08/07/2019 - 06:52

Morning Headlines

08/07/2019 - 06:52

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China: iron ore import prices too high

China’s powerful steelmaking industry has warned the Chinese government is preparing to crack down on record high iron ore prices, which they say are eroding their profit margins and being artificially inflated by futures traders. The Fin

WA could fix east coast gas problem

Federal Treasurer Josh Frydenberg says the Federal Government will further “investigate” the potential for WA to supply gas to the east coast to bring down power prices. The West

Iluka under pressure to share royalty riches

Mineral sands miner Iluka Resources faces fresh shareholder pressure to pass on a lucrative iron ore royalty after the price of the steelmaking commodity rose to post-boom highs and BHP hits its stride on a new mine that could treble payments within a few years. The Aus

South 32 chases Caserones mine

Australian listed mining giant South 32 is believed to be circling the $1.5 billion-plus Caserones copper project in Chile that is up for sale by its Japanese owner. The Aus

Business pushes for progress on Indonesia free trade agreement

Business groups are pushing for Australia’s free trade deal with Indonesia to move through Parliament in 2019, saying the deal would be a buttress against looming economic headwinds. The Fin

IR reform ‘urgent’ for economy

Employers and industry groups have called for urgent industrial relations reform to lift the “ailing” economy, warning that an overhaul must be part of the next big political debate after the passage of the government’s $158 billion personal income tax cuts “to get our nation back on track”. The Aus

Kelty: cut the top tax rate

According to the former ACTU secretary, Australia’s income tax burden has increased to an unsustainable level – compounded by the lack of effective indexation of tax thresholds – and the system will remain uncompetitive without much greater changes. The Fin

Clearance rates rise as property market recovery gains momentum

The housing recovery is gaining momentum as buyers, buoyed by better borrowing conditions, stake their claim in a smaller pool of homes on the market. The Fin

Yowie $4.4m sweetener pledge amid Aurora takeover stoush

The board of beleaguered chocolatier Yowie has pledged to hand out at least $4.4 million to shareholders as it attempts to fight off Aurora Capital’s $19.6 million takeover bid. The Fin

Deeming freeze ‘costing millions’

The nation’s peak seniors body has attacked the Coalition for failing to move earlier to slash deeming rates in line with interest rate reductions, accusing Josh Frydenberg of imposing an effective “tax” on pensioners. The Aus

Hospitality body backs tax relief

Australian Hotels Association WA chief executive Bradley Woods has labelled lifting the payroll tax threshold as a “nobrainer” to help fix the State’s youth unemployment woes. The West

 

 

The Australian Financial Review

Page 1: According to the former ACTU secretary, Australia’s income tax burden has increased to an unsustainable level – compounded by the lack of effective indexation of tax thresholds – and the system will remain uncompetitive without much greater changes.

Page 2: The former chairman of embattled wealth business IOOF claims he has been singled out for punishment by the regulator while other non-executive directors who sat on the same boards are untouched.

Page 4: Tax and interest rate cuts as well as the removal of credit restrictions are already enough to stimulate the economy and any more fiscal stimulus could jeopardise a return to surplus, warned former advisers to the Gillard and Rudd Labor governments.

The housing recovery is gaining momentum as buyers, buoyed by better borrowing conditions, stake their claim in a smaller pool of homes on the market.

Page 5: A zombie tax measure designed to crack down on capital gains tax exemptions for Australian expats has come back to life in the wake of Scott Morrison’s election win.

Page 9: North Korea has accused Australian student Alek Sigley – who turned up last week after going missing for 10 days in the isolated state – of “spying” for news media outlets.

Business groups are pushing for Australia’s free trade deal with Indonesia to move through Parliament in 2019, saying the deal would be a buttress against looming economic headwinds.

Page 13: China’s powerful steelmaking industry has warned the Chinese government is preparing to crack down on record high iron ore prices, which they say are eroding their profit margins and being artificially inflated by futures traders.

Page 15: The chairman of ASX-listed vitamins and health food products group Star Combo Pharma has questioned the long-term sustainability of the daigou trade, which has supercharged the Australian vitamins and infant formula industry in the past four years.

The board of beleaguered chocolatier Yowie has pledged to hand out at least $4.4 million to shareholders as it attempts to fight off Aurora Capital’s $19.6 million takeover bid.

 

 

The Australian

Page 1: Employers and industry groups have called for urgent industrial relations reform to lift the “ailing” economy, warning that an overhaul must be part of the next big political debate after the passage of the government’s $158 billion personal income tax cuts “to get our nation back on track”.

Page 4: The nation’s peak seniors body has attacked the Coalition for failing to move earlier to slash deeming rates in line with interest rate reductions, accusing Josh Frydenberg of imposing an effective “tax” on pensioners.

Page 5: Defence Minister Linda Reynolds will call on Britain to be more militarily engaged in the Indo-Pacific region, warning it faces an “unprecedented” arms build-up and growing security tensions.

Page 17: Banks voicing concerns about potential economic fallout from the shoring up of responsible lending laws have been told to stop overreacting by the corporate watchdog’s commissioner, Sean Hughes.

Page 18: Australian listed mining giant South 32 is believed to be circling the $1.5 billion-plus Caserones copper project in Chile that is up for sale by its Japanese owner.

Page 19: Mineral sands miner Iluka Resources faces fresh shareholder pressure to pass on a lucrative iron ore royalty after the price of the steelmaking commodity rose to post-boom highs and BHP hits its stride on a new mine that could treble payments within a few years.

Page 24: The founding boss of Facebook in Australia believes there is a business argument for the technology platform to be broken up globally but doubts the need for a competition regulator to make the move.

 

 

The West Australian

Page 3: With Manchester United landing in Perth today for a 10-day stay, it can be revealed the State Government had to fend off a last-ditch bid by Victoria to steal the tour.

Page 4: Australian Hotels Association WA chief executive Bradley Woods has labelled lifting the payroll tax threshold as a “no brainer” to help fix the State’s youth unemployment woes.

Page 5: The number of fully immunised Australian children has hit record levels, with almost 95 per cent of kids vaccinated against deadly diseases.

Page 16: It has cost taxpayers almost $2 billion but most Australians can’t access their online electronic health record and most have not set a pin number to protect information on it.

Federal Treasurer Josh Frydenberg says the Federal Government will further “investigate” the potential for WA to supply gas to the east coast to bring down power prices.

Business: Listed WA realtor The Agency says it is benefiting from structural changes in the real estate industry and pressure on franchise business models, with veteran agents quitting rival businesses because of high overheads.

Rio Tinto says its business model of flying in workers from areas outside Perth injected close to $200 million into regional WA — excluding the Pilbara.

The great McGowan Government jobs drive continues today with the unveiling of a new business education program designed to help entrepreneurs access discount training and support.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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