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Climate Change and Energy minister Chris Bowen on Tuesday.

Power prices to fall but interest rates on indefinite hold

The government is relieved that energy prices will go down a little from July, but the timing of interest rate cuts is far less certain, writes Jennifer Hewett.

Reserve Bank governor Michele Bullock arrives for Tuesday’s board meeting.

RBA keeps rate rise in reserve

A sharper-than-expected fall in inflation may lead the RBA to cut rates sooner than expected, as it shifts to a more neutral stance on the monetary policy outlook.

China’s Foreign Minister Wang Yi.

Business chiefs to plead for predictability from Beijing

Chinese Foreign Minister Wang Yi will hold a lunch with CEOs and think-tank chiefs as part of his visit to Australia.

Shock death of CEO stuns HWL Ebsworth

Australia’s largest legal partnership is facing a succession crisis after Juan Martinez, its managing partner for 26 years, died on Monday of a suspected heart attack, aged 64.

Rate pause to lure home buyers back

An extended rate pause could lure home buyers back into the market, but it could fuel a rise in distressed sales.

Judge led through ‘sideloading’ Fortnite – and finds it all too hard

Justice Jonathan Beach hadn’t even got to the scary stuff yet, when he said he would have already given up trying to install an app on an Android phone without using Google’s Play Store.

Will Australia get China’s Silver Fox or the brusque nationalist?

The government has already decided the visit by Chinese Foreign Minister Wang Yi is another notch in stabilising relations with Beijing. But is “stabilisation” becoming an empty shibboleth?

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Fin Magazine  - autumn 2024

Read about an artist’s intriguing sanctuary, Lotus’ latest electric sedan, New York’s coolest new hotel and more inside Fin Magazine’s first issue of 2024.

rba decision

Financial markets put an 80 per cent probability on the RBA increasing the cash rate in November.

The next big question investors must ask about the RBA

Interest rates will fall. But we’re not going back to the days of super low rates – and that poses a fascinating question for the Australian economy.

RBA governor Michele Bullock warned the inflation dragon is not yet slain and interest rates could still go either way.

Bullock pivots on interest rates in last-mile inflation run

Ever so gently, the RBA board has dialled back its outlook for interest rates, but governor Michele Bullock remains alert to the bumpy ride ahead.

Aged care

RBA to watch for ‘spillover’ from aged care pay rise

Michele Bullock will be alert to the effects from the “very worthy” 14 per cent wage increase but says this is unlikely to shift forecasts for inflation.

What the cash rate means for REITs

While further property write-downs may come in June, there may be little more beyond that as the outlook for interest rates turns favourable, says Citi.

Michele Bullock is right to move cautiously on interest rate cuts

There are reasons to suspect that domestic inflationary pressures, from income tax cuts to wage pressures, could prove even more stubborn than in the US.

tuesday tech

Silvija Martincevic, CEO of Deputy.

Australia has its first tech ‘unicorn’ in two years

Software firm Deputy cracks the billion-dollar valuation milestone to break Australia’s unicorn drought, after a prospective US customer invested $37 million.

SafetyCulture general counsel Peter Dunne said it is heartbreaking when a company gets its options scheme wrong.

Tech star lends staff cash to buy its shares

SafetyCulture, a $2.7 billion software firm, is helping staff buy more stock and is structuring its sales to avoid debts accrued by some US start-up workers.

Big media names pour cash into ‘cookie-free’ ad start-up

Media boss Antony Catalano and Seek co-founder Matt Rockman are among investors in a new advertising tech start-up, which eschews privacy-invading cookies.

Former stockbroker, Afterpay alumni raise $16m for fintech start-up

Former Wilsons stockbroker and Australian national swimmer Luke Trickett has raised $16 million for his invoice payments start-up Marmalade.

Epic Games opens case against Apple, Google

iPhones would have cheaper apps released more quickly, and even better security and privacy if only Apple were forced to open its phones up to competition, a Melbourne court has heard.

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Companies

Seven Group Holdings CEO Ryan Stokes is also the chairman of Boral.

Boral independent directors say Stokes’ bid undervalues group

Boral’s minority shareholders were urged to reject Seven’s bid, based on an independent expert finding the shares are worth up to $7.13. Ryan Stokes disagrees.

Cettire shares fell sharply last week but on Tuesday after it flagged a new pricing model.

Cettire overhauls duties and returns policy

The company will no longer disclose what customs charges are owed on goods at its online luxury marketplace, and has streamlined other customer features.

Aussie Broadband managing director Phillip Britt is taking Superloop to court.

Aussie Broadband alleges Superloop sell order ‘oppressive’

Aussie Broadband has taken rival internet broadband provider Superloop to court, claiming an order by the smaller company to slash its stake could cost it $3.7 million.

Former Salesforce ANZ/ASEAN chief executive, Pip Marlow, will replace Don Argus on Bank of America’s local board.

