04/08/2020 - 06:39

Morning Headlines

04/08/2020 - 06:39

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Failure to tax mining boom ‘stupid’: Henry

Former federal Treasury boss and bank chairman Ken Henry says Australia’s ‘‘stupidity’’ and economically ‘‘illiterate’’ failure to tax the mining boom properly has cost the country dearly and prevented a badly needed cut to the 30 per cent company rate to boost investment and worker wages. The Fin

WA virus fight ‘weakened’ if Clive wins border battle

Queensland says WA’s fight to keep COVID-19 out of the State would be “weakened” if it was forced to replace the hard border with a travel bubble. The West

PwC posts flat result of $2.6b, limits staff cuts to 250

PwC has posted flat results of $2.6 billion revenue for financial 2020, retaining its place as Australia’s largest consultancy despite the COVID-19 pandemic hitting business in its financial advisory and consulting business. The Fin

Super rorters face fines

Australians taking a second bite of their retirement savings are dominating the superannuation early release scheme amid rising concerns the COVID-19 measure is being rorted. The West

PM approves pandemic payments

Victorians who still have a job but have run out of sick leave will be given $1500 pandemic disaster payments to stay home for two weeks if they are at risk of having contracted coronavirus. The Fin

Microsoft confirms talks on TikTok

Microsoft said on Sunday (Monday AEST) that it would continue talks to buy short-form video app TikTok after its chief executive spoke with Donald Trump in a weekend of uncertainty clouding the future of the Chinese-owned app. The Fin

Tabcorp’s $1b hit sounds the alarm for retail

Tabcorp’s decision to slash at least $1 billion from the value of its wagering division is evidence the proportion of punters enjoying a flutter at their local TAB will never return to pre-pandemic levels, analysts say. The Fin

Macca’s supersizes its home delivery

The hunger for a Big Mac, Happy Meal or french fries during the coronavirus pandemic has helped drive online delivery orders for McDonald’s to record levels, with the proportion of meal orders now delivered in Australia doubling to 10 per cent since the COVID-19 crisis began. The Aus

Shipbuilder Austal accused of ‘modern-day slavery’

Unions have accused Austal of exploiting Filipino workers just months after the shipbuilder was awarded a lucrative contract with the Royal Australian Navy. The Fin

GM treated dealers recklessly, inquiry told

General Motors treated Holden dealers recklessly and exploited them by allowing them to continue investing capital in their businesses before the brand’s closure, a Senate committee has heard. The Aus

 

 

The Australian Financial Review

Page 1: Victorian Premier Daniel Andrewslockdown will lead to another 250,000 workers being stood down under unprecedented restrictions which will close all professional services offices, most retail shops and drastically limit manufacturing, construction and building sites for six weeks.

Victorians who still have a job but have run out of sick leave will be given $1500 pandemic disaster payments to stay home for two weeks if they are at risk of having contracted coronavirus.

Page 2: PwC has posted flat results of $2.6 billion revenue for financial 2020, retaining its place as Australia’s largest consultancy despite the COVID-19 pandemic hitting business in its financial advisory and consulting business.

Page 3: Former federal Treasury boss and bank chairman Ken Henry says Australia’s ‘‘stupidity’’ and economically ‘‘illiterate’’ failure to tax the mining boom properly has cost the country dearly and prevented a badly needed cut to the 30 per cent company rate to boost investment and worker wages.

Page 6: Victoria’s lockdown will strip at least another billion dollars from the economy, crushing September-quarter growth and potentially pushing the Reserve Bank of Australia into fast-tracking marginal monetary policy decisions.

Page 10: Labor accuses Scott Morrison of ‘‘monumentally failing’’ Australians on national security over mismanagement of the $90 billion future submarine program, which the Prime Minister describes as the nation’s single most important project amid rising regional instability.

Page 12: Microsoft said on Sunday (Monday AEST) that it would continue talks to buy short-form video app TikTok after its chief executive spoke with Donald Trump in a weekend of uncertainty clouding the future of the Chinese-owned app.

Page 13: Tabcorp’s decision to slash at least $1 billion from the value of its wagering division is evidence the proportion of punters enjoying a flutter at their local TAB will never return to pre-pandemic levels, analysts say.

