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The Australian Financial Review

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• Carbon challenge

Tritium to close Brisbane factory, with hundreds of jobs to go

Fast-charging company Tritium, a favourite of the Albanese government’s push for green energy-related manufacturing, is cutting costs to avoid being kicked off the Nasdaq.

Labor’s green industry policy mugged by reality

Brisbane-based charging company tritium loses its spark, husic ‘reluctant’ to bail out stricken tritium, ‘this could be a dud’, key tritium backer laments, tritium asks qld government for up to $90m bailout.

• Cost of living

Australia records biggest income decline in the developed world

Household incomes slumped 5.1 per cent over the past year as high inflation, rising interest rates and bracket creep ravaged family budgets.

• Company tax

The companies that pay the most tax, ranked

The businesses run by billionaires Andrew Forrest and Gina Rinehart paid almost $5 billion in tax last year, but that was nowhere near as much as BHP and Rio Tinto.

Chanticleer

‘never see a year like that again’: nab’s plan for banking’s grim reality.

CEO Ross McEwan thinks Australia can dodge a recession, but an intensely competitive mortgage market means he’s looking for growth elsewhere.

• Industrial relations

Coalition votes with crossbench to split Labor’s workplace bill

Senators David Pocock and Jacqui Lambie guillotined debate and brought forward a successful vote of their motion to break away elements of the Closing Loopholes Bill.

• Need to Know

Optus CEO denies ‘clown show’

Donald Trump’s rivals for the Republican presidential nomination want stronger support for Israel. Crossbench Senators have voted to split Labor’s IR bill. Follow updates live.

• Markets Live

ASX gains, NAB rebounds, Xero plunges

Shares firm; NAB $7.7b cash profit; Xero improves earnings; Rosy outlook for Orica; Fonterra flags caution; Brent falls below $US80 a barrel. APA eyes €500 hybrid; Follow updates here.

• Legal industry

HWLE, Maddocks among law firms named and shamed for pro bono failures

• Property survey

The end of the home-building boom is nigh: survey

• Trump's America

Ivanka Trump feared father not rich enough for property deals

Inside the downfall of crypto’s golden boy

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Street Talk

Start-up financier kashcade rules off raise; eyes 30 deals, cleanpeak energy gets busy in the act; adds 3 solar farms, lowy-backed assembly restocks war chest with second $350m fund.

Is this gas price cap working? Orica CEO has his doubts

Tech’s fine line between growth and earnings still very real, rear window, mark bouris sniffing on patchouli, blames media for the rba, singtel’s board gets front-row seat to optus debacle – again, two pratts and a rate rise: inside the birdcage at the melbourne cup.

Carbon Challenge | Essential news and analysis for business and investors about Australia’s critical economic transition.

• Telecommunications

Optus faces review, compensation claims amid earnings slide

CEO Kelly Bayer Rosmarin and her executive team have been blasted for leaving politicians to do the company’s crisis communications after Wednesday’s national outage.

• Mergers & acquisitions

Origin’s near-$20b deal wins support from second influential proxy firm

CGI Glass Lewis noted that getting the deal done was an “uphill battle” given opposition from AustralianSuper, the company’s largest shareholder.

• Earnings season

NAB home loan growth slows as profits rise

The bank lifted its cash profit by 8.8 per cent for the 2023 financial year, but CEO Ross McEwan pointed to a “more challenging environment” in the second half.

• PwC tax scandal

Redundant PwC staff ‘shocked’ and ‘blindsided’

Many who had been promised work at spin-off firm Scyne Advisory were unexpectedly sent back to PwC last month, only to be let go on Wednesday.

Melbourne football club probed over deal with crypto casino mogul

Melbourne Victory has been accused of backtracking on a commitment not to accept gambling sponsorship after signing up Ed Craven’s live-streaming site, Kick.

• Shopping centres

Westfield owner Scentre chalks up inflation-beating rent rises

While sales growth has come off the boil at its malls, the company is locking in rental growth. That’s good news for its investors.

