Morning Headlines

GST increase key for new political party

One of Perth’s top businessmen has revealed WA business leaders are behind a political party that is being set up to fight for an increase in WA’s share of the GST. The West

PowerLedger’s Bitcoin IPO powers up

Perth energy trading platform PowerLedger has raised $17 million in the first two stages of its Australia-first virtual currency IPO and looks set to raise more than $30 million by the time its public offer closes.The Fin

Small firms risk fines for big card fees

Small businesses risk being fined thousands of dollars if they are caught slugging their customers exorbitant surcharges for using EFTPOS or credit cards to pay for purchases from today. The West

The cost of going green: taxpayers hit with a $60bn power bill

Taxpayers will have paid more than $60 billion through federal renewable energy subsidies by 2030, about twice what the crumbling car industry received over 15 years and enough to build about 10 large nuclear reactors. The Aus

Corporates finally ramp up capex

Australia’s corporate sector is finally planning to plough more of its profits back into investment, ramping up spending plans and curbing defensive dividend payouts that have contributed to sluggish economic growth over the past five years. The Fin

Banks use rules to stifle rivals: Morrison

Treasurer Scott Morrison says banking regulation can be used by incumbents to limit competition and the government wants to ‘‘recalibrate’’ settings to empower customers and increase competitive tension in the sector. The Fin

Investec linked to WA TAB sale

South African bank Investec is believed to be in the box seat to advise the West Australian government on whether to sell its TAB, which may reap the state as much as $1 billion. The Aus

Nickel miners rein in costs after price plunge

WA’s dormant nickel miners have kept a tight rein on costs as they reposition themselves after a series of mines were mothballed in the 2015-16 financial year. The West

Industry questions NBN forecasts

NBN Co has confirmed its confidence in completing the rollout of the National Broadband Network by 2020 and forecast total revenue of $5.4 billion and average revenue per user of $52 per month within a year of the network being fully rolled out across Australia. The Aus

The Australian Financial Review

Page 1: Australia’s corporate sector is finally planning to plough more of its profits back into investment, ramping up spending plans and curbing defensive dividend payouts that have contributed to sluggish economic growth over the past five years.

Telstra’s Andy Penn and NBN Co’s Bill Morrow are at loggerheads over the risk in the securitisation of the longterm payments the builder of the national broadband network is making to the telecommunications giant.

P3: Employment Minister Michaelia Cash has blasted union merger laws that have prevented Construction, Forestry, Mining and Energy Union members from voting on whether they amalgamate with the Maritime Union of Australia, despite evidence of internal opposition.

P5: Federal Labor will not rule out backing a clean energy target that incorporates so-called clean coal because it is mindful Malcolm Turnbull and Energy Minister Josh Frydenberg need to win over a hostile backbench to land a policy and guarantee industry certainty.

P6: The federal Parliament will expand beyond 150 seats for the first time and Labor will be gifted at least one new electorate after the Australia Electoral Commission confirmed a shake-up of boundaries in South Australia, Victoria and the ACT.

P8: Perth energy trading platform PowerLedger has raised $17 million in the first two stages of its Australia-first virtual currency IPO and looks set to raise more than $30 million by the time its public offer closes.

P12: Education technology start-ups have been told they need to show greater potential for international expansion, or rapid commercial growth, if they want funding from two of Australia’s largest venture capital funds.

P17: The backers of a small mining company in New Zealand have launched an $886 million legal claim against ASXlisted Bluescope, claiming the steel giant reneged on a deal to sell a Kiwi iron sands business.

P21: Treasurer Scott Morrison says banking regulation can be used by incumbents to limit competition and the government wants to ‘‘recalibrate’’ settings to empower customers and increase competitive tension in the sector.

The Australian

Page 1: Taxpayers will have paid more than $60 billion through federal renewable energy subsidies by 2030, about twice what the crumbling car industry received over 15 years and enough to build about 10 large nuclear reactors.

The man dubbed the “financial godfather” of one of Australia’s biggest rugby league clubs stands to make a quick $10 million profit from his close association with the Penrith Panthers, after buying and flipping one of the club’s key property assets to the Catholic church.

P2: The Queensland government will pay professional services giant KPMG more than $165,000 to prove the state’s ballooning bureaucracy and escalating cost of the public service is good “value for money” for taxpayers.

P4: Labor has admitted being warned that customers would be hit with higher energy prices from the gas exports it authorised in government five years ago, escalating the fight over energy as Malcolm Turnbull prepares to cap the exports to boost local supply.

P19: Scott Morrison has defended a decision to increase commonwealth borrowings to pay public sector superannuation rather than drawing from the Future Fund, arguing that the sovereign wealth fund was delivering higher returns than the cost of borrowing.

NBN Co has confirmed its confidence in completing the rollout of the National Broadband Network by 2020 and forecast total revenue of $5.4 billion and average revenue per user of $52 per month within a year of the network being fully rolled out across Australia.

P20: South African bank Investec is believed to be in the box seat to advise the West Australian government on whether to sell its TAB, which may reap the state as much as $1 billion.

The West Australian

Page 3: One of Perth’s top businessmen has revealed WA business leaders are behind a political party that is being set up to fight for an increase in WA’s share of the GST.

P4: Malcolm Turnbull will today declare he “will not stand by” and allow the status quo of welfare-fuelled substance abuse to continue, as he travels to Kalgoorlie to announce a big expansion of the cashless welfare card to the Goldfields.

P6: Prime Minister Malcolm Turnbull will pay back part of his travel expenses after wrongly pocketing more than $1000 in allowances when he visited indigenous communities in South Australia last year.

P13: Small businesses risk being fined thousands of dollars if they are caught slugging their customers exorbitant surcharges for using EFTPOS or credit cards to pay for purchases from today.

P14: The McGowan Government has refused to say whether it will lower power bills for Perth and South West households despite suggestions it could axe a long standing cross-subsidy.

P55: High prices for Australian cattle are risking hard-won export markets in Asia, potentially prolonging a financial recovery by the loss-making Wellard.

Visitors arrived in droves and spirits were high at the Dowerin GWN7 Machinery Field Days this week, despite dry conditions in some parts of the Wheatbelt.

Independence Group managing director Peter Bradford has weighed in on speculation surrounding a gold royalty hike in next week’s State Budget.

P56: Civil and mining contractor Brierty plans to quit its South Perth headquarters to cut costs in the wake of a year-long struggle to stay afloat.

WA’s dormant nickel miners have kept a tight rein on costs as they reposition themselves after a series of mines were mothballed in the 2015-16 financial year.