Examine Australia’s booming infrastructure agenda and dissect where the investment is landing.
Anthropic targets Aussie investors, as IPO filing shows $114b losses
Wealthy Australian investors will have a chance to buy into the Anthropic IPO, according to a filing that reveals the AI lab’s steep losses and red-hot revenue growth.
Energy fears grow as developers exit Labor’s flagship green scheme
The Albanese government’s flagship program to build renewables and replace coal plants has been hit by a mass exodus of new wind, solar and battery projects.
The six everyday items that have risen in price the most
Wednesday’s September quarter inflation figures will be pivotal in determining whether the RBA board is forced to raise the cash rate when it meets next week.
Lost balance, gut instincts: Young Rich Listers share their biggest mistakes
We ask six top entrepreneurs about first appearing on the list, their business missteps and regrets, and their advice for up-and-comers.
ASX to rise; Wall Street lifts; Anthropic files for IPO
Anthropic discloses $114 billion loss, 1368pc revenue growth; Meta in $135 billion equity raise. Follow live updates.
David Jones is minutes from midnight as directors ponder solvency
The department store’s primary lender, British special situations investor Hilco Global, appears supportive for now, but financial pressure is growing.
Handing back bonus may not be enough to save NextDC’s Craig Scroggie
The next chairman of NextDC will need to decide if the chief executive’s risk management failings will cost him his job.
Massive Snowy 2.0 budget blowout comes with $1b wage bill
The expansion of the massive hydroelectric project was expected to cost around $2 billion when announced in 2017. Instead, it is heading toward $25b.
Netanyahu boasts of Trump endorsement, suggests restarting Iran war
Benjamin Netanyahu tells Israel: Donald Trump is “calling on you to vote for me”; British PM says he wants UK to rejoin EU. Follow live updates.
Victorian Labor promises stamp duty waiver in pitch to small business
In his first major interview, Treasurer Colin Brooks also revealed a broad property downturn had punched a multibillion-dollar hole in the state’s budget.
AFR SUPER & WEALTH SUMMIT
‘Closer to $1 than $11’: Why big super passed on the Firmus float
Super chief investment officers have delivered their verdict on the aborted $44 billion Firmus float after interest from the sector was noticeably absent.
Retirement wave threatens super’s role as shock absorber: regulators
Beyond market slumps and surging retirements, APRA warns non-market risks can rapidly escalate into severe financial shocks.
Super funds back banks to give qualified financial advice
Representatives of AustralianSuper, Rest and AMP questioned the government’s choice to exclude banks from the institutions that can give limited guidance.
AMP defends pension boost products ahead of expected crackdown
The comments come ahead of anticipated government action on schemes that artificially minimise super balances to help people qualify for the age pension.
Aware Super boss urges overhaul of hardship cap amid costs crisis
The fund’s CEO Deanne Stewart says people should be able to access more of their super as households buckle under the cost of living.
Companies
‘Very expensive exercise’: Dexus hit with $30m airport stoush bill
Dexus’ bid to hold on to its Melbourne Airport stake is proving “very expensive”.
Brookfield’s Neoen defies renewables headwinds with $10b pledge
The Canadian giant is looking past the short-term political noise around Australia’s energy transition, with ambitious plans for its renewables business.
NAB is hiring in India and Vietnam even as it slashes Australian staff
In advertisements for management positions overseas, the lending giant said it was “ramping up and growing at a very fast pace” even as it shrinks locally.
NextDC CEO Scroggie’s bonus axed, chairman to step down in M3 fallout
The data centre group is at risk of a board spill at next month’s AGM, with shareholders wanting more accountability for last week’s shock earnings downgrade.
Foxtel’s billionaire owner extends Dazn funding lifeline another year
Leonard Blavatnik has promised to financially support Foxtel’s owner Dazn for another 12 months as it aims for profitability and a public listing.
Gold rush pushes ABC Bullion revenue to $38b, delivering bumper profit
The gold retailer became a national phenomenon at the peak of the boom as staggering queues formed outside its flagship store in Sydney’s Martin Place.
Pratt empire doubles payday to almost $120m for owners and executives
The Pratt family’s holding company, which includes packaging giant Visy, reported revenue of $4.67 billion last year, but losses grew to more than $200 million.
SPONSORED
Markets
Here’s how investors are hedging the US midterm elections
The November 3 vote could unsettle equities as investors weigh the risks of a divided or fragile government and subsequent policy shifts.
Corporate Travel’s battered investors rewarded with 45pc bounce
Bennelong held on to the stock despite previously writing its value down to zero, while ECP sold out as soon as it could.
20pc a year for a decade: How this fundie mastered the AI trade
Loftus Peak has made a fortune from the world’s hottest trade, and Alex Pollak is still all-in despite worries of an artificial intelligence bubble.
Ex-Macquarie dealmaker Bill Moss urges businesses to borrow in China
As Australia eyes a cash rate of 5 per cent, the banking veteran says companies should be tapping the cheaper capital on offer in the Asian giant.
Caledonia promises to back more stocks after year of horror returns
The high-profile hedge fund with long ties to the Packer and Darling families is “committed to broadening the long book over time” as it reassures investors.
Opinion
AI doomers are scaring us stupid
The doomer industrial complex, often led by pseudo-academics who think getting to borrow the title ‘professor’ makes them scholars, should be seen for what it is.
Economics professor
Urgent talks to stem delistings, encourage floats
There’s no time for dilly-dallying after ASIC brings together big names from Virgin, AGL and Betashares, the market needs a firm plan to attract more companies.
Associate editor
Challenger and suitor Daiichi tango as investors demand higher offer
Daiichi’s bid to extract the annuities company from the ASX has some way to play out because investors want a bid of at least $13 per share, or $8.7 billion.
