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The Australian Business Review
 

Good morning,

The Australian’s 2024 Global Food Forum in partnership with Visy and supported by the Wall Street Journal begins in Brisbane today.

Keynote speaker Anthony Pratt will discuss how Australia has quietly become a “food superpower” . The billionaire notes that over the past decade 1200 new factories have sprung up, exports have doubled and the output of farmers has increased by more than 90 per cent.

Meanwhile, federal Agriculture Minister Murray Watt has a warning for industry leaders at the annual event, saying any switch to nuclear power generation, as touted by the Opposition, could put Australian agriculture at risk by taking away valuable water resources used to grow crops and livestock.

And Marc Werner, the boss of grower and supplier Costa Group, wants the federal government to step up action to support exports of fresh produce and will tell the forum that a united lobbying front is needed against non-tariff barriers preventing sales of berries and avocados to some Asian countries.

Perry Williams
Business editor
The markets


Making news this morning
1
Lendi facing franchisee revolt over territorial dispute
Commonwealth Bank-backed mortgage broking firm Lendi faces a rebellion by a large number of Aussie Home Loans franchisees over how customer referrals and leads are distributed.
2
One in 11 hospitality businesses doomed to fail
Creditor reporting bureau CreditorWatch forecast that one in 11 hospitality businesses will collapse in the next 12 months.
3
Lifecycle and index super funds on the money
The top performing super funds of the past year delivered returns in excess of 14 per cent. But the nation’s largest fund, AustralianSuper, failed to make it into the top 10.
Editor's picks
SPORTS
Love of rugby league is no crime, it’s a passion
While rugby union and AFL have been the sport of top levels of business here, Gary Weiss has been working behind the scenes to build up the ‘working man’s game’ of rugby league.
By GLENDA KORPORAAL
TECHNOLOGY
Treasury unveils $10m robotic system at winery
Driverless forklifts, and robots which collect data and move barrels around – take a look at Treasury Wine Estates’ Barossa Valley facility following a $10m revamp.
By GIUSEPPE TAURIELLO
MARGIN CALL
ACU’s council shrugs off concerns
The Australian Catholic University convened a marathon sitting of its governing council and concluded that, yes, all members have been doing a splendid job, irrespective of the external brouhaha.
By YONI BASHAN
Commentary
Medicare Levy tax sting hits 110,000 Aussies in just two years
By ANTHONY KEANE
Personal finance writer
The Medicare Levy Surcharge now affects average wage earners, leaving many people with a tax bill they could easily avoid.
Rio’s messy dip into Guinea ore
By TERRY MCCRANN
Business commentator
Rio’s decision to build another iron ore mine in Guinea - to compete directly with its mines in the Pilbara - is shaping up as another risky move.
Dataroom
UBS heads race for Fonterra deal
Speculation is mounting UBS will win the contest to advise Fonterra on billions of dollars worth of assets sales.
ANZ probe clouds Elliott exit, succession plan
An investigation by the corporate regulator into alleged market manipulation at ANZ may accelerate chief Shayne Elliott’s departure.
Diversified Goldman Sachs improves its revenues
Goldman Sachs’s investment banking fees were $2.57bn for the second quarter, which was up 21 per cent from the previous corresponding period.