27/07/2017 - 06:48

Morning Headlines

27/07/2017 - 06:48

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Doctor perks crackdown

The State Government and the health lobby are on a collision course over an urgent review of doctors’ acceptance of gifts and travel from pharmaceutical and equipment suppliers. The West

 

Cut costs to get back to surplus: chamber

The WA business community is demanding the State Government cut its way to a Budget surplus by the end of the decade, warning increases in taxes or charges will cost the State jobs. The West

 

Plea to revive growth economy

Company tax cuts remain the only lever available to government to boost a slow growth economy back to the 3 per cent plus levels needed to lift both wages and employment, according to the Business Council of Australia, which concedes it is not expecting either side of politics to push a pro growth industrial relations policy. The Fin

 

Non-banks get assurance on APRA

Treasurer Scott Morrison has reassured non-bank lenders the government wants the prudential regulator to use new oversight of them only as a ‘‘reserve power’’. The Fin

 

Aurizon hit by $927m in impairments

The full-year earnings of freight giant Aurizon will be hit with $927 million worth of impairments and restructuring costs, with the company’s struggling intermodal and bulk transport division continuing to drag on earnings. The Fin

 

Canavan ‘in a judicial pickle’

Queensland senator Matt Canavan could struggle to convince the High Court of his eligibility to sit in federal parliament because he knew his Australian-born mother was also an Italian citizen, a leading citizenship expert has warned. The Aus

 

Telstra puts pedal to metal in race to driverless future

Telstra’s new chief technology officer, Hakan Eriksson, has played down the prospect of the telco’s rivals catching up on the mobile network front, pointing to its latest driverless technology as an example of its network superiority. The Aus

 

Seven up as Caterpillar finds its feet

Shares in Seven Group lifted more than 10 per cent yesterday, boosted by optimism over the performance of its local Caterpillar franchise, WesTrac, and its outlook for growth. The Aus

 

Quality puts meat on Harvey Beef bones

Harvey Beef says its decision to focus on quality rather than price has overcome last year’s stumble, when record high cattle prices stripped millions of dollars from its bottom line. The West

 

The Australian Financial Review

Page 1: Company tax cuts remain the only lever available to government to boost a slow growth economy back to the 3 per cent plus levels needed to lift both wages and employment, according to the Business Council of Australia, which concedes it is not expecting either side of politics to push a progrowth industrial relations policy.

Reserve Bank of Australia governor Philip Lowe has firmly indicated he is in no hurry to join the increasing number of central banks around the world that are hiking official rates and withdrawing monetary stimulus.

Page 4: A leading Constitutional lawyer says Matt Canavan has nothing to lose by challenging his dual Italian citizenship in the High Court, saying his case differed slightly to that of the two Greens Senators who quit Parliament after discovering they were citizens of other countries.

Page 6: Banks are in a race against time to lift their public standing and avoid becoming a political punching bag at the next federal election, Australian Bankers’ Association chief executive Anna Bligh says.

The West Australian government says it could raise about $1 billion over four years from a state-based bank tax but suggested it would be unlikely to pursue the idea if it failed in South Australia.

Page 10: Woolworths and Harris Farm are fighting for a prime retail shop lease at a $110 million Kiaora Lane development in Sydney’s Double Bay, with the family-owned grocer Harris Farm accusing the listed chain store of anti-competitive behaviour.

Page 15: Treasurer Scott Morrison has reassured non-bank lenders the government wants the prudential regulator to use new oversight of them only as a ‘‘reserve power’’.

Ex-Westpac CEO Gail Kelly on her big GFC mistake Former Westpac chief executive Gail Kelly concedes she made mistakes in the way she handled the public outrage over Westpac’s outsized mortgage rate increase in the midst of the GFC, and says her strategy of ‘‘seeking to be a small target’’ no longer works with a community that has lost trust in banks.

Page 17: The full-year earnings of freight giant Aurizon will be hit with $927 million worth of impairments and restructuring costs, with the company’s struggling intermodal and bulk transport division continuing to drag on earnings.

 

The Australian

Page 1: Scott Morrison will attack Bill Shorten’s claims of rising inequality as “blatant ideology”, while declaring that only the Turnbull government is delivering practical solutions to address household budget concerns.

Talking about Jesus, exchanging Christmas cards and encouraging Christianity have been targeted under an unofficial policy from education bureaucrats that takes aim at junior evangelists in Queensland primary school yards.

Page 4: Queensland senator Matt Canavan could struggle to convince the High Court of his eligibility to sit in federal parliament because he knew his Australian-born mother was also an Italian citizen, a leading citizenship expert has warned.

Page 5: Gerry Harvey and tax industry heavyweights have questioned whether the government has gone too far with measures preventing tax deductible travel by “mum and dad” landlords to maintain their rental properties.

Page 17: Entrenched low inflation will not push the Reserve Bank to cut interest rates again while unemployment is steady and stretched household balance sheets pose a risk to financial stability.

The chief of Australia’s biggest property company, Stockland’s Mark Steinert, has declared Brisbane’s inner-city apartment market oversupplied and will hold off on constructing a major mixeduse development until the shortterm issue is resolved.

Telstra’s new chief technology officer, Hakan Eriksson, has played down the prospect of the telco’s rivals catching up on the mobile network front, pointing to its latest driverless technology as an example of its network superiority.

Page 19: Rail and freight company Aurizon Holdings is set for its first fullyear loss since being floated by the Queensland government in 2010, declaring it will write down the value of its bulk freight business by $526 million and will log $80m of extra costs and impairments due to “transformation costs”.

Page 20: Shares in Seven Group lifted more than 10 per cent yesterday, boosted by optimism over the performance of its local Caterpillar franchise, WesTrac, and its outlook for growth.

 

The West Australian

Page 1: The State Government and the health lobby are on a collision course over an urgent review of doctors’ acceptance of gifts and travel from pharmaceutical and equipment suppliers.

Page 3: Perth has finally shaken its tag of Australia’s methamphetamine capital, with a report showing that Adelaide residents are now bigger consumers of the drug.

Page 4: Senator Matt Canavan, the accidental Italian citizen whose ministerial career hangs by a thread, is resisting calls to resign from Parliament.

Page 6: The WA business community is demanding the State Government cut its way to a Budget surplus by the end of the decade, warning increases in taxes or charges will cost the State jobs.

A WA version of South Australia’s bank levy would raise $1 billion over four years which would not be lost interstate under the GST, making it an “attractive” revenue source, Treasurer Ben Wyatt says.

Local councils will lose millions of dollars in State Government grants for road maintenance after a tit-for-tat fight over revenue and savings ahead of the State Budget.

Page 14: Up to 1000 police are expected to protest outside State Parliament next month, angry at what their union claims is the State Government’s broken promise of a fair pay deal.

Page 46: Harvey Beef says its decision to focus on quality rather than price has overcome last year’s stumble, when record high cattle prices stripped millions of dollars from its bottom line.

Corporate advisory firms Mac Equity Partners and View Street Partners have teamed up in a new investment venture seeking to raise $30 million to back startups and early-stage businesses.

Big shares price moves by West Perth-based explorers Riedel Resources and Blackstone Minerals yesterday confirmed cobalt as the new buzz commodity for investors.

Page 47: The fight for big oil is on in the Kimberley after a consortium signalled it wanted to build a multi-user supply base north of Derby which could be used by energy companies currently based in Broome.

 

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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