23/04/2020 - 06:34

Morning Headlines

23/04/2020 - 06:34

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Morning Headlines

Teachers defying virus science

Teachers’ unions are defying explicit advice from the nation’s most senior health officials that attending school is safe as they resist students returning to classrooms, sparking confusion among parents. The Aus

Contact tracing to be wound down

Contact tracing in Western Australia is winding down as new COVID-19 cases drop to single figures and near zero. The Aus

Drive-thru FIFO swab virus tests

Mining company Mineral Resources is raising the bar for COVID-19 screening in WA’s resources sector as it desperately tries to keep its workers safe, mine sites virus-free and lucrative operations continuing. The West

WA to lead way out

WA could be one of the first States to stage a smooth exit from the COVID-19 lockdowns because of its geographical position and the early measures it took to stop the spread of the virus. The West

Company tax rate back on table

Cuts to an ‘‘uncompetitively high’’ 30 per cent company tax rate are under serious consideration as part of a broader economic upheaval that the government believes will need to be on the same scale as the Hawke-Keating reforms of three decades ago. The Fin

Tourism's $3b hit

Coronavirus has cost WA’s tourism industry $3.1 billion and the loss of 30,500 jobs, according to Tourism Council WA which wants urgent government funding to save businesses from collapse. The West

Australia buys two days of cheap fuel

Energy Minister Angus Taylor announced an initial purchase of $94 million to establish the first government-owned oil reserves for domestic fuel security. The Fin

Afterpay urged to pitch in

The Morrison government is under pressure to force buy now, pay later companies and high-interest payday lenders to pass on interest holidays to distressed borrowers as banks have done during the COVID-19 crisis. The Fin

Corporate giants stand with Twiggy Forrest in fire fight

Some of Australia’s biggest companies have put aside business rivalries to work with mining billionaire Andrew ‘‘Twiggy’’ Forrest and former Data61 boss Adrian Turner to boost national disaster resilience. The Fin

Qantas equity raising closer to runway as travel ban clips airline’s wings

Expectations are mounting that national carrier Qantas could be the next major listed company to raise equity, with some questioning whether its fuel hedging contracts put it on the back foot. The Aus

 

 

The Australian Financial Review

Page 1: Cuts to an ‘‘uncompetitively high’’ 30 per cent company tax rate are under serious consideration as part of a broader economic upheaval that the government believes will need to be on the same scale as the Hawke-Keating reforms of three decades ago.

Page 2: East coast electricity and gas prices fell to their lowest levels in four years in the March quarter, and are expected to fall further when the full impact of the coronavirus hits the economy in coming months.

Page 3: Energy Minister Angus Taylor announced an initial purchase of $94 million to establish the first government-owned oil reserves for domestic fuel security.

Australia avoided using herd immunity as a strategy to defeat COVID-19, but now Sweden is about to show it is achievable through exercising moderate restraints.

Page 4: Federal Labor believes governments should take an equity stake in all ‘‘critical businesses’’ facing hardship, while Treasurer Josh Frydenberg has told leading CEOs to regard Virgin Australia as a warning that they too should not expect direct government intervention.

The Morrison government is under pressure to force buy now, pay later companies and high-interest payday lenders to pass on interest holidays to distressed borrowers as banks have done during the COVID-19 crisis.

Page 5: Hundreds of millions of dollars could be unlocked within weeks for infrastructure and transport projects the states want to bring forward to help dig Australia out of the downturn.

Page 7: New modelling suggests superannuation funds with lots of jobless members under the age of 45 could encounter liquidity problems even though early release claims are running in line with government’s targets.

Page 8: A senior partner at consultancy EY has said it would be unfair to cut pay without cutting the hours of under-utilised staff, as the firm continues its rollout of a four-day working week in response to the economic fallout of COVID-19.

Some of Australia’s biggest companies have put aside business rivalries to work with mining billionaire Andrew ‘‘Twiggy’’ Forrest and former Data61 boss Adrian Turner to boost national disaster resilience.

