Morning Headlines

State health buckling under rising pressure

Elective surgery cancellations across Western Australia’s public hospitals have continued to rise even as Covid cases fall, in the latest sign of pressure in the state’s health system. The Aus

New delay in lithium mine call

The government agency in charge of foreign takeovers has once again deferred a ruling on whether to allow China-connected company Austroid to take control of one of Australia’s only in-production lithium mines, Bald Hill, owned by Alita Resources. The Aus

Woodside targets US hydrogen

Woodside Energy aims to follow up its first hydrogen project in the United States with a string of similar projects targeting production of the fuel for heavy transport, as the generous subsidies provided under the Inflation Reduction Act prove a magnet for capital in the space. The Fin

Central banks act to stem crisis

Regulators hope the takeover of Credit Suisse by UBS, and the Federal Reserve’s emergency US dollar liquidity lifeline delivered via five of the world’s largest central banks, will be enough to save the financial system from a repeat of the 2007-08 global financial crisis. The Fin

Big banks may revisit their funding options

The volatility in wholesale funding markets, which are reeling after the collapse of Silicon Valley Bank and the forced takeover of Credit Suisse by UBS yesterday, could lead to the big Australian banks favouring deposit funding over issuing new bonds to offshore investors. The Fin

PM facing defeat over housing bill

Anthony Albanese’s signature $10bn Housing Australia Future Fund is facing defeat in the Senate amid a crossbench revolt fuelled by warnings from experts and superannuation funds that not enough is being done to avert a “perfect storm” rental and housing crisis. The Aus

Latitude warns cyberattack ongoing

Non-bank lender Latitude says a ‘‘sophisticated, well-organised and malicious cyberattack’’ remains active inside its systems, and it is not taking on any new customers after being forced to isolate some of its technology platforms. The Fin

Senior staff churn at Fortescue

Fortescue Metals’ redundancy process is adding to the churn of senior and long-serving employees, with one of the miner’s top health, safety and environment officials heading for the exit. The Fin

Market turmoil clouds Virgin float prospects

Virgin Australia’s planned sharemarket float faces a delay amid global banking turmoil and sharemarket volatility, a high-profile fund manager has warned. The Aus

The Australian Financial Review

Page 1: Regulators hope the takeover of Credit Suisse by UBS, and the Federal Reserve’s emergency US dollar liquidity lifeline delivered via five of the world’s largest central banks, will be enough to save the financial system from a repeat of the 2007-08 global financial crisis.

Page 5: The Parliamentary Budget Office has raised significant doubts over the veracity and viability of a Greens’ proposal in which the state and federal governments would spend $10 billion a year on public and affordable housing, with the aim of building 1 million homes in 20 years.

Labor will stare down Coalition demands for public funding to go to campaign groups involved in the Indigenous Voice to parliament referendum, passing legislation to update the rules for the national vote without support from Peter Dutton.

Page 8: A union call for an inflation-matching 7 per cent wage rise for 2.6 million award workers will be resisted by business, but the government is more circumspect, arguing that the lowest paid should not go backwards.

Page 15: The volatility in wholesale funding markets, which are reeling after the collapse of Silicon Valley Bank and the forced takeover of Credit Suisse by UBS yesterday, could lead to the big Australian banks favouring deposit funding over issuing new bonds to offshore investors.

Woodside Energy aims to follow up its first hydrogen project in the United States with a string of similar projects targeting production of the fuel for heavy transport, as the generous subsidies provided under the Inflation Reduction Act prove a magnet for capital in the space.

Downer EDI awarded millions of dollars of transport works contracts to a company without a website or employees, enabling a former manager to pocket hundreds of thousands of dollars in profits, and others to take cash kickbacks, a NSW corruption inquiry heard.

Page 17: Non-bank lender Latitude says a ‘‘sophisticated, well-organised and malicious cyberattack’’ remains active inside its systems, and it is not taking on any new customers after being forced to isolate some of its technology platforms.

Page 18: Fortescue Metals’ redundancy process is adding to the churn of senior and long-serving employees, with one of the miner’s top health, safety and environment officials heading for the exit.

Page 19: Incitec Pivot has sold its ammonia manufacturing facility located in the US for $US1.7 billion ($2.5 billion), clearing the road for the company to demerge.

The Australian

Page 1: Anthony Albanese’s signature $10bn Housing Australia Future Fund is facing defeat in the Senate amid a crossbench revolt fuelled by warnings from experts and superannuation funds that not enough is being done to avert a “perfect storm” rental and housing crisis.

Federal cabinet ministers, premiers and independent MPs are using burner phones to use the Chinese-owned app TikTok, which a review is expected to recommend banning from all official government devices.

Top Japanese gas companies have urged Australia to maintain its status as a dependable energy supplier, saying the nation’s LNG will be needed in even greater volumes until at least 2050 and will play a critical role in the country’s clean-energy transition.

Page 2: Vapes are harming children, adolescents and young adults by addicting them to nicotine, while there is conclusive evidence linking e-cigarettes to poisoning, seizures and lung injuries.

West Australian Labor Premier Mark McGowan is facing a fight with his NSW ALP colleagues to hold on to the GST arrangement that has pumped billions of extra dollars into his state and helped make it the only one to run a budget surplus.

Page 4: Former Labor defence minister Joel Fitzgibbon has warned of “workforce, crews and capability” challenges under the $368bn AUKUS nuclear-powered submarine deal and urged the government to accelerate the “way we acquire complex equipment”.

Page 7: Elective surgery cancellations across Western Australia’s public hospitals have continued to rise even as Covid cases fall, in the latest sign of pressure in the state’s health system.

Page 15: Virgin Australia’s planned sharemarket float faces a delay amid global banking turmoil and sharemarket volatility, a high-profile fund manager has warned.

Page 18: The government agency in charge of foreign takeovers has once again deferred a ruling on whether to allow China-connected company Austroid to take control of one of Australia’s only in-production lithium mines, Bald Hill, owned by Alita Resources.

The West Australian

Page 7: Perth Mint board chair Sam Walsh — who continues to refuse to comment on the numerous scandals facing the refinery — is on a taxpayer-funded salary package worth $100,000.

Page 8: Embattled lawyer Ben Dawkins has officially taken the Upper House seat vacated by Alannah MacTiernan as senior ministers urge the Labor Party State executive to expel him over criminal charges.

The WA Government is not bending to a push to nationally standardise the amount of time learner drivers must undergo supervised training amid concerns wildly different rules are disadvantaging young people on low incomes.

Page 9: Finance Minister Katy Gallagher won’t put a figure on what this year’s minimum wage rise should be despite Anthony Albanese making a real lift in pay a priority of his election campaign.

Page 11: WA’s top cop during the force’s last attempt at a major overseas recruitment drive has warned the hiring spree was not a “panacea” as Scotland Yard braces for a bombshell report expected to eviscerate the culture of London’s cops.

Business: Off-price retail giant TK Maxx has announced it will be launching in Perth this spring, welcome news to local bargain hunters.

Prominent WA company director Jim Walker is reducing his workload, resigning as inaugural chairman of Mader Group and MLG Oz.

Commodities remained under pressure despite a weekend of intervention by authorities to contain a banking crisis that had UBS agree to buy Credit Suisse and central banks boost dollar liquidity.

West African Resources is happy with its lot, relishing the advantages offered by Burkina Faso as it steps up work on a second mine after another strong profit.