Dutton rejects ‘Rich Lister’ tax cuts
The opposition has blasted $27.8 billion in production credits in the budget as “tax cuts for billionaires”, vowing to repeal them if elected.
ASX to rise, US benchmarks close at record highs
Australian shares are set to open higher after data showed US inflation is cooling. $A eyes US67¢; Bitcoin tops $US66,000. Gold rallies.
US consumer prices rise less than expected; core CPI slows
Last month’s slowdown was a relief after data on Tuesday showed a jump in producer prices in April.
AUKUS is ok with Trump, says Morrison
Donald Trump has indicated solid support for the AUKUS submarine deal, according to former prime minister Scott Morrison, who met with the former president at Trump Tower in New York on Wednesday AEST.
- Opinion
- Chanticleer
Queensland in secret bid to buy stricken coal-fired power plant
It’s three years since Queensland power station Callide C blew up, and the fallout hasn’t stopped. Now, a secret deal for the government to buy a 50 per cent stake is in doubt.
The union movement is about to break into Aldi
Aldi’s long history of non-union pay deals has been disrupted as workers reject the supermarket giant’s offer for the first time in decades.
‘Expansionary’ budget at odds with RBA rate push
Despite calls for Labor to adopt a contractionary fiscal policy to complement the RBA, economists say Tuesday’s budget was likely expansionary or neutral at best.
The daily habit of successful people. Now on WhatsApp Channels.
FEDERAL BUDGET
CEOs to Labor: Inflation still needs to be tamed
Measures to lift housing supply are being partly applauded, but a heavier push on curbing inflation seems to be missing in a two-speed economy.
The game changer on battery-making is still to come
The founder of Australia’s only lithium-ion battery-maker says a $523 million budget boost will help underwrite a boom in critical minerals.
Palmer says billionaires like him shouldn’t get a break on bills
The Rich Lister, who is eligible for the power bill rebate on several of his homes, says the money would be better spent on households that desperately need it.
Investors welcome Chalmers’ new ‘front door’ service (with caveats)
Big investors want to be consulted as the proposal for an investment concierge moves from budget papers into reality.
Careful return to migration trends needed, Labor urged
Efforts to better manage immigration levels must not undercut the university sector and efforts to address skilled worker shortages across the economy, experts say.
Get the latest business news on the go with the AFR’s new iOS app.
Companies
Rio chief ‘not afraid’ of M&A as Anglo American break-up looms
Jakob Stausholm won’t rule out entering the acquisition fray, but told investors he doesn’t want big transactions to derail his recovery mission at the miner.
Star makes last ditch argument to keep casino licence
Bret Walker, SC, appearing for the company, condemned the “deplorable” behaviour of former executives who an inquiry heard went to war with the regulator.
Prezzee co-founder quits Shaun Bonett-owned gift card company
Claire Morris is leaving the group, and resigning as its brand ambassador. It follows a string of senior executive departures in the last 18 months.
Hydrogen credit could blow its $6.7b budget
Sunshine Hydro chairman Michael Myer says international investment could mean the cost of the budget measure blows out, but is still worth the benefits.
Gupta’s $500m Whyalla steelworks upgrade delayed by two years
A plan to produce green steel will now be pushed out until 2027, the company said. It is already grappling with issues that have shut down the furnace.
Karoon chairman preps for showdown with angry investors
An activist consortium led by Samuel Terry Asset Management intends to vote against five of the nine resolutions up for vote at the oil and gas producer’s AGM on May 23.
Fiji Airways keen to keep Virgin Australia at bay
The Pacific’s biggest airline would consider a tilt at Air Vanuatu if its liabilities are limited to keep Virgin sidelined.
Companies in the News
Search companies
View stories and data from an ASX listed company
Markets
Moody’s warns big ‘structural’ spend will leave budget mired in red
The influential ratings agency said the broader issue was “how effective spending programs such as Future Made in Australia are in allocating resources”.
Iron ore plunge baked into the budget ‘unlikely’ to materialise
The threat to China’s iron ore supremacy is front and centre of the latest federal budget, but analysts think the government’s dire outlook may prove too pessimistic.
- Exclusive
- Investing
Macquarie stokes ETF price war, slashes fees to 3 basis points
Macquarie wants to shake up the asset management sector with ETFs charging management fees as low as 3 basis points.
ASX retail, property stocks to rally from budget boost
The “inflationary” tones from the federal budget could provide a fresh tailwind for the sharemarket, especially for retail and real estate stocks, according to brokers.
Producer prices leap as US inflation remains sticky
The unexpectedly high readings may raise concerns on Wall Street and in the Federal Reserve.
Opinion
Chalmers is telling a big budget fib
Treasurer Jim Chalmers stood in front of 600 guests at his post-budget speech in Parliament House on Wednesday and repeated a misleading number about spending.
Economics editor
Why Chalmers’ budget made me very grumpy
I’m feeling as grumpy as I appear in my headshot. That’s because the big ask of the budget was not to poke the inflationary bear. It didn’t pass that test.
Economist
Chalmers confronts his economic critics
The treasurer insists his budget gets the balance right, even if the economists don’t agree. What will the Reserve Bank and the voters think?
Columnist
Chalmers’ budget boast overlooks Australia’s debt mountain
The substantial fiscal challenge from the budget is a forecast decade of deficits and highest plateau of federal government net debt for more than half a century.
