PM to sandbag seats with GST overhaul
PM to sandbag seats with GST overhaul
Scott Morrison will introduce legislation within weeks to lock in $7.2 billion of additional GST payments to the states, boosting the Coalition’s chances of saving five key seats in Western Australia at the federal election. The Aus
Commission fallout risk to WA property market
WA’s Treasury Department has warned that the banking royal commission risks undermining the State’s fragile housing market just as it emerges from a prolonged slump. The West
Delays a risk for $50bn project
Australia may be forced to refit its entire fleet of Collins-class submarines and operate them for another 30 years because long delays in beginning construction of the navy’s 12 new subs risks eroding the nation’s strategic military edge in the region. The Aus
Reality check on the big stick
Treasurer Josh Frydenberg has revealed he will not rush to impose heavy-handed regulation on financial companies despite the royal commission’s scathing assessment that greed in the sector had failed consumers, because ill-considered rules could constrict lending and hurt the economy. The Fin
Gouging fuels $1.2bn petrol costs hike
Price gouging by major fuel retailers and higher taxes mean Australian drivers are paying $1.2 billion a year more for petrol now than they were three years ago. The Aus
All eyes on China for dollar’s future
Australian economists say China’s response to tariffs is likely to be a key factor for the direction of the Australian dollar in coming months. The Fin
Hayne debunks CBA, Bankwest conspiracy
The banking royal commission has sought to kill a string of theories around the contentious takeover of Bankwest by the Commonwealth Bank, rejecting claims of a conspiracy by Australia’s biggest bank to get rid of unwanted customers. The West
The Australian Financial Review
Page 1: Treasurer Josh Frydenberg has revealed he will not rush to impose heavy-handed regulation on financial companies despite the royal commission’s scathing assessment that greed in the sector had failed consumers, because ill-considered rules could constrict lending and hurt the economy.
Prime Minister Scott Morrison said yesterday that Mr Crennan would be driving the ASIC’s focus on prosecution as Mr Crennan was ‘‘effectively, the chief prosecutor’’.
Page 3: Stricter lending requirements are set to push Australia house prices down further, with some economists not ruling out more credit tightening in the future.
Page 4: Prime Minister Scott Morrison vigorously defended the federal government record of increasing carbon dioxide emissions after new data showing a 1.3 per cent increase in the year to March.
Page 6: Everyday borrowers could struggle to get bank loans unless the corporate regulator urgently issues fresh guidance on how banks satisfy tougher responsible lending duties, after the royal commission interim report found verification of borrower expenses must be improved but stopped short of saying what is required.
The banking royal commission has triggered industry debate about the emergence of a new financial regulator or regulatory oversight body to better enforce existing laws and protect consumers.
Page 11: Tesla and Elon Musk have agreed to pay $US20 million ($27 million) each to financial regulators and the billionaire will step down as the company’s chairman but remain as chief executive, under a settlement that caps a tumultuous two months for the car maker.
Page 15: Mineral explorers are continuing to enjoy buoyant conditions, with cash inflows and capital investment by the sector surging to multi-year highs in the three months to June 30.
Page 16: Australian economists say China’s response to tariffs is likely to be a key factor for the direction of the Australian dollar in coming months.
The Australian
Page 1: Australia may be forced to refit its entire fleet of Collins-class submarines and operate them for another 30 years because long delays in beginning construction of the navy’s 12 new subs risks eroding the nation’s strategic military edge in the region.
Scott Morrison will introduce legislation within weeks to lock in $7.2 billion of additional GST payments to the states, boosting the Coalition’s chances of saving five key seats in Western Australia at the federal election.
Scott Morrison has taken responsibility for the Coalition’s controversial $443.3 million grant to the Great Barrier Reef Foundation while launching a staunch defence of the one-off payment, declaring it made “financial sense”.
Page 2: The federal government has quietly dropped proposals for the corporate watchdog to take a closer interest in the scandal-ridden superannuation sector and that its minister front parliament every year to explain its performance.
Josh Frydenberg has played down concerns about rising household debt, backing Reserve Bank analysis that finds the heaviest burdens weigh on households most able to carry them.
Page 3: Price gouging by major fuel retailers and higher taxes mean Australian drivers are paying $1.2 billion a year more for petrol now than they were three years ago.
Page 17: A new body should be set up to compensate victims of bad bank behaviour as part of a major overhaul of the finance industry following the royal commission, former competition tsar Allan Fels says.
A proposed $200 million bioenergy fund devised by the federal government’s green loans agency to produce fuels and electricity from waste has failed to attract external investment or develop any projects three years after it was launched.
Page 18: Perth-based conglomerate Wesfarmers may once again be mulling a sale of Officeworks, according to sources, as it remains eager to stage an exit from its retail operations, with Bunnings being the exception.
The West Australian
Page 9: Woodside has agreed to help fund the creation of visitor nodes along the Swan River — a key project of a parks foundation founded by former WA governor Kerry Sanderson.
Page 13: Detectives are investigating a fire that caused more than $2 million damage to Kununurra District High School early yesterday.
Page 16: WA’s Treasury Department has warned that the banking royal commission risks undermining the State’s fragile housing market just as it emerges from a prolonged slump.
Business: The chairman of State-owned power provider Synergy has called for an end to the debilitating wars over energy and climate policy, saying the uncertainty was hampering investment decisions.
The banking royal commission has sought to kill a string of theories around the contentious takeover of Bankwest by the Commonwealth Bank, rejecting claims of a conspiracy by Australia’s biggest bank to get rid of unwanted customers.
Rates are expected to remain steady again as the Reserve Bank meets but new housing data is likely to show another fall in prices.
