Greed and fear: ASX wraps worst year since 2012
The Australian sharemarket capped off its worst fiscal year since 2011-12 on Tuesday, with COVID-19 tearing the market away from record highs in February.
'Extraordinary': Victoria locks down 10 postcodes
Victoria will send police into 10 postcodes, impose lockdown restrictions on all businesses, and divert international flights from Melbourne to fight an outbreak the Premier has blamed on breaches of infection controls by hotel quarantine staff.
How Victoria's suburban lockdown will work
Police will ramp up patrols in the 10 Melbourne postcodes under lockdow, with residents facing random stops and ID checks as stage three restrictions are reintroduced.
'This is not just a Victorian issue'
Residents in 10 postcodes in Melbourne have been ordered to stay home as the federal government agrees to send in another 800 people to help with the state's testing and tracing effort. Follow our live coverage here.
Virgin shareholders get nothing, bondholders stew
Virgin Australia's shareholders – which include five significant foreign airline groups – have been warned they will not see a cent of their money.
Fair Work backs waiving penalty rates for working from home
In what unions fear will lead to permanent changes in the "new world of work", the workplace tribunal has backed employers' bid to continue waiving penalty rates for staff who work remotely during the recovery.
CBD office rents slump as workers stay home
Landlords have adjusted their expectations – and offered greater incentives – amid ongoing market uncertainty.
Expert advice for getting ahead in the new world of work left by COVID-19
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Companies
- Exclusive
- Consulting
The professional services firm paying bonuses to staff
A solid performance despite the pandemic has allowed the partners of one consultancy to honour staff bonuses even as rivals make the 'short-term profit' move of cutting roles and reducing employee pay.
Mayfair 101's IPO Wealth Fund no Ponzi scheme, court told
Court raises questions about whether $11 million in interest repayments to the fund's investors were at least partially funded by other people’s investments.
AMP, IOOF still charging more for external investment products
The companies are setting up their advisers to fail the best interests test, says Andrew Leigh.
Freedom Foods in turmoil as CEO quits
CEO Rory Macleod resigned on Monday night, less than a week after the departure of CFO Campbell Nicholas, leaving the cereals, snacks and drinks firm in turmoil.
RBA readies for rise in insolvencies
Liquidators are preparing for a delayed but inevitable rise in business failures in the coming months while uncertain businesses are reluctant to take advantage of historically low interest rates.
WiseTech founder dumps $46m of shares
The logistics software provider continues to divide professional investors as its founder sold another $46 million worth of stock.
Amazon launches giant robot-filled centre in Sydney
Amazon's $500 million investment in a robotic fulfilment centre in Sydney is a vote of confidence in the future of its Australian business and online shopping.
Markets
- Opinion
- Monetary policy
Debelle rebuts the inflationistas
The RBA deputy governor coolly dismissed warnings that money printing to fund pandemic recovery efforts will lead to a surge in inflation, writes Karen Maley.
Stocks down 10.9pc in 2019-20; Worst year in eight
Depite a 1.4 per cent rally on Tuesday, the Australian sharemarket fell 10.9 per cent over the past financial year. It was the weakest financial year performance since 2011-12 despite the biggest quarterly rally - up 16 per cent - since the GFC. Afterpay was the big winner in the S&P/ASX200 Index, while banks weighed heavily.
Bond buying won't trigger inflation outbreak: Debelle
Reserve Bank deputy governor Guy Debelle said while recent data indicated the economy had fared better than initially feared, the hit to businesses and households would be "historically large.
Wall Street banks net record fees for pandemic fundraisings
Emergency financings by carmaker Ford, cruise line operator Carnival and aerospace group Boeing were among the fundraisings that provided multimillion-dollar paydays.
China's factory activity edges higher in June
China's factory activity edged higher in June as the world's second largest economy makes a slow recovery from the coronavirus crisis.
Opinion
With this lockdown, the Andrews government goes postal
The Victorian government is scrambling to catch up to a virus it let get out of control. But the tough questions about Daniel Andrews' handling of the crisis are mounting more quickly even than the spike in numbers.
Columnist
JobTweaker lever needed to pull back from cliff
The Melbourne spike shows the recession is fast changing shape. So a second wave of economic lifelines must be extended beyond September.
Contributor
Coronavirus could kill off populism
Populists hate to be unpopular. That is why Donald Trump and Jair Bolsonaro have proved so bad at handling COVID-19, a crisis that brings nothing but grim news.
Columnist
Regional firewall can boost defences from China's digital attacks
Beijing dislikes countries ganging up against it. So Australia should make a united stand with ASEAN nations against Chinese cyber attacks.
Contributor
Time's up for silence on what happens in chambers
When unwritten rules among judges protect those who harass women, then it is time for the rules to change.
Contributor
GST success shows up carbon tax failure
The success of the GST only underlines continuing tax reform failures on both sides of politics, including over the carbon tax.
