11/03/2020 - 06:57

Morning Headlines

11/03/2020 - 06:57

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Morning Headlines

Tax relief is the remedy

WA businesses impacted by the coronavirus would get payroll tax relief under stimulus measures being seriously considered by the McGowan Government, as WA releases its pandemic battle plan today. The West

BHP keen to seize opportunities

BHP chairman Ken MacKenzie says the mining major is ready to pounce on acquisition opportunities that may arise from the turmoil in world markets because of coronavirus and the plunge in oil prices. The Fin

Crisis is an opportunity to drive productivity reform

Business leaders have urged the Morrison government to go further than short-term stimulus and embrace tax reform and other structural policy changes to strengthen the economy, amid warnings of a global recession caused by the coronavirus. The Fin

APRA demands virus testing

APRA will hold meetings with senior financial services industry executives in coming days to closely monitor the impact of the coronavirus on their operations, as the major banks on Tuesday signed off on comprehensive risk analysis of their businesses for the regulator. The Fin

$50b hit to government coffers

The federal and state governments are set to take a $50 billion hit to their budgets over the next four years, leaving a string of unexpected deficits, higher debt and risks to credit ratings. The Fin

CSL overtakes BHP as ASX’s most valuable

Local biotech leaders have labelled CSL’s rise to the most valuable company on the ASX a watershed moment for the industry, signifying a changing of the guard in the top ranks of the exchange. The Fin

How to improve Perth by 2050

The City of Perth needs 1000 more childcare places, 30 more playgrounds and up to five more schools by 2050 to support its growing population. The West

Banks ban travel, split teams

Australian banks have ramped up precautionary measures designed to protect employees and stop the spread of COVID-19, with ANZ placing a ban on domestic travel and ING physically separating employees into A and B teams. The Fin

App will bring all up to speed on outbreak

Health Minister Greg Hunt has announced the development of a coronavirus app to give people the latest news on the disease outbreak and flagged that staff working on the COVID-19 hotline would be bolstered amid concern at call waiting times. The Aus

Producers struggle as shelves stripped bare

Suppliers are struggling to meet an “unprecedented demand” for pasta and rice as consumers panic-buy staple goods in response to the COVID-19 outbreak. The Aus

 

 

The Australian Financial Review

Page W1: Business leaders have urged the Morrison government to go further than short-term stimulus and embrace tax reform and other structural policy changes to strengthen the economy, amid warnings of a global recession caused by the coronavirus.

Australian business leaders have warned of the danger of succumbing to the coronavirus panic sweeping the world, including Telstra chairman John Mullen, who says COVID-19 will not be worse than influenza for most people.

Page W3: Australian companies will have to answer to the Prime Minister if they lay off staff because of the coronavirus, and that means they’ll have to accept lower earnings.

Page W4: The chairman of logistics giant Toll Group has revealed the crippling cyber attack that hit it at the end of January came from Russian-based hackers, describing it as a terrible lesson for the company, and a warning for other organisations that they were not safe.

BHP chairman Ken MacKenzie says the mining major is ready to pounce on acquisition opportunities that may arise from the turmoil in world markets because of coronavirus and the plunge in oil prices.

Page 1: Australian shares fought back to post their best result since Donald Trump’s election after briefly dipping into bear market territory, supported by a show of stability in the oil price and the promise of ‘‘very substantial’’ stimulus from the US President in response to the coronavirus crisis.

Page 3: The federal government has effectively cut the Defence Department’s capital budget by 10 per cent over the past four years despite a commitment to re-arm the military and expand the local defence industry.

More than 7 million Australians could have their jobs either automated out of existence or augmented by robots and artificial intelligence in the next 15 years, data modelling commissioned by the Australian Computer Society has found.

Page 4: The federal and state governments are set to take a $50 billion hit to their budgets over the next four years, leaving a string of unexpected deficits, higher debt and risks to credit ratings.

Page 11: The Italian government has dramatically shifted the entire country into coronavirus lockdown, with Prime Minister Giuseppe Conte saying that from Tuesday people would be allowed to move around only for work or for health or family emergencies.

Page 13: Local biotech leaders have labelled CSL’s rise to the most valuable company on the ASX a watershed moment for the industry, signifying a changing of the guard in the top ranks of the exchange.

