30/05/2018 - 06:21

Morning Headlines

30/05/2018 - 06:21

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Chinese investment plummets as tougher taxes take toll

Morning Headlines

Chinese investment plummets as tougher taxes take toll

Proposed Chinese investment in Australian real estate of all kinds has halved to $15.2 billion as internal capital controls and new taxes crimp demand, according to the latest Foreign Investment Review Board figures. The Fin

Primewest to cash in on Exchange resuscitation

Primewest’s decision to offload its 50 per cent stake in Perth’s Exchange Tower is expected to value the premium, 40-level tower at about $340 million, sources say. The West

Super culture war erupts

Labor has rejected a third major inquiry recommending more independent directors on the boards of union-influenced industry superannuation funds, reigniting the ideological war over Australia’s $2.6 trillion retirement income system. The Fin

Submarines to cost taxpayers $100b: Defence

Taxpayers will spend $100 billion to build and operate the new fleet of submarines, Defence Department officials have revealed for the first time as they also fended off warnings the naval shipbuilding program was at risk of cost blowouts and delays. The Fin

Health and safety body ‘neglected its duties’

A body advising the State Government on workplace health and safety neglected to perform many of its functions over a five-year period in which 90 people died from industrial accidents, an inquiry has found. The West

South32 finally gets its mine

The potential that South32 will finally lead the Eagle Downs coking coal project to the promised land of production is a welcome, unexpected and value accretive by-product of one of the sillier $1.4 billion takeovers of modern times. The Fin

Feds pay $550m to states in overdue hospital funding

Almost $550 million in public hospital funding still owed to the states for services delivered in 2015-16 will finally be paid next week, addressing one of the key sticking points in the negotiation of a new national agreement. The Aus

Family Court axed in system shake-up

The Family Court will be abolished and its judges relocated as part of the biggest shake-up of the federal courts system since Federation. The Fin

Free fashion shows win City funding

Perth Fashion Festival’s free runway shows have received a stay of execution, with the City of Perth backing down from a plan to cut funding by more than $200,000. The West

CBH, Arc rail foster new bush broadband plan

WA’s grain belt could have enterprise-grade, affordable broadband services to rival the NBN within three years, under plans supported by CBH Group and rail network operator Arc Infrastructure. The West

Taxpayer risk in NW power

WA taxpayers face potentially hefty losses by allowing the private sector to compete with State-owned regional electricity provider Horizon Power in the Pilbara, Energy Minister Ben Wyatt has admitted. The West

 

 

The Australian Financial Review

Page 1: Labor has rejected a third major inquiry recommending more independent directors on the boards of union-influenced industry superannuation funds, reigniting the ideological war over Australia’s $2.6 trillion retirement income system.

Page 3: The Family Court will be abolished and its judges relocated as part of the biggest shake-up of the federal courts system since Federation.

Page 4: An explosion of superannuation products designed to give Australians more choice has not led to better outcomes for retirement savers – more than $50 billion in assets are now sitting in investment options that have underperformed key benchmarks.

Page 5: Taxpayers will spend $100 billion to build and operate the new fleet of submarines, Defence Department officials have revealed for the first time as they also fended off warnings the naval shipbuilding program was at risk of cost blowouts and delays.

Page 6: Financial Services Minister Kelly O’Dwyer has escalated Coalition criticism of Barnaby Joyce for agreeing to a $150,000 fee for a tell-all interview about his affair with a former staffer.

Page 7: Bankwest’s business loan portfolio was far worse than CBA had anticipated because of its aggressive pursuit of east-coast business, prompting it to rapidly shrink its commercial property loan book by 20 per cent, the royal commission has heard.

Page 11: The regional head of Treasury Wine Estates, Peter Dixon, has withdrawn from a major industry event in Hong Kong, telling customers he needed to ‘‘fix’’ some problems in Shanghai.

New Retail Food Group chief executive Richard Hinson will attempt to win back the trust of long-suffering franchisees and shareholders after taking the helm of the troubled food franchisor in a surprise management reshuffle.

Page 13: Wholesaler Metcash may be at risk of losing another three supply contracts with independent retailers and convenience stores, according to analysts, who have cut profit and share price targets after a trading update on Monday.

Page 14: House price falls inevitably lead to the brakes going on new car sales because of the dent it puts in consumer confidence, UBS analysts said in a new report.

Page 15: Global mining giant BHP Billiton and the Queensland government have reached an undisclosed settlement over a $300 million royalty dispute resulting from the company selling coal through its Singapore marketing hub.

Page 26: The potential that South32 will finally lead the Eagle Downs coking coal project to the promised land of production is a welcome, unexpected and value accretive by-product of one of the sillier $1.4 billion takeovers of modern times.

Page 27: Proposed Chinese investment in Australian real estate of all kinds has halved to $15.2 billion as internal capital controls and new taxes crimp demand, according to the latest Foreign Investment Review Board figures.

