10/09/2019 - 07:10

Morning Headlines

10/09/2019 - 07:10

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Morning Headlines

States line up for housing debt write-off 

Western Australia, which has the second-largest housing debt to the Commonwealth of $343 million, said the federal government had ‘‘walked away’’ from its historic responsibility of funding remote Aboriginal communities and should forgive a debt that would cost the state $18.2 million in interest and $17 million in principal repayments this year alone. The Fin 

WA fury at ‘grubby deal’ on submarine work 

Western Australia has reacted furiously to growing speculation it could miss out on the relocation of 700 submarine maintenance jobs to Perth, accusing the Morrison government of cutting a ‘‘grubby deal’’ against the national interest. The Fin

Macquarie bets on next green wave 

Macquarie Group chief executive Shemara Wikramanayake wants to put Macquarie’s $116 billion infrastructure funds at the forefront of the next wave of climate change-related investment called “climate adaptation”. The Fin 

Home loan surge sparks bubble fears 

Ultra-low interest rates and looser banking restrictions have sparked the fastest rise in mortgage lending in five years, as senior economists warn the growth risks reinflating a dangerous housing bubble. The Aus 

Battle for ALP future heats up 

Labor’s tax-and-spend policy agenda is almost certain to be discarded, as momentum builds to junk the measures the party took to the May election. The Fin 

RBA blames Boomers for low interest rates 

Pensioners may be complaining that low interest rates are squeezing returns on their savings, but the Reserve Bank of Australia says an ageing population is actually partly to blame for ultra-low interest rates. The Fin 

ASIC chases junk insurer 

An insurance company which rewarded staff flogging junk insurance policies to vulnerable customers with overseas holidays and motor scooters is being sued by the corporate regulator. The West 

Rift over electricity market overhaul 

Stark divisions have been exposed within the electricity industry, investors and politicians about the urgency and need for an overhaul of electricity market rules after the country’s top energy market supervisor suggested measures may be needed to extend the life of coal power plants to ensure security of supply. The Fin 

Big four in ASIC sights over audits 

The corporate watchdog called out accountancy firm PwC over the quality of its auditing work after the regulator triggered a writedown of more than $500m in the financial accounts of its client Myer, resulting in the retailer posting a $476m first-half loss last year. 

CCA bundles alcohol, soft drinks and coffee 

Coca-Cola Amatil is merging its alcohol, coffee and non-alcoholic beverage businesses in a move that will boost synergy benefits and reduce costs but may obscure the performance of categories that are coming under pressure as consumers shun soft drinks and bottled water. 

5G pause set to drag down on new iPhone 

Apple is facing its limpest launch of a major new iPhone in years, analysts have warned, with new data showing consumers are likely to hit pause on expensive phone upgrades until new 5G phones become worthwhile next year. The Fin 

 

 

The Australian Financial Review 

Page 1:  Labor’s tax-and-spend policy agenda is almost certain to be discarded, as momentum builds to junk the measures the party took to the May election. 

Macquarie Group chief executive Shemara Wikramanayake wants to put Macquarie’s $116 billion infrastructure funds at the forefront of the next wave of climate change-related investment called “climate adaptation”. 

Page 4: Union leader  is a ‘‘bovver boy’’ who does not represent the modern trade union movement and a new anti-union John Setka government bill would only harm workers and well-meaning officials, Labor says. 

Page 5: Pensioners may be complaining that low interest rates are squeezing returns on their savings, but the Reserve Bank of Australia says an ageing population is actually partly to blame for ultra-low interest rates. 

Confidence in the rural sector has turned down in key states, despite strong commodity prices, and the outlook is only set to get worse as the drought continues to drag on growth. 

Page 6: Stark divisions have been exposed within the electricity industry, investors and politicians about the urgency and need for an overhaul of electricity market rules after the country’s top energy market supervisor suggested measures may be needed to extend the life of coal power plants to ensure security of supply. 

Page 7: Western Australia, which has the second-largest housing debt to the Commonwealth of $343 million, said the federal government had ‘‘walked away’’ from its historic responsibility of funding remote Aboriginal communities and should forgive a debt that would cost the state $18.2 million in interest and $17 million in principal repayments this year alone. 

Page 8: Western Australia has reacted furiously to growing speculation it could miss out on the relocation of 700 submarine maintenance jobs to Perth, accusing the Morrison government of cutting a ‘‘grubby deal’’ against the national interest. 

Employers are calling for reform to enterprise bargaining in the face of a ‘‘shopping list’’ of technical hurdles that threaten Hungry Jack’s first national agreement. 

