11/05/2020 - 06:46

Morning Headlines

11/05/2020 - 06:46

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China cereal killer threat

Australia is not ruling out taking China to the World Trade Organisation should Beijing make good on a growing threat to impose crippling tariffs of more than 80 per cent on imports of Australian barley. The Fin

Ok for starters but not all will step to the plate

Pubs, restaurants and cafes will need to get creative with a new 20-patron limit on in-house dining, with the peak hospitality body warning most venues will still not be able to open. The West

Budget deficit could hit $143b: Deloitte

The federal deficit could blow out to a record $143billion this financial year due to the massive government spending and sharp economic downturn caused by the coronavirus, one of the nation’s leading budget forecasters predicts. The Fin

$30 million test for Kimberley property market

American billionaire and environmentalist Edward Bass is selling Jubilee Downs and Quanbun Downs in what could be the biggest test of the Kimberley cattle station market in three years. The West

Catalano in talks to purchase News Corp regional business

News Corp is believed to be in advanced discussions with Antony Catalano to sell the Australian Community Media executive chairman part or all of its regional and community newspaper portfolio. The Fin

Cut green tape delay on projects, say miners

Australia’s six peak mining and resources groups are pushing for a major overhaul of environmental laws, calling for the removal of “unnecessary duplication and complexity” to provide greater certainty for businesses. The Aus

Corporate Australia moves warily back to the office

Corporate Australia is moving cautiously to meet government requests to reopen the economy, as easing pandemic restrictions in several states prompt some big companies to bring more workers back to the office. The Fin

Depression ‘a $5bn hit to productivity’

The looming mental health crisis linked to mass unemployment is set to cost up to $5bn in lost productivity and threatens to undermine the longer-term economic recovery, according to new modelling of the national wealth impacts of COVID-19. The Aus

US unemployment highest since the Depression as 20 million jobs go

America will take years to re-employ the 20.5 million workers made redundant just last month as the COVID-19 shutdowns generate ‘‘second round’’ impacts on everything from customer-facing jobs to white-collar ‘‘knowledge’’ positions, economists say. The Fin

Uber Eats trims restaurant charges

Uber has caved to mounting pressure to trim the fee it charges restaurants, cutting the maximum rate from 35 per cent to 30 per cent as the local hospitality industry struggles to survive amid the COVID-19 pandemic. The Aus

 

 

The Australian Financial Review

Page 1: Australia is not ruling out taking China to the World Trade Organisation should Beijing make good on a growing threat to impose crippling tariffs of more than 80 per cent on imports of Australian barley.

America will take years to re-employ the 20.5 million workers made redundant just last month as the COVID-19 shutdowns generate ‘‘second round’’ impacts on everything from customer-facing jobs to white-collar ‘‘knowledge’’ positions, economists say.

Page 3: Sewage testing may play a role in airlines resuming long-haul flights to and from Australia.

Women in their 20s have more COVID-19 than women of all other ages in Australia and experts advise they should take extra care as restrictions relax.

Page 4: The federal deficit could blow out to a record $143 billion this financial year due to the massive government spending and sharp economic downturn caused by the coronavirus, one of the nation’s leading budget forecasters predicts.

Page 6: The economic havoc wreaked by the coronavirus pandemic will fuel the gig economy as companies become increasingly wary of hiring permanent staff and rising unemployment leads to an increase in the number of individuals seeking contract work.

Page 10: The World Health Organisation is analysing if the warmer climate in countries including Australia helped contain the coronavirus, which has spread rapidly during the Northern Hemisphere winter.

Page 13: As the post-COVID economy demands more skilled workers the skills education sector is ‘‘bumping against’’ links between qualifications and industrial awards that make it difficult to change what goes into a diploma or a certificate, according to Steven Joyce who was handpicked by the prime minister to reform TAFEs, apprenticeship and training.

Page 14: Unions have had a win in their fight against BHP chief executive Mike Henry’s signature industrial relations reform, after the Fair Work Commission upheld an appeal against two crucial enterprise agreements.

Page 16: Australia’s abundant and cheap wind and solar resources offer a historic opportunity to develop a hydrogen-based steel industry, offering a triple win for exports, jobs and emissions, according to the Grattan Institute.

Page 17: International ‘‘ghost flights’’ – passenger planes that carry food and medical supplies but no people – are becoming the new norm for airports as more deals are struck with airlines to fly Australian produce around the world.

Page 19: Commonwealth Bank has joined the other big banks as an investor in startup Slyp, a provider of digital receipts which can help to eliminate paper receipts, improve retailers’ engagement with customers and make it easier to file tax returns.

