Scary debt injection to boost business-led jobs recovery.
Scary debt injection to boost business-led jobs recovery
Almost $50 billion in tax relief for businesses and low- and middle-income earners is at the heart of $98 billion in new measures designed to return the economy to health and create 950,000 jobs over the next four years. The Fin
Iron ore price could provide a $6.1b boost
If iron ore prices remain high until the end of the June quarter next year the federal budget will be a combined $6.1 billion better off this financial year and next than the budget forecasts. The Fin
City backs ‘right’ incentives at ‘right time’
Corporate Australia has hailed Treasurer Josh Frydenberg for handing down the ‘‘right budget at the right time’’ and backed his claim that the huge new investment allowance would be ‘‘a game changer’’. The Fin
Dud super funds face shame test in crackdown
Superannuation funds face an annual performance test, public ranking by the Tax Office and the loss of an easy source of new members under a trio of shock budget measures designed to weed out bad super funds. The Fin
R&D rethink gives industry an extra $2b
The government has abandoned $1.8 billion worth of research and development cuts stalled in Parliament in an effort to boost advanced manufacturing following the coronavirus recession. The Fin
Solid Budget a shield for WA
WA business owners say there are enough initiatives in the Federal Budget to move the economy forward and help shield WA from negative repercussions of the pandemic. The West
Millions of dual-income families to benefit from $5490-a-year tax cuts
Australian families are in for a tax windfall of up to $5490, with the Federal Government bringing forward personal income tax cuts for 11.6 million workers to fast-track the recovery from the coronavirus recession. The West
WA ‘Republicans’ to contest election
Former candidates from Clive Palmer’s political party are behind a WA-xit movement planning to contest next year’s State election. The West
Market’s billion-dollar salute to golden deal
Northern Star executive chairman Bill Beament sparked a billion-dollar share price rally yesterday with a $5.76 billion offer for Saracen Mineral Holdings that caps a decade of intense dealmaking and will turn his company into the world’s sixth-biggest gold miner. The Fin
‘I was sick,’ says Packer
Former Crown Resorts chairman James Packer has admitted threats he made to a high-profile businessman in late 2015 were ‘‘shameful’’ and ‘‘disgraceful’’ but said they reflected more on his battles with bipolar disorder than his conduct as a director. The Fin
Landmark deal wins uni reform
The Morrison government has struck a breakthrough deal to overhaul the nation’s tertiary sector and redefine the workforce for decades by substantially increasing fees for some university courses and slashing the cost for students enrolled in “job growth areas”. The Aus
Insider dishes dirt on Cleanaway
Allegations have been raised directly with the competition regulator about under-pressure Cleanaway having almost monopoly control over key segments of the medical waste industry flowing from its approved $671m takeover of rival Tox Free in 2018. The Aus
The Australian Financial Review
B1: Almost $50 billion in tax relief for businesses and low- and middle-income earners is at the heart of $98 billion in new measures designed to return the economy to health and create 950,000 jobs over the next four years.
B3: More than 99 per cent of businesses will get access to a massive new investment allowance, dubbed a ‘‘game changer’’ for the economic recovery by Treasurer Josh Frydenberg.
Corporate Australia has hailed Treasurer Josh Frydenberg for handing down the ‘‘right budget at the right time’’ and backed his claim that the huge new investment allowance would be ‘‘a game changer’’.
B4: Superannuation funds face an annual performance test, public ranking by the Tax Office and the loss of an easy source of new members under a trio of shock budget measures designed to weed out bad super funds.
Age and disability pensioners will receive two separate one-off $250 payments to see them through to the other side of the public health crisis, while permanent pension rates will remain unchanged.
B6: The government has abandoned $1.8 billion worth of research and development cuts stalled in Parliament in an effort to boost advanced manufacturing following the coronavirus recession.
B7: Businesses hit by the economic fallout from the coronavirus pandemic will be able to claim back losses on previous tax refunds under a concession open to all companies with turnover under $5 billion.
B12: Unemployment is likely to peak at a lower than expected 8 per cent as an extra $36.7 billion in tax cuts and business incentives over the next two financial years fuels a 7 per cent rebound in consumption, economic growth and business investment.
If iron ore prices remain high until the end of the June quarter next year the federal budget will be a combined $6.1 billion better off this financial year and next than the budget forecasts.
B14: The government’s new $4 billion wage subsidy will offer double the handout to businesses that employ people in their teens and 20s over those in their 30s as part of a bid to get almost half a million unemployed back into work.
B16: Taxpayers will provide an additional $356 million to support the aviation sector until the 2023-24 financial year as the industry recovers from the COVID-19 pandemic.
Page 1: Former Crown Resorts chairman James Packer has admitted threats he made to a high-profile businessman in late 2015 were ‘‘shameful’’ and ‘‘disgraceful’’ but said they reflected more on his battles with bipolar disorder than his conduct as a director.
Page 4: Qantas had no choice but to stand down its workers due to the government restrictions and the downturn in air travel, according to a court ruling that has clarified employers’ powers to stand down their workforce during the pandemic.
Page 8: The government’s wage subsidy for young workers risks discouraging the hiring of older workers who traditionally find it harder to get jobs after a recession, some economists and age groups have warned.
Page 10: Seven West Media has fired up its war against Cricket Australia, lodging its claim against the sporting body to have an independent expert rule on the value of its broadcast deal.
