Andrew Forrest is launching criminal proceedings against Facebook alleging it breached anti-money laundering laws and its platform is used to scam Australians. * Opinion * Chanticleer ZUCKERBERG IS IN A RACE TO EVOLVE The plunge of Meta Platforms (formerly Facebook) isn’t just about tech stocks being on the nose. The great disrupter is facing disruption from TikTok. WORK & CAREERS * Energy transition HOW THIS LITHIUM CEO JUGGLES A BIG FAMILY WITH A BIG JOB Charged with merging lithium producers Orocobre and Galaxy Resources into a unified company, Allkem’s Martin Perez De Solay has plenty of experience managing a growing family. * International students DATA SHOWS CRASH IN EXPORT INCOME FROM OVERSEAS STUDENTS The once-vibrant overseas student sector is struggling, with income for 2021 down to just $22 billion compared with $40 billion in 2019. Advertisement LIFE & LUXURY * Vale GLENN WHEATLEY’S LAST BIG DEAL In his final media interview, Glenn Wheatley was confident he had another hit on his hands. * The Buzz FINALLY, MELBOURNE GETS TO ENJOY ‘FUN HOME’ A musical based on Alison Bechdel’s comic novel about her unconventional upbringing makes riveting theatre. * History DISCOVERY OF CAPTAIN COOK’S ENDEAVOUR ‘PREMATURE’ The lead US investigator in the search for the ship has labelled an announcement by the Australian National Maritime Museum a ‘breach of contract’. * Travel READY TO RETURN TO PARIS? A BEVY OF GRAND NEW HOTELS AWAITS Whether you are looking for a traditional French getaway, or something with a touch of modern chic, this is what the city’s newest hotels have to offer. * Diet THE PROS AND CONS OF WEIGHING YOURSELF DAILY If checking your weight ruins your day, or if you have a history of disordered eating, it’s probably best to avoid daily weigh-ins. But others will benefit. MOST VIEWED 1. * Live ASX BOUNCES BACK; REA POSTS RECORD HIGH DIVIDEND 2. WESTPAC LANGUISHES AT HALF THE VALUE OF CBA AFTER LOST DECADE 3. CBA BACKS ‘LIVE NOW, BUY LATER’ START-UP THAT WILL DITCH HOME DEPOSITS 4. WESTPAC CUTS HEAD OFFICE STAFF AND SHAKES UP TOP RANKS 5. WAR FOR TALENT: ‘PEOPLE HAVE GONE FROM $150,000 TO $250,000 PER YEAR’ 6. DAME EDNA WAS WISE TO THE RISKS OF BORIS’ MAVERICK WAYS YEARS AGO FROM THE GALLERY DAVID ROWE CARTOONS FOR FEBRUARY 2022 Feb 3, 2022View more editorial cartoons THE AUSTRALIAN FINANCIAL REVIEW MAGAZINE INSIDE THE NEW HOME OF THE AUSTRALIAN CHAMBER ORCHESTRA * Michael Bailey * NOW YOU CAN COOK NOMAD SYDNEY’S MOST POPULAR DISH * NEW TO NET-A-PORTER: LIMITED-EDITION ART DELIVERED TO YOUR DOOR BOSS FINANCIAL REVIEW HOW THIS LITHIUM MINER CEO JUGGLES A BIG FAMILY WITH A BIG JOB * Peter Ker * HOW THESE EXECUTIVES SLASHED MEETINGS * MAKING NEGRONIS, MOWING THE LAWN: SKILLS CEOS LEARNT IN LOCKDOWN LIFE & LEISURE THIS PORTABLE MONITOR IS THE ANSWER TO WORKING FROM HOME * John Davidson * FEATS OF CLAY: MAMMOTH EXHIBITION PUTS POTTERS ON A PEDESTAL * THIS 118-YEAR-OLD RACE CAR COULD BE YOURS FOR JUST $2.2M RICH LIST CETTIRE SHARES DIVE AS LUXURY ONLINE RETAILER SWINGS TO A LOSS * Carrie LaFrenz * YOUNG RICH LISTER DANY MILHAM SCORES $75M FOR MILKRUN FROM TIGER * BROKE RICH LISTER OWES $10M TO HK BILLIONAIRE ‘FRIEND’ 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