Help future-proof Australia’s economy as the $167 billion tech sector moves from experimentation to AI-enabled reinvention.
Fuelling up: budget pours $10.7b into emergency stocks
The government will establish a state-owned, 1 billion-litre stockpile of diesel and jet fuel, and help refiners and importers lift their minimum required stocks.
The numbers on getting back into fuel refining don’t add up: experts
Industry experts have criticised Queensland’s plan to explore a return to onshore drilling and refining, saying it looks more like politics than good economics.
GST ‘raw deal’ has NSW funding Victoria’s spending spree: Minns
NSW premier Chris Minns says his state is “getting a raw deal” under the GST carve-up that results in NSW sending money to Victoria.
Can Chemist Warehouse crack Britain’s crowded high street?
Australia’s biggest pharmacy chain sees an opportunity for its discounted health and beauty, but it will be up against well-entrenched local brands like Boots.
ASX jumps 1pc as CBA, banks rally; DigiCo soars 20pc
Shares climbs on renewed ceasefire hopes; big four banks rebound; DigiCo data centre sale; JB Hi-Fi warns of cost rises and shortages; gold climbs. Follow live.
Royal commission ‘appalled’ by swastika T-shirt
A protester outside the royal commission wore a t-shirt with a swastika on it; next week’s budget will include funds to bolster fuel supplies and refining capacity. Follow live updates.
Why Trump’s eldest son could be the next president
Given his recent flurry of naming things after himself and cementing his legacy, it would be strange if dynastic succession were not on Donald Trump’s mind.
Jamie Dimon blesses the bubble, as AI comes for investment bankers
He and Larry Fink reckon the spending boom on artificial intelligence will turn out just fine. But as Anthropic targets Wall Street bankers, the risks build.
ARN rips 3.2m shares each from Kyle and Jackie O amid contract war
Kyle Sandilands and Jackie “O” Henderson were lent money to buy $3 million worth of ARN shares as an incentive for them to perform. Now, ARN has clawed them back.
Local filings a glimpse into Canva’s surging revenues, swing to profit
The software design giant’s Australian accounts, a partial view of its overall finances, were filed after a transparency crackdown from the corporate regulator.
World View: Australia’s leading foreign experts interpret global events for you. Insights delivered every Wednesday.
Companies
Atlas Arteria tries to sell $3b Chicago road, rejects hostile IFM bid
The company said it had begun work on offloading the controversial motorway just days before the Australian retirement savings investor made a takeover offer.
Di Pilla changes tack at HMC; offloads Chicago data centre for $1b
David Di Pilla’s struggling asset management group is switching the focus of its data centre business and winding up a private equity fund.
AGL gets its power plants humming to improve profit outlook
The energy giant now expects its annual underlying profit to land between $610 million and $680 million, lifting the floor of previous guidance by 5 per cent.
Qantas expects fuel prices to stay high even as Gulf rivals return
The airline said demand for travel was buoyant, even as Flight Centre warned that bookings had slumped in April amid higher fares and consumer worries.
SGH’s Stokes blasts BlueScope board for not naming their deal price
He said the steel group’s board had provided “zero clarity” around what price would be required to win its support for a takeover.
Top end of town turns to bargain brand Anko
Chief executive Rob Scott told the Macquarie Australia Conference that the Kmart home brand is now being snapped up by more affluent shoppers.
Magellan reshuffles funds strategies, hands away $5.3b global vehicle
The asset manager said the changes would allow it to cut costs and simply its business as it prepares to merge with fast-growing investment bank Barrenjoey.
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Markets
Oil, chips, bitcoin, and hydrogen: The top ETFs of the Iran war
The ASX may be lagging its global peers, but there are some local ETFs that have shot the lights out since the conflict erupted nine weeks ago.
Markets see end in sight for RBA rate rises
Traders still believe there is at least one more rate increase this year despite the RBA saying policy was mildly restrictive.
Coinbase to cut 14pc of workforce, citing volatile markets and AI
CEO Brian Armstrong says the company plans to concentrate remaining staff around artificial intelligence skills while reducing layers of management.
This fundie sold his early stake in Firmus – and isn’t going back
Hayden Beamish left money on the table when he exited the hyped AI company. But he’s made plenty of winning bets on commodities, REA Group and JB Hi-Fi.
Government to save billions if it listens to former RBA banker
Strategists say the Treasury could slash its borrowing needs if it reduces its cash pile as recommended by former deputy governor Guy Debelle.
Opinion
RBA willing to pause but anxious about budgets
Governor Michele Bullock was blunt on the effect of any cash splashes by federal and state governments aimed at shielding households from cost pressures.
Economics editor
Labor’s creative accounting doesn’t alter Victoria’s fiscal trajectory
The most profligate government in Australia wants voters to believe it has belatedly embraced prudent control of the public finances.
Editorial
$20b forecasting error shows Labor can’t be trusted to cut spending
Victorian Treasurer Jaclyn Symes’ budget is premised on big spending cuts in the future. Labor’s own $20 billion forecasting error shows why this is worrying.
e61 Institute chief executive
RBA an unfortunate midwife for more financial pain
Jim Chalmers is desperate to avoid government spending being blamed for more rate rises, but he also wants to show disgruntled voters some cost-of-living relief.
Columnist
Aussies love kids’ cartoons – just not paying for them
The story that the ABC “fluffed the deal” for Bluey covers up the truth: broadcasters never want to pay what it costs to make children’s television.
