Morning Headlines

Green metal blowouts surge to $6b

The ASX’s critical minerals producers are facing a blowout in costs as the challenging geology of extracting green metals comes up against high prices for labour, utilities and services, destroying more than $6 billion in shareholder value. The Fin

Kmart and Target create $10b business

Wesfarmers’ Target is being folded into its discount stablemate Kmart, creating a singular $10 billion business with the aim of boosting returns as value offerings become more desirable to shoppers battling the rising cost of living. The Fin

Japanese kingmakers in BHP coal auction

Five Japanese commodities players have become hot property in BHP’s $US3.5-plus billion auction for its Queensland coal mines. The Fin

Old letters key to WA iron ore battle

Mining pioneer Peter Wright did his share of heavy lifting when he and Pilbara icon Lang Hancock set about building what would become a multibillion iron ore empire, a court heard yesterday. So Wright’s descendants should share in the royalties equally, their lawyer said. The Fin

China wolf: all bark, no bite

China’s coercive restrictions on Australian exports such as coal, wine and lobsters have had virtually zero impact on the economy, underlining the resilience of the nation to future assaults as producers diversify away from our largest but increasingly unreliable trading partner. The Aus

Surplus will be ‘north’ of $20bn

Jim Chalmers has revealed the nation’s first budget surplus in 15 years will come in above $20bn, saying the improving fiscal position will provide flexibility to roll out further cost-of-living relief in “future budgets”. The Aus

Mabo lawyer attacks heritage

One of the top lawyers who won the historic Mabo case has criticised WA’s controversial Aboriginal Cultural Heritage Act, labelling it “unworkable” in its current form and needing major changes. The West

Tana mum on talk of return to Glory ranks

Former Perth Glory owner Nick Tana is said to be considering a multimillion-dollar cornerstone investment in the club, which was put into receivership on Friday after its licence was pulled from mining promoter Tony Sage. The West

The Australian Financial Review

Page 3: Australia’s biggest super funds are on an overseas hiring blitz in a bid to reduce expensive external management fees and get in on lucrative private equity and infrastructure deals earlier, as the $3.5 trillion sector outgrows local markets.

Page 4: Workplace Relations Minister Tony Burke yesterday detailed the proposal for casual employees to have the choice to convert to permanent after just six months in a job – and every six months after that – if they can prove they have regular working patterns.

Page 6: Treasurer Jim Chalmers has ruled out giving the Reserve Bank additional votes on the new monetary policy board, saying the central bank’s interest rate decisions will be strengthened by outside opinion.

Page 8: The CFMEU is demanding a Greens-style super profits tax designed to raise more than $500 million within the next two decades to fund the construction of almost 1 million homes.

Page 15: Core Lithium’s plan to develop multiple small, adjacent mines will take longer than expected to deliver, sparking a 15 per cent slump in Australia’s second most shorted stock yesterday.

Page 18: Offshore wind will boost Australia’s clean energy export superpower ambitions by generating surpluses to channel into green hydrogen and ammonia production when its output is not needed to meet demand for grid power, says the global chief executive of BlueFloat Energy, an aspiring east coast developer.

Page 18: Australian employees of US tech giant Microsoft have been shocked by a fresh round of redundancies at the start of the new financial year, taking the number of local staff fired by the company to almost 200 this calendar year.

Page 20: AirTree Ventures and Blackbird Ventures have joined a long list of venture capitalists that have committed to publicly revealing their investments in women-led businesses, in the hope that improved transparency might one day lead to equality in the way Australia’s start-ups are funded.

Page 26: A rally in energy stocks failed to buoy the Australian sharemarket yesterday after mining giants fell with the iron ore price, and lithium producers tumbled.

Page 27: The commodity-driven local currency faces headwinds as China’s growth continues to slow and easing domestic inflation undercuts the case for more interest rate increases. To make matters worse, this week’s US Federal Reserve review may bolster the US dollar and add to the Australian currency’s woes.

The Australian

Page 13: Home loan delinquency rates across banks and non-bank lenders are surging, reaching levels not seen since the start of the Covid-19 pandemic, before government support measures were implemented.

Page 13: Deloitte Australia is warning its prices may rise and business growth could slow over the next year as softer economic conditions and cut-backs from corporate and government clients take their toll.

Page 13: Australian-Canadian battery play Novonix has a controversial view when it comes to developing electric vehicles that can seemingly drive forever.

Page 15: Beach Energy has appointed Seven Group boss Ryan Stokes as a director, helping his father and billionaire Kerry Stokes tighten his grip on the oil and gas company.

Page 16: Building enough renewable energy generation to be able to close Australia’s largest coal powerstation in 2025 as scheduled will save consumers up to $3000 over the next 10 years, a new report has found, as pressure builds to hasten the transition away from fossil fuels.

Page 19: Russia notched a victory in the fight for influence over global oil markets in recent days when the price of the country’s most coveted crude traded above a Western price cap imposed to starve Moscow of funds for the war in Ukraine.

The West Australian

Page 17: West Australian philanthropists can pool their individual donations together to create “systemic change” across the giving sector, says Parkerville Children and Youth Care chief executive Kim Brooklyn.

Page 18: Germany’s automakers announced bold plans in the past several years to shift to electric cars and challenge Tesla’s dominance. Instead, they’re only falling further behind.

Page 63: Australia’s offshore regulator has again raised concerns with Shell’s Prelude LNG vessel, alleging workers were exposed to a fire or explosion risk when working on a tank late last year.