Morning Headlines

Exploration hits 30-year high

Australia’s peak body for junior mining companies believes a further uptick in gold exploration could be on its way after official figures showed WA explorers spent more money looking for the precious metal in the June quarter than at any time in the past 30 years. The West

Future Fund keen to exit Lakeside Joondalup

The Future Fund is looking to reduce its exposure to Perth’s strongly performing retail market through the offer of its stake in the $1.2 billion Lakeside Joondalup Shopping City. The Aus

Pension backflip to cost $3.6bn over four years

Scott Morrison’s about-face on raising the retirement age to 70 will cost the budget $3.6 billion over four years from 2025-26 and comes despite the Prime Minister previously backing the tough measure to help avert a Greek-style collapse of Australia’s pension system. The Aus

Ex-surf boss Carr new WA tourism chief

Brodie Carr, who sensationally resigned as chief executive of the Association of Surfing Professionals in 2011 after a miscalculation resulted in Kelly Slater being prematurely crowned world champion, will start as Tourism WA’s managing director on October 8. The West

Boom gives Morrison freer hand

The economy’s strongest annual growth since the end of the mining boom is set to boost government coffers and offer newly installed Prime Minister Scott Morrison the flexibility to pursue vote-winning policies ahead of an election by May of next year. The Fin

Malaysians find an interest in WA oil and gas

Malaysia’s Sapura Energy has farmed into three oil and gas fields off the North West in a deal with Perth’s Finder Exploration that will include about $56 million being spent on exploration drilling. The West

Westpac mulls sale of financial planning arm

Westpac is weighing strategic options including a sale of its financial planning arm, as it joins its banking rivals in the scramble to prepare for any fallout from the Hayne royal commission. The Fin

The Australian Financial Review

Page 1: The economy’s strongest annual growth since the end of the mining boom is set to boost government coffers and offer newly installed Prime Minister Scott Morrison the flexibility to pursue vote-winning policies ahead of an election by May of next year.

Page 2: A class action law firm is seeking to overturn a landmark deal negotiated by the Construction, Forestry, Maritime, Mining and Energy Union that aimed to set a new standard for labour hire in the mining industry.

Page 3: Punishing lease costs that are tied to the number of licensed childcare places in a centre, and not how many children are actually attending, is one of the major reasons childcare fees aren’t dropping for families in a market awash with oversupply.

Page 4: Markets are still unwilling to bet the Reserve Bank of Australia will increase interest rates earlier than 2020, even though economic growth is booming.

Page 6: The government has ruled out rekindling tax cuts for big business as it confirmed it would fight Labor at the next election over fast-tracking the cuts, which have already been legislated for small and medium enterprises.

Page 12: Federal government upheaval and the looming election could delay a permanent solution to cover unpaid present entitlements, after stop-gap measures introduced in 2010.

Page 17: Westpac is weighing strategic options including a sale of its financial planning arm, as it joins its banking rivals in the scramble to prepare for any fallout from the Hayne royal commission.

Page 21: Myer, which has seen underlying net profit fall by half in the past five years – from $140 million in 2012 to $68 million in 2017 – could slump into the red when it is forced to move almost $3 billion of leases (present value $1.9 billion) on to its balance sheet under the new accounting standard, AASB 16.

Page 22: Sino Gas & Energy, Australia’s only indigenous gas producer in China, will be swallowed up by US private equity fund Lone Star after its shareholders overwhelmingly voted in favour of a $530 million cash takeover offer.

The Australian                                                                                                                          

Page 1: The top fifth of households by income are almost entirely supporting the bottom 60 per cent of earners, according to a report that argues the dwindling share of net taxpayers is making it harder for parliaments to govern wisely.

Page 4: Scott Morrison’s about-face on raising the retirement age to 70 will cost the budget $3.6 billion over four years from 2025-26 and comes despite the Prime Minister previously backing the tough measure to help avert a Greek-style collapse of Australia’s pension system.

Page 18: Mike Cannon-Brookes and Scott Farquhar, the duo behind software company Atlassian, are now richer than some of the biggest names in Australia, thanks to a stunning share price rise.

Page 21: New rules forcing lenders to make sure credit card borrowers can repay their full balance within three years before issuing them with fresh plastic are a win for consumers, advocates say.

Page 23: The Future Fund is looking to reduce its exposure to Perth’s strongly performing retail market through the offer of its stake in the $1.2 billion Lakeside Joondalup Shopping City.

The West Australian

Page 4: Premier Mark McGowan has taken aim at Cottesloe beach, saying the “entire foreshore” needs improving while ruling out State Government funding for new public toilets.

Page 9: Brodie Carr, who sensationally resigned as chief executive of the Association of Surfing Professionals in 2011 after a miscalculation resulted in Kelly Slater being prematurely crowned world champion, will start as Tourism WA’s managing director on October 8.

Page 12: Federal regulators have moved to cancel another live export licence connected to embattled WA company Emanuel Exports, effectively blocking the business from shipping sheep under another name.

Page 13: The first Metronet project to be built on a new railway connecting Butler to Yanchep and one of the first in Perth’s northern suburbs will be unveiled today.

Page 14: Prime Minister Scott Morrison has been dragged into Peter Dutton’s au pair affair after revelations yesterday that AFL boss Gillon McLachlan revealed he had sought assistance from the then-immigration minister on behalf of an Argentinian polo player seeking to enter Australia.

Business: Australia’s peak body for junior mining companies believes a further uptick in gold exploration could be on its way after official figures showed WA explorers spent more money looking for the precious metal in the June quarter than at any time in the past 30 years.

Malaysia’s Sapura Energy has farmed into three oil and gas fields off the North West in a deal with Perth’s Finder Exploration that will include about $56 million being spent on exploration drilling.

Australia’s major listed companies have turned in a bumper performance for the past financial year, analysts say.

The partners behind mid-tier builder Construct360 say the recovery in the resources sector and an upturn in public infrastructure spending are helping the construction market turn around.

Hartleys and DJ Carmichael are aboard for Golden State Resources’ initial public offering, seeking up to $5.5 million.