01/11/2019 - 06:47

Morning Headlines

01/11/2019 - 06:47

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Morning Headlines

Delays sink Indus

Welshpool-based Indus Mining Services has plunged into administration with $40 million-plus of debts less than a year after being sold in a takeover. The West

Hancock doubles profit to $2.6bn

Gina Rinehart’s Hancock Prospecting has recorded one of the biggest profits by an Australian private company in recent history, the iron ore miner’s 2019 financial accounts reveal. The Aus

Pay day for young staff

Young people will be among the biggest winners of the McGowan Government’s payroll tax cut, with demand for baristas, bartenders, apprentices and retail workers likely to spike in the wake of the long-awaited reform, which WA Treasury tips will create 1289 new jobs. The West

Treasurer’s push to ease SME squeeze

Treasurer Josh Frydenberg will instruct the corporate watchdog to tell banks to waive responsible lending standards for small-business operators in an attempt to ease the credit squeeze on the sector. The Fin

Aged care: the sorry truth

“Cruel and harmful” aged care must be reformed, a royal commission has urged, finding the system is in a shocking state of neglect that “diminishes Australia as a nation”. The Aus

TWU tests Albo over ‘default unionism’ for gig workers

The Transport Workers Union has thrown out a test for Opposition Leader Anthony Albanese by calling for Labor to adopt a policy of legislating to make every gig economy worker automatically a member of a trade union. The Fin

Watchdog to inspect ATO’s big debt book

The independent watchdog overseeing the ATO will investigate its growing $45 billion debt book, and the tax administration of deceased estates in Australia. The Fin

Qantas rejects grounding call ahead of report

Qantas is primed to release the full results of its review into its Boeing 737 NG fleet today after facing what it called ‘‘alarmist’’ and ‘‘irresponsible’’ demands to ground the aircraft over safety concerns. The Fin

Rio Tinto could hit iron ore goal in 2022

Rio Tinto has hinted its long-held goal of shipping 360 million tonnes of iron ore from Australia could be achieved in 2022, but says no solution had been found for its struggling Australian aluminium smelters. The Fin

Knockbacks on FOI reveal wall of secrecy

Requests for policy-related documents under Freedom of Information laws are more likely to be rejected by the Department of Human Services than any other agency, while ongoing delays at the Department of Home Affairs are highly unusual. The Aus

 

 

The Australian Financial Review

Page 1: Treasurer Josh Frydenberg will instruct the corporate watchdog to tell banks to waive responsible lending standards for small-business operators in an attempt to ease the credit squeeze on the sector.

Page 2: The Transport Workers Union has thrown out a test for Opposition Leader Anthony Albanese by calling for Labor to adopt a policy of legislating to make every gig economy worker automatically a member of a trade union.

Page 4: The payroll tax exemption threshold in Western Australia has been lifted in a bid to stimulate the state economy and will result in about 1000 businesses no longer having to pay.

Page 5: The independent watchdog overseeing the ATO will investigate its growing $45 billion debt book, and the tax administration of deceased estates in Australia.

Page 6: Employees at PwC’s Melbourne office were told to work from home or leave the Southbank building early yesterday evening before anti-mining protesters descended to form a blockade outside the building.

Page 9: Nationals deputy leader Bridget McKenzie has offered an olive branch to backbencher David Gillespie over the proposed dairy code of conduct in a bid to put a lid on renewed tensions within the party.

Page 12: Qantas is primed to release the full results of its review into its Boeing 737 NG fleet today after facing what it called ‘‘alarmist’’ and ‘‘irresponsible’’ demands to ground the aircraft over safety concerns.

Page 13: Wesfarmers is checking for potential underpayments across its businesses as the problem that led to Woolworths’ record $300 million wage bill is expected to spread to other companies.

Page 16: Twitter chief executive Jack Dorsey has banned paid political advertising, attributing the move to the credibility risk that comes with the spread of fake news, doctored videos known as ‘‘deep fakes’’ and intrusive micro-targeting.

Page 17: Ultra-low interest rates are making it harder for ANZ Bank to grow its mortgage book because the vast majority of borrowers are using the interest savings to pay down their loans faster.

Page 19: WesfarmersKmart and Target chains are fighting back against Amazon Prime by offering free deliveries for customers who join online retailer Catch Group’s loyalty scheme.

Page 23: Key shareholders are convinced the time is right for mineral sands miner Iluka Resources to spin off a lucrative iron ore royalty it reaps from BHP in a move expected to unlock more than $2 billion in value.

Rio Tinto has hinted its long-held goal of shipping 360 million tonnes of iron ore from Australia could be achieved in 2022, but says no solution had been found for its struggling Australian aluminium smelters.

 

 

The Australian

Page 1: “Cruel and harmful” aged care must be reformed, a royal commission has urged, finding the system is in a shocking state of neglect that “diminishes Australia as a nation”.

Page 2: Jim Chalmers says Labor needs to be the “party of the outer suburbs” that shapes the middle ground of Australian politics, amid a push in senior ranks to shift the ALP’s focus away from inner-city progressives.

Page 5: Consumer pressure has forced banks to cut another five basis points from their home loan rates, bringing their average total reduction closer to the Reserve Bank’s three cuts to the cash rate since June.

Page 6: Requests for policy-related documents under Freedom of Information laws are more likely to be rejected by the Department of Human Services than any other agency, while ongoing delays at the Department of Home Affairs are highly unusual.

Page 7: The Solomon Islands is forcing an Australian miner out of the country as it moves to hand a world-class nickel resource and access to a strategic deepwater harbour to a controversial Chinese company.

Page 17: A landmark restructure has seen James Packer’s flagship private company almost halve its level of borrowings from subsidiaries and increase its net asset position as it awaits regulatory approval of a fresh $880m cash injection from Lawrence Ho’s Melco Resorts and Entertainment Group.

Gina Rinehart’s Hancock Prospecting has recorded one of the biggest profits by an Australian private company in recent history, the iron ore miner’s 2019 financial accounts reveal.

Page 19: Scentre, owner of the local Westfield mall empire, has defied worries over consumer sentiment to turn in a solid September quarter of sales.

Page 20: Running trade tensions between the US and China are starting to hit commodity prices as the global economy slows, major mining bosses say.

 

 

The West Australian

Page 5: City of Perth chair commissioner Andrew Hammond has called for a “much bigger physical police presence in the CBD” to bring the worsening violence on city streets under control.

Page 10: Employment Minister Michaelia Cash has made it clear that getting young West Australians working is one of her highest priorities.

Page 11: Young people will be among the biggest winners of the McGowan Government’s payroll tax cut, with demand for baristas, bartenders, apprentices and retail workers likely to spike in the wake of the long-awaited reform, which WA Treasury tips will create 1289 new jobs.

Page 20: Opposition Leader Liza Harvey and Liberal powerbroker Peter Collier have committed to passing voluntary assisted dying laws by Christmas despite a conservative Upper House colleague trying to hold up debate for months, if not years with hundreds of proposed amendments.

Page 28: Ex-Liberal MP Nathan Morton is the frontrunner to takeover the blue-ribbon seat of South Perth being vacated by the party’s retiring stalwart John McGrath.

Business: Welshpool-based Indus Mining Services has plunged into administration with $40 million-plus of debts less than a year after being sold in a takeover.

Fortescue Metals Group will lift the lid this month on how its Pilbara iron ore operations will evolve with advances in technology.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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