Morning Headlines

Andrew Forrest’s family office Tattarang is seeking buyers for Perth’s Roe Highway Logistics Park, just three years after launching it with two WA property developers. The Fin

PM to China: lift the trade bans

China should dump its tariffs on Australian exports if it was serious about mending relations with Canberra, Anthony Albanese has suggested, as he reassured the region that a change of government in Australia should not be mistaken for a change in the nation’s resolve to seek regional peace and stability. The Fin

Our tax burden among the highest in the developed world

Australia is the fourth-highest income-taxing country in the developed world, according to the latest annual report from the OECD. The Fin

Facebook pays $24m tax on $1.1bn revenue

The local arm of US tech giant Facebook paid just $24m in tax last year, despite raking in advertising revenue of $1.1bn – most of which was sent offshore, according to financial results filed with Australia’s corporate regulator. The Aus

The $200m COVID facility with no use

A Commonwealth-funded $200 million quarantine facility in Perth’s north looms as an expensive white elephant, with Mark McGowan admitting he is unsure about what to do with the compound once construction is complete in the middle of the year. The West

Unions propose limits to skilled migrant influx

Unions are pushing back against business demands for higher immigration to relieve talent shortages by insisting the minimum income for temporary skilled visa holders should be lifted to well above $90,000. The Fin

Carbon credit price surges

Australian carbon credit prices have staged a major recovery after Labor’s electoral win but uncertainty still lingers over the medium-term outlook as investors and Australia’s biggest companies wait for details on more aggressive emissions reduction goals, including a tougher “safeguard mechanism”. The Aus

One in five professionals changed jobs last year amid talent dip

Almost one in 10 workers changed jobs last year as Australia’s tight labour market sparked what has been dubbed a great reshuffle, while the potential pool of workers shrank at the same time. The Fin

Surging gas prices raise fears of crisis

A doubling in wholesale gas prices this month, coming on top of electricity forward prices that have risen up to fivefold in 12 months, has triggered fears of an energy price crisis similar to Europe’s and led to warnings that the new Labor government will fall short of targeted price reductions. The Fin

FIFOs hit by COVID curbs

FIFO workers at Roy Hill have been banned from visiting Port Hedland and South Hedland under some of the strictest COVID measures in the industry.

The Australian Financial Review

Page 1: China should dump its tariffs on Australian exports if it was serious about mending relations with Canberra, Anthony Albanese has suggested, as he reassured the region that a change of government in Australia should not be mistaken for a change in the nation’s resolve to seek regional peace and stability.

Page 7: Unions are pushing back against business demands for higher immigration to relieve talent shortages by insisting the minimum income for temporary skilled visa holders should be lifted to well above $90,000.

Almost one in 10 workers changed jobs last year as Australia’s tight labour market sparked what has been dubbed a great reshuffle, while the potential pool of workers shrank at the same time.

Page 9: Funds under management in the industry super sector have surpassed $1 trillion for the first time, despite a rout in global equity markets causing the super system to contract in March for the first time in two years.

Page 10: The first job for Labor ahead of implementing its $5.4 billion landmark childcare plan will be to find a mechanism through which the competition watchdog can stamp out price gouging, according to former South Australian premier Jay Weatherill.

Page 11: Greens leader Adam Bandt has urged Labor to ditch its ‘‘my way or the highway’’ approach to climate policy and said waving through gas projects such as Scarborough in Western Australia and the Northern Territory’s Beetaloo would overwhelm the new government’s ‘‘weak’’ emissions targets.

Page 12: Acute staff shortages and recruitment delays are forcing federal public sector agencies to poach staff from each other, amid calls for the public service to offer better flexibility to attract the talent needed for the new government, as it competes for talent with private white-collar firms.

Page 13: Passion is the driving force behind degree choice for school-leavers, who put their chances of getting a job on graduation a distant second.

Page 18: A doubling in wholesale gas prices this month, coming on top of electricity forward prices that have risen up to fivefold in 12 months, has triggered fears of an energy price crisis similar to Europe’s and led to warnings that the new Labor government will fall short of targeted price reductions.

Page 20: Andrew Forrest’s family office Tattarang is seeking buyers for Perth’s Roe Highway Logistics Park, just three years after launching it with two WA property developers.

Page 25: Labor’s election win sets the scene for a massive flow of institutional capital into Australia’s power and industrial sector to achieve decarbonisation goals, as long as rules are put in place to provide the certainty needed for long-term investments, says the head of a major infrastructure investor in Britain and the US.

The Australian

Page 4: Australia is the fourth-highest income-taxing country in the developed world, according to the latest annual report from the OECD.

Page 6: Traditionally pro-Liberal Chinese-Australians abandoned the Coalition in large numbers over the Morrison government’s anti-Beijing rhetoric, helping Labor and independents win victory in key marginal seats.

Page 7: Paul Keating says the “cultural warriors” and “zealots” in the Liberal Party who tried to put a “wrecking ball” through superannuation have paid the ultimate price by losing their seats and contributing to the defeat of Scott Morrison’s government.

Page 8: First-time independent MPs are more likely than not to win a second term, suggesting most of the newly elected super-sized cross-bench will become part of the furniture in Canberra.

Page 15: Australian carbon credit prices have staged a major recovery after Labor’s electoral win but uncertainty still lingers over the medium-term outlook as investors and Australia’s biggest companies wait for details on more aggressive emissions reduction goals, including a tougher “safeguard mechanism”.

Page 17: The local arm of US tech giant Facebook paid just $24m in tax last year, despite raking in advertising revenue of $1.1bn – most of which was sent offshore, according to financial results filed with Australia’s corporate regulator.

Page 18: Telstra has joined a growing chorus of retailers criticising NBN Co’s plan to increase prices, describing the move as a failure and a wasted opportunity after rival telco TPG called the hike ‘‘a slap in the face’’ for consumers.

The West Australian

Page 8: WA is facing a shortage of about 20,000 homes within four years, with fears this will keep local house prices rising.

Page 11: FIFO workers at Roy Hill have been banned from visiting Port Hedland and South Hedland under some of the strictest COVID measures in the industry.

Page 20: A Commonwealth-funded $200 million quarantine facility in Perth’s north looms as an expensive white elephant, with Mark McGowan admitting he is unsure about what to do with the compound once construction is complete in the middle of the year.

A sector-leading domestic violence support policy and a pledge to end the gender pay gap are among the employee entitlements Imdex has introduced to attract and retain workers amid WA’s skills crunch.

Westgold Resources executive director Wayne Bramwell will become chief executive after the sudden departure of Debbie Fullarton.

WA-based brewer Good Drinks Australia has sealed a deal with a global beverage behemoth to become the exclusive distributor of big-name international beers into a rapidly growing Australian market.

Wesfarmers’ Mt Holland lithium project is tipped to deliver $6 a share to investors, helping offset its reliance on its retail businesses amid consumer headwinds.

Farmers are seeking urgent action to fix crippling worker shortages in the agricultural sector, with industry heavyweights calling for an “emergency taskforce” to fast-track skilled immigration.

Bitcoin could drop further and fall to $US8000 ($11,300) from its current levels, Guggenheim chief investment officer Scott Minerd has predicted.

Long considered part of the problem for sustainability, the mining industry is now seen as a critical part of the solution.