03/09/2020 - 06:50

Morning Headlines

03/09/2020 - 06:50

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Hard road out of recession

Morning Headlines

Hard road out of recession

Billions in fast-tracked income tax cuts, business investment incentives and industrial relations and other regulatory reform will be at the heart of an October budget designed to haul the Australian economy out of its first recession in 29 years. The Fin

WA’s iron ore-some results

Western Australia’s resources sector has again proved it is helping to prop up the national economy, with mining investment one of the only bright spots in yesterday’s national accounts. The West

Bank bosses agree to keep credit flowing

Bank chiefs say they will keep lending after Treasurer Josh Frydenberg urged them to continue to ‘‘lean in’’ and ensure a healthy flow of credit to help the economy recover from the coronavirus-induced recession. The Fin

Rorting bosses caught out

Employers have siphoned off tens of thousands of dollars from staff via JobKeeper and there are concerns there could be more abuses reported after legislation to extend the stimulus measure passed this week. The West

Private equity firm KKR eyes a bid for AMP’s wealth platform

Private equity giant KKR & Co has made an informal approach to under-pressure AMP about buying its investment platform business, as the 171-year-old wealth manager effectively flung open the door to a sale or break-up of the group. The Aus

Tourism dying as premiers defy PM

State and territory leaders are preparing to defy Scott Morrison’s bid to have national cabinet agree to a single hotspot definition at Friday’s meeting amid new warnings that border closures will cost the tourism industry up to $33bn this financial year. The Aus

Fears wheat to be next target in trade spat

The Morrison government is watching that China’s latest trade strike against Australia does not spill over to wheat exports, as farmers say they are not going to squeal and put pressure on Canberra to patch up relations with Beijing. The Fin

Record aid boosts households and offsets job losses

A record $48 billion in government assistance in the June quarter has driven an overall 2.2 per cent growth in household income, despite more than a million people having lost their job or worked zero hours. The Fin

Virus-scheme SME lenders charging 18pc

Federal government-approved nonbank lenders say they have no choice but to charge COVID-19-stricken SMEs credit card-style interest rates under a plan from Treasury designed to get cheap credit flowing during the virus crisis.

Joyce tips higher fares after pandemic

Qantas chief executive Alan Joyce has flagged the likelihood of higher airfares in a post-COVID world as airlines seek to dig themselves out of debt and return to profit. The Aus

 

 

The Australian Financial Review

Page 1: Billions in fast-tracked income tax cuts, business investment incentives and industrial relations and other regulatory reform will be at the heart of an October budget designed to haul the Australian economy out of its first recession in 29 years.

Page 5: Bank chiefs say they will keep lending after Treasurer Josh Frydenberg urged them to continue to ‘‘lean in’’ and ensure a healthy flow of credit to help the economy recover from the coronavirus-induced recession.

Page 6: The Morrison government is watching that China’s latest trade strike against Australia does not spill over to wheat exports, as farmers say they are not going to squeal and put pressure on Canberra to patch up relations with Beijing.

Page 7: Leading members of Australia’s emerging technology sector have accused the government of misrepresenting the importance of journalism to social media platforms, describing the planned ACCC code of conduct and a potential alternative tax on digital transactions as ‘‘terrible ideas’’ that will harm their global standing.

Page 9: A record $48 billion in government assistance in the June quarter has driven an overall 2.2 per cent growth in household income, despite more than a million people having lost their job or worked zero hours.

Page 12: China is backing up maritime and territorial claims in the South China Sea with the regional deployment of its most potent strike weapons, including long-range fighters and bombers, nuclear-armed submarines and its first home-grown aircraft carrier.

Page 17: QBE shed no light on ex-CEO Pat Regan’s mysterious exit over inappropriate messages to a female employee, but analysts say the sudden departure need not concern investors because he is replaceable.

Page 18: Federal government-approved nonbank lenders say they have no choice but to charge COVID-19-stricken SMEs credit card-style interest rates under a plan from Treasury designed to get cheap credit flowing during the virus crisis.

Page 20: Woolworths says its $552 million acquisition of PFD Food Services is an opportunity rather than a threat for suppliers, but independent food service distributors disagree and have called on the competition regulator to intervene.

 

 

The Australian

Page 1: State and territory leaders are preparing to defy Scott Morrison’s bid to have national cabinet agree to a single hotspot definition at Friday’s meeting amid new warnings that border closures will cost the tourism industry up to $33bn this financial year.

Page 7: The road out of the COVID-19 recession is long, hard and bumpy, according to Josh Frydenberg, but it will be especially painful for young Australians.

Page 10: A Chinese diplomatic offensive to improve ties with Europe and counter US influence has failed to deliver results, with EU leaders openly critical.

Page 15: Private equity giant KKR & Co has made an informal approach to under-pressure AMP about buying its investment platform business, as the 171-year-old wealth manager effectively flung open the door to a sale or break-up of the group.

Page 17: Qantas chief executive Alan Joyce has flagged the likelihood of higher airfares in a post-COVID world as airlines seek to dig themselves out of debt and return to profit.

Page 18: The prospect of more lockdowns across Australia to control the pandemic has prompted a warning from credit agency Moody’s Investors Service that coronavirus flare-ups and weak consumer sentiment are delaying retail sector recovery.

Page 20: Deal talks for TikTok’s US operations have hit a snag over the question of whether the app’s core algorithms can be included as part of a deal.

 

 

The West Australian

Page 3: West Australians are being urged to give generously to the annual Legacy Week appeal, which hits the streets of Perth today.

Page 5: Nowhere else in the country are homeowners struggling to pay their mortgages more than in the southern Perth suburb of Byford.

Western Australia’s resources sector has again proved it is helping to prop up the national economy, with mining investment one of the only bright spots in yesterday’s national accounts.

Mark McGowan has laid blame for Australia’s “hostile and acrimonious” relationship with China at the doorstep of the Federal Government amid an escalating trade war with the Middle Kingdom.

Page 6: Support for WA’s hard border is growing, with a staggering 92 per cent of West Australians backing Mark McGowan’s stance.

Page 9: As many as 200 jobs could be on the line at Murdoch University, which revealed yesterday its financial position had become “unsustainable” because of the economic toll of coronavirus.

Page 18: The fears that a test proposed to replace NAPLAN could make things even worse for students.

Business: Chris Ellison is Australia’s newest billionaire, thanks to a record run in the value of his flagship Mineral Resources.

Nordgold is refusing to give up its fight for control of Cardinal Resources, lifting its previously rejected offer for the Perth-based gold play by almost 30 per cent.

Airlines seeking to build up flights after idling their fleets at the height of the coronavirus outbreak are bleeding more cash as jets fly half empty and the most lucrative intercontinental services remain grounded.

Treasurer Ben Wyatt wants to “put to bed” the idea that the WA economy is dragging the rest of the country down, with fresh data showing the State was the only economy to grow last financial year.

Employers have siphoned off tens of thousands of dollars from staff via JobKeeper and there are concerns there could be more abuses reported after legislation to extend the stimulus measure passed this week.

WA’s biggest iron ore miners are tipped to pocket more than $45 billion in profits this financial year, buoyed by unexpectedly strong prices that are now seen extending into 2021 and even later.

The outlining of a new deposit at Western AreasCosmos operations has fortified the miner’s plans to develop a nickel mine near Leinster.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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