Morning Headlines

Friday, 17 August, 2018 - 06:43

Blitz on $1b gold GST claims

The Australian Taxation Office believes it has effectively shut down a gold-GST swindle that was costing taxpayers up to $1 billion and hurting honest gold brokers. The West

WA farmers’ $4b crop windfall

A near-perfect combination of plentiful rain, high prices and extra demand from a parched NSW and Queensland could generate almost $1 million average income this year for each of the state’s wheat farms. The Fin

‘Regular’ casuals entitled to annual leave, court finds

Employers are warning of huge liabilities and uncertainty for businesses that engage casuals after the Federal Court held casual employees who work regular hours are entitled to annual leave payments. The Fin

Payout despite graft probe

Health director-general David Russell-Weisz revealed the highest ranks of the department were aware that John Fullerton was the subject of a probe by the Corruption and Crime Commission when he was given a voluntary severance in 2016. The West

NBN scraps ‘higher rate’ plan as loss deepens to $4.8bn

NBN Co has shelved plans to raise wholesale prices for new regional customers signing up to faster fixed wireless broadband services over the National Broadband Network to bring them in line with city-based pricing. The Aus

Hanson stance a blow to deal on company tax

Chances of the Turnbull government striking a compromise company tax deal have been dealt a blow after One Nation leader Pauline Hanson demanded a crackdown on multinational gas companies first. The Fin

Iluka sinks despite mineral sands profit

Iluka Resources returned to profit in its fiscal first half, as a strong rebound in prices of mineral sands, used in everything from paints to bathroom tiles, more than offset the impact of lower production. The Aus

 

 

The Australian Financial Review

Page 1: The government is assuring MPs it will resort to heavy-handed intervention to prevent electricity companies gouging customers, and it will back an effective price cap for consumers, as Malcolm Turnbull and senior colleagues seek to shore up internal support for the National Energy Guarantee and prevent the issue flaring into a leadership crisis.

A near-perfect combination of plentiful rain, high prices and extra demand from a parched NSW and Queensland could generate almost $1 million average income this year for each of the state’s wheat farms.

The board of AMP Super, charged with protecting the retirement savings of 2.5 million members worth more than $100 billion, was largely unaware of chronic investment underperformance and powerless to stop fee gouging by related parties, the banking royal commission heard on Thursday.

Page 3: The competition watchdog has laid criminal charges against the CFMEU and its ACT secretary Jason O’Mara for alleged cartel conduct, following a joint investigation between the ACCC and an AFP taskforce set up after the Trade Union Royal Commission.

The National Basketball League is returning to commercial free-to-air TV after signing a three-year agreement with Nine Entertainment to broadcast two matches every weekend.

Page 4: Chances of the Turnbull government striking a compromise company tax deal have been dealt a blow after One Nation leader Pauline Hanson demanded a crackdown on multinational gas companies first.

Page 6: Employers are warning of huge liabilities and uncertainty for businesses that engage casuals after the Federal Court held casual employees who work regular hours are entitled to annual leave payments.

Page 7: Workers’ average weekly pay packet is continuing to rise, with the latest surge in female earnings reducing the gender pay gap to its lowest level in 20 years.

Page 17: An overhaul of the way Penfolds owner Treasury Wine Estates distributes its wine in the United States has caused a short-term headache as shipments slowed, but chief executive Michael Clarke says the fix-it plans will eventually deliver consistently better profit margins.

Page 31: Gold producer Resolute Mining reported a 17 per cent increase in its global ore reserve to 5.9 million ounces.

 


The Australian                                                                                                                          

Page 1: Steven Lowy will end more than 50 years of his family’s involvement with soccer, revealing he will end his tenure as chairman of Football Federation Australia.                             

Page 4: Major health groups have called on the Turnbull government to increase Medicare subsidies after new figures revealed patients having to pay more to see a GP, with some choosing instead to go without a doctor’s visit.                                                                         

Page 17: Telstra boss Andy Penn is betting on the telco’s content assets and its 5G infrastructure to stop the slide in its mobile earnings, as it gets ready to launch new broadband plans in October.                                                                                                                       

Page 18: Australian Agricultural Company is believed to be circling parts of the $1 billion Consolidated Pastoral Company, which is up for sale in what has been a prolonged process through Goldman Sachs and Knight Frank.                                                                                           

Page 20: QBE Insurance shares rallied strongly yesterday as the troubled global insurer raised hopes of a sustainable turnaround with a higher interim profit.                                                  

Page 21: NBN Co has shelved plans to raise wholesale prices for new regional customers signing up to faster fixed wireless broadband services over the National Broadband Network to bring them in line with city-based pricing.                                                                                       

Iluka Resources returned to profit in its fiscal first half, as a strong rebound in prices of mineral sands, used in everything from paints to bathroom tiles, more than offset the impact of lower production.

 

 

The West Australian

Page 1: Former senior WA Health bureaucrats face possible criminal charges after a major investigation uncovered one of the biggest corruption scandals in the State for decades.

Page 6: Health director-general David Russell-Weisz revealed the highest ranks of the department were aware that John Fullerton was the subject of a probe by the Corruption and Crime Commission when he was given a voluntary severance in 2016.

Page 11: Tributes are being paid to 28-year-old Daniel Patterson, who was fatally injured when the Haulpak he was driving left the road at Rio Tinto’s Channar mine in Paraburdoo.

Page 24: The cost of removing the Arc d’Ellipses artwork from Fremantle’s streets looks likely to blow out to at least 10 times what the port city council has budgeted.

Business: The Australian Taxation Office believes it has effectively shut down a gold-GST swindle that was costing taxpayers up to $1 billion and hurting honest gold brokers.

WA is wholesaling up to $77 million more avocados a year than two years ago, according to an industry report unveiled at yesterday’s WA Horticulture Updates.

Newly minted gold miner Gascoyne Resources will raise as much as $24 million to help in the ramp-up of its Dalgaranga gold project near Mt Magnet.

Diversified contractor Downer EDI has reported a 61 per cent fall in net profit to $71 million.

OZ Minerals has lifted its first-half profit by 59 per cent to $128 million on the back of higher copper prices and a focus on costs.

Sonic Healthcare has lifted its full-year profit 11 per cent to $467 million with the international pathology and radiology services group recording strong revenue growth in Europe.