‘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.
- Live
- Markets Live
ASX to rise; Tesla reports earnings; CPI data in focus
Shares set to rise with tech mega caps fuelling a rally on Wall Street; Tesla jumps in after hours trading; local inflation figures at 11:30am AEST. Follow here for more.
- Updated
- Electric vehicles
Tesla to accelerate cheaper EV rollout, revenue falls 9pc
Tesla’s shares rose 7 per cent after the announcement despite a reported fall in profit margins and sales.
No inflation room for budget stimulus, say economists
With inflation still too high, more than a dozen top analysts have warned Treasurer Jim Chalmers that next month’s federal budget must be contractionary or neutral.
- Updated
- Gaming & wagering
‘Not a scenario’: Star concedes it’s unfit to operate Sydney
The gaming giant’s chairman has also told a NSW inquiry that he was “trigger-happy” when he sent messages suggesting the regulator be scrapped.
- Live
- Need to Know
Elon Musk is creating ‘social unrest and civil division’: O’Neil
Home Affairs Minister Clare O’Neil says Elon Musk has no interest in fighting extremism; The X owner called Australian Jacqui Lambie senator an ‘enemy of the people’.
- Opinion
- Workplace culture
Taxpayers should be furious over public service’s deserted offices
On a recent Friday in Canberra, a deflated public servant friend revealed that there were only three people at work on a floor space that can seat 30 to 40, writes John Kehoe.
Breaking news on companies, politics and economics, in your inbox as it happens.
social media stand-off
- Analysis
- Social media
Australia could treat Musk like a troll
The federal government has options against X that extend beyond fines that probably are unenforceable.
Musk’s lawyers to fight X take-down orders on two fronts
The billionaire tech owner says Australia’s eSafety regulator is trying to control the internet for users around the world.
- Opinion
- The AFR View
Musk sets test for social media without boundaries
The sudden row between Australia and Elon Musk is a test of sovereign writ against the biggest companies – but also where government control of media should begin and end.
Billionaire Elon Musk ‘shouldn’t be dictating to us our social norms’
We went to western Sydney community leaders and asked if the videos of a church stabbing should be allowed to stay on X. Here’s what they said.
Social media giants ‘no longer fear reputation risks’
Tech policy advocates say the era of tech companies complying with local regulations to protect their reputation is over.
Get the latest business news on the go with the AFR’s new iOS app.
Companies
- Exclusive
- Infrastructure
Plenary sells stake sovereign wealth fund ADQ in $1b deal
Founders and some executives of the infrastructure investor will receive a windfall after getting a cash injection from the Abu Dhabi investment group.
Seven Group says talk of Cleanaway buyout ‘completely untrue’
Shares in Australia’s largest waste collection company surged 15.8 per cent, to a two-year-high, after reports that the conglomerate was contemplating a bid.
First Sentier shuts fixed income funds, hands back $14b
Once a giant of the Australian fixed income scene, the Mitsubishi UFJ-owned fund manager will close four units that manage $14 billion in a major restructure.
NSW government must ‘consult’ before changing WestConnex
Transurban has confirmed that the state cannot alter the structure of WestConnex without permission from the toll road group, a hearing revealed.
Electric vehicle sales set to surge, IEA predicts
EV numbers will be strong this year and Chinese carmakers will increase their dominance, the International Energy Agency predicts.
Woolies cuts prices in bid to catch Coles’ growth
A JPMorgan survey of private label products shows the supermarket giants are competing more aggressively on price, closing the gap with discount retailer Aldi.
Lehrmann rejected offer to settle, should pay all costs: Ten
Network Ten and Lisa Wilkinson offered to settle with Bruce Lehrmann in August last year. He rejected it within two hours.
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Markets
First Sentier shuts fixed income funds, hands back $14b
Once a giant of the Australian fixed income scene, the Mitsubishi UFJ-owned fund manager will close four units that manage $14 billion in a major restructure.
What happened overnight? Inflation figures were in focus
Australian shares were set to rise as Wall Street continued to rebound on the strength of the tech megacaps and the ASX looked towards March CPI figures.
ASX shoots for one-day settlement dream
The market operator is examining a move to a one-day settlement cycle, following the lead of counterparts in the US and Canada.
Copper eyes $US10,000 as ‘super squeeze’ intensifies
The metal surged to a two-year high this week as traders ramped up bets that copper’s bull market is unfinished business.
Tesla jumps on pivot to cheaper cars after earnings flop
Shares in the struggling automaker are climbing in after hours trading after Elon Musk unveiled plans to bring forward the launch of more affordable models.
Opinion
Musk sets test for social media without boundaries
The sudden row between Australia and Elon Musk is a test of sovereign writ against the biggest companies – but also where government control of media should begin and end.
Editorial
America’s ‘supercharged’ economy can’t last
One overlooked reason for US resilience is a tonne of stimulus still coursing through the economy.
Writer and investor
Chalmers’ puzzling budget strategy for year ahead
Ideally, the 2024 budget should be slightly contractionary or, at most, neutral to help the Reserve Bank deliver the difficult last mile of disinflation.
Editorial
Goyder will face the music at Woodside AGM
Even if the chairman now looks certain to survive a substantial protest vote and be re-elected, it all adds up to a firm rebuff of the company’s decarbonisation plan.
Columnist
Taxpayers should be furious over public service’s ‘ghost’ offices
On a recent Friday in Canberra, a deflated public servant friend revealed that there were only three people at work on a floor space that can seat 30 to 40.
