19/05/2020 - 06:30

Morning Headlines

19/05/2020 - 06:30

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Morning Headlines

Beijing imposes 80% Australian barley tariff

Trade tensions between Australia and China are set to escalate further after the economic powerhouse announced last night that it would hit Australian barley imports with an 80 per cent tariff from today. The West

China pays more for iron ore

Surging iron ore prices have kick-started the Australian economy’s exit from coronavirus lockdowns amid hopes the Chinese government could further stoke prices by unleashing stimulus spending at its annual Congress meeting later this week.

Workplace bargaining ‘must drive productivity’

Overhauling enterprise bargaining to make the system simpler and quicker will be a priority of forthcoming reform, with the dominant retail union joining the push for a speedier system, says Industrial Relations Minister Christian Porter. The Fin

JobKeeper ‘gamed’ but ATO on case

Businesses are manipulating their cash flows to artificially suppress monthly revenue and game the federal government’s $130 billion wage subsidies, adding to cost blowout pressures on the coronavirus stimulus program. The Fin

Border bans to wipe out tourism jobs

Australia’s $80bn domestic tourism industry is facing collapse if state borders remain closed throughout the lucrative winter holiday season, with operators fearing inflexible travel restrictions will cripple the market for years to come and cost tens of thousands of jobs. The Aus

Elders looking out for opportunities in distressed assets

Elders chief executive Mark Allison says the rural services group will be on the hunt for distressed assets to acquire as the economic fallout from COVID-19 causes some players in the industry to stumble. The Fin

Costs rule out opening

WA business owners say despite being desperate to reopen, the phased reduction of COVID-19 restrictions makes it uneconomical to resume trading. The West

Targets added to $2bn climate fund

The remit of the $2bn Climate Solutions Fund has been expanded to finance emission reduction technologies across the economy including in the high carbon sectors of resources, manufacturing, transport and agriculture. The Aus

Bali ‘reopening’ but minister urges people to holiday in WA

West Australians are being urged not to book a Bali getaway after authorities on the Indonesian island said they hoped to welcome tourists back in July. The West

 

 

The Australian Financial Review

Page 1: Surging iron ore prices have kick-started the Australian economy’s exit from coronavirus lockdowns amid hopes the Chinese government could further stoke prices by unleashing stimulus spending at its annual Congress meeting later this week.

Overhauling enterprise bargaining to make the system simpler and quicker will be a priority of forthcoming reform, with the dominant retail union joining the push for a speedier system, says Industrial Relations Minister Christian Porter.

Page 3: Businesses are manipulating their cash flows to artificially suppress monthly revenue and game the federal government’s $130 billion wage subsidies, adding to cost blowout pressures on the coronavirus stimulus program.

The $200 billion global video game sector has proven one of the most resilient to COVID-19, as booming demand from players seeking social connection and distraction pushes up both revenue and job opportunities.

Page 6: Employers do not have to pay personal leave to employees who have been stood down during the coronavirus crisis, the Federal Court has ruled.

Page 7: State and territory governments as well as the private sector would be encouraged to co-invest up to $2 billion in new technologies as part of an overhaul of the Morrison government’s $2 billion Emissions Reduction Fund (ERF).

Page 8: The Morrison government is looking to relax the eligibility criteria surrounding the Northern Australia Infrastructure Facility so the $3 billion remaining in the loan fund can be freed up to help rebuild the economy.

Page 11: Deloitte has admitted Virgin Australia has only enough cash on hand to ‘‘get through our sale process’’, which is scheduled to be completed at the end of June, as concerns grow over the struggling airline’s immediate liquidity.

Elders chief executive Mark Allison says the rural services group will be on the hunt for distressed assets to acquire as the economic fallout from COVID-19 causes some players in the industry to stumble.

Page 14: The cost of expanding Rio Tinto’s Mongolian copper project could decline by almost $US1 billion ($1.5 billion) under a surprise plan that could increase the host nation’s long-term influence over the miner and the project.

Page 15: Buy now, pay later players will attempt to convince consumer groups critical of the popular instalment products that vulnerable customers can be protected while they continue to operate outside traditional credit laws.

Page 19: Australia’s largest retailer, Woolworths, will increasingly offer Amazon-style checkout-free self-service in stores and encourage combined online and real world buying, believing shopping preferences in the COVID-19 era have fast-forwarded consumers’ appetites for digital options by years.

 

 

The Australian

Page 1: Australia’s $80bn domestic tourism industry is facing collapse if state borders remain closed throughout the lucrative winter holiday season, with operators fearing inflexible travel restrictions will cripple the market for years to come and cost tens of thousands of jobs.

Page 4: China’s President Xi Jinping has pledged $US2bn ($3.1bn) to support the world’s COVID-19 response, committed to making a vaccine a “global public good” and — after weeks of opposition and threats of economic retaliation — embraced the independent inquiry into the virus that Australia had been championing.

Page 6: The remit of the $2bn Climate Solutions Fund has been expanded to finance emission reduction technologies across the economy including in the high carbon sectors of resources, manufacturing, transport and agriculture.

Page 13: Virgin Group founder Sir Richard Branson is circling the next stage of the sales process for the embattled airline, with strong links to at least two of the short-listed parties now in discussions with administrator Deloitte’s Vaughan Strawbridge.

Page 15: Super funds paid out $9bn in early release payments in the three weeks to May 10, with just five industry funds bearing the brunt of the pain, shelling out $4.3bn to members battling through the coronavirus crisis, according to data released by the Australian Prudential Regulation Authority.

Page 16: Consumer group Choice has called on banks to slash 20 per cent interest rates on Virgin Velocity credit cards due to the “uncertain value” of Velocity points.

 

 

The West Australian

Page 1: Trade tensions between Australia and China are set to escalate further after the economic powerhouse announced last night that it would hit Australian barley imports with an 80 per cent tariff from today.

Page 8: The City of Perth has been criticised by everyone from Mark McGowan to the former lord mayor for indicating that Skyworks could be cancelled eight months prior to the event.

Page 11: Homes should be energy-rated to facilitate better public take-up of emission-reduction measures and deliver a range of benefits for homeowners and the environment, according to a major Federal Government-commissioned blueprint on how best to cut greenhouse gas emissions.

Business: WA’s indomitable iron ore sector is set to help shield the State’s economy from the worst impacts of the coronavirus as the price of the steelmaking commodity continues to outperform expectations.

West Australians are being urged not to book a Bali getaway after authorities on the Indonesian island said they hoped to welcome tourists back in July.

Rio Tinto has flagged a return to its more family-friendly roster for fly-in, fly-out workers in the Pilbara as restrictions around coronavirus ease.

WA business owners say despite being desperate to reopen, the phased reduction of COVID-19 restrictions makes it uneconomical to resume trading.

Japan has sunk into a recession that’s likely to deepen further as the full force of the coronavirus pandemic hits economies around the globe.

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