Qantas detailed thousands of cancelled flights days before Joyce share sale

The airline provided the competition watchdog with the information before the former CEO was allowed to sell shares worth $17 million.

Companies in the News

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• Interest rates

Bank of England governor pushes back on bets for rate cuts

Andrew Bailey has pushed back against market bets on interest rate reductions, saying that officials need to carry on fighting inflation for now.

• Before the Bell

Here’s what happened in markets overnight

Australian shares were set to open up. US stocks tried an afternoon rally. Brent fell below $US80 a barrel. NAB, Orica and Xero were set to release earnings results.

• Wall Street

Don’t bet against the Magnificent Seven just yet

Rock-solid balance sheets dominated by enormous cash balances, and renewed AI enthusiasm are poised to hold the spotlight on the US market’s megacap techs.

‘Credibility intact’: Investors cheer RBA’s rate rise

Investors and strategists commended governor Michele Bullock’s resistance to political pressure after the central bank’s first rate increase on her watch.

McKibbin warns cash rate may need to go to 5pc

Former RBA board member Warwick McKibbin says federal government policy had in effect been to subsidise household spending while the RBA was left to fight inflation with higher interest rates.

• Cyber warfare

The Optus outage wasn’t a hack. Here’s why we’re screwed if it had been

Optus’ chaotic outage wasn’t cyber warfare, and that’s lucky. We saw that we can’t function if one part of our digital lives falls over.

Technology editor

Why the fight for Origin is so heated

The bidders for the energy company are trying to suggest the share price will collapse unless their offer is approved. But AusSuper has a very different view of its long-term value.

One chart shows governments have added to inflation

A ratcheting up in spending by federal and state governments under Liberal and Labor has pumped more money into the economy and made the RBA’s job harder.

Economics editor

Qantas turned off my microphone at the AGM. Here’s what I think

My sin was to challenge the morality of board decisions. But it is the company that needs to relearn what the spirit of Australia means.

Qantas shareholder

• Accommodation

What’s to like, or not, in $12b land lease housing sector

Thousands of mostly senior Australians have moved into ‘land lease’ estates, where they own their physical home and pay a site fee. Investors are following the demographics.

Contributor

• Philip Lowe

Cost-of-living crunch must jolt Labor’s economic policy reset

Jim Chalmers’ acceptance of the reality that inflation will be higher for longer, should now jolt Labor into reassessing its IR, fiscal and tax policy approach.

The circular economy

This special report on sustainability looks at the repair and recycling movement to cut waste, changes in farming techniques and hybrid timber skyscrapers.

• Gig economy

Labor makes concessions on gig economy laws

Workplace Relations Minister Tony Burke has sought to address Uber’s concerns over Labor’s proposed gig worker conditions by limiting penalty rates.

One sector pays more tax than all the rest combined

Resources companies including BHP, Rio Tinto and Fortescue helped raise the federal government corporate tax take by 22 per cent last year.

US Navy chief blasts China’s ‘provocative’ interceptions

Commander of the US Pacific Fleet Samuel Paparo says Australian forces are among those who have been challenged in an “unsafe” manner by Chinese forces.

• Australia's China challenge

Warning to developing countries over Chinese hacking

As Pacific leaders gather against the backdrop of China-US competition, a new report highlights how Chinese hackers managed to burrow into Cambodian networks.

• Coronavirus pandemic

Life expectancy goes backwards for the first time in 30 years

The wave of COVID-19 deaths has caused a “slightly lower life” expectancy in Australia, but a newborn child will still probably see the next century.

• Israeli-Palestinian conflict

Israel claims to have taken out 130 Hamas tunnels

The Gaza invasion has reached a more difficult and dangerous phase. Tens of thousands of civilians are fleeing southwards.

‘Last stand’: Inside a major battle at a Gaza hospital

Israeli soldiers found rocket launchers hidden in a garden and booby-trapped kindergarten rooms after a ground battle with Hamas militants in northern Gaza.

