Don’t believe what you read. Australia actually has the lowest level of middle-class welfare in the developed world, argues ANU academic Peter Whiteford.

Macau transport and property company Shun Tak Holdings has purchased 1/3 of Jetstar Hong Kong, which is a joint venture between Qantas and China Eastern Airlines.

Rupert Murdoch tried to convince Sydney investors yesterday not to dump their stock in the new News Corp. But with falling revenues and high costs, buying into the print assets is probably not a smart business move.

Today’s GDP figures show an economy exactly where the RBA says it is — poised on the difficult transition between a mining boom and domestic growth.

First-quarter GDP growth came in slightly below expectations: 0.6% vs consensus of 0.7% and 2.5% vs 2.7% annually.

The attempt to link Telstra’s asbestos / NBN problem with the pink batts fiasco ignores the basic facts — and the Coalition’s own uncomfortable history on the issue. Think twice before you point the finger …

News Corp will no longer be listed on the London Stock Exchange — what will that mean for the new print company after the amicable divorce?

Ten has not said publicly how much it paid for the rights, but it has been reported the deal is worth $100 million.

Critics are up in arms about the discovery of asbestos in pits and ducts used by the NBN. But has the federal government done anything wrong? Telecommunications expert Richard Chirgwin digs deeper into the issue.

Maurice Blackburn lawyers say Telstra could face “massive unquantifiable” liability from the removal of asbestos from thousands of pits and pipes.

Regulators are circling twice-bankrupt Gold Coast business tycoon Craig Gore ahead of a Federal Court case later this year. But he’s still living in luxury in a $1300-per-week river-side rental.

Serco, which provides detention centre services for the federal government, has come under fire for allowing a string of escapes. But is there an alternative to outsourcing?

Telstra has hired an extra 200 safety specialists to inspect all asbestos-related work at sites where the NBN is to be rolled out. Sites in New South Wales, Victoria and Western Australia have been shut down over concerns about asbestos exposure.

Tasmania has too many holes in its budget, amplified by shrinking GST revenue and failing government businesses. Tasmania-based economist and accountant John Lawrence looks at the structural problems.

Crikey publishing director director Marina Go had a front-row seat to the women’s magazine war of the 1980s and ’90s. The TV portrayal may differ from actual events.

Their competitors are spending big on flashy new jets, writes Ben Sandilands. Will Qantas and Virgin Australia go into more debt to keep up?

Power is changing hands, flipping on its head, ebbing away, growing ever stronger. Guy Rundle on why (lazy cliche of a Yeats poem not withstanding), things are very much falling apart.

The V8 Supercar racing series flew journalists to America to cover an event. It’s not the first time they’ve done it, and other sports like the AFL are also putting journalists on planes to maximise coverage.

The Aussie dollar hit a 17-month low yesterday.

The Lowys say they’ve deserved their $300 million in cash over two decades to run Westfield. Shareholders might disagree, and there’s a course of action if they do.

In three years 1200 Ford employees will lose their jobs. But with careful retraining and a pathway to new skills, they don’t have to lose their livelihoods, writes economist and public servant Alicia Payne.

Government not spruiking your particular corporate interest enough? No worries — just take to the airwaves yourself with a relatively small ad buy, as these special interests have done, and you can easily influence policy, win elections and even topple leaders.

Forget a second Sydney airport: there may be room for a more prosperous Canberra less dependant on political travel, writes Ben Sandilands.

The US Case/Shiller house price 20 index was up 10.1% in March, beating the forecast of 10.02% and taking the annual rate to 10.9%, the strongest reading since 2006.

As News Corporation prepares to split, mogul Rupert Murdoch tries to convince investors the print half of the business is worth something. But can this business die-hard sell a dying industry?

Their competitors are spending big on flashy new jets, writes Ben Sandilands. Will Qantas and Virgin Australia go into more debt to keep up?

Power is changing hands, flipping on its head, ebbing away, growing ever stronger. Guy Rundle on why (lazy cliche of a Yeats poem not withstanding), things are very much falling apart.

The V8 Supercar racing series flew journalists to America to cover an event. It’s not the first time they’ve done it, and other sports like the AFL are also putting journalists on planes to maximise coverage.

