Plan for $875m Victoria Barracks sale scrapped after backlash
Anthony Albanese says the site will remain public; US military disables a ship leaving Iran; PM will meet Donald Trump three times in upcoming trips, Jason Clare says. Follow live.
Sydney financiers at war despite Firmus stake settlement
Simon Raftery alleges his rivals Ben Madsen and Justin Epstein conspired against him after he claimed he was owed part of a stake in the high-flying neocloud.
Silver Lake appoints crisis, debt specialists to Ticketek board
The private equity firm that owns the company behind Ticketek has reshaped the board after a third year in the red, taking losses to almost $400 million.
Walmart backs Australia in lamb stoush ahead of Trump-Albanese meeting
The threat of more tariffs on sheep meat imports is likely to be on the table when the prime minster and the US president meet in the Philippines next week.
Gadi Eisenkot tapped to form Israel’s government in Netanyahu blow
Israel’s former military chief has been given a chance to form a new government, but replacing Benjamin Netanyahu may be his toughest assignment yet.
Trump wants UFC boss in the White House, signalling bitter defiance
The US president said he asked Dana White to be his press secretary, showing again he is keen to do battle against the Democrats despite his midterm defeat.
Firmus’ shelved float shows the market is doing its job
With the benefit of hindsight, Firmus would have had a challenging market debut. Conditions are less supportive and neoclouds are under more scrutiny.
WEEKEND READS
Luxon clings to power in New Zealand’s knife-edge election
Christopher Luxon’s National Party has a wafer-thin majority after a national election in which voters turned away from the major parties in droves.
The banks’ small business battlefield morphs into a dangerous war zone
While there’s no cause for alarm yet, credit quality will get worse from here. But it’s fortuitous that APRA conducted a sweeping review of lending practices.
US believes Nvidia’s Huang had romantic relationship with alleged Chinese spy
American intelligence warned the tech boss was involved with executive recruited by China’s top spy agency to gather information on US group.
Data centres must stop stealing power from mums and dads: Forrest
The mining magnate made the comments as he unveiled his latest green dream – owning a racing team for the Formula E world championship.
Inside the Murdochs’ Manhattan gala with Anthropic and Nick Cave
A who’s who of Australian executives in the US, including Rupert and Lachlan Murdoch, gathered for an annual dinner that honoured a News Corp lieutenant.
Carrie LaFrenz and Lauren Sams on the slow-motion demise of department stores, what tipped David Jones over the edge and what’s going to happen now.
Companies
Greg Goodman digs in as AI trade gets harder
The Goodman Group founder put his money where his mouth was when launching a new data centre battle this week.
The brawler delivering Twiggy’s green dream, ‘proper stoushes’ and all
Andrew Forrest has tasked Dino Otranto with delivering – by 2030 – the first total decarbonisation in global mining. This is how it’s going.
Westpac sells its vaults even as demand for physical wealth soars
After almost a century, three of the big banks are now out of the safety deposit game despite the case for concrete and cold steel rarely having looked stronger.
Collapsed labour hire firms headed by overseas and homeless directors
Liquidators are grilling the directors of a labour hire network used on major government building sites after it failed owing millions to the ATO.
Inside the quiet fading of Australia’s radio titans
For half a century, prime ministers and premiers danced to the tune of Sydney and Melbourne talkback titans. Are shock jocks a thing of the past?
David Jones axes gift cards and refunds, limits returns
Staff were told about the changes a day after the 188-year-old retailer called in administrators following unsuccessful negotiations with landlords.
Ex-David Jones CEO sues to force share buyout amid collapse
Scott Fyfe alleges that David Jones’ parent entity conducted affairs in a manner that was “oppressive, unfairly prejudicial, or unfairly discriminatory”.
SPONSORED
Markets
Wall Street rebounds after tech selloff
Technology reversed some of Thursday’s losses, while a positive US jobs report boosted investor sentiment.
The 10 hottest stock tips from this year’s Sohn fund managers
The annual gathered of investors and bankers, in New Zealand this year, was punctuated by a violent sell-off on Wall Street and fears about the AI revolution.
Anthropic backer says ‘be long’ on AI as tech rout rips across Asia
Lightspeed’s Isaac Kim said there were signs of a bubble developing, but there were plenty of reasons to be optimistic about artificial intelligence.
Lazy money beats the rock stars: Sohn’s top stock picks dive 9.5pc
Our index of the nine stock tips made at last year’s Sohn conference lost 9.5 per cent. It’s a long way from Hamish Douglass’ Apple stock pick 10 years ago.
Investors shouldn’t throw equity baby out with midterm bathwater
There is a credible argument that, while the occasional setback on Wall Street is inevitable, what we are seeing in the AI and tech space is a secular trend not a bubble.
Opinion
Netanyahu’s exit is what Israel needs to reset US ties after ‘blue wave’
A new Israeli leader will have an easier time winning friends in the American political scene.
Commentator
US midterms hold two warnings for Albanese
The Labor government should take stock as it confronts a declining primary vote, higher inflation and community backlash to AI data centres.
Editorial
The Democrats have won. But what do they stand for?
The midterm elections signalled a dramatic sea change in American politics. What does that mean now for the United States – and the world?
Columnist
Loss of trust threatens the RBA’s inflation target
The post-pandemic price breakout presents a big challenge to keeping the faith in Australia’s three-decade-old monetary policy framework put in place by Costello.
Columnist
Victorian election: Who won the week?
