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Australia ‘won’t send’ ship to Hormuz; Netanyahu refutes death rumour
Fifth Iranian soccer team member returns home; Iran denies asking for ceasefire; US energy secretary sees war ending in “next few weeks”. Follow live updates.
ASX wavers as oil flatlines; miners dive as gold dips below $US5k
Materials offset gains in most sectors; oil reverses early gains; Perpetual sells wealth arm; Lynas signs US deal; Orica buys explosives business; ACMA imposes conditions on ARN Media. Follow live
Universal basic income won’t be needed in AI future: Mulino
Assistant treasurer says the advent of AI will not necessitate a universal basic income despite the potential for massive job losses and a fundamental restructuring of the world economy. Follow live updates.
The Iran war is giving nasty GFC vibes. But here’s the good news
One of the world’s top strategists says markets are trading like before the global financial crisis. However, there are two reasons for investors to be hopeful.
Bain Capital joins private-equity pincer move on wealthy Australians
Bain has joined the barbarians trying to solve Australia’s financial advice headache. The potential prize is huge.
APRA eases rules for property, infrastructure loans in major shake-up
While the prudential regulator will make it less costly to lend to some types of borrowers, it is also tightening liquidity rules and warning of global risks.
Victoria to pay $125m to settle COVID class action
Settling with businesses that claimed the Victorian government was responsible for damage caused by COVID-19 lockdowns avoids a trial ahead of the state election.
‘Very bad future’: Trump warns allies if they fail to help US in Iran
The president made the threat about NATO’s future after appealing to allies to help open the Strait of Hormuz to ease the energy crisis.
Antony Catalano allegedly ‘whacked’ wife almost a decade ago
The businessman resigned as chairman of Australian Community Media at the weekend after being charged by Victoria Police with assaulting a woman late last week.
Westpac boss says banks must prosecute sources of $1bn mortgage fraud
The assistant treasurer separately told the Banking Summit that Australian lenders were not at the “bleeding edge” when it came to policing home loan fraud.
MIDDLE EAST CONFLICT
Oil executives warn Trump energy crunch will likely worsen
CEOs have met with senior Trump administration officials in recent days to issue the warning, as the US president said Iran wants to make a deal to end the war.
Australia would feel war hit to China, minister warns
Resources Minister Madeleine King says any slowdown in China triggered by the Middle East conflict would quickly ripple through Australia’s economy and federal budget.
Trump wanted to ‘drill, baby, drill’. Iran shows it hasn’t worked
Latest hostilities in the Middle East demonstrate the US president’s claims of American energy independence remain illusory for now.
Japan seeks more Australian LNG as war rattles global energy supplies
Australia supplies about 40 per cent of Japan’s LNG imports and is widely seen as the region’s most reliable supplier of the fuel.
US oil groups in line for $90b windfall from Gulf war disruption
The extra cash flow should benefit shale companies, which have limited operations in the Middle East. The picture is more complicated for international oil groups.
Media reporter Sam Buckingham-Jones on Kyle and Jackie O’s public bust-up and whether ARN can use it to exit one of the worst deals in Australian media history.
Companies
Lynas Rare Earths’ Texas refinery wins lifeline from Pentagon deal
The US has agreed to a $US110 floor price for the WA miner’s rare earths, matching the global benchmark and reviving hopes for the threatened Seadrift plant.
Gold powerhouse Northern Star struggles to shed junior explorer past
Investors who followed the company’s Three Wise Men more than a decade ago will have made a killing. But huge expansion is creating serious growing pains.
Star Entertainment woos potential new lender with casino tour
WhiteHawk Capital, an American private credit firm, will tour Star’s three precincts ahead of a decision on a possible loan to the troubled casino group.
Stocks gossip site HotCopper deletes posts after ex-uranium boss sues
HotCopper has removed comments from contributors after former Boss Energy chief executive Duncan Craib took legal action in the WA Supreme Court.
