Morning Headlines

Thursday, 12 April, 2018 - 06:22

First rent rise in Perth for five years

Perth is still the cheapest capital city to rent a home in Australia, despite the first rental price rise since 2013. The West

Atlas facing wipe-out: MinRes

Mineral Resources managing director Chris Ellison says rebel shareholders in Atlas Iron face being wiped out if they block his company’s $280 million takeover bid. The Aus

Minister tells energy bosses to lower prices

Energy Minister Josh Frydenberg has told power retailers to lower prices, claiming measures the government has already taken, such as increasing the supply of gas for domestic use, has dropped the wholesale power price by 20 per cent. The Fin

$28b of WA GST lost to east

By next year, $28.6 billion of GST collected in WA will have been used to prop up laggard economies on the east coast, according to research. The West

China relations strained: Costello

Australian business leaders have questioned the Turnbull government’s approach to China after its snub of a major economic forum, as former treasurer Peter Costello warns that the relationship between the two countries is “strained”. The Aus

Libs fight bid to scrap tax exemption

Moves by the McGowan Government to raise almost $100 million by clamping down on “abuse” of a payroll tax carve-out are likely to pass Parliament despite Opposition vows to block it. The West

Kaufland could shake up grocery sector

Woolworths, Coles and Metcash will face a new wave of disruption when German discounter Kaufland opens its first stores in 2019. The Fin

Shorten backs Byford rail extension

Labor’s five-day cash splash in WA continues this morning, with Federal Opposition Leader Bill Shorten to announce funding for the $291 million extension of the Armadale train line to Byford. The West

ACTU bid for 1970s-style IR

Federal Labor will come under union pressure to change laws to allow workers to take legal strike action in support of sector-wide pay claims, as ACTU secretary Sally McManus declared that “enterprise-only bargaining” had failed to deliver for workers. The Aus

State rejects GM compo call

The WA agriculture department has come out against a compensation mechanism for farmers who suffer financial loss if their crops are contaminated by genetically modified material. The West

 

 

The Australian Financial Review

Page 1: The strike force set up to investigate alleged contractor fraud at NAB has turned to the assets of those involved, and a spending spree of more than $10 million in prestige properties has caught the attention of investigators as NSW police tighten the dragnet.

Foreign banks and other financial services firms will be able to own majority stakes in Chinese banks, asset management firms and funds within months under long-awaited plans by Beijing to open up the country’s financial institutions to offshore investors.

Page 3: Opposition Leader Bill Shorten has confirmed he is weighing up switching to a safer seat carved out of his existing electorate following sweeping boundary changes in Victoria.

The Australian government sent a high-level delegation to the Solomon Islands this week to confirm its commitment to build an undersea internet cable between the two countries, as Canberra looks to counter the rising influence of China in the Pacific.

Page 4: Energy Minister Josh Frydenberg has told power retailers to lower prices, claiming measures the government has already taken, such as increasing the supply of gas for domestic use, has dropped the wholesale power price by 20 per cent.

Page 8: More than 60 data breaches have been reported in the first six weeks of the country’s new Notifiable Data Breach (NDB) scheme, with healthcare providers making up almost a quarter of the mandatory notifications.

Page 10: The federal higher education accreditation body classed Chartered Accountants ANZ as a financial risk after the professional body made two years of consecutive losses, and gave it an adverse rating over errors it made in the reporting of student data.

Page 11: Cult kitchen appliance maker Thermomix will pay a $4.6 million fine after a court found it misled consumers about the safety risks of its TM31 kitchen appliances.

Page 13: The tourism industry is set to shake off its ‘‘poor cousin’’ tag after a new report shows it will create more jobs than manufacturing by 2025.

Page 17: Afterpay will introduce tougher identity checks for new customers and cap late fees, a response to market concerns that the fast-growing payments company isn’t doing enough to stop fraud and ensure it is lending responsibly.

