Export bonanza will not last long
Export bonanza will not last long
A surge in Australia’s commodity exports to record levels will be short-lived, with falling iron ore and coal prices in 2019-20 to reverse growth and dampen the impact of rising output and a leap in LNG earnings, the federal government’s forecaster says. The Aus
ASIC to use findings against financial giants
ASIC will launch the first legal action related to the Hayne royal commission against AMP within weeks over the fees-for-no-service scandal as the regulator looks to make an example of the financial services giant for taking money it wasn’t entitled to and then lying about it. The Fin
Labor threat to derail GST distribution law
Scott Morrison’s bid to defuse the GST as a political issue before the next election could be derailed by Labor’s refusal to back his new laws, and the Tasmanian Liberal government’s insistence on an “enforceable guarantee” it will not be worse off under the plan. The Aus
Improved junior mining sentiment helps brokers turn corner
Two of WA’s best known brokerage firms, Hartleys and Patersons Securities, have tapped into the recovery across the State’s junior mining sector to record better profits. The West
Petrol hits highest on record
Petrol at some Perth service stations will jump 20¢ a litre today as average fuel prices soar to their highest level on record. The West
$100m for home aged care
Prime Minister Scott Morrison will today commit an extra $100 million to supporting seniors who want to continue living independently in their own homes for as long as possible. The West
Forum to supercharge business with US
The federal government is moving to help set up a new high-powered Australian-US business group that it hopes will become the premier corporate forum between the two allies. The Aus
DVG owner in drive to east coast market
The Japanese owner of Perth car retailer DVG has made its long-awaited move into the east coast, buying a Melbourne dealership linked to former AFL captain Steve Wallis for nearly $70 million. The West
The Australian Financial Review
Page 1: ASIC will launch the first legal action related to the Hayne royal commission against AMP within weeks over the fees-for-no-service scandal as the regulator looks to make an example of the financial services giant for taking money it wasn’t entitled to and then lying about it.
Page 4: Listed Australian companies with more than 250 employees would be required to disclose the ratio of chief executive pay to the median employee under a plan announced by Labor.
Page 5: Prime Minister Scott Morrison is facing objections from the eastern states over his plan to legislate a new funding formula for the GST, with treasurers warning they would be potentially worse off.
Page 7: ASIC ‘‘chief prosecutor’’ Daniel Crennan, QC, will shed the regulator’s cautious approach and be a Rudy Giuliani-like figure who will relish his status as a ‘‘cop on the beat’’, according to colleagues at the bar.
Page 8: Industry superannuation funds have played down hopes they could be a major new source of lending to business, unless firms are willing to pay considerably higher interest rates to deliver adequate returns to satisfy super fund members.
Page 13: A growing number of founders selling down part of their stakes in ASX-listed companies has added to fears the Australian sharemarket could be in for a correction because of high valuation levels after a strong run, with dangers increasing that the housing slowdown could spill over into the broader economy as lenders tighten credit.
Page 15: New Latitude Financial chief Ahmed Fahour says the group can benefit from a retreat forced on the banking sector by the royal commission, as the consumer finance company again postponed a mooted $4 billion ASX listing.
Page 16: The small business ombudsman has backed Commissioner Kenneth Hayne’s call for the corporate regulator to aggressively enforce the Banking Code of Practice.
Page 17: Food and grocery suppliers seeking price rises to cover rising costs are being forced to reinvest the gains by funding retailers’ promotions, triggering renewed calls for an independent adjudicator to arbitrate across the $127 billion sector.
Wesfarmers shares have risen 28 per cent since it announced the proposed demerger of Coles, but the gains may not last, according to UBS.
The Australian
Page 1: The federal government is moving to help set up a new high-powered Australian-US business group that it hopes will become the premier corporate forum between the two allies.
Bill Shorten will stare down a push from Labor Left colleagues and key unions wanting to dismantle the Department of Home Affairs and will go to the election with a commitment to keep the national security super-agency intact.
Page 2: Kevin Rudd has invited Malcolm Turnbull “over for a cuppa” in New York after the pair clashed over comments made by the former Liberal prime minister labelling him and Tony Abbott as “miserable ghosts”.
Page 6: Scott Morrison’s bid to defuse the GST as a political issue before the next election could be derailed by Labor’s refusal to back his new laws, and the Tasmanian Liberal government’s insistence on an “enforceable guarantee” it will not be worse off under the plan.
The Reserve Bank board is expected to keep its benchmark interest rate at its record 1.5 per cent low for the 24th consecutive meeting today, but it is becoming an outlier as central banks around the world start tightening their monetary policy.
Page 17: A surge in Australia’s commodity exports to record levels will be short-lived, with falling iron ore and coal prices in 2019-20 to reverse growth and dampen the impact of rising output and a leap in LNG earnings, the federal government’s forecaster says.
Major-bank share prices faltered yesterday as analysts said the financial services royal commission’s interim report stood for the proposition that the banking industry’s profits were too high.
The West Australian
Page 1: West Coast’s stunning premiership is set to deliver the club a league record profit while also potentially helping foster the state’s economic recovery.
Page 3: Petrol at some Perth service stations will jump 20¢ a litre today as average fuel prices soar to their highest level on record.
Page 8: Prime Minister Scott Morrison will today commit an extra $100 million to supporting seniors who want to continue living independently in their own homes for as long as possible.
Page 10: Australia’s chief resource economist says WA could earn “hundreds of billions of dollars” by taking advantage of its batterymaking mineral wealth but has warned governments must act quickly to capitalise on the opportunity.
Page 13: The Perth property market could be collateral damage as the banking royal commission attempts to clean up the entire sector while signs grow national house values are slipping.
Business: The Japanese owner of Perth car retailer DVG has made its long-awaited move into the east coast, buying a Melbourne dealership linked to former AFL captain Steve Wallis for nearly $70 million.
Two of WA’s best known brokerage firms, Hartleys and Patersons Securities, have tapped into the recovery across the State’s junior mining sector to record better profits.
Inpex has hit another milestone in its $US40 billion Ichthys LNG project, farewelling the first shipment of condensate from a floating platform off the Kimberley.
A little-known Chinese-owned explorer has sealed an $11 million joint venture and farm-in deal to take Blackham Resources’ nickel and cobalt assets in Wiluna off its hands.