The Lowys say they’ve deserved their $300 million in cash over two decades to run Westfield. Shareholders might disagree, and there’s a course of action if they do.

In three years 1200 Ford employees will lose their jobs. But with careful retraining and a pathway to new skills, they don’t have to lose their livelihoods, writes economist and public servant Alicia Payne.

Government not spruiking your particular corporate interest enough? No worries — just take to the airwaves yourself with a relatively small ad buy, as these special interests have done, and you can easily influence policy, win elections and even topple leaders.

As News Corporation prepares to split, mogul Rupert Murdoch tries to convince investors the print half of the business is worth something. But can this business die-hard sell a dying industry?

More funding for political parties will do nothing to curb the growth in donations — and will only benefit media proprietors taking ad dollars. Our man in Canberra tests the claims.

Australia’s car industry is floundering because it does not make fuel-efficient cars that people will buy. If it’s going to be saved, writes researcher Anna Mortimer, something has to give.

The forthcoming split in News Corp has confirmed a Lachlan Murdoch-isation of Australian media. Board positions and yet another writedown (around $US1.2 billion) were revealed late Friday night our time in another filing in the US. As a result of these changes Lachlan Murdoch emerges as a power in his own right, evolving from being […]

The Murdochs, Packers and Lowys were once the wealthiest families in Australia. The mining boom gave rise to the likes of Gina Rinehart and Clive Palmer, who exercise their power in very different ways.

The live odds ban is a debacle presided over by broadcasters, the gambling industry, sports administrators and politicians. And it’s not a healthy sign, write Bernard Keane and Glenn Dyer.

It’s cybersecurity awareness week. So you should be aware that you’re being lied to about cybercrime, who’s behind it, and how your rights and freedoms are under threat.

In the context of its struggling global operations, Ford’s decision to shut up shop in Australia is logical. And recent economic history tells us it will have few repercussions, say Glenn Dyer and Bernard Keane.

James Packer courted rival casino group Echo Entertainment and ousted its chairman only to sell out yesterday and bet the house on his planned Barangaroo casino development.

The closure of Ford in Australia, announced today, is overdue and says little other than that a protected company lost touch with consumers. The eventual cessation of taxpayer bribes to Ford to maintain an uncompetitive production line is welcome news.

The Lowy family still continue to draw millions from Westfield, which is extraordinary. But now shareholders are thinking about putting a stop to it.

Joe Hockey wants to shake up the Australian Taxation Office. It’s welcome news to accountants and taxpayers, but he’ll need more than rhetoric to fix the ATO’s problems.

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.

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.

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.

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.

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.

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.

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.

This year has demonstrated that the Opposition can produce policy without too much risk. The budget reply is an opportunity to continue that.

If Wayne Swan had had a couple more budgets like last night’s, he might have faced a different electoral fate.

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.

Crikey examines how media and culture organisations fared in this year’s budget. The ABC and SBS are smiling — and the ghost of Simon Crean lives on.

The budget has axed $2.4 billion from climate programs as the government compensates for a likely big drop in revenue from the carbon price from 2015. And there might be much bigger cuts to come next year.

Treasury always gets it wrong — but is the margin of error acceptable? History shows it has a variable record, and suggests what Wayne Swan’s deficit might end up being.

The baby bonus is gone and the record of this Labor government robbing from the poor is a profoundly disappointing one. There wasn’t much for those struggling in the federal budget.

A new-found conservatism in Treasury estimates means the economy could grow faster than expected, especially if the Australian dollar continues to fall. Former Labor economic adviser Stephen Koukoulas comments.

What went down in the press gallery lock-up for the budget? Crikey joined the pack of journalists hungry for budget news — and party pies.

The baby bonus has been thrown out with the bath water, as part of Treasurer Wayne Swan’s “sensible, calm and responsible” cuts.

The digital community radio sector needed $1.4 million in funding from the federal budget, but all it got was radio silence.

A transcript of the speech Wayne Swan delivered to Parliament in handing down the 2013-14 federal budget.

Wayne Swan jostled with journalists at the traditional budget lock-up press conference. Crikey was there to see who asked what — and how the Treasurer hit back.

The government is turning the screws on bureaucrats, reducing office space as part of savings measures in the 2013-14 federal budget.