Associate editor
NextDC’s wheelie bin revolt is a warning for Canberra
There needs to be a clear explanation of what Australians get out of data centres otherwise the rhetoric from activists can start to make us a questionable place to invest
Former Labor adviser
Could super funds make the next financial crash worse?
As funds grapple with the broader challenge of maintaining financial stability, their efforts risk being undermined by Canberra’s constant temptation to tamper with the rules.
Editorial
Trump counts votes while Xi tallies America’s weaknesses
Xi sees Trump as weak and confused, having made a grave strategic error in framing a $14 billion US arms sale to Taiwan as a “very good negotiating chip”.
Former ambassador
Politics
Taylor bets voters are ready for budget discipline
The Coalition has unveiled $31 billion in costed cuts to climate, housing and industry programs as attention focuses on inflation ahead of the next RBA meeting.
Don’t rely on ‘unpredictable’ US for critical minerals future: miners
The Albanese government is being urged to engage more with Asian countries and not depend on the United States in developing a viable industry.
NDIS hostage to outdated pricing and tech, business warns
Big business and providers urge Labor to cut NDIS red tape by 25pc and ditch hourly billing, warning outdated pricing and tech threaten the $50bn scheme’s future.
Former Rio Tinto executive tapped for major Defence role
Rio Tinto’s former Australian operations boss Kellie Parker has been appointed to the role of National Armaments Director.
NSW extends workers’ comp review as premiums crush builders
The government has extended its review after industry submissions revealed the devastating impact of soaring premiums on the construction sector.
World
Israel rebukes Australia on eve of Netanyahu’s pivotal election
The vote this week could result in a new coalition government under former general Gadi Eisenkot that shifts the tone of long-standing ties with Canberra.
Surprise win by Brazil’s Lula arrests rightward shift in South America
His latest victory deprives Donald Trump of an important addition to a growing bloc of right-wing leaders embracing Washington’s agenda on security and migration.
Guernsey, Jersey, other havens rake in revenue from global minimum tax
Tax havens are projecting big windfalls after they raised their corporation tax rates to align with OECD rules intended to prevent large corporates shifting profits.
Starbucks crackdown leaves China’s young jobless with nowhere to hide
Unemployed Chinese pretending to go to work are losing their makeshift offices as the coffee chain cracks down on non-paying visitors amid fierce competition.
France’s Le Pen vows ‘zero tolerance’ order in presidential launch
The far-right figure, tipped to be the next president, drew inspiration from heroine Joan of Arc at her campaign kick-off after weeks of unrest.
Property
Inspectors monitor auctions as reserve price law kicks in
Victoria’s underquoting taskforce attended more than 40 auctions at the weekend, checking whether estate agents were following the government’s new laws.
Real estate investor Avid steps in with $3.2b offer for Ingenia
The property investor, which is building up its own land lease business, is offering 10¢ more per share than rival bidder Warburg Pincus.
The clever move that finally sold this $1.175m home
The buyer couldn’t up their offer on this family home, but they could give a concerned seller something just as valuable – time.
NRL to add airport hotel to portfolio V’landys wants to top $1b
The National Rugby League has bought its sixth hotel under chairman Peter V’landys. The acquisition is worth more than the other five combined.
‘Extraordinarily weak’: Fewer than half of homes sold at auction
Would-be buyers, worried about the prospect of another rate rise, are taking a step back. Meanwhile, too many sellers still won’t meet the market.
Wealth
The sci-fi fantasy kid who built a $1.26b start-up
Inspired by Iain Banks novels, Melbourne founder Thomas Kelly has built Heidi into an AI health assistant used in 3 million patient consultations every week.
Selling isn’t your only option when property values drop
The housing downturn has wiped out entire deposits for a small group of first home buyers. But the experts say not to panic.
The surcharge ban has changed credit cards, but good deals still exist
Loyalty scheme specialists say there is no better time for consumers to reassess which products they are using as banks and airlines rework their offers.
Technology
Spy chief warns legacy tech leaves business exposed to cyberattacks
Australian Signals Directorate boss Abigail Bradshaw says AI is supercharging cyberattacks on business and critical infrastructure.
Inside the biggest feud in artificial intelligence
A new world has arrived. Dario Amodei and Sam Altman cannot stop fighting over it.
Move slow, break things: Robots join the Young Rich List
China and the US might dominate robotics, but Australian entrepreneurs are creating robots for Australian needs – such as cleaning up Jaffas in cinemas.
Work & Careers
Fresh from Harvard, Jacinda Ardern takes up paid role at Sydney Uni
The former New Zealand prime minister won’t teach full-time, but is expected to deliver guest lectures and masterclasses to students and researchers.
‘Just get rid of her’: Ellison fails to knock out dismissal lawsuit
The lawsuit alleges MinRes boss Chris Ellison instructed an executive to sack a legal counsel after she complained about “cultural issues” at the company.
Life & Luxury
Why Chris Lucas is already the winner of this year’s Melbourne Cup
The Melbourne restaurateur and 100 of his staff will be feeding glamorous punters across Flemington Racecourse at this year’s carnival.
London’s new rule-breaking hotel brings art deco glitz to Fitzrovia
Judging by the CBD patches in the minibar, underground spa and lush rooftop penthouse, The Newman is doing boutique hotel stays differently.
Why your fitness drops after 30 – and the 15-minute rule to fix it
Elite endurance coach Alan Couzens reveals the precise weekly training increase executives need each year to maintain their health.
This all-electric family SUV drives like a hypercar
Despite being a five-seater, this shockingly speedy Porsche might be the next best thing to being in a fighter jet.
This CEO casts a line before work
Tech founder Drew McPherson has caught some whoppers in his fishing career, including a 300-kilogram black marlin. The secret to his success? Google Earth.
