Morning Headlines

Morrison’s new growth agenda

Australia needs to reboot its approach to health, education, and Federation and to enhance the liveability of its cities if it is to improve standards of living over future decades, a major new Productivity Commission report recommends. The Fin

Dockers fans score best deal

West Coast Eagles members will be asked to pay 56 per cent more than their Fremantle Dockers counterparts for the cheapest seats at Perth Stadium. The West

Frazer, Welborn settle up

An acrimonious public standoff between Resolute Mining chief executive John Welborn and prominent stockbroker Andrew Frazer has been quietly settled, with shareholders none the wiser about what has gone on. The West

‘Untenable’: ABCC legal counsel quits

A former adviser to Employment Minister Michaelia Cash advised on the legal case that led to building watchdog head Nigel Hadgkiss’ resignation to the apparent exclusion of the head of legal at the Australian Building and Construction Commission. The Fin

ALP’s $200 power bill shock

Labor’s policy of a 50 per cent renewable energy target by 2030 would require the closure of 75 per cent of existing coal-fired power in Australia and add almost $200 a year to the average household energy bill, according to analysis of modelling commissioned by the Climate Change Authority. The Aus

Trio in play for Perth deputy

A brawl exposing fresh divisions in the City of Perth is set to play out tonight, with as many as three councillors considering running for the deputy lord mayor’s position. The West

WA Lib defector plans tilt at Joyce NSW seat

WA Liberal defector Ian Britza is planning a cross-Nullarbor raid on Deputy Prime Minister Barnaby Joyce’s regional NSW seat as the Nationals leader stares down the barrel of a potentially bruising by-election. The West

APRA pledges to keep brakes on investors

The prudential regulator says it will keep its caps on loans to property investors in place until household debt levels stabilise, and has urged smaller lenders to cut costs in order to compete with larger banks. The Fin

Big banks face $100m blow as ANZ confesses

Australia’s big banks are nearing a deal that could trigger more than $100 million in penalties — the nation’s biggest corporate payout — after ANZ yesterday admitted wrongdoing to settle landmark legal action over the rigging of interest rates to inflate profits. The Aus

Chinese entrench iron ore discount

The looming season of weaker iron ore demand from China will only further entrench the wide discount between high-grade and low-grade materials, Rio Tinto iron ore chief executive Chris Salisbury has said. The Aus

The Australian Financial Review

Page 1: Australia needs to reboot its approach to health, education, and Federation and to enhance the liveability of its cities if it is to improve standards of living over future decades, a major new Productivity Commission report recommends.

Outgoing chairman of the Australian Securities and Investments Commission Greg Medcraft has claimed vindication in his fight against the banks for allegedly rigging the bank bill swap rate (BBSW), after ANZ Banking Group agreed to an estimated $50 million fine and National Australia Bank appears set to settle the case.

P2: Australia may be at risk of a new ‘‘lost generation’’ of workers with the latest census data showing the brunt of declines in the labour market since the end of the mining boom have fallen on the nation’s youngest workers.

P3: The federal government is committed to selling the NBN once it is fully established despite Prime Minister Malcolm Turnbull casting doubt over whether the troubled project would ever be commercially viable.
P7: A 1000-page manual on future security arrangements for Parliament House has been lost, Senate estimates has heard, prompting questions about whether a $126 million security upgrade to the building has been compromised.

P9: A former adviser to Employment Minister Michaelia Cash advised on the legal case that led to building watchdog head Nigel Hadgkiss’ resignation to the apparent exclusion of the head of legal at the Australian Building and Construction Commission.

P13: The prudential regulator says it will keep its caps on loans to property investors in place until household debt levels stabilise, and has urged smaller lenders to cut costs in order to compete with larger banks.

Myer’s incoming chairman Garry Hounsell has hit the campaign trail in an attempt to pre-empt a strike by major shareholder Solomon Lew at the retailer’s annual meeting next month.

P17: Less than 20 per cent of Medibank Private customers would be likely to recommend the health insurer to a friend, the lowest of any insurance company in the country.

The Australian

Page 1: Labor’s policy of a 50 per cent renewable energy target by 2030 would require the closure of 75 per cent of existing coal-fired power in Australia and add almost $200 a year to the average household energy bill, according to analysis of modelling commissioned by the Climate Change Authority.

The federal government is exposed to a brutal revision of its $49 billion outlay on the National Broadband Network as the project’s commercial return sinks to dangerous lows amid a political storm over slow speeds for millions of customers.

Australia’s big banks are nearing a deal that could trigger more than $100 million in penalties — the nation’s biggest corporate payout — after ANZ yesterday admitted wrongdoing to settle landmark legal action over the rigging of interest rates to inflate profits.

Kevin Rudd has urged Labor to expel the militant Construction Forestry Mining and Energy Union from its ranks and warned that the party’s union-based factions are not only killing internal democracy but also stifling its policy development.

P5: A secret plan to merge the running of four of Queensland’s elite private schools by a church-run body is behind a widening scandal that has involved allegations of data theft, lewd texts and a string of high-profile resignations.

P6: In a Senate estimates hearing yesterday, Labor’s Kimberley Kitching questioned if the jetsetting minister had ignored Malcolm Turnbull’s ministerial standards when she travelled to Sydney this month for the premiere of Thor: Ragnarok.

P17: The competition regulator has buried Vodafone Australia’s bid to roam on Telstra’s regional mobile network for good, saying that “declaring” domestic roaming won’t fix the poor service received by consumers in rural Australia.

P20: The looming season of weaker iron ore demand from China will only further entrench the wide discount between high-grade and low-grade materials, Rio Tinto iron ore chief executive Chris Salisbury has said.

The West Australian

Page 3: The nation’s health system would be “rebooted” to put patients at the centre of healthcare and deliver Australia a $200 billion economic boost under a plan to be revealed today.

P4: A brawl exposing fresh divisions in the City of Perth is set to play out tonight, with as many as three councillors considering running for the deputy lord mayor’s position.

WA’s environmental watchdog is pushing for boosted State Government efforts to protect native vegetation, warning the current system fails to properly account for how much clearing is taking place.

P6: WA Liberal defector Ian Britza is planning a cross-Nullarbor raid on Deputy Prime Minister Barnaby Joyce’s regional NSW seat as the Nationals leader stares down the barrel of a potentially bruising by-election.

P8: There were two very different portraits of Perth vegetable grower Michael Le being painted in the District Court yesterday.

P9: West Coast Eagles members will be asked to pay 56 per cent more than their Fremantle Dockers counterparts for the cheapest seats at Perth Stadium.

P14: WA has had the biggest fall in manufacturing workers of any State or Territory, replaced by an army of baristas, fitness instructors and nurses.

P48: An acrimonious public standoff between Resolute Mining chief executive John Welborn and prominent stockbroker Andrew Frazer has been quietly settled, with shareholders none the wiser about what has gone on.

P49: Altech Chemicals is set to raise $20 million in a placement after being forced to more than treble the estimated capital costs for its proposed high-purity alumina project.