At least the Treasurer is protecting Australia from UFOs. Crikey dug deep into the budget papers to find the detail you won’t read in the papers.

Crikey looks at the key 2013-14 budget numbers: unemployment, GDP growth, inflation, the deficit and more…

A key graph from the budget papers explains the challenge Wayne Swan has faced as Treasurer — one he has failed to address despite having the power to, writes Australia Institute executive director Richard Denniss.

Is the Treasurer serious when he says he wants to spend more, tax less and get the budget back into surplus as quickly as possible? Australia Institute executive director Richard Denniss investigates.

As in previous budgets, a huge chunk of Wayne Swan’s savings are actually tax rises or the closure of tax loopholes. He’s also targeted some relatively painless areas — big companies, public servants — for squeezing.

What’s in the budget for the business community? Wayne Swan promises to “support business to innovate” but there’s few initiatives to point to.

Treasurer Wayne Swan’s 2013-14 budget reflects his time as Treasurer: great economic outcomes, but delivered in a confused and incoherent way, writes Bernard Keane.

Wayne Swan’s sixth and likely final budget charts a path to surplus, but fails to take enough tough decisions to rein in spending, writes Bernard Keane.

This is likely to be Wayne Swan’s last budget. What legacy will he leave behind — and is he really “booby trapping” the budget ahead of a likely Coalition takeover later this year?

We know plenty about what’s in Wayne Swan’s sixth — and probably last — federal budget, thanks to media leaks and strategic drops. Crikey provides a pre-budget cheat sheet …

The live odds ban is a debacle presided over by broadcasters, the gambling industry, sports administrators and politicians. And it’s not a healthy sign, write Bernard Keane and Glenn Dyer.

The amount of olive oil related press coverage in Europe last weeks seems, from a distance, comical — but it raises a serious question about business regulation that needs to be addressed, writes Charles Richardson.

James Packer has moved to sell his $264 million stake in Echo Entertainment Group (EGP) despite gaining final approval to increase his stake past 10%.

In the context of its struggling global operations, Ford’s decision to shut up shop in Australia is logical. And recent economic history tells us it will have few repercussions, say Glenn Dyer and Bernard Keane.

Europe’s carbon pricing woes cast further doubt on the credibility of Australia’s scheme and on Treasury’s revenue forecasts. Climate change law research Fergus Green writes at Inside Story.

The closure of Ford in Australia, announced today, is overdue and says little other than that a protected company lost touch with consumers. The eventual cessation of taxpayer bribes to Ford to maintain an uncompetitive production line is welcome news.

Ford has decided to quit manufacturing in Australia in October 2016 after unveiling a $141 million loss for 2012-13.

Millions of Australians would walk away from their private health insurance if the Gillard government means-tested the rebate, the industry warned — and they produced “research” to prove it. Nine months after the means test started, freelance writer Ben Westcott tests that “research”.

Clearly the savings measures outlined in the 2014 financial year budget have offset any consumer joy flowing from the May RBA rate cut. Some 44% of survey respondents said they would be worse off due to the budget while only 5% said it would improve their lot.

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.

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.

US consumer sentiment was up from 76.4 to a six-year high of 83.7 in May, beating the forecast of 78.0.

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.

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?

US year-on-year housing starts were down 16.5% to 853,000 — well below expectations of 985,000.

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.

US industrial production was -0.5% in April, missing the forecast of +0.1%, with March’s gain revised down to 0.3%.

The budget has axed $2.4 billion from climate programs as the government compensates for a likely big drop in revenue from the carbon price from 2015. And there might be much bigger cuts to come next year.

The budget is largely irrelevant, the story is that the prospect of a further fall in the A$ is seeing international equity investors sell to avoid the currency risk.

A new-found conservatism in Treasury estimates means the economy could grow faster than expected, especially if the Australian dollar continues to fall. Former Labor economic adviser Stephen Koukoulas comments.

This is likely to be Wayne Swan’s last budget. What legacy will he leave behind — and is he really “booby trapping” the budget ahead of a likely Coalition takeover later this year?

Better than expected economic data was outweighed by an article in The WSJ that stated that the Federal Reserve had started to map out a plan to slow the pace of its asset purchase plan (third round of quantitative easing), generally seen as bad news for the equity market.

