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ASX rallies 1.4pc after RBA leaves cash rate on hold; Sims slumps
Shares advance over 1 per cent, $A falls; Reserve Bank revises inflation forecast; ANZ records 7 per cent cash profit decline in first half results. Follow updates here.
Latest Posts
ASX rallies 1.4pc after RBA leaves cash rate on hold; AGL jumps
Bullock says she gave no ‘impression’ of rate cuts this year
Financial conditions are ‘restrictive’ on households: RBA
Bullock says balance of probabilities haven’t shifted ‘dramatically’
Last updated 15 mins ago
Interest rates on hold but to stay higher for longer
The RBA says inflation will stay high for some time yet and it will keep a “vigilant” watch, while “not ruling anything in or out” on interest rates.
Victorian debt to hit $188b as Labor shirks budget cuts
Victorian Premier Jacinta Allan is counting on a growing economy and an interest rate cut this year to curb the state’s $188 billion debt and a daily interest bill set to hit $26 million with a no-frills budget.
Victorian budget winners and losers
There are no new taxes or levies for the first time in several years – although the state’s waste and fire levies are increasing – but the budget avoids many tough decisions save for a slowdown in infrastructure spending.
G8 Education board faces scepticism over Star links
The biggest for-profit operator of childcare also revealed some problems had struck a controversial deal to offload underperforming centres.
- Opinion
- Chanticleer
The chart that gives Goldman confidence M&A is on the up
Be wary of bankers talking deal pipelines. But what you can rely on them for is a good chart. Goldman Sachs’ M&A boss Marissa Freund didn’t disappoint.
- Exclusive
- Aviation
Bonza’s backers plotted to ‘get the planes out’ and ‘wind this up’
Leaked documents show the writing was on the wall for the budget carrier weeks before it collapsed, and suggest co-ordination between its financiers and owners.
Breaking news on companies, politics and economics, in your inbox as it happens.
RBA DECISION
Petrol, strong jobs market stoking inflation: RBA
The central bank on Tuesday upgraded its near-term forecasts for headline inflation and pushed back the likelihood of interest rate relief until mid-2025.
Interest rates on hold but to stay higher for longer
The RBA says inflation will stay high for some time yet and it will keep a “vigilant” watch, while “not ruling anything in or out” on interest rates.
- Opinion
- Interest rates
The Reserve Bank’s bleak news on housing
The Reserve Bank is concerned that housing supply continues to fall short of underlying demand, which is keeping upward pressure on house prices and rents, writes Karen Maley.
- Opinion
- Interest rates
‘Vigilant’ RBA puts home loan borrowers on notice
Governor Michele Bullock has issued a fresh warning to mortgage holders, two years after the Reserve Bank of Australia began raising interest rates, writes John Kehoe.
- Analysis
- Australian economy
‘Made in Australia’ risks higher interest rates and a poorer future
The old rules of economics still apply and the consequences of Albanese’s big gamble could be widely felt.
VICTORIAN BUDGET
Victorian debt to hit $188b as Labor shirks budget cuts
Victorian Premier Jacinta Allan is counting on a growing economy and an interest rate cut this year to curb the state’s $188 billion debt and a daily interest bill set to hit $26 million with a no-frills budget.
Victoria adds $700m to home buyer scheme – and calls time on it
There were minimal housing policies in the Victorian budget, but the state government is hopeful of a pick-up in sales next year to boost its finances.
Size of Victorian government to be cut for first time in 15 years
Tight control over salaries and operating expenses will result in reduced average expenditure of 2.2 per cent over forward estimates.
Victorian budget winners and losers
There are no new taxes or levies for the first time in several years – although the state’s waste and fire levies are increasing – but the budget avoids many tough decisions save for a slowdown in infrastructure spending.
Everything we know about the budget, so far
Treasurer Jim Chalmers will hand down Labor’s third budget on May 14. Here are all the spending measures we know about so far.
Get the latest business news on the go with the AFR’s new iOS app.
Companies
Macquarie bets big on data centres in AI revolution
Shemara Wikramanayake expects the biggest tech companies to consume more data in their quest to sharpen AI platforms.
