Councils told to rein in rate increases
Councils told to rein in rate increases
Just two Perth councils are planning to keep rate rises at or below inflation, prompting criticism that local government needs to do more to keep a lid on costs. The West
MP deserts Hanson to back tax cut
Pauline Hanson’s One Nation party has been plunged into a damaging political crisis, with senator Brian Burston declaring he would support the government’s $35.6 billion company tax cuts in a direct challenge to his leader’s authority. The Aus
CBA admits to risk failures, lack of compliance policy
CBA’s chief risk officer, David Cohen, has admitted to serious failings in risk management at Australia’s biggest bank, telling the financial services royal commission that the bank lacked compliance policies, had substandard control of non-financial risks and was not able to properly log misconduct. The Aus
Rinehart again at odds with eldest children on royalties
The latest round in the long-running dispute between Gina Rinehart’s Hancock Prospecting and Wright Prospecting over billions of dollars in iron ore royalties has kicked off in Western Australia’s Supreme Court. The West
Surging Perth’s $600m in deals
West Australian capital is seeing a flurry of building sales as sentiment in Perth’s office leasing market picks up, with more than $600 million of assets now in play. The Aus
Household debt top Australian risk: OECD
The OECD warns that Australia’s high house prices and household debt ‘‘warrant continued vigilance’’ given potential external shocks from China, a global trade war and an Italian-based euro crisis. The Fin
Labor ‘open’ to strip super from Fair Work
Labor is open to dissolving the industrial umpire’s role in selecting default superannuation funds but has confirmed it will not support legislation mandating more independent directors on super fund boards. The Fin
Woodside Senegal stake in FAR’s sights
FAR Ltd chairman Nic Limb has left no doubt that the oil junior will press ahead with arbitration over the $US430 million ($574 million) sale of a stake in its Senegal oil project to Woodside Petroleum, even as Woodside dismissed the process as ‘‘frivolous’’. The Fin
Blackstone builds $12bn war chest for Asia-Pacific property splurge
US private equity giant Blackstone is close to raising more than $US9 billion ($12bn) to invest in property across the Asia-Pacific region, this week lobbing a friendly takeover bid for Investa Office Fund. The West
Founder Wilson fires writ at Quintis directors
Quintis founder Frank Wilson has added to the flurry of legal action around the collapsed sandalwood company by suing his former co-directors over a contract termination. The West
The Australian Financial Review
Page 1: Global markets face the prospect of months of elevated volatility as Italy’s political crisis threatens the stability of the eurozone, and the US signals it is willing to revive its trade dispute with China.
Labor is open to dissolving the industrial umpire’s role in selecting default superannuation funds but has confirmed it will not support legislation mandating more independent directors on super fund boards.
Page 3: The OECD warns that Australia’s high house prices and household debt ‘‘warrant continued vigilance’’ given potential external shocks from China, a global trade war and an Italian-based euro crisis.
The latest round in the long-running dispute between Gina Rinehart’s Hancock Prospecting and Wright Prospecting over billions of dollars in iron ore royalties has kicked off in Western Australia’s Supreme Court.
Page 4: Shadow Treasurer Chris Bowen has pledged Labor will work with the property industry to resolve any potential tax-integrity issues associated with government build-to-rent incentives, slamming Scott Morrison for delays in addressing the problem.
Page 6: Federal cabinet minister Michaelia Cash has been ordered to appear in the Federal Court and give evidence in the action brought by the Australian Workers’ Union over police raids on its Melbourne and Sydney offices in October last year.
Colleagues of Barnaby Joyce are unsure whether he will recontest his seat of New England at the next federal election as his private life continues to collapse.
Page 10: Former prime minister Tony Abbott has warned of a campaign of disruption that could jeopardise the Coalition’s election prospects should his conservative ally and fellow NSW Liberal MP Craig Kelly be rolled for preselection.
Page 13: The Trump administration will cut visa rights for some visiting Chinese university students to help protect American supremacy in advanced technologies, adding to economic tensions between the world’s two largest economies.
Page 17: Blood products giant CSL and hearing implant pioneer Cochlear have called on the federal government to be more assertive in courting biotech and technology investments, warning Australia will continue to lose out to countries offering generous incentives to attract cutting-edge industries.
