23/07/2020 - 06:42

Morning Headlines

23/07/2020 - 06:42

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Budget disaster could be worse

Morning Headlines

Budget disaster could be worse

A revenue plunge, including a $25 billion fall in company tax receipts, combined with $164 billion in emergency spending, will contribute to a forecast budget deficit of around $180 billion for this year, the biggest blowout since World War II. The Fin

Two-thirds of firms will lose JobKeeper

About two in three businesses receiving JobKeeper are tipped to miss out on a more targeted wage subsidy, after the government introduced a stricter eligibility test measuring revenue declines. The Fin

Lithium plant cost blowout

The extent of the cost blowout at Australia’s first lithium hydroxide plant has finally been revealed, with the first stage of the delayed Kwinana project completed at nearly double the initial budget of $400 million. The West

China flexing its rare earths muscle: Lynas

Lynas Corporation boss Amanda Lacaze says China is showing an increasing willingness to weaponise trade amid rising geopolitical tensions after moving to halt rare earths supply to US arms producer Lockheed Martin. The Fin

Property shines in report

Investment in WA’s commercial property sector is proving a bright spot in a sea of coronavirus gloom, with a surge of activity in the State driven by renewed confidence in the economy and higher growth opportunities. The West

Rift widens over the Fitzroy

Tensions over plans to develop Australia’s north are escalating, with traditional owners and a farm advocacy group ramping up campaigns over the future of the Fitzroy River. The West

Half a million Australians may have infection

Preliminary results of studies to discover how many people are naturally immune to COVID-19 suggest between 250,000 and 500,00 Australians may have already been infected, NSW Chief Health Officer Kerry Chant says. The Fin

Optus and Amaysim resume their lengthy courtship

Australian-listed telecommunications provider Amaysim is believed to be back in the crosshairs of Optus. The Aus

APRA dividend guidance now at ‘use-by date’

The prudential regulator has opened the door for a more relaxed approach to bank dividends when it updates guidance next week after worst-case economic scenarios failed to materialise. The Fin

IPOs raise just $132 million as virus takes axe to confidence

Capital raisings for new listings on the Australian Securities Exchange plunged 84 per cent to $132 million in the first half of 2020, as would-be large caps fled amid the volatility wrought by the COVID-19 pandemic. The Fin

$10m for youths to do the job

The Morrison Government will commit $10 million to better connect youth and prospective employers in an attempt to stem the growing unemployment rate for 15 to 24-year-olds. The West

 

 

The Australian Financial Review

Page 1: A revenue plunge, including a $25 billion fall in company tax receipts, combined with $164 billion in emergency spending, will contribute to a forecast budget deficit of around $180 billion for this year, the biggest blowout since World War II.

Page 2: With Australia’s jobless rate sitting at a 22-year high, new research reveals that job satisfaction is highest among workers with the least job security.

Page 4: About two in three businesses receiving JobKeeper are tipped to miss out on a more targeted wage subsidy, after the government introduced a stricter eligibility test measuring revenue declines.

Page 5: Only four universities have cash reserves big enough to last a year and it is unreasonable to expect them to sell major assets like buildings or land for funds during the COVID-19 financial crisis, according to higher education analyst Frank Larkins.

Page 6: Preliminary results of studies to discover how many people are naturally immune to COVID-19 suggest between 250,000 and 500,00 Australians may have already been infected, NSW Chief Health Officer Kerry Chant says.

Page 9: More than two dozen PwC partners have left or are planning to leave the big four firm as new CEO Tom Seymour slashes costs, cuts staff and restructures the firm to adapt to the evolving advisory market and offset the downturn in business caused by the pandemic.

Page 12: More than 1000 Australian tourists given just weeks to leave Bali or incur steep fines have called on the Indonesian government to let them stay.

Page 13: The prudential regulator has opened the door for a more relaxed approach to bank dividends when it updates guidance next week after worst-case economic scenarios failed to materialise.

Insurer QBE has warned that the coronavirus could cost it almost $840 million, in the latest example of the pandemic pummelling industries globally.

