Emily Stewart
With the end of the financial year approaching, tax agents say it is a good time to look at maximising your super, which might provide some tax benefits too. 4h ago 4 hours ago Wed 11 Jun 2025 at 12:03am
Australian stocks opened higher after Wall Street gained. Economic growth slowed more than forecast in the first quarter of the year. Wed 4 Jun Wed 4 Jun Wed 4 Jun 2025 at 6:27am
Consumer prices rose 2.4 per cent for the year to April, according to the Australian Bureau of Statistics. It is the third month in a row that headline inflation rate has remained steady. Wed 28 May Wed 28 May Wed 28 May 2025 at 4:17am
The big banks have all cut their variable home loan rates, but not everyone will want to reduce their mortgage repayments. Savers are still in the dark, with only two lenders announcing cuts to savings rates. Here's your handy guide to what the RBA cut means for you. Sun 25 May Sun 25 May Sun 25 May 2025 at 11:34pm
Markets are betting on further cuts to the cash rate to come, after the Reserve Bank cut interest rates by 0.25 of a percentage point, to 3.85 per cent. Tue 20 May Tue 20 May Tue 20 May 2025 at 7:30am
Lenders are cutting fixed and variable rates in an attempt to attract customers ahead of a widely anticipated Reserve Bank meeting next week, when the official cash rate is expected to be cut. Wed 14 May Wed 14 May Wed 14 May 2025 at 6:55pm
The ASX closed up after the US and China confirmed they will hold negotiations this week in an attempt to scale back their trade war. National Australia Bank's half-year profit drops 2.5 per cent. Catch up on the day's events and insights from our business reporters on the ABC News live markets blog. Wed 7 May Wed 7 May Wed 7 May 2025 at 6:47am
Local shares slipped backwards on Tuesday, while data showed building approvals fell by 8.8 per cent in March. Catch up on the day's events and insights from our business reporters on the ABC News live markets blog. Tue 6 May Tue 6 May Tue 6 May 2025 at 7:12am
Australian shares give back most of the previous session's gains, with the All Ords dropping 1.9pc as China reacts to Donald Trump's tariffs coming into force. Wed 9 Apr Wed 9 Apr Wed 9 Apr 2025 at 7:34am
Australian shares have risen 2.3 per cent as markets across Asia have clawed back some ground after sessions of heavy selling. Japan is leading the gains as it prepares to negotiate with the Trump administration. Tue 8 Apr Tue 8 Apr Tue 8 Apr 2025 at 7:33am
The Australian share market closed in positive territory ahead of US President Donald Trump's next round of tariffs. Look back on the day's business news on our blog. Wed 2 Apr Wed 2 Apr Wed 2 Apr 2025 at 6:04am
Australia's inflation declined to 2.4 per cent in February, ahead of the RBA's rate meeting in April, helping the ASX to close higher. Catch up on the day's financial news and insights from our specialist business reporters on our live blog. Wed 26 Mar Wed 26 Mar Wed 26 Mar 2025 at 6:28am
Samsung Electronics' co-CEO dies of cardiac arrest, with no successor named, while Chinese electric vehicle maker BYD posts a larger annual revenue than Tesla. Look back on the day's financial news and insights from our specialist business reporters. Tue 25 Mar Tue 25 Mar Tue 25 Mar 2025 at 5:37am
Reducing the time people spend job hunting has a broader economic benefit, with a report finding one charity helping women into the workforce has generated $86 million in net direct economic benefits over the past 20 years. Wed 19 Mar Wed 19 Mar Wed 19 Mar 2025 at 9:01pm
Australia's share market has closed on a seven-month low and it now sits 8.4 per cent below the all-time high it reached in mid-February, as global investors consider the potential damage of US President Donald Trump's various trade wars. Tue 11 Mar Tue 11 Mar Tue 11 Mar 2025 at 6:38am
When the Reserve Bank cut the official cash rate last month, lenders reacted quickly, letting customers know home loan rates were dropping. But they've been slower to explain how the changes will affect savings rates. Here's what it could mean for you. Thu 6 Mar Thu 6 Mar Thu 6 Mar 2025 at 11:14pm
Australian shares fall, with results from Woolworths, WiseTech, Lynas and Flight Centre. US President Donald Trump has ordered an investigation into a new tariff on copper imports. Wed 26 Feb Wed 26 Feb Wed 26 Feb 2025 at 6:14am
The Reserve Bank cut interest rates on Tuesday afternoon for the first time since November 2020, after keeping rates on hold at 4.35 per cent for more than a year. Tue 18 Feb Tue 18 Feb Tue 18 Feb 2025 at 7:11am
There could soon be relief for households with a mortgage, with economists predicting an interest rate cut when the Reserve Bank board meets in February. If rates do fall, it will be the first time since 2020. So, what could it mean for your repayments? Wed 5 Feb Wed 5 Feb Wed 5 Feb 2025 at 10:43pm
The ASX ends the week lower following Wall Street jitters. The former PwC Australia partner at the heart of the tax leaks scandal, Peter Collins, has been banned from providing financial services by Australia's corporate watchdog. This is how the day unfolded. Fri 20 Oct Fri 20 Oct Fri 20 Oct 2023 at 6:00am
The ASX gained on strong rises for Whitehaven Coal and Treasury Wine Estates, while Credit Corp plunged on a profit warning. This was how the trading day unfolded on our blog. Wed 18 Oct Wed 18 Oct Wed 18 Oct 2023 at 6:02am
The competition between mortgage lenders to get your business could soon be heating up again, analysts say, as the nation's largest lender loses market share for the first time in five years. Mon 16 Oct Mon 16 Oct Mon 16 Oct 2023 at 11:47pm
Australia's share market closes up after Wall Street's major indexes closed higher overnight. Tue 10 Oct Tue 10 Oct Tue 10 Oct 2023 at 6:00am
Thousands of Australians opted to do their grocery shopping online during the pandemic, but plenty are yet to return to shopping in store as they try to get the most bang for their buck amid the high cost of living. Tue 3 Oct Tue 3 Oct Tue 3 Oct 2023 at 9:00pm
The annual rate of inflation jumped to 5.2 per cent in August, up from 4.9 per cent, on rising housing, transport, food, and insurance costs.
