Examine Australia’s booming infrastructure agenda and dissect where the investment is landing.
Two rich kids, the harbourside mansion and an epic private credit fail
Victor Huang was given millions by his father to create a family office powerhouse. Instead, it spiralled into failed developments and seriously odd lending.
Where Australia’s migrants come from, explained in 12 charts
New analysis by AFR Weekend reveals that most immigrants are no longer coming from China or India, and more arrivals are coming from non-democratic countries.
Haines’ condition improves to serious but stable after alleged attack
One Nation launches website to shape policy ahead of next election; First tanker of Russian diesel heads to US. Follow live updates.
Inside China, the AI funding frenzy is just heating up
Investors are scrambling for a stake in China’s AI champion DeepSeek, which raised $20 billion. But the cost of competing with Silicon Valley is soaring.
Debt bomb threatens booming AI trade, $155b data centre roll-out
Bond yields are soaring across companies exposed to artificial intelligence amid worries about heavy spending, limited returns and the cost of servicing loans.
Double squeeze: Business hit by cash flow crunch and ATO debt push
The number of businesses failing to pay their taxes has surged 21 per cent as a tough economy squeezes cash flows and the ATO aggressively pursues overdue debts.
‘Serious competitor:’ Does Canva’s new AI model match global giants?
Canva launched its new AI image model on Friday. We put it to the test with three tasks to see how they compare.
News and views to help aspirational investors grow their wealth. In your inbox every Wednesday.
WEEKEND READS
The rage economy: What’s really behind Europe’s street battles
The malaise in France – disillusioned youth, economic stagnation, political radicalisation, heavy debt and outrage-driven media – is playing out across Europe.
The tsunami of grievance fuelling a new era of political violence
Online algorithms, economic hardship and political polarisation on both right and left have soured the atmosphere of politics – and increased violent threats.
Panicked Republicans get dirty in $8.5b midterm final stretch
From AI slop ads to vitriolic attacks targeting candidates’ families, this was the week Republicans leaned even harder into culture-warring and personal scandal.
I went on a Western Sydney Airport test run. Here’s the lowdown
Can you get a coffee? And how long will you have to bring a packed lunch? Here’s everything we know and don’t know about the megaproject.
How Victoria became the misanthropic state
As Victoria heads to the polls, the after-effects of the state’s record 260 days in lockdown are the election’s great sleeper issue.
SMART INVESTOR
Why $100k at 25 is more powerful than an inheritance at 55
Timing matters as much as the amount you give when it comes to helping the next generation get set for success.
Survey reveals the sums wealthy parents give kids for house deposits
With 65 per cent of Boomers playing bank of mum and dad for homes, degrees and living costs, a survey reveals what’s being gifted – and why advisers say it takes careful planning.
What new super advice fee rules mean for SMSFs
There are rules around the type of financial advice a self-managed superannuation fund can pay for. Are you getting it right?
The superannuation rule you should know about if you are over 60
For those working in multiple positions, leaving one can be enough to provide access to retirement savings, even if they carry on working in the other.
He left his son 2pc of a $25m estate – a court had other ideas
The NSW Supreme Court overruled Nicola Iacovazzi’s detailed estate plan to prevent his chronically ill son from having to rely on government support.
David Marin-Guzman and Janek Drevikovsky on the rise of the AI lawyer, and what it means for judges, courtrooms and the future of the law.
Companies
NAB asks thousands to reapply for jobs as search for 2500 cuts begins
The largest restructure at the bank in nearly a decade is forcing colleagues to compete for a dwindling number of roles.
It’s property versus shares in horse racing’s heavyweight battle
Top fund manager Geoff Wilson and Melbourne property giant Ozzie Kheir will face off in a unique edition of the Cox Plate.
World-first cancer vaccine succeeds in trials, disappoints on market
Moderna shares tanked after the research data was leaked, but scientist Georgina Long insists it represents a “foundational shift” in melanoma treatment.
