Australia Briefing
What you need to know today.

Good morning, it’s Georgie here in Sydney. Here’s all the news you need to start your day...

Today’s must-reads:
• Mineral Resources to face the music at Thursday’s AGM
• Future Fund ordered to invest more in Australia
• Australia faces a more challenging fiscal outlook

What's happening now

Mineral Resources shareholders get their first chance to question management when they gather in Perth on Thursday for the company’s annual general meeting. In the past five weeks, allegations of impropriety, ranging from undeclared payments to offshore entities owned by founder and CEO Chris Ellison, questionable property deals and conflicts of interest have plagued Ellison and Mineral Resources. 

Chris Ellison in Perth in 2023. Photographer: Fairfax Media/Fairfax Media

The Future Fund will be required to invest more money in domestic housing, energy and infrastructure projects under a new mandate issued by the government. The directive accompanies a new statement of expectations for Australia’s A$230 billion ($150 billion) sovereign wealth fund, according to a statement. The government will also defer any withdrawals from the fund until at least 2032-33, by which time it’s projected to be worth A$380 billion.

Australia faces a more challenging fiscal outlook as key trading partner China cools and the local job market loosens, suggesting tax revenue upgrades will be smaller than in previous years, Treasurer Jim Chalmers said.

A new report by Rio Tinto Group showed 39% of workers surveyed by the world’s second-biggest miner had experienced bullying within a 12-month period, up from 31% in 2021.

Some funds in Australia’s pensions industry face a “tipping point” in the next five years when retirees could outnumber savers amid a seismic demographic shift, leaders told a conference in Sydney.

What happened overnight

Nvidia Corp. delivered a revenue forecast that failed to meet the highest expectations, showing that its dizzying AI-fueled growth run has its limits. Follow our live coverage of the earnings here

Ahead of those highly anticipated Nvidia earnings, and amid the latest Ukraine-Russia tensions, US stocks struggled to find footing in the final minutes of Wednesday trading. The S&P 500 ended the day little changed as did the Nasdaq 100. The technology heavy gauge fell more than 1% intraday following Ukraine’s missile strikes on Russia. Asian equities futures are pointing to a mixed day.

Billionaire Gautam Adani, one of India’s richest people, and other executives were charged with participating in a scheme that involved paying more than $250 million in bribes to Indian government officials and concealing them from US investors.

The shadow of the British Empire still hangs over New Zealand, Bloomberg Opinion columnist Karishma Vaswani writes. The draft law threatening to redefine the 1840 land-rights treaty between Māori chiefs and the British Crown touches a raw nerve for indigenous communities globally. Education about the atrocities of colonial history is one way out.

What to watch

• Mineral Resources annual general meeting at 12:30 p.m.
• RBA Governor Michele Bullock speaks at a conference at 7:00 p.m. in Sydney

One more thing...

A surreal auction… René Magritte’s 1954 painting L’empire des lumieres sold to an undisclosed buyer for $121.2 million at Christie’s in New York, setting a new record for the artist at auction. The sale comes at a time when works by Surrealist artists are regularly setting records.

Rene Magritte’s L'empire des lumieres (The Dominion of Light) from 1954. Photographer: Christie's Images Ltd. 2024