Morning Headlines

$1b GST windfall to boost Budget

WA is in line for a $1 billion boost to Treasury coffers next year as the State’s GST share continues to recover and the size of the national revenue pool grows above expectations. The West

US and China trade fight set to escalate

The Trump administration on Wednesday ‘‘proposed’’ 1300 Chinese items, chiefly in the advanced technology and heavy industry sectors, to be slugged by US tariffs that will target $US50 billion ($65 billion) of goods. The Fin

Di Natale sides with Abbott on migrants

Richard Di Natale has backed Tony Abbott’s call for a discussion on reducing Australia’s migrant intake, with the Greens leader rejecting the argument a growing population is an important driver of economic growth. The Aus

Santos suitor could offload key gas assets

Santos’ US suitor could resort to divestments of key gas production assets in the Cooper Basin and Western Australia in order to secure foreign investment clearance for its $13.5 billion takeover bid, according to investors and analysts. The Fin

APRA targets banker bonuses

The prudential regulator has told bank boards to defer and withhold bonuses from executives whose divisions take excessive risk or engage in misconduct after it found senior bankers were not being punished for bad behaviour as much as they were being rewarded for growing profits. The Fin

Melon restart angers farmers

Rockmelon growers are outraged by a regulator’s approval for the NSW farm at the centre of the deadly listeria problem to start selling its fruit again this week, without explaining the cause of the outbreak. The West

Austrac open to settlement on CBA breach

The chief executive of the antimoney-laundering regulator Austrac, Nicole Rose, says she is open to a settlement with the Commonwealth Bank over allegations it breached the law more than 50,000 times. The Aus

Alinta’s $1bn bid for coal power station

Alinta Energy has flagged a $1 billion offer to take control of the Liddell power station as AGL faces mounting political pressure to sell the ageing coal-fired plant in NSW to extend its life by up to seven years. The Aus

FMG chief rules out big acquisitions for growth

Fortescue Metals Group boss Elizabeth Gaines has ruled out big acquisitions as the iron ore miner looks to diversify its operations, saying the company favoured lower-cost growth opportunities. The West

The Australian Financial Review

AFR Summit Page 1: The prudential regulator has told bank boards to defer and withhold bonuses from executives whose divisions take excessive risk or engage in misconduct after it found senior bankers were not being punished for bad behaviour as much as they were being rewarded for growing profits.

Page 3: Australia’s largest travel agency Flight Centre has been fined $12.5 million for trying to get three international airlines to enter into price-fixing arrangements between 2005 and 2009.

Page 5: A multimillion-dollar fight between top-tier law firm Herbert Smith Freehills and its former client United Petroleum will go back to court next Monday after the law firm and the petrol retailer failed to reach a settlement.

Page 6: Treasurer Scott Morrison has blasted a call by Coalition MPs for the government to build a coal-fired power station, saying it would not provide cheap electricity as claimed, but power that could be twice as expensive.

Page 8: NBN Co chief executive Bill Morrow is planning his next career move after making the decision he will leave the government-owned business at the end of 2018, two years before his contract runs out.

Page 9: The British government is trying to entice Australian superannuation funds to invest in Britain, saying the country will continue to be an attractive destination for foreign capital in the post-Brexit world.

Page 11: The Trump administration on Wednesday ‘‘proposed’’ 1300 Chinese items, chiefly in the advanced technology and heavy industry sectors, to be slugged by US tariffs that will target $US50 billion ($65 billion) of goods.

Page 15: High-flying listed ‘‘buy now, pay later’’ finance company Afterpay has been forced to change its processes following a sensational report by governance firm Ownership Matters that detailed how minors could use the payments to buy up to $300 of alcohol while an account registered to Mickey Mouse spent $250 on wine and other goods.

CHAMP Private Equity has done a $1 billion deal to sell Accolade Wines – the biggest producer of Australian wine and owner of wine labels including Hardys and Grant Burge – to global buyout firm The Carlyle Group.

Page 17: Santos’ US suitor could resort to divestments of key gas production assets in the Cooper Basin and Western Australia in order to secure foreign investment clearance for its $13.5 billion takeover bid, according to investors and analysts.