Australia’s business leaders spout the same pre-budget talking points about the economy over and over again, and The AFR happily parrots them, argue Glenn Dyer and Bernard Keane. Bottoms up!

The US Federal budget deficit was US$112.9 billion in April — missing a forecast of US$106.5 billion,

Tom Waterhouse is everywhere, but will his business go the distance? The ubiquitous online bookmaker has a high-risk business strategy mirroring the dot-com legacy.

For years, the rich and their money have flocked to Zurich. Not any more. Asian tax havens are now in vogue, led by the friendliest of all in Singapore.

With the Aussie dollar refusing to fall, it’s important we make sure fiscal policy can effectively respond to economic challenges. And even the pollies are finally facing up to that difficult reality.

Australia is getting a new pavilion at the Venice Biennale, largely funded by private donors. But very few of us will ever see it. The rich are spending more on art, but do we really benefit?

The key to ending homelessness lies not in the homeless themselves but in society as a whole, writes St Vincent de Paul Society National Council of Australia CEO Dr John Falzon.

Has the Business Council of Australia got a vision for Australia? Has anyone? Canberra correspondent Bernard Keane takes Crikey editor Jason Whittaker through the business agenda. Plus should we really give a Gonski?

How to lose $25 billion in a year? You talk a big game and watch your remarkably bullish predictions fail. Eike Batista bankrolls much of Brazil, but his fortunes are on the wane.

Why is The Australian Financial Review spruiking a book by one of its writers on the death of Fairfax? There’s a slew of such books coming out — it may test Fairfax’s tradition of openness.

The market didn’t want a bar of Billabong’s latest takeover offer. And no wonder — the former surfwear giant might end up selling for less than it’s ever traded.

The Ten Network has reported a loss of close to $300 million as the group pays the price for dud programming in late 2012.

It’s not often that Stephen Mayne and Gina Rinehart agree. But they’ve found common ground in urging mining giant Rio Tinto, which has recently slashed its Melbourne workforce, to relocate its headquarters from London to Australia.

From what has appeared in print and from talk among brokers, there’s a fear in the Murdoch camp that many investors, especially his big US supporters, don’t want to be found owning a print-skewing company.

An anonymous Crikey mole managed to snag a ticket to the Institute of Public Affairs’ 70th birthday party. Find out what Bolt, Murdoch, Rinehart and Abbott got up to …

Holden claims it’s giving back billions in “spill-over” benefits for the economy in return for its government subsidies. Does this stack up? And is it a good use of taxpayers’ money?

After 22 years without a recession, Glenn Stevens deserves his new three-year RBA term. It’s been a good run, says MacroBusiness’ David Llewellyn-Smith, but his greatest test might be to come.

The Tax Office is searching for some 5600 Australians who may have hidden money overseas. And a new cross-border investigative initiative will make it easier to find them.

A new report shows just how talented Australian executives are at buying back shares, mostly to benefit senior executives. And the poor old shareholder might know very little about it.

Parramatta Eels chairman Roy Spagnolo is taking on one high-profile supporter in a bitter war over the club’s board. The campaigning from rival tickets last December is still playing out after season kick-off.

Young tech entrepreneur Nick D’Aloisio has just become a multi-millionaire after selling his Summly news app to Yahoo!. It reveals something of the future of news — and the tech giant.

More details of Nathan Tinkler’s troubled financial situation are set to be made public, after the lifting of a super-injunction against Fairfax.

Shareholders will be asked to approve a $2.34 million goodbye for the country’s biggest insurer’s former CEO Frank O’Halloran, as well as hundreds of thousands of dollars in directors’ fees.

Michael Fraser has a dual personality: he heads up a company with a massive carbon footprint that is also heavily involved in renewable energy. So why is he walking both sides of the line — and how did this quiet company man rise to the top? Climate Spectator and Crikey investigate.

ICAC has heard a cosy little story of Ian Macdonald’s allies sealing a deal which could have been worth $100 million to the NSW government — over a waterfront dinner and a magnum of pinot noir.

Crikey crunches the numbers on how the newspapers have covered the federal government’s proposed media reforms — and finds the coverage heavily negative, with few alternative views presented.