06/12/2017 - 07:01

Morning Headlines

06/12/2017 - 07:01

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Morning Headlines

Fat cat cull

More than 100 highly-paid bureaucrats will be bundled out of their positions by the end of March as the State Government today begins a new wave of public sector reforms. The West

Bank probe ‘threat to the system’

The banking royal commission threatens the safety of deposits because it could dampen the ability of lenders to rely on strong contracts to enforce their security, David Murray, the chairman of the 2014 financial system inquiry, has argued. The Fin

Green light for Scarbs footbridge

Main Roads has given Iconic Scarborough developer 3 Oceans Property in-principle approval for a West Coast Highway pedestrian bridge, now thought to be a crucial component of the $450 million plan. The West

‘Patchy’ Amazon a reprieve for retailers

Retailers are breathing a sigh of relief after an underwhelming reaction to Amazon’s long-awaited launch into the $300 billion retail market and new figures showing a much-needed pickup in consumer spending. The Fin

CSL bets $1b on new heart, transplant drugs

Blood products giant CSL plans to spend $1 billion proving up potential blockbuster drugs to prevent deadly second heart attacks and costly organ transplant rejection over the next five years. The Fin

Hospital surge for private surgery

The number of privately insured patients having elective surgery in public hospitals is rising faster than the number of uninsured patients drawn from the same waiting lists, according to data from the Australian Institute of Health and Welfare. The Aus

Indigenous partners in liquid gold

A new sandalwood oil distilling plant opened in the Goldfields yesterday, the start of an ambitious project to take wild sandalwood from the Gibson Desert to the world’s best perfume houses. The West

 

 

The Australian Financial Review

Page 1: The banking royal commission threatens the safety of deposits because it could dampen the ability of lenders to rely on strong contracts to enforce their security, David Murray, the chairman of the 2014 financial system inquiry, has argued.

Page 3: Ahmed Fahour is facing serious questions over whether he misled a Senate committee about his role in shutting down an Australia Post workers’ compensation reform plan in response to threats from powerful union boss Jim Metcher.

Page 4: The Reserve Bank of Australia is sounding increasingly confident falling unemployment is starting to create shortages of skilled workers that should ultimately force companies into paying higher wages – a key trigger for official interest rate hikes.

Page 5: Retailers are breathing a sigh of relief after an underwhelming reaction to Amazon’s long-awaited launch into the $300 billion retail market and new figures showing a much-needed pickup in consumer spending.

Page 15: Blood products giant CSL plans to spend $1 billion proving up potential blockbuster drugs to prevent deadly second heart attacks and costly organ transplant rejection over the next five years.

BHP Billiton chief Andrew Mackenzie says his company has made a ‘‘phenomenal’’ contribution to Australia and is likely to invest more here if the government follows Donald Trump’s example and cuts the corporate tax rate.

AWE shareholders have been left frustrated after would-be bidder China Energy Reserve and Chemical Group swiftly dropped its $430 million takeover approach after a cool reception by the target’s board, sending the share price into a tailspin.

Page 17: South32 has told investors the mining company will reduce capital expenditure at its Illawarra Metallurgical Coal business in New South Wales where it has forecast a big drop in production this year.

 

 

The Australian

Page 4: Tax Commissioner Chris Jordan says wage earners are overstating their work tax deductions by billions of dollars and 900 “random audits” over the past two years revealed tax agents are at the root of the problem.

Page 8: The number of privately insured patients having elective surgery in public hospitals is rising faster than the number of uninsured patients drawn from the same waiting lists, according to data from the Australian Institute of Health and Welfare.

Page 17: Credit Suisse chairman John O’Sullivan admits it has been a “bruising year” for him, having to withdraw at the last minute from the selection process to head corporate regulator ASIC after political attacks because of his closeness to Malcolm Turnbull.

Page 18: The Commonwealth Bank could be inching forward on a Colonial First State Global Asset Management float, with meetings held in the past week with major fund managers overseas.

Page 19: Qantas aspirations to fly direct from eastern Australian cities to New York and London has received a boost with American giant Boeing yesterday declaring it was pretty close to making a jet that could do that.

Page 20: Australia’s uranium plays are increasingly hopeful that the beleaguered market has finally turned for the better after the second major cut to international uranium supply in the space of a month.

Increased renewable power will require more steel, copper and other mined resources than fossil fuel or uranium plants, warns BHP Billiton chief executive Andrew Mackenzie.

Page 21: The banking sector’s profit surged 30 per cent last year to $36 billion, according to the latest quarterly data from the Australian Prudential Regulation Authority.

 

 

The West Australian

Page 1: More than 100 highly-paid bureaucrats will be bundled out of their positions by the end of March as the State Government today begins a new wave of public sector reforms.

Page 3: Main Roads has given Iconic Scarborough developer 3 Oceans Property in-principle approval for a West Coast Highway pedestrian bridge, now thought to be a crucial component of the $450 million plan.

Page 7: An eleventh-hour attempt by former leader Tony Abbott to derail the same-sex marriage legislation has been shot down in the coalition party room.

Page 11: Homebuyers may not have an interest rate rise until 2019 after the Reserve Bank signalled it would wait until it had firm evidence that workers were getting pay rises to offset their rising debts.

Page 18: Police Commissioner Chris Dawson has reshuffled his executive command team on top of announcing major changes to metropolitan policing and the need to find $250 million in budget savings.

Page 19: Midland train station will be demolished and could be replaced by a multistorey development as part of plans to extend the railway line to Bellevue.

Page 21: The history of the WACA Ground will be celebrated with a contemporary twist when it hosts its last Ashes Test match next week.

The numbers are mindboggling. Perth’s newest, biggest pub — The Camfield at Perth Stadium — will serve 4000 meals and pour 5000 litres of beer a day.

Business: A new sandalwood oil distilling plant opened in the Goldfields yesterday, the start of an ambitious project to take wild sandalwood from the Gibson Desert to the world’s best perfume houses.

Aboriginal Affairs Minister Ben Wyatt says he is “positive and confident” that a dispute between Fortescue Metals Group and the Yindjibarndi people over native title in the Pilbara can be resolved before an appeal hearing.

The long-running $14.5 million-plus restoration of the Dalgety & Co building in Fremantle’s West End is nearing the finish line.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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