08/09/2017 - 06:46

Morning Headlines

08/09/2017 - 06:46

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Morning Headlines

WA Labor tax grab hit on business

The nation’s biggest miners, BHP and Rio Tinto, are being targeted as part of a near $1 billion corporate tax grab and the major banks have been warned they could face a bank levy if the new West Australian government cannot pass its budget measures. The Fin

 

Billions moved to fund services and promises

State Labor has gutted the Royalties for Regions program, redirecting billions of dollars to the delivery of basic services and election promises in marginal seats. The West

 

Miners plan royalties fight

Mining industry players will meet this morning to plan a campaign to overturn the McGowan Government’s planned $120 million gold royalties hike. The West

 

Murdoch, Gordon blunders kill Ten bid

The list of strategic blunders committed by Bruce Gordon and Lachlan Murdoch in their quest for control of Ten Network Holdings is staggering. The Fin

 

Perth house prices tipped to recover

The West Australian government is predicting the state’s five-year property downturn is about to end. The Fin

 

Shorten’s power play debunked

Bill Shorten’s claim that the electricity crisis has been driven by privatisation has been dismissed by business leaders and energy experts, and prompted accusations from a former NSW Labor treasurer that the Opposition Leader is abandoning the Keating government reform agenda. The Aus

 

New gold levy will cost jobs: miners

Western Australia’s gold industry has warned of job losses and deep cuts in investment after the state government slugged it with a 50 per cent increase in royalties. The Aus

 

Tax windfall boosts budget bottom line

A company tax bonanza generated by soaring commodity prices may bring the 2016-17 federal budget deficit below $30 billion for the first time since the Coalition gained power in 2013. The Aus

 

Iron ore trio to feel worst of sting from payroll ‘tax grab’

Rio Tinto, BHP and Fortescue Metals Group will pay the lion’s share of the payroll tax hike unveiled in the Budget. The West

 

The Australian Financial Review

Page 1: The nation’s biggest miners, BHP and Rio Tinto, are being targeted as part of a near $1 billion corporate tax grab and the major banks have been warned they could face a bank levy if the new West Australian government cannot pass its budget measures.

Insurers are warning apartment owners in Australian buildings with cladding similar to that involved in London’s Grenfell Tower fire they may refuse insurance cover outright or make it too expensive because of the high safety risks.

The list of strategic blunders committed by Bruce Gordon and Lachlan Murdoch in their quest for control of Ten Network Holdings is staggering.

P6: A breakthrough on media reform could be achieved within days with Senate powerbroker Nick Xenophon and the Turnbull government locked in talks over giving handouts to regional publishers to protect journalists’ jobs.

P8: NSW has emerged as a possible bidder for the Liddell coal-fired power station should energy operators AGL opt to sell it.

P9: AGL Energy plans to convert its Liddell coal power station site into a clean energy facility – such as a wind, solar and battery farm – if it closes down the 46-year-old plant on schedule in 2022.

P12: The West Australian government is predicting the state’s five-year property downturn is about to end.

P19: WIN Corporation owner Bruce Gordon has been successful in delaying the second meeting of Network Ten creditors, which will vote on a CBS bid for the free-to-air broadcaster.

P20: Harvey Norman chairman Gerry Harvey says the furniture and homewares retailer will continue to pay the debts of failed franchisees, even though the 2017 accounts say it has no obligation to do so.

P22: Quintis has been named as the target of a shareholder class action brought by Bannister Law and funded by Just-Kapital, alleging that the company failed to meet its continuous disclosure obligations.

 

The Australian

Page 1: Bill Shorten’s claim that the electricity crisis has been driven by privatisation has been dismissed by business leaders and energy experts, and prompted accusations from a former NSW Labor treasurer that the Opposition Leader is abandoning the Keating government reform agenda.

The McGowan government in Western Australia has broken a key election promise by slugging more than 1000 companies with higher payroll taxes and imposing a royalty hike on goldminers, as part of a budget that forecasts an $11 billion debt blowout over the next four years.

Decades-old hardware and outdated management practices must be overhauled at the Bureau of Meteorology after extremely low temperature readings at two NSW sites were misreported, an expert review has found.

P2: A company tax bonanza generated by soaring commodity prices may bring the 2016-17 federal budget deficit below $30 billion for the first time since the Coalition gained power in 2013.
P4: Malcolm Turnbull is challenging Bill Shorten to declare his hand on the future of the Liddell coal-fired power station in the NSW Hunter Valley as new polling in the region shows majority support for coal.

P5: A new funding package targeted at small and regional news organisations could salvage the Turnbull government’s overhaul of media laws and drive the reforms through parliament next week.

P8: Western Australia’s gold industry has warned of job losses and deep cuts in investment after the state government slugged it with a 50 per cent increase in royalties.

P17: AGL Energy’s reliance on coal — rather than its widely proclaimed ambitions to exit the mineral by 2050 — have propelled a reassessment by investors, with a number of analysts upgrading their recommendations and target prices on expectations the out-of-favour generation business will be the biggest beneficiary of rising electricity prices.

P19: Global mall giant Westfield Corporation is teaming up with specialist apartment operator Greystar to launch its first residential tower in the US city of San Diego as it enters the build-to-rent sector.

 

The West Australian

Page 3: Premier Mark McGowan yesterday apologised for breaking a pre-election promise not to increase taxes as his Government handed down a debt-laden Budget that slugs gold producers and big employers in a bid to get the State’s finances back to surplus.

P4: The WA economy has bottomed out and is starting to recover, Treasury believes, releasing an upbeat assessment of the State that will benefit from a 20,000 increase in the number of people with a job.

P5: Sitting on the edge of the Tonkin Highway, Wyatt Road in Bayswater offers a litmus test for Treasurer Ben Wyatt’s first Budget.

Unions have turned on the Government over its unexpected cull of 3000 full-time equivalent positions from the public sector, labelling Labor’s “local jobs” mantra an empty slogan.

P6: The State Government wants to hit 50 gold producers with a royalties double whammy that opponents claim will hit investment and economic growth.

Rio Tinto, BHP and Fortescue Metals Group will pay the lion’s share of the payroll tax hike unveiled in the Budget.

P7: Projects in Labor’s flagship Metronet public transport program will begin as early as 2019 as part of a $1.34 billion investment over the next four years.

P10: State Labor has gutted the Royalties for Regions program, redirecting billions of dollars to the delivery of basic services and election promises in marginal seats.

State-owned businesses such as Western Power, Synergy and ports have been ordered to cough up almost $1 billion in extra cash to help the Government manage spiralling debt.

P12: An explosive claim that the besieged Australian Rugby Union leaked its confidential Alliance Agreement with RugbyWA to the rival Victorian Rugby Union will be examined by a Senate inquiry into the future of rugby union in Australia.

P14: WA Police appear to be losing hope of winning a 1.5 per cent pay rise after their union conceded this week that the State Government was unlikely to budge from its offer of a flat $1000 wage increase.

P45: Mining industry players will meet this morning to plan a campaign to overturn the McGowan Government’s planned $120 million gold royalties hike.

Five companies have expressed interest in potential deals following the circa $40 million collapse of contractor Brierty, according to administrators.

A class action on behalf of shareholders in the embattled sandalwood company Quintis has been filed in the Federal Court.

 

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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