Page 15: Capital raisings for new listings on the Australian Securities Exchange plunged 84 per cent to $132 million in the first half of 2020, as would-be large caps fled amid the volatility wrought by the COVID-19 pandemic.

Page 16: AustralianSuper, AMP and Colonial First State are among the big institutional investors behind a controversial proposal to introduce an industry-wide standard on categorising growth and defensive assets aimed at stopping funds from gaming the league tables.

Page 19: Lynas Corporation boss Amanda Lacaze says China is showing an increasing willingness to weaponise trade amid rising geopolitical tensions after moving to halt rare earths supply to US arms producer Lockheed Martin.

 

 

The Australian

Page 1: Australia’s response to the COVID-19 crisis will saddle the nation with a record $850bn gross debt bill and a combined budget blowout of almost $280bn by mid-next year, on the back of the government’s unprecedented response to firewall the economy and save millions of jobs.

Page 3: The Morrison government has put aside fears about weakening ministerial powers and accepted a ruling that the 2011 live export ban was illegal, leaving taxpayers with a bill likely in the hundreds of millions of dollars.

Page 4: Josh Frydenberg has warned the country to brace for an “eye watering” set of budget figures in Thursday’s economic update, with economists predicting Australia’s deficit could blow out to as much as a quarter of a trillion dollars this financial year.

Page 6: Former prime minister John Howard has branded Chinese President Xi Jinping a “bully” and accused his government of “belligerence”, but warns Australia cannot lose sight of its “tremendously important” economic relationship with China.

Page 13: Companies have been put on notice to ensure they fully disclose the billions of dollars of JobKeeper payments and other taxpayer-funded support that have flowed into their coffers when they release their full-year accounts next month.

Page 14: Australian-listed telecommunications provider Amaysim is believed to be back in the crosshairs of Optus.

Page 17: AMP’s influential funds arm AMP Capital has been rocked by the departure of global property chief Carmel Hourigan, who has left the company to head Charter Hall’s office unit.

 

 

The West Australian

Page 4: A support package of $28 million has been announced by the State Government to help address a spike in domestic violence during the coronavirus pandemic.

The WA Liberals are on course for electoral obliteration - with Opposition Leader Liza Harvey and many of her colleagues at risk of losing their seats in March - according to polling commissioned by a prominent business group.

Page 5: The Morrison Government will commit $10 million to better connect youth and prospective employers in an attempt to stem the growing unemployment rate for 15 to 24-year-olds.

Page 7: Cheaper fares and more flights to key WA travel destinations Kununurra and Broome have been released in an effort to bring travellers to the region.

Page 18: The Federal Government has decided not to appeal against a court ruling that the former Gillard government’s 2011 decision to ban live cattle exports was illegal.

New Aussie technology and funding could halt one of the 21st century’s most troubling trends — the sudden decline in worldwide bee populations.

Page 20: Celebrity chef George Calombaris has sold off the last venture in his defunct Made Establishment restaurant empire.

Business: WA’s petroleum safety watchdog has launched an investigation of problems at Chevron’s Gorgon LNG plant.

Tensions over plans to develop Australia’s north are escalating, with traditional owners and a farm advocacy group ramping up campaigns over the future of the Fitzroy River.

An alliance of WA’s biggest industrial companies fear the State could face a shortage of gas in the next five years because of tolling through the North West Shelf and the delay of major LNG projects.

Former ABC managing director Michelle Guthrie has joined the board of WA startup Hoppr as it prepares for a global rollout of its digital advertising platform.

Investment in WA’s commercial property sector is proving a bright spot in a sea of coronavirus gloom, with a surge of activity in the State driven by renewed confidence in the economy and higher growth opportunities.

Retail sales in Australia rose a solid 2.4 per cent in June, as people flocked to reopened cafes and restaurants and spent more on clothing in the first full month of trade since the lockdowns ended.

The extent of the cost blowout at Australia’s first lithium hydroxide plant has finally been revealed, with the first stage of the delayed Kwinana project completed at nearly double the initial budget of $400 million.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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