Morning Headlines

Boom’s $50b budget gift

Treasurer Jim Chalmers has played down as ‘‘temporary’’ a $50 billion improvement to the budget bottom line last financial year in a bid to head off fresh spending demands and, the Opposition says, deny his predecessors credit for the strong economy Labor inherited. The Fin

Young gun Escalante in top companies list

Young billionaire Laurence Escalante’s online social gaming business has surged into the top 10 private Australian companies a little more than a decade after the 40-year-old founded Virtual Gaming Worlds in a shared office space in Perth. The Aus

We are the world’s richest people

Almost 2.2 million Australians are millionaires after soaring asset prices pushed another 390,000 adults onto the top rungs of the global wealth ladder, according to a report by Credit Suisse that says Australians are the richest people in the world. The Fin

FMG to spend $9.2b on switch to renewables

Billionaire Andrew Forrest’s Fortescue Metals will spend $US6.2 billion ($9.2 billion) to switch to renewable energy, saving more than $1 billion in costs a year and meeting its 2030 net zero emissions target. The Fin

Watchdog finds corrupt practices on contracts

More allegedly corrupt practices have been unearthed in Western Australia’s Department of Communities, the same government body formerly run by a head who stole more than $22m of taxpayers money. The Aus

Reforms take aim at FIFO sex pests

The State Government will beef up WorkSafe investigations into FIFO sex attacks, fund a dedicated legal service for victims and mandate mine site accommodation rules in response to a damning inquiry into sexual misconduct in the resources industry. The West

Perth Mint was warned of risks

The board of besieged Perth Mint was warned the $6 billion operation risked falling foul of Federal money laundering and terrorism finance laws because of its outdated, sprawling computer systems. The West

Salt Lake investors ‘potentially misled’

Investors who propped up Salt Lake Potash with a $28 million equity raising six months before it went under in October were potentially misled by the company, according to an insolvency expert charged with investigating the failure. The West

Salaries still on the rise but not by as much

The pace of salary growth is slowing despite the record low unemployment rate, according to Australia’s biggest employment marketplace. The West

The Australian Financial Review

Page 1: Treasurer Jim Chalmers has played down as ‘‘temporary’’ a $50 billion improvement to the budget bottom line last financial year in a bid to head off fresh spending demands and, the Opposition says, deny his predecessors credit for the strong economy Labor inherited.

Page 2: The European Union is preparing laws allowing retaliatory action against China’s use of economic coercion, one of the bloc’s top trade officials said, as he expressed support for Australia in the face of Beijing’s targeting of $20 billion of exports.

Page 3: Almost 2.2 million Australians are millionaires after soaring asset prices pushed another 390,000 adults onto the top rungs of the global wealth ladder, according to a report by Credit Suisse that says Australians are the richest people in the world.

The Australian Chamber of Commerce and Industry has told the Albanese government to avoid giving trade-exposed carbon polluters a leave pass from proposed emissions reduction rules, saying exemptions would increase the burden on other firms.

Page 4: Some of Australia’s biggest superannuation funds have told Treasurer Jim Chalmers they are excited about possible investments in affordable housing, despite publicly expressing concerns about miserly returns and economies of scale from federal Labor’s plans.

Page 6: Apple has walked away from collective bargaining with unions after store workers demanded one weekend off a month, pushing ahead with a vote on its preferred agreement.

Page 7: The Albanese government should invest $1.5 billion to establish a domestic industry to manufacture semiconductors, rather than continue to rely on increasingly risky overseas providers, principally Taiwan, Australia’s pre-eminent national security think-tank has recommended.

Page 11: New Hope Coal chief executive Rob Bishop says ‘‘phenomenal’’ thermal coal prices are likely to rise further before they fall, meaning yesterday’s record profit could be just the start.

Page 13: Dan Murphy’s says it found 1000 staff through a one-week blitz where it guaranteed a 10-minute, on-the-spot interview to anyone over 18 who walked into one of its stores.

