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Wages grow 0.7pc in March quarter, 2.4pc annually
Australian shares are up 0.7pc; $A drops, bond yields ease on soft wages data; Boral cops $45m earnings hit from floods, energy prices; BlueScope upgrades earnings guidance. Follow updates here.
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Wages rise 0.7pc in January-March, up 2.4pc on year
Barclays tips $75m into Barrenjoey, boosts valuation
Fundies go full bear, except for one thing
ASX opens 0.9pc higher
Last updated 24 mins ago
‘Inflation is the challenge’: PM defends wages record
Scott Morrison has defended the government’s record on wages, while also vowing he ‘won’t drag Australia back into lockdown’ as COVID-19 cases and deaths rise.
Barclays tips $75m into Barrenjoey
The equity injection lifts its shareholding to 18.2 per cent and almost doubles the pre-money valuation of the Magellan-backed investment bank to $750 million.
- Live
- Need to Know
Real wages 18 months away: PM
Scott Morrison says his “bulldozer” approach has served the country “extremely well”; says wages will rise in real terms in late 2023 but it “will take even longer” under Labor. Follow updates here.
Forrest takes back the top job at Fortescue in shake-up
Andrew Forrest will run his Fortescue Metals Group’s iron ore business for the first time since 2011, as part of a wide-ranging shake-up which includes the appointment of former AGL Energy CEO Andrew Vesey.
Tighter polls give Coalition hope
A tightening in public opinion polls has given the Coalition hope it can stave off defeat, but it is not getting carried away. Neither is Labor.
How the AFR called each federal election
The Australian Financial Review has covered 26 federal elections since the masthead launched in 1951. Here’s how the paper voted, writes editor-in-chief Michael Stutchbury.
Wealth Generation: News and views to help aspirational investors grow their wealth. In your inbox every Wednesday.
Companies
- Analysis
- Executive shake-up
Executive chairman Forrest? He always was
Corporate governance boffins may fume at Andrew Forrest assuming even more power at Fortescue. But it’s a more honest reflection of the way the company is run.
BlueScope’s US profit powerhouse revs faster
The steelmaker makes more than half its profits in the US, but in Australia floods and transport disruptions are causing minor hiccups.
Ukraine war spurs BHP to crunch the gears on Jansen potash project
Sanctions on Russia and Belarus, which account for 40 per cent of the resource’s global output, have widened the opportunity for the miner’s biggest plant.
Optus fires up on TPG, Telstra sharing ahead of ACCC call
Optus is ramping up hostilities toward Telstra and TPG’s landmark network-sharing deal.
Energy leaders’ warning on hung parliament
Ian Davies has warned the $500-billion-a-year economic benefit industry provides could be at risk were an incoming government taken over by “misguided” politics.
- Opinion
- Chanticleer
Housing quick fixes lack tough decisions
Labor and the Coalition are turning a blind eye to the fundamental problems in property affordability with their quick-fix solutions for first home buyers.
Woodside CEO ‘feels good’ about $63b BHP deal vote
Woodside CEO Meg O’Neill is quietly confident that the $63 billion merger with BHP Petroleum will get over the line, and new overseas shareholders will join.
Companies in the News
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Markets
- Opinion
- Chanticleer
Fundies go full bear, except for one thing
Investors believe the market can fall at least a further 12 per cent before the Fed steps in.
- Analysis
- Interest rates
Powell explains ‘softish landing’ to investors
The Federal Reserve chairman used an airline analogy to hammer home his point about the strength in consumer spending and the labour market.
Elon Musk seen by market pros winning Twitter at lower price
Most investors and merger specialists expect the transaction to proceed, though at a discount to Elon Musk’s original $US54.20 a share offer.
Here’s what happened in markets overnight
Ten of the 11 S&P 500’s industry sectors advanced, paced by information technology and materials, on a boost from earnings and economic data.
Magellan buoyed by ‘early signs of stability’
The combination of hiring a new chief executive and a soft valuation for shares within its global equity portfolio offers a boost to the firm’s share price.
Opinion
Australia must switch to the right tax mix
Australia’s complex and distorting tax system is a mess because it lacks a first tax principles approach to raising revenue as simply and efficiently as possible, and at the least cost to the economy.
Editorial
The greenback’s rapid rise increases risks for global economy
The risks are particularly acute for those developing countries already facing the clear and present dangers of crises over the economy, energy, food and debt.
Contributor
Politicians are papering over the real flaws in the housing market
Labor and the Coalition are turning a blind eye to the fundamental problems in property affordability with their quick-fix solutions for first home buyers.
Columnist
The right celebrates its first victory in the war on compulsory super
Allowing retirement savings to be used for home deposits is a step towards freeing up all super savings, according to the think tank that pushed the policy.
Senior correspondent
What fossil fuel companies do matters far more than electing ‘teals’
The APPEA conference in Brisbane argues the oil and gas industry offers a solution to climate change rather than being the problem. Whether it’s proved right will matter more than the number of teal independents elected on Saturday.
Columnist
Radical monetary policy is fuelling private equity’s boom
Monetary policy’s goals of increased investment and economic activity are losing out to asset price inflation, acquisitions, and demand for share buybacks.
