02/10/2017 - 06:44

Morning Headlines

02/10/2017 - 06:44

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Morning Headlines

No ‘Plan B’ if tax fails: Wyatt

WA Treasurer Ben Wyatt has heaped pressure on the Upper House MPs who will decide the fate of his gold royalty and payroll tax hikes, saying there was no “Plan B” for revenue so failure to pass the measures would mean State debt will balloon. The West

 

Big four reaping billions in fees

The big four Australian banks are skimming billions of dollars off customers via hidden foreign exchange charges at up to 30 times the rate of US, British and German banks, as part of a growing fee bonanza that dwarfs their losses from abolishing ATM fees. The Aus

 

Laws leave tourism operators up the creek

Almost one-third of Perth hotel rooms are vacant each night — the lowest occupancy rate in the nation — and fewer Australians are heading west for business or holidays, but tourist operator Gordon McKercher is a determined optimist. The Aus

 

Jobs ‘still at risk’ despite gas plan

International chemical industry investors have warned the gas supply deal does not address the soaring prices that are putting tens of thousands of jobs at risk and are calling for a national energy policy that would help open up onshore gas in Victoria and NSW. The Fin

 

Tesla’s SA battery bet odds favourable

The clock has begun ticking on Elon Musk’s audacious bet that his Tesla electric vehicle and battery company can build a 100-megawatt battery in South Australia in 100 days or the $US50 million ($63 million) unit comes free of charge. The Fin

 

Wyatt uses levy as GST bargaining tool

Treasurer Ben Wyatt has warned he will introduce a bank tax in WA if the Turnbull Government fails to deliver GST “justice” in its Productivity Commission review. The West

 

Banks want leash on APRA’s new powers

Banks want more stringent checks and balances placed on the prudential regulator to make sure it doesn’t abuse new powers granted by the government’s regime to improve executive accountability. The Fin

 

Mining’s digging itself out of a hole

Australia’s mining and engineering contractors are on the cusp of a sustained upwards surge reminiscent of that seen during the last mining boom. The Aus

 

Another local firm loses out on a contract

A Perth hospitality company has lost out to a French-owned business in pursuit of a $3 million Perth Stadium contract. The West

 

The Australian Financial Review

Page 1: International chemical industry investors have warned the gas supply deal does not address the soaring prices that are putting tens of thousands of jobs at risk and are calling for a national energy policy that would help open up onshore gas in Victoria and NSW.

P3: The Fair Work Commission has axed Pizza Hut’s national workplace agreements at the behest of the retail workers’ union, in a shock decision that could increase labour costs for the struggling franchise by millions of dollars a year, effective immediately.

P4: The clock has begun ticking on Elon Musk’s audacious bet that his Tesla electric vehicle and battery company can build a 100-megawatt battery in South Australia in 100 days or the $US50 million ($63 million) unit comes free of charge.

P5: The Turnbull government has backed a plan to reduce GST payments to states such as Victoria and NSW that block coal seam gas extraction in a move designed to help resolve the east coast gas crisis.

P8: Immigration Minister Peter Dutton will visit Washington this week on a mission to strengthen ties beyond President Donald Trump’s inner sanctum, just days after he reopened controversy over the refugeeswap deal struck with the US.

Aggressive rhetoric from US President Donald Trump has helped sway the Chinese over their approach to North Korea, according to Foreign Minister Julie Bishop, who nonetheless welcomed indications over the weekend the United States was seeking direct contact with the rogue regime.

P13: Banks want more stringent checks and balances placed on the prudential regulator to make sure it doesn’t abuse new powers granted by the government’s regime to improve executive accountability.

P16: The boss of one of the country’s biggest superannuation funds, QSuper, says a ‘‘more sophisticated measure’’ for fund comparison must be introduced, as fears mount that cost-conscious fund members will switch to inferior products under the corporate watchdog’s new fee disclosure regime.

 

The Australian

Page 1: The big four Australian banks are skimming billions of dollars off customers via hidden foreign exchange charges at up to 30 times the rate of US, British and German banks, as part of a growing fee bonanza that dwarfs their losses from abolishing ATM fees.

A Labor senator who is opposed to same-sex marriage says she has been urged by senior MPs and members of the ALP’s organisational wing to pretend to be in favour of changing the Marriage Act.

P2: A push by Labor to engage directly with Beijing’s “One Belt, One Road” strategy by signing up to joint infrastructure projects in Australia’s north has been branded as a “bizarre” move that ignores national security issues and would deepen Australia’s dependence on China.

P3: Miner and philanthropist Andrew Forrest is urging federal, state and territory health ministers to back a plan to lift the age at which Australians can legally buy tobacco from 18 to 21.

The federal opposition’s push to force the National Broadband Network to disclose its secret database of nationwide peak internet speeds has stalled because it has failed to pay an $82 fee.

P5: Almost one-third of Perth hotel rooms are vacant each night — the lowest occupancy rate in the nation — and fewer Australians are heading west for business or holidays, but tourist operator Gordon McKercher is a determined optimist.

P17: Retail billionaire Solomon Lew’s private clothing companies and his ASX-listed Premier Investments supply just over $200 million of apparel to department store Myer, and this could be motivating the stoush with the department store.

Australia’s mining and engineering contractors are on the cusp of a sustained upwards surge reminiscent of that seen during the last mining boom.

P18: A gold rush in Western Australia’s Pilbara has created more than a billion dollars of value in a matter of weeks, but the region’s biggest tenement holder is in no hurry to join in the frenzy.
P20: Frank Wilson, the founder, former managing director and a major shareholder of troubled sandalwood company Quintis, has accused the board of “blameshifting” and trying to make him a “scapegoat” for its continuing woes.

 

The West Australian

Page 1: Treasurer Ben Wyatt has warned he will introduce a bank tax in WA if the Turnbull Government fails to deliver GST “justice” in its Productivity Commission review.

P3: Two experienced State Government MPs have declared their innocence in a spy saga that has WA Labor turning on itself.

P4: A Perth hospitality company has lost out to a Frenchowned business in pursuit of a $3 million Perth Stadium contract.

P11: Perth Zoo’s last remaining lion has received a belated 18th birthday present — a new $1.6 million enclosure.

P12: A former WA Liberal leader has called into question the validity of council elections after hundreds of ballot papers were mistakenly sent to voters in the wrong local government area.

P50: WA Treasurer Ben Wyatt has heaped pressure on the Upper House MPs who will decide the fate of his gold royalty and payroll tax hikes, saying there was no “Plan B” for revenue so failure to pass the measures would mean State debt will balloon.

At Friday’s bell for three-quarter time in the 2017 trading year, the grinding tussle on the Australian sharemarket ended with bulls on the retreat and the S&PASX 200 index marginally above break-even.

If you pay attention to the State’s gold miners, you will soon start thinking it’s only by sheer dumb luck that anyone is able to make a buck in the bullion game.

The Australian share market is expected to open slightly higher today after gains in the US and European markets on Friday.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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