Page 34: Fund manager Primewest has bought the repurposed office building and the former wool store property at 130 Commercial Road, Newstead in Brisbane, for $20.35 million.

Lawyers representing up to 300,000 litigants are planning an $80 billion action against mortgage lenders and brokers, and financial regulators, in a class action that would dwarf previous ones.

 

 

The Australian

Page 1: Average wage earners such as teachers, nurses and mechanics would be paying between $500 and $2000 a year more in personal income tax by 2024-25 under Bill Shorten’s tax plan than the Coalition’s, according to the government’s analysis of the competing tax policies on which the next election will be fought.

The biggest review of spy laws in more than 40 years will be unveiled today, amid growing concerns that national security agencies are unable to pass crucial information to police and other intelligence services about threats to national security.

Page 2: Myer is hoping for a chill to set in, with a top executive arguing “the cooler the better’’ for all fashion retailers as they struggle to shift winter coats, gloves and scarfs as Australia basks in unseasonally warm weather.

Page 4: Declaring the royal commission into financial services “troubling and very sad”, Treasury secretary John Fraser yesterday warned of a possible credit crunch, as Finance Minister Mathias Cormann batted away claims the government had politicised Treasury by costing Labor policies.

Page 5: Just 6 per cent of schools were contacted by department officials about the information teachers provided on disabled students in order to attract funding last year, sparking further concerns that the new funding system is ripe for rorting.

Almost $550 million in public hospital funding still owed to the states for services delivered in 2015-16 will finally be paid next week, addressing one of the key sticking points in the negotiation of a new national agreement.

Page 6: A fresh move by the White House to implement Donald Trump’s “fair trade” agenda has sparked concern among Australian exporters, with car-part makers worried a new US Commerce Department inquiry could affect their billion-dollar industry.

Page 8: The building industry regulator had launched its first action against the construction union under Turnbull government legislation that carries significantly higher penalties than were previously available.

Page 17: Chief executives of small superannuation funds are gearing up for the biggest fight of their careers, with more than 100 super funds with less than $2 billion under management set to be wiped out of existence by the Productivity Commission’s proposed shake-up of the sector.

Page 19: After 14 years, Ian Harrison is stepping down as chief executive of the Australian Made Campaign that has elevated the logo of the gold kangaroo on the green triangle to its status as a “go to” stamp of authority for shoppers.

 Telstra is going to have to get used to its A- credit rating, with little chance of a lift in the short term and no quick solutions at its disposal, according to S&P analysts.

 

 

The West Australian

Page 9: Prime Minister Malcolm Turnbull is urging parents wanting to keep their childcare fees as low as possible to sign up to the Government’s new payment system as figures reveal up to 489,000 families are yet to make the switch.

Page 13: Perth Fashion Festival’s free runway shows have received a stay of execution, with the City of Perth backing down from a plan to cut funding by more than $200,000.

Business: Shares in Galaxy Resources surged yesterday as investors were caught off guard by an eye-watering $US280 million ($371 million) deal with South Korean steel giant POSCO, prompting a short-seller scramble to cover positions.

WA’s grain belt could have enterprise-grade, affordable broadband services to rival the NBN within three years, under plans supported by CBH Group and rail network operator Arc Infrastructure.

A body advising the State Government on workplace health and safety neglected to perform many of its functions over a five-year period in which 90 people died from industrial accidents, an inquiry has found.

WA taxpayers face potentially hefty losses by allowing the private sector to compete with State-owned regional electricity provider Horizon Power in the Pilbara, Energy Minister Ben Wyatt has admitted.

Investors have welcomed the news Metalicity will retain a 40 per cent stake in its Admiral Bay zinc project south of Broome and net nearly $13 million in cash as part of a deal to spin-out the asset.

The Mark Creasy-backed Galileo Mining has made a strong debut on the Australian Securities Exchange, listing at a 90 per cent premium to its 20¢-a-share issue price.

Mines and Petroleum Minister Bill Johnston has backed a probe into the death of a drilling subcontractor in the northern Goldfields, saying its findings must help ensure a repeat is avoided.

Property: Primewest’s decision to offload its 50 per cent stake in Perth’s Exchange Tower is expected to value the premium, 40-level tower at about $340 million, sources say.

Investors will be scared off by the threat of higher rate charges for vacant shops in Fremantle, warns the Property Council.

Metronet should be extended to provide station precincts including housing across the whole Perth rail network, according to a property industry report.

Owner-occupiers have flooded into Perth’s apartment market, accounting for 65 per cent of 410 apartments sold in the March quarter — the most transactions in the four years Urbis has been tracking apartment sales.

Sirona Capital has pledged to address the shortcomings of South Perth’s short, squat built-up look, with a 41-level, slim-line 

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