ABC Business Daily

One of the biggest tests yet of the artificial intelligence boom is about to hit the share market. Anthropic, the company behind AI tool Claude, is preparing to go public - in what could become one of the biggest IPOs in history. The company is seeking a valuation of up to US$1.4 trillion - and Australian investors are among those being given the chance to buy in. Is Anthropic the next trillion-do...

Job cuts have come for Qantas - and artificial intelligence is being blamed. In an all-staff email Qantas Group CEO Vanessa Hudson described the decision to cut hundreds of jobs "hard news for some" -  and that the national carrier is modernising aging technology systems. Is this simply another round of corporate outsourcing - or are we getting an early look at how AI is going to reshape white-col...

Is David Jones exposing a wider problem in Australian retail? The major department store has survived two world wars, the Great Depression and almost 190 Christmas shopping seasons. But last week, we learned it is fighting for survival. And it’s not just department stores. Retailers including JB Hi-Fi and Bunnings are warning of slower sales, weaker consumption, higher costs and changing spending...

Is a Chinese spy just “one phone call away from the White House”? Nvidia, the company at the centre of the global AI build-out, has launched an independent investigation after reports its CEO Jensen Huang was allegedly targeted by a Chinese intelligence operation. What could the allegations - and the investigation now underway - mean for one of the world’s most valuable companies? And the backlash...

Almost $9 billion worth of crypto has been stolen from the world's largest cryptocurrency exchange platform Binance. It's believed to be the biggest crypto heist in history. The attack involved fake job interviews, malware and compromised work devices, with investigators pointing to North Korea - an allegation Pyongyang currently denies. Billions have been frozen, but billions more remain in circu...

David Jones has been placed into receivership after months of financial pressure, unpaid rent and a breakdown in negotiations with major landlord Scentre Group. The 188-year-old retailer now faces an uncertain future - raising questions about what happens next for its stores, staff and one of Australia’s oldest retail brands. And in the United States, Democrats have taken control of both houses of...

Australian tech darling and design giant Canva has announced major job cuts. Is this the story of big business becoming the victim of global AI expansion - or is there something else going on? And the country has reacted to another interest rate rise from the Reserve Bank. Yesterday borrowers learned their fate - "feeling poorer" for longer, and inflation staying up.  So the morning after the nigh...

The Reserve Bank of Australia has met, and voted, to raise interest rates by 25 basis points from 4.60% to 4.85%. It's the fifth rise this year. It’ll be unwelcome news for those already struggling with the cost of living around the country - but is the pain necessary to get inflation back under control? And the next question now - is a sixth rate increase potentially on the horizon? Carrington Cl...

Australia’s housing downturn is getting faster. Home values have now fallen for seven straight months, with capital city prices declining at the fastest pace of any housing downturn in four decades. But falling prices don’t automatically mean housing is becoming more affordable - borrowing capacity is shrinking, rents are still rising, and the equity picture looks very different depending on where...

Snowy Hydro was meant to be one of Australia's biggest renewable energy projects. But the ambitious scheme has been hit by massive cost blowouts and delays, raising serious questions about how much taxpayers will ultimately have to pay. So what’s gone wrong with Snowy 2.0, and is the project still worth the price tag? Energy expert Bruce Mountain joins Carrington Clarke to unpack the spiralling co...

Around the world central bankers are grappling with how to deal with unwantedly high inflation.  In recent days we’ve seen interest rate decisions in New Zealand, Canada and the US.  So what can we learn from their decisions and deliberations - and in whose footsteps will the RBA follow next week? Carrington Clarke and ABC News Business Editor Michael Janda break it all down on ABC Business Daily....

Inflation is still stubbornly high - and moreover accelerated in September - according to the latest figures from the Australian Bureau of Statistics.  So what’s costing Australian households the most? And with inflation well above the Reserve Bank’s comfort level, is a rate hike all but certain on Melbourne Cup Day? Lin Lin and Diana Mousina, Deputy Chief Economist at AMP break it all down on ABC...

