- Opinion
- Chanticleer
Scott Farquhar departs with Atlassian’s profit puzzle still unsolved
Atlassian’s unique two-CEO model is ending at a fascinating time for the company, as it chases that elusive profit prize.
Big super splits on performance test reforms
Labor announced it was reviewing the test after several funds said the current rules stopped them investing in the “nation building” initiatives the government wanted them to bankroll.
- Live
- Markets Live
Bond yields surge, Capital Economics calls RBA to lift rates in May
Shares fall as rate cut hopes dim. BHP sinks on Anglo American deal. ResMed beats on profits. Super Retail in workplace barney. Wall Street lower on US GDP slowdown. Follow here.
- Exclusive
- Interest rates
RBA to lift cash rate to 5.1pc, says top forecaster
Judo Bank’s Warren Hogan, who was ranked 2023’s most accurate forecaster, predicts a resurgent economy will force the RBA to lift rates to 5.1 per cent.
Anglo’s stumbles made it quarry for mining’s biggest predator
Anglo American once held pride of place on the sharemarket. Now its reputation is in tatters, and BHP is ready to pounce.
Tax changes ‘turning investors off Australia’
Business groups react to new tax laws like they do to a horror movie, “with one eye closed and hands covering your face”.
- Live
- Need to Know
Racing Victoria boss resigns after months of shareholder pressure
Andrew Jones steps down after intense scrutiny; Chalmers signals JobSeeker boost unlikely; Scott Morrison reveals anxiety battle. Follow updates here.
Wealth Generation: News and views to help aspirational investors grow their wealth. In your inbox every Wednesday.
Edition
AFR Magazine - May
See the inner workings of the Gold Dinner charity gala, find out which Australians gave away the most money last year and don’t miss out women’s watch special.
REVIEW
Eric Schmidt is helping build Ukraine’s war machine
Google’s ex-chief executive is a force behind a new generation of drones that may revolutionise warfare.
In Israel, resignation that the killings are not over
A visit to Israel reveals a shattered society under no illusions about its much-criticised war against Hamas. Gideon Haigh reports.
Is it possible to find love without an app?
Online-dating fatigue is creating pressure for innovations to help humans discover love in real life, but hitting on strangers isn’t easy.
- Opinion
- Electric vehicles
Musk sells the Tesla dream, skips the details
On the car maker’s results call this week, the numbers were bad but the words were dreamy. Perhaps too dreamy.
- Analysis
- Gen Z
Stop complaining, Zoomers – you’re rich
People born between 1997 and 2012 should appreciate that Millennials and Baby Boomers were poorer at this stage in their lives.
Get the latest business news on the go with the AFR’s new iOS app.
Companies
Scott Farquhar to step down as Atlassian co-CEO
After more than two decades at the helm of Atlassian, Scott Farquhar will step down as co-chief executive, with Mike Cannon-Brookes to lead the Nasdaq-listed software giant.
Super Retail CEO and former exec accused of undisclosed relationship
The board and chief executive are expected to be named in a soon-to-be-lodged legal claim by Harmers Workplace Lawyers, Super Retail said.
Anglo’s stumbles made it quarry for mining’s biggest predator
Anglo American once held pride of place on the sharemarket. Now its reputation is in tatters, and BHP is ready to pounce.
Racing Victoria boss resigns after months of shareholder pressure
Andrew Jones, who served under two chairmen in his time at the helm, said it was the right moment to leave and make way for a new chairman and board.
- Exclusive
- PwC tax scandal
Burrowes wants everyone to move on from PwC’s tax scandal
“We feel we’re in a good position now to start to turn to a new chapter, look to the future and drive the firm with a new strategy,” the PwC chief executive says.
- Updated
- Mining
BHP lobs $60b copper play for Anglo American
BHP is making a $60 billion bet on copper demand growing exponentially in the global shift away from fossil fuels, with a bold takeover bid for British resources heavyweight Anglo American.
Foxtel faces its streaming apocalypse
Once the country’s most profitable media group, Foxtel is losing subscribers and is facing a mega-sports rights bill. Will it make it through?
Companies in the News
Search companies
View stories and data from an ASX listed company
Markets
‘Wealth effect’: the stocks that could gain from rising house prices
Jarden highlights its best bets, saying homeowners feeling good about their property appreciation turn to spending more on big-ticket retail items.
US data shows economy in unexpected slowdown
Growth in the world’s biggest economy was slower than expected, while an acceleration in inflation reinforced expectations rates won’t be cut before September.
Kogan executives handed $17.6m payday three weeks before stock crash
The online retailer disclosed earlier this month that key executives would be able to sell options back to the company without having to exchange them for shares.
Traders see zero chance of RBA rate relief
The bond market has completely removed any chance of an easing in 2024, making Australia the only major economy where rates could rise.
Investors pile into miners as commodity rally heats up
Surging copper, gold and oil prices are fuelling a rotation into mining stocks as analysts scramble to adjust their profit forecasts for the sector.
Opinion
Tactical Woodside vote a metaphor for Australia’s low-carbon transition
Can chairman Richard Goyder and CEO Meg O’Neill crack the problem of shifting from a carbon-intensive resources company to a green one without destroying shareholder value?
Editorial
Why US housing remains the big obstacle to rate cuts in 2024
Investors’ hopes of rate cuts are waning, as problems in the US housing market look set to keep house price and rental inflation bubbling along.
Columnist
Negative gearing is not a rort or a tax concession
Negative gearing is said to single-handedly be responsible for Australia’s housing crisis. But it is a principled, fair and efficient feature of any tax system.
