01/05/2018 - 06:13

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01/05/2018 - 06:13

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Wesfarmers faces exec shake-up

Wesfarmers faces exec shake-up

Wesfarmers is facing a clear-out of bosses at its core retail businesses after the Perth-based conglomerate outlined the planned retirement of the managing director of its Officeworks unit, Mark Ward. The Aus

Election a referendum on tax, both sides agree

Treasurer Scott Morrison has all but confirmed next Tuesday’s federal budget will contain income tax cuts over the long term by promising to stick to the self-imposed ‘‘speed limit’’ that caps the amount of tax revenue as a proportion of the economy. The Fin

WA economy has turned, says Power

New Perth Airport chairman Nev Power says Western Australia’s economy has ‘‘turned’’ as the former Fortescue Metals Group chief executive called for more cheap domestic flights to boost tourism into the state. The Fin

ATCO chases gas price hike

The company behind WA’s retail gas pipelines wants to lift distribution prices 8 per cent as part of a new five-year management agreement covering its far-flung regulated network. The West

Thousands worse off in NDIS

The $22 billion NDIS is failing the nation’s most vulnerable people, leaving as many as one in five, many with intellectual and mental disabilities, reporting that the flagship scheme has left them worse off. The Aus

Big-four planners ‘could be charged’ for failing clients

Many of the 14,000 or so financial planners working for arms of the big four banks could face prosecution for failing to act in the best interests of their clients by advising them into shoddy superannuation funds owned by their employers, according to an industry expert. The Aus

Gonski review hits union roadblock

The Gonski 2.0 review of education has hit its first hurdle, with the Australian Education Union saying changes to pay and promotion can be made only through an industrial award. The Fin

Tax crackdown in Budget for digital giants

Digital companies such as Facebook and Google face a further tax crackdown in next week’s Federal Budget after Treasurer Scott Morrison told the tech giants this year that benefits flowing from the current system were “not sustainable”. The West

Pilbara wind hub eyes local market

Backers of a giant Pilbara wind and solar farm that will send electricity to Indonesia also want to power local industry and produce hydrogen through a 50 per cent capacity increase which bolsters the project’s budget to about $20 billion. The West

 

 

The Australian Financial Review

Page 1: The former AMP lawyer who oversaw 25 drafts of a supposedly independent report handed to the corporate regulator has denied wrongdoing, after the financial services giant cleared departed chairman Catherine Brenner’s handling of the scandal.

Page 4: Treasurer Scott Morrison has all but confirmed next Tuesday’s federal budget will contain income tax cuts over the long term by promising to stick to the self-imposed ‘‘speed limit’’ that caps the amount of tax revenue as a proportion of the economy.

The Turnbull government should stop funding big-ticket infrastructure projects off-budget and restore capital works expenditure by an extra $7.5 billion over the next four years, according to the peak infrastructure body.

Page 6: The Gonski 2.0 review of education has hit its first hurdle, with the Australian Education Union saying changes to pay and promotion can be made only through an industrial award.

Australians have made big moves away from cash over the past decade, with Reserve Bank of Australia’s 2016 consumer payments survey showing only 37 per cent of consumer payments are made in cash today compared to 69 per cent a decade ago.

Page 8: Bankwest, owned by Commonwealth Bank of Australia, the nation’s largest lender, is reducing long-term trailing commissions, reintroducing a first-year commission and tightening payments on other commissions.

Page 10: Lobby group Australian Dairy Farmers has refused to back calls by the Australian Competition and Consumer Commission for a mandatory code of conduct for milk processors.

Page 15: Aurizon has taken a brutal fight with the Queensland Competition Authority to the Supreme Court, alleging chairman Roy Green failed to keep ‘‘an impartial mind’’ when handing down a decision last year on how much money the rail group can make from its networks business.

Page 17: New Perth Airport chairman Nev Power says Western Australia’s economy has ‘‘turned’’ as the former Fortescue Metals Group chief executive called for more cheap domestic flights to boost tourism into the state.

A motion to compel Rio Tinto to review its membership of lobby groups like the Minerals Council of Australia looks set to fall short of majority support, but the advocacy group pushing the resolution says it will be successful if it garners support from 10 per cent of the miner’s share register.

Page 18: The $1.3 trillion mortgage books of Australia’s big four banks can withstand an Ireland-style correction in property prices but the lenders’ ability to deal with second-order impacts remains uncertain, says Fitch.

Page 21: A pioneering entrepreneur who sold her Australian Artificial Intelligence business to IBM in 2014 has bagged funding from Silicon Valley investors and Westpac’s Reinventure fund as she works on futuristic plans to develop personal AI to form intrinsic relationships with humans.

 

 

The Australian

Page 1: The $22 billion NDIS is failing the nation’s most vulnerable people, leaving as many as one in five, many with intellectual and mental disabilities, reporting that the flagship scheme has left them worse off.

Page 2: Many of the 14,000 or so financial planners working for arms of the big four banks could face prosecution for failing to act in the best interests of their clients by advising them into shoddy superannuation funds owned by their employers, according to an industry expert.

Page 3: Federal minister Ken Wyatt has told a court his former colleague Sophie Mirabella approached him at a party function to discuss her defamation lawsuit and said “we need to get our evidence right”.

Page 4: Human Services Minister Michael Keenan will vow to protect privacy as he unveils a suite of reforms that will allow easier access to personal data collected by government agencies.

Page 17: Investors say more needs to be done to restore faith in AMP in the face of potential criminal charges and a loss of trust that threaten its business.

Page 19: Wesfarmers is facing a clear-out of bosses at its core retail businesses after the Perth-based conglomerate outlined the planned retirement of the managing director of its Officeworks unit, Mark Ward.

Page 24: Telstra has launched its latest kit to target mobile black spots in regional Australia, with the Telstra Go repeater hitting the market today.

 

 

The West Australian

Page 4: Fringe World artists have been left $200,000 out of pocket after the collapse of a company behind some of the festival’s events.

Page 5: Perth will get its biggest high-density planned community to date when a long-awaited $3.8 billion development beside the Belmont Park racecourse starts.

Afterpay — a modern version of lay-by where customers pay in interest-free instalments — is booming and has more than 14,000 retailers on its platform and more than 1.8 million customers.

Page 6: Digital companies such as Facebook and Google face a further tax crackdown in next week’s Federal Budget after Treasurer Scott Morrison told the tech giants this year that benefits flowing from the current system were “not sustainable”.

The State Government is on the cusp of joining the national redress scheme for victims of institutional child sexual abuse, with WA Attorney-General John Quigley hopeful that an issue around how it will apply to child migrants can be resolved.

Page 12: Shoppers have welcomed a ban on single-use plastic bags at Coles in Inglewood — the first of the supermarket giant’s WA stores to scrap the bags.

Page 14: WA bands and artists will get access to a $3 million fund to help with performance and production costs in a bid to diversify the State’s economy under a new State Government program.

Business: The company behind WA’s retail gas pipelines wants to lift distribution prices 8 per cent as part of a new five-year management agreement covering its far-flung regulated network.

Backers of a giant Pilbara wind and solar farm that will send electricity to Indonesia also want to power local industry and produce hydrogen through a 50 per cent capacity increase which bolsters the project’s budget to about $20 billion.

Northern Star Resources has set an aggressive production target for the final three months of the financial year as it looks to hit a run-rate of 600,000 ounces a year from its two Goldfields operations by the end of June.

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