Top US law firm moves away from ‘lockstep’ partner pay as rivals circle

Wall Street rivals that already employ an ‘eat what you kill’ model have poached talent from Cravath with offers of bigger pay packets.

• China relations

G7 foreign ministers call for a ‘humanitarian pause’ in Gaza

So far, Israel has stared down demands to restrict its air and ground blitz on the Gaza Strip to let aid in and people out.

China is about to hit a big turning point for the world

The Asian nation’s coal use is projected to decline from 2025. Here’s how that will play out across the globe.

• Luxury property

Stockbroker lists $21m trophy apartment on Double Bay’s best street

Stockbroker John Bowie Wilson has listed his slice of Double Bay’s best street for $21m, following the recent $20m listing of a heritage-listed home next door.

Two property kings and a Rich Lister trade luxury apartments

In Sydney’s eastern suburbs, off-the-plan apartment king Ben Stewart has taken the keys to Nabil Gazal jnr’s $12m luxury Darling Point pad.

• Construction

Housing industry warns labour shortages will hit home-building targets

Australia’s national aim of 1.2 million homes is at risk from the loss of tradies and subcontractors into sectors such as infrastructure and commercial work.

• Commercial real estate

WeWork might just work now it has a new chance to succeed

A good idea was saddled with tens of billions of dollars in lease liabilities. But after the firm declared bankruptcy, it may rise from the ashes. Here’s why.

Analysts expect residential construction to fall next year, which is a worry because a housing supply squeeze can lead to higher rents and ultimately inflation.  

Sussan co-founder, philanthropist Marc Besen dies at 99

Tributes are flowing for the Holocaust survivor who arrived in Australia in 1947, built a fortune in the retail trade and then shared his success through philanthropy.

• Superannuation

What you’ll owe under new super tax if balance hits $3.5m

There are nine key takeouts on how it will work, plus how to plan ahead to minimise the impact.

Exclusive Sydney car club faces collapse as it posts $770,000 loss

The warning comes after eight directors resigned this year from the Royal Automobile Club of Australia and its prior auditors, Walker Wayland, quit.

Face scan logons, protection from Optus-like hacks in services revamp

Passwords are on the way out for digital services from the federal governments, as the myGov portal embraces a new secure passkey technology aimed at stopping scams.

Tech platform to help firms cut their plastic use banks $2m

The Funded blog is the new home for news on the tech deals that are done in Australia, as soon as we hear about them.

‘Cash only’ and old-fashioned IOUs: how businesses dealt without Optus

Thousands of companies and enterprises were disrupted by the outage that left millions of Australians without phone or internet services for close to nine hours. 

Work & Careers

• Meet the Mandarin

A top spy shares her best career advice for success

The woman running one of Australia’s key intelligence agencies is not a morning person, schedules meetings after 9.30am, and most fears the threat from within.

• Breakfast with the boss

This CEO’s morning is ‘entirely driven by coffee’

Alex Schuman, CEO of fashion house Carla Zampatti, normally skips breakfast, and other morning rituals such as jogging or meditating.

Life & Luxury

The new film that begs the question: When will this thing ever end?

Australian director Garth Davis’ latest offering is long on talk and short on action. You may find yourself looking at your watch.

How Aussies with a party bus turned Top Deck into a 50-year business

Flight Centre boss “Skroo” Turner was in London for the half-century birthday bash of his coach-tour company. A new film breathes life into its origin story.

Sarah-Jane Clarke is back in fashion – but not with clothes

The former sass and bide designer has a new venture that’s close to her heart.

How these tiny ‘embryoids’ could improve IVF outcomes

The lab creations can help with the study of embryology and pregnancy, and how they can go wrong. But they pose tricky ethical questions.

Counting calories is still the only way to lose weight

It might be an old-fashioned method, but let’s face it, there’s an obesity epidemic. Here’s how to start keeping track.