Page 15: Health and aged care providers have been warned they are vulnerable to a sharp increase in cyber attacks, after an unidentified offshore adversary published sensitive documents related to an Adelaide-based aged care facility run by Regis Healthcare.

Page 17: EnergyAustralia’s parent company, CLP Group, remains keen to sell down a stake in the business but CEO Richard Lancaster has made it clear any option for an IPO or other transaction is only a long-term one given ‘‘challenging’’ market conditions and COVID-19.

Unions have accused Austal of exploiting Filipino workers just months after the shipbuilder was awarded a lucrative contract with the Royal Australian Navy.

Oil and gas major Shell has made its fifth investment within 18 months in cleaner energy in Australia, inking a deal to buy Western Australia-based carbon farmer Select Carbon to generate credits to offset the emissions of its customers.

Page 19: Australian competition and consumer regulatory boss Rod Sims has called for new laws to better police unfair behaviour by big technology platforms towards smaller businesses, as he rejected Google’s criticism of his proposed new media code of conduct as typical behaviour of an incumbent giant.

 

 

The Australian

Page 1: Elderly Australians are more than three times as concerned about the impact of the recession as they are about their personal health, according to analysis by a top consulting firm that suggests compliance with health measures could drop as people “grow weary” and “emotional strain” mounts.

Page 5: Coronavirus fears have forced the closure of Uluru-Kata Tjuta National Park after locals blockaded the entry gate to keep a planeload of visitors arriving from a declared COVID-19 hotspot away from vulnerable communities.

Page 8: America’s first crewed spaceship to fly to the International Space Station in nearly a decade has returned safely to Earth, splashing down in the Gulf of Mexico.

Page 13: Corporate Australia is counting the cost of an unprecedented shutdown of a once-thriving economy that drives a quarter of the country’s growth, with the $320bn retail sector facing a harsh six-week forced hibernation, hundreds of thousands of workers sent home and massive sinkholes emerging in company balance sheets.

Page 15: General Motors treated Holden dealers recklessly and exploited them by allowing them to continue investing capital in their businesses before the brand’s closure, a Senate committee has heard.

The hunger for a Big Mac, Happy Meal or french fries during the coronavirus pandemic has helped drive online delivery orders for McDonald’s to record levels, with the proportion of meal orders now delivered in Australia doubling to 10 per cent since the COVID-19 crisis began.

 

 

The West Australian

Page 3: Training more Indigenous Australians to work in early childhood education and a literacy program encouraging Aboriginal families to read together are key to stemming generational disadvantage.

Home loan customers are getting gouged by high interest rates despite banks continuing to reduce their offers during the pandemic.

Page 6: More than half of West Australians want Optus Stadium to host the AFL grand final, with the frontrunner — Brisbane’s Gabba — receiving the support of just a fraction of respondents to an exclusive poll for The West Australian.

Page 7: Queensland says WA’s fight to keep COVID-19 out of the State would be “weakened” if it was forced to replace the hard border with a travel bubble.

Mark McGowan has told Clive Palmer to not bother submitting a request to enter WA after his first botched attempt, saying the billionaire wanted to come to Perth to promote a potentially “dangerous” coronavirus cure.

Page 11: The City of Swan has recommended work not go ahead to rebuild Cleanaway’s $20 million materials recovery facility in South Guildford because a future fire could be harmful to the community.

WA’s infamous micronation — the Principality of Hutt River — is gearing up to rejoin Australia, 50 years after declaring sovereignty.

Page 17: Discredited former Labor MP Barry Urban — who sensationally quit politics amid a fake medal scandal — is fighting to have a judge-alone trial, arguing he wouldn’t receive a fair hearing because of all the media attention surrounding his case.

Regular physical exercise can help struggling students gain higher grades at school.

Australia’s chief scientist has called for more funding into long-term disaster research on top of a multimillion-dollar package for a new bushfires and natural hazards centre.

Business: Australians taking a second bite of their retirement savings are dominating the superannuation early release scheme amid rising concerns the COVID-19 measure is being rorted.

WA pie maker Mrs Mac’s is introducing a plant-based pie range to meet growing demand from customers looking to reduce their meat consumption.

Griffin confirmed yesterday it disputed the validity of the notices filed two weeks ago by the Japanese-owned Bluewaters power station and had applied on Thursday to have the matter determined by the Supreme Court.

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