Page 15: Stationery retailer Kikki.K has joined a growing list of retail victims, falling into receivership yesterday after succumbing to Brexit, bushfires and the coronavirus.

Page 16: Australian banks have ramped up precautionary measures designed to protect employees and stop the spread of COVID-19, with ANZ placing a ban on domestic travel and ING physically separating employees into A and B teams.

Page 19: Federal Labor has accused the government of making a ‘‘costly and unnecessary’’ mistake, after TPG Telecom revealed NBN Co’s hybrid fibre coaxial connections suffered tens of thousands of outages last month.

 

 

The Australian

Page 1: Cabinet has approved a $2.4bn medical response to the coronavirus outbreak that will include more than 100 fever clinics rolled out across the country and allow people experiencing symptoms to stay home and charge GP audio and video calls to Medicare.

Page 2: Celebrity chef George Calombaris’s hospitality empire had been in the red for almost four years when it collapsed in February, with its losses since 2016 amounting to $20.7m.

Page 4: Cuts to airfares intended to stimulate demand savaged by coronavirus fears have made some international flights cheaper than domestic trips in Australia.

Health Minister Greg Hunt has announced the development of a coronavirus app to give people the latest news on the disease outbreak and flagged that staff working on the COVID-19 hotline would be bolstered amid concern at call waiting times.

Page 5: Australian hospitals are likely to be swamped by thousands of coronavirus cases within a month, experts say.

Page 8: Sporting clubs that ranked highly under the controversial $100m sports grant program but still missed out have lashed the scheme’s lack of transparency and say they don’t feel they were competing on a level playing field.

Page 9: Former US vice-president Joe Biden has extended his lead over Bernie Sanders in the key state of Michigan on the eve of six Democratic primaries that loom as a critical test of whether Senator Sanders can revive his presidential campaign.

Page 17: APRA will hold meetings with senior financial services industry executives in coming days to closely monitor the impact of the coronavirus on their operations, as the major banks on Tuesday signed off on comprehensive risk analysis of their businesses for the regulator.

Page 19: Suppliers are struggling to meet an “unprecedented demand” for pasta and rice as consumers panic-buy staple goods in response to the COVID-19 outbreak.

Page 28: Thousands of students applying for postgraduate places in medical schools around Australia have been warned that a key exam they sit, the Graduate Medical School Admissions Test (GAMSAT), may be cancelled at the “last minute” before its scheduled March 21 date due to the coronavirus.

 

 

The West Australian

Page 3: The City of Perth needs 1000 more childcare places, 30 more playgrounds and up to five more schools by 2050 to support its growing population.

Page 4: WA businesses impacted by the coronavirus would get payroll tax relief under stimulus measures being seriously considered by the McGowan Government, as WA releases its pandemic battle plan today.

Up to 100 respiratory pop-up clinics acting as one-stop shops for more than 13,000 Australians wanting to be tested for coronavirus will be rolled out in the next two to six weeks by the Federal Government.

Page 5: Industrial Relations Minister Christian Porter has not given unions and business groups any indication the Government plans to compensate casual workers who catch the coronavirus but do not have sick leave.

Page 7: Industry Minister Karen Andrews will warn local manufacturers that they need to be wary of passing on any increased costs to consumers as a result of coronavirus when she meets them tomorrow.

Page 16: The head of the Australian arm of Chinese telco Huawei says it is laughable to say the company is a product of the communist regime and has again lobbied the Morrison Government to reconsider its ban on allowing the firm to compete in Australia’s 5G rollout.

Business: The plunge in world oil prices looms as a new threat to WA’s Browse and Scarborough LNG projects as speculation mounts that Woodside Petroleum could have to rein in the $47 billion expansion.

The resources sector continues to prop up WA’s economy but analysts warn confidence is weakening amid the fallout from coronavirus, as business conditions in the State remain the weakest in the nation.

Wellard executive chairman John Klepec says it will defend a class action that claims the prospectus for its $289 million sharemarket float in 2015 misled and deceived investors.

Residents surrounding Glen Iris Golf Club in Jandakot have vowed to fight plans to redevelop the course as a housing estate.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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