Morning Headlines

Clough hit to green energy

Federal Energy Minister Chris Bowen is seeking urgent briefings from his department as the government moves to limit the fallout from the collapse of engineering contractor Clough, amid a threat to almost $10 billion of projects critical to Australia’s energy transition. The Fin

Australia’s in the lithium limelight

Australia is set to become a lithium powerhouse with some $7bn in planned capital investments, according to a new KPMG report. The Aus

Spanish firm in talks over project left unfinished after Clough collapse

Collapsed engineering firm Clough’s partners, including Spanish construction giant Acciona, are scrambling to avoid the fallout from the failure by shouldering the company’s workload and staff on their shared projects. The West

Westpac, NAB, ANZ add to pain for borrowers

Westpac Banking Corporation was the first big four bank to pass on the Reserve Bank of Australia’s cash rate increase to mortgage customers, but it also upped the rate for its transaction savings account by the same quarter of a percentage point. The Fin

Payment pain as fixed rates end

An estimated $370bn in mortgages will come off fixed rates in 2023, a ticking debt bomb that threatens to blow out families’ interest payments by as much as 65 per cent and put a hole in economic growth. The Aus

Offshore dividend flows swamp $31b trade surplus

Record mining profits sparked a flood of dividend payments offshore in the September quarter, more than offsetting a strong trade balance and ending a string of 13 consecutive current account surpluses. The Fin

Aged care unions say IR laws will boost pay

Aged care unions will use the Albanese government’s new industrial relations laws to bolster their push for pay rises of up to 25 per cent for 300,000 direct care workers. The Fin

Three and easy for teachers

Teachers will be allowed to work in public schools with just three years of training instead of four and more jobs will be offered to untrained students yet to finish their teaching degrees under a desperate plan to tackle WA’s teacher shortage. The West

The Australian Financial Review

Page 1: Federal Energy Minister Chris Bowen is seeking urgent briefings from his department as the government moves to limit the fallout from the collapse of engineering contractor Clough, amid a threat to almost $10 billion of projects critical to Australia’s energy transition.

Page 3: Companies frustrated with sky-high fares, frequent cancellations and long check-in queues at airports are opting for private jets as the rising cost of travel narrows the price gap with flying commercial.

Page 4: Westpac Banking Corporation was the first big four bank to pass on the Reserve Bank of Australia’s cash rate increase to mortgage customers, but it also upped the rate for its transaction savings account by the same quarter of a percentage point.

Page 5: Record mining profits sparked a flood of dividend payments offshore in the September quarter, more than offsetting a strong trade balance and ending a string of 13 consecutive current account surpluses.

Page 10: Aged care unions will use the Albanese government’s new industrial relations laws to bolster their push for pay rises of up to 25 per cent for 300,000 direct care workers.

Page 15: ASIC chairman Joe Longo says the ASX board needs to act urgently to restore confidence in its ability to deliver a new settlement and clearing system for the equity market.

Page 17: Gina Rinehart has shaken up the leadership of Hancock Prospecting’s core iron ore businesses as it aims to boost production to 100 million tonnes a year.

Page 18: Companies seeking to obtain a retail energy licence will now have to demonstrate how they will manage risk in extreme scenarios and ensure they have the financial robustness to withstand very volatile markets.

Page 19: Huggies, the dominant disposable nappies brand in Australia, is one of the big sales drivers for parent company Kimberly-Clark, which generates annual revenues of $1 billion-plus from its broader local operations.

The Australian

Page 1: An estimated $370bn in mortgages will come off fixed rates in 2023, a ticking debt bomb that threatens to blow out families’ interest payments by as much as 65 per cent and put a hole in economic growth.

Page 3: The eSafety Commissioner has raised alarm over the algorithms used on social media platforms to maximise engagement and says they are pushing Australian children towards extreme content and views that could “spill over” into the real world and see them commit acts of hate and even terrorism.

A leading epidemiologist says up to 500,000 Australians could be infected with Covid-19 as cases and hospitalisations continue to increase during the fourth Omicron wave.

Page 4: The consumer watchdog has found no evidence of price gouging by airlines, despite observing that the cheapest airfares have more than doubled in just seven months.

Joe Biden’s Inflation Reduction Act could drive up American interest in Australian critical minerals projects and accelerate the development of sources that reduce world reliance on Chinese supply, the United States consul general to Perth says.

Page 6: Elite athletes could own and demand payment for their performance data, creating a legal minefield in Australian sport leading into the 2032 Brisbane Olympics.

Page 13: Collapsed contractor Clough embarked on a last-minute scramble to find an alternative suitor on the weekend after Italy’s Webuild pulled out of a takeover, baulking at the huge cash injection required to resuscitate the engineering firm building several of Australia’s most critical energy projects.

Page 16: Australia is set to become a lithium powerhouse with some $7bn in planned capital investments, according to a new KPMG report.

The West Australian

Page 1: Teachers will be allowed to work in public schools with just three years of training instead of four and more jobs will be offered to untrained students yet to finish their teaching degrees under a desperate plan to tackle WA’s teacher shortage.

Page 11: Hobby fishing for prized demersal species like dhufish and snapper will be banned for half the year and a new bag limit of four per boat introduced in a major overhaul of the rules governing WA waters between Augusta and Kalbarri.

Page 18: WA’s only veterinary school is insisting new students take an aptitude test to ensure they have the resilience, critical thinking and communication skills to survive an increasingly tough profession.

Business: Reserve Bank governor Philip Lowe has conceded risks to the economy are growing as the central bank prepares to hike the cash rate into the new year.

Collapsed engineering firm Clough’s partners, including Spanish construction giant Acciona, are scrambling to avoid the fallout from the failure by shouldering the company’s workload and staff on their shared projects.

Japan’s two biggest steelmakers may accelerate investment in a niche steel that’s becoming increasingly sought after as demand for electric vehicles increases.

The retail group behind the Boost Juice brand has posted record results for the 2022 financial year driven by its restaurant chain Betty’s Burgers.

Two in three Australian drivers would like to hire an electric vehicle before buying one, new research shows.

A review will examine how to get big business to pay their invoices in a “fair and reasonable” time, after recent data revealed small businesses are waiting up to four months to be paid for work.