22/05/2020 - 06:49

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22/05/2020 - 06:49

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$500m for road to recovery

Councils will be given a $500 million boost to support thousands of jobs and build roads and infrastructure in a major announcement from the Federal Government today. The West

Towering infernos of cash

Almost $50bn could be wiped from the value of commercial office properties across Australia’s major cities as a surge in the number of work-from-home staff forces employers to reassess how they operate their businesses and dampens demand for a corporate footprint in central business districts. The Aus

Big miners comfortable with China’s port inspection changes

BHP and Fortescue Metals Group have welcomed a new regime for iron ore inspections at Chinese ports, despite initial fears the changes could represent a further escalation of a trade war between Australia and the Middle Kingdom. The West

$66bn to revive building industry

The nation’s peak construction group Australian Construction Industry Forum has proposed a $66bn action plan to stimulate the hard hit construction sector which is facing a savage fall off in the wake of the coronavirus. The Aus

Porter stepped in to push buttons on lifts

Attorney-General and Minister for Industrial Relations Christian Porter intervened to ensure the workplace safety watchdog dumped strict rules on social distancing in lifts that threatened to create long and costly bottlenecks in office towers as the country goes back to work. The Fin

Shareholder class action crackdown

Wealthy litigation funders face tough new oversight rules and ASIC reporting requirements, as the Morrison government moves to crack down on costly shareholder class actions against companies struggling to trade through the coronavirus crisis. The Fin

RBA, APRA urge banks to deploy capital

The prudential regulator has instructed the banks to deploy billions of dollars held in capital reserves to cover mounting loan losses and avoid ‘‘hitting a cliff’’ when six-month payment holidays and fiscal stimulus packages start rolling off in October. The Fin

Lowe urges banks to lend again

Reserve Bank governor Philip Lowe has called on the banks to increase their lending to support the economy during the coronavirus pandemic, while again stating that negative interest rates remain “extraordinarily unlikely” in Australia. The Aus

Job ads rise but State lags

Fresh data from online jobs listing giant Seek has revealed all States enjoyed an increase in job advertisement activity in the past two weeks, compared to the average in April. The West

Woodside urges tax relief for manufacturing

Woodside Petroleum chief Peter Coleman has warned tax incentives are key to any hope of WA regaining fabrication and manufacturing capacity from cheaper Asian hubs after COVID-19. The West

 

 

The Australian Financial Review

Page 1: Wealthy litigation funders face tough new oversight rules and ASIC reporting requirements, as the Morrison government moves to crack down on costly shareholder class actions against companies struggling to trade through the coronavirus crisis.

Page 3: Attorney-General and Minister for Industrial Relations Christian Porter intervened to ensure the workplace safety watchdog dumped strict rules on social distancing in lifts that threatened to create long and costly bottlenecks in office towers as the country goes back to work.

The federal government will review how the doubled unemployment benefit is a disincentive for the jobless to work, as it plots to wean people off coronavirus emergency support from September.

Page 4: Controversial carbon capture and storage technology looks set for another round of public funding support but with a focus on achieving emissions reduction in difficult-to-abate industries such as cement production and to support growth in LNG exports rather than for coal power generation.

The federal government is backing cheap, renewably produced hydrogen as a future export in the low-carbon world, calling on the private sector to come up with ways of slashing the cost of production by 75 per cent.

Page 5: There are growing uncertainties about the security of Australia’s biggest exports to China after Beijing imposed inspection procedures on iron ore while traders warn some power stations have been ordered not to accept Australian coal shipments.

Page 9: Long before Qantas announced this week it would not block out middle seats on domestic flights from mid June, the world’s major airlines have been agonising over how far to take social distancing at altitude.

Page 12: The prudential regulator has instructed the banks to deploy billions of dollars held in capital reserves to cover mounting loan losses and avoid ‘‘hitting a cliff’’ when six-month payment holidays and fiscal stimulus packages start rolling off in October.

Page 15: Elite investment banks and their preferred supply-side clients have been the biggest beneficiaries of the $20 billion capital raising blitz since April, earning a cool $200 million off the 10 largest deals despite the low risks attached.

Insurance Australia Group has bought a multimillion-dollar stake in a CSIRO-backed start-up that measures climate change risk on farms.

Page 23: Australia’s leading agricultural businesses are well positioned for the winter months, with rainfall breaking a historic drought across the eastern states helping offset concerns over the growing trade spat with China.

 

 

The Australian

Page 1: Almost $50bn could be wiped from the value of commercial office properties across Australia’s major cities as a surge in the number of work-from-home staff forces employers to reassess how they operate their businesses and dampens demand for a corporate footprint in central business districts.

Page 2: Two of the nation’s most respected former public servants, Peter Shergold and Martin Parkinson, have urged Scott Morrison to use the COVID crisis to launch a sweeping new reform agenda and reverse two decades of overregulation, which has “gummed up the wheels of commerce”.

Page 5: Continued border lockdowns by the smaller states will deprive their accommodation and tourism businesses of about eight million visitors and cost about $10bn in earnings if the premiers refuse to reopen before October.

Page 13: Reserve Bank governor Philip Lowe has called on the banks to increase their lending to support the economy during the coronavirus pandemic, while again stating that negative interest rates remain “extraordinarily unlikely” in Australia.

A brief scare over a perceived Chinese threat to iron ore exports put a dent in mining stocks on Thursday, but Australia’s major producers are still raking in cash as the iron ore price again nudges $US100 a tonne.

Page 15: Virgin Australia CEO Paul Scurrah has told prospective buyers of the carrier the best way forward is to rebuild the business as a domestic airline with a strong frequent-flyer program.

Page 16: The nation’s peak construction group Australian Construction Industry Forum has proposed a $66bn action plan to stimulate the hard hit construction sector which is facing a savage fall off in the wake of the coronavirus.

Woodside Petroleum said big gas users should not expect dramatic falls in prices amid a government-linked plan that proposes using cheap supplies to boost the nation’s dwindling manufacturing base.

Page 17: ANZ chairman David Gonski says Australia needs to radically rethink its risk planning for the future following the COVID-19 pandemic crisis, including being more self-sufficient in oil and being prepared to undertake domestic manufacturing of essential health supplies.

 

 

The West Australian

Page 4: Stamp duty is emerging as a State election flashpoint after the WA Liberals committed to exploring reform of the unpopular tax.

Page 7: Football clubs across WA have been told to commit to a 10-point coronavirus checklist if they want to get back on the field.

Page 8: WA commuters appear wary of flocking back to public transport en masse with patronage just 40 per cent of what it was at the same time last year.

Councils will be given a $500 million boost to support thousands of jobs and build roads and infrastructure in a major announcement from the Federal Government today.

Page 22: Women who suffer multiple miscarriages are at greater risk of developing diabetes.

Business: BHP and Fortescue Metals Group have welcomed a new regime for iron ore inspections at Chinese ports, despite initial fears the changes could represent a further escalation of a trade war between Australia and the Middle Kingdom.

Western Australia has “no choice” but to try and find alternative industries and markets to grow and trade in, according to leading experts who are urging the State to turn its attention towards South-East Asia.

Fresh data from online jobs listing giant Seek has revealed all States enjoyed an increase in job advertisement activity in the past two weeks, compared to the average in April.

Woodside Petroleum chief Peter Coleman has warned tax incentives are key to any hope of WA regaining fabrication and manufacturing capacity from cheaper Asian hubs after COVID-19.

WA business leaders have backed the Federal Government’s technology investment roadmap, highlighting the job opportunities it will create in the gas and renewable energy sector.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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