Morning Headlines

Tax surge paves way for big pre-election spend

The biggest annual increase in tax revenue since the introduction of the GST has slashed the budget deficit to $10 billion but the government remains coy about an early return to surplus as it leaves itself room for pre-election spending commitments. The Fin

Tawana to unveil new backer, secures life on ASX

Lithium producer Tawana Resources has secured a $40 million funding lifeline to secure its long-term future on the Australian Securities Exchange. The Fin

Bowser pain as petrol prices surge to year high

Petrol prices across Perth are approaching their highest level in four years and could be stuck there for months despite service station competition growing. The West

Funds in limbo after art ruling

A ruling has cast doubt over the validity of local government rules requiring developers to fund public art works worth millions of dollars as a condition of development approval. The West

China looks to Australian gas in trade war

China was prepared to open up more markets for Australian LNG sales as a result of its trade war with the US, a senior trade official in Beijing said yesterday. The Aus

Federal research dollars shift from the humanities to engineering, medicine

Engineering and medical research have emerged as the big winners in a shake-up of federal research funding, with the humanities taking a hit. The Aus

Rinehart again lifts Atlas offer to $427m

Gina Rinehart has again raised her takeover offer for Atlas Iron in a bid to secure outright control of the loss-making junior miner. The West

Tap Oil chair leaves

Tap Oil has said chairman and non-executive director Damon Neaves had resigned to pursue other interests. The Fin

The Australian Financial Review

Page 1: The corporate regulator is pushing for tougher civil and criminal penalties after it found the big banks took more than five years to repay customers for misconduct such as poor financial advice or administrative errors.

The biggest annual increase in tax revenue since the introduction of the GST has slashed the budget deficit to $10 billion but the government remains coy about an early return to surplus as it leaves itself room for pre-election spending commitments.

Page 3: One of Australia’s biggest farmers and meat processors, Roger Fletcher, has attributed his self-made fortune to the opportunities presented by drought, joining a growing chorus of industry figures to oppose government assistance.

Page 6: Former ABC managing director Michelle Guthrie’s decision to hire one of Sydney’s most aggressive sexual discrimination barristers, Kate Eastman, SC, suggests she may be preparing for a tough legal fight against the national broadcaster.

Page 8: An outright ban on grandfathered trailing commissions would take hold from mid-2020 under draft laws prepared by South Australian senator Rex Patrick.

Page 10: The Tax Office has had a rare win over News Corporation Australia, which paid $80.9 million to settle a string of contested assessments last year amid signs of a warming in relations with the taxman.

Page 13: Beijing has signalled it is willing to rebuild its relationship with Australia under the Morrison government, and says there is no between the two nations in the South Pacific.

Page 15: Some fund managers are becoming increasingly annoyed at the growing ranks of ASX-listed company chairmen collecting annual pay packets above $500,000 even though they acknowledge the complexities of overseeing businesses with increasingly large operations abroad.

It’s the country’s most exciting oil discovery for decades, but the head of junior exploration partner Carnarvon Petroleum puts the success down to ‘‘dogged persistence’’ rather than anything more glamorous.

Page 16: Lithium producer Tawana Resources has secured a $40 million funding lifeline to secure its long-term future on the Australian Securities Exchange.

Page 17: A Malaysian Parliament review of Lynas Corporation is expected to delve into decade-old matters including the awarding of a tax holiday to the rare earths producer, as the value of the company’s shares fell to a 56-week low.

Page 18: ANZ Banking Group says a new partnership with Google will help it form insights from its vast troves of transactional data, after the prudential regulator said this week that banks aren’t prepared for ‘‘open banking’’.

Smaller lenders including AMP are jockeying for market share and increased profits by cutting variable rates for new borrowers and offering discounts and fee waivers to entice existing property buyers seeking to refinance.

AMP is set to axe new residential and commercial lending for self-managed super funds, making the wealth giant the last of the major providers to withdraw from the controversial sector amid falling property values and rising regulatory concerns.

Page 19: Tap Oil has said chairman and non-executive director Damon Neaves had resigned to pursue other interests.

Page 36: West Australian real estate investment group Security Capital Australia is selling a refurbished converted warehouse in Sydney’s Surry Hills with an expected price tag of more than $35 million, sources indicate.

The Australian                                                                                                                          

Page 2: Women are living even longer than men but still not earning or retiring with as much money, according to the Australian Bureau of Statistics’ latest comparison of the two sexes’ economic, health and social outcomes.

Page 3: Scott Morrison’s proposal for a separate national holiday recognising Aboriginal and Torres Strait Islander heritage, while keeping January 26 as Australia Day, has failed to win the support of his indigenous special envoy Tony Abbott but was hailed as a game-changer by Cape York lawyer Noel Pearson and others.

The long drought has hit dairy farmers so hard in the hip pocket that milk production has started to plummet, leading to fears by major dairy processors that there will not be enough milk produced this year to meet their fresh milk and export commitments.

Page 9: Engineering and medical research have emerged as the big winners in a shake-up of federal research funding, with the humanities taking a hit.

Page 19: Woolworths has pinpointed “impulse buying” as an important revenue source for fiscal 2019, and in a briefing with suppliers has encouraged grocery manufacturers and brand owners to innovate around special occasions such as entertaining at home and family celebrations to drive sales at the check-out.

China was prepared to open up more markets for Australian LNG sales as a result of its trade war with the US, a senior trade official in Beijing said yesterday.

Page 23: A weekend fire at BHP’s Kalgoorlie nickel smelter has stopped production indefinitely, just as the big miner considers whether to bring back its Nickel West business as a core asset in the face of electric battery demand and operational improvements.

Page 25: Retail billionaire Brett Blundy will back the expansion of the listed Aventus Retail Property Fund after investors yesterday approved the $143 million purchase of the trust’s management company despite a substantial protest vote.

The West Australian

Page 12: Seniors groups want harsher penalties for the “shocking” abuse and neglect of residents in Australian nursing homes.

Page 17: Petrol prices across Perth are approaching their highest level in four years and could be stuck there for months despite service station competition growing.

Page 21: After years of debate, proposals, workshops and committees, the multimillion-dollar upgrade of Broome’s historic Chinatown precinct is under way.

Business: Struggling West African iron ore play Sundance Resources would fall under the control of Chinese interests under a complex, opaque funding arrangement, which has raised queries from the ASX.

Gina Rinehart has again raised her takeover offer for Atlas Iron in a bid to secure outright control of the loss-making junior miner.

Property: Clean energy supplier Source Energy Co is the first non-government owned entity in WA to supply electricity directly to mums and dads, in this case, through apartment development East Bank in East Perth.

A ruling has cast doubt over the validity of local government rules requiring developers to fund public art works worth millions of dollars as a condition of development approval.

Far East Consortium is planning to exploit its position as first residential option on Perth City Link as it readies to start selling off-the-plan for apartments in its $170 million tower Perth Hub.

Subiaco office is enjoying a rare moment in the sun, with Lloyd Collins Property Consultants revealing it has successfully “fended off moves” from rival leasing agents to lure iiNet away from its 502 Hay Street headquarters.

Claremont Quarter owners Hawaiian and Queensland Investment Corporation have paid $4 million for a two storey historic building next to the up-market western suburbs shopping centre.