- Updated
- Earnings season
ANZ says it can reward shareholders and grow lending
The bank said profits were down in its retail business with conditions “more competitive than ever”, but lending to large companies was stronger.
AGL Energy upgrades earnings guidance again
The energy giant backed by software billionaire Mike Cannon-Brookes bumped the lower bound of its full-year guidance up by $80 million.
Louis Dreyfus fires back at Olam in takeover battle for Namoi Cotton
The French agribusiness has struck another blow in the battle with its Singaporean competitor for control of Namoi Cotton.
‘True energy impact’: Di Pilla defies gloom, appoints Gillard to $2b fund
The ASX-listed HMC Capital is banking on plenty of investor interest to defy a gloomy market outlook on the transition to clean energy for its latest vehicle.
ASX queries Kogan executive options sale ahead of share plunge
The online retailer, in response to questions from the market operator, said it did not think a poor sales update that sent its stock tumbling was material.
NBN fixer Stephen Rue to restore Optus’ credibility
Stephen Rue has been charged with restoring Optus’ reputation with consumers and improving its services when he leaves the NBN to run the beleaguered telco group.
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Markets
ATO targets crypto traders’ tax affairs, bank details
The Tax Office is ramping up its surveillance of crypto traders, demanding that exchanges hand over details around clients’ ID, wallet addresses and bank accounts.
What happened overnight? Wall Street extended its rally into a third session
Australian shares were set to gain, bolstered by the S&P 500’s advance as investors reset their bets on US rate cuts.
RBA’s radio silence fuels extreme rate rise bets
Traders’ bet that the RBA will lift the cash rate is fuelled by the central bank’s lack of communications since March as it undergoes sweeping reporting changes.
ASX tipped to hit 8300 by year-end defying rate talk
Brokers and investors have all turned more positive on the outlook for the sharemarket, despite traders pushing out interest rate cut expectations to next year.
Investors return to Chinese stocks on housing policy hope
Battered Chinese assets are getting a second look as a combination of earnings recovery, policy support and cheap valuations lure investors.
Opinion
The Reserve Bank’s bleak news on housing
The central bank sees little respite for struggling home buyers and renters for years to come, as demand in the nation’s housing market continues to outstrip supply
Columnist
Quantum leap to secure first-mover advantage for Australia
The government’s chief scientific adviser says the investment in PsiQuantum may be high risk, but it’s also high reward.
Chief Scientist
Why didn’t ACCC litigate Qantas?
Is what might be seen as regulatory brand ransom to force companies to admit to lesser charges and avoid the need to litigate, the way the watchdog should seek to uphold Australia’s consumer protection and competition law?
Editorial
Qantas’ Hudson takes the chance to shed some Joyce baggage
Vanessa Hudson has finally accepted reality by making a deal with the competition watchdog over ghost flights.
Columnist
Interest rates are the only tool for managing inflation
Economists are looking for other ways of braking inflation. But the impact of interest rates on housing costs is still the most reliable means.
Keeping coal but excluding gas is an irrational path to net zero
Including gas-generation in the back-up electricity mechanism will help avoid taxpayer funds being used for paradoxical cross-purposes.
Gas advocate
Reports
BOSS Best Places to Work
The awards celebrate the achievements of the best small, medium and large organisations and nine sector winners.
Politics
- Analysis
- Political leadership
Albanese enters the bull ring
Anthony Albanese and Peter Dutton are in Rockhampton for Beef 2024. One suspects Labor will need to look elsewhere in Queensland to win seats at the next election.
Albanese to raise ‘unacceptable’ chopper incident with Chinese premier
Stabilisation of ties between Canberra and Beijing suffered a setback after a Chinese fighter jet released flares near a navy helicopter.
- Exclusive
- Renewables
‘A big risk’: Voters wary of nuclear replacing coal-fired power
Voters in Victoria’s Latrobe Valley have raised the spectres of Chernobyl and Fukushima when asked about Opposition Leader Peter Dutton’s plan to build large-scale reactors in their community.
Let ASIC police big four conflicts: Samuel
Former ACCC chairman Graeme Samuel says the big four’s governance changes looked good on paper, but would not fundamentally change the culture of the firms.