Economics editor
Will Future Made in Australia push the RBA off the narrow path?
If the budget does deliver policy changes that add to demand, inflation will probably keep falling slowly and stay too high for the central bank’s inflation target.
Economist
Politics
Australia’s richest firms get $331m in grants to reduce emissions
The government has doled out $331 million to firms including Rio Tinto, Wesfarmers, Swiss giant Glencore and Rich Lister Dick Honan’s Manildra for decarbonisation projects.
King opts out of call on NSW gas project over her past attacks
Resources Minister Madeleine King pulls out of making decisions around high-profile gas project off the coast of NSW that she once described as risky and a threat to jobs.
Federal contract bidders will need to hit sustainability targets
Environment Minister Tanya Plibersek said government departments would use their purchasing power to reduce waste and promote recycling, part of new reporting rules.
Economists dispute Chalmers’ downbeat growth tone
Leading economists have dismissed Treasurer Jim Chalmers’ pessimistic assessment of the global economy, and say it should not be used to justify inflation-boosting spending.
‘You’re the chief now’: Crowds greet Albanese at start of Kokoda Track
Long-time residents of Papua New Guinea said it was the most lavish welcome an Australian leader had received since Paul Keating in 1992.
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World
Judge tells Trump lawyer he is ‘losing all credibility’
Donald Trump’s repeated attacks on witnesses in his criminal case have been labelled a deliberate violation of the judge’s gag order.
Trump set for another $1.8b in shares he can’t sell
The former president set up social media platform Truth Social to share his views but the company has attracted meme-stock traders and Wall Street professionals alike.
Arrests sweep elite US universities as Israel tensions erupt
Police have made arrests at Yale and New York universities and the gates have been locked at Harvard as tensions between protesters and authorities boil over.
UK to send asylum seekers to Rwanda in ‘game-changer’ law
The law finally passed parliament after weeks of delay, and Rishi Sunak hopes the move will lift his waning popularity before the national elections.
Electric vehicle sales set to surge, IEA predicts
EV numbers will be strong this year and Chinese carmakers will increase their dominance, the International Energy Agency predicts.
Property
The Melbourne shopping hotspot that became a ‘ghost town’
Businesses on Bridge Road in Richmond, which has a whopping 15.5 per cent vacancy rate, fear an insolvency snowball effect.
Building materials supplier Lutum goes into administration
The move by directors to try and salvage the Boral spinoff shows casualties in Australia’s precarious home-building sector have spread well beyond builders.
Victor Island in the Whitsundays sold at 31pc discount to last sale
The 3.14ha island near Mackay was bought for $3.65m by Sydney-based Kingdom Developments, but sold for just $2.51m despite competition from 15 bidders.
Melbourne car park near Queen Vic Market tipped to sell for $120m
The large car park site at 380 Queen Street, which could support a multi-tower project overlooking Queen Victoria Market, is owned by Singaporean investors.
HTW employee details may have been compromised in valuer data breach
Banks are still waiting for an independent evaluation of the data breach and some are increasing their restrictions on the valuation firm.
Wealth
How will $3m super tax work when my balance goes all over the place?
You won’t get a refund if you’ve paid the tax and your fund later loses money. But you can carry forward the loss to offset gains in later years.
The three reasons your portfolio needs emerging markets
A key attraction is the ability to invest across segments that often react differently to various macroeconomic environments.
- Opinion
- Investing
What you’re missing out by investing only in Australian shares
With low forecast earnings domestically, if you aren’t diversifying across markets, it’s time to do so now.
Technology
- Opinion
- AI
AI keeps going wrong. What if it can’t be fixed?
Pessimists warn it could wipe out humanity. Optimists hail a medical revolution. But sceptics argue that the technology is simply flawed.
Got a small audience? This start-up could help you monetise it
Kindling is figuring out what AI tools can help podcasters and YouTubers “supercharge” their content, and find someone willing to pay for it.
- Exclusive
- Start-ups
Kyrgios, Smith-backed fantasy football start-up valued at $0
The company has laid off staff and had a co-founder depart, but is hoping to grow with more humans in its AI-driven fantasy football product.
Work & Careers
Forrest-backed Minderoo to become bigger philanthropic force
The financial endowment behind Andrew and Nicola Forrest’s philanthropic Minderoo Foundation is expected to grow towards $40 billion by the end of the decade.
Can you job-share a seat in parliament? These two women want to try
Lucy Bradlow and Bronwen Bock want voters to elect them together to represent the inner-Melbourne electorate of Higgins.
Life & Luxury
Escape into serenity with these day trips out of Kyoto
There are beautiful rivers, myriad shrines, a World Heritage-listed site, and much more within easy reach of the renowned Japanese city.
- Drinks With Max Allen
- Winemakers
Gangster turned investigative reporter launches his first wine
Twelve months after his first vintage, Mahmood Fazal is selling a shiraz inspired by a cult label in Spain, Persian poetry and the land of his ancestors.
Rita Ora is ‘crazy about supplements’ in the morning
TypeBea co-founders Rita Ora and Anna Lahey met through Lahey’s other business, ingestible beauty brand Vida Glow. They have now launched their own haircare line.
How the Spice Girls look so good at 50
The group were glowing at Victoria Beckham’s birthday party – here’s how they achieve their youthful look.
Samsung’s new OLED TV is the best TV ever. Or is it?
The idea that anything could be inferior to this device has forced us to ponder the very essence of what it means to have eyes in your head.