Vanguard assault on big super.
Vanguard assault on big super
The world’s second-biggest asset manager, Vanguard, is gearing up to disrupt Australia’s big superannuation funds by announcing it will return tens of billions of dollars it now invests on behalf of their members and instead compete for the money directly. The Fin
Fears WA businesses may miss $1.5b plan
WA manufacturers could miss out on the Federal Government’s $1.5 billion pre-Budget promise, with local businesses calling for it to be broader than the areas targeted. The West
Confused messaging hurt aged care virus response
The Coalition government’s handling of the COVID-19 threat to Australians living in aged care was ‘‘insufficient’’ and suffered from confused and inconsistent messaging, a new report has found. The Fin
Business to get driving seat in skills training
The federal government is likely to announce changes to the way training packages are put together, to try to give business the driving seat in course development and get workers skilled more quickly, says education analyst Claire Field. The Fin
Manufacturing key to recovery from virus hit
Scott Morrison’s pitch for Australia to maximise manufacturing’s contribution to the COVID-19 recovery has been welcomed by business leaders, who say the plan will boost the wider economy and create jobs. The Fin
Days of double-digit returns 'long gone', Costello tells forum
Future Fund and Nine Entertainment Group chairman Peter Costello says a 4 per cent return after inflation is a realistic aspiration for investors in the current low-growth world, and that the days of double-digit investment returns are “long gone”. The Aus
Food distributors up attack on Woolies
Independent food service distributors have stepped up their attack on Woolworths’ $552 million acquisition of PFD Food Services, setting up an industry peak body to mount a co-ordinated campaign against the retailer’s expansion plans. The Fin
PM floats an imminent Kiwi travel bubble
Scott Morrison is preparing to announce deals with state governments to kickstart the trans-Tasman “travel bubble”, with Sydney and Adelaide set to be the first airports receiving New Zealanders who will not have to undergo a fortnight of hotel quarantine. The Aus
Virgin reset ‘puts us in good shape’: Scurrah
Virgin Australia, having transformed from a budget airline to a premium one nine years ago, is preparing for another transformation when it re-emerges from administration in the midst of a global health pandemic. The Aus
Building boom bottleneck
Deposits have been returned to hundreds of customers who signed up to build new homes before the government grants run out because builders are too busy to meet the State and Federal schemes’ deadline. The West
The Australian Financial Review
Page 1: The world’s second-biggest asset manager, Vanguard, is gearing up to disrupt Australia’s big superannuation funds by announcing it will return tens of billions of dollars it now invests on behalf of their members and instead compete for the money directly.
Page 2: Logistics group Toll was accused by US authorities of 8000 breaches of sanctions imposed by the United Nations Security Council for conducting business in North Korea, Iran, Syria, Yemen and Somalia.
Page 4: Overhauling the ‘‘culture’’ of regulators will be prosecuted across the federal government by a new body in the Prime Minister’s department, as part of a red-tape cutting shake-up to make regulators more responsive to business and to revive the economy from the COVID-19 recession.
Page 5: The Coalition government’s handling of the COVID-19 threat to Australians living in aged care was ‘‘insufficient’’ and suffered from confused and inconsistent messaging, a new report has found.
Page 6: The Australian Tertiary Admission Rank (ATAR) system is not the best university admission tool to motivate well-rounded school leavers, according to Grattan Institute education expert Julie Sonnemann and private sector educator Jamie Beaton.
The federal government is likely to announce changes to the way training packages are put together, to try to give business the driving seat in course development and get workers skilled more quickly, says education analyst Claire Field.
Page 8: The wharfies union has pledged to immediately end industrial action at ports around the country for at least a month despite not reaching a pay deal.
Page 9: Scott Morrison’s pitch for Australia to maximise manufacturing’s contribution to the COVID-19 recovery has been welcomed by business leaders, who say the plan will boost the wider economy and create jobs.
Page 11: Donald Trump has triggered rarely used emergency government powers to allow direct state investments in critical minerals projects on Australian soil as part of a global push to eliminate American industry’s reliance on Chinese suppliers.
Page 14: Aspiring south-east coast LNG importers will not be deterred from their collective $1.5 billion-plus investments by Santos’ Narrabri gas project getting planning approval because they insist the market will need imports even if NSW coal seam gas is developed.
Page 17: The major proxy advisory firms have urged BHP shareholders to reject rebel resolutions on cultural heritage and climate change, but questioned whether new chief executive Mike Henry should receive a bonus for avoiding workplace fatalities.
