Morning Headlines

WA heading for gas crisis ‘by the day’ 

Western Australia is heading towards an east coast-style energy crisis, driven by its poorly planned exit from coal-fired power and a big jump in demand for gas from a new petrochemical project, Strike Energy boss Stuart Nicholls has warned. The Fin 

BP bankers up for Alinta WA assets 

Oil giant BP is rolling up its sleeves for a run at Alinta Energy’s up-for-sale remote power assets in Pilbara, in an auction that is quickly turning into a who’s who of deep-pocketed players. The Fin 

Shares in Super Retail tumble on costs confession 

Shares in Super Retail Group, the name behind the Rebel, Supercheap Auto and BCF retail chains, were punished on Thursday after the company conceded consumer spending is slowing as the cost of doing business is rising. The Fin 

Investors belt NAB for profit pain 

Investors punished the big four after National Australia Bank’s first-half profit revealed the damage inflicted by the war for deposits and mortgage market share is worse than feared, putting margins at risk of further erosion. The Fin 

Canberra, US joint aid for Ukraine likely 

The Albanese government is working on a joint package of military aid with the US for Ukraine that could be unveiled later this month when US President Joe Biden visits Australia. The Fin 

Lithium price too rich for Rio’s M&A taste 

Rio Tinto chief executive Jakob Stausholm says the price tag on lithium assets is too high for his liking despite the company making no secret of its desire to increase exposure to the battery material. The Fin 

Social housing vow for WA as figures show State was shafted 

WA will be assured at least 1200 social and affordable properties under the Federal Government’s $10 billion housing fund as new figures reveal it was dudded more than any other State under the previous financing agreement. The West 

Super trap for young players 

More than two million young Australians earning an average wage throughout their working life could be hit with a future super tax under the government’s plans by exceeding the target threshold of $3m in their super balances before the age of retirement. The Aus 

Hostplus withdrawal hits Magellan 

Industry fund giant Hostplus is the latest customer to pull a mandate from under-pressure equities manager Airlie, owned by Magellan Financial Group, which was hit by $2.4bn of outflows last month. The Aus 

The Australian Financial Review 

Page 1: Investors punished the big four after National Australia Bank’s first-half profit revealed the damage inflicted by the war for deposits and mortgage market share is worse than feared, putting margins at risk of further erosion. 

The future of PwC Australia chief executive Tom Seymour is under a cloud over a tax leak scandal that emanated from the division he ran inside the nation’s largest consulting firm, amid sharp criticism by the Treasurer over PwC’s conduct. 

Page 3: Former Reserve Bank of Australia governor Ian Macfarlane says the review of the central bank will fail to improve interest rate decisions, mistakenly weaken the governor’s power and cause more confusing communication on monetary policy. 

Banning WeChat in Australia risks causing ‘‘emotional, psychological and practical harm’’ to the country’s large Chinese-speaking community, experts have told a Senate inquiry. 

Page 4: Forecast interest payments on federal debt over the current four-year forward estimates period have fallen by $10 billion since the October estimates, but are still the second-fastest growing area of expenditure, behind the National Disability Insurance Scheme. 

Page 13: The Albanese government is working on a joint package of military aid with the US for Ukraine that could be unveiled later this month when US President Joe Biden visits Australia. 

Page 19: Western Australia is heading towards an east coast-style energy crisis, driven by its poorly planned exit from coal-fired power and a big jump in demand for gas from a new petrochemical project, Strike Energy boss Stuart Nicholls has warned. 

Page 20: Street Talk can reveal Argonaut cofounder Eddie Rigg has set his sights on the harbour city for Argonaut’s next leg of growth, hoping to make a splash with the appointment of ex-Goldman Sach’s co-head of equities Ben Clifford as managing director. 

Oil giant BP is rolling up its sleeves for a run at Alinta Energy’s up-for-sale remote power assets in Pilbara, in an auction that is quickly turning into a who’s who of deep-pocketed players. 

Page 21: Shares in Super Retail Group, the name behind the Rebel, Supercheap Auto and BCF retail chains, were punished on Thursday after the company conceded consumer spending is slowing as the cost of doing business is rising. 

Rio Tinto chief executive Jakob Stausholm says the price tag on lithium assets is too high for his liking despite the company making no secret of its desire to increase exposure to the battery material. 

Page 25: St Barbara is under pressure from its biggest shareholders to reconsider an audacious rival bid for its prized Gwalia gold mine, which is in the throes of being sold to Raleigh Finlayson’s Genesis Minerals. 

The Australian 

Page 1: More than two million young Australians earning an average wage throughout their working life could be hit with a future super tax under the government’s plans by exceeding the target threshold of $3m in their super balances before the age of retirement. 

Aged-care providers will need to strike agreements with unions to make it easier for employers to sponsor direct care staff on skilled visas and fast-track permanent residency for foreign workers under a government plan tackling chronic workforce shortages. 

Page 5: Jim Chalmers will announce a $200m series of initiatives to help address entrenched disadvantage in key communities across Australia by working with local and state governments, service providers and philanthropic organisations in Treasurer’s $200m passion project to tackle disadvantage next week’s budget. 

Labor will scrap the ParentsNext welfare program and remove mutual obligations for the 100,000 people receiving payments until the middle of next year, as the government responds to key findings of its Women’s Economic Equality Taskforce. 

Page 13: Rio Tinto chairman Dominic Barton has again resisted calls for the company to set carbon reduction targets for the use of its commodities, telling shareholders companies that set targets they cannot control risk accusations of “greenwashing”. 

Industry fund giant Hostplus is the latest customer to pull a mandate from under-pressure equities manager Airlie, owned by Magellan Financial Group, which was hit by $2.4bn of outflows last month. 

Page 15: The final six months at Qantas for CEO Alan Joyce are unlikely to be a series of long lunches and farewell drinks before he hands the reins to chief financial officer Vanessa Hudson. 

The West Australian 

Page 1: The gas industry is bracing for higher taxes in next week’s Federal Budget amid reports changes will raise another $3 billion from the sector. 

Page 5: Carnarvon has been slapped with the State’s strongest alcohol restrictions after a boozefuelled crime wave prompted urgent calls for action. 

Page 6: Perth’s newest home borrowers face a delinquency timebomb while those looking to crack into the market have had their borrowing capacity crunched by one-quarter, analysis shows. 

Page 12: Police have warned about an “astronomical” increase in cybercrime, with new figures showing West Aussies have lost a staggering $125 million to heartless scammers in the past year. 

Page 18: Building a new maternity hospital on the QEII campus would have forced staff already working in the Nedlands precinct to spend a decade catching buses to and from an offsite parking lot, Health Minister Amber-Jade Sanderson has revealed. 

WA will be assured at least 1200 social and affordable properties under the Federal Government’s $10 billion housing fund as new figures reveal it was dudded more than any other State under the previous financing agreement. 

Business: Rising demand for natural gas in Asia and the Middle East is set to offset a decline in other regions this year, helping to keep the global market tight, the International Energy Agency says. 

Perth-based Aerison Group faces a pay dispute with Gina Rinehart’s Roy Hill, sparking market speculation it could have a significant impact on the engineering and construction company. 

British oil giant Shell on Thursday posted stronger-than-anticipated first-quarter profit, extending a record run of bumper results after commodity prices surged in 2022 following Russia’s full-scale invasion of Ukraine. 

Newcrest Mining’s board is prepared to recommend a takeover offer from Newmont Corporation to its shareholders, interim chief executive Sherry Duhe said. 

Former Australian Energy Market Commission commissioner Michelle Shepherd has been appointed chair of Synergy, the third woman to chair a WA energy Government Trading Enterprise.