Higher WA property surcharge to hit foreign buyers
Higher WA property surcharge to hit foreign buyers
Foreigners snapping up WA real estate will be hit with a 7 per cent surcharge on the purchase price as the McGowan Government moves to almost double a previous plan to target overseas buyers. The West
One Nation holds key to tax-cut deal
The federal government could secure Senate support for its entire $140 billion income tax cut package from the crossbench but needs to persuade Pauline Hanson who is demanding cuts to immigration in return for her crucial support. The Fin
ASIC suffers ‘shocking’ $26m funding cut
The corporate regulator’s permanent funding will be cut from $346 million to $320 million and staff numbers slashed by 30 investigators, in an unheralded budget cut described as shocking by insiders, as the Hayne royal commission adds to the regulator’s workload. The West
Seoul rules, while Perth and Brisbane hit the world city limelight
A recovery in the premium residential markets of Brisbane and Perth has pushed both cities into Knight Frank’s global list of top-performing cities for the first time. The Fin
Probe into Gorgon emissions
The McGowan Government has ordered an inquiry into the delayed emissions storage system of the Gorgon LNG project. The West
AMP faces $2b class action
AMP is facing what could become one of Australia’s largest shareholder actions after law firm Quinn Emanuel filed a class action on the eve of the company’s annual general meeting on Thursday. The Fin
Seven secures Pyrrhic victory over Amber
Seven has had a belated win in its court battle with Amber Harrison, after the NSW Supreme Court yesterday declared her in contempt. The Aus
Power cuts soar as prices surge
More than 19,000 business and residential customers were disconnected from their power supply because they did not pay their bills, almost double from the 10,000 customers in 2016. The West
Industry left hanging over petroleum tax crackdown
The absence of an expected toughening of the petroleum resource rent tax regime in the federal budget has left oil and gas producers in limbo, with industry chiefs warning the uncertainty is clouding the future of more than $50 billion of proposed projects off the north-west coast. The Fin
The Australian Financial Review
Page 1: The federal government could secure Senate support for its entire $140 billion income tax cut package from the crossbench but needs to persuade Pauline Hanson who is demanding cuts to immigration in return for her crucial support.
Bill Shorten faces the toughest test of his leadership yet with four simultaneous by-elections in Labor-held seats within weeks after the High Court’s latest ruling on dual citizens’ ineligibility to run for Parliament triggered a rash of resignations by MPs.
Page 3: Trade officials are scrambling to determine whether Australian companies that do business in Iran will be affected by the restoration of sanctions after US President Donald Trump walked away from the agreement to curtail Tehran’s nuclear weapons program.
Page 5: New Senate crossbencher Tim Storer has used his maiden speech to rule out any bargaining on government legislation, calling for better support for research and development, innovation and industrial transformation.
Page 6: Claims the Coalition’s income tax cuts will produce an economic boost have been met with scepticism by a former adviser to John Howard, as well as ratings agency S&P, which has warned the credit outlook remains on negative outlook ‘‘for now’’ because of growing global risks.
Page 7: Treasury is taking a slightly more bullish view on economic growth than the market, counting on hitting the 3 per cent level in the next financial year, according to the budget papers.
Page 8: Superannuation fund members might end up paying 30 per cent more for their life insurance cover under the government’s sweeping plans to stop account erosion in the $2.5 million super sector.
Page 10: The absence of an expected toughening of the petroleum resource rent tax regime in the federal budget has left oil and gas producers in limbo, with industry chiefs warning the uncertainty is clouding the future of more than $50 billion of proposed projects off the north-west coast.
Australia is at risk of losing research and development done by manufacturers and mining companies to other countries after the budget slashed $1 billion a year from the R&D tax incentive scheme without offsetting increases in grants elsewhere.
Page 11: The corporate regulator’s permanent funding will be cut from $346 million to $320 million and staff numbers slashed by 30 investigators, in an unheralded budget cut described as shocking by insiders, as the Hayne royal commission adds to the regulator’s workload.
