02/06/2020 - 06:49

Morning Headlines

02/06/2020 - 06:49

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Morning Headlines

Iron ore boom is no silver bullet for budget

Close to $2 billion of extra funds will flow into the federal budget on the back of the iron ore price rally, but experts say it won’t cover the cost of the coronavirus pandemic and will be partially offset by falls in other commodity prices. The Fin

Childcare fees cut

Parents will have to start paying for child care as early as next month but fees are likely to be less than they were before coronavirus hit with subsidies set to be increased. The West

Short, sharp aid for arts, housing

Grants to stimulate the residential construction sector will be means-tested to include upper middle-income singles and couples, but will be in place for only a short period to try to avoid causing a blowout in house prices. The Fin

Economy’s $17b black hole

Coronavirus will rip $17 billion out of the State economy in 2020-21 and it will take four years to replace the tens of thousands of jobs lost during the crisis. The West

More loss for what’s left of BGC

The rump of the sprawling business empire founded by the late billionaire Len Buckeridge recorded another $100 million-plus loss last financial year as revenue halved with his family’s accelerated sale of assets. The West

‘We have workers to plug the skills gap’

Australia has a pool of at least 150,000 under-employed workers who could — with a few small policy tweaks — help fill the yawning skills gap being created by the international border shutdown, demographer Peter McDonald says. The Aus

Latitude Financial scores $1.4bn in securitisation deal

Latitude Financial has raised $1.4bn from investors across Australia, Europe and the US to shore up its interest-free loans businesses, eight months after it withdrew its $3.2bn IPO. The Aus

Research in jeopardy as foreign PhDs stay home

The country’s reputation for scientific research could be damaged as international students, who make up 57 per cent of the university research workforce, are unable to get to Australia or are encouraged to go home. The Fin

More ‘tactical’ collapses likely for retailers

The insolvency sector is bracing for an increase in retailers going into voluntary administration to accelerate restructuring and gain protection from creditors such as landlords as they emerge from COVID-19 hibernation. The Fin

Kimberley can’t wait to open up

Tourism operators, hotels and caravan parks in Broome are desperately waiting for the Kimberley border’s reopening to be given the green light as they prepare for an influx of Perth travellers. The West

 

 

The Australian Financial Review

Page 1: Grants to stimulate the residential construction sector will be means-tested to include upper middle-income singles and couples, but will be in place for only a short period to try to avoid causing a blowout in house prices.

Page 2: The country’s reputation for scientific research could be damaged as international students, who make up 57 per cent of the university research workforce, are unable to get to Australia or are encouraged to go home.

Page 3: As Scott Morrison expressed regret for the controversial robodebt scheme, lawyers for a major class action against the government said taxpayers could still be on the hook for damages and interest charges.

Page 6: Australia’s leading media outlets are considering an appeal to the High Court after a ruling that publishers can be sued for comments on their Facebook pages.

Close to $2 billion of extra funds will flow into the federal budget on the back of the iron ore price rally, but experts say it won’t cover the cost of the coronavirus pandemic and will be partially offset by falls in other commodity prices.

Developing rival 5G technology to Chinese telecommunications supplier Huawei looms as one of the top priorities of a potentially expanded Group of Seven that could involve Australia, with Britain also keen on bringing likeminded democracies together.

Page 7: Construction unions have accused builders of exploiting the pandemic to reduce conditions after they made a unilateral push for powers to cut hours and waive penalty rates in a bid to save jobs.

Page 8: COVID-19 has exposed weaknesses in the supply chain for primary produce, sparking concerns for Australian farmers who are already grappling with the ongoing strain of bushfires, drought and floods.

Page 12: The insolvency sector is bracing for an increase in retailers going into voluntary administration to accelerate restructuring and gain protection from creditors such as landlords as they emerge from COVID-19 hibernation.

Afterpay’s rapid growth forced it to play ‘‘catch-up’’ on corporate governance, but its new chairman, Elana Rubin, has assured investors the board has put in place solid foundations to reduce risk as its pursues its global expansion.

Page 16: Any new company taking up the rights to the Stella Artois beer brand in Australia will be protected for three years from any attempts to undo arrangements for on-tap beer in pubs, in divestments that merged brewing giants Asahi and Carlton & United Breweries are being forced to undertake.

Page 20: Home Wi-Fi routers are often ‘‘as secure as a cardboard shark cage’’, and during the COVID pandemic are being exploited to launch attacks on the corporate networks of homeowners’ employers, a forum representing Australia’s chief information security officers has warned.

 

 

The Australian

Page 2: Australia has a pool of at least 150,000 under-employed workers who could — with a few small policy tweaks — help fill the yawning skills gap being created by the international border shutdown, demographer Peter McDonald says.

Page 3: Student teachers are facing delays in sitting compulsory literacy and numeracy tests because of COVID-19 restrictions, sparking calls for the testing regime to be scrapped.

Page 13: Latitude Financial has raised $1.4bn from investors across Australia, Europe and the US to shore up its interest-free loans businesses, eight months after it withdrew its $3.2bn IPO.

The shopping mall industry has been shaken by Vicinity Centres looking to tap the equity market for $1.4bn to restore its hard-hit balance sheet in the largest raising in the listed real estate sector in the wake of the coronavirus.

Virgin Australia looks set to secure a temporary reprieve from its cash crisis after its administrator told bidders for the airline it had found fresh funds that could bankroll its operations into August.

Page 16: Australia’s energy industry has hit back in the row over cheap gas prices, saying east coast users have not been able to access targeted $4 a gigajoule levels since 2006, and called on manufacturers to locate industrial hubs closer to supply sources.

 

 

The West Australian

Page 5: Bringing your own crockery and cutlery to events and encouraging organisers to provide vegan and vegetarian options could become commonplace in one of Perth council’s boundaries.

Page 10: Coronavirus will rip $17 billion out of the State economy in 2020-21 and it will take four years to replace the tens of thousands of jobs lost during the crisis.

A rescue package for the ailing WA housing industry will be unveiled shortly, with Mark McGowan determined to prevent the sector from collapsing in the face of dwindling demand.

Page 12: Mark McGowan is not surprised West Australians are overwhelmingly in favour of maintaining a hard border with the rest of the nation, saying sandgropers were “happier” and felt a sense of security with the travel ban in place.

Tourism operators, hotels and caravan parks in Broome are desperately waiting for the Kimberley border’s reopening to be given the green light as they prepare for an influx of Perth travellers.

Parents will have to start paying for child care as early as next month but fees are likely to be less than they were before coronavirus hit with subsidies set to be increased.

Business: The rump of the sprawling business empire founded by the late billionaire Len Buckeridge recorded another $100 million-plus loss last financial year as revenue halved with his family’s accelerated sale of assets.

Private Equity giant PEP Partners will share ownership of Zenith Energy under a revised $150 million takeover offer after the company’s biggest shareholder was allowed into the fold.

Emirates Group says it will be forced to cut jobs as the operator of the world’s largest long-haul carrier seeks to reduce costs after the coronavirus pandemic grounded air travel.

ASX-listed MyFiziq has secured $US1.5 million ($2.2m) to support its dual listing on the US NASDAQ exchange.

China’s factories are starting to hum again but executives are worried the rebound could falter on weak demand at home and abroad.

Australians have been spending the bulk of emergency funds pulled from their superannuation accounts on booze, takeaway food and clothes, new research has revealed.

Monadelphous continued to regain investor confidence yesterday after a bruising start to the year for the listed WA engineering contractor, in which its share price halved.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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