03/04/2020 - 06:49

Morning Headlines

03/04/2020 - 06:49

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Morning Headlines

Power’s plan to reboot nation’s manufacturing

Australia has an ‘‘enormous opportunity’’ to reboot its manufacturing sector by taking advantage of crippled global supply chains and a lower currency, says Nev Power, the man hand-picked by the Prime Minister to lead an expert advisory commission. The Fin

Car dealer giant to cease rent

WA’s biggest car dealer has joined the growing resistance against landlords by suspending rental payments on its car yards and demanding rent relief to help survive the sales slump triggered by COVID-19. The West

Wesfarmers has cash and is spoilt for choice

Discretionary retailers, food processors, engineering and materials companies, property investors and fund managers have been identified as potential targets for a cashed-up Wesfarmers. The Fin

Big super warns of cash-in risk

AustralianSuper chief executive Ian Silk has warned the government may have underestimated the number of people who will access their super during the coronavirus crisis, which could in turn limit the scope for industry funds to recapitalise corporate Australia during the recovery. The Fin

Don’t push too hard, too fast, PM cautions

Scott Morrison has warned against pushing people too hard or too fast with restrictions and has acknowledged that it is too early to identify the triggers to lift the limits that are sapping life from the economy. The Fin

A-G slams miners’ call to scrap awards

Resources and energy employers have ignited a political storm by calling for the scrapping of awards and enterprise agreements for up to six months to give businesses "unprecedented" power to cut the pay and hours of workers during the coronavirus pandemic. The Aus

Reject Shop late with rent, payments

The Reject Shop is making its cash flow stretch as far as possible to keep its business afloat during the coronavirus pandemic, winning a deal with landlords to postpone paying its April rent by 30 days and asking suppliers to wait an extra 30 days for their payments. The Aus

24,000 keep racing jobs

Extraordinary biosecurity measures to keep more than 24,000 WA horse racing jobs intact mean sport-starved eyes will turn to the track tomorrow. The West

Bleak forecast for winter

Australia’s economy is about to suffer its biggest shrinkage since the Great Depression, with economists believing only government stimulus and a technicality may save the nation from its first recession in 30 years. The West

Farmers tipped to weather storm

Australian farmers are in a strong position to weather the COVID-19 economic storm but global demand will be hit by the pandemic. The West

 

 

The Australian Financial Review

Page 1: AustralianSuper chief executive Ian Silk has warned the government may have underestimated the number of people who will access their super during the coronavirus crisis, which could in turn limit the scope for industry funds to recapitalise corporate Australia during the recovery.

Page 3: Australia’s coronavirus testing scheme has exceeded 1 per cent of the population for the first time – a world-leading rate that experts say is keeping the national death toll well below the hardest-hit countries.

Page 4: Scott Morrison has warned against pushing people too hard or too fast with restrictions and has acknowledged that it is too early to identify the triggers to lift the limits that are sapping life from the economy.

Page 6: A key small business group has called for unfair dismissal claims to be paused during the coronavirus crisis and temporary changes to workplace rules to become permanent, arguing that union concessions expose the system’s inflexibility.

Page 10: Australia has an ‘‘enormous opportunity’’ to reboot its manufacturing sector by taking advantage of crippled global supply chains and a lower currency, says Nev Power, the man hand-picked by the Prime Minister to lead an expert advisory commission.

Page 13: In the face of a growing US backlash against China over the coronavirus, President Donald Trump has conspicuously tempered the administration’s criticism of Beijing, declaring the relationship to be ‘‘a good one’’.

Page 15: Australia’s largest coal terminal operator says exports over the past three months were higher than the same period last year, suggesting local miners have capitalised on the coronavirus disruption that has forced foreign rivals into suspension.

Virgin Australia boss Paul Scurrah has rubbished claims a new entrant to the Australian market could buy his airline’s infrastructure on the cheap and be up and running quickly in the event of a collapse.

