17/12/2020 - 06:47

Morning Headlines

17/12/2020 - 06:47

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Morning Headlines

New wave of projects tipped to drive record job opportunities

The number of people working in the State’s surging resources sector will eclipse the peak of the mining boom by the end of 2022, according to modelling by the Australian Resources and Energy Group AMMA. The West

Iron ore, JobKeeper trim deficit

The sustained surge in the price of iron ore and a sharper-than-expected decline in demand for the JobKeeper wage subsidy will add more than $10 billion to the budget bottom line and help bring the forecast deficit for this financial year back under $200 billion. The Fin

Business migrants face tougher investment visa rules

Business migrants will face tougher requirements under changes to investment visas that have so far drawn in at least $12 billion from mostly Chinese nationals. The Fin

Forrest win in fight to keep miner off station

Fortescue Metals Group chairman Andrew Forrest has scored another legal victory in his fight to keep a sand miner off his family’s much-loved Minderoo cattle station – this time because a prospecting tenement was not marked out correctly. The Fin

Australia’s top chief executives support a hybrid work model

The majority of Australia’s top CEOs accept that the pandemic has changed the way corporate Australia works, with flexible work arrangements likely to become a permanent feature of many workplaces. The Fin

Roger that! Public’s Cook call

Roger Cook is the people’s choice to be WA’s next treasurer, should Labor retain government at the State election in March. The West

Rio Tinto open to Chinese steel makers’ price complaints

Rio Tinto says it is open to the evolution of the market-based mechanism used to set the price of iron ore, as China’s powerful steel-making industry body demanded miners develop a new pricing model as prices surge. The Fin

Gig economy boom has pension side effects

Few gig workers are paying money into superannuation funds, which could put further strain on the government-funded age pension, a new study shows. The Fin

Canberra puts barley tax in WTO sights

The Morrison government has launched the first of what looms as a series of World Trade Organisation challenges to China’s trade sanctions against Australian exporters in a bid to send a message to Beijing to change its ‘‘systemic’’ campaign of punishment. The Fin

Rex earns a rap for disclosure failures

Regional Express has been given a dressing down by the corporate watchdog for failing to tell investors of ambitious plans to spread its wings into capital city services before they were reported in national media. The West

 

 

 

The Australian Financial Review

Page 1: The sustained surge in the price of iron ore and a sharper-than-expected decline in demand for the JobKeeper wage subsidy will add more than $10 billion to the budget bottom line and help bring the forecast deficit for this financial year back under $200 billion.

Business migrants will face tougher requirements under changes to investment visas that have so far drawn in at least $12 billion from mostly Chinese nationals.

Page 3: About two-thirds of superannuation funds made a loss over the 12 months to June, according to the latest data from the prudential regulator, raising questions about the value of active funds management.

Few gig workers are paying money into superannuation funds, which could put further strain on the government-funded age pension, a new study shows.

Page 4: The Morrison government has launched the first of what looms as a series of World Trade Organisation challenges to China’s trade sanctions against Australian exporters in a bid to send a message to Beijing to change its ‘‘systemic’’ campaign of punishment.

Rio Tinto says it is open to the evolution of the market-based mechanism used to set the price of iron ore, as China’s powerful steel-making industry body demanded miners develop a new pricing model as prices surge.

Australia’s Foreign Investment Review Board is failing to provide reasons for blocking Chinese investment, and sparking tensions making it harder for local companies to raise funds, according a mining industry lobby group.

Page 6: Australia’s success in flattening the COVID-19 curve and maintaining a firewall around incoming international arrivals looks set to exclude locally developed rapid testing technology from the nation’s virus management.

Page 8: The competition watchdog’s home loan pricing inquiry used an ‘‘apples and oranges’’ comparison to inflate by more than $10,000 how much borrowers could save by shopping around for a better deal.

Patients presenting at hospital fell by 38 per cent at the onset of the COVID-19 pandemic, with the health effect from physical distancing service restrictions likely to be felt for years.

Page 10: The majority of Australia’s top CEOs accept that the pandemic has changed the way corporate Australia works, with flexible work arrangements likely to become a permanent feature of many workplaces.

