Aussie debt surges as world pares back
Australia’s government debt has risen faster since the global financial crisis than the debt of almost any other country, International Monetary Fund figures show. The Aus
Labor expected to support Coalition’s NEG
State Labor governments are expected to support the Turnbull government’s National Energy Guarantee at tomorrow’s Council of Australian Governments energy council meeting, but are keen to ensure a future Labor government can increase carbon emission reduction targets. The Fin
Bankers risk jail time: Morrison
Commonwealth Bank of Australia has decided on a $4 billion listing of its $219 billion global asset management business as the bank shrinks back to its core mortgage and business lending operations. The Aus
Seven finally sells into bid for AWE
Kerry Stokes’ Seven Group Holdings has finally accepted Mitsui’s takeover offer for its shares in oil and gas play AWE and is now backing the Japanese giant to operate the prized Waitsia gas field in Western Australia despite earlier calling for that role to pass to partner Beach Energy. The Fin
New watchdog tipped in plan to rescue live-export industry
Live-animal exporters are preparing to back a major change in national animal-welfare policy to ensure the survival of their controversial $1.5 billion industry. The Aus
Councillor pay rise ruled out
WA councillors have been refused a pay increase, with the Salaries and Allowances Tribunal saying elected members and chief executives need to lead by example in tough economic times. The West
Warning over growing reliance on income tax take in budget
A report by Perth-based workplace expert and risk adviser Conrad Liveris has found the contribution income tax makes to the budget has grown from 39.7 per cent a decade ago to 47.2 per cent this financial year. The Fin
Woodside cool on play for rival Santos
Woodside Petroleum chief executive Peter Coleman has poured cold water on speculation the company could be tempted to run the ruler over smaller, in-play rival Santos, saying he has ‘‘enough projects on his hands’’ and wants to focus on LNG growth at the Scarborough and Browse fields in Western Australia. The Fin
China delivers trade warning amid strain on ties
China’s ambassador to Australia has warned that the relationship between the two countries has been marred by “systematic, irresponsible and negative remarks” about China, and trading ties could be damaged if the situation is not repaired. The Aus
Business confidence hits record high
However, the results – taken in March from 950 leading directors – confirm the existence of a two-speed economy, with directors in NSW and Victoria upbeat while sentiment in Western Australia, Queensland and South Australia is extremely pessimistic. The Fin
The Australian Financial Review
Page 1: State Labor governments are expected to support the Turnbull government’s National Energy Guarantee at tomorrow’s Council of Australian Governments energy council meeting, but are keen to ensure a future Labor government can increase carbon emission reduction targets.
Page 2: The government has ruled that management practices at Australia’s internet domain name authority must undergo sweeping change, days after police were called in over executive expenses claims.
Page 3: However, the results – taken in March from 950 leading directors – confirm the existence of a two-speed economy, with directors in NSW and Victoria upbeat while sentiment in Western Australia, Queensland and South Australia is extremely pessimistic.
Page 4: Economists have derided the ACTU’s projections that a record 7.2 per cent increase to the minimum wage will create up to 87,000 new jobs, arguing they are based on unrealistic assumptions.
A report by Perth-based workplace expert and risk adviser Conrad Liveris has found the contribution income tax makes to the budget has grown from 39.7 per cent a decade ago to 47.2 per cent this financial year.
Page 6: Commonwealth Bank of Australia took more than two years to tell the regulator it had been charging clients fees for no services because its systems were ‘‘so hopeless’’, its witness has agreed before the banking royal commission.
Page 7: A second Chinese telecommunications company could be subjected to a federal government blacklist after Britain and United States slapped restrictions on ZTE on national security grounds.
Page 9: Nick Xenophon’s former Senate colleagues want to see key federal budget numbers before considering dropping opposition to the government’s company tax cut plan, saying big business arguments don’t stack up.
Page 13: Woodside Petroleum chief executive Peter Coleman has poured cold water on speculation the company could be tempted to run the ruler over smaller, in-play rival Santos, saying he has ‘‘enough projects on his hands’’ and wants to focus on LNG growth at the Scarborough and Browse fields in Western Australia.
Page 15: Rio Tinto has shown it can run the rail system in its flagship Pilbara iron ore business at the level needed to hit the top end of its annual guidance, after the mining giant lifted shipments of iron ore from its flagship Pilbara operations by 5 per cent in the March quarter.