Economist
Dutton’s atomic bet threatens Coalition chain reaction over climate
Rather than keep the heat on Labor’s handling of the cost-of-living pain as inflation stays high, the opposition leader’s nuclear venture risks becoming the story.
Senior correspondent
How China plans to win the global EV war
The US and European governments are increasingly alarmed at the potential for China’s EV ambitions to put their own car manufacturers at risk.
Columnist
Why supermarkets ‘fell off their pedestal’
Building social licence is a significant opportunity for retailers but as the travails of the two big supermarket chains show, it can be easily damaged.
Columnist
Politics
Big super splits on performance test reforms
Labor announced it was reviewing the test after several funds said the current rules stopped them investing in the “nation building” initiatives the government wanted them to bankroll.
Chalmers cautions on calls for welfare cash splash
Releasing a new expert report, Treasurer Jim Chalmers cautions extra help for Australians doing it tough had to be weighed against other fiscal challenges.
Plunge in student numbers to drive migration reset
Government forecasts that net migrant numbers would fall to 375,000 in 2023-24 will be missed by a wide mark, but an ambition to halve the measure by 2024-25 is in reach.
The unlikely CEO team tackling Australia’s toughest job
Bran Black and Luke Achterstraat represent business at the opposite ends of the spectrum but are determined to present a united front in Canberra.
Tax changes ‘turning investors off Australia’
Business groups react to new tax laws like they do to a horror movie, “with one eye closed and hands covering your face”.
SPONSORED
World
Top US judges sympathetic to Trump in historic immunity case
Conservative Supreme Court judges signalled support for the former president on his claims of protection from prosecution in a case likely to impact the US election.
Scotland in minority government after Green coalition collapses
The Scottish National Party will run the country as a minority government after its coalition with the Green party fell through over climate policy.
#MeToo setback: NY court overturns Harvey Weinstein rape conviction
The New York ruling reopens a painful chapter in America’s reckoning with sexual misconduct by powerful figures.
US secretly shipped new long-range missiles to Ukraine
Ukraine for the first time has used a longer-range version of weapons known as ATACMS, striking an airfield in Crimea and Russian troops in southeastern Ukraine.
Hostage begs for release from ‘hell’ in new Hamas video
The Israeli-American man seized by Hamas militants in the October 7 attack also says some 70 hostages have now been killed in Israel’s bombing campaign.
Property
‘Get out now’: empty stores haunt iconic Sydney shopping streets
Retailers on Paddington’s Oxford Street and Newtown’s King Street are feeling the pinch of high operating costs and declining consumer confidence.
- Exclusive
- Luxury property
Gutted penthouse in coveted Sydney block goes on sale for $10m
The unrenovated property in Potts Point’s landmark Manar building has DA-approved plans, while a lavish Paddington home inspired by Versailles is on sale again.
Shadow of Bob Day clouds building sector as Collier Homes fails again
The former Family First senator’s WA building company, acquired out of liquidation in 2016, has once again gone under.
What the new land value boss thinks will happen to property prices
Sally Dale’s appointment comes at a critical juncture for both the residential and commercial markets in Australia’s most populous state.
Median house prices in Brisbane and Adelaide to hit $1m by December
House price growth momentum has slowed across the capital cities, but is still expected to hit new records this year according to Domain.
Wealth
Why more Australians are choosing semi-retirement
Fusing the parts of work you still enjoy with hobbies, travel and passion projects is the dream for many. Here’s how to make a go of it
Why you’ll live longer than you think (and what it means for your wealth)
Very few people die at their age of life expectancy, giving rise to financial planning’s biggest conundrum: longevity risk.
A child won a share of her dad’s estate – despite planning to kill him
A 75 per cent success rate in contesting wills is encouraging more family members to sue for a bigger share. Here’s how to protect your final wishes.
Technology
Alphabet surges past $3 trillion, announces first-ever dividend
Google’s parent company rose nearly 16 per cent after first-quarter earnings beat expectations and a $US70 billion stock buyback was approved.
- Exclusive
- Social media
TikTok Australia makes its first stand after US ban laws pass
The US congress passed a bill on Wednesday requiring TikTok to be sold within a year or be banned in the country.
‘Safe room for terrorists’: ASIO warns big tech on encryption
Federal spy and crime chiefs will demand access to social messaging systems that allow terrorists, violent extremists and child abusers to operate with impunity.
Work & Careers
The unlikely CEO team tackling Australia’s toughest job
Bran Black and Luke Achterstraat represent business at the opposite ends of the spectrum but are determined to present a united front in Canberra.
Highest-paid CFOs revealed
The country’s top CFOs continue to enjoy a “breakout period” on pay and remain in the box seat as the country’s next CEOs.
Life & Luxury
How to train for a marathon no matter how fit you are
It might take you a year to prepare for, but even the complete novice can work their way up to do it. Here are some tips for where to start.
This new play shows how oligarchs helped Putin – but ended up losing
Peter Morgan’s new work follows Vladimir Putin’s rise to the presidency and the Russian high-fliers who mistakenly thought he’d be their puppet.
How ‘Clean Toks’ can help you benefit from someone else’s clean home
A study from Cambridge University says when it comes to cleaning, you don’t have to lift a finger to lower your stress levels.
This week’s pick of lovely luxuries: beaded dresses and a cult bag
Natural materials are turned into beautiful pieces, from a hand-loomed bag and a tactile coffee table to original art on cotton.
Seven must-see shows in May
From the musical “Rent” to ballet with a tropical backdrop, here are performances you don’t want to miss this month.