Editorial
Chalmers crumbles and gives up spending restraint
Jim Chalmers is like a bloke who successfully dieted for two years but crumbled after someone shoved a bucket of KFC under his nose.
Political editor
Budget spending spree that locks in a decade of deficits
Given all the good luck since coming to office, there are no excuses for Labor not running successive substantial surpluses to repair the budget buffers and start repaying the pandemic debt at this point in the cycle.
Editorial
Reports
BOSS Best Places to Work
The awards celebrate the achievements of the best small, medium and large organisations and nine sector winners.
Politics
Pro-Palestine protesters storm university building
Police were called and all classes in one building at the University of Melbourne were cancelled after students occupied the site in defiance of administrators.
Unions to ramp up pay claims despite inflation slowdown
Unions want to make up for “lost ground” after years of cost-of-living pressure, despite Treasury forecasts that inflation could fall beneath 3 per cent by Christmas.
Treasury debunks Albanese’s solar and battery push
Treasury says there is a “strong case” for green hydrogen and green metals have “significant potential”. Making solar panels and batteries is another story.
Time to fix budget’s structural deficit: accountants
Accounting bodies say the federal budget should have done more to deliver substantive tax reform and a plan for implementation. Here’s how the day unfolded.
Tax fraud, capital gains tax crackdown to raise $3.3b
The budget includes a broad crackdown on tax fraud, the shadow economy and the avoidance of capital gains tax by foreign residents, which Labor hopes will raise $3.3 billion.
SPONSORED
World
Biden and Trump agree to two debates
The two men will debate on CNN on June 27 and for a second time on ABC News on September 10.
Slovakia’s populist prime minister shot multiple times
Robert Fico was gravely wounded after a political event in an attempted assassination that shocked the small country and reverberated across Europe.
US to send $1.5b in new military aid to Israel
The White House has alerted Congress a security package is in the works, after it paused a bomb shipment last week in a warning to Israel over its war in Gaza.
Putin to meet ‘dear friend’ Xi in China, defying US
The Russian president is set to arrive in Beijing, underlining the key relationship as China faces growing US pressure to curtail support for the war in Ukraine.
New US tariffs on China could help Australian critical minerals
It’s not just the federal budget that could boost Australia’s critical minerals exports, but also a new round of US tariffs on Chinese imports.
Property
- Exclusive
- Property market
Lenders’ preference for luxury units a blow to housing supply hopes
Mortgage broker Stamford Capital is arranging construction finance for developments worth $5 billion. All of them are luxury apartment projects.
- Opinion
- Housing slump
Can $32 billion fix the housing crisis?
The Albanese government’s ambitious plan to boost housing supply might not make a difference before the next election. Is there a better solution, asks Robert Harley.
- Exclusive
- Property development
Developer Avid flags $1.4b land lease housing play
The privately owned developer that acquired Villa World in 2019 has expanded into the fast-growing land lease business. At scale.
Imported tradies need to live somewhere too
To fix the housing shortage the government needs to train many more building industry workers at home as well as fast-tracking visas for foreign tradies, builders say.
Developers cash in as investors spend big on fast food and childcare
Nearly $50m was splashed by investors at a commercial property auction in Sydney, of which almost half was spent on fast food outlets on long leases.
Wealth
My boyfriend earns far more than me. Should we still split bills 50/50?
One partner in the relationship earns $200,000, while the other earns much less. What’s the fairest way to divide their living expenses?
Forget Boomers. Millennials, your next landlord could be a best mate
For decades, Millennials and Generation Z have blamed Baby Boomers for locking them out of the housing market. But what happens when wealthy Boomers start to give their kids cash?
From babies to Boomers: what’s in the budget for you
The 2024 federal budget includes power bill relief, more training places and additional rent assistance.
Technology
Hackers steal the keys to Iress’ OneVue platform
Financial software provider Iress is investigating if any client data has been breached after discovering hackers stole a credential to gain access to its systems.
Google steals OpenAI’s thunder with something 15 times bigger
The new version of Gemini can write poems about objects it’s seen, or even tell the user where it last saw her glasses.
For the Taliban, Afghans’ best status symbol is a $2120 iPhone
Commerce is thriving for some entrepreneurs despite the difficulties imposed by the country’s rulers.
Work & Careers
Why it’s harder to sack bad workers
HR managers say they are finding it increasingly difficult to dismiss employees even when have fair and valid reasons because of provisions protecting staff for exercising a workplace right.
- Exclusive
- Workplace
Grant Thornton adopts nine-day fortnight, but staff have to earn it
The accounting firm’s year-long trial coincided with record productivity, employee retention and profits.
Life & Luxury
Society florist to sign off with a signature flower
Grandiflora founder Saskia Havekes plans to be dressed in white, with a floral scent and a magnolia bloom.
Mount Everest from your tent? That’s a view worth the trek
Waking up to behold Nepal’s most renowned mountains is a dream come true. But you’ve got to put in the hard yards to get there.
This airport is one of the world’s most scenic – and treacherous
Trekking in Nepal’s Everest region is on many a bucket list. But the adventure starts well beforehand, with a landing at Tenzing-Hillary Airport.
The Taste of Things movie review – a feast for the eyes
Director Anh Hung Tran has created an utterly absorbing film about cuisine as a model for life.
A little bird delivers record price for photographer
A bird in the hand might be worth two in the bush, but Petrina Hicks’ photo of a budgie in a girl’s mouth was worth plenty on an otherwise disappointing night.