From the gallery

David Rowe cartoons for November 2023

The australian financial review magazine.

‘There is no line’: how Kyle Sandilands thrives in the cancel culture era

• Sam Buckingham-Jones

A recipe for beef tartare that was so popular it came off the menu

‘sublime conditions’: how la nina paid off for a top aussie wine label, boss financial review.

• Lauren Sams

Saunas, ice baths and health allowances: Welcome to the next wave of perks

‘no one thought i’d be good’: how gai waterhouse proved the doubters wrong, life & leisure.

Here’s how Glenglassaugh makes the ultimate coastal whisky

How the humble chain turned into a bejewelled status symbol.

• Primrose Riordan and Zoe Samios

Slow going for Rich Lister Geminder in Pact buyout

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What is a financial review?

Financial review, before your review.

Once you schedule a review session, we'll get in touch to understand your short and long-term goals so we can talk about them during the review.

During your review

Based on your short and long-term wealth management needs, we will review your personal finances. Your review gives us the right amount of time to look at your current finances and discuss your financial goals. We will also try to get an idea of your attitude to risk.

After your review

After review, you decide whether your financial goals can be achieved based on your actual financial status; if we recommed improvements to your plan, you may choose investment or insurance products to further help you achieve your personal financial plan. 

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Financial Review

A financial review is an examination of a company's financial records that reports on the plausibility of its financial statements..

A financial review is a CPA -performed examination of a company's financial records that reports on the plausibility of its financial statements , providing limited assurance.

Unlike an audit , a review is narrower in scope, still providing an evaluation of a business’s records, but limiting the analysis to analytical procedures and assessment of management. 

As a result, a financial review provides  limited assurance , while an audit provides a reasonable amount of assurance.

The outcome of a review can only determine the plausibility of  a business’ financial statement, determining if financial statements are free from any material misstatements and if they meet generally accepted accounting principles.

It is commonly thought that a review can be an easy first step for transitioning into an audit in the following year, but this is not always the case. A review, instead, carries its own set of benefits.

Having financial statements reviewed puts another, unbiased set of eyes on a business’s financial statements. This can help provide extra security and confidence that is reassuring to a business, its board, lenders, and investors.

Many business owners who are not required to have an audit, but still would like the thorough analysis of their financial records, many instead choose to have a review. This will also let them save time and money.

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directors' report

annual accounts

management discussion and analysis

management accounting

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• Business and Management

operating and financial review

Quick reference.

A statement published with a company's annual accounts and directors' report in which the directors discuss the business's performance, giving both positive and negative points. It is broadly similar to the management discussion and analysis statement issued by US companies. For financial years beginning on or after 1 January 2005, listed companies have been required to prepare a statutory OFR; this must include key performance indicators and, where appropriate, information on employees and the company's environmental record. The requirement for a separate OFR is abolished under the Companies Act 2006; however, the same information is to be included in an expanded directors' report.

From:   operating and financial review   in  A Dictionary of Finance and Banking »

Subjects: Social sciences — Business and Management

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• The Financial Review

Aim and Scope

The Financial Review  publishes original empirical, theoretical and methodological research providing new insights into issues of importance in all areas of financial economics. Examples of topics include asset pricing, banking, corporate finance, corporate governance, derivative instruments, financial intermediation, financial research methodology, investment management, market microstructure, mergers and acquisitions, risk management, risk measurement, securities pricing and market equilibrium. We seek a global authorship and varied perspectives.

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Financial Review

Since 1986, the Policy Research Institute has issued Financial Review , a research journal which includes both theoretical and empirical analyses of fiscal or economic issues. The analyses are conducted by outstanding scholars and the research staff of the Institute. The Review is highly regarded in academic circles because of its high-quality and diversified contents. Opinions expressed in the articles in the Review do not reflect an official view of the Japanese government. Financial Review is available at Government Publication Service Centers and Administrative Report Stores.

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