Billionaire Andrew Forrest’s Fortescue Metals will spend $US6.2 billion ($9.2 billion) to switch to renewable energy, saving more than $1 billion in costs a year and meeting its 2030 net zero emissions target.

The Australian

Page 1: Emmanuel Macron will urge Anthony Albanese during the French President’s upcoming trip to Australia to overturn plans to junk the army’s $3.7bn fleet of Airbus multi-role helicopters more than a decade before their planned retirement.

Page 2: The Construction Forestry Maritime Mining and Energy Union is urging the government to scrap a proposed free-trade agreement with Britain amid concern it would lead to an “open slather” of UK workers taking jobs from Australians. 

Page 3: More allegedly corrupt practices have been unearthed in Western Australia’s Department of Communities, the same government body formerly run by a head who stole more than $22m of taxpayers money.

Page 5: The Albanese government will look to fast-track the resolution of thousands of disability funding legal appeals through a new alternative dispute resolution process aimed at cutting the backlog.

Page 6: Almost a quarter of all migrants to arrive in Australia since 2016 have come from India, by far the fastest growing nationality, an analysis of census data reveals.

Page 13: Iron ore magnate Andrew Forrest has blasted fellow billionaire Elon Musk for dismissing hydrogen as a promising source of “green energy”, as the Fortescue chairman laid out an ambitious new plan to completely remove fossil fuels from Fortescue’s production by 2030.

AMP has been savaged by a judge for “extremely serious” failings and handed a $14.5m fine after it was again found to have wrongly charged customers, despite the issue being raised repeatedly over several years.

Young billionaire Laurence Escalante’s online social gaming business has surged into the top 10 private Australian companies a little more than a decade after the 40-year-old founded Virtual Gaming Worlds in a shared office space in Perth.

Page 15: KMD Brands chief executive Michael Daly says his customers are happy to spend up on boardshorts, hiking boots and puffer jackets as they seek functional apparel for the great outdoors while also “looking good” after years of lockdowns and travel restrictions.

Jetstar is holding more spare parts and ordering them weeks earlier as it grapples with unexpected challenges that saw more than half its 787 Dreamliner fleet out of action at the start of this month.

Page 16: The Australian Competition & Consumer Commission is planning a major crackdown on greenwashing, with plans to conduct an “internet sweep” of environmental claims in corporate advertising, taking legal action if necessary.

The West Australian

Page 3: Petrol stations are on notice not to increase their prices immediately when the 23¢-a-litre fuel excise returns next week.

The State Government will beef up WorkSafe investigations into FIFO sex attacks, fund a dedicated legal service for victims and mandate mine site accommodation rules in response to a damning inquiry into sexual misconduct in the resources industry.

Page 7: Nearly 50 local governments will be forced to boot at least one councillor — and some as many as three as part of major changes aimed at slimming down the sector and providing better value for money for ratepayers.

Page 14: The board of besieged Perth Mint was warned the $6 billion operation risked falling foul of Federal money laundering and terrorism finance laws because of its outdated, sprawling computer systems.

Page 16: The Ukrainian ambassador to Australia wants WA’s mining giants to invest in mineral processing and extraction in his country to help it rebuild once its bloody war with Russia ends.

The consumer watchdog will examine the cost of child care so parents looking forward to higher subsidies next year don’t end up with the relief gobbled up by increased fees.

Business: BHP is aiming to halve carbon emissions from its Port Hedland operations by the end of 2024 courtesy of a new hybrid solar/ battery facility to be built at Alinta Energy’s existing power station at the Pilbara town.

Investors who propped up Salt Lake Potash with a $28 million equity raising six months before it went under in October were potentially misled by the company, according to an insolvency expert charged with investigating the failure.

An aggrieved group of shareholders of TNG have had a partial win, getting one of its nominated representatives on to the board after a bitter and divisive stoush over the company’s future.

Gina Rinehart’s Hancock Prospecting topped a list of the nation’s biggest private companies by revenue, raking in more than $18.9 billion this year.

The pace of salary growth is slowing despite the record low unemployment rate, according to Australia’s biggest employment marketplace.