Morning Headlines

WA economy on the way up

Deloitte Access Economics, in its quarterly overview of the States and Territories, has upgraded its forecasts ahead of next month’s WA Budget. The West

Tertiary enrolments could fall off cliff

Researchers at the Mitchell Institute – an education think tank at Victoria university – say if enrolments in the VET sector stay on trend and growth in university places only matches population growth, there will be 10.7 per cent fewer tertiary graduates in just over a decade. The Fin

Canberra’s $21b road tax grab

Canberra has siphoned more than $21 billion from the pockets of WA motorists to prop up its Budget bottom line, leaving the State dangerously short-changed for roads and rail. The West

Watchdog cruelled by budget cutbacks

ASIC was to have $120m slashed from its budget in stages over four years, with the trajectory suggesting almost one in five jobs had to go at the commission. The Aus

Turnbull to Europe: open door to trade

Malcolm Turnbull says Australia will not agree to a free trade agreement with Europe that restricts access for agriculture but stresses a deal is needed to send a message to a world afflicted by rising protectionism and a disregard for the rules-based order. The Fin

Rail to rebuild local industry

WA is set for a rebirth of its manufacturing industry, according to Premier Mark McGowan, with the State Government announcing a $1.6 billion package for new locally built railcars. The West

Greens’ pot plan worth $2 billion: budget office

A Greens’ plan to legalise marijuana for adult recreational use in Australia could add as much as $2 billion a year to the federal budget. The Fin

Voters back migration cut

A majority of Australians has backed moves for a lower annual immigration rate, in a result that will lend support to Home Affairs Minister Peter Dutton’s push to reduce the intake through tougher vetting. The Aus

Law could ‘stop live exports’

Premier Mark McGowan says State law might be used to stop livestock carriers from leaving WA docks if they breach animal welfare standards. The West

The Australian Financial Review

Page 1: A former Westpac financial planner castigated at the Hayne royal commission for ripping off clients claims he has been made a scapegoat by the bank, which ‘‘squeezed’’ him to produce revenue while slashing support staff.

Malcolm Turnbull says Australia will not agree to a free trade agreement with Europe that restricts access for agriculture but stresses a deal is needed to send a message to a world afflicted by rising protectionism and a disregard for the rules-based order.

Page 2: In Australia, Facebook and Google have a combined market share of 75 per cent of the total digital ad spend in Australia, according to broker estimates published by the Australian Competition and Consumer Commission in an issues paper published in February.

Page 3: Academy award-winning actor Russell Crowe is in discussions to sell two of his Finger Wharf apartments in Woolloomooloo to new Sydney entrant Sam Barnett, former Western Australia premier Colin Barnett’s youngest son, for just under $13 million.

More than four in 10 property borrowers are being hit with a range of discreet rate and fee increases as lenders attempt to preserve profits in response to rising funding and compliance costs, analysis reveals.

Page 5: A Greens’ plan to legalise marijuana for adult recreational use in Australia could add as much as $2 billion a year to the federal budget.

Page 6: Financial Services Minister Kelly O’Dwyer has repeatedly refused to admit the Turnbull government was wrong in blocking a royal commission into the financial services industry, conceding only that the big banks had work to do to win back consumer trust.

Page 8: Researchers at the Mitchell Institute – an education think tank at Victoria university – say if enrolments in the VET sector stay on trend and growth in university places only matches population growth, there will be 10.7 per cent fewer tertiary graduates in just over a decade.

Page 11: Mr Mnuchin said yesterday (AEST) that he was ‘‘cautiously optimistic’’ of reaching an agreement with China that bridges their differences over trade.

Page 13: AMP had so many consultants from different firms doing work in 2014 that the financial services company called in yet another consultant to benchmark how much was being spent on external experts and to evaluate if the work could be brought in-house.

Page 15: Southern Cross Austereo, Macquarie Media, Crocmedia and the ABC are all in the mix as Cricket Australia quickly turns to wrap up its radio broadcast rights following its record $1.2 billion TV deal struck earlier this month.

Page 16: Seven of the country’s largest investors in electricity and gas networks have banded together to voice their alarm at proposed changes to the regulatory system that they say will drive up energy prices for consumers and hamstring investment in the sector.

Page 31: Property lending risks for banks in Australia and New Zealand are expected to keep rising, ratings agency Fitch Ratings warns.

The Australian

Page 1: Malcolm Turnbull has returned the Coalition to its strongest electoral position since September 2016, having eroded Labor’s commanding lead over the past 18 months to just two points as the government heads to the critical May budget.

A majority of Australians has backed moves for a lower annual immigration rate, in a result that will lend support to Home Affairs Minister Peter Dutton’s push to reduce the intake through tougher vetting.

The competition watchdog is set to spearhead a public campaign for “massively” higher penalties to deter corporate wrongdoing, particularly for misconduct and egregious behaviour in the financial services sector.

Page 2: Grants for first-home buyers are pushing up prices for affordable houses in the most heated markets as first-time buyers get onto the property ladder at the fastest pace in five years.

Pauline Hanson says the banks should be denied a corporate tax cut following revelations of widespread misconduct, with the money set aside for their victims and for future bank bailouts.

Page 5: The federal budget is expected to splash out on a series of passenger and freight rail projects around the nation to shore up marginal seats and counter a frontal attack by Labor claiming the Coalition has cut spending on infrastructure.

Page 17: Commonwealth Bank was forced to hand the financial intelligence regulator board meeting minutes wherever a review of its compliance with anti-money-laundering laws had been discussed more than a year before Austrac sued the lender in the Federal Court.

ASIC was to have $120m slashed from its budget in stages over four years, with the trajectory suggesting almost one in five jobs had to go at the commission.

Page 19: Health insurance giant Medibank will today launch a new initiative to provide treatments in the home, with an expansion of its chemotherapy trial and the rollout of a program for dialysis.

Page 24: Kerry Stokes has called on the Turnbull government to take “serious action” against Facebook and Google, proposing strict new controls and rules including payment for content, and customer service obligations, similar to the model used in the telecommunications market.

The West Australian

Page 3: WA is at risk of becoming a National Broadband Network “backwater” as new rollout data shows that homes in just two areas in the State — Subiaco and Ellenbrook — will be captured in the project’s latest technology upgrade.

Page 4: Callers to Centrelink will soon have a better chance of getting through to the agency, with the Federal Government unveiling plans today for an extra 1000 call centre operators.

Canberra has siphoned more than $21 billion from the pockets of WA motorists to prop up its Budget bottom line, leaving the State dangerously short-changed for roads and rail.

Page 6: Deloitte Access Economics, in its quarterly overview of the States and Territories, has upgraded its forecasts ahead of next month’s WA Budget.

Page 12: WA is set for a rebirth of its manufacturing industry, according to Premier Mark McGowan, with the State Government announcing a $1.6 billion package for new locally built railcars.

Premier Mark McGowan says State law might be used to stop livestock carriers from leaving WA docks if they breach animal welfare standards.

Business: Stricter government controls on subcontractor payments may not be a panacea for the building industry, a leading construction boss says.