Morning Headlines

Tuesday, 28 August, 2018 - 06:54

$9b LNG jobs bonanza

WA is on the cusp of a $9 billion-a-year jobs bonanza servicing Australia’s vast LNG projects as an alliance of energy giants bids to make Perth the southern hemisphere’s version of Aberdeen, Doha and Houston. The West

White flag on union super

The federal government has dumped longstanding plans to dilute union and employer group influence on industry super fund boards after the damage done to retail funds by the Hayne royal commission ended any prospect securing Senate support. The Fin

Morrison sticks to Paris

The Morrison government will resist any internal push to walk away from its commitment to the Paris climate change targets, despite it dropping emissions reduction as a consideration of energy policy. The Fin

Banks end broker bonuses

Banks have stopped paying mortgage brokers bonus commissions based on the volume of loans sold – and by the end of the year won’t be able to spend more than $350 entertaining any individual broker at an event. The Fin

Health chief renewed corrupt exec’s contract

Corrupt bureaucrat John Fullerton was given a new five-year contract by the current Health Department director-general, even though fears about his misconduct had already been exposed by an internal inquiry. The West

Galaxy sells tenements

Lithium miner Galaxy Resources has finalised a deal to sell a package of mining tenements in Argentina to South Korean steelmaker POSCO for $US280 million ($383 million). The West

ALP vow to oppose ‘G-G Bishop’

Bill Shorten has attempted to shut down plans to install Julie Bishop as the next governor-general by demanding Scott Morrison extend Peter Cosgrove’s five-year term until after the next election. The Aus

Macquarie eyes WA land registry

Macquarie Group’s $155 million infrastructure arm is expected to be gunning hard for the West Australian land registry operation when it comes up for offer in the months ahead after being beaten in the competition to secure Victoria’s land registry. The Aus

 

 

The Australian Financial Review

Page 1: The Morrison government will resist any internal push to walk away from its commitment to the Paris climate change targets, despite it dropping emissions reduction as a consideration of energy policy.

The federal government has dumped longstanding plans to dilute union and employer group influence on industry super fund boards after the damage done to retail funds by the Hayne royal commission ended any prospect securing Senate support.

Page 2: The federal government’s family law reforms face a difficult passage through the Senate after crossbenchers said they would join Labor and the Greens to delay a committee report until April.

Page 3: One in five female investment managers experience offensive behaviour at work about their gender while one in eight are sexually harassed, according to a new study.

Page 4: Banks have stopped paying mortgage brokers bonus commissions based on the volume of loans sold – and by the end of the year won’t be able to spend more than $350 entertaining any individual broker at an event.

Page 5: Prime Minister Scott Morrison has vowed to continue financial support for the nation’s struggling farmers for as long as possible to help them recover from the ravages of drought.

Page 8: Scott Morrison’s move to return the small business portfolio to cabinet under Michaelia Cash has pleased industry groups, as outgoing minister Craig Laundy considers his future in politics.

Page 11: Prime Minister Scott Morrison and new Education Minister Dan Tehan have moved quickly to solve the Catholic schools row, leaving open the way for more funding.

Page 15: National Australia Bank’s chief operating officer Antony Cahill has resigned to join Visa in the United Kingdom, amid the turmoil of the banking royal commission.

Page 17: Australia’s biggest private childcare operator, G8 Education, has warned an oversupply of childcare places in the industry won’t improve until at least the middle of calendar 2019, with occupancy rates at its 512 centres worsening in every state in the first six months of 2018, leaving it with almost 10,000 unfilled places.

Page 19: Big Un Limited, the controversial ASX-listed online video producer, has called in the administrators, dashing the faint hope among shareholders that they will recover their money.

Page 20: Chris Ellison has ruled Mineral Resources out of the running for iron ore assets controlled by BCI Minerals as he pushes ahead with light rail and berth development plans in Western Australia’s Pilbara region.

Page 37: Government funding cuts have taken a toll on aged care provider Japara Healthcare, whose 2018 full-year profit dropped 21.5 per cent to $23.3 million.

 

 

The Australian                                                                                                                          

Page 1: Plans to build a multi-use port on Papua New Guinea’s Manus Island have stoked fears that China could be set to gain a foothold on the strategically vital island, as Beijing is potentially in line to help fund the facility.

Bill Shorten has attempted to shut down plans to install Julie Bishop as the next governor-general by demanding Scott Morrison extend Peter Cosgrove’s five-year term until after the next election.

Malcolm Turnbull was beginning to drag the Coalition back into contention in the final weeks of his leadership and had stretched his lead over Bill Shorten as preferred prime minister to the widest average margin in more than a year.

Page 8: Australia’s new minister for population says the nation’s growing pains are caused by migrants choosing to live in Melbourne and Sydney and a backlog in major infrastructure rather than historically high immigration levels.

Page 17: Two big financial institutions already battered by the banking royal commission, AMP and Commonwealth Bank, are set for another stint under the microscope in a session focusing on insurance that kicks off in a fortnight.

Page 18: Macquarie Group’s $155 million infrastructure arm is expected to be gunning hard for the West Australian land registry operation when it comes up for offer in the months ahead after being beaten in the competition to secure Victoria’s land registry.

Page 19: Reliance Worldwide is on the lookout for further bolt-on acquisitions even as it works to integrate the British-based John Guest business it spent $1.2 billion on just three months ago.

 

 

The West Australian

Page 1: WA is on the cusp of a $9 billion-a-year jobs bonanza servicing Australia’s vast LNG projects as an alliance of energy giants bids to make Perth the southern hemisphere’s version of Aberdeen, Doha and Houston.

Page 3: Corrupt bureaucrat John Fullerton was given a new five-year contract by the current Health Department director-general, even though fears about his misconduct had already been exposed by an internal inquiry.

Page 5: If such a national swing was repeated in WA, the Liberal Party could lose five seats and see another three under threat.

Page 12: The chief judge of the District Court has called for an independent inquiry into the embarrassing collapse of the multimillion-dollar trial of two brothers alleged to have been harbouring scores of illegal workers at their northern suburbs tomato farm.

A $3 million Federal Government grant for a WA soccer club to upgrade its home ground has left the club cheering but triggered a war of words between the stadium’s landlord and a One Nation senator.

Page 16: Passenger traffic on the Perth to Broome air route was the second-fastest growing in Australia for the 2018 financial year, leaping 19 per cent over the previous year, according to a CommSec report.

Business: Lithium miner Galaxy Resources has finalised a deal to sell a package of mining tenements in Argentina to South Korean steelmaker POSCO for $US280 million ($383 million).

The biggest health insurer in Australia, Bupa, has admitted the controversial changes it made to paying for out-of-pocket medical expenses prompted customers to dump the fund.

Amaysim has announced record revenue of $578 million, up 77 per cent, after a year of expansion and subscriber growth across its energy and telecommunications businesses.

Losses from the caravan manufacturing business that Fleetwood is in the process of divesting have seen the company post a $13.5 million annual loss.