Morning Headlines

New missiles for defence

Australia will be armed with long-range missiles for the first time as part of a $270 billion build-up of the Defence Force over the next decade as the Morrison government looks to keep up with the regional arms race being fuelled by China’s militarisation. The Fin

One-third of WA businesses fear for survival when scheme ends

One in three WA businesses fears it will not survive when the Federal Government’s $11 billion-a-month JobKeeper scheme ends, according to a survey by the Chamber of Commerce and Industry WA. The West

Woolies key to $120m Scarborough project

Plans for the $120 million redevelopment of the White Sands Tavern site across the road from Scarborough’s spectacular beachfront will soon be submitted as a community-changing project that will include two towers and a new market square made up of cafes and a dining precinct. The West

Move to the regions for work

West Australians wanting a job should consider moving to the regions, according to the Federal Government, with regional WA proving to be one of the most resilient job markets in the country. The West

New AMP Capital boss accused of harassment

AMP promoted its global head of infrastructure equity to a new role as chief executive of AMP Capital, one of the company’s highest paid and most important positions, despite knowing he was financially penalised after settling a sexual harassment claim brought by a female subordinate. The Fin

ASX pushes back blockchain start date

ASX has reset the go-live date for its blockchain to settle and clear the equities market, suggesting the new switch-on date will be in April 2022. The Fin

US shutdown back as cases strain hospitals

States and cities across America are pausing or reversing plans to reopen their battered economies as a surge in COVID-19 cases threatens to overwhelm hospitals across the country’s south. The Fin

Shareholders likely to miss out altogether from Virgin sale

Virgin Australia’s shareholders – which include five significant foreign airline groups – have been warned they will receive nothing from the sale of the airline to US private equity group Bain Capital. The Fin

Aussie gas spurs Shell's $12bn hit

Energy giant Shell says several of its high-profile Australian gas projects were to blame for a massive $US8bn-$US9bn ($11.7bn-$13.2bn) writedown triggered by lower prices amid a COVID-19 demand shock. The Aus

NBN keeps us connected in WFH shift

The nation would have been in a “dire position” when COVID-19 hit had it not been for the National Broadband Network supporting the country’s heightened digital demands, according to NBN Co’s chief executive. The West

ACCC paves the way for more fintechs

Only two companies have been approved to access confidential customer data under the new open banking regime that begins today, but the competition regulator has defended the sluggish start. The Fin

The Australian Financial Review

Page 1: Australia will be armed with long-range missiles for the first time as part of a $270 billion build-up of the Defence Force over the next decade as the Morrison government looks to keep up with the regional arms race being fuelled by China’s militarisation.

AMP promoted its global head of infrastructure equity to a new role as chief executive of AMP Capital, one of the company’s highest paid and most important positions, despite knowing he was financially penalised after settling a sexual harassment claim brought by a female subordinate.

Page 2: The chair of the Australian Energy Regulator has brushed off industry reservations about the partial re-regulation of electricity prices, saying they are working for customers, who can expect bigger reductions with retailers forced to pass on lower wholesale prices.

Page 3: A federal cabinet minister with one of the lowest-paid electorates in Australia has backed claims by Prime Minister Scott Morrison that the boosted JobSeeker unemployment benefit can act as a disincentive to seeking low-paid work.

Former union boss and Labor minister Greg Combet will front an advertising campaign promoting plans by industry funds to spend $19.5 billion on infrastructure over the next three years, creating an anticipated 200,000 jobs.

Page 5: Former High Court justice Kenneth Hayne has apologised for the sexual harassment allegedly perpetrated by Dyson Heydon and says it should have been recognised and acknowledged sooner.

Page 9: Three in four international student workers are underpaid and one in four are earning less than half the minimum rate, with the exploitation likely to get worse during the economic recovery, a major new study has found.

Page 11: States and cities across America are pausing or reversing plans to reopen their battered economies as a surge in COVID-19 cases threatens to overwhelm hospitals across the country’s south.

Page 12: Virgin Australia’s shareholders – which include five significant foreign airline groups – have been warned they will receive nothing from the sale of the airline to US private equity group Bain Capital.

Page 14: Freedom Foods is searching for a new managing director after long-serving boss Rory Macleod resigned less than a week after the departure of chief financial officer Campbell Nicholas.

Amazon Australia has received a $45 million capital injection from its American parent after unveiling plans to build a $500 million robotic distribution centre to speed up deliveries and double its capacity as the structural shift to online shopping gathers pace.