Rio Tinto pledges $2.7b to revive ageing Queensland bauxite mines
The miner’s Kangwinan project expansion will extend output beyond 2050, adding 20 million tonnes of annual production to underpin its Weipa operations.
Zip targeted by US fraudsters, raising questions over risk controls
After falling sharply following revelations of fraud in the US, Zip shares rebounded in late trade.
Apollo’s MaxCap cuts staff amid private credit slump
Lay-offs at the non-bank lender came after it was left exposed to some failed property developments.
Gerry Harvey, NRL legend back plan to cement PNG’s economic growth
Harvey Norman founder and rugby league great are among the backers of a plan to build a $570 million cement plant in the Pacific nation.
SPONSORED
Markets
Investors hunt safe ground after ‘hurricane’ tears through AI trade
Some fund managers are taking cover in defensive corners of the market while others are braving the retail sector for bargains.
Traders weigh cash rate above 5pc after RBA’s warning shot
There is an almost two-in-three chance the RBA will raise rates on Melbourne Cup Day, but money markets are starting to price in even higher borrowing costs.
Oil hits $US117 for first time since April; Wall Street slips
Oil rose on fears of fresh escalation in the conflict between the United States and Iran, pushing the S&P 500 to its second-straight week of losses.
This fundie says AGL Energy is set to go on a tear. Here’s why
ClearBridge’s Andrew Chambers says the $6.7 billion fund manager sees “material upside” in AGL’s shares. He’s also bullish on REITs, APA Group and Transurban.
Northern Star CEO open to Gold Fields talks but ‘no red line’ on price
Suresh Vadnagra declined to name a number that would bring the gold miner to the negotiating table, but did not rule out considering new offers or asset sales.
Opinion
I used to walk anywhere without fear. I am much less certain now
I was the only female leader of a major political party without a security detail – I couldn’t live under constant guard. That belief was rocked this week.
Former Liberal leader
Morgans’ glaring Firmus IPO conflict of interest can’t be ignored
Alarm bells should go off that the firm’s staff and clients had invested more than $300 million in the data centre developer ahead of its aborted ASX listing.
Associate editor
Attack on Haines demands focus on mental health, not ideology
The system is failing to keep the small cohort of the most acutely unwell in treatment for their own safety, and everyone else’s.
Economist
‘A bullet on my doorstep’: Is this what women in politics must endure?
When male politicians suggest that the nature of debate has not necessarily changed, it reflects a disconnect from the rising tide of misogyny in public life.
Former senator
France’s unrest shows Labor the cost of the handout state
Weaning voters off the public purse requires honesty about the trade-offs of fiscal repair and demands political courage rarely seen in Canberra.
Editorial
Snowy Hydro 2.0 shows Australia dreams big, but fails to build
The troubled renewable energy scheme’s rising costs and delays show that Australia needs political discipline, planning and competence to build mega-projects.
Editorial
Politics
How Bracks, Brumby and Baillieu would fix Victoria
Three former premiers tell us how they would fix the state, from cutting spending and lowering taxes for business to investing health and innovation.
David Crisafulli’s secret to beating One Nation: be boring
Queensland may be the home of fringe politics – from Pauline Hanson to Bob Katter – but Premier David Crisafulli thinks he has the answer.
‘Announcement fever’ blamed for Snowy 2.0 cost debacle
Business leaders say Australia needs to sharply lift its game on planning and executing large infrastructure projects.
Anika Wells shuts electorate office after security incident
Communications Minister Anika Wells closes her Brisbane headquarters as the federal government ramps up parliamentary security measures before MPs return next week.
Chalmers lifts bank bond caps, doubles deceased estate withdrawals
The government’s deregulation efforts come as inflation and interest rate pressures strain global fiscal debt and the government’s own economic forecasts.
World
Melania Trump secures peace deal in Ukraine city, White House says
The White House said the first lady orchestrated a ceasefire in Ukraine’s Oleshky, allowing aid to reach the occupied city, which is facing a starvation crisis.
