30/04/2018 - 06:11

Morning Headlines

30/04/2018 - 06:11

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Budget can afford $8b in tax cuts

Budget can afford $8b in tax cuts

The Turnbull government has fiscal space to offer tax cuts worth up to $8 billion in next week’s budget without jeopardising the planned return to surplus, a leading economics forecaster says. The Fin

WA’s economy ‘in doghouse’

WA Treasurer Ben Wyatt is under more pressure to deliver a Budget that will boost the moribund State economy with a report showing WA is in the nation’s financial doghouse. The West

Cuts to boost rare earth prices

China has slashed its production quota for the rare earth minerals crucial to high-growth industries like electric vehicles and wind turbines, in a potential boon for Australian mines which produce 15 per cent of global output. The Fin

Bank super gouges millions

Superannuation companies owned by the big four banks are boosting their revenues by hundreds of millions of dollars a year by paying customers invested in the lowest-risk “cash” options interest returns that are as little as one-quarter of actual market rates. The Aus

AMP chair to be Hayne’s biggest scalp

AMP’s expected announcement today that Catherine Brenner will step down as chairman of the embattled company is unlikely to be enough to stave off an investor revolt at its annual general meeting next week. The Fin

China buys stake in WA water

Beijing Enterprises Water Group International last week finalised its purchase of Australian water company TRILITY, which is part of the private consortium behind the Helena Water treatment facility. The West

Uber wants fare levy reduced

Ride-sharing giant Uber is urging the State Government to halve a proposed passenger levy that will be used to fund taxi buybacks, saying it will raise far more than predicted. The West

Chinese, Koreans circle Galaxy’s $460m lithium stake in Argentina

Galaxy Resources has tapped investment bank JPMorgan to offload a stake in its Sal de Vida project in Argentina — one of the world’s largest and highest quality lithium deposits. The Aus

Chevron ponders expansion in WA to meet LNG demand

Expectations of robust demand for LNG has caused Chevron to start thinking about potential incremental expansions at its two huge Western Australian projects, although it has played down the option of adding another processing train. The Fin

Kaufland set to open first store, suppliers told

German supermarket giant Kaufland has told grocery suppliers to prepare for the opening of its first stores this year as they scramble to fill some of the estimated 35,000 individual product lines a typical Kaufland store can sell and forge a new wholesale revenue stream beyond the dominant Woolworths and Coles chains. The Aus

 

 

The Australian Financial Review

Page 1: AMP’s expected announcement today that Catherine Brenner will step down as chairman of the embattled company is unlikely to be enough to stave off an investor revolt at its annual general meeting next week.

Page 4: The Turnbull government has fiscal space to offer tax cuts worth up to $8 billion in next week’s budget without jeopardising the planned return to surplus, a leading economics forecaster says.

Raising the superannuation guarantee to 12 per cent would actually leave low-income earners worse off in retirement because of foregone pension payments, new research claims.

Senator Rex Patrick, who with Centre Alliance colleague Stirling Griff can deliver the final votes needed, said he remained unconvinced by the merits of the tax cut despite two days of a Senate inquiry hearing evidence from business leaders.

Page 7: Justice Antony North plans to travel to the Dampier Peninsula on Wednesday to deliver the final judgment in a native title land claim covering James Price Point, which could have been home to a Woodside Energy gas plant that would have generated around $1.5 billion for local Aboriginal communities.

Page 10: On Friday evening, the Western Force will run out in front of what Andrew Forrest and his assembled team of sports administrators hope is a crowd of up to 20,000 for a match against Fiji.

Telstra, which is building more than 650 base stations, turned on its 400th in Chittering, Western Australia, yesterday.

China has slashed its production quota for the rare earth minerals crucial to high-growth industries like electric vehicles and wind turbines, in a potential boon for Australian mines which produce 15 per cent of global output.

Page 12: The Trump administration has vowed to slap import quotas on foreign steel and aluminium from ‘‘every’’ country this week, setting up a nervous wait for the Turnbull government to see if the US President extends a special exemption for Australia.