Page 19: Fortescue Metals chief executive Elizabeth Gaines has called on Australia to embrace China’s Belt and Road infrastructure initiative, which is expected to drive demand for iron ore in future years, and says steel production in China is expected to remain flat this year.

Mining giant South32 has hit back at a Colombian court judgment that said its Cerro Matoso nickel mine had caused diseases including lung cancer, saying the court has reached its conclusion without sufficient technical and scientific support.

Page 22: Online retailer Kogan.com hopes to become one of the top three or four telcos in Australia within years after adding NBN internet services to its fast-growing mobile business.

Page 28: Woolworths, Coles and Metcash will face a new wave of disruption when German discounter Kaufland opens its first stores in 2019.

 

 

The Australian

Page 1: Federal Labor will come under union pressure to change laws to allow workers to take legal strike action in support of sector-wide pay claims, as ACTU secretary Sally McManus declared that “enterprise-only bargaining” had failed to deliver for workers.

Page 3: Glenn Withers, a professor of economics at Australian National University, said reducing the migrant intake by 30,000 a year would prompt “big economic losses” for the nation and Australians individually.

Page 6: Speaking in Perth yesterday, Philip Lowe also said it was unlikely official interest rates would rise from their record low level of 1.5 per cent until inflation began to rise above 2 per cent and the unemployment rate fell further.

Page 17: Australian business leaders have questioned the Turnbull government’s approach to China after its snub of a major economic forum, as former treasurer Peter Costello warns that the relationship between the two countries is “strained”.

Rio Tinto, Origin Energy and ConocoPhillips are among local companies scrambling to weigh the local impact of US sanctions against aluminium giant Rusal and other companies, as the impacts of the surprise measures ripple through global markets.

Page 19: Mineral Resources managing director Chris Ellison says rebel shareholders in Atlas Iron face being wiped out if they block his company’s $280 million takeover bid.

Mongolian anti-corruption authorities have arrested two former prime ministers over agreements with Rio Tinto in 2009 and 2015 that laid out conditions for the $US11 billion ($14.8bn) Oyu Tolgoi copper and gold mine in the South Gobi desert to be built.

Page 22: West Australian hotelier the Facilimate Group has paid $31 million to buy a Brisbane hotel, adding to its portfolio of Pacific Hotels and Suites in Cairns and Canberra.

Page 23: Charter Hall chief executive David Harrison says more international capital is chasing Australian property as inflation starts to break out globally and returns on local assets remain appealing.

The number of apartments shelved over the past year has risen to more than 12,000 and worth some $6.1 billion as residential values fall and banks tighten up on lending.

 

 

The West Australian

Page 1: Police are investigating how and why decapitated rats were left at the homes of Stirling councillors Giovanni Italiano and Bianca Sandri six weeks ago.

Page 3: By next year, $28.6 billion of GST collected in WA will have been used to prop up laggard economies on the east coast, according to research.

Page 6: Labor’s five-day cash splash in WA continues this morning, with Federal Opposition Leader Bill Shorten to announce funding for the $291 million extension of the Armadale train line to Byford.

The National Union of Workers has sacked the two Perth union officials at the centre of the global social media scandal that linked them to a sham charity.

Page 14: Moves by the McGowan Government to raise almost $100 million by clamping down on “abuse” of a payroll tax carve-out are likely to pass Parliament despite Opposition vows to block it.

Perth is still the cheapest capital city to rent a home in Australia, despite the first rental price rise since 2013.

Business: Customers of failed infant goods retailer Baby Bounce have lost at least half the money they have put down in lay-bys on cots, strollers and infant capsules.

The WA agriculture department has come out against a compensation mechanism for farmers who suffer financial loss if their crops are contaminated by genetically modified material.

Kin Mining shares tumbled yesterday after the aspiring gold miner pulled in the reins on its $35.7 million Leonora gold project on fears of a blowout in construction costs.

The WA Nationals have joined the fight to save the $10 million exploration incentive scheme as the party seeks to reprise its role in the successful battle against a hike in the gold royalty last year.