Morning Headlines

CIMIC to pay small suppliers faster after ACCC interest

CIMIC, Australia’s biggest contractor, says it will pay its small business suppliers within 30 days, after pressure from regulators and financiers to end extended payment terms put in place as a result of controversial reverse financing arrangements. The Fin

Mining union splits from CFMEU

The CFMEU’s mining division has withdrawn from the national arm of the union, saying it has become ‘‘impossibly divided’’ and accusing the powerful construction union of bullying. The Fin

‘Frenetic’ Black Friday sales tipped to hit $5b

Black Friday and Cyber Monday sales are expected to be bigger than ever this year: 13.8 million Australian consumers are forecast to spend about $5 billion over the four-day spendathon, up from an estimated $3.9 billion last year. The Fin

PM’s ‘got to pivot’ on emissions: Turnbull

Former Liberal prime minister Malcolm Turnbull says he is confident Scott Morrison will bow to global pressure and commit Australia to achieve zero net emissions by 2050. The Fin

Chanel’s $14m vote of confidence

Chanel — one of the world’s most luxurious brands — has put its faith in WA with a multimillion-dollar investment that is likely to create the city’s biggest highend retail store. The West

Telstra’s call waiting on home electricity

Telstra chief Andy Penn says the telco giant will bring a fresh set of eyes and a trusted brand already in people’s homes to the energy market as it explores launching an electricity offer. The West

Hanson backs super increase

A push inside the Coalition to freeze the superannuation guarantee at 9.5 per cent faces hurdles, with One Nation leader Pauline Hanson saying she wants the next scheduled increase of 0.5 per cent to go ahead. The Fin

Afterpay costs are extortion, says rival CEO

The global chief executive of Afterpay rival Klarna has attacked the Australian fintech’s fees as being extortionate and urged the Reserve Bank to regulate pricing in the buy now, pay later market, including capping merchant fees. The Fin

Palmer tops Bennett and Rinehart in entitlement revenue

Clive Palmer has crowned himself WA’s royalties king, usurping Angela Bennett and Gina Rinehart as the top beneficiary of Pilbara iron ore entitlement payments. The West

Entrepreneurs add clout to WA fledglings

WA’s peak industry body for startups has enlisted the help of leading entrepreneurs to shape the long-term strategy and attract more funding to the burgeoning sector. The West

The Australian Financial Review

Page 1: The Victorian government has handed down a $49 billion budget stimulus of increased spending and tax cuts to help its economy catch up with a national recovery being fuelled by a reopening of borders, including Queensland’s green light to Sydney and Melbourne.

Energy Security Board chair Kerry Schott has told governments and energy companies to ‘‘get on with it’’ and push through desperately needed reforms to the National Electricity Market to deal with the transition to a low emissions economy.

Page 3: Sia and Billie Eilish from Los Angeles, Sam Smith from Abbey Road Studios in London, Sampa The Great from Botswana, Tame Impala from Perth and Archie Roach from Warrnambool in regional Victoria will all beam into Sydney’s The Star remotely tonight, making this year’s ARIA Awards ceremony unlike any before it.

Legal services firm Law In Order has been hit by a ransomware attack, with hackers claiming to have stolen data and threatening to publish it if the company fails to pay up within seven days.

Page 5: Former Liberal prime minister Malcolm Turnbull says he is confident Scott Morrison will bow to global pressure and commit Australia to achieve zero net emissions by 2050.

Page 8: The CFMEU’s mining division has withdrawn from the national arm of the union, saying it has become ‘‘impossibly divided’’ and accusing the powerful construction union of bullying.

Page 9: Australia has a chance to reboot its strained relationship with the French company building its new fleet of submarines after the sudden departure of the top executive in charge of the $80 billion project.

Page 10: A push inside the Coalition to freeze the superannuation guarantee at 9.5 per cent faces hurdles, with One Nation leader Pauline Hanson saying she wants the next scheduled increase of 0.5 per cent to go ahead.

Page 12: Early studies show the Oxford vaccine is slightly less effective than the other two – but it does not need special refrigeration and is far cheaper, conditions which could put it ahead.

