Morning Headlines

Facebook digital currency to challenge the banks

Facebook has unveiled an ambitious plan to launch an attack on the global financial system by creating a new cryptocurrency – to be known as Libra, a payments system powered by blockchain and a digital wallet – as a precursor to moving into lending. The Fin

Seafarms gets nod for factory

Seafarms has been given planning approval for its $44 million tiger prawn processing facility in the Kimberley, which will be a key cog in its ambitious $1.5 billion plan to set up a huge aquaculture operation in WA’s north. The West

Concessions fair for high earners: experts

New figures showing the Morrison government’s income tax plan will keep bracket creep at bay for high income earners has been welcomed by experts, amid calls for Australians at the top end of the income scale to share benefits from planned cuts. The Fin

States climb $180bn debt mountain

Debt across Australia’s states will explode by more than $100 billion, as governments boost spending on infrastructure and public servants at the same time their budgets are being sideswiped by weak GST revenue, slowing economic growth and plunging stamp duty revenue. The Aus

ATO plugs up cash-in-hand payments leak

Bosses making cash-in-hand payments to workers have been put on notice by the Australian Taxation Office, with a warning the transactions won’t be tax deductible from July 1. The Fin

Flu kills 14 in a week

The number of deaths linked to WA’s horror flu season has doubled, with 14 people dying from the virus in just the past week. The West

Silver Lake surges

Shares in Silver Lake Resources scooted to a six-year high after the newly merged gold miner announced high-grade drilling results from its Aldiss Mining Centre 50km south-east of Kalgoorlie. The West

The Australian Financial Review

Page 1: Facebook has unveiled an ambitious plan to launch an attack on the global financial system by creating a new cryptocurrency – to be known as Libra, a payments system powered by blockchain and a digital wallet – as a precursor to moving into lending.

A former immigration official who helped run the federal government’s offshore detention program has emerged as a director of security firm Paladin, which was awarded a $423 million contract on Manus Island in a closed tender process.

Page 3: The head of the construction union in Western Australia has joined his NSW colleagues in backing John Setka, putting pressure on the national branch of the union to issue a public statement of support.

Page 4: Federal Labor is not ruling out sticking to its pre-election policy of repealing the long-term, stage three tax cuts that have already been legislated and are due to start on July 1, 2024.

New figures showing the Morrison government’s income tax plan will keep bracket creep at bay for high income earners has been welcomed by experts, amid calls for Australians at the top end of the income scale to share benefits from planned cuts.

Page 5: The Reserve Bank of Australia says further interest rate cuts are likely, and minutes from the bank’s last board meeting reveal a more dovish tone in monetary policy.

Page 8: Bosses making cash-in-hand payments to workers have been put on notice by the Australian Taxation Office, with a warning the transactions won’t be tax deductible from July 1.

Page 12: Britain and China have inked an unprecedented deal that allows their companies to dual-list on each other’s main stockmarkets, as London rolled out the red carpet amid the distant clamour of protests in Hong Kong.

Page 15: BHP is working on a plan to change the types of coal it produces in NSW in response to the Chinese import curbs that shocked coal markets earlier this year.

Page 17: Steel maker BlueScope has warned that profit growth for 2018-19 will be slightly lower than expected because of pressure on steel margins in North America and softer market conditions for building products both in there and in Asia.

Page 19: The Darwin LNG plant faces up to two years of interruption to exports as operator ConocoPhillips and partners including Santos bring replacement gas supply online and prepare for a further 20 years of operation.

The Australian

Page 1: Debt across Australia’s states will explode by more than $100 billion, as governments boost spending on infrastructure and public servants at the same time their budgets are being sideswiped by weak GST revenue, slowing economic growth and plunging stamp duty revenue.

Page 2: Finance Minister Mathias Cormann has held a “brainstorming session” with key Senate crossbencher Rex Patrick on measures to reduce gas prices, as the government attempts to win support from Centre Alliance for its flagship income tax cuts package.

Page 3: Qantas’s popular frequent flyer program is getting a major makeover, with the airline set to unveil the “biggest overhaul” of the scheme in 32 years tomorrow.

Page 9: Donald Trump will send an extra 1000 US troops to the Middle East after Iran said it would break the terms of its 2015 nuclear deal, triggering a further sharp spike in tensions between the two nations.

Page 17: AGL Energy says big gas users on the east coast face years of elevated prices, with the high cost of moving Queensland gas to southern states, expensive LNG imports and developing new domestic supplies locking in high tariffs for industrial buyers.

Page 18: The $3.8 billion takeover by Japan’s Nippon Paint of DuluxGroup is moving closer to becoming a reality after an independent expert ruled that Nippon’s offer was fair and reasonable for Australia’s largest paint maker.

Page 19: The world’s commercial aircraft fleet is set to almost double in the next 20 years, topping 50,000 by 2038.

Page 22: Chinese telecommunications giant Huawei has outlined the damage done by the US campaign against the company. Ren Zhengfei, Huawei’s founder, is forecasting a hit to revenue of about $US30 billion ($43bn) this year and next.

The West Australian

Page 3: West Coast have refused to attend crisis talks being held today to discuss the Optus Stadium playing surface, the day before the club is slated to host Essendon in a rare Thursday night game at the venue.

Page 9: Perth’s most famous beach could be protected by a shark net by early October after the local council voted on its preferred tenderer last night.

The number of deaths linked to WA’s horror flu season has doubled, with 14 people dying from the virus in just the past week.

Page 10: A record 493,100 international visitors holidayed in WA in the 12 months to March and spent more than ever — $801 million, according to figures to be released today.

Page 16: Premier Mark McGowan has thrown another punch in his fight with militant unionist Christy Cain, accusing him of “cowardice” for failing to cut ties to embattled Victorian union head John Setka.

Business: Seafarms has been given planning approval for its $44 million tiger prawn processing facility in the Kimberley, which will be a key cog in its ambitious $1.5 billion plan to set up a huge aquaculture operation in WA’s north.

Shares in Silver Lake Resources scooted to a six-year high after the newly merged gold miner announced high-grade drilling results from its Aldiss Mining Centre 50km south-east of Kalgoorlie.

Federal Agriculture Minister Bridget McKenzie is confident Australia’s live export industry has a viable and prosperous future, and has vowed to base her decision-making on science.

There is mounting speculation the State Government will introduce a levy on developers building in Metronet areas to raise money for the transport scheme.