Panicked Republicans get dirty in $8.5b midterm final stretch
From AI slop ads to vitriolic attacks targeting candidates’ families, this was the week Republicans leaned even harder into culture-warring and personal scandal.
Silicon Valley pours into start-up making ‘gene-edited military’ dogs
Defence company Anduril’s co-founder and entrepreneur Ben Lamm conceived the start-up to clone and genetically edit working canines for the military.
Gerry Harvey, NRL legend back plan to cement PNG’s economic growth
Harvey Norman founder and rugby league great are among the backers of a plan to build a $570 million cement plant in the Pacific nation.
‘The stakes could hardly be higher’: The election for Israel’s soul
October 7 has become a lightning rod issue for Israelis in an election that is a referendum on the polarising leadership of Netanyahu and on the nation’s soul.
Property
Software billionaire splashes $36.5m on twin Manly waterfronts
Two Rich Listers have traded waterfront homes in one of the Sydney northern beaches suburb’s priciest deals.
Dentist and battery guru behind $33m Mosman showstopper
Amy Sacco and husband Bevan Dooley, parents of seven, demolished the former family home of Gai and Robbie Waterhouse and replaced it with a designer mansion.
Mirvac says home sales slumped by almost a third in three months
One of the country’s largest home builders has warned that rising interest rates and changes to property tax concessions are creating a challenging market.
If you can’t beat ’em, join ’em: Property fund swings into lending
Garda has sold off its remaining portfolio, $300 million of warehouses, confident it can generate better returns as a property lender than a landlord.
Pub baron Mathieson lays out $800m plan to build hub outside Brisbane
While the billionaire is best known for his big role in the pubs sector, including as a major Endeavour shareholder, he is a large developer in his own right.
Wealth
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.
Can defined benefit super members use downsizer rules?
Member of the defined benefit public sector superannuation scheme can make downsizer contributions, but the rules are a little different.
‘Redistributing my wealth’: Nicola Forrest unveils $500m fund
The philanthropist and Rich Lister has tipped 25 million Fortescue shares and $125 million of cash into her Coaxial Foundation to kickstart her giving strategy.
Technology
Canva reveals new AI image tool as it races to beat Google, OpenAI
The design giant delayed its new AI products in August due to the cost of using US frontier models, now it has built a new image generation model in-house.
‘Start of a tsunami’: Global web shutdowns signal dystopian AI future
This time, business and government acted quickly to ensure no harm was done. But experts warn the next AI-led discovery could be weaponised by bad actors.
The Asian AI wave on the Kimberley’s horizon
New plans for Western Australia’s biggest data centre have been lodged with the federal government for approval.
Work & Careers
Underpayment claims under investigation at Sydney airport metro site
The “cash-back” claims come as the Minns government makes cleaning up underpayments a condition for settling its billion-dollar dispute with Webuild.
The piece of advice that saved this $1.3b CEO from burnout
McMillan Shakespeare chief Rob De Luca has had a long and winding career, and has come to think about leadership as a bit like being a parent.
Life & Luxury
Here’s what to expect if you’re taking a month off from drinking
From lower blood pressure to better sleep and moods, the short-term health benefits of quitting booze are often significant.
Paris high society and unpaid debts: Kym Ellery launches second act
Recasting her design career, she is interested in materials that carry weight, memory and permanence. But there are still bills to pay from her first chapter.
Yarra Valley’s premier wine families bet big on high-elevation pinot
New investment and new vineyards are taking the region to new heights.
The Sydney headhunter getting her kicks from high-intensity Muay Thai
‘No amount of running, tennis or weights gives me the same adrenaline rush,’ says Roxanne Calder of her love for kickboxing.
The new tech bro status symbol is a high-end watch
The Silicon Valley industry designing the future is increasingly obsessed with analogue tech from the past.
