20/10/2017 - 06:42

Morning Headlines

20/10/2017 - 06:42

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Morning Headlines

Income tax rises to save budget

Personal income tax will hit a 20-year high of 12.5 per cent of GDP by 2020-21 under the budget forecasts as the government relies on bracket creep and an increase in the Medicare levy to return the budget to surplus. The Aus

 

Stevens warns on inflation risk

Former Reserve Bank of Australia governor Glenn Stevens says global investors have become complacent about the risks of a sharp rise in inflation that would have ‘‘considerable implications’’ for financial markets. The Fin

 

CFMEU ‘most recidivist’ offender in history: court

The Federal Circuit Court has blasted the Construction, Forestry, Mining and Energy Union as ‘‘the most recidivist corporate offender in Australian history’’, fining it more than $300,000 for its ‘‘abhorrent’’ actions at a major construction site and suggesting its threats amounted to criminal offences. The Fin

 

Racing boss’ $767,000 pay packet

WA’s highest-paid government employee, Racing and Wagering chief executive Richard Burt, collected a salary of almost $800,000 last year after a $70,000 pay rise. The West

 

Shadow banks warn on new APRA powers

New powers granted to APRA over non-bank lenders may lead to a wholesale lessening of competition as niche lenders are forced to scale back their activities and others consider exiting the sector altogether. The Fin

 

Coalition MPs edgy over ‘cap’ on carbon

Malcolm Turnbull’s new energy policy is fuelling anxiety among government MPs, who are likening it to a “cap and trade” carbon scheme and demanding that emissions reductions be delayed as long as possible to minimise costs. The Aus

 

NAB execs take aim at middle managers

National Australia Bank’s senior leadership team has targeted the group’s middle management for failing to “fill our people with excitement about the future” after NAB came up well short of its top-quartile objective for staff engagement. The Aus

 

WA renters get $18m assistance

West Australians are putting their hand out more than ever for help to pay rental bonds, with the State Government paying renters almost $18 million in assistance last financial year. The West

 

Giving a cause WA believes in

Telethon has helped transform WA into a giving community that is prepared to donate time and money for a cause it believes in, Seven West Media chairman Kerry Stokes says. The West

 

The Australian Financial Review

Page 1: Former Reserve Bank of Australia governor Glenn Stevens says global investors have become complacent about the risks of a sharp rise in inflation that would have ‘‘considerable implications’’ for financial markets.

P2: The Federal Circuit Court has blasted the Construction, Forestry, Mining and Energy Union as ‘‘the most recidivist corporate offender in Australian history’’, fining it more than $300,000 for its ‘‘abhorrent’’ actions at a major construction site and suggesting its threats amounted to criminal offences.

P5: Malcolm Turnbull says he would rather reach a deal with Labor over energy than fight because the public was ‘‘sick’’ of the endless squabbling which has been the hallmark of the policy area for more than a decade.

P8: The Turnbull government is scrambling to find fresh savings to plug a $2.8 billion hole in the budget after the Nick Xenophon Team said it would not back cuts to the higher education sector.

P12: Labor and Senate crossbenchers have rebuffed Immigration Minister Peter Dutton’s fresh efforts to salvage the introduction of new values-based citizenship requirements.

P15: New powers granted to APRA over non-bank lenders may lead to a wholesale lessening of competition as niche lenders are forced to scale back their activities and others consider exiting the sector altogether.

The chairman of Chinese lithium maker Tianqi Lithium Corporation has warned some lower quality producers will be ‘‘wiped out’’ over the next few years as new supply enters the market.

Class-action lawyers in the US have seized on fraud claims lodged against Rio Tinto this week, as Australian market regulators defended their relative inaction over the miner’s accounting of a coal impairment.

 

The Australian

Page 1: New Zealand’s socialist-leaning Jacinda Ardern will form a Labour-led coalition government after veteran maverick and political chameleon Winston Peters rejected outgoing Prime Minister Bill English’s claim to have won a fresh centre-right mandate by outpolling Labour at last month’s election.

Malcolm Turnbull’s new energy policy is fuelling anxiety among government MPs, who are likening it to a “cap and trade” carbon scheme and demanding that emissions reductions be delayed as long as possible to minimise costs.

P4: Personal income tax will hit a 20-year high of 12.5 per cent of GDP by 2020-21 under the budget forecasts as the government relies on bracket creep and an increase in the Medicare levy to return the budget to surplus.

P6: A federal judge has branded the CFMEU “the most recidivist corporate offender in Australian history”, imposing maximum penalties of $306,000 over a heated clash between a former senior official and managers on a Brisbane building site.

P8: Aspiring candidates for Nick Xenophon’s SA Best party are being charged a minimum $20,000 upfront and non-refundable fee if they are chosen by the senator to run under his banner at the South Australian election.

P17: National Australia Bank’s senior leadership team has targeted the group’s middle management for failing to “fill our people with excitement about the future” after NAB came up well short of its top-quartile objective for staff engagement.

P19: Rio Tinto class actions have quickly been flagged in Australia and the US in response to this week’s explosive fraud charges levelled at the big miner, and its former chief executive Tom Albanese, over alleged inflation of the value of Mozambique coal assets.

 

The West Australian

Page 1: Perth houses are at their most affordable this century, with first-time buyers in a perfect position to lay claim to their slice of the city.

P3: WA’s highest-paid government employee, Racing and Wagering chief executive Richard Burt, collected a salary of almost $800,000 last year after a $70,000 pay rise.

P5: Telethon has helped transform WA into a giving community that is prepared to donate time and money for a cause it believes in, Seven West Media chairman Kerry Stokes says.

P6: West Australians are putting their hand out more than ever for help to pay rental bonds, with the State Government paying renters almost $18 million in assistance last financial year.
P14: Foreign Minister Julie Bishop faces a tricky task to rebuild relationships with incoming New Zealand Prime Minister Jacinda Ardern after accusing New Zealand Labour in August of trying to undermine the Australian Government.

P17: The best performance by the nation’s jobs market on record has pushed the unemployment rate to its lowest level in four years and lifted expectations a long-awaited wage increase will soon flow to workers.

P22: The last Australian-made cars are due to roll off Holden’s Elizabeth production line today.

P51: HBF chief John Van Der Wielen has ruled out a demutualisation but given the clearest sign yet acquisitions will figure prominently in his tenure at WA’s biggest private health insurer.
Prominent Perth lawyer and one-time MasterChef contestant John Poulsen is retiring to pursue new challenges.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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