Page 20: Corporate Australia is moving cautiously to meet government requests to reopen the economy, as easing pandemic restrictions in several states prompt some big companies to bring more workers back to the office.

Page 22: Earnings and trading updates this week from CIMIC, Commonwealth Bank and Westfield operator Unibail-Rodamco will help to create a clearer picture of the damage COVID-19 has done to Australian company profits.

Page 29: News Corp is believed to be in advanced discussions with Antony Catalano to sell the Australian Community Media executive chairman part or all of its regional and community newspaper portfolio.

Page 33: Brookfield Asset Management has deployed more than $950 million in public companies since the sell-off began in an effort to gain a toehold for bigger deals down the road.

 

 

The Australian

Page 1: Fees at some of the nation’s top private schools are poised to rise under a new funding model that takes into account students’ family incomes, as significant taxpayer funds are redistributed to faith-based schools.

Rugby Australia is in a disastrous financial position, with leaked documents showing the game’s bosses spent nearly $120m last year, including $19m on corporate expenses.

Page 2: The looming mental health crisis linked to mass unemployment is set to cost up to $5bn in lost productivity and threatens to undermine the longer-term economic recovery, according to new modelling of the national wealth impacts of COVID-19.

Page 5: Australia’s economy is set to rebound more rapidly from COVID-19 than any other country, according to a peak economic report, with the nation set to outperform the global economy on the other side of the crisis.

Australia’s six peak mining and resources groups are pushing for a major overhaul of environmental laws, calling for the removal of “unnecessary duplication and complexity” to provide greater certainty for businesses.

TV networks have taken a major coronavirus economic hit despite huge surges in viewers through broadcast video on demand, with commercial broadcasters and advertising firms supporting the government crackdown on Google and Facebook.

Page 6: Britain could have more than 100,000 deaths by the end of the year if ministers relax the lockdown too far and too fast, a scientific adviser to the government has warned.

Page 13: Local equities are likely to open higher after a strong lead from Wall Street, as investors focus on Australia’s plan to reopen its economy with a three-stage easing of restrictions.

American-owned cruise lines expect to strongly participate in a post-COVID-19 trans-Tasman tourism bubble but say it depends on gaining the approval of state governments, local tourism authorities and even the burghers of the remote communities where their ships will dock.

Page 14: Incitec Pivot will be under the spotlight on Tuesday when it delivers its half-year results, with some questioning whether the company is the next cab off the rank for raising equity.

Page 15: The nation’s $320bn retail sector is accelerating its pivot to a digital future in the midst of the coronavirus pandemic and home isolation that has seen a boom in online shopping, with Big W the latest retailer to stop printing its catalogue and put more resources into online shopping.

Angus McKay is keen for 7-Eleven to be all things to all people, with that corporate and retail ethos probably most apt to describing the often wildly swinging cravings of tradies that can start with bottles of water on a Monday and end with cans of Coke by Friday.

Page 16: Uber has caved to mounting pressure to trim the fee it charges restaurants, cutting the maximum rate from 35 per cent to 30 per cent as the local hospitality industry struggles to survive amid the COVID-19 pandemic.

 

 

The West Australian

Page 4: WA will be the envy of the world next week, with West Australians encouraged to get back to work, go out for a meal and to book a holiday.

Page 5: Pubs, restaurants and cafes will need to get creative with a new 20-patron limit on in-house dining, with the peak hospitality body warning most venues will still not be able to open.

Page 6: Southern tourism operators are rejoicing with access to the Perth holidaymaker market from next week — but northern businesses are questioning whether they will even be able to survive.

Page 8: Finance Minister Mathias Cormann says raising taxes would be the “absolute worst” thing Australia could do as the economy recovers from the coronavirus, categorically ruling out any increase to GST or mining tax.

Page 16: A 25-year-old man “set up” by a Border Force officer at an Australian airport has won a confidential settlement from the Federal Government over his ordeal.

Business: The easing of coronavirus restrictions has influenced the spending habits of West Australians, with the latest Bankwest spend trends data unearthing signs of a business rebound, with barber and beauty shops leading the charge.

WA business owners have been left confused and uncertain in their quest to apply for the Federal Government’s JobKeeper scheme.

American billionaire and environmentalist Edward Bass is selling Jubilee Downs and Quanbun Downs in what could be the biggest test of the Kimberley cattle station market in three years.

WA’s strawberry growers have planted their smallest crop in almost a decade, with COVID-19 wiping an expected $12 million off the potential value of this year’s harvest.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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