11/05/2018 - 06:13

Morning Headlines

11/05/2018 - 06:13

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Boost for Tourism WA

Morning Headlines

Boost for Tourism WA

Budget papers show the Government will hand $425 million over five years to Tourism WA to sell WA to overseas and interstate visitors in a bid to change a dire set of tourism numbers. The West

Shorten gazumps budget tax cuts for 10m voters

Labor will better the Coalition’s tax cuts for 10 million low and middle-income earners by $400 a year while keeping alive the option of matching the government’s cuts for those on higher incomes, in a budget reply that sets the scene for a tax auction ahead of next month’s super Saturday of by-elections. The Fin

Wyatt banks on lithium power to keep state finances ticking over

The West Australian government is counting on the lithium boom to help it manage record state debt, and banking on investment of $4.7 billion in lithium projects under way or in the pipeline to create new jobs. The Fin

Cloud hovers over Labor’s Aly

Labor MP Anne Aly, who holds the marginal West Australian seat of Cowan, faces fresh questions about her eligibility to sit in federal parliament because of her failure to produce documents proving her Egyptian citizenship was cancelled. The Fin

ATO shuts down partnership rort

The Tax Office will no longer allow partners to access the small business capital gains tax concession for any capital gain made on assigning an income stream to another person. The Fin

Lifeline for Koolyanobbing

The State Government is trying to keep the Koolyanobbing iron ore mine near Southern Cross open by brokering a deal to sell the operation, which is scheduled to close next month. The West

Gorman to get nod as Perth candidate

WA Labor State secretary Patrick Gorman is set to be named as the party’s candidate for the Perth by-election today, despite an eleventh-hour challenge from high-profile Perth lawyer John Hammond. The West

Hotel industry backs GST on ‘wrecking ball’ online agents

The chief executive of the industry body that represents hotels and motels has welcomed the 10 per cent goods and services tax that will apply to overseas online travel agents from July. The Fin

Resource firms told to pay for training

Resources companies will be forced to pump $25 million a year into WA’s apprenticeship and training program after the McGowan Government removed a loophole that exempted the mining and energy industries. The West

 

 

The Australian Financial Review

Page 1: Labor will better the Coalition’s tax cuts for 10 million low and middle-income earners by $400 a year while keeping alive the option of matching the government’s cuts for those on higher incomes, in a budget reply that sets the scene for a tax auction ahead of next month’s super Saturday of by-elections.

Page 3: Rio Tinto’s push to reduce the carbon intensity of the aluminium sector has taken a step forward with the creation of a new venture with rival producer Alcoa and tech giant Apple that will seek to produce the metal with zero emissions.

More Australians are connecting to higher-tier plans on the national broadband network thanks to incentives put in place late last year for retail service providers to move customers onto faster speeds.

Page 5: Senior Liberals are playing down their chances of snatching the marginal seat of Longman off Labor but are upbeat about their prospects in Braddon as both parties crank up their campaign machines for an unprecedented super Saturday of five by-elections.

Page 8: Tuesday’s budget included a proposed ban on cash transactions over $10,000 but the government is open to setting an even smaller limit, Revenue Minister Kelly O’Dwyer says.

Revenue and financial services minister Kelly O’Dwyer says new rules to protect the balances of young superannuation savers from fee erosion are non-negotiable, no matter how loudly insurance companies and others object.

Page 9: The chief executive of the industry body that represents hotels and motels has welcomed the 10 per cent goods and services tax that will apply to overseas online travel agents from July.

Page 11: The West Australian government has claimed it is slowly getting the state’s tattered finances back on track after again stalling on asset sales.

The West Australian government is counting on the lithium boom to help it manage record state debt, and banking on investment of $4.7 billion in lithium projects under way or in the pipeline to create new jobs.

Page 13: Telstra is battling for greater powers to force workers to take long-service leave as it faces more than $700 million in financial liabilities.

Page 17: Irate shareholders have slapped AMP with the biggest ever vote against a remuneration report as interim chairman Mike Wilkins apologised to investors and committed to a complete shake-up of the embattled company’s board within a year.

Bank customers will be able to use their complete transaction histories from July 1 next year to get a better deal on savings accounts and credit cards in a gradual introduction of the open banking regime, which challengers say will put downward pressure on borrowing costs.

Page 19: Caltex Australia has risen to the challenge of closing the $150 million earnings gap left by the expected loss of a large fuels supply contract with Woolworths, according to chief executive Julian Segal, signalling potential further acquisitions in New Zealand and the Philippines to help complete the task.

Page 33: The Tax Office will no longer allow partners to access the small business capital gains tax concession for any capital gain made on assigning an income stream to another person.

 

 

The Australian

Page 1: Labor MP Anne Aly, who holds the marginal West Australian seat of Cowan, faces fresh questions about her eligibility to sit in federal parliament because of her failure to produce documents proving her Egyptian citizenship was cancelled.

Page 3: The financial affairs of failed indigenous arts company the Black Arm Band — including questions about $450,000 of federal grants— were reported to the Australia Council two years before the company folded in December.

Page 4: The pace of the $22 billion National Disability Insurance Scheme rollout is so severe it has led to a delay of more than half a year in South Australia because the agency delivering it cannot find providers capable or willing to sign a contract for planning services, with stresses emerging in other states.

Page 19: The corporate watchdog and Treasury have laid out stinging criticisms of vertically integrated financial players in responses to the royal commission that raise the pressure to break up Australia’s largest banks.

Caltex chief Julian Segal has warned that petrol prices are set to rise further from the three-year highs they are already sitting at, as recent crude oil prices flow through to Australian fuel costs.

CSL has quietly overtaken big four lender National Australia Bank in terms of market capitalisation, as shares in the globally focused biotech surged to a record high with the help of a weaker Australian dollar.

Page 21: Telstra has cemented its digital streaming offering after signing a five-year exclusive mobile rights deal with Football Federation Australia.

Page 27: Qantas will today detail the next stages for selecting the region that will be home to its coveted new multi-million-dollar pilot training facility.

 

 

The West Australian

Page 8: The WA Liberals have blasted Treasurer Ben Wyatt’s second State Budget, saying struggling households will be hit with steep increases in fees and charges to pay for Labor’s election promises.

Page 10: Budget papers show the Government will hand $425 million over five years to Tourism WA to sell WA to overseas and interstate visitors in a bid to change a dire set of tourism numbers.

Page 13: A plan to cut 3000 jobs from the State public service has failed, with less than two-thirds of the original target achieved.

Page 15: The dilapidated King Edward Memorial Hospital has missed out on a financial lifeline in the State Budget, with money diverted to upgrading other hospital maternity services.

Page 24: WA Labor State secretary Patrick Gorman is set to be named as the party’s candidate for the Perth by-election today, despite an eleventh-hour challenge from high-profile Perth lawyer John Hammond.

Business: The State Government is trying to keep the Koolyanobbing iron ore mine near Southern Cross open by brokering a deal to sell the operation, which is scheduled to close next month.

Resources companies will be forced to pump $25 million a year into WA’s apprenticeship and training program after the McGowan Government removed a loophole that exempted the mining and energy industries.

Treasurer Ben Wyatt has used his Budget speech to fire a warning shot at the gold industry, saying he had not given up on hiking the gold royalty.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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