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Xero loss deepens; AUB upgrades guidance
Shares to open 0.5pc higher following Wall Street rally; AUB to raise $150m; Nufarm lifts dividend; KMD sales grow in Q3; Aristocrat lifts dividend on higher profit; jobs data ahead. Follow updates here.
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AUB raising $150m, upgrades guidance
AUB eyes capital raising
US regional bank stocks post strongest rally in two years
Xero loss deepens to $NZ113.5m
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- Need to Know
ACT top prosecutor Shane Drumgold stood aside
ACT’s top prosecutor Shane Drumgold has been stood aside amid the inquiry into the handling of Bruce Lehrmann’s trial; Tony Burke says it’s time to “take action” on wages growth after the Coalition’s decade-long effort to suppress wages. Follow updates here.
Why Chalmers is facing an epic economic challenge
In Australia’s overheated $2.2 trillion economy, the Treasurer has a surplus and a strong jobs market. But the rising cost of basics is shaping up as a political minefield.
- Opinion
- Chanticleer
Why there’s a lot riding on these four stocks
Don’t be seduced by the eerie calm on the ASX 200. The surge in interest rates in the past year will create pockets of stress and force investors to get picky.
Dutton says gas industry is hit by the ‘hammer of taxation’
The Coalition is leaning towards opposing the $2.4 billion increase to the PRRT as part of a broader show of support for the gas industry.
After all the excitement, Biden’s no-show leaves PNG deflated
Expectations were high for what would have been the first visit by a sitting US president to any Pacific Island nation.
PwC should be ‘investigated by AFP’ for tax leak
PwC should consider entering into a deferred prosecution agreement with federal authorities to avoid a repeat of the Enron debacle.
Essential news and analysis for business and investors about Australia’s critical economic transition.
WEALTH REPORT
As recession looms, investors urged to stay safe, keep it cool
If you’re an Australian younger than 50, chances are you haven’t been investing during a major downturn. But as the “R” word pops up increasingly, experts say how they’d handle it.
Paul Xiradis has been investing for 40 years. Here’s what he’s buying
The Ausbil executive chairman and founder is up for the “challenge” of a low earnings growth environment and says decarbonisation and China’s recovery offer rare bright spots.
This could be rich families’ opportunity of the decade
Wealthy families’ No. 1 objective is to preserve their capital. This could be the moment for family offices to risk it.
Ausbil chief’s top stock picks for a low growth market
Market veteran Paul Xiradis advocates for “well-managed” blue chips in a tough trading environment.
The renewables tech everyone wants a piece of
Battery technology, both to facilitate large-scale energy use and for vehicle electrification, is where investors are looking for outsized returns.
Get the latest business news on the go with the AFR app. Now available for Android and iOS.
Companies
Aristocrat Leisure’s profits climb off success in US
The result was largely driven by the performance of poker machine games such as Dragon Link, Buffalo Link and Jackpot Carnival.
Forrest refinery partner shares in $50m critical minerals grants
Resources Minister Madeleine King has handed out the funds as she prepares to launch a strategy to foster more downstream processing and manufacturing attached to Australia’s mining industry.
Diversity ‘laggards’ IAG, Reece, Accent seek female directors
The companies were called out by super funds for having less than 30 per cent women on their boards.
Nuix boss under investigation by ASIC for share purchase
ASIC is investigating Nuix boss Jonathan Rubinsztein regarding his trades last year.
Coles boss names two new key executives
Leah Weckert has made her first major appointments since taking control of the nation’s second-largest grocery chain in early May.
Meet the woman in charge of turning Twiggy’s mines green
As the new boss of its core metals division, Fiona Hick has some big calls to make on how to spend $9 million on decarbonising the iron ore operations of Andrew Forrest’s Fortescue Metals Group by 2030.
Convicted fraudster Elizabeth Holmes must repay Murdoch $187m
Holmes was the co-founder of Theranos, one of Silicon Valley’s biggest failed startups, and attracted hundreds of millions in funding from the world’s top business leaders.
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Markets
Biden declares US ‘will not default’ as he flies to Japan
The US president said he was confident that an agreement on the debt ceiling could be reached by the weekend.
Here’s what happened in markets overnight
Australian shares are set to open higher as hopes grew of an end to the US debt ceiling impasse and markets rose almost in unison.
BoE chief warns of persistent inflation in UK, pound falls
Bank of England governor Andrew Bailey said UK economy was in “unprecedented times” that were the biggest test of the country’s inflation busting regime.
Goldman funds slash Adani exposure from active ESG products
Goldman was among 13 funds that dumped a total of 12 million Adani shares in the wake of fraud allegations from short-seller Hindenburg Research.
Lithium prices tipped to surge by 40pc this year
Citigroup is bullish on the battery metal and expects the rebound in Chinese carbonate prices to extend into the second half.
Opinion
Biden’s Quad pullout a poor look for the US
An inward looking and internally divided America appearing to downgrade the Quad’s importance is a propaganda gift that will play into China’s messaging.
Editorial
The housing and migration debate misses one big failure
Unless major policy changes are made to housing supply, people will feel the strains of a larger population and not share in the economic benefits.
Economics editor
Why do Americans believe their economy is bad when it isn’t?
What the data says, and how workers and consumers perceive it, are two very different things. Blame economists for this.
Contributor
Biden ditching Australia trip saves face at home
Domestic politics always wins out over geopolitics, even for an internationalist like Joe Biden.
United States correspondent
Chief Executive Women’s new push: Free childcare
Susan Lloyd-Hurwitz is determined to ensure Chief Executive Women under her presidency continues its transition from being a voice for “elite” women to a voice for all women.
