Morning Headlines

Joyce clings to power as Nats dissent grows

Barnaby Joyce loyalists believe he can still stare down the threat to his leadership despite the Nationals’ WA leader stoking the controversy by urging him to step down because he was damaging the party’s brand. The Fin

Royalties for Regions 'drained' Budget

The $1 billion funding system that turned former Nationals leader Brendon Grylls into a hero of the bush has been ridiculed by the special inquiry into government programs and projects. The West

Barnett ‘ignored Treasury’ to spend billions

The Barnett government consistently ignored Treasury warnings about excessive spending and looming revenue shortfalls even as it oversaw a multi-billion-dollar blowout in debt and deficits, a major inquiry into Western Australia’s fiscal crisis has found. The Aus

Trump cuts boost wages: key adviser

As Prime Minister Malcolm Turnbull prepares to meet Mr Trump on Friday and tout US corporate tax reform as a model for Australia, the chairman of the Council of Economic Advisers, Kevin Hassett, told The Australian Financial Review that capital was highly mobile so it was important to make America’s tax code globally competitive. The Fin

Big employers pile on the pressure over company tax

Australia’s second largest employer, Woolworths, has joined a national campaign by retailers to pressure the Senate crossbench to back the government’s company tax cut plan, warning that jobs and wage growth are at stake with the sector now facing the lowest retail sales growth in 50 years. The Aus

Eagles fans up in air on view

Thousands of West Coast fans still do not know if they will get a seat at Perth’s $1.5 billion Optus Stadium because of issues caused by a higher than expected number of restricted viewing seats. The West

$140b mortgage storm brews

More than $140 billion in interest-only mortgages could mature this year, sending a shockwave through the Australian financial system, according to a new analysis. The West

The Australian Financial Review

Page 1: As Prime Minister Malcolm Turnbull prepares to meet Mr Trump on Friday and tout US corporate tax reform as a model for Australia, the chairman of the Council of Economic Advisers, Kevin Hassett, told The Australian Financial Review that capital was highly mobile so it was important to make America’s tax code globally competitive.

BHP has sought to smooth over a weaker-than-expected half-year profit with a bumper dividend and a promise that its productivity drive will resume in earnest after stuttering over the past six months.

Page 3: Google commits to $1.2trn automation boost Workers at greatest risk of losing their jobs to automation include hundreds of thousands of professional drivers and those who perform routine and predictable office tasks, Google warns.

The Reserve Bank of Australia has hit back at catastrophist warnings about the ability of debt-laden households to weather higher interest rates, expressing renewed optimism that wages growth will gradually firm and renew consumer spending appetites.

Page 4: Barnaby Joyce loyalists believe he can still stare down the threat to his leadership despite the Nationals’ WA leader stoking the controversy by urging him to step down because he was damaging the party’s brand.

Page 9: Consulting contracts worth $200 million ‘‘magically disappeared’’ from a federal database after an audit report highlighted alarming growth in the use of external advisory firms throughout the public service.

Page 10: The tax agent who advised a man to claim his 7-year-old son as a work expense has struck again. This time, David McNeice acted for builder Seppo Kael, who sought to claim nearly $10,000 in overtime meal expenses.

Page 11: Economy-class airfares for flying around Australia have surged to their highest levels in nine years as airlines tighten fare conditions and absorb profits, signalling an era of cheap flights is well and truly over.

Page 15: Seven Group Holdings will continue to focus on industrial services and energy under chief executive Ryan Stokes, as he moves out of the shadow of his father Kerry and his legacy media interests.

Page 17: Oil Search takes new role as PNG plant grows Papua New Guinea-focused Oil Search has lifted the lid on a keenly awaited LNG expansion that will more than double the country’s capacity to produce a fuel that is in big demand in Asia.

The Australian

Page 4: Australia’s second largest employer, Woolworths, has joined a national campaign by retailers to pressure the Senate crossbench to back the government’s company tax cut plan, warning that jobs and wage growth are at stake with the sector now facing the lowest retail sales growth in 50 years.

Page 5: Labor’s left faction is pushing to increase taxes on the wealthy, boost union power in workplaces and abandon support for offshore processing of refugees and boat turnbacks in the lead-up to the party’s national conference in July.

Page 8: The Barnett government consistently ignored Treasury warnings about excessive spending and looming revenue shortfalls even as it oversaw a multi-billion-dollar blowout in debt and deficits, a major inquiry into Western Australia’s fiscal crisis has found.

Page 17: The former boss of collapsed retailer Dick Smith, Nick Abboud, is among parties being sounded out to take the top job at Myer.

Page 18: The major shareholders of Krispy Kreme Australia, RAMS founder John Kinghorn and John McGuigan, will pocket about $150 million from the sale of the business back to its US parent company.
Page 20: BHP chief executive Andrew Mackenzie has poured cold water on the latest analysis from rebel shareholder Elliott Management, describing Elliott’s plan to collapse BHP’s dual-listed structure as “a very risky venture indeed”.

Page 22: The world’s biggest mining companies are again poised to shower investors with billions and make deals, a turnaround fuelled by the global economy’s renewed appetite for raw materials and the burgeoning electric-vehicle market.

The West Australian

Page 4: A probe into past State projects has alerted the Corruption and Crime Commission to its damning findings into the Barnett government’s 11th-hour decision to sponsor now-defunct rugby team Western Force.

Page 5: Special inquirer John Langoulant says WA needs to rebuild the State public service to offer politicians better advice, making a series of recommendations to strengthen the bureaucracy.

Page 6: The $1 billion funding system that turned former Nationals leader Brendon Grylls into a hero of the bush has been ridiculed by the special inquiry into government programs and projects.

Optus Stadium will cost the State Government and taxpayers at least $1.8 billion — almost double the original budget put forward by former premier Colin Barnett.

Page 10: Thousands of West Coast fans still do not know if they will get a seat at Perth’s $1.5 billion Optus Stadium because of issues caused by a higher than expected number of restricted viewing seats.

Page 16: The former City of Perth acting lord mayor has played down claims of a secret three-month probe into the council’s chief executive, saying she had only sought legal advice over allegations against him.

Business: The almost 40,000-tonne Ocean Monarch drilling rig owned by Texas-based Diamond Offshore has been parked off the Perth coast for about three months undergoing maintenance work.

Contractors Monadelphous Group and NRW Holdings have seen revenue and profits surge as resources work continues to ramp up.

More than $140 billion in interest-only mortgages could mature this year, sending a shockwave through the Australian financial system, according to a new analysis.