Morning Headlines

Doubts on fast-tracked housing plan

The Albanese government has offered state and local councils $3.5 billion to fast-track the construction of 1.2 million homes over the next five years, in a bid to boost housing supply. The Fin

Rates spur hits to office, retail landlords

A wave of write-downs is in full swing across the commercial property sector – office landlord Dexus alone took a $1.2 billion hit to its portfolio – as soaring interest rates tear through landlords’ bottom lines, with further falls expected. The Fin

Minimum wage rise ‘has double effect on total’

The minimum wage’s contribution to wage growth and inflation has been significantly underestimated in official data that was used by the Fair Work Commission to grant a 5.75 per cent pay increase to 2.4 million workers. The Fin

Labor’s $7m could lead to Pacific NRL team

Anthony Albanese says he would like to see a Port Moresby-based Pacific team enter the NRL by 2025 to mark the 50th anniversary of Papua New Guinea’s independence, tying Australian taxpayer support for the plan as a way to counter China’s growing regional influence. The Fin

Expulsion threat for swimming

Swimming Australia has been threatened with expulsion from membership of the sport’s global governing body over serious concerns about the way the sport is being run. The Aus

Chemists put a price on services

Chemists will begin charging customers for blood pressure checks, medication home deliveries, wound dressing and baby weighing – all services previously provided for free – as community pharmacies face reduced revenues amid plunging confidence in the sector’s financial outlook. The Aus

Shutdown a train in neck

Commuters travelling from Armadale to the CBD will have about 40 minutes added to their daily journeys to and from work when the train line shuts for 18 months from November 20. The West

Fool’s gold?

Ex-Big Brother contestant Hannah Campbell shared a recent “paid partnership” video to her 29,000 Instagram followers in a promotion to add some shine to Perth Mint. The West

Builders off hook for pipes that burst home build dreams

BGC and Delstrat groups appear to be off the hook for the huge costs arising from the mass failure of plumbing pipes installed in thousands of new homes across WA. The West

The Australian Financial Review

Page 4: Workplace Relations Minister Tony Burke has listened to business demands and provided exposure drafts of the legislation for his second wave of industrial relations changes, before introducing them to parliament in a fortnight.

Page 6: Climate Change Minister Chris Bowen is being pushed by manufacturers to accelerate development of a potential carbon ‘‘tariff’’, even as critics say the measure could prevent price pressures from easing in the already cost-plagued building industry.

Page 6: Australia needs at least $100 billion of extra public funding, comprehensive policy and more ambitious federal leadership to achieve its goals as a clean energy and hydrogen superpower, two new reports say.

Page 7: Offshore workers at Woodside Energy-run gas platforms off Western Australia may vote as early as tomorrow on industrial action after critical talks with the company appear to have devolved into acrimony.

Page 7: A lawyer representing Gina Rinehart’s two eldest children laid out a multifaceted plan he alleged the mining magnate undertook to devalue assets in a company associated with her family, before she transferred them to Hancock Prospecting, which she controlled.

Page 13: Endeavour Group boss Steve Donohue says consumers might be cutting back on the number of bottles they are purchasing at liquor chain Dan Murphy’s, but the performance of its top drops shows shoppers are prizing quality amid tougher economic times.

Page 16: A 12 per cent collapse in the television advertising market in the first six months of 2023 capped off a challenging year for Seven West Media, which posted a 27 per cent fall in profits and slight decline in revenue.

Page 16: Carnarvon Energy chief executive Adrian Cook says Australia is losing some of its hard-earned reputation as a reliable jurisdiction for oil and gas investment at the hands of policy tinkering by the Albanese government.

Page 17: ANZ has built a new chatbot powered by generative AI, called Z-GPT, that can use massive datasets adapted by its own engineers to understand detailed and bespoke information specific to its customers and the bank.

Page 22: For the second straight month, disappointing economic data from China has spurred investment banks around the world to cut their 2023 growth outlook for the world’s second-largest economy.

Page 23: The beleaguered Australian dollar sank to its lowest in nine months as investors cast doubts on China’s resolve to address the deterioration in its economy following another round of weak data.

Page 23: European gas prices jumped sharply for the second time in a week as concerns intensified about the prospect of strikes at Woodside Energy and Chevron operations that could disrupt global supply.

Page 29: Fresh home listings are now rising faster than buyers can absorb them across the combined capital cities, indicating tougher competition for vendors and more options for buyers in spring, data from CoreLogic shows.

The Australian

Page 4: Property industry chiefs have welcomed national cabinet’s “ambitious” housing plan as a key step in meeting accelerating demand for new properties, with current forecasts showing a sharp decline in construction.

Page 4: Thousands of transport workers have secured pay rises of up to 12.75 per cent over three years under new agreements that provide better casual conversion rights and apply tighter restrictions on how much work can be performed by external labour- hire workers.

Page 14: Gas developers in the Perth Basin will be banned from exporting LNG in a bid to keep enough sup- plies for domestic use, the West Australian government said.

Page 15: Seven West Media chief executive James Warburton says the Matildas’ success has entered “another stratosphere” and the record ratings have been overwhelming for the free-to-air broadcaster.

Page 15: Corporate insolvencies are off to their worst start to a financial year since before the pandemic as a combination of higher interest rates, inflation and a pullback in consumer spending hurts businesses across the country.

Page 17: About 94 per cent of business leaders surveyed for LinkedIn’s latest Global Future of Work report say soft skills – communication, interpersonal skills, problem solving, work ethic and time management – have never been more important.

Page 19: Rejecting a takeover bid is a risky thing to do. But this week’s rejection by lithium explorer Azure Minerals of a $900m bid from New York-listed SQM tells us two things: The first is that the lithium sector really is a red hot long-term resource play, the second is that the takeover scene is red hot, too.

The West Australian

Page 22: Perth councils are pocketing millions of dollars a year from drivers who flout parking rules.

Page 45: Perth Glory’s receivers have had more than two dozen expressions of interest in the A-League soccer club as they work towards finalising a sale before the new men’s season gets under way in October.

Page 46: Commonwealth Bank of Australia, which struck a multimillion-dollar, four-year deal in 2021 to back the Matilda’s, is rare among big brands in pursuing a calculated strategy of backing women’s sport. It’s been a shrewd move, with sponsorship deals coming cheaper than the men’s game and generating greater awareness in a sport that’s one of the fastest growing for young people in Australia.

Page 46: Australia’s record consumer savings are likely to be exhausted by late next year as households grapple with interest rates at their current level for some time, according to new analysis by AMP.

Page 47: Investment in new power generation is urgently needed to keep Western Australia’s lights on, with a large shortfall looming as early as 2026.

Page 48: Melbourne Football Club president Kate Roffey and boardroom colleagues have failed to squeeze more than $320,000 out of her Perth-based predecessor Glen Bartlett.