05/04/2019 - 06:49

Morning Headlines

05/04/2019 - 06:49

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Morning Headlines

Shorten outbids on tax, health

Deeper tax cuts plus big spend on health and skills Labor has substantially outbid the Coalition on the cusp of the election campaign with a $2.3 billion Medicare boost for cancer treatment, bigger tax breaks for 3.6 million low-paid workers, and another $440 million for TAFE and apprenticeships. The Fin

CME backs mine law change

The Chamber of Minerals and Energy of WA says it would support changes to the Mining Act to ensure the plainting process met its legislative intent and was not open to abuse. The West

Facebook bans foreign-funded political ads during May election

Facebook is placing a temporary ban on political advertising bought by foreign entities ahead of the Australian federal election in May in an attempt to head off potential moves to create unrest and influence voters. The Fin

House prices at ‘06 levels           

A joint study by CoreLogic and Aussie Home Loans found Perth’s housing market had been in “an entrenched downturn” since mid-2014 and had already slipped lower this year. The West

Nestle leads boycott of stingy supermarkets

Global food manufacturers led by Nestle are refusing to supply breakfast cereals and other goods such as pet food to Woolworths and Coles after the supermarket giants rejected their demands for price rises. The Fin

Lowy’s Scentre Group exit signals end of era

The Lowy family has completed its exit from the boardroom of the famed Westfield empire, with Steven Lowy yesterday stepping down as a director of Scentre Group, which owns the local Westfield shopping centres, capping more than three decades of involvement. The Aus

Julie says no to any public overseas role

Julie Bishop is preparing to relaunch her private sector career after two “extraordinary” decades in public life. The West

Crafty GrainCorp brews malt unit spin-off

Takeover target GrainCorp plans to demerge its global malting business — which represents nearly 60 per cent of its annual earnings — and list the new company on the stock exchange. The West

 

 

The Australian Financial Review

Page 1: Deeper tax cuts plus big spend on health and skills Labor has substantially outbid the Coalition on the cusp of the election campaign with a $2.3 billion Medicare boost for cancer treatment, bigger tax breaks for 3.6 million low-paid workers, and another $440 million for TAFE and apprenticeships.

Higher-paid taxpayers earning between $200,000 and $300,000 will pay an average tax rate that is triple that of lower-income Australians and contribute tens of thousands of dollars more tax every year under the Morrison government’s proposed personal tax cuts.

Page 3: Facebook is placing a temporary ban on political advertising bought by foreign entities ahead of the Australian federal election in May in an attempt to head off potential moves to create unrest and influence voters.

Page 6: Former West Australian premier Colin Barnett says Canberra is increasingly failing to respect the constitution and is leaving voters confused about who is responsible for services after Tuesday’s budget in which the Morrison government’s $100 billion infrastructure package spread into projects traditionally left to the states.

Page 8: Declining union membership is not behind record low wages growth, according to new research from the Reserve Bank of Australia.

Page 12: Funding for the National Disability Insurance Scheme looks set to be a front-line issue in the federal election campaign, as Scott Morrison warned voters not to believe Labor fearmongering about the budget bottom line.

Page 17: Global food manufacturers led by Nestle are refusing to supply breakfast cereals and other goods such as pet food to Woolworths and Coles after the supermarket giants rejected their demands for price rises.

 

 

The Australian

Page 2: Bill Shorten’s suite of election commitments in his budget reply speech has been entirely funded by the government’s decision to match Labor’s tax cuts for middle income earners.

Bill Shorten’s $1 billion announcement on TAFE and apprentices seeks to trump the Coalition’s rebadged skills package but, like the government, Labor’s headline number is misleading.

Page 3: Labor would seek to ease the financial burden on cancer patients by expanding the scope of government-funded diagnostic imaging, with Bill Shorten promising more machines and more scans at no cost to patients.

Page 4: Labor’s electric vehicle plan could destabilise the nation’s power grid unless it is paired with major energy market reforms including “smart” network upgrades and a national rollout of time-of-use tariffs to ensure EV owners don’t charge their cars during peak demand periods.

Page 6: Attorney-General Christian Porter has declared there will be protections for journalism, advocacy, research and artistic works under the Morrison government’s contentious crackdown on tech giants, which passed federal parliament in just two days amid a growing backlash from the tech and media industries.

Page 17: Two of the nation’s largest superannuation funds say they want to reduce fees and offer a range of new products and investment opportunities to members if they are able to seal a $113 billion merger to create the second-largest fund in Australia.

The chief executive of scandal-plagued financial services group IOOF, Chris Kelaher, will receive a $1.2 million golden handshake after bowing to pressure from regulators and investors by quitting the job.

Page 19: The Lowy family has completed its exit from the boardroom of the famed Westfield empire, with Steven Lowy yesterday stepping down as a director of Scentre Group, which owns the local Westfield shopping centres, capping more than three decades of involvement.

Optus is urging the federal government to rewrite the rules around the construction of 5G mobile networks, warning that the current rules will slow down the delivery of the technology.

Page 20: The US Securities and Exchange Commission has attacked the conduct of Rio Tinto after the mining giant mistakenly failed to hand over 25,000 documents linked to the investigation into the miner’s disastrous Mozambique coal foray.

Page 21: The corporate regulator has slapped new licence conditions on AMP after probing the troubled financial services group’s provision of managed discretionary accounts, and warned it will be routinely doing so in future as part of efforts to lift standards in the scandal-ridden wealth sector.

 

 

The West Australian

Page 3: A joint study by CoreLogic and Aussie Home Loans found Perth’s housing market had been in “an entrenched downturn” since mid-2014 and had already slipped lower this year.

Page 4: Bill Shorten has promised to deliver the “biggest cancer care package in Australian history” by slashing out-of-pocket costs for millions of patients with free scans and consultations and cheaper medicines.

Page 7: Julie Bishop is preparing to relaunch her private sector career after two “extraordinary” decades in public life.

Page 11: The Camfield will be the first WA pub to open on a Good Friday and sell just alcohol.

Page 22: Female footy players will be given advice on playing while pregnant, safe tackling styles and how to avoid injuries under new national guidelines to be released today.

Business: P&N Bank and smaller NSW credit union bcu have given the green light to a $6 billion merger that will create a new top-10 banking mutual with an eye for expansion.

Takeover target GrainCorp plans to demerge its global malting business — which represents nearly 60 per cent of its annual earnings — and list the new company on the stock exchange.

The Chamber of Minerals and Energy of WA says it would support changes to the Mining Act to ensure the plainting process met its legislative intent and was not open to abuse.

Australind abattoir Goodchild, which was being sold after liquidation last year, is back on the market after the original buyer defaulted on its sales contract.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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