Page 9: Australia’s Office of the Chief Economist has given a new scorecard for business managers throughout the country that suggests more investment in managerial skills is required to lift productivity and performance, especially in comparison with the US. 

Page 13: Suncorp’s new chief executive Steve Johnston says he is committed to keeping the banking and insurance arms of the business together, insisting there are real benefits to the often-criticised bancassurance model. 

Payments company iSignthis is emerging as one of the small cap success stories of the year, with the value of its stock leaping more than tenfold in the eight months since January. 

Coca-Cola Amatil is merging its alcohol, coffee and non-alcoholic beverage businesses in a move that will boost synergy benefits and reduce costs but may obscure the performance of categories that are coming under pressure as consumers shun soft drinks and bottled water. 

Rich Lister Nick Politis has enjoyed a $290 million surge in personal wealth in the past two months after a jump in the share price of car dealership group AP Eagers as it closes in on full control of rival Automotive Holdings Group. 

Page 18: Merricks Capital, the hedge fund with expertise in agriculture, says Australian beef prices could increase 50 per cent by the end of next year amid a global shortage of protein. 

Page 19: The Commonwealth Bank of Australia’s ability to recover some of the $120 million it loaned to collapsed engineering group RCR Tomlinson depends on a new court case that will also determine how much money former employees get back. 

Apple is facing its limpest launch of a major new iPhone in years, analysts have warned, with new data showing consumers are likely to hit pause on expensive phone upgrades until new 5G phones become Ultra-low interest rates and looser banking restrictions have sparked the fastest rise in mortgage lending in five years, as senior economists warn the growth risks reinflating a dangerous housing bubble. worthwhile next year. 

 

 

The Australian 

Page 1: The corporate watchdog called out accountancy firm PwC over the quality of its auditing work after the regulator triggered a writedown of more than $500m in the financial accounts of its client Myer, resulting in the retailer posting a $476m first-half loss last year. 

Page 3: Apple will this week launch three new iPhones at a time the iconic handset is finding it harder to shine in today’s mature smartphone market. 

Page 4: The cost of living is now the greatest concern for voters, with a majority claiming it should be the federal government’s top priority. 

Page 5: Labor frontbencher Mark Butler says the party needs to rethink its policies following the election defeat, warning that “when you get your backside handed to you by Fozzie Bear and Kermit the Frog it’s time for some serious reflection”. 

Page 6: The federal government has ordered a crackdown on alleged “unconscionable conduct” in the water trade, instructing three separate bodies to investigate and prosecute wrongdoing. 

Page 7: Australians are drinking more spirits and premixed beverages amid signs the long-running decline in alcohol consumption may have plateaued. 

Page 17: Ultra-low interest rates and looser banking restrictions have sparked the fastest rise in mortgage lending in five years, as senior economists warn the growth risks re-inflating a dangerous housing bubble. 

Page 19: Australia’s competition regulator has lashed gas pipeline operators for poor price disclosure amid a broader government probe that is considering regulatory changes to ease pressures on the east coast market. 

Page 20: Analysts are warning the bleak outlook for global economic growth is about to hit commodity prices, suggesting copper and iron ore could face falling prices next year on recessionary fears. 

 

 

The West Australian 

Page 7: The rush for flights from West Coast fans wanting to attend their club’s AFL semifinal at the MCG has begun, with airlines putting on extra Melbourne services to cater for increased demand. 

Page 12: Water will be carted from Albany to Denmark as a stopgap while the State Government plans a new $32 million pipeline between the neighbouring towns. 

Page 14: More than 160 people have been bitten by snakes in WA in just 12 months — a jump of 61 per cent on the figures for the previous year and likely a new record. 

Page 18: Welfare recipients have unsuccessfully tried to use drugs and alcohol as an excuse to get out of job search appointments more than 5000 times in the past year, government figures reveal. 

Business: An insurance company which rewarded staff flogging junk insurance policies to vulnerable customers with overseas holidays and motor scooters is being sued by the corporate regulator. 

Woodside will restrict ship movements in the Exmouth Gulf to avoid hitting or disturbing migratory humpback whales while they visit the area, but conservationists want tighter and broader controls. 

A subsidiary and major companies including grain handler CBH, Alcoa and construction firm Doric owed Henderson-based EC&M over $12 million when it collapsed last month. 

Elders boss and Agribusiness Australia president Mark Allison has urged Australia to embrace the opportunities offered by China’s Belt and Road Initiative. 

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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