03/05/2018 - 06:20

Morning Headlines

03/05/2018 - 06:20

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Crackdown on rorters taking ATO for ride

Crackdown on rorters taking ATO for ride

Australians rorting work-related car expenses will be targeted in a broad Australian Taxation Office crackdown, after it emerged claims had ballooned to almost $9 billion last year. The Aus

Subbies stung as builder folds

The Australian Securities and Investments Commission has moved to deregister former Kalgoorlie-Boulder builder Amberley Homes after it failed to pay its company fees. The West

Labor plan: spend and tax to bigger surpluses

Federal Labor plans to at least match the income tax cuts to be outlined in next week’s federal budget, increase spending on health and education, and still deliver higher surpluses, owing to its plans to raise up to $220 billion extra in revenue over the next decade by increasing taxes. The Fin

Miners in for ‘good growth’

The new global head of mining for accounting giant KPMG expects the momentum behind the resources sector to continue to accelerate this year, pointing to the combination of a healthy macro outlook and the strong operational and financial position of most mining houses. The Aus

Shock exit may see five by-elections

Voters could face up to five byelections between now and the federal election after rising Labor star Tim Hammond unexpectedly quit politics on Tuesday. The Fin

Qantas suspends WA hub’s growth

Qantas has suspended growth of its western hub because Perth Airport refuses to allow it to use its new T3 international wing for its proposed South Africa service. The West

Mum and dad bank loans soar 25pc

Lending by the ‘‘Bank of Mum and Dad’’ has increased by 25 per cent to about $20 billion in the past 12 months as banks raise rates, increase minimum deposits and toughen repayment terms and conditions. The Fin

Rio stands by iron, aluminium

Rio Tinto chairman Simon Thompson says the mining giant will not look to diversification just because it is deriving 75 per cent of its earnings from just two commodities, iron ore and aluminium. The West

ASX clamp on ethics of all its members

The Australian Securities Exchange is tightening corporate governance standards for its 2200 member companies after the series of banking scandals which have hurt public confidence in big business. The West

 

 

The Australian Financial Review

Page 1: Federal Labor plans to at least match the income tax cuts to be outlined in next week’s federal budget, increase spending on health and education, and still deliver higher surpluses, owing to its plans to raise up to $220 billion extra in revenue over the next decade by increasing taxes.

Gina Rinehart has celebrated the ramp-up of her Roy Hill iron ore mine to 55 million tonnes per annum with mine, rail and port ceremonies attended by her international partners and local employees.

The AMP board closed ranks behind Catherine Brenner two years ago when it was appointing a new chairman, choosing her over the far more highly regarded and qualified candidate Andrew Mohl.

Page 2: It will take just 114 directorships to meet a proposed new requirement for the nation’s top 300 listed companies to have boards where at least 30 per cent of members are women.

Page 3: Close to half the Australian businesses that received a company tax cut in 2015 either boosted investment spending or hiring, according to a study that challenges claims there is no evidence the Coalition’s planned reductions would benefit the economy.

Page 5: Voters could face up to five byelections between now and the federal election after rising Labor star Tim Hammond unexpectedly quit politics on Tuesday.

Page 6: Lending by the ‘‘Bank of Mum and Dad’’ has increased by 25 per cent to about $20 billion in the past 12 months as banks raise rates, increase minimum deposits and toughen repayment terms and conditions.

Page 10: French President Emmanuel Macron wants Australia and France to underpin a ‘‘new Indo-Pacific axis’’ committed to security, the free market and the rule of law to preserve the regional balance of power in the face of China’s rise.

Page 15: Woolworths chief executive Brad Banducci says the turnaround at Australia’s largest retailer will continue after delivering seven consecutive quarters of supermarket sales growth.

The chair of the prudential regulator said he is more focused on how bankers are paid, rather than how much, after a scathing report he commissioned took the nation’s largest bank to task for arrogance and complacency.

JB Hi-Fi chief executive Richard Murray insists the company’s acquisition of home appliances chain The Good Guys will pay off over the longer term, after a sales slowdown at the chain forced the group to cut its full-year profit forecast.

Page 17: Rio Tinto chairman Simon Thompson says the company will continue using external political lobbyists despite being dragged into a corruption inquiry over payments made to a political adviser in Guinea.

Page 26: Australia’s largest online fashion retailer The Iconic has racked up its sixth consecutive loss – taking accumulated losses since 2011 to $152 million – after investing heavily to increase its share of the $300 billion clothing and accessories market.