Markets reporter and commentator
Politics
Benefits of Labor’s childcare pitch not that big
Former Productivity Commission boss Gary Banks has questioned the benefits of adding more taxpayer money to childcare, which he said had been subject to an election political bidding war between the big parties.
Only a ‘couple of billion a year’: Labor defends higher deficits
Shadow treasurer Jim Chalmers has confirmed Labor will unveil bigger debt and deficits before the election, saying a “a couple of billion dollars a year” is no big deal.
How the high cost of childcare holds back women and the economy
The cost burden of childcare on working women is denying the economy of a ready-made boost.
Federal election winner to face months of rate rises
Whoever wins Saturday’s federal election will face months of rising interest rates and growing household cost of living pressures, with the RBA making clear more rate rises are on the way.
Pledge to cut public service threatens Senate balance
The Coalition’s ability to control the Senate is under threat after it pledged to cut the public services by $2.7 billion, opening the door for former Wallaby flanker David Pocock to win a Canberra Senate seat.
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World
Allianz hedge fund managers face jail in $10b fraud
US authorities say Greg Tournant and his colleagues sold lies to investors that cost customers, and now the company, billions of dollars.
China Eastern plane crash might have been ‘intentional’
Mainland China’s deadliest aviation disaster in 28 years could have been caused by someone in the cockpit, according to sources close to the investigation.
World’s richest family loses $27b in retail wipeout
The Waltons’ fortune has tumbled after Walmart slashed its profit outlook following soaring inflation that heaped pressure on the retailing giant.
Rupert Murdoch urged to end Fox’s ‘great replacement’ rhetoric
The top US Senate Democrat called on the company’s chairman to end the promotion of “false white nationalist, far-right conspiracy theories” on Fox News.
Sri Lanka runs out of fuel as economic crisis deepens
The new prime minister has warned that the next few months will be ‘the most difficult ones of our lives’.
Property
What you must know about the super home buyer scheme
Economists warn about “unforeseen economic consequences” of encouraging young home buyers to dip into their super.
ANZ predicts a worse housing market slowdown
The housing slowdown will increase as the RBA tackles the highest inflation in 21 years with a string of increases in the benchmark lending rate, the third-largest home lender says.
Liberals will help ‘young and rich’ buy a home more quickly
Labor’s housing policy, in contrast, will help low-income people buy a home they would not have been able to afford, according to this accountant.
Goodman buys $200m homemaker hub as logistics trumps retail
The latest transaction underscores the extent to which inner-city real estate is gaining more value for its potential within the logistics chain than as pure retail.
Regional house prices on track to rise by 20pc this year
The housing boom is far from over in the regions, with prices in some areas expected to rise by another 20 per cent this year as demand continues to outstrip supply, experts say.
Wealth
I’ve lost $100,000 in 11 years - and I’m far from alone
I want to retire as a financial equal to my husband but that won’t happen without big policy changes.
- Opinion
- Superannuation
What the new super rules mean for those aged 67-75
From July 1, they will be able to contribute without having to meet the work test, but they need to watch out for contribution caps and tax deductions.
Is HECS still the best debt you can have?
With indexation reset at 3.9 per cent, the average student debt will increase by around $900 in June.
Technology
Musk raises prospect of lower price for Twitter deal
The comments at the All-In Summit in Miami came three days after the Tesla founder declared on Twitter that he was putting the deal “on hold”.
Why Elon Musk and Twitter CEO are sparring over bots
Elon Musk says fake users make up at least 20 per cent of all Twitter accounts, possibly as high as 90 per cent. Twitter disagrees.
- Opinion
- Mergers & acquisitions
Fake Twitter accounts are old news, and Musk knows that
The Tesla CEO will have trouble using this issue to renegotiate his $US44 billion bid for Twitter.
Work & Careers
Four ways CEOs can get directors on their side
An obstacle to a good relationship with directors is the chief executive’s tendency to grumble about the board’s lack of industry knowledge.
- Exclusive
- Gig economy
Uber says its drivers prefer flexibility to 20pc pay rise
A new survey has found Uber drivers won’t trade away flexibility for pay rises as the gig economy prepares for new regulation post-election.
Life & Luxury
- Opinion
- Style
Why fashion’s sudden obsession with books is proving a bestseller
Literature, abruptly, is very much in vogue. Luxury labels see value in aligning themselves with authors – and it works both ways.
The Aussie running BMW’s Shanghai design studio
As a boy, Calvin Luk once wrote a letter to BMW’s star designer asking how to break into the industry. Now he’s in charge of the company’s Shanghai studio - and he’s still aged under 40.
It’s third time lucky for Melbourne festival’s indomitable co-director
“Tragedy, comedy and ecstasy are never too far apart,” says Hannah Fox of the night Rising got cancelled for the second year – and they all hit the dance floor.
The Vaucluse pen-pushers who upsized to a country home
Resurrecting a historical homestead and 970-hectare estate is a monumental undertaking, but Jason and Nikki Veale say it has made them better people.
The ‘healthy’ habits that are actually harming your gut
Following rigid, rules-based diets – such as veganism and restricting wheat, fibre and lactose – is leading to digestive problems, two leading clinicians say.