It’s official: Anthropic has filed to go public.  This means the AI giant may soon take its place as one of the most valuable companies on earth and become available for investors to trade.  But after the Nasdaq’s worst fortnight since April, what risks still lap at the edges of this IPO excitement? Carrington Clarke and ABC's Chief Business Correspondent Ian Verrender break it all down on ABC Bus...

The price of Brent Crude has spiked again, with prices climbing close to the highest levels seen since the start of the war as hostilities across the Middle East escalate. How is the Australian economy bearing these overseas shocks, as inflation continues to stubbornly sit at a rate higher than the RBA would like? And just what does it mean for the chances of a rate hike next week? We also answer...

Violence is erupting on France's streets as economic pressures bite. Does the unrest signal a financial crisis is on the way? Plus, the US Federal Reserve meets next week and banks around the world - including the RBA - will be watching closely.  Citigroup Global Chief Economist Nathan Sheets is a former Federal Reserve economist who also served at the US Treasury. ABC Business Daily's Carrington...

From plummeting property prices across capital cities to the very live possibility of a RBA rate hike early next month, there’s lots of economic changes for Australia’s financial institutions to digest. So are Australia’s banks ready to weather what lies ahead? And on the heels of National Australia Bank announcing a major restructure earlier this week, what does the future hold for Australia’s ba...

It’s a tale of a two-speed economy. China's economy surprised analysts on the upside in the September quarter - but the headline growth figure masks a widening divide. Industrial activity is powering ahead, while retail spending remains far more subdued - raising fresh questions about the strength of China’s consumer economy. So why are Chinese households still reluctant to spend? And as factories...

After a weekend of the worst civil unrest in decades in France, markets are nervously waiting to see what the political response will be - but where there's political ramifications, economic ones are also sure to follow. So is France the most precariously balanced domino on the global economic board right now? Meanwhile back home, one of the country’s biggest and most powerful companies – National...

The price of Brent Crude has taken another leg up, flirting with 110 US dollars a barrel over the weekend and pulling even greater focus onto how high energy costs are affecting the global economy. Meanwhile, Australia’s increasingly expensive public debt is putting pressure on government budgets. So is now the time for major tax reform? And would any major party be willing to test the idea of inc...

Global markets are shifting, debt is getting more expensive, and the AI investment boom is showing signs of risk. So what's the big picture and where could the next crisis emerge? Macro strategist Gerard Minack joins us to unpack the forces shaping the global economy, from rising bond yields and the growing threat of a sovereign debt crisis to whether the billions pouring into AI will ever deliver...

Fresh jobs figures from the ABS show worsening unemployment here in Australia. Meanwhile inflation is hotter than expected in the United States. So will these new numbers stay the Reserve Bank’s hand from hiking interest rates on Melbourne Cup Day? And what do minutes from the RBA’s last board meeting reveal about what the central bank thinks are the biggest risks right now? Carrington Clarke and...

Despite rich resources and recent advancements in technology, why does Danielle Wood think the economy is still struggling to be more productive?   The Productivity Commission Chair joins ABC Business Daily to weigh in on Australia’s productivity problem - workforce participation, population growth, the care economy, and AI’s role in stimulating growth.  So, are we set on a path of stagnation wher...

The cost of the Firmus fiasco continues to be counted, with Maas Group paying a heavy price for its connection to the Australian AI startup.  So, how much wider is the pain likely to be felt across the economy? And where to now, for the biggest trade in global AI markets? Carrington Clarke and ABC Chief Business Correspondent Ian Verrender break it all down on ABC Business Daily. Got a burning bus...

It was the 44 billion dollar float that flopped.  AI startup Firmus has dramatically pulled the plug on what was supposed to be the second biggest listing in ASX history.  So what went wrong? Who is left "holding the bag"? And what does the decision tell us about investor appetite for all things AI? Carrington Clarke and James Thomson, senior Chanticleer columnist at the Australian Financial Revie...

Booms, busts and everything in between — for more than half a century, finance journalist Alan Kohler has had a front-row seat to the Australian economy. For his final episode hosting That's Business, we're changing things up. Alan swaps the host's chair for the hot seat to reflect on what 50 years of reporting on money, markets and business has taught him. What were the best and worst economic po...