Page 13: The global chief executive of Afterpay rival Klarna has attacked the Australian fintech’s fees as being extortionate and urged the Reserve Bank to regulate pricing in the buy now, pay later market, including capping merchant fees.

Page 15: Black Friday and Cyber Monday sales are expected to be bigger than ever this year: 13.8 million Australian consumers are forecast to spend about $5 billion over the four-day spendathon, up from an estimated $3.9 billion last year.

Page 17: NRW Holding is continuing its aggressive growth agenda through a $100 million bid for Primero Group that comes on the back of other strategic acquisitions.

CIMIC, Australia’s biggest contractor, says it will pay its small business suppliers within 30 days, after pressure from regulators and financiers to end extended payment terms put in place as a result of controversial reverse financing arrangements.

Page 18: A leading landlord has taken aim at major retailers who refused to pay rent during the pandemic despite taking taxpayer funded subsidies and reporting higher profits.

The Australian

Page 1: Australia’s economic recovery from the COVID-19 recession has received a significant boost after Chinese demand sent iron ore exports to a record high in October and as the tourism industry declared Queensland’s reopening of its borders with Sydney and Victoria would add hundreds of millions to the national economy.

Page 3: Swimmers, rowers and track and field athletes are among those who would likely not attend the opening ceremony due to social distancing requirements and Olympians would enter the village just five days before their competitions start, under a proposal for the landmark games.

It’s the most coveted job in Australian sport — and just a month after the departure of Sports Australia chairman John Wylie, the list of contenders to replace him stretches from an AGL directors to the former chairman of Qantas.

Page 9: Joe Biden has appointed a national security team full of experienced Washington insiders, signalling a sharp move back to a more traditional US foreign and security policy.

Page 13: The chief investment officers of major super funds with some $500bn in funds under management have called on the federal government to revise proposed investment benchmarks for MySuper accounts, announced in the October budget.

Page 15: The COVID-19 pandemic has hit Brickworks’ US division, forcing the building materials supplier to slow down operations in some of its plants as its staff battle the virus and the business struggles to source alternative employees.

Page 16: Energy-hungry South Korea could not be more confident about Australia’s future as a giant exporter of green hydrogen.

Page 21: Scott Morrison has called out the lack of co-operation between business and universities, urging more collaboration to realise the full benefits of Australia’s “worldclass science”.

The West Australian

Page 5: Federal MPs have welcomed Qantas boss Alan Joyce’s proposal for a “no COVID vaccination, no flight” policy, with Nationals deputy leader David Littleproud saying it was likely some countries would make it a condition of their visas.

Page 6: Sixteen years after he handed John Howard a business card emblazoned with the words “Future Prime Minister”, Zak Kirkup has taken a major step towards becoming a future premier — promising to usher in a generational change as WA Liberal Party leader.

Page 9: The ALP is calling for an urgent and targeted youth recovery strategy to give young people struggling with the COVID-19 pandemic the prospect of a better future.

Page 10: New daycare centres run from family homes will be banned from having pools, spas and water features on their properties after the drowning of a toddler who was left unsupervised in Perth’s northern suburbs.

Page 11: Chanel — one of the world’s most luxurious brands — has put its faith in WA with a multimillion-dollar investment that is likely to create the city’s biggest high-end retail store.

Page 24: Some school leavers took the first night of celebrations a little too far — with visits to the Dunsborough schoolies medical tent almost 50 per cent higher than last year’s figures.

Business: WA’s peak industry body for startups has enlisted the help of leading entrepreneurs to shape the long-term strategy and attract more funding to the burgeoning sector.

Australians are opting to cash in credit card points for grocery vouchers and gift cards instead of retaining rewards to spend on flights.

Clive Palmer has crowned himself WA’s royalties king, usurping Angela Bennett and Gina Rinehart as the top beneficiary of Pilbara iron ore entitlement payments.

Australia’s biggest grain handler has smashed its own daily receival record, after more than 528,000 tonnes were delivered across its network on Monday.

Telstra chief Andy Penn says the telco giant will bring a fresh set of eyes and a trusted brand already in people’s homes to the energy market as it explores launching an electricity offer.

Monadelphous is still waiting on Rio Tinto’s writ for a near-$500 million damages action it is pursuing over a fire last year at an iron ore processing plant at Cape Lambert.