Morning Headlines

Miners ride surging raw materials demand

Mineral Resources said the price of lithium concentrate from its Mt Marion mine near Kalgoorlie lifted 35 per cent in the June quarter to a record $US2645 a tonne as fellow West Australian lithium miner Pilbara Minerals pointed to exceptionally strong market demand for battery raw materials. The Aus

Gas supply crisis set to worsen in 2023, says ACCC report

Australia’s energy and industry sectors face a material shortfall in domestic gas supplies next year, according to a competition watchdog report that will put pressure on federal Labor and Victoria’s state government to boost production. The Fin

Fortescue hands FFI a $1bn war chest after record exports

Fortescue Metals’ green energy subsidiary has a $1bn war chest left over from record profit in the 2021 financial year, with Andrew Forrest’s hydrogen outfit tipped to spend as much as another $1bn this year on its ambitions. The Aus

Business calls for immediate growth stimulus

Business Council of Australia chief executive Jennifer Westacott is pushing the Albanese government to move immediately on short-term fixes that deliver “quick results” and drive economic growth in the face of worsening inflationary pressures. The Aus

Regulator slaps big energy with $35m in fines

The Australian Energy Regulator has secured a record $35 million in civil penalties against big energy companies, including Origin Energy, EnergyAustralia and Alinta Energy, for a range of breaches, including failing to help customers in financial difficulties. The Fin

Uber to offer EV option in Australia from 2023

Uber will offer a new service in Australia early next year allowing riders to choose fully electric vehicles as the ride-share group pushes ahead with plans to reach net zero emissions globally by 2040. The Fin

Australians return to private health insurance as Covid continues

Amid rising interest rates and warnings of an economic slowdown, more Australians are turning to private health insurance – believing it offers “greater value for money”. The Aus

Councils’ wage bills smash $1b barrier

The total wages bill for metropolitan councils has hurtled past $1 billion — up nearly 10 per cent in five years — with some of smallest local governments recording the steepest jumps. The West

Local confidence on the up

Strong services demand will keep small and medium businesses in a healthy position through upcoming economic turbulence, though growth remains stymied by labour shortages, a senior bank executive says. The West

The Australian Financial Review

Page 1: Treasurer Jim Chalmers has told voters they will have to ride out another 18 months of spiking inflation eating into their take-home pay, as business calls for unions to walk away from excessive wage claims.

Page 2: Australia’s energy and industry sectors face a material shortfall in domestic gas supplies next year, according to a competition watchdog report that will put pressure on federal Labor and Victoria’s state government to boost production.

Page 3: Online retailer Ruslan Kogan, Afterpay founders Anthony Eisen and Nick Molnar and Zip CEO Larry Diamond had close to $6 billion in total wiped off their paper fortunes last financial year, joining a string of Rich Bosses who lost billions from the global rout in technology stocks, which plunged by 35 per cent over that period.

Page 5: Economists are tipping Australia’s roaring retail trade has reached its zenith after six consecutive months of growth, and with spending on goods and services lifting to a record $34.2 billion, up 12 per cent year-on-year.

Page 8: The Liberal Party’s tin ear towards climate change and other progressive issues has resulted in its base dwindling to voters with assets and those aged over 50, according to research that was presented to federal opposition MPs this week.

Keeping the NBN in public hands is unlikely to make broadband cheaper for businesses and households but a government decision to write off billions of dollars in costs could clear the way for investment in faster services.

Page 10: The Australian Energy Regulator has secured a record $35 million in civil penalties against big energy companies, including Origin Energy, EnergyAustralia and Alinta Energy, for a range of breaches, including failing to help customers in financial difficulties.

Page 15: Australian diplomats warned more than 40 years ago China might seek to break from the West after developing its economy and technological base, saying the Asian nation’s size and potential power meant it could ‘‘exploit and manipulate other countries to its own diplomatic advantage’’.

KPMG has publicly disclosed its minimum pay rates as part of a rewards overhaul that is designed to attract and retain staff amid the tight job market for professionals.

Page 20: Macquarie Group chief executive Shemara Wikramanayake has repeated warnings that earnings may ease from last year’s record levels as uncertainty leads to less dealmaking and asset prices fall.

Page 24: The 400 Repco automotive parts and accessories stores in Australasia generated solid growth in the June quarter, when sales jumped 8 per cent amid ‘‘robust demand’’ as drivers held on to their vehicles for longer because of new car shortages.

Page 25: Uber will offer a new service in Australia early next year allowing riders to choose fully electric vehicles as the ride-share group pushes ahead with plans to reach net zero emissions globally by 2040.

The Australian

Page 1: A “once-in-a-generation” inflationary challenge will not tip the Australian economy into a recession despite another year of slowing growth, falling real wages and an October budget that will offer no major cost-of-living relief to households.

Page 4: Business Council of Australia chief executive Jennifer Westacott is pushing the Albanese government to move immediately on short-term fixes that deliver “quick results” and drive economic growth in the face of worsening inflationary pressures.

Page 5: Labor’s national executive will announce a wholesale takeover of the troubled Tasmanian branch to run it until 2025, following dysfunction and infighting resulting in failures at state and federal elections.

Page 13: Fortescue Metals’ green energy subsidiary has a $1bn war chest left over from record profit in the 2021 financial year, with Andrew Forrest’s hydrogen outfit tipped to spend as much as another $1bn this year on its ambitions.

Page 17: Amid rising interest rates and warnings of an economic slowdown, more Australians are turning to private health insurance – believing it offers “greater value for money”.

Mineral Resources said the price of lithium concentrate from its Mt Marion mine near Kalgoorlie lifted 35 per cent in the June quarter to a record $US2645 a tonne as fellow West Australian lithium miner Pilbara Minerals pointed to exceptionally strong market demand for battery raw materials.

The West Australian

Page 5: The WA Health Department is stuck with more than two million COVID rapid antigen tests that have been withdrawn from sale in Australia.

Page 9: WA Liberal Tjorn Sibma has called for the AFL’s annual Dreamtime fixture to be scrapped next year as part of a pause on “specially themed rounds” for all major Australian sporting codes.

Page 16: Alannah MacTiernan will quit politics at the next State election, heaping further pressure on Mark McGowan to strip his under-fire Cabinet minister of the agriculture portfolio sooner rather than later.

Page 18: A major accommodation development at the heart of the McGowan Government’s plan to tackle the State’s mounting homelessness crisis has stalled almost three years after being announced.

Page 28: The total wages bill for metropolitan councils has hurtled past $1 billion — up nearly 10 per cent in five years — with some of smallest local governments recording the steepest jumps.

Business: Former Reserve Bank of Australia governor Glenn Stevens says Australia should be “alert to the risk” of a global recession as central banks hike interest rates to curb rampant inflation.

Rio Tinto has struck a breakthrough agreement with the Government of Guinea for the development of the rich Simandou iron ore deposit in the West African country.

Strong services demand will keep small and medium businesses in a healthy position through upcoming economic turbulence, though growth remains stymied by labour shortages, a senior bank executive says.