Woolworths will decide next month whether to abandon the $1.8 billion sale of its fuel business to BP and pursue other offers.

 

 

The Australian

Page 1: Ahead of a federal budget expected to feature further tax changes, analysis of the financial decisions of more than 69,000 businesses found those that enjoyed a 1.5 percentage point cut in their company tax rate in 2015, worth $2900 on average, put more than a fifth of it into hiring workers and boosting wages.

Marianne Perkovic, the CBA’s former head of a wealth management arm that charged fees to the dead, received a million-dollar windfall when the bank bought the financial planning business where she was previously boss.

Page 2: BAE Systems is pressing its capability advantage in the race to win Australia’s $35 billion Future Frigate contract, comparing its purpose-built Type 26 submarine hunter with “old” and “derivative” options from rival bidders.

Australians rorting work-related car expenses will be targeted in a broad Australian Taxation Office crackdown, after it emerged claims had ballooned to almost $9 billion last year.

Page 4: Hundreds of millions of dollars in funding for vital medicines will be shaken loose in the budget, with the Turnbull government expected to improve patient access to high-cost drugs, support cash-strapped pharmacies and still have money left over for new subsidies.

The Turnbull government’s chief infrastructure adviser will warn that governments are running out of time to plan for the expected rapid uptake of electric cars with the risk that major cities face a congestion crisis if new sources of road funding are not established.

Page 6: Unions will press Labor and the Coalition to reduce employer access to temporary visa workers by imposing tougher rules on companies seeking to engage overseas workers.

Page 17: The market for corporate travel was “doing really well”, Qantas boss Alan Joyce declared as the airline revealed it expected to post a record underlying pre-tax profit this year.

Rio Tinto chairman Simon Thompson says a worsening coal outlook because of climate change has played a big part in the miner’s decision to sell out of its NSW thermal coalmines.

Page 18: Wesfarmers chief executive Rob Scott was at pains yesterday to highlight the industrial conglomerate’s ambitious plans for its Flybuys business once Coles is spun out of the group.

Page 19: Medibank has put the brakes on customers dumping the health insurer, with boss Craig Drummond revealing the company has enjoyed a quarter of stability.

Wesfarmers chief executive Rob Scott has flagged more Target stores could be closed or rebranded to Kmart as part of the strategy to revive the struggling chain.

Page 20: The new global head of mining for accounting giant KPMG expects the momentum behind the resources sector to continue to accelerate this year, pointing to the combination of a healthy macro outlook and the strong operational and financial position of most mining houses.

Page 23: Diversified property group GPT has issued a warning on the challenges facing the retail sector, saying shoppers are closing their wallets in the face of spiralling energy costs and sluggish wages growth.

 

 

The West Australian

Page 1: WA Police have suspended using 11 new mobile speed cameras after a woman was wrongly accused of speeding at 162km/h on the freeway, raising concerns other motorists may have been incorrectly hit with speeding fines.

Page 3: Police were last night trying to track down a friend of suspected murder victim former Perth mining executive Cecilia Haddad.

Page 9: Qantas has suspended growth of its western hub because Perth Airport refuses to allow it to use its new T3 international wing for its proposed South Africa service.

Page 14: The State Government is calling for millions of dollars in National Disability Insurance Scheme transition funding to be included in next week’s Federal budget as WA seeks to avoid the “teething problems” that have plagued the program on the east coast.

The Business Council of Australia wants Federal Treasurer Scott Morrison to use next week’s Budget to deliver wholesale tax reform, including relief for corporate Australia and workers while pushing up land taxes and the GST.

Page 18: Almost half of WA’s riskiest roads and intersections have no funding for critical upgrades, analysis by the RAC has revealed.

Page 20: The Australian Securities and Investments Commission has moved to deregister former Kalgoorlie-Boulder builder Amberley Homes after it failed to pay its company fees.

Hundreds have gathered to celebrate in the remote community of Beagle Bay as an historic native title determination drew a line under a decade-long fight for competing Aboriginal claims to the Dampier Peninsula.

Business: Lottoland is closing in on profitsharing deals with Australian newsagents as it digs in to fight the proposed Federal ban on online lottery betting.

The Australian Securities Exchange is tightening corporate governance standards for its 2200 member companies after the series of banking scandals which have hurt public confidence in big business.

Rio Tinto chairman Simon Thompson says the mining giant will not look to diversification just because it is deriving 75 per cent of its earnings from just two commodities, iron ore and aluminium.

The Qantas board is weighing up returning extra cash to shareholders amid a revenue boost on increased passenger numbers.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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