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AAP Business News

WA accepts $121m remote housing deal

The state government has reluctantly accepted an improved offer from the Commonwealth for remote housing funding.

IOOF shares down as APRA moves on execs

Shares in IOOF Holdings have lost more than a quarter of their value after the prudential regulator moved to disqualify the beleaguered wealth manager's top brass and impose new licence conditions.

Rio Tinto to sell stake in Rossing Uranium

Global miner Rio Tinto says it will sell its entire stake in Rossing Uranium to China National Uranium Corp for up to $106.5 million.

Wellard cops remuneration strike

Wellard shareholders have given the cattle exporter’s remuneration report a strike for the second time in three years at today’s annual meeting in Fremantle.

WA unemployment rate dips to 5.7%

Western Australia’s jobless rate has fallen to 5.7 per cent in October, while the national figure remains at a six-year low.

WA to pay down debt with GST windfall

The state government has confirmed it will use an estimated $1.7 billion GST windfall to pay down its debts, after the legislation cleared federal parliament today.

Incitec takes $7m WA loss

Explosives manufacturer Incitec Pivot has reported a 34.8 per cent fall in profit for the year to September, including a $7 million hit from lost business in Western Australia.

Lendlease flags $350m impairment

Lendlease's chief executive says he is embarrassed by the problems that have forced the construction company to take a $350 million post-tax impairment in its first-half results.

Treasurer rejects gas pipeline purchase

Treasurer Josh Frydenberg has rejected a Chinese consortium's proposed $13 billion purchase of APA Group, saying the deal would result in an undue concentration of foreign ownership of the country's gas transmission pipelines.

WA judge to lead royal commission

West Australian Supreme Court judge Joseph McGrath and former Australian Public Service commissioner Lynelle Briggs have been appointed to lead the federal government's aged care royal commission, which is expected to take 18 months.

Shorten pledges GST ‘unity ticket’

Opposition leader Bill Shorten has promised Western Australia a legislated floor in GST payments, saying Labor is on a unity ticket with the Coalition to deliver a fairer carve-up.

Shorten's captain's call was bad timing

Labor leader Bill Shorten has backed down from his ‘captain’s call’ to roll back company tax cuts for businesses with turnovers between $10 million and $50 million a year, after a leadership meeting today.

KFC expansion swells Collins Foods profit

Collins Foods, Australia's biggest KFC franchisee, has lifted full-year profit by 16 per cent, buoyed by the addition of new stores to its network, and despite the Western Australian market being an under-performer.

Metcash shares lift despite $150m FY loss

Metcash shares have rallied after the supermarkets wholesaler announced a $125 million share buyback alongside an impairment-driven full-year loss of $149.5 million.

Busselton shortlisted for Qantas academy

Busselton has been shortlisted with nine other regional cities nationwide as the potential home for the new Qantas pilot academy, weeks after the environmental watchdog recommended conditional approval for the operations of a $70 million upgrade at the Busselton-Margaret River Airport.

Local GDP boost

Western Australia has recorded its first year-on-year economic growth in more than four years, while the national economy expanded 1 per cent in the March quarter, official figures show.

AGL rejects Alinta's $250m Liddell bid

AGL has knocked back Alinta Energy's $250 million offer to buy Liddell Power Station and reaffirmed its decision to close the plant in 2022.

WA may still ban sheep exports in summer

The federal government has endorsed changes to the livestock export industry designed to improve animal welfare but the WA government says it may still try to ban live sheep exports to the Middle East during the northern hemisphere summer.

Atlas flags $100m impairment

Atlas Iron will record a non-cash impairment of up to $100 million in its full-year results after rising costs led to an operating loss in its third quarter.

Rio, Alcoa flag greener aluminium process

Rio Tinto, Apple and Alcoa have invested $C188 million ($195.5 million) to commercialise a new aluminium smelting process that reduces carbon emissions.

WA Labor MP addresses citizenship concern

WA Labor MP Anne Aly claims that a letter from the Egyptian embassy regarding her citizenship has “put the matter to rest" following concerns surrounding her eligibility for parliament.

AMP rejects criminal charge recommendation

AMP has revealed almost 16,000 of its customers paid fees for financial advice they did not receive, while arguing it "strenuously denies" recommendations it face criminal charges over the scandal.

Native title over WA gas hub area recognised

Aboriginal communities in Western Australia's Kimberley region have had their native title rights recognised over 12,050 square kilometre of land on the Dampier Peninsula, including James Price Point.

WA facing Fed by-election after MP resigns

Labor MP Tim Hammond has announced his resignation from federal parliament due to the job's toll on his family, with Labor's state secretary Patrick Gorman tipped to be the party's candidate at the upcoming by-election in the seat of Perth.

Worker dies at Perth wastewater plant

A construction contractor from Henderson-based Civmec has died while working on a wastewater treatment plant upgrade in Perth's south.

Rio iron ore production lift

Rio Tinto has announced an 8 per cent spike in its Pilbara iron ore production to 83.1 million tonnes for the quarter, while shipments were up 5 per cent at 80.3mt.

Cimic starts with profit growth

Engineering giant CIMIC has reaffirmed its full-year profit guidance after lifting first-quarter profit 7 per cent to $172 million.

WA accuses Canberra of health care rip-off

Health Minister Roger Cook says Western Australia is missing out on $1 billion in health funding, and is calling on the federal government to increase the state’s share to reflect its unique challenge of isolation.

WA minister wants live export summer ban

Agriculture Minister Alannah MacTiernan has suggested a summer ban on livestock exports after video emerged showing sheep dying in extreme heat and filth on a Middle East-bound vessel.

Harbour hikes Santos bid to $13.5 billion

The US private equity firm aiming to buy Santos has raised its bid for a third time, valuing the local oil and gas producer at about $13.5 billion.

Aust shares down on trade war, quota fears

Australian shares have plunged to a six-week low after fears of a US-China trade war, with Bluescope Steel and a number of local resources stocks suffering the worst impact.

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Worker dies at Perth wastewater plant

A construction contractor from Henderson-based Civmec has died while working on a wastewater treatment plant upgrade in Perth's south.

Rinehart kids join billionaires' club

Gina Rinehart's four children have joined their mining mogul mother among the world's richest people, with nine Western Australians included in Forbes' latest world billionaire rankings.

TPG lifts guidance, iiNet and Internode in hot water

TPG Telecom has lifted its full-year guidance after first-half underlying profit rose, but the internet provider’s two subsidiaries, iiNet and Internode, are being forced to compensate 11,000 customers following an investigation by the consumer watchdog.

Scaffidi back to work

City of Perth Lord Mayor Lisa Scaffidi says she is focused on diversifying the city’s economy away from the mining industry as she returns to work after a four-month absence.

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Busselton shortlisted for Qantas academy

Busselton has been shortlisted with nine other regional cities nationwide as the potential home for the new Qantas pilot academy, weeks after the environmental watchdog recommended conditional approval for the operations of a $70 million upgrade at the Busselton-Margaret River Airport.