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Fortescue wrote down its Iron Bridge magnetite project by $1.1 billion after facing project delays and difficult pricing talks with China. The miner also withdrew its 2028 production target of 22 million tonnes. These setbacks show how global market shifts and operational hurdles got in the way of their growth.
Pharma billionaire Dennis Bastas paid over $136 million for Melbourne’s historic Coonac estate last year. This deal joined other massive sales, including an $83.5 million Rose Bay mansion. A new Westpac Private Wealth report showed that 2023 saw an unparalleled run of property transactions worth $5 million or more across Australia.
Angus Raine said a two-year stamp duty holiday would fix the housing crisis. He argued that removing taxes for downsizers aged over 70 would encourage them to move into smaller homes. This shift would free up larger houses for families and help improve supply across the Australian housing market today.
Eddie Rigg, the founder of Perth-based Argonaut, started a new private equity-style resources fund. This fund will take big stakes in mining companies run by industry "rockstars." Rigg said the fund is "looking to build up to a 20 per cent shareholding" in mining, infrastructure, logistics, and service businesses across Australia.
Domino's Pizza Enterprises shares jumped over 11 per cent on Thursday after the company reaffirmed its profit guidance. The chain said new sales strategies are helping franchisees. Despite $260 million in write-downs and plans to close 60 stores globally, the update squeezed many short positions and boosted investor confidence today.
Grant Thornton is buying rival US accounting firm CBIZ for $5 billion in cash. Announced on Wednesday, this deal marks the largest takeover in the sector in a generation. It helps the firm become the biggest audit group outside the big four, showing how private equity sparked rapid industry consolidation today.
Raiz Invest grew its funds under management to $2.32 billion, a 27.5 per cent year-on-year increase. The platform now has 351,362 active customers. New CEO Craig Keary said, "focus can now turn to accelerating growth, including an eye for opportunistic merger and acquisition openings." The company also holds $15.4 million cash.
The Reserve Bank’s chief economist Sarah Hunter warned the data centre boom is stretching the construction sector. She said this trend draws workers away from other projects. Meanwhile, the Albanese government’s tax changes added to the housing market downturn. These pressures show how shifting industry demands impact the broader national economy.
Australian motorists face higher petrol and diesel prices as Middle East conflict spreads to the Red Sea. Ampol said on Thursday that rising global oil costs will likely hit local pumps soon. The company noted, "As a result, we have seen a significant step-up in product cracks and crude premiums."
The company assessing Australia’s first oil refinery plan in six decades said the $4 million government study is vital for fuel security. Officials insisted the project is a shield against future shocks. Recent Middle East conflicts showed how brittle supply chains are, making local fuel production a key national priority.
Red Metal started a pre-feasibility study for its Sybella rare earths project in north-west Queensland. The company hired three consultants to design a mining operation near Mount Isa. This large project has a resource of 936 million tonnes. Red Metal said, "The mineralisation is hosted in a unique granite ore body."
The US Federal Reserve left interest rates unchanged, leaving investors to take action themselves. Wall Street slumped as bond yields rose, with 30-year yields hitting their highest level since 2007. Kevin Warsh said, "we're on the job, we will deliver," but markets grew worried about his commitment to fighting inflation.