Souring global private credit sentiment threatens to hit ASX funds
A crisis of confidence overseas has already led to a scramble for withdrawals from major investment houses such as Morgan Stanley, Blue Owl and Cliffwater.
Australia exposed in global scramble for fuel
The disruption to supplies from China comes amid refiners around Asia reducing production as they struggle to source all the crude oil they need.
China eases ban on BHP iron ore as steel mills rush to buy
Some Chinese steel makers have been urgently transporting popular grades to their plants this week after the CMRG signalled a potential expansion of the blacklist.
SPONSORED
Markets
Ignore the headlines and worry about which stocks to own instead
A lot has happened in just two months, but the next phase of the cycle will not be driven by the market going up or down but which part of the ASX to invest in.
NextDC’s Craig Scroggie is geared for growth and going for broke
The data centre operator is rated a buy by every analyst who covers it, but hedge funds are reloading their short bets. The tension is around funding.
ASX to extend sell-off as oil shock bolsters RBA rate rise bets
The sharemarket is set to drop 0.7 per cent at the open on Monday as investors bet on at least two more interest rate rises by the Reserve Bank this year.
S&P 500 falls, crude rises as Middle East war rages on
The S&P 500 reversed an early 1pc rally to be 0.6pc lower at the close in New York; oil settles above $US103; Strategas lifts 2026 US recession odds to 25pc.
It’s chardonnay and cold sweats on the trading floor in a manic market
Investors have spent the week sweating on the whipsawing oil price and share price swings. Only one thing is for sure – no one knows what happens next.
Opinion
Big tech, like big banks, must pay fair share of tax
Governments will not be able to maintain services if a growing share of value generated from Australian consumers flows to foreign headquarters
Australian Banking Association chief executive
Australia should be able to help keep oil flowing – but probably can’t
It’s one thing to be hesitant of Australia’s navy joining the US in Iran, it’s another when it lacks the military capacity to protect strategic and economic interests.
Editorial
Macquarie’s disruption to banking ranks up there with AI
The bank’s role as the disruptor in chief to traditional banking warrants equal prominence as questions about the impact of artificial intelligence.
Contributor
Members should beware the risks of super funds leveraging up
Once borrowing is introduced at a major fund level, trustees are no longer just managing liquidity. They are changing the underlying risk settings of members’ retirement savings.
Finance executive
Oil shock takes the RBA deeper into its inflation pickle
In a perfect world, rates should not be raised at a time of energy, military and geopolitical uncertainty. But our macroeconomic policy has been far from perfect.
Economist
Anthony Albanese on Iran is no John Howard on Iraq
The comparison with the Iraq war in 2003 is stark. While the result was disastrous, no voter could be in any doubt that John Howard believed in what he was doing.
International affairs expert
Politics
NDIS spends $12b on support for walks, movies, haircuts
A rise in the cost of community support like cafe visits and assistance with dog walks is driving a significant blowout of the scheme’s overall budget.
Chalmers to offer ‘whole bunch of’ tax changes for budget
The treasurer says the economic disruption from conflict in the Middle East makes wide-ranging tax and savings reforms in the budget more – not less – pressing.
Fuel price spike another reason to get on with taxing EVs: Minns
Federal Labor is going slow on a mooted electric vehicle road user charge for fear it could deter uptake. The NSW premier wants it to put the pedal to the floor.
EV owners face job trap if Labor extends cuts to tax break
Business and unions have warned about changes that would whack EV drivers with hundreds of dollars in fortnightly costs if they change jobs.
The shortest priced favourite ever in an Australian election
Major betting agencies TAB, Betr and bet365 have SA Premier Peter Malinauskas at odds of $1.01 to win on March 21, unprecedented ahead of an election.
World
Big super’s Silicon Valley jaunt an AI wake-up call of a lifetime
Ostensibly opening doors for major asset managers, the US summit is also an opportunity to hear what is keeping the world’s largest investors awake at night.