Lidija Ivanovski says Victorian frustrations do not give Jess Wilson a free pass to take the reins, while Terry Barnes says the Coalition is lengths ahead of Labor.
Government and business can help fight inflation by lifting productivity
It is critical that Australia doesn’t allow the debate about reining in spending to come at the expense of efforts to enable sustainably faster economic growth.
Australian Banking Association chief executive
Politics
From ‘toolbox of the 21st century’ to digital detox for schools
Australia was once at the vanguard of pushing computers into classrooms. Now there’s a plan to wind it back.
Crackdown on dangerous and illegal e-bikes
The rules will prevent the modification of “fat bikes” to bypass speed and power restrictions, over concerns they pose a danger to riders and pedestrians.
Chalmers’ gag on Productivity Commission beyond a joke, say Libs
The government is under fire from all sides for stopping the Productivity Commission from examining the impacts of IR and tax laws on business.
Jess Wilson’s bus bingle symbolic of Victoria’s rocky road
The Liberal leader navigated a bus bingle on Friday to focus on Victoria’s $200 billion in debt.
NSW Liberal exodus: Morale plunges as seventh MP quits
The party is in crisis four months out from the election, with morale at rock-bottom for embattled leader Kellie Sloane.
World
Trump names Miller chief of staff, Wiles out in shake-up
Stephen Miller, 41, is best known within the Trump administration as the architect of its hardline immigration and deportation policy.
Millennials broke Trump’s grip on power. What will they do with it?
The Democrats have an extraordinary opening to build a dominant left consensus, provided they can resist squabbling over where to take the country next.
China mocks Trump’s midterm rout, but Xi faces real dilemma
Donald Trump’s electoral defeat could boost the Chinese president’s hand in trade talks, but a Democrat-controlled Congress supportive of Taiwan may cause pain.
After conservative wipeout, DEI is back and so are the memes
The strong repudiation of Donald Trump at this week’s election is being seen as a blow against the conservatives’ war on woke.
‘We ended woke’: Hegseth fights for survival amid Republican blame game
Defence Secretary Pete Hegseth is trying to avoid blame for the Iran war, while Marco Rubio denies he is quitting the Trump administration.
Property
Rewind to 2023: Sydney house prices to lose $200,000 this downturn
The housing correction is on track to be the biggest on record, wiping years of growth from prices. But it may not help first home buyers if rates stay high.
These are the grandest country estates for sale in Australia
From Tasmania to the NSW Southern Highlands: for a tree change on a grand scale, these are some of the trophy retreats on the market now.
Warburg Pincus lobs fifth bid in $3.2b tussle for ASX-listed Ingenia
Rival bidders for the developer have powerful backers: Brookfield and an Abu Dhabi fund on one side versus super fund ART and billionaire Paul Lederer on the other.
Gold Coast beachfront mansion listed for $47.5m eyes Qld record
A four-storey home on a triple beachfront block is the Sunshine State’s most expensive residential listing.
Laundy Hotels to let the good times roll after $30m Sydney pub deal
Danielle Richardson, daughter of billionaire publican Arthur Laundy, and husband Shane have bought their fifth pub, to be run by the Laundys’ hospitality empire.
Wealth
Can we buy property for our kids via an investment company?
Tax, equity and asset protection are important factors to consider when purchasing real estate for your children.
Why headline fees don’t tell the whole story on ETFs
Investors have embraced ultra-low management fees, but some fund managers argue true costs depend just as much on other factors.
The investing mistake 45pc of Australians regret making
There are positive signs that investors can look through periods of market volatility and buy the dips.
Technology
Cancelled tech leaders need a new strategy urgently
America’s data centre backlash is emblematic of artificial intelligence anxiety and a scepticism of the industry’s power and wealth.
What Melanie Perkins could teach Richard White and Mike Cannon-Brookes
The Canva co-founder is “deeply sorry for the pain and disruption” caused by layoffs. Is she being genuine or is it all part of the billionaire’s narrative?
Addiction, ADHD risk drove Labor to social media ban, High Court hears
Lawyers for the Albanese government hit back at Reddit’s constitutional challenge, saying the ban aimed to protect under-16s from social media’s worst features.
Work & Careers
How this First Nations polymath accidentally toppled Eddie McGuire
Indigenous advocate Larissa Behrendt is a lawyer, writer, filmmaker and more. Some say she was the first Australian ever cancelled for a tweet. She disagrees.
In the maths curriculum revamp, these words were cut
Basic consumer and financial literacy skills will be introduced from kindergarten, as the details of a curriculum overhaul are revealed.
Life & Luxury
This exec and climber has a peak he wants to conquer. It’s not Everest
While property adviser Jon Cheesbrough has made it to Everest Base Camp, it’s another of Nepal’s perilous peaks that he has his sights on.
Why airline status matters (especially if you want an airport massage)
Australians love to whinge about their frequent flyer points being “useless”. But if you’re complaining, you are doing it wrong.
What it’s like inside the new, $1b Parramatta Powerhouse
The NSW Government is banking on 2 million visits a year to its western Sydney cultural jewel. Will it live up to the hype?
Five gastrointestinal symptoms you should never ignore
While diarrhoea, lingering gas and bloating often have fairly benign causes, gut health experts say there are times when they deserve closer attention.
The dazzling key to fashion designer Christopher Esber’s success
The internationally acclaimed Australian is known for his embellished, sensual dresses. Now, he’s taking it up a notch.
