03/04/2019 - 06:50

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03/04/2019 - 06:50

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Back in black: poll pitch puts worker tax cuts first

The Morrison government has pinned its re-election hopes on a $302 billion package of tax cuts to be rolled out over the next decade, unveiled in a budget that forecasts a surplus for the first time in 12 years and proposes paying off net debt by the end of next decade. The Fin

Revenue surges as coal, iron ore drive profits

Treasurer Josh Frydenberg’s election giveaway budget is built on soaring company tax revenues – an additional $15 billion of revenue has been made available from taxes on strong mining company profits. The Fin

GST blow will hurt WA share

Hard-fought gains to WA’s share of the GST pie look set to shrink, with Federal Treasury predicting receipts of the tax will be more than $10 billion lower over four years as consumers pull back on spending. The West

Forecasts cut again on back of low wages

The economy will continue to grind slower as optimistic expectations for a pick-up in wages growth are trimmed back again, as Treasury grows increasingly concerned about the impact of the sliding housing market on consumers and businesses. The Aus

ASIC kept watch on Pioneer Credit for a year

The corporate regulator has been in discussions with a whistleblower over accounting standards at Perth-based buyer of bad debt portfolios Pioneer Credit since November 2017 but did not contact the company to express its concerns until a year later, The Australian Financial Review can reveal. The Fin

Business applauds, with some reservations

Business has welcomed boosts to skills and training in a budget aimed at the small end of town but warned cuts to migration could crimp economic growth. The Aus

Back to preschool

The Federal Government will fund preschool for four-year-olds next year, but is yet to commit to their education beyond the end of next year. In a Budget that declares education is the “first defence of our nation” and “critical to our prosperity”, the Coalition has allocated $453 million to “once again” extend preschool funding by a single year. The West

Housing falls crimp growth

A 10 per cent slump in national house prices this year is forecast to drag economic growth lower, as knock-on effects hit consumer spending and housing investment, knock a hole in state government balance sheets and even slice the incomes of real estate agents. The Aus

Electric cars ‘a non-starter’

Bill Shorten’s plan to revive carmaking in Australia through electric vehicles has been attacked by captains of industry who say the nation’s high manufacturing and energy costs have made the industry unviable. The Aus

Push for WA naval hub

Federal Defence Industry Minister Linda Reynolds wants new military ports built along the WA coast, positioning the State to become a key defence and industrial hub for Australia’s allies in the Indo-Pacific. The West

 

 

The Australian Financial Review

Page S1: The Morrison government has pinned its re-election hopes on a $302 billion package of tax cuts to be rolled out over the next decade, unveiled in a budget that forecasts a surplus for the first time in 12 years and proposes paying off net debt by the end of next decade.

Page S3: Two in three workers will pay tax at the rate of 30¢ cents in the dollar from mid-2024 under Coalition plans to create a mega tax bracket spanning people on incomes of $45,000 to $200,000.

Page S7: Treasurer Josh Frydenberg’s election giveaway budget is built on soaring company tax revenues – an additional $15 billion of revenue has been made available from taxes on strong mining company profits.

Page S14: Health Minister Greg Hunt has moved to neutralise one of Labor’s key promises on health and make peace with the powerful doctors’ lobby by bringing forward the end of a freeze on Medicare rebates.

Page 1: Manufacturers set to be captured under Labor’s expanded carbon reduction regime are hunting for answers on how the 45 per cent emissions reduction target will be achieved given expected concessions for the heaviest emitters, such as aluminium and steel, and the opposition’s refusal to detail or cost its policy.

Page 2: The Reserve Bank of Australia on Tuesday kept rates on hold at 1.5 per cent, defying the global trend towards easier monetary policy even as it adopted a more cautious tone in the accompanying statement.

Page 9: British MPs have failed at a second attempt to find a way out of the intractable Brexit impasse, keeping Britain marooned in debilitating political uncertainty as the April 12 departure deadline looms.

Page 11: Former Commonwealth Bank chief executive Ian Narev says he will be a partner of Seek cofounder and chief executive Andrew Bassat in his new role at the online jobs company, but is also ready to embrace being second-in-command.

Page 13: Telstra hopes the lure of discounted handsets, technology, event tickets and priority service will make customers less likely to switch to another provider and give it an extra edge in the hypercompetitive telecoms sector.

Page 14: The corporate regulator has been in discussions with a whistleblower over accounting standards at Perth-based buyer of bad debt portfolios Pioneer Credit since November 2017 but did not contact the company to express its concerns until a year later, The Australian Financial Review can reveal.

Page 17: Iron ore supply is tipped to remain constrained for the rest of the year at least, with the reduced supply from Australian producers after Cyclone Veronica adding to rising price expectations in coming months.

