Morning Headlines

Fortescue Metals set to acquire MacLachlans’ Rawlinna Station 

Fortescue Metals Group is set to acquire the country’s largest sheep property, Western Australia’s Rawlinna Station, from the MacLachlan family’s Jumbuck Pastoral and consider using it for renewable energy generation. The Fin  

Temporary migration wound back 

Employers in low-paid industries will be forced to lift the wages of migrant workers by up to $16,000 from July, under an Albanese government overhaul that could cut access to foreign hospitality and retail employees. The Fin 

Sticky inflation, weak growth ‘trap for markets’ 

The risk of a prolonged period of high inflation and interest rates with weak growth is being overlooked by buoyant equity markets, setting the scene for nasty surprises should these risks come home to roost, some of the country’s top investors say. The Fin 

O’Neil flags crackdown on student visa rorting 

The government will crack down on rorting education agents and colleges by closing pathways for people to use student visas as a back door to working in Australia. The Fin 

Downer says ICAC probe hurting brand 

Downer EDI chief executive Peter Tompkins has told investors an anticorruption probe has not been good for the contractor’s brand and that it will engage with customers after the investigation is finished. The Fin 

Sandfire eyes second Botswana copper play 

New Sandfire Resources boss Brendan Harris says the company is ‘‘playing in the right space at the right time’’ amid intense interest in securing copper assets and has no choice other than to look at a major mine up for sale close to its emerging operations in Botswana. The Fin 

Newcrest output dips as it weighs $29b takeover 

Australia’s largest gold miner, Newcrest Mining, said its production of the precious metal dipped in the third quarter from the second, but insisted it would stage a recovery to meet full-year guidance. The Fin 

Beverage giant in $1.9b takeover bid for Blackmores 

Japanese beverage giant Kirin has made a $1.9 billion move on vitamin-maker Blackmores, an offer Marcus Blackmore says is a “major relief” as he looks to hand over the historic company his father founded. The West 

Australia Post chief sends grim message

Australia Post has revealed the grim future ahead for the organisation unless serious intervention is made to help it become profitable. The West 

The Australian Financial Review 

Page S1: The risk of a prolonged period of high inflation and interest rates with weak growth is being overlooked by buoyant equity markets, setting the scene for nasty surprises should these risks come home to roost, some of the country’s top investors say. 

Page S2: Investors should prepare for a sustained period of elevated inflation, which is likely to cause value stocks to significantly outperform their growth counterparts over the next decade, according to Research Affiliates’ Rob Arnott. 

Page 1: Employers in low-paid industries will be forced to lift the wages of migrant workers by up to $16,000 from July, under an Albanese government overhaul that could cut access to foreign hospitality and retail employees. 

A group of Australia’s richest philanthropists and family foundations have pledged $17 million to support the campaign for an Indigenous Voice to parliament, as the Yes and No camps sharpen their plans of attack ahead of the referendum. 

Page 3: Taxpayers will spend almost $500 million to partially nationalise a homegrown manufacturer of military radars – effectively the crown jewels of Australian defence technology – in an unusual but one-off deal. 

Page 5: Australian businesses are crying out for skilled workers, but migrants are struggling to get a foot in the door because of a clogged visa system. 

The government will crack down on rorting education agents and colleges by closing pathways for people to use student visas as a back door to working in Australia. 

Page 8: Australia Post will have to cut more than 400 jobs, close branches, put up the price of stamps and end daily letter deliveries, among other changes, to keep the service viable, says chief executive Paul Graham. 

Page 10: Meta’s surprising digital advertising sales rebound is buying the company time to keep pouring money into speculative businesses such as artificial intelligence and virtual reality. 

Page 11: Downer EDI chief executive Peter Tompkins has told investors an anticorruption probe has not been good for the contractor’s brand and that it will engage with customers after the investigation is finished. 

Page 12: Fortescue Metals Group is set to acquire the country’s largest sheep property, Western Australia’s Rawlinna Station, from the MacLachlan family’s Jumbuck Pastoral and consider using it for renewable energy generation. 

Page 14: Companies may be forced to give shareholders an annual vote on their climate strategies or risk significant protest votes against directors and remuneration reports, experts caution. 

Page 15: New Sandfire Resources boss Brendan Harris says the company is ‘‘playing in the right space at the right time’’ amid intense interest in securing copper assets and has no choice other than to look at a major mine up for sale close to its emerging operations in Botswana. 

Australia’s largest gold miner, Newcrest Mining, said its production of the precious metal dipped in the third quarter from the second, but insisted it would stage a recovery to meet full-year guidance. 

Page 17: European carmakers are choosing to pay an extra $10 to $15 a tonne for ‘‘green aluminium’’ from Australian diversified miner South32, as automakers race to secure metals made without fossil fuels to cut their carbon footprint. 

The Australian was not available at time of publishing. Business News apologises for any inconvenience. 

The West Australian 

Page 1: Aged-care providers will receive cash grants worth up to $1825 to take elderly patients fit for medical discharge out of hospital and into “respite” care in a bid to free up beds in the strained public health system. 

Page 4: Bosses needing highly skilled workers will benefit from a new streamlined process to get employees from overseas under a revamp of a migration system the Federal Government says is “fundamentally broken”. 

Page 5: Australia’s biggest brickmaker has accused the WA Government of turning its back on the company after closing its last brick plant in the State. 

Page 7: The South Australian Coroner has decided not to hold an inquest into the death of a woman who had accused former Federal attorney-general Christian Porter of sexually assaulting her when they were both teenagers. 

Business: Northern Star Resources remains confident it will make up for lost production after unplanned mill outages impacted its operations in Kalgoorlie and Alaska and forced it to lift cost guidance. 

Crown has been fined $30 million for letting Melbourne gamblers deposit bank cheques made out to themselves, breaching controls for problem gambling and money laundering. 

Woodside Energy has appointed former EnergyAustralia leader Liz Westcott as executive vicepresident of its Australian operations. 

Japanese beverage giant Kirin has made a $1.9 billion move on vitamin-maker Blackmores, an offer Marcus Blackmore says is a “major relief” as he looks to hand over the historic company his father founded. 

Small and medium businesses are yet to experience the relief in cost pressures their larger counterparts have started to find, with half of all smaller companies reporting cost pressures at the same level as late last year. 

Australia Post has revealed the grim future ahead for the organisation unless serious intervention is made to help it become profitable.