Page 14: Asia has led the world in managing the pandemic and now the region is set to lead the global recovery, according to Mari Pangestu, the World Bank’s managing director for development policy and partnership.

Page 15: Australia is heading for a new annual record on LNG exports after Queensland’s three plants collectively exceeded their rated production capacity for the first time, but a price slump means revenue will be lower.

Page 17: Freedom Foods Group is close to hiving off its cereals and snacks business for about $30 million to private equity giant KKR after extending its trading suspension for a second time – this time into January.

Page 18: BHP and Brazilian miner Vale look set to bring more supply into the booming iron ore market, with the gradual restart of the infamous Samarco operation underway.

Page 19: The private company behind a gold discovery in Western Australia is looking to list on the London Stock Exchange, where it says opportunities for investors to gain exposure to the precious metal are thin on the ground.

Page 20: The corporate watchdog has banned Regional Express from using special disclosure waivers, after the airline failed to inform the market of its plan to launch domestic flights before it told journalists earlier this year.

Page 21: Fortescue Metals Group chairman Andrew Forrest has scored another legal victory in his fight to keep a sand miner off his family’s much-loved Minderoo cattle station – this time because a prospecting tenement was not marked out correctly.

 

 

The Australian

Page 1: Australia’s economic resurgence has shaved $11.2bn off the projected cost of JobKeeper payments, with 640,000 fewer people expected to need wage subsidy support in the final three months of the year ahead of the COVID-19 welfare package ending in March.

Page 4: Opposition resources spokesman Ed Husic tried to include a supportive reference to the coal industry in Labor’s draft policy platform but his request was blocked by a senior Left faction figure because it was lodged half a day late.

Page 6: Aged Care Minister Richard Colbeck says he wants to retain his portfolio ahead of the looming Morrison government cabinet reshuffle despite the sector experiencing enormous difficulties during the pandemic, including the deaths of almost 700 nursing home residents.

Trust in the federal government is at its highest since at least 2007 and Australians have overwhelmingly backed their governments’ handling of the COVID crisis.

One in five businesses is struggling to find suitably skilled workers, while almost one in six reports not having enough staff.

Page 13: Australian super funds are on track to end the year in positive territory, with returns buoyed by a 4.9 per cent sharemarket boost in November.

Crown Resorts will begin opening the non-gaming areas of its Barangaroo resort in Sydney from December 28 — just in time for New Year’s Eve — after being given the go-ahead by the NSW Independent Liquor and Gaming Authority on Wednesday.

Page 17: Australia’s $130bn eftpos platform has outlined a sweeping plan to boost digital purchases and fraud protection online, while also piloting the use of QR codes for payments.

 

 

The West Australian

Page 11: Treasury is bracing for much lower iron ore prices in expectation of China buying less Australian ore and other world markets opening up.

Page 14: Roger Cook is the people’s choice to be WA’s next treasurer, should Labor retain government at the State election in March.

Landlords whose tenants have fallen behind in rent will be eligible for double the government assistance available to their renters under an expansion of the McGowan Government’s coronavirus relief scheme.

Page 15: Thousands of Christmas reunions hang in the balance after three new COVID-19 cases on opposite sides of Sydney sparked fears of a new outbreak — and a return of WA’s hard border with NSW.

Page 16: About 400 households will have their power prices slashed during non-peak periods but more than doubled in the evenings as part of a trial that could be a blueprint for the future of residential energy charges in WA.

Business: China could be forced into mediation with Australia as the fight against the Asian superpower’s crippling tariffs on barley heads to the independent umpire for trade.

The number of people working in the State’s surging resources sector will eclipse the peak of the mining boom by the end of 2022, according to modelling by the Australian Resources and Energy Group AMMA.

Sundance Resources’ long-held dream of developing a world-class iron ore project in Africa appears doomed after the Republic of Congo unexpectedly withdrew the company’s mining permit.

Jittery shareholders sent shares in GWR Group seesawing yesterday, with the iron ore hopeful revealing it had chalked up a new offtake agreement while terminating a joint-venture gold agreement.

Regional Express has been given a dressing down by the corporate watchdog for failing to tell investors of ambitious plans to spread its wings into capital city services before they were reported in national media.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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