Live updates: Australian share market to rise ahead of first-quarter GDP data release, Wall Street higher
Analyst forecasts suggest Australia's economy will grow in the range of 0.1 per cent to 0.3 per cent in the first three months of the year.
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9 News
14 minutes ago
- 9 News
Tesla hands the world's richest man a $44 billion payday
Your web browser is no longer supported. To improve your experience update it here Tesla has given Elon Musk a stock grant of $US29 billion ($44.79 billion) as a reward for years of 'transformative and unprecedented" growth despite a recent foray into right-wing politics that has hurt its sales, profits and its stock price. In giving its billionaire chief executive 96 million in restricted shares, the electric car company noted that Musk had not been paid in years because a Delaware court rejected his 2018 compensation package. The award comes eight months after a judge revoked the 2018 pay package a second time. Tesla has appealed the ruling. Elon Musk will wield more control of Tesla after being handed 96 million more shares in the company. He is pictured speaking at a conservative conference earlier this year. (AP) Tesla on Monday (Tuesday AEST) called the grant a 'first step, good faith' way of retaining Musk and keeping him focused, citing his leadership of SpaceX, xAI and other companies. Musk said recently that he needed more shares and control to stop activist shareholders from ousting him. 'Rewarding Elon for what he has done and continues to do for Tesla is the right thing to do,' the company said in a regulatory filing, citing an increase of $US735 billion in Tesla's value on the stock market since 2018. Tesla shares have plunged 25 per cent this year largely due to blowback over Musk's affiliation with US President Donald Trump. But Tesla also faces intensifying competition from both the big Detroit car makers, and from China. In its most recent quarter, Tesla reported that quarterly profits plunged from $US1.39 billion to $US409 million. Revenue also fell and the company fell short of even the lowered expectations on Wall Street. Investors have grown increasingly worried about the trajectory of the company after Musk had spent so much time in Washington this year, becoming one of the most prominent officials in the Trump administration in its bid to slash the size of the US government. Tesla vehicles at the company's store in Warminster, Pennsylvania, last month. (Bloomberg) The electric vehicle maker said in the regulatory filing that Musk must first pay Tesla $US23.34 a share of restricted stock that vests, which is equal to the exercise price per share of the 2018 pay package. In December, Delaware Chancellor Kathleen McCormick reaffirmed her earlier ruling that Tesla must revoke Musk's multibillion-dollar pay package. She found that Musk engineered the landmark pay package in sham negotiations with directors who were not independent. The rulings came in a lawsuit filed by a Tesla stockholder who challenged Musk's 2018 compensation package. That pay package carried a potential maximum value of about $US56 billion, but that sum has fluctuated over the years based on Tesla's stock price. Musk appealed the order in March. A month later Tesla said in a regulatory filing that it was creating a special committee to look at Musk's compensation as CEO. Musk has been one of the richest people in the world for several years. Wedbush analyst Dan Ives feels Musk's stock award may alleviate some Tesla shareholder concerns. 'We believe this grant will now keep Musk as CEO of Tesla at least until 2030 and removes an overhang on the stock,' Ives wrote in a client note. 'Musk remains Tesla's big asset and this comp issue has been a constant concern of shareholders once the Delaware soap opera began.' Under pressure from shareholders last month, Tesla scheduled an annual shareholders meeting for November to comply with Texas state law. A group of more than 20 Tesla shareholders, which have watched Tesla shares plummet, said in a letter to the company that it needed to at least provide public notice of the annual meeting. finance World TESLA elon musk CONTACT US Auto news: Honda here to stay in Australia, announces growth plans.
The Australian
14 minutes ago
- The Australian
Simon Goodwin sacked as coach of Melbourne
Melbourne coach Simon Goodwin has been sacked. The premiership-winning coach was told of the decision by the club's board on Monday night. Goodwin will receive a near one million dollar payout for next season. The board had lost faith in the team's direction under Goodwin. Since a historic 2021 premiership, the Demons have missed finals in 2024 and 2025 after two failed September campaigns in 2022 and 2023. While he was contracted for next season, senior Melbourne officials told Goodwin on Monday night that they wanted a change for 2026. The club is expected to hold a press conference at midday Tuesday. It is a bold call from the club, which is undergoing considerable change in its off-field leadership ranks, which has contributed to instability at the Dees this year. New CEO Paul Guerra will take over on September 8 with interim CEO David Chippindall leading Melbourne in his absence this season. Demons champion Brad Green has been a caretaker president, with respected former MCC boss Steven Smith set to take over as club president at the end of the year. The board had empowered Goodwin to make considerable change to the game style and team this season after conceding both its method and personnel which took it to the 2021 flag needed an overhaul. Despite a poor start to season, Goodwin was confident the Demons were on track to rise up the ladder next season with its ball movement changes and new midfield mix, however Melbourne had doubts after the loss to Carlton in round 19 and the final-term capitulation against St Kilda the week after. It leaves a cloud over the futures of some of Melbourne's biggest stars, including 2021 Norm Smith Medallist Christian Petracca who has received interest from Hawthorn. Petracca has kept silent on his future and will now likely hold off on a call until season's end. Goodwin will likely embark on a holiday and will be courted by media organisations to play a broadcast role in finals. The Herald Sun understands Goodwin wants to continue coaching after an initial break. Melbourne's board will now have to decide what it wants to do with its coach ahead of the 2026 season. Premiership coaches Adam Simpson and John Longmire, Pies assistant Hayden Skipworth and Bulldogs assistant Brendon Lade would be the early leading candidates. Goodwin opens up: Healing, hope and lifting Dees' heavy cloud Jay Clark is a leading AFL reporter for News Corp and CODE Sports, based in Melbourne. For almost 20 years, he has helped set the football agenda with his breaking news, deep-dive feature writing and issues-based reporting. He is a trusted voice on the biggest stories in the AFL. AFL Sam Draper has a mysterious phone call, Lethal made some big calls and Nick Riewoldt hosted the footy Logies. Josh Barnes has the good word what you missed on TV. AFL The cracks are starting to appear at the Pies, and their marquee recruits are right at the centre of Craig McRae's concerns, which couldn't have come at a worse time as we near September.