Page 13: Northern Star executive chairman Bill Beament sparked a billion-dollar share price rally yesterday with a $5.76 billion offer for Saracen Mineral Holdings that caps a decade of intense dealmaking and will turn his company into the world’s sixth-biggest gold miner.
Page 16: Baby goods retailer Baby Bunting is heading for a bumper December-half result after achieving record same-store sales growth and higher gross margins in the year to date.
Page 17: BHP will pay $US505 million ($703 million) for an extra 28 per cent stake in the large Shenzi oil and gas field in the Gulf of Mexico in a move that fits with its strategy to target counter-cyclical acquisitions in high-quality assets.
The Australian
Page 1: Josh Frydenberg has thrown a staggering $507bn in tax cuts, cash payments and wage subsidies to drive business investment and protect the health of Australians in a bid to restore the economy to pre-COVID growth levels by the end of next year and create almost a million jobs by 2024.
Families will be able to keep their adult children on their health insurance policy until they are 31 under private health insurance reforms aimed at addressing the decline of young people taking up and keeping health insurance.
Page 6: The budget boosts skills and training with funding for 100,000 apprenticeships, 50,000 places in six-month courses and 12,000 new university places in an effort to equip people for new jobs in the post-COVID recovery.
Page 9: The COVID-19 recession will blow a $589bn hole in the government’s finances over the five years to 2023-24, with the deficit peaking at $214bn in this financial year as the budget unveiled rolling debts and deficits out to the limit of its 10-year forecast horizon.
Page 10: The Morrison government will inject an extra $10bn into transport infrastructure over the next decade, targeting safety improvements and road and rail upgrades in a bid to get boots on the ground quickly during the COVID-19 recession.
Page 11: The ABC is set to face ongoing cuts to its budget in real terms, with funding for broadcasting — which covers the national broadcaster and SBS — subject to a 0.7 per cent decrease in real terms from 2019-20 to 2020-21, and a 3.7 per cent decrease in real terms from 2020-21 to 2023-24.
Page 12: Australia will pour more than $300m into Pacific Island countries and East Timor to help them recover from the coronavirus pandemic, and has vowed to spend whatever it takes to ensure regional partners get early access to a COVID-19 vaccine.
Page 13: The federal government will spend $1.6bn on 23,000 more home care packages to support ageing Australians to live longer in their own home, but will wait until the 2021 budget for a significant overhaul of the system.
The National Disability Insurance Scheme will be boosted by a further $3.9bn, with Josh Frydenberg assuring Australians the scheme will always be fully funded.
Page 17: The Morrison government has struck a breakthrough deal to overhaul the nation’s tertiary sector and redefine the workforce for decades by substantially increasing fees for some university courses and slashing the cost for students enrolled in “job growth areas”.
Page 19: The number of times Kids Helpline has called an ambulance, police, or child protection on behalf of a Victorian child has jumped by more than 50 per cent in the pandemic, with almost half relating to suicide attempts.
Page 25: The Morrison government is giving business a $98bn boost from a combination of accelerated personal tax cuts, generous short-term investment allowances, temporary tax concessions and $14bn in infrastructure spending to cushion the impact of the COVID-induced recession and “kick-start investment”.
The Reserve Bank has bolstered expectations of a rate cut and the start of quantitative easing at its November board meeting, putting downward pressure on the dollar and bond yields while underpinning a rebound in the local sharemarket.
Page 27: Allegations have been raised directly with the competition regulator about under-pressure Cleanaway having almost monopoly control over key segments of the medical waste industry flowing from its approved $671m takeover of rival Tox Free in 2018.
Page 30: Iron ore prices have surged to their highest levels in six years in a much-needed multi-billion-dollar boost for state and commonwealth coffers.
The West Australian
Page B2: About one million jobs will be created over the next four years and Australians could start to see a boost to their pay packets within weeks under the plan to supercharge our economic recovery from COVID-19.
Page B5: Australian families are in for a tax windfall of up to $5490, with the Federal Government bringing forward personal income tax cuts for 11.6 million workers to fast-track the recovery from the coronavirus recession.
Page B7: China’s huge infrastructure spending spree is expected to keep the iron ore price higher for longer than previously forecast, despite COVID-19 wrecking the global economy.
Page B13: People with mental health problems will be able to get a Medicare rebate on up to 20 therapy sessions annually with a $100 million cash injection over the next two years.
Page 3: Former candidates from Clive Palmer’s political party are behind a WA-xit movement planning to contest next year’s State election.
Page 5: The Government’s controversial Job-Ready Graduates legislation that will double the cost of humanities degrees will pass Parliament after South Australia’s Centre Alliance announced its crucial vote of support.
Page 9: More than a third of those selling a property in the past three months lost money in the deal, but the proportion of homeowners losing out in real estate has stabilised, according to a new report.
Page 10: Infectious Trump leaves hospital, whips off mask and says ‘I feel better than I did 20 years ago’.
Page 14: A lab-grown tumour could hold the key to testing and improving treatments for women with ovarian cancer.
Page 20: The Greens first Aboriginal senator raised her fist as she entered the Senate chamber for the first time while carrying a message stick that commemorated deaths in custody.
Business: The merger of WA’s two biggest gold miners could be the starting gun for a wave of mergers and acquisitions across the sector.
WA business owners say there are enough initiatives in the Federal Budget to move the economy forward and help shield WA from negative repercussions of the pandemic.
The private company belonging to billionaire Andrew Forrest has revealed it is seeking to beef up its commercial property and development portfolio, and it is believed he is buying a St Georges Terrace tower.