Environment Minister Melissa Price has confirmed receiving a letter from her Malaysian counterpart requesting collaboration on the removal of low-level radioactive waste produced by Lynas Corporation.

Page 34: A West Perth office building with a 24 per cent vacancy rate has changed hands for $20.3 million as more property investment firms see good counter-cyclical buying opportunities on the west coast.

 

 

The Australian

Page S2: Business has welcomed boosts to skills and training in a budget aimed at the small end of town but warned cuts to migration could crimp economic growth.

Page S3: A 10 per cent slump in national house prices this year is forecast to drag economic growth lower, as knock-on effects hit consumer spending and housing investment, knock a hole in state government balance sheets and even slice the incomes of real estate agents.

Page S6: The economy will continue to grind slower as optimistic expectations for a pick-up in wages growth are trimmed back again, as Treasury grows increasingly concerned about the impact of the sliding housing market on consumers and businesses.

Page S7: Individual employers will receive an $8000 incentive payment to take on apprentices under a rebadged $525 million skills package that contains just $55m in new spending on skills over five years.

Page S8: The Coalition government has resisted mounting pressure to make a long-term commitment to preschool education, announcing a one-year funding extension and flagging a review of the future of the program.

Page S9: Scott Morrison’s budget contains no new investment in crisis-riven home-care packages, but in a concession that the broader aged-care system remains dysfunctional, almost $6 billion has been injected into the low-end commonwealth home support program.

Page 15: Bill Shorten’s plan to revive car making in Australia through electric vehicles has been attacked by captains of industry who say the nation’s high manufacturing and energy costs have made the industry unviable.

Page 17: The Morrison government’s signature reforms to restructure family law courts appear to be dead in the water. Attorney-General Christian Porter yesterday failed to secure the support of crossbench senators to bring the government’s bill to a vote today, to scrap the Family Court and merge it with the lower-level Federal Circuit Court.

Page 30: Last night’s federal budget was a disappointment to universities looking for funding certainty, after it failed to fill in the missing information about commonwealth grant scheme funding arrangements for next year.

 

 

The West Australian

Page S2: Last night’s Budget is not an economic blueprint, it’s an election manifesto. Morrison and Treasurer Josh Frydenberg have the hip pockets of millions of Australians in their sights, hoping a bucketload of election sweeteners will be enough to convince voters not to turf them out of government next month.

Page S6: The Federal Government will fund preschool for four-year-olds next year, but is yet to commit to their education beyond the end of next year. In a Budget that declares education is the “first defence of our nation” and “critical to our prosperity”, the Coalition has allocated $453 million to “once again” extend preschool funding by a single year.

Page S7: Tradies will be given $2000 cash payments for completing apprenticeships under a drastic new plan to address the skills shortage.

Page S10: WA appears to have missed out on any Morrison Government handouts for the environment on the eve of the election, with yesterday’s Federal Budget failing to mention the State in its environmental plans.

Page S11: Hard-fought gains to WA’s share of the GST pie look set to shrink, with Federal Treasury predicting receipts of the tax will be more than $10 billion lower over four years as consumers pull back on spending.

Page S13: Cashflow at Australian businesses will be easier to manage after the Morrison Government widened eligibility for instant tax write-offs and increased the amount that can be immediately deducted.

Page 1: Australian parents are ignoring the risks of social media by sharing too much of their children’s lives online, putting them at significant risk, research shows.

Page 3: WA Tourism Minister Paul Papalia has pleaded with West Aussies to be polite, helpful and on their best behaviour when Perth hosts Australia’s biggest tourism convention next week.

Page 6: Federal Defence Industry Minister Linda Reynolds wants new military ports built along the WA coast, positioning the State to become a key defence and industrial hub for Australia’s allies in the Indo-Pacific.

Page 11: Small business owners in financial distress are driving growing demand for Vinnies’ emergency relief and financial counselling services.

Business: Independence Group’s confidence in its ability to produce high-value nickel sulphate from its Nova mine is growing.

The race to feed the world’s growing vegan population is heating up as Nestle unveiled plans to introduce its soy-protein-based burgers across Europe and the US this year.

David Flanagan’s Mozambique graphite hopeful Battery Minerals is seeking $4 million as it prepares to kick off its $56 million Montepuez project.

Bitcoin climbed suddenly yesterday to its highest level since November, leading a broad surge in virtual currencies that brought an end to nearly three months of calm in the $US162 billion ($229 billion) market.

BGC Group is stepping up its property divestment program appointing blue-chip agents JLL to manage the sale of its $100 million-plus 20-level BGC Centre at 28 The Esplanade Perth.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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