07/05/2018 - 06:15

Morning Headlines

07/05/2018 - 06:15

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Scomo’s GST election pledge

Morning Headlines

Scomo’s GST election pledge

Declaring the next election would be a “clear black marker” for the Federal Government to finalise its GST policy, Mr Morrison conceded the coalition needed to move beyond the $3.4 billion Budget infrastructure cash-splash revealed by Prime Minister Malcolm Turnbull during his recent visit to Perth. The West

$24.5bn pipeline for infrastructure

A commitment to infrastructure projects worth $24.5 billion will be central to Scott Morrison’s claim that the budget has been designed to lift economic growth. The Aus

WA workers ‘big winners' from tax cuts

WA workers could be the biggest winners from tomorrow’s Federal Budget, with Treasurer Scott Morrison saying that planned tax cuts for low and middle-income earners will deliver a major boost to the State’s economy. The West

US-China trade battle set to intensify

The US-China trade fight threatens to resume and intensify after Donald Trump’s top officials left Beijing last week without having won major concessions to their aggressive economic demands. The Fin

Birmingham’s uni course funding freeze ‘will cost $16bn over 20 years’

Universities say new economic modelling shows the Turnbull government’s freeze on course funding imposed in December could cut $12.3 billion from GDP and lead to a loss of up to $3.9bn in tax revenue over the next 20 years. The Aus

Unions ramp up tilt against live exports

The union movement is cranking up its campaign to have the $250 million live sheep export trade permanently stopped and the $1.4 billion live cattle export business radically curbed. The Aus

Feds back offshore gas model

Transborders Energy, a Perth company developing a readymade LNG production and sales solution for owners of gas stranded offshore Australia, has been awarded major project status by the Federal Government. The West

Top earners have to wait for tax cuts

The government has confirmed high-income earners will receive tax relief in Tuesday’s budget but they will have to take a back seat to those on lower incomes whose taxes will be reduced from July 1 this year, starting by as little as $5 a week. The Fin

Rinehart’s Roy Hill exports yo-yo

Gina Rinehart’s Roy Hill appears to have exported less iron ore in the first three months of 2018 than in each of the previous two quarters, but the company says a rebound in performance in April has it back on track to achieve its full potential. The Fin

ANZ dumps sales bonuses

Financial planners employed by ANZ Banking Group will no longer get bonuses for pushing products and will be sacked if they fail a compliance audit twice, but chief executive Shayne Elliott admits the bank has been too slow to fix systemic issues that have allowed bad adviser behaviour to flourish. The Fin

 

 

The Australian Financial Review

Page 1: The government has confirmed high-income earners will receive tax relief in Tuesday’s budget but they will have to take a back seat to those on lower incomes whose taxes will be reduced from July 1 this year, starting by as little as $5 a week.

Incoming AMP chairman David Murray says the vertically integrated model is not dead in financial services and warned that the banking royal commission has given people the impression that the system is more broken than it is.

Page 3: A delegation of vice-chancellors from Australia’s leading universities has told senior officials in Beijing that their campuses are the safest in the world for Chinese students as they seek to ensure diplomatic tensions between the two countries do not spill over into the education sector.

Page 4: Workers could expect to receive the claimed benefits stemming from company tax cuts years before the lower rates came into effect, Finance Minister Mathias Cormann has contended.

Shadow treasurer Chris Bowen has declined to commit to a previous rule that Labor would keep tax revenue below 23.7 per cent of the economy as he pledged to spend more on essential services, while delivering higher surpluses and tax cuts for low-and-middle income earners.

Page 5: Treasurer Scott Morrison has hinted the government doesn’t expect a repeat of last year’s blockbusting 403,000 surge in employment, highlighting how much the Coalition’s budget will rely on a robust economy to deliver a future surplus.

The federal budget will set aside ‘‘significant’’ funding for practical measures to help more women back to work and build their ‘‘financial security and resilience’’ in a suite of changes set to be fully revealed by Minister for Women Kelly O’Dwyer in the September sitting of Parliament.

Page 6: The Construction, Forestry, Maritime, Mining and Energy Union is levying its members to fund Labor candidates and political campaigns ahead of the next federal election, promising to raise up to $11 million over the next few months.