Page 14: The review of education excellence led by David Gonski has found that privileged schools have led the dramatic decline in test results for Australia students along with up to 30 per cent of primary schools where teachers have allowed students to ‘‘cruise’’.

Page 15: The adoption by the big banks of tighter lending standards after the extraordinary revelations from the banking royal commission will create new revenue headwinds for the sector by reducing mortgage lending growth, warn analysts.

Page 17: Expectations of robust demand for LNG has caused Chevron to start thinking about potential incremental expansions at its two huge Western Australian projects, although it has played down the option of adding another processing train.

Page 32: Rental affordability has worsened for low-income households, with just 28 per cent of homes in the rental market in reach of households earning the minimum wage, Anglicare Australia says.

 

 

The Australian

Page 1: Superannuation companies owned by the big four banks are boosting their revenues by hundreds of millions of dollars a year by paying customers invested in the lowest-risk “cash” options interest returns that are as little as one-quarter of actual market rates.

Page 2: The rise of China in the Pacific will be a key item on the agenda when French President Emmanuel Macron makes his first bilateral visit to Australia this week.

Page 6: Environment Minister Josh Frydenberg said yesterday the Turnbull government’s $500 million funding package for the Great Barrier Reef would secure its future.

Page 17: Audits of Westpac’s wholly owned financial planning business BT Financial Group have revealed worryingly low levels of apparent compliance with antimoney-laundering laws and a high risk of poor advice being pushed by the bank’s advisers.

Page 18: Galaxy Resources has tapped investment bank JPMorgan to offload a stake in its Sal de Vida project in Argentina — one of the world’s largest and highest quality lithium deposits.

Page 19: German supermarket giant Kaufland has told grocery suppliers to prepare for the opening of its first stores this year as they scramble to fill some of the estimated 35,000 individual product lines a typical Kaufland store can sell and forge a new wholesale revenue stream beyond the dominant Woolworths and Coles chains.

Sandfire Resources’ hunt for its next mine is set to take it to the Balkans, with the company emerging as a cornerstone shareholder in new exploration play Adriatic Metals.

Page 21: Fund manager Cedar Pacific is looking to raise up to $600 million to invest in new student accommodation projects across Australia’s capital cities, eyeing the tight residential market near major universities.

 

 

The West Australian

Page 6: The future of The Raffles Hotel’s bar and beer garden in Applecross could be decided when a WA mining entrepreneur’s bid to shut it down returns to court this week.

Emergency departments are being overwhelmed, the cost of seeing a doctor has risen and GPs are refusing to deal with more than one medical problem per visit as a four-year freeze on Medicare rebates bites.

Page 7: A Perth financial adviser who was banned from practising over his role in promoting failed fuel pill company Firepower has more than 20 million shares in the troubled money transfer business Bux Global.

Page 9: Hundreds of people rallied in Fremantle yesterday as the company at the centre of a live export scandal loaded a fresh shipload of livestock.

Page 10: The mayors of Armadale, Joondalup, Swan, Cockburn, Belmont, Melville, Kwinana, Stirling, Wanneroo and Fremantle receive $135,910, the maximum remuneration allowable.

Page 12: WA Treasurer Ben Wyatt is under more pressure to deliver a Budget that will boost the moribund State economy with a report showing WA is in the nation’s financial doghouse.

Page 14: The Federal Government has been warned that it could be promising small pre-election tax cuts to ordinary Australians on a fiscal mirage.

Page 16: Ride-sharing giant Uber is urging the State Government to halve a proposed passenger levy that will be used to fund taxi buybacks, saying it will raise far more than predicted.

Page 18: Labor will ramp up pressure on the Federal Government to walk away from plans to axe the energy supplement for new welfare recipients as the Opposition begins a pre-Budget “pensioner blitz” of Perth seats.

Business: Beijing Enterprises Water Group International last week finalised its purchase of Australian water company TRILITY, which is part of the private consortium behind the Helena Water treatment facility.

Hylea Metals has wasted no time with its recent acquisition, starting maiden drilling just two months after taking over the Hylea cobalt project in central NSW.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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