05/07/2019 - 06:56

Morning Headlines

05/07/2019 - 06:56

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Morning Headlines

Senate delivers tax cut triumph

The re-elected Morrison government has scored a major victory with the passage of its $158 billion income tax cut package last night, but is on a collision course with the gas industry after promising a number of price interventions in return for the support of the Senate crossbench. The Fin

Give China more credit in nervy days, Fortescue boss urges

Andrew Forrest’s Fortescue Metals Group expects Chinese steel demand to remain strong for the rest of the year but has warned Australia not to underestimate the importance of stronger ties with Beijing as the threat of a trade war hangs over the global economy. The Fin

Big companies warn sacred site protections could harm economy

WA’s biggest employers have warned a proposal by the McGowan Government to introduce special Aboriginal heritage protections over vast areas could dent the State’s economy. The West

Worsley to clear instead of expansion

South32 has shelved an expansion of its Worsley alumina refinery near Collie and sought permission to clear an additional 7100ha of native vegetation to mine bauxite. The West

Sale eases Wellard woes

Troubled live exporter Wellard has moved a step closer to resolving its financial woes by selling one of its vessels to major shareholder the Holmes a Court family for $US22 million ($31 million). The West

Job vacancies fall for first time in three years

Job vacancies have fallen for the first time in three years, bringing it into line with other labour market indicators such as a softening unemployment rate. The Fin

Pyne and Bishop spark review of rules

Rules governing post-parliamentary employment for former government ministers will be reviewed as the Coalition moves to head off growing controversy about private sector jobs for Christopher Pyne and Julie Bishop. The Fin

AustralianSuper goes asset hunting abroad

AustralianSuper will invest more in private markets overseas in the hunt for a foreign “illiquidity premium” to offset lower anticipated returns for listed assets. The Fin

Pharmacists cure for GPs

Pharmacists could take on some of the work of GPs by giving immunisations, prescribing some medicines and managing chronic diseases, a Government review of WA’s pharmacies has proposed. The West

WACA boss pleads for top pitch

WACA chairman Ken Michael says he will not give up on a stalled $75 million redevelopment of the world-famous cricket ground. The West

 

 

The Australian Financial Review

Page 1: The re-elected Morrison government has scored a major victory with the passage of its $158 billion income tax cut package last night, but is on a collision course with the gas industry after promising a number of price interventions in return for the support of the Senate crossbench.

Page 2: The corporate watchdog has told insurers to change their fraud investigation practices, after it found they were subjecting motor insurance customers to ‘‘harmful and unreasonable’’ interrogation methods.

Page 6: Queensland’s biggest LNG exporter has announced new gas sales deals with manufacturers Orica and Orora, lending weight to producers’ arguments that the east coast market is working and doesn’t need further government intervention.

The Morrison government will have to wait until November before it can try to repeal laws streamlining the medical transfers of asylum seekers from Nauru or Manus Island to Australia for treatment.

Page 7: Retail chiefs like Ruslan Kogan hope the $1080 tax rebate most low- and middle-income earners will collect over the next few months delivers a repeat of Kevin Rudd’s ‘‘year of the TV’’.

Page 8: The Morrison government has resumed its push to ban default life insurance inside superannuation for people aged under 25 and low-balance accounts to save members about $3 billion a year.

Page 9: Job vacancies have fallen for the first time in three years, bringing it into line with other labour market indicators such as a softening unemployment rate.

Page 11: Rules governing post-parliamentary employment for former government ministers will be reviewed as the Coalition moves to head off growing controversy about private sector jobs for Christopher Pyne and Julie Bishop.

Page 15: AustralianSuper will invest more in private markets overseas in the hunt for a foreign “illiquidity premium” to offset lower anticipated returns for listed assets.

A Hong Kong-based conglomerate has invested $120 million on a new luxury car retailing showroom in a long-term bet on robust growth in the Australian economy, which it says gets hit harder than most other countries when house prices fall.

Page 17: Andrew Forrest’s Fortescue Metals Group expects Chinese steel demand to remain strong for the rest of the year but has warned Australia not to underestimate the importance of stronger ties with Beijing as the threat of a trade war hangs over the global economy.

 

 

The Australian

Page 2: The nation’s $13.2 billion veterans affairs system is out of date, overly complex and requires “fundamental reform” to focus on the lifetime wellbeing of those it serves, the Productivity Commission says.

Bill Shorten has attacked an “alarming” exodus of executives at the National Disability Insurance Agency after four senior figures resigned in the past week.

Page 4: Financial regulators clamping down on loose standards in the banking sector have swung the pendulum “too far” and the government must relax the rules on lending, the $165 billion industry fund AustralianSuper says.

Page 5: Anthony Albanese has vowed to expel John Setka from the Labor Party despite the construction union boss launching a Supreme Court challenge to stop the process.

Page 11: For the first time since two Boeing 737 Max 8s crashed killing 346 people, the US aircraft manufacturer has opened its wallet, announcing a $142 million fund for victims’ families and communities.

Page 23: The Australian Taxation Office has had a legal win in its running fight to reclaim tax credits allegedly wrongfully claimed through a GST gold swindle that denied the federal treasury more than $1 billion.

The Australian Competition & Consumer Commission is taking Samsung to court over allegedly misleading claims about the water-resistance of its Galaxy mobile phones.

 

 

The West Australian

Page 1: More than one million West Australians will receive extra tax relief this financial year as a result of the passage of the Coalition’s income tax cuts through the Senate last night.

Page 3: Nobel Prize winner Barry Marshall has appeared in court after being charged over a bizarre incident alleged to have taken place at the Perth research centre that bears his name.

Page 14: Pharmacists could take on some of the work of GPs by giving immunisations, prescribing some medicines and managing chronic diseases, a Government review of WA’s pharmacies has proposed.

Page 24: WACA chairman Ken Michael says he will not give up on a stalled $75 million redevelopment of the world-famous cricket ground.

Page 64: WA’s biggest employers have warned a proposal by the McGowan Government to introduce special Aboriginal heritage protections over vast areas could dent the State’s economy.

Page 66: A fire has destroyed a massive Jim Beam warehouse filled with about 45,000 barrels of bourbon, sending flames shooting into the night sky and generating so much heat that fire truck lights melted, authorities say.

Business: Troubled live exporter Wellard has moved a step closer to resolving its financial woes by selling one of its vessels to major shareholder the Holmes a Court family for $US22 million ($31 million).

The Morrison Government has taken steps to protect farmers from unlawful actions by animal activists by introducing legislation that could land them in jail for up to five years.

CBH Group chairman Wally Newman has assured grain growers there are genuine reasons behind its requests for detailed personal data — primarily that it is needed for WA grain to maintain its international competitiveness — after efforts to source this information caused a massive outcry.

South32 has shelved an expansion of its Worsley alumina refinery near Collie and sought permission to clear an additional 7100ha of native vegetation to mine bauxite.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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