Social cohesion ‘fraying’, Albanese admits amid anti-Israel backlash
Anthony Albanese defended his efforts to keep the community together but would not be drawn on a looming UN vote on Palestinian statehood.
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World
- Updated
- Israeli-Palestinian conflict
Israel takes control of Rafah border crossing
The Israeli 401st Brigade entered the Rafah crossing early on Tuesday local time, the Israeli military said, taking ‘operational control’ of the vital pass.
- Analysis
- Property development
Why the Chinese are warming to ‘second-hand’ homes
With tens of thousands of new developments yet to be completed, house hunters are looking again at older buildings. End buyers don’t trust developers any more.
Big four exam cheating under spotlight amid AI fears
Academic integrity is in focus for professional regulators after a series of cheating scandals and the rise of artificial intelligence.
PwC partners in the Middle East accused of blocking first woman boss
PwC is facing a backlash from its own staff after two women were passed over for the UK firm’s top job, as Middle Eastern partners grow in strength.
Judge threatens Trump with jail over ‘hush money’ gag order
The former US president suggested that he would be willing to risk incarceration after the judge’s warned him over repeatedly breaching the gag order.
Property
Vicinity, ISPT offload WA mall for $70m, taking capital loss
The Halls Head Central shopping centre was once valued at $114 million.
Landlords offered $5000 lure for housing fix
Amid a surge in Perth property prices, the WA government will give owners of vacant homes $5000 if they make them available for long-term renters.
Labor steps up fight to stop dirty money from buying homes
Proposed anti-money laundering rules will rope in real estate agents and lawyers, amid concerns Australia could become a destination for dirty cash.
Victoria has become a poor state: economist Saul Eslake
The southern state’s high dependence on property and population growth has a fallout felt beyond its borders.
Why Michael Hill chose Chadstone to sell $1m diamond earrings
Michael Hill’s global flagship store will open in Melbourne’s biggest mall Chadstone, and will include a $1m pair of yellow diamond drop earrings.
Wealth
Why there is no such thing as a simple will
You’ve got to understand what you’re giving up when you sign a simple will – and how there are better ways to protect your loved ones.
- Opinion
- Investing
The investment shift that could undermine your wealth plan
Whether to invest for income or growth is not the right question to ask for those in or moving to retirement.
Shaw and Partners boss says ‘fed-up’ Morgan Stanley brokers walked
“Heavy-handed” Morgan Stanley’s loss is Shaw’s gain, says co-CEO Earl Evans, who now manages $5 billion in WA wealth alone.
Technology
It’s bigger and brighter, but is it Samsung’s best TV?
We pit Samsung’s “pinnacle” TV against a lesser model. The results won’t surprise you.
42-year-old Sydney tech company saved with $150m price drop
Casa Systems bought NetComm for $161 million in 2019. Five years later another US company is buying it out of administration for just $US7 million.
- Analysis
- AI
AI start-ups face a rough financial reality check
The AI revolution, it is becoming clear in Silicon Valley, is going to come with a very big price tag.
Work & Careers
Watchdog investigates CFMEU conduct at major Brisbane project sites
The Fair Work Ombudsman is making “active inquiries” into claims the CFMEU jumped fences and allegedly intimidated workers at major Queensland infrastructure sites.
Gender of directors added no financial value: study
A study by the Australian National University has found that the gender of directors appointed to company boards had no impact on the financial performance of those businesses.
Life & Luxury
Melbourne’s best restaurants for a business lunch
Where to go when you’ve got a deal to discuss, when you want to impress your top client or thank the team – as tested by our reviewers.
‘I found my mob’: The collector who quit accounting to follow a passion
A soft spot for timepieces from an early age grew into something more meaningful for this watch enthusiast.
How fashionable is your kitchen?
Designers are harnessing fashion principles to give cookware a stylish makeover.
The ex-F45 franchisees who created an international Pilates phenomenon
Since 2019, Strong Pilates co-founders Michael Ramsey and Mark Armstrong have opened 56 studios worldwide and there are many more to come.
Thousands believe COVID-19 vaccines harmed them. Is anyone listening?
All jabs have at least occasional side effects. But people who say they were injured by those for the coronavirus think their cases have been ignored.