Aurizon has confirmed that its biggest iron ore customer, US group Cleveland-Cliffs, will shut down its Western Australian iron ore mining operations by the end of June as some analysts lowered earnings forecasts for the coal haulage group.
BHP Billiton says China’s booming electric vehicle market is fuelling higher-than-expected demand for nickel as it advances plans to build the world’s largest nickel sulphate plant in Western Australia.
Page 16: Kerry Stokes’ Seven Group Holdings has finally accepted Mitsui’s takeover offer for its shares in oil and gas play AWE and is now backing the Japanese giant to operate the prized Waitsia gas field in Western Australia despite earlier calling for that role to pass to partner Beach Energy.
The Australian
Page 1: Scott Morrison has warned that banking and financial services executives could serve time in jail, as the political and regulatory heat on the besieged sector escalated dramatically after a senior Commonwealth Bank executive admitted the institution was a “gold medallist” in ripping off its advice clients.
Australia’s government debt has risen faster since the global financial crisis than the debt of almost any other country, International Monetary Fund figures show.
China’s ambassador to Australia has warned that the relationship between the two countries has been marred by “systematic, irresponsible and negative remarks” about China, and trading ties could be damaged if the situation is not repaired.
Page 2: Chinese tourists have surged past the Kiwis for the first time to make up the largest number of holidaymakers arriving in Australia, aided by the stream of mainland airlines servicing tourism hubs such as Cairns and east coast cities.
Page 4: Attorney-General Christian Porter, whose Perth electorate of Pearce has the highest number of Afrikaans speakers in Australia, says his community will benefit from an influx of more South Africans and is working to assist persecuted farmers come to Australia.
Page 5: State civil and administrative tribunals that do not have the status of a court cannot resolve disputes between people from different states, the High Court has ruled, in a decision likely to cause complications for residential, commercial and consumer disputes.
Page 6: Live-animal exporters are preparing to back a major change in national animal-welfare policy to ensure the survival of their controversial $1.5 billion industry.
Page 8: Recalcitrant states rather than the churches are looming as the biggest roadblock to the commonwealth’s $4 billion sex-abuse redress scheme.
Page 18: Seven West Media and Fairfax are said to be in fresh talks about embarking on a $2.3 billion-plus merger between the broadcaster and publisher.
Page 19: Australia’s company directors are urging increased investment in renewable energy while support for investment in coal is plunging, according to a new poll that reveals directors are hoping infrastructure will be the focus of the May federal budget.
Page 23: Demand from global investors remains unsated with $6 of capital chasing every $1 worth of Australian office towers, according to a JLL investment report.
Page 25: Confidence in the property industry is at a record high despite a Property Council of Australia and ANZ survey finding expectations for NSW house prices slipping to the worst in the survey’s history.
The West Australian
Page 1: The State Government has all but ruled out taking drastic action to manage shark numbers despite the bombshell decision by surfing’s global governing body to cancel the Margaret River Pro.
Page 9: The Federal Government has committed $160 million to sealing Australia’s “longest short cut” between WA’s Goldfields and central Queensland.
Page 11: Lawyers for Gene Gibson — the vulnerable Aboriginal who was wrongly jailed for the killing of Josh Warneke — say a $1.5 million Government payout will allow him to live the rest of his life making up for the more than four years he lost in prison.
Page 18: WA councillors have been refused a pay increase, with the Salaries and Allowances Tribunal saying elected members and chief executives need to lead by example in tough economic times.
Business: The Chevron-led Wheatstone LNG project has hits its straps and is expecting a smoother start-up to its second production train than the first, Woodside Petroleum chief executive Peter Coleman says.
The boss of freshly re-listed Jupiter Mines has ridiculed WA’s reputation as a favourable mining jurisdiction, saying the company had to go to South Africa to build a mine.
Gold Fields global chief executive Nick Holland says the company is unlikely to make new corporate moves in Australia and expects exploration in WA to rise to replace gold mined as new projects begin to dry up.
Goldfields Money has extended the deadline for its merger with east coast group Finsure, while also announcing a $4.7 million placement to meet its prudential capital requirements.
Breaker Resources boss Tom Sanders says he is surprised by a savage sell-off of the explorer’s shares after it announced a much-anticipated maiden resource estimate for its Bombora gold discovery 100km east of Kalgoorlie.
