Morning Headlines

PwC can regain the public’s trust: ASIC

The head of the corporate watchdog says PwC is “clearly only just starting” to hold to account those responsible for the tax leaks scandal engulfing the firm, but doing so constructively would allow it to achieve a “restoration of trust and confidence” with the public. The Fin

Consumer demands are outpacing firms’ ethical ambitions, says ex-Unilever chief

Establishing net zero emission targets and goals to reduce the use of plastics, or targets for greater ethnic diversity on boards, were now merely ‘‘hygiene’’ factors that failed to impress consumers and employees, Unilever chief executive Paul Polman, told The Australian Financial Review ESG Summit yesterday. The Fin

Plastic recycling slowed by lack of nationwide plan

A more determined national approach including government action is needed to accelerate the transition to sustainable plastics and electric vehicles, according to consumer company executives. The Fin

Power bill misery has years to run

Electricity prices will take years to return to pre-pandemic levels and Labor’s pledge to triple the amount of renewable energy in the grid by 2030 is at risk as the nation is failing to build enough green power, top business leaders have warned. The Aus

It’s mortgage burden overload

A 12th interest rate rise on Tuesday would push the average Australians’ mortgage repayment burden to its heaviest in history, as economists warn the Reserve Bank could be forced to deliver as many as three hikes over coming months to tame inflation. The Aus

France a hurdle but EU trade deal ‘close’

Assistant Trade Minister Tim Ayres says a free-trade deal with the European Union is “pretty close”, with a “lot of momentum behind it”, despite some sticking points in regards to French farmers and agriculture. The Aus

Childcare first to test new workplace laws

Unions and employers will make a landmark application under the Albanese government’s new multi-employer bargaining laws that could result in significant tax- payer-funded pay rises for thousands of early childhood education workers. The Aus

Worker who died at Woodside gas plant a ‘genuine, caring guy’

Woodside Energy contractor Vertech Group has identified its worker killed in a serious incident on Friday at the North Rankin gas operations off the Burrup Peninsula. The West

Right ally winner in first Cook Cabinet

David Michael has firmed as the only new entrant to Cabinet under Roger Cook’s incoming government, with Labor caucus expected to endorse only minimal change when it meets at Parliament today. The Wes 

Australian Financial Review

Page S8: Companies ‘‘overreaching’’ on their sustainability claims are the biggest cause of greenwashing in corporate Australia, regulators say, as they warn of a ‘‘movement of force across the world’’ to crack down on this misconduct.

Page S10: Ensuring the shift to a net zero economy does not hit poor people the hardest is the next frontier for implementing corporate environmental, social and governance strategies, Ampol says, warning that ‘‘mobility poverty’’ threatens the goal of a just transition.

Page 1: More economists say the Reserve Bank of Australia must raise the cash rate multiple times as accelerating wages growth and fears of persistently high inflation raise doubts it has done enough to cool the economy.

Page 1: The accelerating rate of takeovers of ASX-listed companies and a two-year drought of new floats means Australia’s sharemarket will shrink this year for the first time since 2005, to the tune of $43 billion.

Page 2: Assistant Treasurer Stephen Jones says the federal government wants to ensure its tax changes to franking credits do not shut down legitimate capital raisings by companies tapping shareholders to fund investments.

Page 4: The Albanese government will introduce ‘‘same job, same pay’’ rules for Pacific migrant workers next month even as it is still consulting over the same requirements for labour-hire workers more broadly.

Page 4: The workplace watchdog has slammed BHP’s $430 million underpayment over more than a decade as ‘‘not good enough’’, and warned it will take a hard line against major corporates if they have not got their payroll in order.

Page 6: Companies caught up in major hacking incidents should be allowed to determine when to pay off cyber criminals holding their data, the Business Council says, calling on the government to urgently clarify existing regulationsand laws on ransom payments.

Page 8: The tourism industry gets the big bucks when it comes to marketing and promotion, but more than two-thirds of tourists to Australia have some link to international education.

Page 9: A looming El Nino event is set to halt a record-breaking run for farmers and cut national wheat production by more than a third, according to the federal government’s agricultural forecaster.

Page 10: The Morrison government deliberately breached federal grant rules in its management of a $2 billion program for local health services, exceeding legal authority and failing ethical standards, an official audit has found.

Page 11: Saudi Arabia will make an extra 1 million barrel-a-day oil supply cut in July, taking its production to the lowest level for several years after a slide in crude prices.

Page 16: Evolution Mining executive chairman Jake Klein has argued that the gold price is a beneficiary of China’s ambition to undermine the US dollar as the world’s reserve currency by forging closer trade ties with Russia.

Page 16: US giant Amazon is projected to reach $5.5 billion in Australian turnover next financial year, and will keep thriving as more shoppers seek better value for money, says broker Jarden.

Page 17: The airline industry’s main lobby body is doubling its estimate for global net profit in 2023 as a surge in flying drives up ticket prices, although risks include rising interest rates to combat spiralling inflation and lingering supply chain issues.

Page 19: Local giants Woolworths, Telstra, Atlassian and Canva are among the global companies deemed to be taking advantage of the rising capabilities of generative artificial intelligence, according to global investment banking giant UBS.

Page 28: Build to rent development will become the biggest asset class in new property development by 2030, eclipsing offices, student accommodation and even logistics as institutional investors – drawn by easing investment rules – tap opportunities in the country’s chronic housing shortage.

The Australian

Page 7: The brawl between the states over the GST carve-up is set to escalate with next week’s South Australian budgetshowing the state is $375m worse off thanks to what SA Treasurer Stephen Mullighan has labelled an “incredibly unfair deal” favouring Western Australia.

Page 16: Squadron Energy – the private renewable energy company of Andrew Forrest – is continuing to field calls about a potential sale of the business through its advisory firm Highbury Partnership, despite the billionaire yet to formally kick off a sale process for the operation.

Page 17: Restaurants and cafes are at most risk of default in the coming financial year as they deal with rising costs and consumers tightening their eating out budgets.

Page 19: Major Australian banks including National Australia Bank and Commonwealth Bank allegedly facilitated the likely illegal deforestation of more than 360,000 hectares of wildlife habitat in Queensland over two years to 2020, posing potential transitional risks for the lenders, according to a report.

Page 19: About one in eight Australian workers are considered green in their roles, but the term – once used to describe a novice – now means something entirely different.

Page 19: Southern Launch is forging ahead with plans to make the Eyre Peninsula the space capital of Australia, eyeing a maiden orbital launch from its flagship spaceport site next year.

The West Australian

Page 17: PwC could be barred from tendering for State Government contracts as the big four consultancy names three former partners who were privy to the firm’s leaking of confidential tax information.

Page 17: Perth’s north-east has been pinpointed as the city’s hotspot for mortgage arrears, with one suburb hitting nearly 5 per cent to the end of March.

Page 18: Coles and Woolworths short-changed workers on overtime by setting up a payment structure that was foreign to Australia’s industrial awards system, a court has been told.

Page 39: A Federal judge has found it “very likely” that a Ponzi scheme was operated by promoter Michael Dunjey and his failed flagship Ascent Investment and Coaching.