13/05/2021 - 07:00

Morning Headlines

13/05/2021 - 07:00

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Battle over high-income tax cuts

The federal government has not ruled out a further extension of the $7.8 billion temporary tax rebate for low- and middle-income earners but says it must be wound up before the permanent stage three tax cuts, which include breaks for high-income earners, begin in 2024. The Fin

The jab is not vital to reviving economy

A stalled COVID-19 vaccination rollout would “not have a material impact” on the Budget, according to Scott Morrison, who last night played down the importance of the immunisation program to the nation’s finances. The West

Bain eyes Crown and InfraBuild

Only months after striking a $3.5bn agreement to buy collapsed airline Virgin Australia, Bain Capital appears to be back in deal-making mode, with both Crown Resorts and InfraBuild in its sights. The Aus

Public service staff count to rise by 5000

Seven years of tight control over federal public service staffing levels have been relaxed, with the headcount set to rise by more than 5000 after the government abandoned its historic 2006-07 benchmark for controlling public sector costs. The Fin

Keep reform drive going: CEOs

Chief executives of the nation’s top companies are urging the government to remain committed to structural economic reform and a clear timeline for opening international borders, even as they backed the budget’s focus on driving new business investment and creating jobs. The Aus

AAA rating ‘likely’ to be downgraded

Commonwealth Bank of Australia is warning Australia could lose its coveted AAA credit rating as soon as September, with forecasts for persistent budget deficits over the next decade putting government debt on a trajectory inconsistent with a top-tier rating. The Fin

‘Patent box’ tax scheme tipped to spur medical, biotech innovation

The country’s innovation giants say tax breaks for profits generated on local intellectual property will nurture high-value, local jobs and foster new companies, despite Australia still offering significantly weaker incentives than countries such as Britain and Singapore. The Fin

Carsales targets work and play vehicles in $800m US deal

Carsales.com has made a bold move into the US recreational and industrial vehicles and equipment market with a $US624 million ($800 million) offer to acquire 49 per cent of an online caravan, truck, equipment and motorbike listings group. The Fin

Mayor’s $350k job leak claim

Confidential recruitment information was allegedly leaked to a candidate in the running for a $350,000 job with the City of Canning, prompting its mayor to call for a corruption probe into his own council. The West

Chris Brown’s account balance couldn’t stop bankruptcy

WA’s biggest pork producer has been given the green light to build an artificial insemination centre at Bullsbrook, but animal activists are putting up a fight. The West

 

 

The Australian Financial Review

Page 1: The federal government has not ruled out a further extension of the $7.8 billion temporary tax rebate for low- and middle-income earners but says it must be wound up before the permanent stage three tax cuts, which include breaks for high-income earners, begin in 2024.

Page 5: Qantas has pushed back its expected restart date for international travel until December as tourism operators deal with the prospect of Australia not fully reopening its borders until mid-2022.

The country’s innovation giants say tax breaks for profits generated on local intellectual property will nurture high-value, local jobs and foster new companies, despite Australia still offering significantly weaker incentives than countries such as Britain and Singapore.

Page 12: Prime Minister Scott Morrison has placed the burden of responsibility for getting students back on campuses squarely at the feet of universities and state governments, telling senior figures in the sector he cannot predict when the borders will reopen.

Page 15: Commonwealth Bank of Australia is warning Australia could lose its coveted AAA credit rating as soon as September, with forecasts for persistent budget deficits over the next decade putting government debt on a trajectory inconsistent with a top-tier rating.

The budget aimed to drive unemployment below 5 per cent over the next two years, and while jobs ads are at record highs, economists say barriers in the labour market will hinder that objective.

Page 16: Seven years of tight control over federal public service staffing levels have been relaxed, with the headcount set to rise by more than 5000 after the government abandoned its historic 2006-07 benchmark for controlling public sector costs.

Page 21: Carsales.com has made a bold move into the US recreational and industrial vehicles and equipment market with a $US624 million ($800 million) offer to acquire 49 per cent of an online caravan, truck, equipment and motorbike listings group.

Page 22: Despite KKR’s Australian Venue Co and Luye Group’s Aurora Healthcare both pulling their floats this week – sending a wobble through the IPO market – copper miner 29Metals looks to be pressing on with its listing plans.

Investment bank Jarden Australia is expected to be tapped to defend building materials group Boral Ltd.

Page 25: Building products group CSR expects the detached housing market to remain strong well into calendar 2022 and that renovators will keep spending with gusto because of the shift to working from home.

 

 

The Australian

Page 1: NSW will begin accepting international students within months and act without the commonwealth to revive its ailing education industry, after police and health officials signed off on a plan to accept arrivals using a quarantine system likely to be paid for by the university sector.

Page 4: Pandemic-era government spending will become entrenched in a “new pattern” of fiscal largesse from conservative governments, according to former Reserve Bank board member John Edwards.

Page 6: Anthony Albanese will back young entrepreneurs in his budget reply speech on Thursday night, as Labor moves to bolster its credentials as a party of aspiration and economic growth.

Page 7: Unions will press for higher wages across the construction, manufacturing, education and public sectors, declaring that pressure to pursue pay rises was building across industries where organised labour and workers had bargaining power.

Page 8: The West Australian gambling regulator’s chief casino officer at the time hundreds of millions of dollars were being laundered through Crown’s Perth casino sold a boat to a friend in Crown’s legal and compliance team but did not believe the transaction represented a conflict of interest.

Page 15: Chief executives of the nation’s top companies are urging the government to remain committed to structural economic reform and a clear timeline for opening international borders, even as they backed the budget’s focus on driving new business investment and creating jobs.

Page 16: Only months after striking a $3.5bn agreement to buy collapsed airline Virgin Australia, Bain Capital appears to be back in deal-making mode, with both Crown Resorts and InfraBuild in its sights.

Page 19: The superannuation industry has welcomed the government’s move to scrap the $450 income threshold for super but has criticised its failure to introduce super payments for parental leave, declaring it “a missed opportunity”.

 

 

The West Australian

Page 3: The drum-line trial to catch and release sharks lurking near South West beaches will end this month — after snaring just two white sharks over two years.

Page 8: A stalled COVID-19 vaccination rollout would “not have a material impact” on the Budget, according to Scott Morrison, who last night played down the importance of the immunisation program to the nation’s finances.

Page 11: The Federal Government still has not implemented tough COVID-19 testing rules on Australians returning from global virus hot spots, despite a National Cabinet agreement almost three weeks ago.

Page 24: Confidential recruitment information was allegedly leaked to a candidate in the running for a $350,000 job with the City of Canning, prompting its mayor to call for a corruption probe into his own council.

Business: An Aboriginal corporation and its former boss have pleaded not guilty to a string of animal cruelty charges related to a 2018 incident when hundreds of cattle died at a Kimberley station.

Iron ore’s stunning surge won’t fade anytime soon because buyers remain nervous about being caught short as global demand accelerates amid lingering supply threats, according to a veteran commodities trader.

Betting whiz-kid Chris Brown tried to avoid being declared bankrupt this week by offering evidence that he could withdraw up to $10 million at a time from his NAB sharetrading account.

WA’s biggest pork producer has been given the green light to build an artificial insemination centre at Bullsbrook, but animal activists are putting up a fight.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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