Page 15: AGL Energy still expects to run its Loy Yang coal-fired power station in Victoria for almost another three decades, with chief executive Brett Redman saying customers would face higher electricity prices if the utility forced the pace on an exit from coal.

Page 16: ASX has reset the go-live date for its blockchain to settle and clear the equities market, suggesting the new switch-on date will be in April 2022.

Page 17: Only two companies have been approved to access confidential customer data under the new open banking regime that begins today, but the competition regulator has defended the sluggish start.

Page 25: Australia’s leading economists have warned an escalation of the trade spat with China threatens to lead to a big economic fallout, as the decoupling between the US and Chinese economies gathers pace.

The Australian

Page 2: The Australian Workers Union is demanding the Home Affairs Minister stop attempts by the dairy industry to fill senior farming jobs with overseas workers.

Page 5: Employers have taken about 250,000 Australians back on to their books since mid-April, representing about a third of the jobs lost in the initial four weeks of the COVID-19 crisis.

Page 6: British defence giant BAE Systems is facing a backlash from Australian industry after the company excluded local firms from bidding to supply key equipment on the $35bn Future Frigates.

Page 13: A stellar June quarter has masked a weak financial year for Australian shares, as investors were hit with their biggest full-year loss in eight years.

Superannuation should not be treated as an automatic teller machine that can be easily accessed by members in need of money, the chief executive of construction industry super fund Cbus has warned.

Energy giant Shell says several of its high-profile Australian gas projects were to blame for a massive $US8bn-$US9bn ($11.7bn-$13.2bn) writedown triggered by lower prices amid a COVID-19 demand shock.

Page 14: The $411m gold miner Red 5 is the latest being discussed as a possible takeover target in the resources space after its shares staged a dramatic slide last week.

Page 15: Shoppers appear to be flocking back to stores, with the owner of Westfield malls in Australia saying customer visits are getting close to the levels of a year ago, but Melbourne’s coronavirus outbreak will force some retailers to wind back their operations.

Buy now, pay later company Afterpay has created a new role of global chief strategy officer within its organisation to mine the wealth of data flowing from its millions of shoppers and merchants.

Page 17: Consumers can share their banking data with fintechs and obtain access to more personalised financial products and services after the official launch of the consumer data right.

The West Australian

Page 4: Police are investigating “a number of matters” unearthed by the City of Perth inquiry after the probe concluded with explosive revelations that 23 people and one organisation had been referred to other agencies — in some cases for “suspected criminal behaviour”.

Perth’s Australia Day Skyworks will go ahead next year after the event was spared the axe last night.

Page 5: The iconic kangaroo has been sidelined as the logo to represent Australia’s interests overseas in favour of an abstract depiction of the yellow wattle.

Page 8: A Royal Perth Hospital employee allegedly used a false identity to corruptly win orders worth more than $100,000 for cushions on wheelchairs.

Page 10: West Australians wanting a job should consider moving to the regions, according to the Federal Government, with regional WA proving to be one of the most resilient job markets in the country.

Page 16: Opponents of a skate park planned for Cottesloe have ignited a suburbs war, with critics behind a bizarre letterbox drop claiming its residents are smarter than those in nearby suburbs.

Business: One in three WA businesses fears it will not survive when the Federal Government’s $11 billion-a-month JobKeeper scheme ends, according to a survey by the Chamber of Commerce and Industry WA.

Strategists at the world’s biggest asset manager BlackRock have warned that decades of globalisation will erode because of the coronavirus pandemic, leaving investors to face new risks as they emerge from lockdowns.

Security group MCS Services has settled a row with the liquidator of a company closely linked to its former chief operating officer and then-bankrupt John Boardman.

The nation would have been in a “dire position” when COVID-19 hit had it not been for the National Broadband Network supporting the country’s heightened digital demands, according to NBN Co’s chief executive.

Ramelius Resources boss Mark Zeptner has hinted the gold miner is still on the acquisition trail as it targets annual production of 300,000 ounces.

A $4 billion investment in a national conservation and land management program could create thousands of jobs for people in regional communities such as WA’s South West, which has been hit hard by COVID-19.

A souring relationship with Australia and iron ore supply shocks in Brazil may reignite China’s ambitions to reduce its dependence on major overseas producers for the material critical to its giant steel industry.

Plans for the $120 million redevelopment of the White Sands Tavern site across the road from Scarborough’s spectacular beachfront will soon be submitted as a community-changing project that will include two towers and a new market square made up of cafes and a dining precinct.