Australian shares experienced gains near midday AEST, driven by strong performances in the mining and banking sectors. This surge followed gold reaching another record price. BHP Group saw a notable increase of 1.9 per cent, contributing to the overall market uplift. News Corporation shares trended down as the broader market rallied.
In other financial news, IFM Investors is set to close its $1 billion private equity unit. IFM Investors is a global investment manager owned by Australian superannuation funds. While the division has delivered impressive returns, chief executive David Neal stated that the decision to close the unit was a difficult but necessary one.
Several companies, including Optus, Virgin Australia, and TPG, reportedly paid no company tax in the 2023-24 financial year. Simultaneously, one specific industry continues to contribute more than half of all taxes paid by Australia’s largest businesses. Elsewhere, Nick Scali chief executive Anthony Scali and his wife, Donna, have expanded their property holdings in Point Piper, spending $33 million on an adjacent house, bringing their total investment in the exclusive harbourside suburb to $67 million.
Superannuation firms have faced criticism for inadequate preparation in assisting members drawing down on retirement savings. Only six super funds passed a new ‘retirement ready’ test. Meanwhile, publican Jon Adgemis has declared bankruptcy, stating he will file for insolvency with debts exceeding $1.8 billion.
