Need to know: Friday

The Australian Financial Review has a daily newsletter about how the coronavirus pandemic is changing markets, business and politics. This pandemic will profoundly change how all Australians live their lives and reshape the modern, globalised world.

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Five richest Australians revealed

The Financial Review Rich List has been upended by surging iron ore prices and a tech sector winning from the work-at-home revolution, dropping former No. 1 Anthony Pratt out of a top five that is now as wealthy as the next 15 people combined.

How our very richest tripled their fortunes in a decade

Two macro themes have helped to deliver an extraordinary jump in the fortunes of our richest Australians, writes Chanticleer.

COAG is dead. Long live the national cabinet

Prospects for federation reform, including changes to the tax system, have received their biggest boost in decades with the abolition of the Council of Australian Governments meetings.

Former top diplomat reveals what Asia really thinks about us

Former ambassador and high commissioner John McCarthy holds strong opinions on the current state of Australia's 'extraordinarily ill-considered' foreign policy.

Brookfield re-enters race for Virgin with surprise bid

Brookfield Asset Management has shaken up the bidding war for Virgin Australia as it approaches its final stage, lodging a last-minute indicative offer for the airline to administrator Deloitte after feigning a withdrawal.

ASX climbs 4.2pc in May as fallen stocks find favour

Australian shares have ended a second month higher after a lift in investor confidence driven by the early removal of restrictions and signs the pandemic's economic damage may not be as extreme as first thought.

Budget deficit hits $40b and still rising

The federal budget deficit had blown out to $40 billion by the end of April, as coronavirus emergency spending began to kick in and tax revenue was squeezed.

Business dismayed as Victoria stays shut until June

Business has abandoned its support of Victorian Premier Daniel Andrews after his "baby step" in easing coronavirus restrictions, with cafes and restaurants to remain shut and no decision yet on schools.

Why the national cabinet must brace for the jobless wave

An analysis of the JobKeeper numbers shows how complicated a return to higher levels of employment will be, writes Laura Tingle.

Why even the rich don't want to spend after the pandemic

People in China want value for money and are rethinking the ‘I don't care what it costs’ approach, says restaurateur Michelle Garnaut. But they are also craving human contact.

By the numbers

The total number of coronavirus cases across the country increased by 17 for a total of 7173 as at 5.30pm AEST on Friday. Track the economic recovery at our data page here.