Politics & the Economy

Oil rebounds on signs of strong demand

Oil prices rose overnight, recovering somewhat from a sharp selloff during the previous session, after US data showed strong demand for refined products.

Morning Headlines

Warning of deaths over solar panels

Forecasting complicates Westport planning

A Chinese banking crisis that leads to a significant economic downturn might considerably delay Fremantle harbour reaching its container capacity, while other scenarios might accelerate traffic, according to previously unpublished economic modelling by Deloitte.

Appointments wrap

Former Synergy executive Stephanie Unwin is set to lead regional energy retailer Horizon Power next year, while Screenwest, SNC-Lavalin, Worksafe WA and Destination Perth have also announced significant appointments.

OECD keeps tax reform agenda alive

Reform to cut the government’s dependence on income and company taxes remains a high priority for Australia, according to the Organization for Economic Cooperation and Development, while contingency plans are urgently needed in case of a sustained fall in house prices.

S&P flat on US govt shutdown threat

The benchmark S&P 500 stock index has ended little changed in a choppy trading session on Tuesday as the possibility of a partial US government shutdown raised investor jitters ahead of a highly anticipated meeting of the Federal Reserve.

Gold steady at one-week high; eyes on Fed

Gold firmed near a one-week high as investors cast doubts over the pace of interest rate hikes next year by the US Federal Reserve which kicked off its two-day meeting earlier in the day.

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Oil plunge hammers shares

Oil dips over 5% on economic, supply fears

Oil prices tumbled more than five per cent overnight, falling for the third straight session as the market grappled with reports that US supply would continue to surge even if demand weakens as global growth deteriorates, which many expect.

Pluto gas enters domestic orbit

Domestic gas has started flowing from Woodside Petroleum’s Pluto plant near Karratha today, around six years after LNG exports from the facility got under way.

Airport rail project hit with 12-month delay

The state government has announced a delay of up to 12 months at the Forrestfield-Airport Link due to tunneling issues, but says the rail project’s $1.9 billion budget will not be impacted.

Economic glass starting to look less than half empty

Domestic and international events are on a collision course, with 2019 to pose a plethora of challenges for business leaders.

Oil dips as supply, growth worries weigh

Oil prices fell about one per cent overnight on signs of oversupply in the United States and as investor sentiment remained under pressure from concern over global economic growth and fuel demand.

Wall St tumbles more than two per cent

Wall Street’s major indices have slid more than two per cent, with the benchmark S&P 500 closing at its lowest level in 14 months, on concerns of slowing economic growth before a decision from the Federal Reserve this week on the course of interest rate hikes.

Gold gains as greenback, stocks slide

Gold has risen as a slide in the US dollar makes bullion more attractive for holders of other currencies, while some investors have taken cover as stocks globally slipped into the red ahead of the US Federal Reserve's two-day policy meeting.

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PM’s $9.2bn tax cut plan for election

McGowan hits targets, Cormann prominent

SPECIAL REPORT: Mathias Cormann has been deeply entwined in the federal government’s fortunes this year, while a win on GST distribution has boosted standing for Mark McGowan and Ben Wyatt.

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Coalition $30bn in the black

Signs point to coal closures

Older coal fired power stations such as Synergy’s Muja C&D could begin closing in 2023, driven by changing market dynamics, while harsher carbon policies would accelerate shutdowns, according to a recent report by the Australian Energy Market Operator.

Curbing wild election promises

Opinion: With the government seemingly on track to delivery a budget surplus, one key aspect of the Langoulant review is worth another look.

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Corporate tax take increases by 19 per cent