14/12/2020 - 06:49

Morning Headlines

14/12/2020 - 06:49

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Morning Headlines

WA economy now firing on all cylinders

WA’s economy is bouncing back from COVID-19 faster than expected, with Treasury officials revising up forecast growth in today’s mid-year economic review. The West

Car-free wish for Cockburn

A $1 billion development in Cockburn Central is set to deliver nearly 20 new towers up to 17 floors high, and create Perth’s biggest car-free residential zone. The West

Iron ore in China tensions

Trade tensions are threatening to spill over into iron ore as Chinese steel mills demand a probe into the price surge that has generated unexpected windfalls for Australia and its miners. The West

$1b race to buy property

WA’s property market is surging, with owner-occupiers borrowing record amounts for housing, forking out about $1 billion more in October compared with six months and a year ago. The West

Afterpay deal helps lift sales, says eBay

Afterpay is targeting online retail websites as a source of customer growth and is hopeful a partnership with eBay in Australia may be extended into the United States. The Fin

CCIWA says payroll tax reform is ‘desperately’ needed

The Chamber of Commerce and Industry WA says there should be a new payroll tax threshold of $1.2 million and a 15 per cent rebate on payroll tax liability for businesses with taxable wages below $4 million. The West

Adviser exits hit IOOF ambitions with MLC

Financial advisers have fled the IOOF and MLC networks at double the average industry rate since the two wealth giants unveiled their mega-merger in August, posing a potential threat to the combined group’s ambition to overtake rival AMP. The Fin

Labor’s health policy overhaul

The Australian cruise industry is threatening mutiny over the federal government’s cruise ship ban, which it claims has already cost $2bn in lost economic output nationally, and will cost a further $3bn as the suspension continues through the summer peak. The Aus

Making waves as mining sector booms

As a barometer of the health of the mining industry and the strength of the Western Australian economy, Dan Joyce’s jetski dealership in the Perth suburb of Ascot is as good as any. The Aus

Recovery, but challenges remain

Australia is well on track to put the pandemic-induced recession behind it as unprecedented stimulus from government and the Reserve Bank has the economy on a fasterthan-expected growth path, the nation’s top chief executives say. The Aus

 

 

The Australian Financial Review

Page 1: Australia’s top chief executives believe US President-elect Joe Biden can usher in a new era of stability on the world stage that may help repair Australia’s fractured relationship with China and have expressed relief at the end of Donald Trump’s reign in the White House.

Page 3: Labor successfully amended the Morrison government’s omnibus bill, which tackled a host of recommendations from Kenneth Hayne’s royal commission, solely to extend the time it will be legal for industry superannuation funds to use members’ savings to pay penalties for civil or criminal breaches of the Corporations Act.

The Morrison government should abandon plans to introduce a ‘‘regulatory kill switch’’ that gives it powers to ban spending by superannuation trustees, the lobby group for industry superannuation funds says.

Page 4: China and the European Union have joined Britain in setting steep targets to cut carbon emissions by 2030 at a United Nations summit on the weekend that will add to pressure on the Morrison government to step up its targets and deadlines.

Page 8: Peak unemployment will be forecast down in this week’s budget update, while revenue is expected to be forecast up due to a booming iron ore price and Australia’s success in handling the coronavirus pandemic.

Page 11: Donald Trump’s increasingly absurdist attempt to overthrow the 2020 election result hit a brick wall of Supreme Court contempt over the weekend ahead of the final Electoral College vote that will declare Joe Biden the country’s next president.

Page 15: Financial advisers have fled the IOOF and MLC networks at double the average industry rate since the two wealth giants unveiled their mega-merger in August, posing a potential threat to the combined group’s ambition to overtake rival AMP.

Page 17: Retail shareholders in Bega Cheese who have some spare cash are in line for a windfall on paper as the retail component of a capital raising to help pay for the Lion dairy and drinks portfolio heads towards its final stages.

Page 18: Afterpay is targeting online retail websites as a source of customer growth and is hopeful a partnership with eBay in Australia may be extended into the United States.

 

 

The Australian

Page 1: Chris Bowen has flagged a major overhaul of Labor’s approach to health policy ahead of the election, including bringing more young people into the private system and reforming Medicare without large spending increases.

The Australian cruise industry is threatening mutiny over the federal government’s cruise ship ban, which it claims has already cost $2bn in lost economic output nationally, and will cost a further $3bn as the suspension continues through the summer peak.

Page 4: Three former soldiers now sitting in federal parliament say Australia needs to dump the European-designed ARH Tiger armed reconnaissance helicopter and buy American.

Page 6: Chinese trade aggression will provide a multi-billion dollar boost to the government’s budget bottom line, as the threat of trade sanctions against Australian exports helps drive the iron ore price to seven-year highs and enrich government coffers.

As a barometer of the health of the mining industry and the strength of the Western Australian economy, Dan Joyce’s jetski dealership in the Perth suburb of Ascot is as good as any.

Page 13: Australia is well on track to put the pandemic-induced recession behind it as unprecedented stimulus from government and the Reserve Bank has the economy on a faster-than-expected growth path, the nation’s top chief executives say.

Page 15: The nation’s lenders are facing their biggest trust crisis since the banking royal commission, with a new report showing just 29 per cent of Australians trust their bank to look after their financial wellbeing.

Page 16: The $700bn industry fund sector has sharpened its attack on the Morrison government’s proposed superannuation legislation, saying the changes would help its rivals in the retail sector skim up to $10bn a year in returns from fund members regardless of investment performance.

 

 

The West Australian

Page 3: WA’s economy is bouncing back from COVID-19 faster than expected, with Treasury officials revising up forecast growth in today’s mid-year economic review.

Tens of thousands of Britons have already been inoculated against COVID-19, while European regulators appear no closer to approving the life-saving jab.

Page 8: A $1 billion development in Cockburn Central is set to deliver nearly 20 new towers up to 17 floors high, and create Perth’s biggest car-free residential zone.

Page 9: WA’s property market is surging, with owner-occupiers borrowing record amounts for housing, forking out about $1 billion more in October compared with six months and a year ago.

Almost nine out of 10 visits to the doctor across Australia have been provided at no cost to the patient.

Business: WA’s best known shoe brand, Betts, may have weathered the 2020 retail storm that claimed Perth rival Zomp but boss Todd Wilner does not believe it has seen the end of the slowdown.

The Chamber of Commerce and Industry WA says there should be a new payroll tax threshold of $1.2 million and a 15 per cent rebate on payroll tax liability for businesses with taxable wages below $4 million.

Trade tensions are threatening to spill over into iron ore as Chinese steel mills demand a probe into the price surge that has generated unexpected windfalls for Australia and its miners.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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