China’s AI ‘lobster’ craze triggers security fears in Beijing
China’s OpenClaw AI boom is a national trend sweeping the country’s major tech companies, but it has also triggered cybersecurity fears.
Deepfakes, wigs and the war on truth
Every image we see now, and especially on social media, requires some basic verification. Even trusted news sources have been caught out.
Iran war forces Formula 1 to call off races in Bahrain, Saudi Arabia
The grands prix are unlikely to be rescheduled for later in the year due to logistics and weather.
Trump calls for help from allies, China to open besieged oil route
The US president says he expects many of the countries affected by the loss of oil supplies to be willing to send warships to help keep the strait open.
Property
Disclosing reserve boosted the price of this $750,500 unit
There’s a change coming that will force some vendors to show their hand before an auction. But one deal shows that’s not necessarily bad for them.
‘Fear and anxiety’ grip auction market
Higher rates and soaring fuel prices are weighing on consumers’ minds. And that’s showing in the housing sector.
How witches hats paved the way to a $27m beachside mansion
A Sunshine Coast beachfront has sold for $27 million, making it one of the Queensland holiday region’s priciest deals.
What Barangaroo, Brighton East, Paradise Point say about luxury units
There has been a huge increase in prestige unit sales across the eastern seaboard but wealthy downsizes are now demanding more space and high-end amenities.
Manulife puts $110m almond aggregation up for sale
The Canadian investor’s divestment comes at a time of geopolitical instability that makes institutions look favourably at food-producing land assets.
Wealth
Gen Z puts trust in AI for financial advice. ASIC says don’t
Gen Z’s use of, and trust in, social media and AI to deliver financial advice has the corporate regulator worried.
Hunt for the next maths genius gets a boost in Sydney
A $55 million injection at Sydney University – the biggest investment in mathematical research in Australian history – will help keep top AI talent at home.
A $500,000 mortgage at 55: Millennials face grim retirement
Rising property prices, later market entry, and frequent refinancing now extend loan terms well past borrowers reaching their 60s.
Technology
Tax worries give Google pause on $20b Australia data centre dream
The technology giant has been in discussions with authorities about a major precinct, but is concerned this could mean it pays significantly higher taxes.
Why we won’t leave home without the EcoFlow Delta 3 Max Plus
The only question we have about EcoFlow’s new portable power station is this: is one of them enough?
Atlassian slashes 1600 jobs as AI challenges its future
Mike Cannon-Brookes says the software giant will shed 1600 roles, including its CTO, amid an AI-powered disruption and a brutal sharemarket sell-off.
Work & Careers
Why being close to the boss will (eventually) backfire
Those in the corporate world, who boast of being friends with the boss, are a protected species, allowed to get away with murder – until they aren’t.
Truckies’ bid to make companies pay more as fuel prices surge
The TWU has applied for urgent talks with retailers, gig platforms, port and resources companies, warning the oil shock could shut down road supply chains.
Life & Luxury
This hiking philanthropist has one ambition: To walk until she dies
An acute moment of burnout 20 years ago started Di Westway on the path to some of the most ambitious hikes in the world, including Advance Base Camp on Everest.
The only way is up after a few shaky years for Polestar
With hybrids making a major comeback for many car manufacturers, the car maker is standing firm with its electric-only philosophy, saying “hybrids are the worst of both worlds”.
What to expect at this week’s Oscars
This has been an unusually fluid season in which several categories still feel wide open as we head into Monday’s (AEDT) awards ceremony.
CEOs and celebrities swear by this 30:30:30 nutrition rule
It’s not enough to just concentrate on protein and vegetables. A British nutritionist has come up with a specific formula.
Pizza, pasta and science with the physicist electrifying Ferrari
Benedetto Vigna worked on the Higgs boson, has 200 patents and explains why Jonny Ive and Marc Newson will deliver an all-electric Ferrari people want to buy.
