Morning Headlines

RBA loses ‘patience’ on rate rise

The Reserve Bank of Australia has abandoned its language of patience and signalled it could begin raising its record low 0.1 per cent cash rate in June if upcoming data show accelerating inflation and wages growth. The Fin

Decision looms for Dorado project

Federal Resources Minister Keith Pitt says a production licence granted by the Commonwealth for the $2 billion Dorado oil project is a win for Australia’s future energy security. The West

Spending spree beats forecast by $60b a year

Spending on defence, aged care and the NDIS has left government outlays more than $60 billion a year higher than forecast in 2019, and economists say there needs to be a national conversation about how to pay for it. The Fin

David Jones owner dismisses speculation of Australian exit

Woolworths Holdings of South Africa – the owner of department store David Jones and the Country Road Group – has dismissed speculation it is planning to exit its Australian operations. The Fin

New rules ‘to boost crypto trading’

Cryptocurrency is fast maturing into an asset class as mainstream as stocks and other securities, according to BTC Markets chief executive Caroline Bowler, with adoption by Australian investors set to soar as the federal government moves to make the nation one of the top five jurisdictions globally for crypto. The Aus

Security’s at top of agenda for Treasurer

Treasurer Josh Frydenberg placed national security at the centre of his pitch to WA voters during a whirlwind visit to the State, declaring there was a “brewing battle between autocracies and democracies” that necessitated big increases in defence spending. The West

Ambos use old contact protocols

Health Minister Amber-Jade Sanderson has revealed healthy paramedics are unnecessarily stuck in quarantine because St John Ambulance won’t adopt the relaxed close contact rules for critical workers. The West

Food price inflation to continue to soar

Supermarket prices are expected to keep soaring, with food price inflation “well and truly under way in Australia”. The West

ASIC sues Macquarie over ‘failures’

The corporate regulator has taken Macquarie Bank to court, alleging it failed to adequately monitor and control third-party transactions on customer cash management accounts after a financial adviser was jailed for unauthorised access. The West

P&N chief sees more bank mergers

Perth-headquartered P&N Group has an appetite for more mergers and acquisitions as Australia’s community-owned banks look for further growth. The WEst

The Australian Financial Review

Page 1: The Reserve Bank of Australia has abandoned its language of patience and signalled it could begin raising its record low 0.1 per cent cash rate in June if upcoming data show accelerating inflation and wages growth.

Page 3: Digicel executives have fled Papua New Guinea to avoid potential jail time for failing to pay a one-off $130 million tax imposed on the Pacific telco, which Telstra is in the process of buying.

Australia has hit a vaccine ceiling and the government has not worked out how to break through it to get more people to have their COVID-19 boosters before winter arrives.

Page 4: Spending on defence, aged care and the NDIS has left government outlays more than $60 billion a year higher than forecast in 2019, and economists say there needs to be a national conversation about how to pay for it.

Page 6: Australia’s foreign investment rules are too restrictive and lag most OECD nations, holding the country back from higher wages and reduced inequality, Labor frontbencher Andrew Leigh says.

Page 15: Five years after stalking BHP in the most high-profile activist investing campaign in ASX history, the $48 billion investment giant Elliott Management is returning to Australia to back specialist health and education private equity fund HEAL Partners.

The $2.4 billion takeover bid by Perpetual of long-time rival Pendal in a pressured stock-picking environment could land the merged group in a position without scale or specialisation.

Page 17: Crooks are hijacking the identities of Australian stockbrokers and their employees to lure retail investors into punting on questionable forays into S&P500 and Nasdaq-listed shares.

Page 18: Woolworths Holdings of South Africa – the owner of department store David Jones and the Country Road Group – has dismissed speculation it is planning to exit its Australian operations.

The Australian

Page 1: Australia, the United States and Britain will work together to fast-track the development of hypersonic missiles in a bid to catch up with China and Russia, which have surged ahead of the US in the race to master the cutting-edge military technology.

Page 2: People with disabilities are set to get care in their homes faster under a suite of changes being put in place on Wednesday, which will also ensure they don’t see their care suddenly cut back.

Food and other consumer goods face further price rises after the Morrison government effectively cut off heavy vehicle operators from significant fuel excise relief.

Page 6: Spanish shipbuilding giant Navantia has launched a pre-election pitch to build the Australian  Defence Force three more of its air warfare destroyers within a decade, in a plan that would dramatically expand the nation’s long-range strike capability.

Australia has signed a deal with NASA to enhance the observation of Earth and help forecast weather and climate changes.

Page 16: Cryptocurrency is fast maturing into an asset class as mainstream as stocks and other securities, according to BTC Markets chief executive Caroline Bowler, with adoption by Australian investors set to soar as the federal government moves to make the nation one of the top five jurisdictions globally for crypto.

The West Australian

Page 4: Treasurer Josh Frydenberg placed national security at the centre of his pitch to WA voters during a whirlwind visit to the State, declaring there was a “brewing battle between autocracies and democracies” that necessitated big increases in defence spending.

Wanneroo Sports and Social Club has been promised a $300,000 facelift if Anthony Albanese wins next month’s election — the latest in a string of election commitments targeting key seats that Labor hopes to wrestle off the Liberals.

Page 5: Curtin University is among the organisations to receive a share of $50 million to help young people get on the right track by participating in a program that aims to reduce crime, antisocial behaviour and reoffending.

Page 10: Mark McGowan expects Optus Stadium will welcome 60,000 rugby fans when the Wallabies clash with England in early July — but continues to resist putting a time line on the shedding of vaccine passports, mask wearing and G2G passes.

Page 11: Health Minister Amber-Jade Sanderson has revealed healthy paramedics are unnecessarily stuck in quarantine because St John Ambulance won’t adopt the relaxed close contact rules for critical workers.

Business: The State Government is closing a legal loophole preventing the Family Court of WA from forcing the sharing of superannuation in the bust-up of de facto partners.

BGC is back on the market, four years after it first attempted a sale, with chief executive Daniel Cooper tipping the building products and housing empire will now attract global interest.

Supermarket prices are expected to keep soaring, with food price inflation “well and truly under way in Australia”.

Wesfarmers is selling down its stake in Coles Group, offloading about $500 million worth of shares in the supermarket chain through stockbroker Barrenjoey.

Federal Resources Minister Keith Pitt says a production licence granted by the Commonwealth for the $2 billion Dorado oil project is a win for Australia’s future energy security.

The corporate regulator has taken Macquarie Bank to court, alleging it failed to adequately monitor and control third-party transactions on customer cash management accounts after a financial adviser was jailed for unauthorised access.

Australian startups have amassed $3.6 billion in venture capital funding in the first quarter of 2022, breaking the record for the most capital raised in a quarter.

Perth-headquartered P&N Group has an appetite for more mergers and acquisitions as Australia’s community-owned banks look for further growth.