Morning Headlines

Wednesday, 5 August, 2020 - 06:49
Category: 

China’s share of exports hits 48.8pc

China’s share of Australian exports has reached an all-time high, rising to 48.8 per cent and driving the 30th consecutive monthly trade surplus to $8.2 billion. The Fin

Virgin dumps 3500 staff

Virgin Australia is set to lay off up to 3500 of its 9000 staff, dump international flights and review its West Australian fly-in, fly-out operations as it sets a new flightpath in the coronavirus-ravaged airline industry. The West

Sage calls in former pawn star

Perth Glory owner Tony Sage has stepped down as executive chairman of his cash-strapped flagship Cape Lambert Resources and recruited a well-connected veteran. The West

CSL chief calls for new virus strategy

Melbourne’s lockdown will have ‘‘devastating’’ economic, social and health costs and governments must put forward a credible virus strategy that is ‘‘not seen as blunt or punitive to the wider society’’, warns Brian McNamee, chairman of global biotechnology giant CSL. The Fin

RBA: Jobless to hit 10pc

Unemployment will hit 10 per cent and the rebound in economic growth will be much more subdued because of Victoria’s second virus outbreak, the Reserve Bank of Australia says. The Fin

Tourism leaders plead for an end to ‘island’ mentality

Australia cannot withstand the continued ‘‘islands within an island’’ approach that states and territories are taking, and a clear national strategy to reopen borders is needed, tourism industry leaders say. The Fin

Rain makes tens of millions of dollars difference

This week’s heavy rain has potentially poured tens of millions of dollars into the value of the State’s annual grain haul, after breaking a multiyear dry spell in pockets of the south coast and providing a much needed drink across parts of the Wheatbelt. The West

PM vows to tackle Asia tensions

Scott Morrison and national security chiefs have briefed state and territory leaders on the threat level of Chinese interference, ahead of a major address by the Prime Minister to a US strategic forum warning of the unprecedented militarisation of the Indo-Pacific, cyber attacks and an “assault” on liberal democracies. The Fin

Push to tap visa funds to power-up research

Research funding for resource-starved universities could be boosted by up to $50m a year if the federal government changes business migration rules in the October budget to require more investment in research commercialisation, according to a university-linked funds management firm. The Aus

State top for retail growth

WA has recorded the highest year-on-year retail growth nationwide for the month of June, according to the latest ABS figures. The West

 

 

The Australian Financial Review

Page 1: Unemployment will hit 10 per cent and the rebound in economic growth will be much more subdued because of Victoria’s second virus outbreak, the Reserve Bank of Australia says.

The federal government is examining permanently relaxing appropriate lending rules for banks dealing with small businesses, amid concerns enforcement by the Australian Financial Complaints Authority could slow the flow of credit to the economy.

Page 3: More than 70,000 jobs could be lost because of the Victorian government’s stage four lockdown, wiping out recent job gains, according to a new analysis.

Qantas, Virgin Australia and Spotless staff could be called in to help Victoria’s emergency response to the deadly spread of COVID-19 in nearly 100 aged care homes.

Page 8: Melbourne’s lockdown will have ‘‘devastating’’ economic, social and health costs and governments must put forward a credible virus strategy that is ‘‘not seen as blunt or punitive to the wider society’’, warns Brian McNamee, chairman of global biotechnology giant CSL.

Australia cannot withstand the continued ‘‘islands within an island’’ approach that states and territories are taking, and a clear national strategy to reopen borders is needed, tourism industry leaders say.

Page 10: NSW is heading into a ‘‘red zone’’ after recording more than 170 cases of COVID-19 in two weeks despite managing to keep a low daily growth rate, an epidemiologist has warned.

Page 11: China’s share of Australian exports has reached an all-time high, rising to 48.8 per cent and driving the 30th consecutive monthly trade surplus to $8.2 billion.

Page 14: A World Health Organisation team has wrapped up a visit to China by agreeing on an investigation plan with Chinese scientists to probe the animal origins of COVID-19, following the Morrison government-led international push for answers.

Page 15: Major retailers and the Australian Retailers Association are in talks with the Victorian and federal governments about income support for retail staff stood down during ‘‘state of disaster’’ restrictions in Melbourne.

Page 16: Virgin Australia administrator Deloitte will retain the keys to the airline until at least September 4, after delaying the all-important creditor vote by one week.

Page 20: IKEA Australia country manager Jan Gardberg says the furniture and homewares retailer would be in a ‘‘troublesome’’ position if it had not launched an online store and increased distribution capacity three years ago.

 

 

The Australian

Page 1: Scott Morrison and national security chiefs have briefed state and territory leaders on the threat level of Chinese interference, ahead of a major address by the Prime Minister to a US strategic forum warning of the unprecedented militarisation of the Indo-Pacific, cyber attacks and an “assault” on liberal democracies.

Australian university lecturers are being cowed into lowering their academic standards by “highly organised” networks of international students making co-ordinated attacks against any staff members whose assignments and examinations prove too difficult to pass.

Page 8: Donald Trump has vowed to oppose growing pressure to lock down the US economy again to combat the surging coronavirus, saying such a move would cause more harm than good.

Page 13: Supermarket major Woolworths is seeking further details from the Victorian government around how the tougher lockdown would apply to its supply chain given the closure of some manufacturing and the forced slowdown of the meat industry and deliveries is threatening to cause disruption.

Page 16: The dollar value of deferred loans continues to rise as more companies feel the impact of COVID-19, with the lockdown in Victoria likely to lead to more deferrals.

Page 20: Research funding for resource-starved universities could be boosted by up to $50m a year if the federal government changes business migration rules in the October budget to require more investment in research commercialisation, according to a university-linked funds management firm.

 

 

The West Australian

Page 4: Prime Minister Scott Morrison has called on China to step up and take a more active role in a stable world order as Labor accused a rogue backbench, anti-China group of dominating the Government’s foreign policy.

WA peak conveyancing body has called for first home buyers of established properties to get a $20,000 grant, as Perth house prices continue their slide.

Page 5: This week’s heavy rain has potentially poured tens of millions of dollars into the value of the State’s annual grain haul, after breaking a multi-year dry spell in pockets of the south coast and providing a much needed drink across parts of the Wheatbelt.

Page 7: Clive Palmer has continued to throw punches at Mark McGowan — yesterday accusing the WA Premier of admiring dictators.

Page 8: Leavers will go ahead this year but there are fears the cancellation of Dunsborough’s “entertainment zone” because of COVID-19 will lead to a return of impromptu rave parties.

The Christmas Island detention centre will reopen because of pressure on holding facilities across Australia due to coronavirus.

Page 9: Virgin Australia is set to lay off up to 3500 of its 9000 staff, dump international flights and review its West Australian fly-in, fly-out operations as it sets a new flightpath in the coronavirus-ravaged airline industry.

Page 11: WA’s most prestigious university no longer views itself as a “selective” institution that aims to attract mostly high-performing school leavers.

Business: WA has recorded the highest year-on-year retail growth nationwide for the month of June, according to the latest ABS figures.

Perth Glory owner Tony Sage has stepped down as executive chairman of his cash-strapped flagship Cape Lambert Resources and recruited a well-connected veteran.

Investors are so concerned about the global outlook that worldwide holdings in gold-backed exchange-traded funds now stand behind only the official US reserves of bullion after they surpassed Germany’s holdings.

Blackbird Ventures, one of Australia’s biggest venture firms, has another $500 million to invest after raising its fourth fund.