Page 14: Tech companies in the fields of super computing, artificial intelligence, space and genomic medicine are set to get a boost from the government’s $2.4 billion spend on public technology infrastructure, but tech leaders have cautioned against seeing the outlay as an economic windfall to the innovation ecosystem.
Page 19: The Turnbull government’s efforts to secure domestic gas supply have not been enough to substantially reduce prices, according to the new boss of Incitec Pivot, who warned the cost of gas at the imperilled Gibson Island fertiliser plant was set to rise almost $49 million next year.
Page 23: AMP is facing what could become one of Australia’s largest shareholder actions after law firm Quinn Emanuel filed a class action on the eve of the company’s annual general meeting on Thursday.
Page 35: A recovery in the premium residential markets of Brisbane and Perth has pushed both cities into Knight Frank’s global list of top-performing cities for the first time.
The Australian
Page 1: Scott Morrison has slammed claims high-income earners will reap the bulk of the government’s proposed income tax cuts, suggesting its seven-year tax plan “ran a sword through bracket creep” and lower income earners will enjoy the biggest percentage reductions in their tax bill.
Page 3: Seven has had a belated win in its court battle with Amber Harrison, after the NSW Supreme Court yesterday declared her in contempt.
Page 8: Leading economist Saul Eslake has suggested an updated 10-year costing of the Coalition’s corporate tax cuts could show the measure exceeding $80 billion by 2029.
The Greens will reintroduce legislation to increase the dole by $75 a week in the second half of the year, wedging Labor, which voted against a separate motion in February but has since promised a “review” of payments and whether they are enough to live on.
Page 10: A plan to levy all aged-care providers if any of them collapse and are unable to pay back millions of dollars of residential bonds will further threaten the financial viability of the sector, with the government “lucky” it has not already seen the collapse of a large, private company, according to actuary Richard Cumpston.
Page 11: The Catholic education sector has ramped up its campaign against Education Minister Simon Birmingham, taking aim at the budget for ignoring its funding concerns that threaten to see school fees rise across the country.
Page 19: The litany of scandals rocking Commonwealth Bank has started to bite as the nation’s largest bank disclosed a drop of nearly 10 per cent in quarterly profit amid signs more borrowers were falling behind on their mortgages.
The Royal Flying Doctor Service has welcomed the budget’s $260 million in funding for global positioning system technology and satellite imagery, money it says will help it better fly and land its planes in remote areas of Australia.
Page 21: BHP has won the first round in a previously unreported $87 million legal battle with the Australian Taxation Office over its controversial marketing hub in Singapore, by convincing a tribunal its dual-listed Australian and British companies are not associates.
The West Australian
Page 1: Foreigners snapping up WA real estate will be hit with a 7 per cent surcharge on the purchase price as the McGowan Government moves to almost double a previous plan to target overseas buyers.
Page 9: A major fraud squad investigation will be launched into allegations that disgraced former Labor MP Barry Urban forged a university degree and knowingly wore a fake police medal.
Page 11: More than 19,000 business and residential customers were disconnected from their power supply because they did not pay their bills, almost double from the 10,000 customers in 2016.
Page 12: Treasurer Scott Morrison has swelled his Budget bottom line with almost $3 billion in new revenue sources — but has yet to reveal where the money will come from.
Page 18: The Midland Oval redevelopment has caused division in one of Perth’s fastest-growing councils, with City of Swan councillor Andrew Kiely saying he will not take part in future council decisions on the project.
Business:
The McGowan Government has ordered an inquiry into the delayed emissions storage system of the Gorgon LNG project.
Kin Mining has sought a waiver from its lenders to avoid defaulting on its loan while it grapples with a cost blowout on its Leonora gold project.
Blood products and vaccine maker CSL has welcomed a lift in the amount of research and development spending it can claim a tax offset on.
BHP is about to sublease its Ethel Creek and Marillana cattle properties in the Pilbara, fetching an upfront fee of more than $10 million.
Pilbara conglomerate gold player Artemis Resources has flagged the sale of its four million shares in Canadian joint-venture partner Novo Resources in a deal that could net more than $20 million.