Page 24: BHP chief executive Andrew Mackenzie has been assured by new South Australian Premier Steven Marshall that power costs will come down in South Australia, amid number-crunching on a potential $2.7 billion-plus expansion of the Olympic Dam mine.

The Australian

Page 1: Alinta Energy has flagged a $1 billion offer to take control of the Liddell power station as AGL faces mounting political pressure to sell the ageing coal-fired plant in NSW to extend its life by up to seven years.

NBN Co boss Bill Morrow has engineered a near-seamless exit from the National Broadband Network two years before the network is fully rolled out, having pocketed more than $13 million during the course of his five year tenure.

Greens leader Richard Di Natale’s policy to abolish all existing welfare and introduce a “universal basic income” — a nonmeans-tested payment to all citizens — would require federal public spending to rise by $254 billion a year, or by almost 55 per cent.

Page 2: While economists suggested an influx of Chinese tourists celebrating the early lunar new year may have helped, the 0.6 per cent lift in retail sales in February was consistent with the Reserve Bank’s impression that household consumption is improving.

Kim Beazley will be able to top up his $450,000 base salary as Western Australia’s new governor with 50 per cent of the lucrative parliamentary pension he is entitled to receive after serving 27 years in federal politics.

Lottoland is offering newsagents a commission on the profits of every bet they refer to the company, following the federal government’s announcement it will move to ban punters betting on the outcome of lotteries or Keno.

Page 8: Richard Di Natale has backed Tony Abbott’s call for a discussion on reducing Australia’s migrant intake, with the Greens leader rejecting the argument a growing population is an important driver of economic growth.

Page 19: Spotify roared on to the public market as the music streaming giant pulled off an unusual method of going public.

Page 20: The chief executive of the antimoney-laundering regulator Austrac, Nicole Rose, says she is open to a settlement with the Commonwealth Bank over allegations it breached the law more than 50,000 times.

Page 21: Real estate investment firm Qualitas has unveiled one of the country’s largest-ever industrial portfolio deals, snapping up the Allied Pinnacle property portfolio in a sale and lease-back deal worth about $400 million.

The West Australian

Page 1: WA has become Australia’s “ice State” with wastewater tests revealing the west has the highest level of methamphetamine drug use in the country — and the problem is getting worse.

Page 4: WA is in line for a $1 billion boost to Treasury coffers next year as the State’s GST share continues to recover and the size of the national revenue pool grows above expectations.

The Federal Government has appointed a corporate heavy hitter to sort out a dispute between Austal and German shipbuilder Lurssen over the $3.6 billion offshore patrol boat contract, only months after Austal’s surprise inclusion in the tender.

Edith Cowan University will lead the training of the next generation of Australia’s online security experts, with the Federal Government to launch its $140 million cybersecurity research centre today.

Page 5: A jailhouse letter from WA entrepreneur turned multimillion-dollar fraudster Darcy Wedd reveals how a dazzling career turned into a nightmare of booze, drugs and depression — with the finale a 10-year jail term for his part in stealing more than $196 million from mobile phone customers across the US.

Page 6: Cottesloe council has approved $250,000 of work on its ocean pylon.

Page 16: WA’s consumer watchdog is investigating the sudden closure of a Perth auction house that has left some sellers thousands of dollars out of pocket.

Business: Rockmelon growers are outraged by a regulator’s approval for the NSW farm at the centre of the deadly listeria problem to start selling its fruit again this week, without explaining the cause of the outbreak.

Collie miner Premier Coal’s losses more than trebled last year on the back of an “extremely challenging” supply market.

Japanese conglomerate Mitsui & Co is set to become a major player in WA gas production after gaining majority control of producer AWE.

New Fortescue Metals Group boss Elizabeth Gaines has ruled out big acquisitions as the iron ore miner looks to diversify its operations, saying the company favoured lower-cost growth opportunities.

A rig has arrived off the North West to drill the first of two wells for Quadrant Energy which potential investors will monitor closely in coming months.