16/08/2016 - 06:26

Morning Headines

16/08/2016 - 06:26

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Farmers hit back at sale restrictions

The National Farmers Federation warns that changing foreign investment rules in recent government decisions threatens the foreign capital needed to upgrade Australia’s farm sector to supply rising food demand from Asia. The Fin

Housing growth engine set to stall, says ANZ

The great engine of growth that has held up the economy since the end of the resources boom two years ago will soon run out of puff, say ANZ economists, who predict the housing sector is reaching its peak performance. The Fin

Saving Western Australia would have cost the rest of the states $2b

Shielding Western Australia from its present GST slump would have come at a price of more than $2 billion a year for the other states and territories. The Fin

Energy costs ‘to subdue’ Aust economy

The Australian economy is likely to perform slightly worse than that of the United States over the next six to 12 months according to the managing director of $3.5 billion packaging giant Orora, despite uncertainty caused by the US presidential election. The Fin

State Nationals leader digs in over mining tax

West Australian Nationals leader Brendon Grylls says Malcolm Turnbull’s pledge to change the GST distribution system won’t stop his plan to slug iron ore giants BHP Billiton and Rio Tinto with a huge mining tax. The Aus

Grylls’ tax plan will cost jobs, says Roy Hill boss

The boss of Gina Rinehart’s $10 billion Roy Hill project has joined the chorus of criticism at Brendon Grylls’ plan to slug BHP Billiton and Rio Tinto with new export charges, saying the push would cost jobs if introduced. The West

Wellard profit hit by ship repairs

Perth-based livestock exporter Wellard has announced another profit downgrade just before the release of its full-year numbers. The Aus

 

 

The Australian Financial Review

Page 1: The National Farmers Federation warns that changing foreign investment rules in recent government decisions threatens the foreign capital needed to upgrade Australia’s farm sector to supply rising food demand from Asia.

Leading businessman Tony Shepherd has called on the country’s chief executives to be more vocal in pushing the business reform agenda, as former Business Council of Australia chiefs closed ranks around president Catherine Livingstone and rejected an attack by Liberal powerbroker Michael Kroger as misguided.

Page 3: The great engine of growth that has held up the economy since the end of the resources boom two years ago will soon run out of puff, say ANZ economists, who predict the housing sector is reaching its peak performance.

Page 4: Smart grid infrastructure and the risks to the digital systems that control the electricity network have emerged as likely key issues at the heart of Treasurer Scott Morrison’s rejection of bids from Chinese and Hong Kong companies for NSW’s Ausgrid.

Page 5: A new report accuses big electricity retailers AGL Energy, Origin Energy and Energy Australia of using their market power to take a bigger cut out of retail power bills than retailers in other rich countries.

Page 7: No state would receive less than 70¢-75¢ for every dollar of GST paid, under a floor-price proposal floated by Malcolm Turnbull to bolster Liberal Party fortunes in Western Australia and end the squabbling that has marred the GST since its introduction.

Shielding Western Australia from its present GST slump would have come at a price of more than $2 billion a year for the other states and territories.

Page 9: Australia should enter into a treaty with China much like the post-war agreement with Japan if it wishes to deepen its relationship with Beijing and more than double trade over the next decade, according to a landmark study supported by both governments.

Page 11: JB Hi-Fi is intent on increasing its share of the $20 billion consumer electronics and appliances markets after posting its strongest sales and earnings growth since the financial crisis, cementing its status as one of Australia’s best-run retailers.

Some analysts have slightly reduced their earnings forecasts for National Australia Bank after its third quarter profit update on Monday showed margins were under pressure, funding costs were higher and bad debts are rising off a low base.

Page 13: Santos has advised of a further $US1.5 billion write-down on the value of its new GLNG gas export project in Queensland in a move that has fuelled expectations the plant will have to be run at well below full capacity for many years.

Investors have welcomed the likely sale of Ansell’s condom business, which they concede is undervalued alongside the manufacturer’s main focus on selling protective gloves and clothing to industry.

Page 14: The Australian economy is likely to perform slightly worse than that of the United States over the next six to 12 months according to the managing director of $3.5 billion packaging giant Orora, despite uncertainty caused by the US presidential election.

Page 19: The former boss of Google in Australia, Maile Carnegie, says there is no reason ANZ Banking Group cannot become as innovative as the internet pioneer and she will need to help it move quickly to fend off growing competition from fintech disrupters and global technology giants.

Page 20: A biotech company founded at the University of Queensland before being spun out as a commercial venture has hit the Nasdaq in a $US90 million ($118 million) oversubscribed initial public offering.

 

 

The Australian

Page 1: Security officials have identified major failings by computer giant IBM in the collapse of the census website last week, triggering written demands to the company to explain its role amid growing talk of a legal stoush over the disaster.

Page 3: The Australian Human Rights Commission failed in the 2015 financial year to meet government targets for the employment of indigenous Australians in the public service.

The future of two of the country’s most prestigious thoroughbred horse studs could be decided this week with a decision on the latest attempt by mining giant Anglo American to win approval for a new mine in the Hunter Valley.

Page 4: Coalition MPs have split over Malcolm Turnbull’s bid to fix the GST carve-up between states, despite a federal minister revealing any change would not happen until 2019-20 — after the next election.

West Australian Nationals leader Brendon Grylls says Malcolm Turnbull’s pledge to change the GST distribution system won’t stop his plan to slug iron ore giants BHP Billiton and Rio Tinto with a huge mining tax.

Page 7: A technology bungle that has sent the $22 billion National Disability Insurance Scheme into disarray appears to have been caused by departmental staff.

Page 21: Commonwealth Bank boss Ian Narev has received a 50 per cent pay rise to make him the nation’s highest-paid big four banker, taking home $12.3 million despite a series of scandals at the bank that have helped fuel calls for a royal commission into the entire banking sector.

Page 23: Perth-based livestock exporter Wellard has announced another profit downgrade just before the release of its full-year numbers.

Page 24: Coal hauler and railway owner Aurizon Holdings yesterday logged an 88 per cent fall in profit to $72 million because of a full write-off of its end-of-boom acquisition of Aquila Resources, costing chief executive Lance Hockridge and his executives their full short-term bonuses.

 

 

The West Australian

Page 6: The much-vaunted Independent Public Schools initiative has failed to improve student outcomes and has increased existing inequalities between schools, a parliamentary inquiry has found.

Page 9: Scarborough’s $100 million overhaul is hurting beachside businesses, with one restaurant claiming to be $4000 a week worse off.

Page 19: Australia’s biggest co-operative has given thousands of WA grain growers the strongest indication yet that it is willing to oversee a public listing that would create a company with a value of more than $2.5 billion.

The boss of Gina Rinehart’s $10 billion Roy Hill project has joined the chorus of criticism at Brendon Grylls’ plan to slug BHP Billiton and Rio Tinto with new export charges, saying the push would cost jobs if introduced.

Vimy Resources has drawn down the final tranche of a $30 million loan after the Environmental Protection Agency recommended approval of the Mulga Rock uranium project.

Page 20: Northern Star Resources says it will pay a special 3¢-a-share dividend after announcing it had signed a binding deal for the sale of its 100,000-ounce-a-year Plutonic gold mine.

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