Page 19: Independent food service distributors have stepped up their attack on Woolworths’ $552 million acquisition of PFD Food Services, setting up an industry peak body to mount a co-ordinated campaign against the retailer’s expansion plans.
The Australian
Page 1: The aged care royal commission has criticised “deplorable” infection control regimes at some nursing homes, found a “traumatised” workforce, and recommended an urgent funding injection to bring in new staff in the wake of more than 660 coronavirus deaths in the sector.
Page 2: Australia’s two largest domestic battery suppliers, Duracell and Energizer, have agreed to join a recycling plan that will put a small levy on every battery sold.
Page 4: Scott Morrison is preparing to announce deals with state governments to kickstart the trans-Tasman “travel bubble”, with Sydney and Adelaide set to be the first airports receiving New Zealanders who will not have to undergo a fortnight of hotel quarantine.
BHP chief executive Mike Henry has backed metallurgical coal for the long term and believes the demand for thermal coal will be needed “for a long time yet” in tandem with the use of new technologies, including carbon capture and storage.
Page 5: West Australian Premier Mark McGowan has boasted that the pandemic has brought lasting economic benefits to his state, while saying that if WA brought down its interstate borders, “all we will do is we will lose jobs”.
Page 15: Future Fund and Nine Entertainment Group chairman Peter Costello says a 4 per cent return after inflation is a realistic aspiration for investors in the current low-growth world, and that the days of double-digit investment returns are “long gone”.
Working capital giant Scottish Pacific is calling for a strategic withdrawal of the federal government’s COVID-19 stimulus measures, saying taxpayer funds have not only supported small and medium-sized businesses’ finances, but have improved them.
Companies involved in everything from designing spaceships to filling cans with crushed tomatoes have welcomed an initiative to resuscitate the manufacturing sector and help the nation emerge from the COVID-19 downturn with a healthy base of manufacturers fuelling a growth in jobs and innovation.
Page 16: The $569m oil and gas producer Cooper Energy is understood to have joined forces with Morgan Stanley Infrastructure Partners in its quest to buy Eni’s Australian energy assets, which could be worth up to $1bn.
Page 17: Virgin Australia, having transformed from a budget airline to a premium one nine years ago, is preparing for another transformation when it re-emerges from administration in the midst of a global health pandemic.
Page 18: Video games have soared in popularity during the pandemic and Optus is betting that gamers won’t be putting down their controllers any time soon as it readies to launch a $10 NBN plan add-on as part of a broader strategy to woo the gaming community.
The West Australian
Page 5: Australia’s favourite cartoon dog family is back with the hit series Bluey being given the go ahead for a new season.
Page 6: Nursing homes will need to have at least one trained infection control officer as a condition of their accreditation after a report from the royal commission into aged care found some of the measures implemented by the Federal Government at the start of the pandemic to protect residents were insufficient.
Page 9: Deposits have been returned to hundreds of customers who signed up to build new homes before the government grants run out because builders are too busy to meet the State and Federal schemes’ deadline.
Page 10: Opposition Leader Liza Harvey is on track to lose her own seat of Scarborough — a traditional conservative fortress — according to new polling that reveals the huge task ahead of the Liberals with just five months to go before the next election.
Page 28: US presidential debate organisers have vowed to change the rules to rein in unruly behaviour after President Donald Trump repeatedly interrupted rival Joe Biden and the moderator in the candidates’ chaotic encounter.
Business: WA manufacturers could miss out on the Federal Government’s $1.5 billion pre-Budget promise, with local businesses calling for it to be broader than the areas targeted.
Prominent WA businessman John Poynton has told the NSW casino inquiry he did not believe he had a responsibility to inform fellow Crown Resorts directors of James Packer’s decision to sell half his stake in the company to a Macau gaming group linked to the late billionaire Stanley Ho.
Investment in the WA startup sector contracted in the 2020 financial year while other States recorded big increases, new data shows.
Job vacancies in WA have reached an eight-year high, with the number of positions available nearly doubling in the three months to the end of August.
The State Government has committed $300,000 in grants to four WA organisations to combat wage theft.
The State Government has refused to be drawn on whether it plans to target WA’s powerhouse resources sector with any hikes in existing royalties, levies and charges in next week’s Budget.
A bumper end to the financial year has propelled Hartleys to a trebled profit as it prepares for a $30m tie-up with listed Perth rival Euroz.