Page 20: Former Sportsgirl and Supre boss Elle Roseby has been appointed managing director of the Country Road chain in the latest management shakeup at the hands of South African retailer Woolworths Holdings.
Page 31: FAR Ltd chairman Nic Limb has left no doubt that the oil junior will press ahead with arbitration over the $US430 million ($574 million) sale of a stake in its Senegal oil project to Woodside Petroleum, even as Woodside dismissed the process as ‘‘frivolous’’.
Uber competitor Taxify has raised $US175 million ($233 million) to invest in global growth, with the Estonian founder singling out Australia as a high growth market for the business.
The Australian
Page 1: Pauline Hanson’s One Nation party has been plunged into a damaging political crisis, with senator Brian Burston declaring he would support the government’s $35.6 billion company tax cuts in a direct challenge to his leader’s authority.
The car industry has warned that some of Australia’s most popular cars will be taken off the market, or face significant price hikes, under tough carbon-emissions standards being actively considered by the Turnbull government.
Page 2: Former Family Court chief justice Diana Bryant has urged the Turnbull government to reconsider its plans to scrap the Family Court, arguing specialist judges with family law experience and an understanding of child development need to decide parenting disputes and appeals.
Page 4: Australia’s tax commissioner Chris Jordan has attacked the ABC over a Four Corners episode, rejecting suggestions his employees were a “mongrel bunch of bastards”.
Launched by the Institute of Public Affairs today in Canberra, Australia’s Red Tape Crisis, edited by Christopher Berg and his colleague Darcy Allen, has found mounting regulation is costing the economy $176 billion a year.
Page 7: The federal government has accepted that its legislative crackdown on foreign influence will establish a public register that will contain the names of people and organisations who have done nothing wrong.
Page 17: The Australian Prudential Regulation Authority last night said stronger powers would allow it to intervene earlier to force underperforming funds to merge when it was in the best interests of members.
CBA’s chief risk officer, David Cohen, has admitted to serious failings in risk management at Australia’s biggest bank, telling the financial services royal commission that the bank lacked compliance policies, had substandard control of non-financial risks and was not able to properly log misconduct.
Page 18: Citigroup has made the call that the Australian mining sector is on the verge of a mergers and acquisition boom, driven by rebounding commodity prices and boardroom confidence.
Page 19: Viva Energy is set to list on the Australian Securities Exchange in July as a company worth between $4.3 billion and $6.3bn, according to research released yesterday as part of its IPO plans.
Telstra’s management is gearing up for a “big reveal” at the next investor update, with more job cuts and a further hit to dividends on the cards.
Page 21: ANZ has signed off on a $644 million deal for US-based Cigna to take over its life insurance business in New Zealand.
Page 24: US private equity giant Blackstone is close to raising more than $US9 billion ($12bn) to invest in property across the Asia-Pacific region, this week lobbing a friendly takeover bid for Investa Office Fund.
Page 25: West Australian capital is seeing a flurry of building sales as sentiment in Perth’s office leasing market picks up, with more than $600 million of assets now in play.
The West Australian
Page 1: Just two Perth councils are planning to keep rate rises at or below inflation, prompting criticism that local government needs to do more to keep a lid on costs.
Page 6: Prime Minister Malcolm Turnbull has signalled the Federal Government could take months before it settles on a response to the review of the GST, warning of an “exhaustive process” of negotiation with key players.
Page 11: Road Safety Minister Michelle Roberts has dismissed calls for a change to laws to force cyclists to ride in single file.
Federal MPs could have their first chance to vote on a ban of the live sheep export trade as early as today.
Page 12: Internal Labor Party polling this month shows the ALP and the Coalition neck-and-neck on a two-party preferred basis in the northern suburbs seat of Stirling — a swing to the Opposition of 6 per cent.
Business: Quintis founder Frank Wilson has added to the flurry of legal action around the collapsed sandalwood company by suing his former co-directors over a contract termination.
Gascoyne Resources has flagged continued exploration to boost its two-million-ounce gold inventory after announcing the start of production from its Dalgaranga gold 70km north-west of Mt Magnet.
Austal has launched the first of its Guardian-class Pacific patrol boats, floating the first vessel in the $335 million contract at the weekend.
