Australia Decides
Full election results
Not so fast, Albanese tells China, as Quad meets in Japan
Hours after being sworn in, Anthony Albanese has flown to Japan for a meeting of the Quad, and China has offered an “olive branch”.
- Live
- Markets Live
ASX to rise, $A retakes US71¢, Wall St rallies on banks
Australian shares are poised for an opening lift after the Dow recouped 618 points, paced by JPMorgan’s optimistic outlook. Follow updates here.
Don’t let Taiwan dominate relations with China, Henry Kissinger warns
The architect of America’s 1970s rapprochement with Beijing says changing the script on Taipei could risk “sliding into military conflict”.
- Live
- Need to Know
Net zero up for discussion, but Joyce intends to stick to deal
Nationals leader Barnaby Joyce says he intends to stick to net zero emissions agreement; employers point to wage rises of more than 5 per cent as the No.1 threat to the economy. Follow updates here.
China’s premier congratulates PM ending years-long freeze
China has urged Labor to look to the past as it manages relations with Beijing.
Labor to hold back Green wave
Chris Bowen has rejected Greens demands for a more aggressive decarbonisation pathway amid fears for projects such as Woodside’s $16.5 billion gas project.
- Opinion
- Sharemarket
Nowhere to hide from the ravages of stagflation
Investors are now struggling to find attractive places to park their money. But the grim reality is that, in such periods, there are no safe havens.
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ELECTION 2022
- Analysis
- Federal election
The Albanese era has arrived. The evidence is the flags behind him
Australia’s new quintet cabinet was sworn in early on Monday morning and change is already afoot in the national capital.
Labor’s campaign star could be new home affairs minister
Factional jockeying has begun over Anthony Albanese’s first ministry as an interim cabinet is sworn in.
Coalition’s best chance to win a seat is on a knife-edge
Just 306 votes separate the Liberal Party’s star candidate, Andrew Constance, and Labor’s Fiona Phillips in the race for Gilmore on NSW’s South Coast.
Albanese woos crossbench as insurance as he inches towards majority
Anthony Albanese has secured commitments of confidence and supply from existing crossbenchers to insulate Labor from parliamentary instability.
Labor spending pledge supports case for higher interest rates
The cost of living is about to go higher as the newly elected Labor government’s spending plans reinforce the RBA’s path of higher interest rates.
Companies
- Opinion
- Chanticleer
O’Neill struggles to explain Star’s downfall
Just days after resigning his post, executive chairman John O’Neill had trouble pinning down the root cause of the series of scandals at the casino operator.
Labor ‘must back coal, gas’: CEOs
The contribution the booming coal and gas export industries are making to help fund the energy transition must be recognised by the Labor government, CEOs say.
Board ultimately responsible for The Star’s failures: O’Neill
Mr O’Neill said it was “somewhat of an understatement to say [Star was having] a cathartic moment” and “that moment requires as much cleansing as possible”.
- Exclusive
- Carbon pricing
Australia’s first carbon credits ETF set to hit ASX
Van Eck Australia will list a fund tracking the price of carbon on the local sharemarket as environmental investors are buoyed by Green, teal election victories.
Labor to take ‘close look’ at every infrastructure project
The cost and scope of the $14.5 billion proposed Inland Rail line will be among the projects reviewed by the incoming Labor government as it prepares to overhaul the infrastructure body that advises politicians what to build.
Albanese must restore Hawke-Keating bargaining: employers
The risk of widespread wage rises of more than 5 per cent is the No.1 threat to the economy, employers say, as they urge the Albanese government to restore the Hawke-Keating enterprise bargaining system.
‘Grave concerns’ on AGL demerger: Wilson
“Small” AGL shareholder Geoff Wilson is worried the demerger will destroy value, but Cadence sees value in the stock whether or not the split happens.
Companies in the News
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Markets
One mine auction draws 3448 bids in scramble for lithium
The 54.3 per cent stake in Yajiang Snowway Mining Development in China sold for about $420 million, nearly 600 times higher than the starting price.
Here’s what happened in markets overnight
Australian shares are poised to edge higher as New York started its week with a rally. JPMorgan surged. $A reaches US71¢. Bitcoin slips.
Labor spending pledge supports case for higher rates
The cost of living is about to go higher as the newly elected Labor government’s spending plans reinforce the RBA’s path of higher interest rates.
Momentum hedge funds trending again in tough markets
After a lacklustre decade, trend-following hedge funds are coming good at a time when traditional investments in stocks and bonds have come under pressure.
Anatole hedge fund stems losses after ‘disastrous’ China bets
Anatole’s struggles highlight the perils of seizing opportunities to buy Chinese equities during the sell-off.
Opinion
Albanese must put down a Quad marker in Tokyo
The new prime minister should use his debut on the global stage to explicitly signal that Australia’s support for the four-power regional grouping is entirely bipartisan.
Editorial
Canberra plays catch-up with the resources industry
The resurgence of the Greens and the emergence of the teal independents will increase pressure on resources companies, but they already have plenty of that.
Columnist
We get climate populism when we need climate leadership
Managing the energy transition is going to be tough. This election result may have destroyed the very bipartisanship that is needed to deliver it.
Energy expert
Why Labor should leave bold reform for term two
Albanese doesn’t have the political capital to burn that Howard did in 1998. A good, solid first-term agenda for Labor would be to deliver on its commitments, fix the budget and sort out climate change.
Economist
Two foreign policy mind-sets that Labor must now adopt
Prime Minister Albanese has swiftly left for the Quad summit in Tokyo. But getting the instincts right on overseas relations means more than any to-do lists.
