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Good morning,

SGH boss Ryan Stokes has launched a scathing attack on Labor’s superannuation tax proposal , saying it risks distorting markets, as disquiet grows in business circles about taxing unrealised capital gains.

Meanwhile, one of the most influential executives in the northern Australian beef industry, Michael Johnson, has left the nation’s biggest cattle ranching business, AACo, and his sudden departure has got a lot of people talking.

And some of the world’s largest pension funds will vote against the election of three directors at Woodside's annual shareholder meeting this week as the company's commitment to growing gas production inflames climate-minded investors.

Vesna Poljak
Business editor
The markets


Making news this morning
1
Demand sends cost of wholesale electricity rocketing
The cost of producing electricity in Tasmania, Victoria and South Australia spiked in the first three months of 2025 and that’s bad news for electricity bills.
2
One of Australia’s top law firms turns on AI to mine discovery dumps
Minter Ellison is now using AI to accelerate discovery in court cases with lots of documents.
3
Who the ATO will target this tax time
A bather-buying truckie, real estate agent dental work, and people double-dipping are among dodgy tax deduction attempts the ATO has denied.
Editor's picks
RURAL
Bigger than a small country: Australia’s largest cattle stations for sale
Australia’s largest cattle stations - some running up to 20,000 livestock and boasting 20-plus dams - are on the market. More than 1.8 million hectares - larger than a small country - are up for grabs.
By CHRIS HERDE
MARGIN CALL
Billionaire sues over missing $4m speedboat
Crypto billionaire Andrew Budzinski’s been cruising some pretty choppy legal waters of late but grab something to steady yourself because he’s suing in the US over a $4m powerboat he wanted.
By NICK EVANS
MARGIN CALL
Minorities kick as Geminder closes on Pact privatisation
Raphael Geminder’s decision to take Pact Group private tanked the company’s stock. Now he’s buying shares on the market and apparently has the ASX’s imprimatur.
By NICK EVANS
Commentary
Future Fund has been planning for this market shock for years
By ERIC JOHNSTON
Associate Editor
The $300bn-plus fund anticipated the forces driving global markets were dramatically shifting. That bet has now paid off.
DataRoom
Jarden tapped for NIB travel insurance sale
A Swiss insurance giant is being tipped as the most logical buyer of NIB’s travel insurance unit that is potentially being placed up for sale.
Ex-NZ government minister in line to be NZME chairman
The boardroom battle of the NZ Herald publisher is close to reaching a conclusion as directors flag departures.
Construction collapses driving up building costs says Mirvac boss
Amid a national housing shortage, 7000 construction firms going to the wall or winding down their workbooks is not helping.

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