Australian Children's Television Foundation CEO
RBA fights inflation first. Will Chalmers’ budget?
Michele Bullock’s public declaration that fiscal policy should align with the RBA’s stance came too late to shape the treasurer’s strategy for the budget.
Editorial
Politics
‘Hypothetical’: Chalmers downplays Bullock’s warning on spending
The treasurer maintains government spending was not a factor in the Reserve Bank of Australia’s decision to raise rates on Tuesday.
GST ‘raw deal’ has NSW funding Victoria’s spending spree: Minns
NSW premier Chris Minns says his state is “getting a raw deal” under the GST carve-up that results in NSW sending money to Victoria.
Bullock warns Chalmers on spending as interest rates rise to 4.35pc
In an 8-1 vote, the RBA raised interest rates by 25 basis points for the third time this year, as Bullock cautioned Australians would be poorer due to inflation.
Watchdog warns banks of growing ‘insider’ threat
Anti-money laundering investigations are about to be widened beyond the banking industry, as part of efforts to help tackle gangs linked to organised crime.
Labor splurge adds to $200b debt pile, drags out precarious recovery
Victorian Treasurer Jaclyn Symes unveils a big-spending pre-election budget to shore up the government’s political future, even as debt mounts further.
World
Zuckerberg sued by publishers over ‘shameless’ copyright infringement
Five publishing houses and author Scott Turow are suing Meta and its CEO, claiming the company illegally used millions of copyrighted works.
In sudden reversal, Trump pauses operation to guide ships from Hormuz
The president’s announcement came as US military leaders and Secretary of State Marco Rubio insisted that a ceasefire in the Middle East was still holding.
James Murdoch reportedly bids $415m for New York Magazine’s parent
Lupa Systems, the company controlled by the media scion, is in talks to acquire major parts of Vox Media, US media reports.
Australia, Fiji near security pact as China scuppers Vanuatu deal
Beijing is pushing back on Australia’s efforts to sign security deals with the Pacific, obstructing an agreement with Vanuatu.
Meloni shares AI image of herself in lingerie to warn about deepfakes
The Italian prime minister posted the picture generated by artificial intelligence on X to make a point about the dangers of fake photos.
Property
Dexus warns global headwinds to slow share buyback
The company said the office market was improving and flagged a new $10 billion project with Boral, but other factors are hitting plans to boost share value.
Wesfarmers, Built in $250m plan to halve apartment building time
The joint venture seeks to tackle weaknesses of the economy – high costs, inconsistent rules and easily disrupted supply chains – that hold back housing.
Jumbuck Pastoral to divest over 1.2 million hectares of farmland
If the aggregation sells in one piece, it will be one of the biggest sheep stations sales on record in Australia.
No parking or natural light. First home buyers love it, fork out $1.3m
The drawbacks in this Sydney apartment were clear to everyone. But there was one key reason the purchasers chased this property hard.
Default risks grow for first home buyers with 5pc deposit
Arrears of first home buyers in February were double those of more established buyers, as rising rates point to another problem with demand stimulus schemes.
Wealth
Why your $100,000 portfolio is probably leaking 1.2pc every year
Many mistakenly assume a mix of property and equities provides safety, while ignoring how these consolidated bets amplify risk and drag on performance.
The life changes driving demand for wealth advice from women
Women are increasingly part of wealth planning and seeking advice with a female perspective, but only one-fifth of the profession are women.
I want to travel overseas twice a year – can I afford to retire now?
Boosting super contributions can lead to a healthy tax-free retirement income.
Technology
It takes WiseTech 15 minutes to code an AI agent better than a human
Founder Richard White and chief executive Zubin Appoo say it is easy to convince customers to use AI agents instead of inefficient humans.
‘No AI bubble’: Dimon, Fink defend $1.4 trillion data centre spend
The JPMorgan and BlackRock CEOs were upbeat in separate comments about demand for the technology as Wall Street funds the sector’s spending.
Zuckerberg sued by publishers over ‘shameless’ copyright infringement
Five publishing houses and author Scott Turow are suing Meta and its CEO, claiming the company illegally used millions of copyrighted works.
Work & Careers
Why WFH is tanking your promotion
Renate Crollini asked for an office desk at work when everyone else wanted a laptop. A month later, she was made general manager.
‘I’d lost my identity.’ How this exec recovered from redundancy
A new coach, hypnotist and Hollywood movie helped Allison Rossiter tackle one of her biggest fears. Now, the Novartis president shares how they can help you too.
Life & Luxury
Fly an Airbus A320 – in only 30 minutes
Ever wondered what it might be like to fly a passenger jet? This professional-grade simulator is the ideal way to find out.
Met Gala’s biggest story wasn’t celebrity, it was the return of craft
Beneath the expected noise around celebrity, sponsorships and protest, a quieter recalibration was under way.
Parisian interiors icon Liaigre’s singular style comes to Sydney
A pop-up at one of the city’s most glittering addresses is a rare opportunity to see the design studio’s effortlessly chic furniture.
World Cup fans cry foul over 1170pc mark-up on US transport costs
New Jersey will charge $210 for the round trip between New York’s Penn Station and MetLife Stadium, up from the usual fare of $18.
Kidman, Robbie and Beyoncé stun as stars turn out for Met Gala
Jeff Bezos and Lauren Sanchez were honorary chairs and tickets cost $US100,000 as fashion’s night of nights kicked off in New York City.
