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Good morning,

The management of the cost-of-living “crisis” by politicians will largely determine the looming federal election, says Alinta Energy boss Jeff Dimery, with the electricity giant warning that the eventual closure of coal plants will trigger a hike in power prices.

Meanwhile, BlueScope stands to benefit from US president Donald Trump's tariffs on steel imports regardless of whether Australia succeeds in winning an exemption, but CEO Mark Vassella fears for the domestic industry if tough anti-dumping measures are not taken against China. 

And the Reserve Bank will almost certainly cut interest rates after its February board meeting concludes today, but don’t expect much guidance on where they are heading next given the long list of global uncertainties such as Chinese stimulus measures and US tariffs.

The markets


Making news this morning
1
UGC pushed clients into First Guardian funds
Failed advice firm United Global Capital recommended clients invest in the now-suspended First Guardian funds.
2
Rail operator’s Whyalla worries
Aurizon has resumed rail services for the Whyalla steelworks, but warns uncertainty over the facility’s future could dent the company’s full-year results.
3
Bonds bounces back thanks to focus on affordable undies
Bonds has found its mojo again after a lengthy period of drooping sales, thanks to its focus on value packs of underwear that have hit the mark with price-conscious shoppers.
Editor's picks
MARGIN CALL
Inquiry needed to free Creative Australia from its ideological capture
For the first time ever we find ourselves in furious agreement with Sarah Hanson-Young, who wants a ‘full and frank’ inquiry into Creative Australia’s decision-making around the Venice Biennale 2026.
By YONI BASHAN, NICK EVANS
COMMENTARY
Fighting fit: BlueScope CEO’s battle plan to cut $200m in costs
Exposed to a trade war on one side and cheap steel dumping by China on the other, the boss of BlueScope goes for attack as the best form of defence.
By ERIC JOHNSTON
RACE TO NET ZERO
Inside Mike Cannon-Brookes’ net zero agenda for F1
As new sponsor for Williams, the Atlassian billionaire says Formula 1 can show the world that it’s possible to achieve net zero emissions.
By JARED LYNCH
Commentary
A bright 2025 lies ahead, powered by Europe
By KEN FISHER
Contributor
US and Australian stocks should do fine in the year ahead. But dour sentiment means Europe should shine brightest in an overall strong 2025.
DataRoom
Terms of Oaktree Capital’s offer to Star Entertainment revealed
The casino operator’s key lenders are refusing to bow to pressure to offload their loans at steep discounts.
Share rally the catalyst for KKR’s improved Perpetual offer
A decision by Kohlberg Kravis Roberts to sweeten the deal for Perpetual’s corporate trust and wealth management units comes after the shares of the financial group have rallied this year.
Worley has the wood on major global rival
Engineering firm Worley could be in sharp focus for deal-makers next week when the group reports its half-year results, as its major global competitor, Wood, comes under intense pressure.

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