Former US ambassador
Labor must choose between the Old Way or the Third Way
The Australian economy is undergoing the most significant changes since globalisation in the 1980s. Managing this transition is a task for economic liberalism – even if the Liberal Party is no longer in the game.
Economics professor
Politics
Albanese woos crossbench as insurance as he inches towards majority
Anthony Albanese has secured commitments of confidence and supply from existing crossbenchers to insulate Labor from parliamentary instability.
Labor’s campaign star could be new home affairs minister
Factional jockeying has begun over Anthony Albanese’s first ministry as an interim cabinet is sworn in.
Not so fast, Albanese tells China, as Quad meets in Japan
Hours after being sworn in, Anthony Albanese has flown to Japan for a quadrilateral security meeting, and China has offered an “olive branch”
Liberals must ‘recruit women, ditch blokey policies’ to rebuild
Liberal Party elder Kate Carnell has called for quotas and mentoring to help the Liberals bolster their female ranks.
The next parliament set to be more culturally diverse
The net addition of five MPs from non-European backgrounds will take the total to 13 in the House of Representatives.
SPONSORED
World
Goldman’s CEO calls NYC subway shooting of employee ‘senseless’
A gunman killed Daniel Enriquez, who joined Goldman’s Global Investment Research division in 2013, on a Q train headed into Manhattan from Brooklyn.
China plans $30b in tax relief to lift economy
China’s State Council, a top government body, announced the new measures which are intended to “stabilise” the economy and offset the impact of the coronavirus lockdowns.
Ukraine war set to unleash world food crisis
Worries about the worldwide social and economic impact of the Russia-Ukraine war dominate the first day at Davos.
Biden says US committed to military action to defend Taiwan
Joe Biden was talking tough on China on his first visit to Asia as president, warning the United States was committed to taking military action to defend Taiwan.
- Opinion
- Anthony Albanese
Albanese’s first foreign policy trip will set the tone with China
Regional security will be top of the agenda for the new Australian prime minister’s first overseas trip, but China says this doesn’t augur well for Beijing-Canberra relations.
Property
Labor’s housing policies to insulate affordable markets
Labor’s housing policies could help insulate the affordable end of the market from the housing downturn and may even trigger price increases in some areas with low supply, experts say.
Endeavour takes charge of Darwin’s Beachfront Hotel
Hotel and liquor giant Endeavour has grown its presence in Darwin to five venues after acquiring the leasehold to the Beachfront Hotel.
Apartments in these suburbs are defying the housing slump
Apartment values rose faster than houses in 489 suburbs nationwide in the past three months, buoyed by demand in inner suburbs such as Newtown, Port Melbourne.
Rate rise pushes young buyers out of the market
The vendor of a Sydney home saw her family buyers disappear after the Reserve Bank’s interest rate rise, leaving only a downsizer in the running.
NZ’s Ryman racks up $2b retirement village pipeline in Victoria
Despite the state’s lengthy lockdowns, Ryman’s Victorian operations were among the highlights of its annual result, with record fourth quarter sales.
Wealth
- Opinion
- Australian recession
When it comes to risk of a global recession, ‘3’ is the magic number
Just as 3 per cent is a critical growth threshold, there are also three critical risks on the horizon in the US, Europe and China.
- Opinion
- Sharemarket
Dangerous to buy the dip on growth stocks
Over the last decade growth stocks have quickly bounced back after a setback. But what might be different this time is the outlook for inflation.
- Opinion
- Investing
Market uncertainty a good prompt to review your investment strategy
Selling can lock in losses, particularly if the money is not reinvested until the market has recovered and confidence returns.
Technology
- Exclusive
- Funding
Tech valuation crunch hits start-up angel deals
Angel investment deals are still getting done, but individuals are tipping in less cash, valuations have slipped and only the best companies are getting funding.
- Exclusive
- Business IT
BlueScope expects fast payback from $30m tech investment
Australia’s largest steelmaker BlueScope has spent over $30 million globally on digital manufacturing technologies over the past two and half years.
- Exclusive
- Funding
Farquhar’s Skip Capital leads $20m start-up raise
The Atlassian co-founder’s investment fund has backed critical infrastructure digital twin Neara as demand surges after a number of worsening natural disasters.
Work & Careers
New laws would require employers to actively prevent sex harassment
The change to laws, known as a positive duty, stem out of Labor’s pre-election commitment to fully implement all 55 recommendations from the Respect@Work report.
Labor pressured to set up new ‘safe rates’ trucking body
Transport unions say the newly elected Albanese government must urgently revive a controversial industry body that sets minimum rates for truckies – one not mentioned on the campaign trail.
Life & Luxury
ACO Underground returns with rock, pop and shock at posh venue
The Australian Chamber Orchestra’s creative wild child will be let loose once more on June 4, this time at the band’s sleek new digs in Walsh Bay.
Can this woman’s prestige perfume really change your energy?
Australian stylist Yasmin Sewell built her career in London, discovering new designers and redefining what it is to be cool. Now she’s turning to scents.
Why this CEO wants to go running with Elon Musk
Bondi Sands chief executive Shaun Wilson is a disciple of “mindful running”. He thinks it would benefit Tesla’s boss, too.
Manchester City win Premier League in incredible comeback
No wonder thousands of Manchester City fans flooded onto the football field at the final whistle, defying new orders against pitch invasions.
The Watergate podcast that ‘Gaslit’ is based on
In Slow Burn, Leon Neyfakh tells the story of the 20th century’s biggest political scandal from the perspective of the fascinating bit players – and it’s a wilder and stranger story than you can imagine.