Page 17: Pandemic-smashed travel outfit Webjet believes it will raise enough cash to survive even a slow rebound in the tourism industry.

Australia’s biggest car dealership group, AP Eagers, is asking landlords at its 200 outlets for three months of free rent because it fears some of its car yards will make minimal or even no sales during that time.

Page 18: Discretionary retailers, food processors, engineering and materials companies, property investors and fund managers have been identified as potential targets for a cashed-up Wesfarmers.

Page 32: Small commercial landlords, often retirees dependent on rent for their income, have been hit hard by pre-emptive moves from powerful fast-food chains, including Red Rooster and Hungry Jack’s, to cut or defer rent in response to the coronavirus economic crunch.

 

 

The Australian

Page 1: Resources and energy employers have ignited a political storm by calling for the scrapping of awards and enterprise agreements for up to six months to give businesses "unprecedented" power to cut the pay and hours of workers during the coronavirus pandemic.

Page 2: Almost one million families have been given access to free childcare in a COVID-19 package expected to cost more than $3bn, delivering a lifeline for essential workers and protecting jobs among 13,000 providers of early childhood education.

Page 3: Qantas is warning that any staff who feel unwell must not show up for work at any Australian airport to avoid a repeat of the Adelaide Airport coronavirus cluster that now totals 17 people, including a pilot and five relatives of the 11 infected baggage handlers.

Page 4: The federal government has ordered half a billion face masks and is still trying to secure more, as health authorities around the world scramble to find enough personal protective equipment for hospitals, aged-care centres and others who need it.

Page 13: New Westpac chief executive Peter King will focus on a sweeping overhaul of the bank’s approach to risk and seek to maximise returns from the Australian and New Zealand core businesses as the sector faces a likely blowout in bad debts.

Page 15: The Reject Shop is making its cash flow stretch as far as possible to keep its business afloat during the coronavirus pandemic, winning a deal with landlords to postpone paying its April rent by 30 days and asking suppliers to wait an extra 30 days for their payments.

Page 20: Shares in early childcare providers surged on Thursday, following the federal government’s decision to inject support worth $16bn as it makes childcare free for essential workers during the coronavirus pandemic.

 

 

The West Australian

Page 3: WA’s corruption watchdog has accused the Department of Communities of running a deficient investigation into serious allegations that staff accepted bribes to let people leapfrog others on the public housing waiting list.

Page 5: WA’s biggest residential builder BGC has slashed the salaries of senior executives by 40 per cent amid a drastic downturn in demand for new builds caused by the pandemic.

Page 7: Extraordinary biosecurity measures to keep more than 24,000 WA horse racing jobs intact mean sport-starved eyes will turn to the track tomorrow.

Page 8: Tents are being considered as an option to help towns dealing with overcrowding and the Army could be sent into remote Aboriginal communities in coming months to deliver food and medical supplies during the COVID-19 crisis.

Page 11: Health Department officials are still evaluating the first batch of Chinese medical supplies obtained by WA mining magnate Andrew Forrest.

WA Police officers have been banned from growing beards and moustaches because of the COVID-19 crisis.

Page 16: Commercial landlords and tenants are calling for a code of conduct to guide negotiations amid the six-month ban on evictions.

Business: Australia’s economy is about to suffer its biggest shrinkage since the Great Depression, with economists believing only government stimulus and a technicality may save the nation from its first recession in 30 years.

Retail magnate Gerry Harvey is taking a 20 per cent pay cut and scrapping Harvey Norman’s interim dividend.

WA’s biggest car dealer has joined the growing resistance against landlords by suspending rental payments on its car yards and demanding rent relief to help survive the sales slump triggered by COVID-19.

Some 21 KPMG staff in Perth have been retrenched as part of “unavoidable” cutbacks in response to the turmoil triggered by COVID-19.

Australian farmers are in a strong position to weather the COVID-19 economic storm but global demand will be hit by the pandemic.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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