Rugby Australia’s Pip Marlow joins Bank of America board

The former Microsoft and Salesforce boss has become an adviser to the US investment bank’s local business, joining Megan Clark and Kevin Skelton.

Escalante is living large off controversial gambling billions

At 42, he is one of the country’s youngest billionaires. But Virtual Gaming Worlds investors hoping for a big payday are increasingly concerned it may not come.

Private equity group lifts Pacific Smiles bid to $279m

Genesis Capital has raised its buyout offer to $1.75 per share, from the $1.40 per share bid rejected in mid-December and the board is likely to recommend it to shareholders.

New Hope asks NSW for coal extension, backs nuclear

New Hope chief Rob Bishop reckons the world will want coal for a long time to come, and nuclear is the only hope of net zero emissions.

Companies in the News

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Markets

The RBA meets today.

ASX rises as RBA holds cash rate steady; Pacific Smiles jumps 11pc

Shares gain after Reserve Bank kept interest rates on hold; Bank of Japan ends negative rate policy; Pacific Smiles receives revised Genesis takeover bid; oil rises. Follow here for more.

Iron ore has retreated by more than a quarter since the start of the year.

‘Copper’s time is now’ as traders switch from iron ore

Goldman Sachs and Citi believe copper prices can rally another 30 per cent, while Westpac sees iron ore dropping below $US90 a tonne.

BoJ governor Kazuo Ueda arrives at the central bank on Tuesday.

BoJ has increased at last, but this tiny step is no lift-off

Governor Kazuo Ueda is choosing to move at a relatively benign time in the global economy. He may want to push rates just a little bit higher, so he has room to cut when the next slowdown arrives.

RBA rate relief pushed out to end of the year

Bond yields are soaring after US data dashed hopes of early rate relief from the US Federal Reserve, pushing out expectations of a mid-year move from the Reserve Bank.

Why even Howard Marks is wary of office property

The Oaktree Capital co-founder loves distress, and says there will be plenty in the office market. But there’s one big reason he’s cautious about investing. 

Opinion

Power prices to fall but interest rates on indefinite hold

The government is relieved that energy prices will go down a little from July, but the timing of interest rate cuts is far less certain.

Michele Bullock is right to move cautiously on interest rate cuts

There are reasons to suspect that domestic inflationary pressures, from income tax cuts to wage pressures, could prove even more stubborn than in the US.

Karen Maley

Columnist

Karen Maley

Greens’ farming ‘crisis point’ is rubbish

The Greens are using farmers as allies of convenience to pursue their left-wing populist campaign against the supposed price and profit gouging of Coles and Woolworths.

The AFR View

Editorial

The AFR View

Senate a sticking point for four-year terms

The conundrum that must be squarely faced is 1988’s defeated take-it-or-leave-it constitutional amendment that rolled in a shorter term for the upper house.

Helen Irving

Professor Emerita

Helen Irving

Will Australia get China’s Silver Fox or the brusque nationalist?

The government has already decided the visit by Chinese Foreign Minister Wang Yi is another notch in stabilising relations with Beijing. But is “stabilisation” becoming an empty shibboleth?

James Curran

International editor

James Curran

Biden must show Netanyahu who’s in charge

The US president must apply far more pressure on Israel’s prime minister to pull back on his military attacks in Gaza that have left thousands of civilians dead.

Reports

Women to Watch 2024

This article is part of the Women to Watch special report on the next generation of leaders, published on 8 March 2024.

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Politics

Many office towers have high vacancy rates and face valuation markdowns of up to 20 per cent.

Labor bungling tax reform consultations: big business

Corporate leaders say Labor’s changes to tax rules covering thin capitalisation are effectively retrospective, ahead of legislation being introduced to parliament as soon as this week. 

Businessman David Bellamy says the supermarket giants treat their suppliers poorly.

Ban Coles, Woolworths from making suppliers pay for marketing: Bellamy

The Bellamy’s Organic founder helped lead the fourth-largest baby formula producer in Australia. He says the supermarkets can make or break brands.

Cash handouts for kids: The West Australian government is giving up to $250  to parents of every student in the state.

Fresh from GST windfall, WA hands out payments of $250 per child

The WA government will hand out $100 million to families of school-aged children as part of a cost-of-living package, with no rules on how the cash is spent.

Coalition won’t be ‘Labor lite’ on fuel standards: Dutton

The Coalition will never support Labor’s fuel efficiency standards regardless of how many concessions are made.

Business chiefs to plead for predictability from Beijing

Chinese Foreign Minister Wang Yi will hold a lunch with CEOs and think-tank chiefs as part of his visit to Australia.

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World

Unfinished apartment buildings at the construction site of a China Evergrande Group development in Beijing.

China accuses Evergrande of ‘shocking’ $119b fraud

The allegations mark the latest blow for founder Hui Ka Yan, once among Asia’s richest tycoons, who oversaw an empire that spanned real estate to electric vehicles.