Columnist
Australia’s housing crisis stems from one fundamental issue
Former Mirvac CEO and now government adviser Susan Lloyd-Hurwitz says workers must be able to afford to rent or buy homes near where they work.
Columnist
Politics
Why Chalmers is facing an epic economic challenge
In Australia’s overheated $2.2 trillion economy, the Treasurer has a surplus and a strong jobs market. But the rising cost of basics is shaping up as a political minefield.
Joe Biden’s Quad no-show rattles faith
US President Joe Biden’s decision to cancel his trip to PNG and Australia is a diplomatic debacle that will buoy China, experts believe.
Carr lambasts Australia as ‘gullible’ over US relations
The former foreign minister said Australians had been “enormously optimistic” over the relationship with the US after Joe Biden cancelled his Sydney trip.
Wages growth hits highest rate since 2012
Salaries increased 3.7 per cent in the past 12 months, and growth is approaching levels the RBA will find uncomfortable without higher economic productivity.
Husic at odds with PM on carbon capture
Industry Minister Ed Husic says he has not seen proof that carbon capture and storage works, conflicting with the views of the prime minister and resources minister.
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World
After all the excitement, Biden’s no-show leaves PNG deflated
Expectations were high for what would have been the first visit by a sitting US president to any Pacific Island nation.
- Analysis
- UK politics
Tories embrace US-style culture wars - against each other
A recent drubbing in council elections has reignited the Tories’ suppurating schisms, and their penchant for US-style polarising politics.
- Analysis
- Democracy
Erdogan scores win through culture wars and soft authoritarianism
It looked as if time was running out for President Recep Tayyip Erdogan in this week’s election but he has surprised his critics by forcing a runoff vote.
McCarthy hopeful on debt ceiling deal as Biden cuts short Asia trip
Republicans want Joe Biden to accept their proposal to roll back spending, cap future outlays and make other policy changes in the package passed last month by House Republicans.
Thai election winner in coalition talks as Senate threatens block
It is the first meeting between leaders of the new coalition after the pro-democracy parties swept the election that saw a record voter turnout and defeat of parties aligned to the pro-military establishment.
Property
- Exclusive
- Build-to-rent
Cedar Pacific launches $1b build-to-rent fund as super funds miss out
Cedar Pacific is joining the rush into build-to-rent with a $500 million raise for its new BTR platform which has two seed projects and nine more in the wings.
Why the price of office space is headed for a 15pc clip
Returns from unlisted commercial property in Australia have averaged 9 per cent over the past decade as interest rates progressively fell. That’s all over now, according to AMP’s Shane Oliver.
Rich Lister Tony Denny sells southern Sydney’s Engadine Tavern for $35m
The property developer had put the pub and the nearby Heathcote Hotel on the market last year with hopes for $80 million for both establishments.
- Opinion
- Commercial real estate
The other areas of property affected by immigration
Australia’s surge in migration is creating an increased appetite for all types of commercial real estate, from retail to logistics – and even to offices.
Property Council closes ranks on tax changes
Property leaders agree that boosting supply and overcoming the housing shortfall is the number one challenge. They differ on how to make it happen.
Wealth
Here’s how much wealth you need to join Australia’s richest 1pc
To separate yourself from the 99 per cent, more money is required Down Under than in the US, according to property broker Knight Frank’s new Wealth Report.
- Opinion
- Flat Chat
Don’t believe the doomsayers – investing in apartments still adds up
Recent reports of extreme losses from rentals are highly selective as there are smart options out there for the savvy investor.
Will my spouse lose health benefits when I die?
Under deeming rules, a surviving partner could have financial assets of about $4 million before losing the Commonwealth Seniors Health Card.
Technology
Only one thing can save us from AI
We may be reaching the point where something most unnatural to humans – humility – is the only thing that stop the computers taking over.
The 10 jobs that will be most affected by AI
About 500,000 Australian work in the sectors that are most heavily exposed to the generative AI revolution, including lawyers and educators.
Musk says he’s not stepping down as Tesla CEO
Elon Musk has dismissed speculation that he might step down as Tesla’s CEO and told the company’s annual shareholder meeting the company will start advertising its cars.
Work & Careers
‘Greedy’ unis leave grads with debt and low-value degrees
Instead of increasing social mobility, the vast growth in degrees has had precisely the opposite effect, a new paper by Professor Steven Schwartz argues.
The new Fair Work Commission president shaping minimum wage rises
Justice Adam Hatcher previously enjoyed the nicknames “Colombo” for those who underestimated him and “Adam Smith Hatcher” for his surprising economic acumen.
Life & Luxury
Watches that say everything (except the time)
What hour of the day is it, exactly? These jaw-dropping face designs will leave you none the wiser.
Ghost towns no more: How Newfoundland has dialled up tourism
Since the Canadian outpost’s cod fishery closed in the 1990s, it has turned to charming visitors with its scenery, wildlife and quaint villages.
This is the ski resort for guaranteed snow this December
Val Thorens, at 2300 metres in south-east France is not only Europe’s highest ski resort, it’s part of a region that offers more than 600 km of runs.
The best luxury winter cruises for snow and sea
From reindeer-drawn sleighs to dog-sledding, snowshoeing and ice-caving, the day excursions included in these winter sailings are all tempting.
How to win at cards and life, according to this poker superstar
Dan Cates discovered the game as a schoolboy – it was analytical, involved calculated risk and offered a monetary reward, ideal for someone on the autism spectrum.
