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The Australian

Good morning,

Rio Tinto will replace chief executive Jakob Stausholm before the end of the year, with sources suggesting the Danish national was pushed, making him the fourth CEO to leave the mining giant on bad terms in 12 years.

Meanwhile, fellow miner Fortescue has triggered a major leadership and strategy overhaul with two of its top executives to depart and a fledgling bet on renewables and hydrogen now under separate oversight as it clings to hopes of becoming a viable force in green energy.

And one of the nation’s largest super funds has issued a stark warning on Labor’s planned super tax grab, saying it will extend far beyond the wealthy as ordinary Australians lose faith in the system and shun super top-ups, leading to worse retirement outcomes.

Vesna Poljak

Business editor

The markets

Making news this morning

1

Eighteen bidders had eyes on ‘secret’ Dexus information

Eighteen bidders for Dexus’s funds linked to Melbourne and Launceston airports allegedly got to peek at confidential information at the centre of a bitter court fight.

2

How to boost your super by $100,000

After a stellar 2024, workers are bracing for more muted returns on their super savings this year. But you could be $100,000 better off over the long term using this simple strategy.

3

‘Telstra too cute by half’ over coverage claims: McKenzie

Nationals Senator Bridget McKenzie says Telstra’s coverage maps ‘aren’t worth the paper they’re written on’ and shows why the country needs guaranteed universal access to mobile phones.

Editor's picks

Forrest’s lame duck energy boss calls it quits

Call it inevitable, call it what you will, but Fortescue Energy boss Mark Hutchinson has finally left the building, after the retreat from green hydrogen left him with next to nothing to do.

Buying overseas is good but renting is even better

Investing in overseas property can make sense for Australian investors, you just have to make sure you do your paperwork

By JAMES GERRARD

Clive’s head on a crypto coin no guarantee of success

The unknown founders of a memecoin bearing the image of Clive Palmer thought, wrongly, they would make a motza on the back of the mining billionaire’s election advertising splurge.

Commentary

Ousting of Rio Tinto’s CEO is no plan for success

By ERIC JOHNSTON

Associate Editor

Rio Tinto’s board needs to come clean over its brutal call to upend the stability the miner has been craving.

Why homeowners are rushing to refinance their mortgages

By JAMES KIRBY

Associate Editor - Wealth

Cash-strapped Australians are rushing to free up money by refinancing their home loans at lower interest rates.

DataRoom

→	Lenders mull next move for ailing Healthscope

Healthscope stakeholders will know on Friday morning whether the country’s second largest private hospital operator will be placed into receivership or administration.

→	Cosette likely to remain Mayne player despite threat to walk

Mayne Pharma suitor Cosette is understood to have spent millions of dollars conducting due diligence on its $675m target, offering confidence it will not walk away from the buyout completely.

→	Retail brokers lobby for role on Bain’s $3bn Virgin float

The domestic airline is positioned for a listing by June to capitalise on the strong performance of rival Qantas.