Morning Headlines

Fat chance for RCR’s creditors

An administrator of RCR Tomlinson says unsecured creditors owed hundreds of millions of dollars are unlikely to get anything from the insolvency process of the failed engineering company. The West

Shorten in backdown on borders

Bill Shorten has secured support from the Labor caucus for a retreat on the refugee medivac bill, amid concerns the draft laws championed by Kerryn Phelps could lead to the dismantling of offshore processing and allow Scott Morrison to fight the next election on national security. The Aus

Palmer’s singing a new tune

Clive Palmer has abandoned efforts to make Australia great from a New Zealand base, instead transferring ownership of his flagship resources company to Singapore to help threaten the WA Government with a $45 billion claim. The West

Huawei will get same answer: Wong

Managing relationships with Beijing will become more complex into the future, Labor’s foreign affairs spokeswoman Penny Wong predicts as she signals that Chinese technology giant Huawei is unlikely to receive a sympathetic hearing from a Labor government to be allowed to help build the 5G network. The Fin

Iron and coal to deliver surprise budget bonanza

Soaring commodity markets will enable the government to deliver a much better budget bottom line than forecast in the December budget update, with iron ore alone likely to boost tax revenue by as much as $2 billion this year. The Aus

Tycoon’s bail bid steps up

Millionaire Zhenya Tsvetnenko has taken his battle for bail, and possible extradition to the United States, to a higher court — and has dragged Federal Attorney-General Christian Porter into the fight. The West

Banks’ election risks rise

Prime Minister Scott Morrison has not ruled out axing a $234 million deal with Bob Katter if the independent sides with Labor and forces a recall of Parliament to start dealing with the recommendations of the banking royal commission. The Fin

Wyatt slams hospital ‘leaks’

The legal crisis over the troubleplagued Perth Children’s Hospital has deepened with Treasurer Ben Wyatt accusing construction giant John Holland of “selective media leaking” after revelations the State Government offered the company $20 million to settle the case. The West

Costello: Future Fund’s 6pc returns could help super

Future Fund chairman Peter Costello is pressing the Morrison government to create a public fund to manage people’s superannuation, as part of its response to the banking royal commission, saying the top-performing $147 billion sovereign wealth fund could assist it with investment advice. The Fin

Voters put spending on services first

Public spending on services remains a key election issue for voters, as Australians struggle to adjust to the greatest fall in living standards since the 1990s, making cost of living pressures a pivotal campaign battleground. The Aus

The Australian Financial Review

P1: Prime Minister Scott Morrison has not ruled out axing a $234 million deal with Bob Katter if the independent sides with Labor and forces a recall of Parliament to start dealing with the recommendations of the banking royal commission.

P1: Future Fund chairman Peter Costello is pressing the Morrison government to create a public fund to manage people’s superannuation, as part of its response to the banking royal commission, saying the top-performing $147 billion sovereign wealth fund could assist it with investment advice.

P1: The key beneficiary of a $423 million government contract to provide security for refugees on Manus Island left a string of bad debts and failed contracts across Asia, raising further questions about how the Paladin group won such a lucrative tender.

P3: Managing relationships with Beijing will become more complex into the future, Labor’s foreign affairs spokeswoman Penny Wong predicts as she signals that Chinese technology giant Huawei is unlikely to receive a sympathetic hearing from a Labor government to be allowed to help build the 5G network.

P5: The small business watchdog has backed Labor’s move to extend unfair contract laws to protect insurance customers, one of the recommendations of the banking royal commission, saying it should be introduced at the same time as long-awaited Treasury changes.

P6: The submarine contract signed with the French designer can be broken at any time, giving future Australian governments the option to walk away from the $50 billion project if it runs late or fails to deliver the capability promised.

P9: The strong economy is leading employers to develop ‘‘keep warm’’ strategies to retain graduate employees, as the competition for educated workers increases.

P10: Taxpayers receiving property in divorce settlements risk being caught up in the Morrison government’s controversial changes to capital gains tax arrangements for Australian expats.

P15: Bendigo and Adelaide Bank managing director Marnie Baker has supported a controversial recommendation to upend the way mortgage brokers are paid, saying current arrangements enhance the risk of poor advice.

P19: Online jobs classifieds and services business SEEK has acquired graduate job marketplace GradConnection in a move to target young jobseekers finishing up their education.

The Australian

P1: Bill Shorten has secured support from the Labor caucus for a retreat on the refugee medivac bill, amid concerns the draft laws championed by Kerryn Phelps could lead to the dismantling of offshore processing and allow Scott Morrison to fight the next election on national security.

P1: Public spending on services remains a key election issue for voters, as Australians struggle to adjust to the greatest fall in living standards since the 1990s, making cost of living pressures a pivotal campaign battleground.

P2: More than half of all aged-care providers have missed a deadline by the royal commission to provide a list of all incidents of abuse and neglect going back five years despite clear warnings they will face “careful scrutiny” if they fail to comply.

P4: A shopping list of Australian tanks, guns, aircraft and ships will be revealed today as part of the Morrison government’s plans to turn Australia into a leading defence exporter.

P6: Soaring commodity markets will enable the government to deliver a much better budget bottom line than forecast in the December budget update, with iron ore alone likely to boost tax revenue by as much as $2 billion this year.

P9: Another US government shutdown looms after talks collapsed yesterday between Republicans and Democrats over border security, leaving a furious Donald Trump to accuse Democrats of wanting a shutdown.

P17: JB Hi-Fi continues to ride above the retail gloom, but chief Richard Murray is pointing to increased volatility and more promotional sales — things that indicate consumers are being cautious.

P18: Vocus is expected to ramp up plans internally to place its consumer division on the block by the end of the year as the telecommunications company works to turn around its performance following several downgrades and to drive down its debt.

P20: Amcor is poised to roll out more recyclable packaging products developed by its research and development hub in Europe as sustainability increasingly underpins the next stage of its growth.

P22: Mining giant Vale had denied owning the sort of mine-waste dam that collapsed in January and killed at least 157 people at one of its old mines in Brazil, underscoring the industry’s reluctance to disclose information about such structures.

The West Australian

P1: Crime lord Tony Mokbel was in a critical condition last night after being stabbed at the same Victorian jail where fellow gangland identity Carl Williams was murdered.

P8: Britain has called on Australia to support “hard power” in the South China Sea as it announced plans to send its flagship HMS Queen Elizabeth aircraft carrier to the region and plans to build new military bases in the Pacific.

P14: Millionaire Zhenya Tsvetnenko has taken his battle for bail, and possible extradition to the United States, to a higher court — and has dragged Federal Attorney-General Christian Porter into the fight.

P16: The legal crisis over the trouble plagued Perth Children’s Hospital has deepened with Treasurer Ben Wyatt accusing construction giant John Holland of “selective media leaking” after revelations the State Government offered the company $20 million to settle the case.

Business: An administrator of RCR Tomlinson says unsecured creditors owed hundreds of millions of dollars are unlikely to get anything from the insolvency process of the failed engineering company.

A company director who bought $27,000 of shares after a luncheon which heard confidential information of a copper find in Queensland was yesterday sentenced to a nine-month jail term for insider trading.

Treasurer Josh Frydenberg has agreed to re-jig controversial laws restricting access to cash rebates for research and development spending after a Senate committee looking at the new rules recommended they needed “finessing”.

AusGroup will need hundreds of workers to support Chevron’s first scheduled shutdown at the Gorgon LNG plant.