Page 10: Netflix believes the Turnbull government should leave the market to drive ‘‘organic’’ demand for Australian programming rather than impose local content quotas.

Page 11: The US-China trade fight threatens to resume and intensify after Donald Trump’s top officials left Beijing last week without having won major concessions to their aggressive economic demands.

Page 15: Financial planners employed by ANZ Banking Group will no longer get bonuses for pushing products and will be sacked if they fail a compliance audit twice, but chief executive Shayne Elliott admits the bank has been too slow to fix systemic issues that have allowed bad adviser behaviour to flourish.

Page 17: Gina Rinehart’s Roy Hill appears to have exported less iron ore in the first three months of 2018 than in each of the previous two quarters, but the company says a rebound in performance in April has it back on track to achieve its full potential.

Page 19: Westpac is under pressure from investors to show that its lending margins are not being squeezed by the regulation-imposed switch away from lucrative interest-only mortgage loans and rising short-term funding costs.

Page 32: Australia’s shortage of affordable housing could be overcome with a perdwelling subsidy of $13,000 to make them viable developments and boost the shortage of much-needed stock, Community Housing Limited (CHL) chief executive Steve Bevington says.

 

 

The Australian

Page 1: A commitment to infrastructure projects worth $24.5 billion will be central to Scott Morrison’s claim that the budget has been designed to lift economic growth.

Scott Morrison will formally enshrine the government’s tax limit of 23.9 per cent of GDP in the nation’s fiscal future by adopting it as official Coalition policy and writing it into this year’s budget rules in a move that would force a Labor government to either reverse it or dramatically cut its own spending.

Page 4: Universities say new economic modelling shows the Turnbull government’s freeze on course funding imposed in December could cut $12.3 billion from GDP and lead to a loss of up to $3.9bn in tax revenue over the next 20 years.

Page 5: The union movement is cranking up its campaign to have the $250 million live sheep export trade permanently stopped and the $1.4 billion live cattle export business radically curbed.

Page 6: The $1.5 billion plan to integrate Australia’s military and civilian air traffic control and navigation systems nearly fell over when Defence refused to accept massive downgradings of the services the RAAF was to receive to keep its financial contribution within budget.

Page 19: The loss comes as the Australian Taxation Office chases the Dutch oil major for $295m in extra tax at it targets related party loans, a Shell submission to the Senate inquiry into corporate tax avoidance has revealed.

Global payments giant Western Union is expanding into the corporate market in Australia, with a focus on businesses in the export market, according to Western Union’s head of global payments, Jean Claude Farah.

  

The West Australian

Page 1: Declaring the next election would be a “clear black marker” for the Federal Government to finalise its GST policy, Mr Morrison conceded the coalition needed to move beyond the $3.4 billion Budget infrastructure cash-splash revealed by Prime Minister Malcolm Turnbull during his recent visit to Perth.

Page 5: WA workers could be the biggest winners from tomorrow’s Federal Budget, with Treasurer Scott Morrison saying that planned tax cuts for low and middle-income earners will deliver a major boost to the State’s economy.

Treasurer Scott Morrison has conceded the Budget is still not back in the black while committing the Federal Government to a fall in total net debt over coming years.

Page 9: Drug drivers will face automatic roadside licence bans as part of a suite of tough measures the State Government is developing to keep the menaces off WA roads.

Page 11: Doctors want money from redeveloping the Princess Margaret Hospital site to be used to build a maternity hospital in Nedlands.

Page 14: Government aviation agencies are urgently working to understand how two Qantas 737s were involved in a near miss at Perth Airport last month.

Business: The collapse of an asset-rich indigenous community organisation pocketing nearly $2 million a year from the North West Shelf has been partly blamed on a poor financial reporting which resulted in the group unknowingly racking up a $1.8 million tax bill.

Transborders Energy, a Perth company developing a readymade LNG production and sales solution for owners of gas stranded offshore Australia, has been awarded major project status by the Federal Government.

Canada-focused lithium play Ardiden is expected to announce a $5 million capital raising today to ramp up development of its flagship project in Ontario.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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