The Treasury Secretary’s discussion of what has gone wrong with revenue forecasting in recent years provides a context for the coming challenges on fiscal policy. Bernard Keane and Glenn Dyer report.
READ MOREBehind Apple’s $17m daily tax dodge: loopholes and an Irish jig
Plenty of Apple’s biggest money makers don’t pay taxes to any government, and the ones that do can pay as little as 0.05% on profits. The US loopholes and Ireland haven used by the tech giant.
READ MORENo, News Ltd, RBA’s rate cut had nothing to do with the dollar
News Ltd columnists were quick to proclaim that the RBA had cut rates to combat the high Aussie dollar. Turns out, that was a crock — but where are their heartfelt apologies?
READ MOREiHype: don’t believe what you read on comparison site float
iSelect has dominated the Australian market and is a tasty prospect for stockmarket players. But don’t believe all of the hype you’re reading in the nation’s financial daily.
READ MOREMorning Market Report
The Russell 2000 index traded above the 1000 level for its first time ever, and the S&P 500 hit a new all-time high.
READ MOREAnother CEO for Seven in shaky TV times
Seven West Media has another CEO — the second in less than a year. TV man Tim Worner will take over from Don Voelte in July, the company announced to the ASX today.
READ MORESlim pickings: the mystery man behind Gates
Bill Gates has overtaken Carlos Slim as the world’s richest man. Who? The Mexican civil engineer turned telecommunications king has extraordinary market penetration and a deep cash pool.
READ MOREEssential: tough-love voters want more budget pain
What’s in for me? Today’s Essential Report finds a curious response from voters to last week’s budget — voters think they’ll be worse off from the budget, but want the government to do more to cut spending.
READ MORENews Limited exec offers up to $100k in secret legal payment
The war over real estate advertising in Geelong is hotting up, with a News Limited executive offering to help pay the legal fees of an estate agent to defend himself against claims made by a publication part-owned by Fairfax.
READ MOREPrime payouts become intriguing courtroom drama
The corporate watchdog is putting two directors of collapsed retirement fund Prime — Bill Lewski and Michael Wooldridge — into the dock. Their answers on the dramatic downfall are intriguing.
READ MOREMorning Market Report
US consumer sentiment was up from 76.4 to a six-year high of 83.7 in May, beating the forecast of 78.0.
READ MORECrikey Clarifier: why is the EU carbon scheme hitting our budget?
Europe’s low carbon price hit Australia’s budget last week in a big way. Erwin Jackson from the Climate Institute explains why, and looks at what might happen next.
READ MORESudden outbreak of responsibility from both parties on budget
The Coalition’s sudden enthusiasm for spending cuts is rather hypocritical — but a welcome embrace of fiscal responsibility. Both major parties are lifting their game, improving the dire standards in political debate.
READ MORE‘Don’t mention this’: China’s economy is worse than you think
The Chinese economy is no longer growing at a rate of knots. Will the new leadership succeed with economic reform — and what would happen to Australia if they don’t?
READ MORECrikey calling: budget blues — and surprises
Budget week in Canberra highlighted the economic constraints facing an Abbott government — and gave a hint that the Coalition may be Labor lite when it comes to future budgets. Crikey deputy editor Cathy Alexander talks with Canberra correspondent Bernard Keane.
READ MOREAbbott budget reply: mind the gap between rhetoric and reality
Tony Abbott’s budget reply speech suggests that, despite a “budget emergency”, a Coalition government’s fiscal policy would be broadly similar to Labor’s. His rhetoric is austere, but his promises are not.
READ MOREMorning Market Report
US year-on-year housing starts were down 16.5% to 853,000 — well below expectations of 985,000.
READ MOREThe rise and fall of UGL’s $26m man Richard Leupen
Engineering and mining contractor UGL has slashed its profit forecasts by 40% this week. But chief executive Richard Leupen remains in the chair long after his contract expired.
READ MOREA free kick for Abbott? Carbon accounting for Direct Action
A change to the way Australia’s emissions are accounted for could make it a lot easier for us to meet our 2020 emissions reduction target. It may prove to be a big gift to the Coalition.
READ MOREAbbott’s budget reply: yes, you can have substance without risk
This year has demonstrated that the Opposition can produce policy without too much risk. The budget reply is an opportunity to continue that.
READ MOREMorning Market Report
US industrial production was -0.5% in April, missing the forecast of +0.1%, with March’s gain revised down to 0.3%.
READ MOREDoom and gloom for Bloom: pressure mounts over snooping
JPMorgan continue to press Bloomberg on allegations of invasion of privacy. For many in the markets, the snooping scandal is a big worry — and the company has a work to do to restore its reputation.
READ MORESwan’s mixed legacy as an economic and fiscal manager
If Wayne Swan had had a couple more budgets like last night’s, he might have faced a different electoral fate.
READ MOREWhere does the economic power now lie: Canberra or Sydney?
The Reserve Bank’s surprise rate cut in May is likely to prove the most significant economic event of the year, not the budget. Glenn Dyer and Bernard Keane report.
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