Morning Headlines

PwC fire sale aims to save 1500 jobs

The proposed $1 sale of PwC’s government consulting arm to private equity aims to save the jobs of 1500 staff left without work due to the firm’s tax leaks scandal, says acting chief executive Kristin Stubbins. The Fin

Magellan urged to return $300m capital

Activist investor Sandon Capital says Magellan Financial Group should abandon its plan to rebuild its funds under management to $100 billion and focus on returning at least $300 million to shareholders. The Fin

Shoppers trade down from fresh to frozen

Metcash chief executive Doug Jones says shoppers at its IGA and Foodland stores are trading down from fresh ingredients to cheaper frozen goods, and the wholesaler is still witnessing suppliers push price increases through despite some input costs easing. The Fin

Business collapses spread beyond property

Business collapses have hit the highest monthly level in more than seven years, as failures spread beyond property construction to retail, healthcare, childcare and mining. The Fin

Same sting, new sell: IR war reload

Amid a nationwide industry-led advertising campaign attacking the workplace shake-up, Workplace Relations Minister Tony Burke has rebadged his reforms as closing “the labour-hire loop- hole” to hone the government’s sell on its industrial relations overhaul due later this year. The Aus

Backpacker labour market threatened by visa fee increase

Farms and tourist towns are fearing a backpacker exodus with visa costs soaring to $640 and the Albanese government considering a migration review recommendation to limit permits for working holidaymakers to one year. The Aus

Unis, TAFEs unite for AUKUS skills

Australia’s siloed tertiary education sector will be overhauled to deliver the nation’s AUKUS workforce and meet other multi- generational challenges under a new hybrid training blueprint bringing together universities and TAFEs. The Aus

Councils raise alarm over heritage laws

Local governments are warning that some landowners may decide to shirk their duty to maintain firebreaks and councils will be left with little choice but to increase rates to recover the costs imposed by updated Aboriginal heritage laws. The West

Under the pump on WA’s gas shortages

WA’s flagship domestic gas policy will be put under the microscope by a parliamentary inquiry after industry raised concerns some exporters were withholding supply from the local market. The West

The Australian Financial Review

Page 3: Australia’s cost-of-living crisis does not appear to be biting the top end of town, and a select few are still indulging in luxury accommodation, dining, high-end cruises and private charter flights.

Page 3: Australians eager to cash their annual tax refund are being advised to wait a few weeks, as pre-filled information from employers, banks and health insurers is added to online Tax Office systems.

Page 6: Removing paper and installing a single fit and proper person test are being proposed as early wins from a major overhaul of the $1.2 billion trade system being pushed by the government.

Page 7: Lenders are circulating confidential blacklists of ‘‘high risk’’ suburbs where they will impose tougher conditions on borrowers, including bigger deposits and size restrictions.

Page 8: Sentiment among manufacturers has plunged to its lowest level since the global financial crisis as the industry grapples with rising costs and a slowing economy, with some firms predicted to go bust.

Page 8: Mark Cutifani, the former chief executive of mining giant Anglo American, has urged the resources sector to take a more proactive role in educating ‘‘ignorant’’ academics, politicians and bureaucrats on the critical role the minerals sector plays in society.

Page 13: Shares in global mining services company Perenti collapsed 10.2 per cent after unveiling a plan to buy out its smaller rival, drilling firm DDH1, for around $400 million.

Page 17: Wesfarmers’ Australian Pharmaceutical Industries, owner of the Priceline pharmacy chain, has beefed up its offer for ASX-listed Silk Laser to $3.35 cash per share, winning the backing of the target’s board.

Page 17: The new boss of alternative stock exchange Cboe Australia is poised to unveil multiple trading products, after overseeing a major technology migration to a state-of-the-art trading system in her bid to lure business away from the ASX.

Page 17: The Australian Energy Regulator (AER) has fined EnergyAustralia and fertiliser maker Incitec Pivot a total of more than $630,000 for a series of alleged breaches of conduct in the east coast gas market.

Page 18: As media companies and big technology firms vie for sports viewers, investors have begun to look beyond the traditional avenues to teams and sports that only a few years ago had low profiles in the United States.

Page 18: Two in five borrowers who have taken out a mortgage since 2021 could be underwater on their monthly budget if the next two expected cash rate increases are passed on by the banks in full, Aussie Home Loans-owner Lendi Group warned.

Page 18: Detroit car maker General Motors will lend $US85 million ($128 million) to ASX-listed Element 25 as the world’s biggest car makers race to forge ties with Australian producers of battery materials.

Page 19: Several private equity firms have advanced talks over two of the most-watched transactions, a minority investment in Rugby Australia and the purchase of Ticketek-owner TEG.

Page 21: Two of Australia’s biggest banks, National Australia Bank and the Commonwealth Bank of Australia, will dramatically increase the size of their Indian operations, cutting down their reliance on external IT suppliers to build a bigger army of internal tech stars on the subcontinent.

Page 22: Australian cryptocurrency exchanges are running out of options to let local customers convert their crypto into dollars, as new measures brought in by a wholesale banking provider under the guise of stopping scammers could also prevent exchanges from providing essential services.

Page 32: Weakening personal finances and a return of buyers from regional areas to cities is cutting demand for homes in popular lifestyle locations such as Byron Bay and the Mornington Peninsula, putting their pandemic gains at risk, new CoreLogic data shows.

The Australian

Page 4: The Reserve Bank should not be using the 50-year lows in unemployment as an excuse to keep raising interest rates, according to one of Australia’s leading labour market experts.

Page 6: The price gap between units and houses is expected to close in the coming years as supply constraints push the more affordable end of the market higher.

Page 6: More than half of Australians under 35 do not have private health insurance due to the cost, while cover for dental and mental healthcare and GP visits are among their medical priorities.

Page 8: Record development of new solar and wind power last year failed to put a dent in the world’s reliance on planet-warming fossil fuels.

Page 20: The extraordinary boom in investments linked to artificial intelligence has powerful parallels to the internet’s original dotcom boom, with Australian investors once again at the mercy of movements on Wall Street. 

Page 20: This week’s rise in compulsory employer superannuation contributions will deliver a typical worker an extra $330 a year, a new analysis has found. 

The West Australian

Page 63: Northern Star Resources has secured more feed for its Jundee mill with the $67 million purchase of Strickland Metals’ nearby Millrose gold exploration project, about 350km north of Leonora.

Page 63: The Federal watchdog has permanently banned a dodgy Canning Vale financial adviser currently on a good behaviour bond for criminal breaches.

Page 63: WA startups should expect venture capital raisings to take twice as long and cost double the amount than normal, experts warn, as investors pump the brakes on funding amid economic challenges.