Page 9: Australia is marshalling the support of like-minded leaders including Donald Trump to make the World Health Organisation more proactive in confronting medical crises, including being given new powers akin to that of weapons inspectors able to enter countries without invitation.

Page 13: Any lifting of isolation measures in response to the COVID-19 pandemic could be too late to save oil from a return to negative prices in the weeks ahead, as a wipeout of demand and tapped-out storage conspire to drag Brent crude to a 21-year low.

Page 15: The a2 Milk Company’s boss Geoff Babidge says distribution is starting to resume in China, but a resurgence in coronavirus infections would slow the flow of infant formula in its key market.

Page 18: Richard Branson’s Virgin Group is looking to help conjure a new Virgin Australia phoenix from the ashes of the collapsed airline, with a view to keeping a stake in what would be a streamlined, domestic-focused carrier.

 

 

The Australian

Page 1: Teachers’ unions are defying explicit advice from the nation’s most senior health officials that attending school is safe as they resist students returning to classrooms, sparking confusion among parents.

Page 3: Panic-buying of groceries and household products such as toilet paper, pasta, flour and handwash amid an escalating fear of the COVID-19 pandemic drove the biggest ever monthly jump in retail spending, ABS data has revealed.

Page 5: The number of newly diagnosed cases of coronavirus has plummeted nationwide, raising hopes that Australia stands a chance of eradicating the virus.

Contact tracing in Western Australia is winding down as new COVID-19 cases drop to single figures and near zero.

Page 7: The British government has awarded grants of £42.5m ($83m) to two vaccine developments to try and fast-track a cure for coronavirus.

Page 14: Expectations are mounting that national carrier Qantas could be the next major listed company to raise equity, with some questioning whether its fuel hedging contracts put it on the back foot.

Page 15: It has taken the coronavirus pandemic for Carlton & United Breweries to reduce its supplier payment terms from three months to 30 days as small businesses across Australia face an unprecedented cashflow crunch.

Fresh produce at risk of going to waste as a result of the coronavirus crisis will find a home on a network of government subsidised freight-only flights to countries like China and Japan.

Page 16: Rare-earths producer Lynas has taken an important step forward in its quest to expand its processing business into the US, winning through to the next stage of a US Department of Defence tendering process for heavy rare earths supply.

Page 18: Netflix added more than twice as many net new subscribers as it had expected in the first quarter, as consumers in many countries stayed at home due to the coronavirus pandemic and hunted for ways to entertain themselves.

 

 

The West Australian

Page 1: WA’s Chief Health Officer says he is confident children and teachers are not at an increased risk of contracting COVID-19 by going to school next week.

Page 7: WA suffered a 32 per cent fall in new home sales last month — the biggest in the nation — and has less than 10 weeks of new home starts in the pipeline, according to the Housing Industry Association.

Page 8: Mining company Mineral Resources is raising the bar for COVID-19 screening in WA’s resources sector as it desperately tries to keep its workers safe, mine sites virus-free and lucrative operations continuing.

Coronavirus has cost WA’s tourism industry $3.1 billion and the loss of 30,500 jobs, according to Tourism Council WA which wants urgent government funding to save businesses from collapse.

Business: WA could be one of the first States to stage a smooth exit from the COVID-19 lockdowns because of its geographical position and the early measures it took to stop the spread of the virus.

China is Australia’s “best bet” in leading the nation out of the economic crisis caused by the coronavirus pandemic, according to industry experts.

Beach Energy will wind back up to 30 per cent of its proposed capital expenditure plans next financial year, but it is unclear whether the cuts will affect its investment plans in the Perth Basin.

Mining companies are set for a 20 per cent cost saving on a State Government charge for health and safety regulatory services.

Ramsay Health Care will try to raise $1.4 billion to boost its balance sheet after elective surgery stopped in many countries due to the coronavirus pandemic.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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