Wed 27 Sep Wed 27 Sep Wed 27 Sep 2023 at 10:14am
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News.com.au
13 minutes ago
- News.com.au
Business Council of Australia calls for R&D funding to hit 3pc GDP, amid productivity push
Australia could miss out on its next great invention plus significant economic benefits, with one prominent business leader calling for an increase in research and development spending so we no longer lag behind other developed countries. Business Council of Australia chief executive Bran Black says the Albanese government should help boost public and private spending into research and development from 1.7 per cent of GDP to 3 per cent. As it stands, Australia is dragging behind the other OECD countries which on average invest 2.7 per cent of GDP into funding and developing innovating ideas. Australia was also significantly behind the United States and South Korea which invest 3.59 per cent and 5.21 per cent respectively. As a result, the country was missing out on the economic returns, with Mr Black pointing to analysis from the CSIRO which found that every dollar invested in R&D offered a $3 return to GDP. 'They're doing that because they see that the economic return, the dividend to their economy associated with these types of investment makes it worthwhile,' he said. More and better innovation also had the power to make 'life better' too, said Mr Black, pointing to world-leading Australian inventions such as the cochlear implant, Google Maps, pacemakers and even Wi-Fi. 'If we talk about these types of inventions – being able to hear, being able to see your child, being able to navigate your way through cities and towns with confidence – that is genuinely a reflection of how our society has changed as a consequence of good old Australian R&D,' he said. 'R&D when done right changes the way we live, every single day.' While sectors such as agriculture, health, renewables and the resources sector were areas where Australia had 'existing advantages,' he said there was also 'scope for opportunity' in more left field areas like quantum computing. Figures released by the Department of Industry, Science and Resources tip Australia's technology sector is set to contribute $244bn a year to the economy by 2031, a rapid increase from the current $167bn. Increasing Australia's quantum capabilities is set to amplify the growth of the sector. 'Who would have thought that Australia would be at the absolute forefront of global research with respect to this cutting edge technology, and yet we are,' he said. The push for a higher spend on R&D comes as Labor seeks to unite union and business leaders for a productivity roundtable which will be held at Parliament House in August. Mr Black said boosting Australian innovation was a key way to expose Australia to new market, create new jobs and develop emerging industries. In addition for a 5 per cent target on increased funding from the public and private sector, the BCA is also calling for a better tax incentives to encourage domestic and international to invest in Australian projects, plus a publicly accessible National Researcher Directory to help connect industry with research expertise. 'Ultimately what that means is that R&D is an excellent way of driving productivity (and) productivity is the main determinant for how we can deliver real wages growth across our economy,' he said. Labor is undertaking a strategic review into its R&D processes, with the government set to receive the recommendations by the end of the year. Former industry and science minister Ed Husic also acknowledged in October last year that R&D funding in Australia was at a 'sorry state,' and said the government was 'very focused on fixing up our languishing national R&D spend'.
