04/09/2017 - 06:45

Morning Headlines

04/09/2017 - 06:45

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Morning Headlines

WA Libs press for fiscal secession

The West Australian Liberal Party will explore what it would take to make the state financially independent from the rest of Australia, an idea that now pits leader Mike Nahan against his own party’s state council and state president. The Aus

 

Big banks urge WA not to impose levy

The nation’s biggest banks have thrown their support behind calls for GST reform but warned that any move to pursue a South Australian style bank tax would undermine push for change. The West

 

Builder boycott over verge ban

Builders and developers are gearing up to boycott construction work in Perth’s biggest council, as a dispute over access to street verges threatens to boil over. The West

 

ASIC reins in proxy firms before AGMs

The corporate regulator is threatening to rein in proxy advisers who use annual general meetings to take aim at directors and underperforming companies such as Telstra and BlueScope Steel. The Fin

 

Boral’s threat to fire workers over building code unlawful

Concrete giant Boral is facing tens of thousands of dollars in penalties after the Federal Court found it unlawfully threatened to retrench the workforce of a Sydney subsidiary if they refused to back changes to comply with the Turnbull government’s strict new building code. The Fin

 

Days numbered for the bank account

Bank accounts could become unnecessary within the next decade because central banks will create digital currencies and allow customers to hold deposits directly with them, predicts Greg Medcraft, chairman of the Australian Securities and Investments Commission. The Fin

 

Economic reform a lost cause, says top bureaucrat

One of the nation’s most senior public servants has made an extraordinary outburst lamenting the inability of state and federal governments to deliver on economic reform, claiming the current public appetite for change is the worst he has seen in three decades in public life. The Aus

 

CBA looks to offshore IT security

Commonwealth Bank wants to move a substantial part of its information technology division, including critical cyber security operations, to save costs, amid a growing scandal over its ability to monitor and report suspicious transactions. The Aus

 

Betadine pioneer in race for cancer hope

West Perth-based start-up Race Oncology, which is headed by the man who commercialised Betadine throat gargle, is about to commercialise a 30-year-old cancer drug that provides fresh hope for people running out of options. The West

 

The Australian Financial Review

Page 1: Elmer Funke Kupper, who stepped down as chief executive of the ASX 18 months ago over an investigation by the Australian Federal Police into his conduct as chief executive at Tabcorp, said the prolonged investigative process had become the punishment and he did not think that was right.

P3: The corporate regulator is threatening to rein in proxy advisers who use annual general meetings to take aim at directors and underperforming companies such as Telstra and BlueScope Steel.

P4: Labor promises another fortnight of parliamentary disruption over Deputy Prime Minister Barnaby Joyce’s dual citizenship, which could derail the government’s attempts to shift the focus to company tax cuts and energy prices.

A softening in east coast gas prices in recent weeks has yet to bring down prices offered to manufacturers to levels they say are affordable, adding pressure to the federal government to slap restrictions on Queensland LNG exports for 2018.

P6: GetUp! founder Simon Sheikh’s Future Super is investing $50 million seed finance in an ethical infrastructure fund that will invest in debt securities of wind and solar energy projects, battery storage and other social infrastructure.

P7: Concrete giant Boral is facing tens of thousands of dollars in penalties after the Federal Court found it unlawfully threatened to retrench the workforce of a Sydney subsidiary if they refused to back changes to comply with the Turnbull government’s strict new building code.

P13: Bank accounts could become unnecessary within the next decade because central banks will create digital currencies and allow customers to hold deposits directly with them, predicts Greg Medcraft, chairman of the Australian Securities and Investments Commission.

P16: Westpac Banking Corp has created a ‘‘data accelerator’’ to build new technology businesses from anonymised data sets, and will offer access to it to institutional banking clients seeking to turn data into assets.

P17: Andrew Crane, the outgoing chief executive of one of Australia’s biggest agricultural companies, says Australia needs to do more than just sell commodities to Asia and business needed to shake off its reluctance to invest more heavily in the region.

Woodside Petroleum chief executive Peter Coleman says the government needs to tread a careful line in its domestic gas security policy between ensuring local gas needs while preserving Australia’s export reputation, while LNG producers also have a responsibility to reassure their customers.

 

The Australian

Page 1: Malcolm Turnbull has gained his biggest personal lead over Bill Shorten since last year’s federal election as the Coalition lifts its primary vote from 35 per cent to 37 per cent, recovering some of the ground it had lost against Labor.

One of the nation’s most senior public servants has made an extraordinary outburst lamenting the inability of state and federal governments to deliver on economic reform, claiming the current public appetite for change is the worst he has seen in three decades in public life.

P2: The property outlook for spring Rampant housing price growth on the east coast has stalled over the past three months and values could fall by up to 10 per cent if the trend continues, new figures from property researcher CoreLogic show.

P4: A Victorian community legal centre that represents Melbourne’s disadvantaged stepped in at the last minute to assist former independent MP Tony Windsor in challenging Deputy Prime Minister Barnaby Joyce’s dual citizenship case in the High Court.

P6: The West Australian Liberal Party will explore what it would take to make the state financially independent from the rest of Australia, an idea that now pits leader Mike Nahan against his own party’s state council and state president.

Sunday workers covered by union pay deals would have to work up to 50 hours during the week to offset the impact of lower Sunday rates, says Department of Employment analysis that contradicts union claims that retail and fast-food workers are adequately compensated.

P17: Commonwealth Bank wants to move a substantial part of its information technology division, including critical cyber security operations, to save costs, amid a growing scandal over its ability to monitor and report suspicious transactions.

P18: BHP Billiton says prices of the nation’s two biggest exports — iron ore and coking coal — are expected to remain strong until at least the end of the year, in one of the more upbeat assessments of global commodities demand from a big miner in years.

P19: Western Australia’s goldminers should be afraid. Very afraid.

 

The West Australian

Page 1: WA Liberals will consider the possibility of cutting financial ties with Canberra after members backed a secessionist push at the party's State conference yesterday.

P3: Badly behaved MPs could have their pay docked or face more sinbin time under a new crackdown on politicians who continually disrupt Federal Parliament.

P6: Legal experts have been left shaking their heads at a push by WA Liberals to pursue financial independence from Canberra, pointing out the Constitution demands all States be taxed equally.

Federal Finance Minister Mathias Cormann has urged other States to pursue “financial independence” from the Commonwealth after WA Liberals voted to advance plans for the State to cut purse strings from Canberra.

The WA Nationals are clinging to their independence, amid calls from the Liberal Party for a formal coalition.

P8: The nation’s biggest banks have thrown their support behind calls for GST reform but warned that any move to pursue a South Australian style bank tax would undermine push for change.

The business lobby has warned Treasurer Ben Wyatt against trying to rebuild the State’s finances in this Thursday’s Budget with new taxes or increased mining royalties.

P9: Builders and developers are gearing up to boycott construction work in Perth’s biggest council, as a dispute over access to street verges threatens to boil over.

P11: Lord Mayor Lisa Scaffidi faces possible fines, suspension or even disqualification from office for failing to declare thousands of dollars in gifts and travel under a long-awaited ruling to be handed down today.

P50: West Perth-based start-up Race Oncology, which is headed by the man who commercialised Betadine throat gargle, is about to commercialise a 30-year-old cancer drug that provides fresh hope for people running out of options. 

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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