McGowan braced for fight over fracking
McGowan braced for fight over fracking
West Australian Premier Mark McGowan is bracing for a protracted war with green groups, celebrity activists and farmers amid speculation he will announce as early as today his government will lift a moratorium on fracking in the gas-rich state. The Aus
Cut to Christmas trading hours angers leading employer
Wesfarmers chief executive Rob Scott and his predecessor, Richard Goyder, yesterday blasted the decision to wind back the number of extra hours retailers could open in the run-up to Christmas and questioned the Premier’s “leadership” and commitment to progress in the retail sector. The West
RCR solar farm work halted
Work on a Mid-West solar energy project for Synergy by RCR Tomlinson has been put on hold as administrators seek a $29 million loan to keep the failed engineering company operating. The West
Steelmakers hit as ore price falls and China build slows
Iron ore futures have fallen almost 13 per cent as selling accelerated over the past three trading days, with the usual response of Chinese stimulus measures failing to materialise. The West
Average tax rate to hit 20-year high
The average tax rate paid by workers will continue to rise over coming years and hit a two-decade high of 20 per cent, pressuring both major political parties to dangle larger personal income tax cuts at next year’s election. The Fin
Collapsed GD Pork owes creditors $40 million
Failed piggery GD Pork owes nearly $40 million to creditors, according to minutes of a creditors’ meeting filed by its administrators. The West
NAB faces $600m payout for fee ‘gouge’
NAB boss Andrew Thorburn has told the banking royal commission he does not know how much of up to $600 million in fees reaped from customers who got nothing in return might have to be paid back if the bank extends its existing compensation scheme. The Aus
The Australian Financial Review
Page 1: Former deputy Liberal leader Julie Bishop has called on the Morrison government to do a deal with Labor on the National Energy Guarantee, saying the Coalition’s business allies want it, and it would ensure a stable investment climate for the industry.
Climate change is the ‘‘greatest longterm threat’’ to Rio Tinto and that is why its asset portfolio will continue to be reshaped ‘‘for the transition to a lowcarbon economy’’, the global miner’s new chairman, Simon Thompson, promised yesterday at an investor briefing on environment, social and governance.
National Australia Bank chairman Ken Henry called on the Hayne royal commission to consider expanding directors’ sole duty to shareholders to the whole ‘‘community’’, and said NAB could take a decade to properly embed a culture that will restore customer trust.
Page 3: Australia’s largest independent beer company, Coopers Brewery, has suffered its first annual drop in beer sales volumes in 24 years as smaller craft brewers make inroads into its core markets and sales tumbled in NSW, Queensland and Victoria.
Page 5: The average tax rate paid by workers will continue to rise over coming years and hit a two-decade high of 20 per cent, pressuring both major political parties to dangle larger personal income tax cuts at next year’s election.
Crossbench plans to exploit the Morrison government’s minority status could still see legislation for a federal anti-corruption body succeed, with Nationals MP Llew O’Brien maintaining his threat to cross the floor.
Page 6: The rail industry is facing a workforce skills shortage crisis, risking significant cost and delivery blowouts on major train and tram projects nationwide during the next decade.
Page 13: The $130 billion Australian food and grocery market risks falling into a ‘‘vicious cycle’’ of dwindling investment and declining productivity as margins are squeezed by rising costs and pricing pressure from the major supermarket chains.
RCR Tomlinson’s board directors and auditors Deloitte may be sued by angry investors determined to recover losses following the Perth-based engineering group’s administration, which occurred less than three months after it raised $100 million in equity.
Page 15: Rio Tinto will divest another contentious African asset as the company’s leadership conceded its Mongolian copper venture was experiencing sovereign risk challenges and was complicating the company’s shift away from fossil fuels.
Page 16: The West Australian government says the RCR Tomlinson collapse has the potential to disrupt water supply in the state this summer and shows the dangers of privatisation of public utilities and infrastructure.
Page 17: Greenhill & Co global chief executive Scott Bok says his Australian advisory team is set to record its best year ‘‘in some years’’, thanks to its focus on independent corporate advice and push into the natural resources sector.
Page 34: Primewest has signed up household goods and clothing manufacturer Steinhoff Asia Pacific for a large-format retail property lease at the South Central complex south of the Perth CBD.
The Australian
Page 1: Scott Morrison is promising to open an intimate war with Bill Shorten over the next six months, using his clear personal electoral dominance over the Opposition Leader to redefine the political battleground.
Page 2: West Australian Premier Mark McGowan is bracing for a protracted war with green groups, celebrity activists and farmers amid speculation he will announce as early as today his government will lift a moratorium on fracking in the gas-rich state.
Page 3: Former ABC managing director Michelle Guthrie received a payout of $800,000 when she was sacked from the broadcaster in September, halfway through her five-year term.
Page 5: Labor has publicly floated the idea of splitting new encryption laws in order to hand more powers to security and intelligence agencies before Christmas.
Page 17: The Reserve Bank has again played down the role of a credit crunch in the housing market, with assistant governor Christopher Kent saying a fall in credit growth is also a result of lower demand from investors fearful of falling house prices.
NAB boss Andrew Thorburn has told the banking royal commission he does not know how much of up to $600 million in fees reaped from customers who got nothing in return might have to be paid back if the bank extends its existing compensation scheme.
Controversial greenmailer Nick Bolton has emerged as a backer of former Domain boss Antony Catalano’s 11th-hour plan to derail the $4 billion merger between Fairfax Media and Nine Entertainment.
Page 19: The Australian Securities Exchange has sent a “please explain” to embattled department store owner Myer just a few days out from its annual meeting on Friday, which is expected to see a heated clash between the board and its biggest shareholder, billionaire Solomon Lew.
The West Australian
Page 1: Wesfarmers chief executive Rob Scott and his predecessor, Richard Goyder, yesterday blasted the decision to wind back the number of extra hours retailers could open in the run-up to Christmas and questioned the Premier’s “leadership” and commitment to progress in the retail sector.
Page 3: Cash-strapped Australians are increasingly ditching their private hospital cover because of rising premiums, the competition watchdog has warned.
Page 4: The union representing shop workers has vowed to fight any new push to deregulate trading hours in WA, arguing the only businesses demanding more changes are supermarket giants Coles and Woolworths.
Business: Work on a Mid West solar energy project for Synergy by RCR Tomlinson has been put on hold as administrators seek a $29 million loan to keep the failed engineering company operating.
Iron ore futures have fallen almost 13 per cent as selling accelerated over the past three trading days, with the usual response of Chinese stimulus measures failing to materialise.
The McGowan Government has tapped resources lobbyist Nicole Roocke to head up the State’s research for the mining industry.
Anglicare WA’s director of services Mark Glasson will step into the top job next year, replacing long-serving boss Ian Carter.
Failed piggery GD Pork owes nearly $40 million to creditors, according to minutes of a creditors’ meeting filed by its administrators.