The Australian
27 minutes ago
- The Australian
How much super you need to retire comfortably for your age
The Australian Business Network Building a big enough nest egg to retire comfortably is a key goal for millions of Australians, and today's young adults are much better placed than their parents to achieve it. An analysis of average super account balances, and the nest eggs required for a comfortable retirement, suggests Australians aged under 30 and earning median wages will have enough in superannuation to allow them to retire in comfort. 'Comfortable' is the key word, and its definition can vary widely, but broadly-accepted numbers come from the Association of Superannuation Funds of Australia's ASFA Retirement Standard, a benchmark study of retiree spending needs that has been produced quarterly for 21 years. ASFA has estimated that to retire comfortably on a mix of super and a part-age pension, a new retiree needs $595,000 as a single homeowner and $690,000 for a homeowner couple combined. This will deliver them annual incomes of $52,383 and $73,875, respectively, and cover living costs including private health insurance, a 'reasonable' car, fast telecommunications, regular leisure activities, domestic holidays annually and an international holiday every seven years. While the July 1 rise to 12 per cent compulsory employer superannuation guarantee contributions gives young workers a full career of solid super injections, older generations have not benefited from that and many have balances that struggle to reach a comfortable level. ASFA chief executive Mary Delahunty said for Australians aged between 60 and 64, men had an average super balance near $395,000 and women had $315,000. 'The median figures are lower, $220,000 for males and $163,000 for females,' she said. However, the trend is improving and the fact that many retirees live with a partner helps them combine their nest eggs to deliver a decent retirement. 'Most retirees aged 65 today are in a couple household,' Ms Delahunty said. 'Based on the combined super balance and other financial assets held, just over 30 per cent of retirees are at the comfortable standard, and that's up from 25 per cent a decade ago,' she said. 'By 2050 that percentage will increase to around 50 per cent for couples.' Super funds provide projections of members' final super balances on websites and in annual statements, and there are other online calculators that help people work out if their balance today is high enough. For example, ASFA's Super Detective tool has estimated that if you are aged 25 today and have $26,000 in super, you are on track to retire comfortably at the pension age of 67. If you're 30, the figure jumps to $66,500, and it gets dramatically larger after that. Today's 40-year-olds need a balance of $168,000, those aged 50 require $296,000 and someone who has just turned 60 needs $469,000, although all these calculations are based on a relatively modest wage of $65,000 a year. JBS Jenny Financial Strategists chief executive Jenny Brown said it was 'absolutely' important to know what super balance you would need and how you were placed towards reaching it. 'It's a matter of working out what we call your financial freedom number – how much do you need to retire?' she said. 'That's working out what you are spending and what lifestyle you want when you retire. 'And what age is retirement? Is it 60, 65 or 70, or as soon as you possibly can?' Ms Brown said people should check their super was performing as expected, and that they were not overpaying on fees. 'You have got to plan for the future,' she said. Tribeca Financial chief executive Ryan Watson agreed people should have an idea of what their final retirement super balance will be. 'This provides people with a financial goal with which to aim and can enable them to make adjustments if they look like they may end up with insufficient funds to provide for their retirement,' he said. Tips to grow your nest egg Mr Watson's top tips to help super savers build a big balance include: • Review your account now by checking fees, investment performance and insurance benefits, which can significantly impact your final balance. • Make extra contributions to super, such as salary sacrificing. • Seek strategic financial advice. • Take a more active interest in your superannuation. 'Knowledge is power, and will dramatically increase a final retirement superannuation balance,' he said. Super guarantee boost Mr Watson said the super guarantee's recent increase to 12 per cent would provide a significant improvement to the final retirement balance of young Australians. 'At 12 per cent, this equates to a 33 per cent increase from where SG superannuation has traditionally been at (9 per cent). As such, it is likely that more Australians in 20 to 30 years' time will be retiring a lot more comfortably.' ASFA recently calculated that the 12 per cent super guarantee meant a 30-year-old today earning a median wage of $75,000 until retiring at 67 should be able to accumulate $610,000 in super, more than the necessary $595,000, a figure which factors in average inflation. Ms Delahunty said this was a major milestone and showed the strength of the super system benefiting from the right level of regular contributions and strong investment returns compounding over time. 'It's showing that it is really delivering for people in retirement and delivering savings to the public purse as a result,' she said. 'You will see a government that can make different decisions about public services as they will not be spending as much on the pension, especially when you compare it to other OECD countries. 'You can actually sit in this country today and imagine life as a retiree that is the same standard that you have in your working life. That's what we should be able to do as a prosperous nation.' Ms Delahunty said Australians were engaging with their super more because they wanted to know how they were going to live in retirement. Super funds can help with projections, education and tools, she said. 'The other really good education tool that people have available to them is ASIC's Moneysmart website. ASIC does a really good job of simply explaining some of the concepts. 'It's a good idea to have an understanding of how that nest egg can grow.' Read related topics: Need to know Wealth Anthony Keane Personal finance writer Anthony Keane writes about personal finance for News Corp Australia mastheads, focusing on investment, superannuation, retirement, debt, saving and consumer advice. He has been a personal finance and business writer or editor for more than 20 years, and also received a Graduate Diploma in Financial Planning.