A Palestinian family outside home destroyed by Israeli airstrikes in Rafah.

Biden warns Netanyahu: Rafah attack a ‘mistake’

The Israeli prime minister has agreed to send a delegation to Washington to discuss an alternative plan for Gaza.

While Nationwide is not obligated to put its Virgin deal to a vote, it has been criticised for bypassing members.

How Nationwide’s bet on Virgin Money risks backfiring

Bulking up by buying Virgin Money would potentially allow Nationwide to capitalise on Labour’s reforms should the party form the next British government.

Trump unable to finance $686m appeal bond, lawyers say

The former president is asking a court to delay enforcement of a judgement after the Trump Organisation approached 30 surety companies who would not help.

Why the Paris Olympics will be a modest showcase of wood architecture

Every host city tries to use the Olympics to power a transformative project. Paris 2024 wants to make sustainability, not monumental construction, its legacy.

Property

Lendlease Australia CEO Dale Connor backs visas for construction workers.

Visas for tradies, planning reforms crucial to lifting housing supply

Developers have called for the fast-tracking of visas for skilled construction workers among a raft of measures needed to tackle the housing supply crisis

Aerial view of The Gabba

Lang Park to host Brisbane 2032 ceremonies after review rejected

Lang Park will be the site of opening and closing ceremonies while the old venue for the 1982 Commonwealth Games will be upgraded to host athletics.

Sydney’s newest build-to-rent project was developed on top of a former church, who’s owners couldn’t be happier.

These ‘micro’ flats go for $395 a week. Renters can’t get enough

The German-inspired “micro” apartments are in one of the city’s hippest suburbs. And renting for $395 and $440 a week.

Even after COVID boom, builders want fixed-price contracts

An industry body backs the contracts but warns about risks if costs escalate, as a survey shows companies’ “grasp on construction financials remains inadequate”.

Why this semi sold for $300,000 less than a similar home nearby

Is it a property with a flaw or some other compromise? Buyers are becoming choosier, as the vendor of one house in need of a renovation found out.

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Wealth

Investors will start looking to allocate more funds to commercial property, although they remain wary of office towers.

‘Narrow window’ to snap up commercial property bargains

With institutional capital still watching on the sidelines, smaller investors have the chance to pick up quality assets at discounts as high as 30 per cent.

How this billionaire is making his staff rich

The recent surge in WiseTech’s share price means Richard White isn’t the only one making money. Staff are sitting on a $320 million fortune. 

Supermarket wars will throw up bargains for investors

As the noise from the various inquiries reaches fever pitch, investors may be presented with opportunities to buy shares in good quality supermarket businesses for a discounted price.

Technology

Nvidia unveils ‘super chip’ in push to extend AI dominance

Chief executive Jensen Huang claimed the company’s new Blackwell chips are substantially more powerful than its already market-leading ones.

“This strategic partnership is a missing piece in the Apple AI strategy,” Wedbush analyst Daniel Ives said.

Apple in talks to let Google’s Gemini power iPhone AI features

The negotiations are about licensing Gemini for some new features coming to the iPhone software this year.

Neil Young, QC

Competition law guns line up for Epic case

Neil Young, KC, will charge over $25,000 a day for his services in the court fight between Epic Games, Apple and Google. He’s just one of the top silks involved in the 16-week case.

Work & Careers

Bupa launched a nine-day fortnight trial a month after Medibank started experimenting with a four-day week.

Hundreds of Bupa workers trial nine-day fortnight

Private health insurer Bupa has joined the growing ranks of white-collar employers experimenting with a nine-day fortnight.

Drug use at work isn’t biohacking. It’s workaholism

Even if anecdote-driven reports oversell the problem, it’s clear that the “just say no” and “this is your brain on drugs” eras are a relic of the past.

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Life & Luxury

Dior brings men back into the fold with a reimagined classic watch

Resurrecting a previous model is hardly unusual in the watch world, but success is never guaranteed.

How this manufacturer made it to the runways of Paris and New York

Melbourne Textile Knitting’s Stephen Morris-Moody has always been a dyed-in-the-wool fan of yarn. Now he’s taken his work to Calvin Klein and Ralph Lauren.

teamLab Borderless in Tokyo, Japan on February 8, 2024.

How teamLab is drawing millions of visitors a year to Tokyo

Japan’s digital art collective teamLab has opened a new Tokyo museum, as its immersive installations gain popularity around the world.

Elon Musk says ketamine helps him fight depression.

Musk says his use of ketamine is in investors’ interests

Tesla CEO Elon Musk has told former CNN anchor Don Lemon that using the drug alleviates periods of low mood, and “what matters is execution”.

John Anderton, CEO and founder of Butterfly,

How a tech founder drew on Pilates to beat a health crisis

For John Anderton, founder of a tech development agency, Pilates has been a core routine for years to work off office tensions. He recently called on it during an emergency.

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