Daily Telegraph
44 minutes ago
- Daily Telegraph
‘Over the top' house sells for $18.5m
It was described as capturing 'the romance and timeless beauty of a Mediterranean villa', and the house known as 'Formentera' certainly does that. You won't find too many grand Australian homes with internal finishes quite like this. Even its latest vendors, sources say, considered them a bit 'over the top'. The grand six-bedroom home at 86 Lang Rd, Centennial Park, has just sold for $18.5m after 27 days on the market via Ray White Double Bay's Ashley Bierman and Thomas Popple, in conjunction with Ben Collier and Daniel Acocks at The Agency. But it had been on the market since last September with Collier, initially with hopes of $23m. The result fell at the lower end of its latest $18.5m-$20m guide, with the buyers known to be banker Andrew Cox and his partner, Pru, moving from 22 Attunga St, Woollahra that's listed with Collier. They no doubt factored in a reno for the Lang Rd mansion, to bring it more in line with Australian contemporary tastes. MORE: Fashion icon's splurge after $20m sale The recent Wentworth Courier House of the Week property, which gets its name from the smallest of the Spanish Balearic Islands, is currently owned by Rob Speedie, former Novotech CFO, and Annabelle Mooney, the former JPMorgan managing director. The pair bought the four-storey house in 2021 for $12.5 million from car dealers Paul and Elizabeth Warren, of the Peter Warren Automotives clan. Perhaps it was these previous owners who were behind the 'exquisite hand-painted ceilings, architectural detailing, and a warm Mediterranean palette'. The marble kitchen, with its island bench, Ilve cooker and integrated Sub-Zero fridges, has all the mod cons, but is probably set for a makeover. What would have sold the place, though, was the 854sqm landholding in a prime location on millionaire's row in Centennial Park, with the buyers looking beyond the current design of the 650sq m of internal living space. As Kirsten Craze wrote in her recent feature: 'Outdoors, the landscaped grounds include a European parterre front yard with a pond and manicured hedges, as well as a rear yard with a huge pool, a paved terrace and lawn. 'The first floor is home to a family bathroom plus four bedrooms including the palatial primary and secondary suite, both with large dressing rooms, balconies and deluxe ensuites. 'One more level includes a fifth bedroom or teenager retreat with adjoining sitting room, a walk-in wardrobe and ensuite. Above the double lock up garage and utility room, a convenient one-bedroom au pair or guest apartment comes complete with a kitchen and bathroom, as well as its own private entrance. 'Across from Centennial Park, Formentera is within easy access of Woollahra shops, Oxford St, the Allianz Stadium precinct, Entertainment Quarter, horse riding and the Sporting Club of Sydney.'
ABC News
an hour ago
- ABC News
Malcolm Turnbull wants Australia to invest in alternative defence capabalities as US reviews AUKUS agreement
Former prime minister Malcom Turnbull has suggested the Australian government is misinformed when it comes to the AUKUS deal and the United States' ability to provide nuclear submarines. Mr Turnbull, a longtime critic of the defence pact, claimed Defence Minister Richard Marles made an incorrect statement on 7.30, on the same day the US announced a review of the deal. Mr Marles said he was confident the US could increase its production capacity to two boats per year to honour the deal. "We need to get to that point in the early 2030s. That's the timeframe," Mr Marles told 7.30. "Right now, we are confident that we can meet that. And we are seeing real progress." Mr Turnbull said Australia's defence minister was "misinformed". "The latest numbers given to the Congress by the navy on 11 March this year was that the rate of production is 1.1 per annum. "They need to get to two by 2028 to be able to meet their own requirements, and to 2.33 to meet their own, plus Australia's. "And they have not been able to lift production rates despite the expenditure of over $10 billion over the last six or seven years. So, they've got a real problem." Mr Turnbull said it was unlikely that Elbridge Colby, who is leading the Pentagon's review, would say the US could spare the submarines even if they could increase their production capacity. "They're short of submarines today," Mr Turnbull said. "They're producing about half as many as they need to produce for their own needs. The competitive threat from China is increasing. And there is a risk of war imminently, according to [US Defence Secretary Pete] Hegseth, over Taiwan. "I think that they'll conclude in the review that that question is either answered in the negative — they can't spare them — or they certainly won't be saying they can." While Mr Marles has repeatedly called for calm and said the US strategic review was what any new administration would do, Mr Turnbull said the matter would only end in one nation's favour while President Donald Trump pursued an "America first" position. "I'm sure they'd like to continue receiving the $3 billion, of which Richard's given them the first deposit," Mr Turnbull said. There is speculation the US will use the review to squeeze Australia on defence spending. Mr Marles told 7.30 that discussions and dialogue with the US remained open and he continued to push back on the suggestion Australia needed a 'plan B'. "There is a plan here. We are sticking to it and we're going to deliver," he said. "Chopping and changing guarantees you will never have the capability." But according to Mr Turnbull, Australia does need a plan B, with the current crop of Collins-class submarines nearing the end of their service life. "It may be that it is too late. It may be that we end up with no submarines," he said, before firing a broadside at former prime minister Scott Morrison, who signed the AUKUS deal after scrapping a Turnbull government agreement for French submarines. "That may be Scott's great achievement," he said. "Let's assume that's the worst case. "In that case, what we should be doing ... and this is certainly what's being canvassed by the Americans — we should be investing in alternatives. Watch 7.30, Mondays to Thursdays 7:30pm on ABC iview and ABC TV Do you know more about this story? Get in touch with 7.30 here.