Editorial
Politics
Palaszczuk tells PM to back off over 'border wars'
After three months of being shut off from the rest of the country, Queensland will reopen its borders on July 10 except to Victorians, who will be locked out indefinitely.
Jobs recovery stalls in June
The pace of the jobs recovery slowed in the first half of June, even as employment in accommodation and food services came back faster than other work as social bans were eased.
Industry doubts over cyber defence cash splash
Australian cyber security experts and industry groups have raised concerns that new government cyber spending will not help businesses defend themselves better.
PM goes on billion-dollar cyber war footing amid China tensions
More than 500 new cyber spies will be recruited as part of a record $1.35 billion increase to strengthen the nation's cyber defences.
- Exclusive
- Heydon controversy
Barrister calls out Murray Gleeson on High Court secrecy
There is no honour in protecting the perpetrators of sexual harassment, a former High Court associate says.
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World
Hong Kong democracy leaders step down as China passes security law
China's legislators on Tuesday passed national security laws for Hong Kong aimed at silencing the city's pro-democracy activists and protesters.
Time for a change, urges Singapore PM's rebel brother
The younger son of Singapore's founding prime minister has raged against a system by which, he says, daily struggle and sacrifice reward only a few.
- Analysis
- Hong Kong protests
Hong Kong loses its autonomy as Beijing imposes new laws
China has implemented new national security laws for Hong Kong starting from July 1, the anniversary of the city's handover. For many, it spells the end of the city's independence.
Spectre of shutdowns returns as US hospitals near crisis levels
With Independence Day approaching, pressure is growing on mayors and governors to avoid fanning the pandemic's flames by allowing large groups to congregate.
Is Rupert Murdoch already back-channelling Biden?
The temptation to interpret Jerry Hall's political donations as wily Murdoch machinations is almost overwhelming.
Property
Deloitte kicks off Ralan apartment sales in Sydney
Buyers of apartments in The Orchid development in Sydney – now called Bloom – agreed to release $44 million in deposits to developer Ralan.
Shoppers returns as Westfield stores reopen
By last weekend, customer visits had risen to 86 per cent of what they were for the same period last year, even though some restrictions remained in place.
Jennifer Hawkins sells Newport trophy home
The sale price remains undisclosed, but the former Myer ambassador and her model-turned-builder husband had held firm on their $20 million-plus expectations.
Mortgage arrears to rise among first home buyers
First home buyers and recent homeowners face higher risks of default due to higher borrowing and low savings.
Education offices move to top of the class
The Department of Education has leased 2800sq m of office space in Macquarie Park, north-west of Sydney's CBD.
Wealth
- Opinion
- How to invest
Investing during a recession can pay off handsomely
History shows equities actually do better during a recession than conventional wisdom would have you believe.
- Opinion
- SMSFs
Super traps and opportunities for the new financial year
You should plan around any key birthdays in fiscal year 2021 to make the most of superannuation contribution windows.
- Opinion
- Sharemarket
Lessons for equity investors in the new financial year
Brace yourself and learn from how you have handled the roller-coaster market since the start of COVID-19.
Technology
- Opinion
- Cyber security
Regional firewall can boost defences from China's digital attacks
Beijing dislikes countries ganging up against it. So Australia should make a united stand with ASEAN nations against Chinese cyber attacks.
- Exclusive
- Lessons from Lockdown
'Never be the same': How Slack's CEO sees the future of work
Stewart Butterfield sees a future of flexible working, on-demand work days and virtual deals, but says he should have been more like Atlassian's bosses early in the pandemic.
- Exclusive
- Construction
Lendlease hails greatest construction innovation of the next 100 years
With "digital twins", Lendlease says it can model every aspect of new buildings before they are built, and detect problems in advance with artificial intelligence.
Work & Careers
Universities face bleak research outlook as rescue group is launched
Higher education analyst Andrew Norton says universities face "one of the most serious problems they've ever had" as money for scientific research dries up.
How companies can bring the water-cooler chat to working from home
There's one thing that is much harder to do over Zoom: the water-cooler chat. Here's how companies can keep it alive in the virtual world.
Life & Luxury
- Opinion
- Electric cars
Mercedes goes green (and sporty) with the new C300e
The popular C-Class sedan has gained a new plug-in hybrid system for better fuel economy and emission figures. Here's what it's like to drive.
Singapore chilli crab shells become profitable
A niche movement of researchers is trying to find cleaner ways to convert seafood shells into a type of sugar with antibacterial and anti-fungal properties.
'Chef's Table' star shows how to cook Indian at home
Asma Khan has earned an international reputation for her London restaurant, Darjeeling Express. Here, she shares a recipe for dal, a simple vegetarian stew.
You can now enjoy live classical music in lockdown. Here's how.
The coronavirus might have shut the concert halls that draw music lovers to the northern hemisphere in summer, but there are ways to tune in.
The CEO who uses rock climbing as a stress buster
Andreas Dzumla has taken his passion indoors, but still loves the calm that comes with focusing on nothing but his next move.
