Morning Headlines

Earnings hit tipped for BHP

Mining giant BHP is set to report slightly softer earnings today following a string of operational headaches in recent months, with only its contentious oil and gas arm set to protect it from a bigger fall. The Aus

Big business slams policy on the run

An irate corporate sector has taken a swipe at the Morrison government for caving in to Labor and the Nationals and supporting a bill making it easier for small business to take legal action against big business. The Fin

Households’ $2bn solar hit

Households will pay nearly $2 billion for rooftop solar installation subsidies this year, costing every home nearly $200 and threatening to derail Scott Morrison’s pledge to cut power bills. The Aus

Fundies divided on miners despite ore price soaring

Investors in BHP Group and Rio Tinto are reaping the rewards of higher iron ore prices, with both stocks at multiyear highs — but fund managers urge shareholders to remain cautious. The Fin

Navitas bid confirmation still two weeks away

BGH Capital’s agreed $2.1 billion takeover bid for Navitas has been delayed by two weeks to enable the private equity firm to complete its appraisal. The West

‘Urgent situation’: Paladin pipped Toll for Manus Island security job

Multinational giant Toll Holdings was interested in bidding to provide services to refugees on Manus Island when a lucrative contract was abruptly awarded to the little-known Paladin Group. The Fin

Don’t risk rent rout

WA’s peak business lobby has warned the State Government against cracking down on short stay provider Airbnb, saying it would cripple WA’s struggling tourism industry. The West

Investment dives as China turns off taps

The US has surpassed China as the largest source country for foreign investment for the first time since 2013, triggered in part by Beijing turning off the investment tap as demand for Australian property stalls. The Aus

Westpac cops flak after flat quarterly post

The outlook for growth among the major banks remains clouded after Westpac posted a first-quarter update showing flat profits, sustained margin pressure and a slight deterioration in asset quality. The Fin

Bully probe a ‘cover-up’

Former staff of Federal MP Ken Wyatt say the Federal Government has refused to give them a copy of a report on bullying in the Aged Care Minister’s office, describing an external investigation of the allegations against a senior staff member as a cover-up. The West

Coles on fence over milk price

Supermarket giant Coles is unlikely to immediately follow Woolworths’ lead by axing its $1-a-litre milk to offer a fairer deal for embattled farmers, a move described by WA’s peak farm lobby group as highly disappointing. The West

The Australian Financial Review

P1: An irate corporate sector has taken a swipe at the Morrison government for caving in to Labor and the Nationals and supporting a bill making it easier for small business to take legal action against big business.

P1: Multinational giant Toll Holdings was interested in bidding to provide services to refugees on Manus Island when a lucrative contract was abruptly awarded to the little-known Paladin Group.

P3: Suspicion is falling on Chinese spies for targeting the computer systems of Australia’s three major political parties, with intelligence officials acknowledging the skilled cyber hackers who carried out the raid were the most sophisticated to confront Australia in years.

P4: Australia’s chief spy has condemned as ‘‘seriously damaging’’ the release of classified advice to undermine Labor’s policy shift on asylum seekers, warning such actions could erode trust in national security agencies and lead to calls for their powers to be wound back.

P5: Gilbert + Tobin co-founder Danny Gilbert acknowledges that some lawyers struggle to manage the ‘‘pressures of sustained hard work’’ but rejects the ‘‘vicious’’ complaint made to SafeWork NSW.

P8: The Australian Federal Police claim evidence might have been destroyed during an investigation into how details of a raid on the Australian Workers Union were leaked from senior minister Michaelia Cash’s office.

P9: Labor has warned the government’s consumer data right risks turning into another My Health debacle and is calling for more intense scrutiny of the bill to ensure privacy concerns from consumer groups and banks are addressed.

P11: The federal government has said reported moves by the British government to allow Chinese telecommunications giant Huawei to take part in the construction of its 5G mobile networks, will have no bearing on its ban from Australian infrastructure.

P15: The outlook for growth among the major banks remains clouded after Westpac posted a first-quarter update showing flat profits, sustained margin pressure and a slight deterioration in asset quality.

P17: Port Kembla Coal Terminal says CFMEU members were locked out on Monday because it could not afford to allow their involvement in rolling stoppages to disrupt exports.

P33: Investors in BHP Group and Rio Tinto are reaping the rewards of higher iron ore prices, with both stocks at multiyear highs — but fund managers urge shareholders to remain cautious.

The Australian

P1: Households will pay nearly $2 billion for rooftop solar installation subsidies this year, costing every home nearly $200 and threatening to derail Scott Morrison’s pledge to cut power bills.

P1: The US has rejected 265 people from offshore detention for resettlement — either on security grounds or because of a failure to meet refugee criteria — with the Morrison government claiming those passed over could now seek entry to Australia under Bill Shorten’s new medivac laws.

P2: Federal Labor MPs and candidates have dodged questions about the controversial Adani project after one of Australia’s most powerful unions threatened to campaign against politicians who refused to openly support the coal industry.

P5: Frustrated Nationals backbenchers have conceded the government’s signature “big stick” divestiture powers to deal with rogue energy companies are unlikely to “see the light of day before the election”, despite a rearguard action to force Scott Morrison to put the legislation to a vote.

P6: The nation’s top health bureaucrat says no work was done to check if the care and safety of elderly residents in nursing homes was compromised after a $2 billion hit on funding hobbled the sector for years, the royal commission has heard.

P17: NBN Co boss Stephen Rue is holding firm in the face of calls from Telstra to slash wholesale prices, arguing that the focus on access costs will fade into the background as the economic benefits of the National Broadband Network take centre stage.

P17: The US has surpassed China as the largest source country for foreign investment for the first time since 2013, triggered in part by Beijing turning off the investment tap as demand for Australian property stalls.

P20: Mining giant BHP is set to report slightly softer earnings today following a string of operational headaches in recent months, with only its contentious oil and gas arm set to protect it from a bigger fall.

P20: The would-be miner blindsided by a $50 million claim by construction giant CIMIC says the contractor’s actions could cause major damage to the small end of the resources sector.

The West Australian

P1: Authorities were last night investigating how the accused Claremont serial killer ended up injured and bleeding in a prison shower block, throwing his pre-trial hearing into disarray.

P7: Retail giant Gerry Harvey has backed WA’s proven buying power to underpin his new $12 million thoroughbred horse sales complex in Middle Swan.

P8: Former staff of Federal MP Ken Wyatt say the Federal Government has refused to give them a copy of a report on bullying in the Aged Care Minister’s office, describing an external investigation of the allegations against a senior staff member as a cover-up.

P14: WA’s peak business lobby has warned the State Government against cracking down on short stay provider Airbnb, saying it would cripple WA’s struggling tourism industry.

Business: Supermarket giant Coles is unlikely to immediately follow Woolworths’ lead by axing its $1-a-litre milk to offer a fairer deal for embattled farmers, a move described by WA’s peak farm lobby group as highly disappointing.

Former Metals X boss Warren Hallam has re-emerged to lead Pilbara gold hopeful Capricorn Metals.

BGH Capital’s agreed $2.1 billion takeover bid for Navitas has been delayed by two weeks to enable the private equity firm to complete its appraisal.

Coca-Cola Amatil expects to wrap up a sale of SPC by August as it gets ready to open the books to prospective buyers from Australia and overseas.

Wealth manager AMP says proposed new laws aimed at protecting investors’ retirement savings will hit its earnings by about $30 million per year, sending its shares to an all-time low yesterday.