Great super rip-off exposed
Great super rip-off exposed
The biggest shake-up of the $2.6 trillion superannuation sector for three decades would unshackle the retirement system from workplace bargaining agreements, end the proliferation of multiple accounts and rip $1 billion a year in contributions out of underperforming funds, under the proposals of a draft Productivity Commission report. The Aus
Bankwest secret policy to hit small business
Bankwest introduced a secret policy to lower the risk of its loan book as the global financial crisis wreaked havoc by reducing its exposure to commercial property by $1.3 billion over 12 months, the Hayne royal commission has heard. The Fin
Power plan to cut WA off from green funds
Excluding WA from the Turnbull Government’s flagship climate change policy could cost the State lucrative investment in renewable energy, the McGowan Government and industry have warned. The West
Blackstone in $3.1b Aussie property bet
Deep-pocketed US fund manager Blackstone has made an emphatic vote of confidence in Australian commercial real estate with a $3.1 billion bid to buy out Investa Office Fund, giving it a platform to make further inroads into the local market. The Fin
House prices ‘won’t sway the RBA’
Falling house prices won’t prevent the Reserve Bank from raising interest rates when the case to do so emerges, according to Ian Harper, dean of Melbourne Business School and member of the central bank’s board. The Aus
Most lack full-time jobs with benefits
For the first time in recorded statistics, less than half of Australian workers are in a permanent fulltime paid job with leave entitlements, according to research highlighting the rapid growth in insecure employment. The Aus
Cormann rules out cap on tax cuts
The Federal Government has ruled out a cap on its company tax cuts, setting a June 28 deadline for an all-or-nothing vote on the remainder of the package in a hard line on negotiations with the Senate crossbench. The West
Haoma in comeback
Delisted Pilbara gold play Haoma Mining is about to trade its shares on a blockchain platform. The West
ACCC warns on ‘fake’ power discounts
Australian Competition and Consumer Commission head Rod Sims says the retail electricity market is a mess and has flagged stronger penalties against retailers that trick consumers into thinking they are receiving big discounts. The Fin
Tasmanian senator joins Nationals
The Coalition has bolstered its Senate numbers to 31 by convincing Tasmanian independent Steve Martin to join the Nationals. The Fin
The Australian Financial Review
Page 1: Employers and unions would have no influence over the $600 billion default superannuation system under a Productivity Commission proposal that would cleave super from the workplace relations system entirely.
Bankwest introduced a secret policy to lower the risk of its loan book as the global financial crisis wreaked havoc by reducing its exposure to commercial property by $1.3 billion over 12 months, the Hayne royal commission has heard.
Page 3: The Coalition has bolstered its Senate numbers to 31 by convincing Tasmanian independent Steve Martin to join the Nationals.
Page 4: Australian Competition and Consumer Commission head Rod Sims says the retail electricity market is a mess and has flagged stronger penalties against retailers that trick consumers into thinking they are receiving big discounts.
Infrastructure Australia chief executive Philip Davies is weighing options for a return to the private sector after serving just one three-year term and deciding not to seek a renewal of his contract.
Page 5: Australia is maintaining defence cooperation with China despite heightened tensions between the two countries, and the US ‘‘disinviting’’ the People’s Liberation Army Navy from participating in annual Pacific war games.
Page 9: Self-managed superannuation funds with less than $1 million in assets perform ‘‘significantly worse’’ than institutional funds because investment returns are heavily eroded by the costs of running a DIY fund.
Page 13: Fortescue Metals Group will be selling higher-grade iron ore products within 12 months after approving construction of the $US1.27 billion ($1.68 billion) mine that could offset pressure on earnings from discounts applied to its lower-grade ore.
Wesfarmers is under pressure to return capital to shareholders and take a more disciplined approach to acquisitions after burning $1.7 billion in two years on Bunnings UK and Ireland.
Page 15: Australian rice growers are set for at least a $200 million windfall as processor and marketer SunRice pushes for a long-awaited listing on the Australian Securities Exchange.
Page 16: The managing director of Dulux Group says the end of Wesfarmers’ United Kingdom hardware chain ambitions after heavy losses will trigger a strategic rethink about the expansion of the Selleys brand in the UK, even though the financial impact is ‘‘tiny’’ for Dulux.
Page 31: Deep-pocketed US fund manager Blackstone has made an emphatic vote of confidence in Australian commercial real estate with a $3.1 billion bid to buy out Investa Office Fund, giving it a platform to make further inroads into the local market.
The Australian
Page 1: The biggest shake-up of the $2.6 trillion superannuation sector for three decades would unshackle the retirement system from workplace bargaining agreements, end the proliferation of multiple accounts and rip $1 billion a year in contributions out of underperforming funds, under the proposals of a draft Productivity Commission report.
Malcolm Turnbull’s national energy guarantee has failed to deliver any political gain, with the Coalition now trailing Labor on which party voters believe is better placed to deliver lower power prices and a secure energy supply.
Page 3: For the first time in recorded statistics, less than half of Australian workers are in a permanent fulltime paid job with leave entitlements, according to research highlighting the rapid growth in insecure employment.
Page 4: Malcolm Turnbull will challenge Bill Shorten to vote down nearly $180 billion worth of company and personal income tax cuts ahead of the “Super Saturday” by-elections and transform the contest into a referendum on the major parties’ competing economic visions.
Page 5: Categorising tens of thousands of health insurance policies into gold, silver, bronze and basic is becoming so crucial to the industry’s future the Turnbull government will consider changing how it handles premium increases to ensure members see value in the move.
Page 17: Smaller superannuation funds with less than $1 billion in assets are in the firing line after the Productivity Commission recommended a massive overhaul of the super sector’s ties to the industrial relations system, calling on financial regulators to do more to drive mergers through the retirement savings industry.
Falling house prices won’t prevent the Reserve Bank from raising interest rates when the case to do so emerges, according to Ian Harper, dean of Melbourne Business School and member of the central bank’s board.
Page 19: A record run for Queensland coal royalties could be set for a further boost after BHP agreed to settle a $329 million royalty stoush that would have aired details of the mining giant’s controversial Singapore trading and marketing practices.
The West Australian
Page 1: Perth’s petrol price is set to be at its highest in more than four years today as unleaded fuel approaches $1.60 a litre.
Page 12: The Perth Fashion Festival has been dealt another blow with the loss of State Government agency Healthway as a sponsor.
Page 15: The Federal Government has ruled out a cap on its company tax cuts, setting a June 28 deadline for an all-or-nothing vote on the remainder of the package in a hard line on negotiations with the Senate crossbench.
Page 18: WA is being urged to sign up to the national redress scheme for victims of institutional child sex abuse ahead of a meeting of the nation’s attorneys-general in Perth next week.
Business: Billionaire Gina Rinehart believes her business interests in Australia have suffered as a result of her speaking out against red tape and tax burdens.
Excluding WA from the Turnbull Government’s flagship climate change policy could cost the State lucrative investment in renewable energy, the McGowan Government and industry have warned.
Delisted Pilbara gold play Haoma Mining is about to trade its shares on a blockchain platform.
Diversified miner Independence Group is turning its attention to battery metals in the “energy storage minerals super-cycle” — including lithium — after selling its Jaguar zinc-copper mine in the Goldfields for $73 million.
