Fast-track for migrants on $120,000
Business will be able to bring in foreign skilled workers on potentially as little as $120,000 in a visa process that will take weeks instead of months, as part of a migration overhaul that will make it easier to hire in high-demand industries. The Fin
Fortescue exec churn is ‘credit negative’
Ratings agency Moody’s says Fortecue’s high rate of executive turnover is negative for its credit rating, but expressed confidence the iron ore miner had significant headroom to fund its pivot into clean energy. The Fin
Gas supply up but ACCC warns of thin surplus
The eastern states will have only a small gas surplus in early 2024 if all uncontracted LNG is exported to the spot market, according to the Australian Competition and Consumer Commission, in a finding reducing the spare volumes from its assessment in June. The Fin
Plan to crack down on tax leaks revealed
The Albanese government has released draft legislation to impose penalties of up to $780 million for tax promoter breaches as part of its response to the PwC tax leaks scandal. The Fin
Nation stuck on grow slow: OECD
Australia will be among the economic stragglers in the G20 next year, with persistently high underlying inflation, the OECD said, while upgrading its forecasts for global output and the world’s two leading advanced producers. The Aus
Trainee teachers lament ‘woke indoctrination’
One in five teachers has warned the federal Education Department that universities failed to teach them all the practical skills required to teach children to read and write, or to manage classrooms. The Aus
Labor gets to work on jobs plan
The Albanese government will release its employment white paper on Monday to help the nation deliver full employment and productivity growth while adjusting to big economic shifts over coming decades. The Aus
95% pay rise for political parties
Political parties are set to receive a 95 per cent increase in taxpayer-funded reimbursements after election campaigns under a suite of changes designed to lift the veil of secrecy over the flow of money in politics. The West
Minderoo bails out Leeuwin
Insolvency firm KordaMentha is recommending creditors of the charity behind the Leeuwin back a recapitalisation offer from Andrew Forrest’s philanthropic arm, Minderoo Foundation. The West
Australian Financial Review
Page 3: Labor’s same job, same pay rules will cut into the growth of retirees’ savings if BHP’s warning comes to pass that the reforms will deliver a $1.3 billion revenue hit that will come straight from its dividend pool, industry experts say.
Page 4: Former treasurer Peter Costello has warned against requiring the Reserve Bank of Australia to give ‘‘equal consideration’’ to full employment and price stability, arguing it could let the government shirk responsibility for jobs and fuel higher inflation.
Page 4: A surge in the cost of food and energy could put renewed pressure on consumer prices and derail the Reserve Bank’s current path back to its inflation target, prompting another rate rise.
Page 6: Education Minister Jason Clare’s ambition to double the number of university students by 2055 could be undermined by further falls in applications for study next year in most states, continuing a six-year trend.
Page 8: Prime Minister Anthony Albanese has backed a tax on short stays such as Airbnb and Stayz, with Victorian Premier Daniel Andrews set to reveal the first statewide tax expected to be set as high as 7.5 per cent.
Page 11: Almost a fifth of US businesses in China are looking to move some of their operations out of the country as confidence about their prospects in the world’s second-largest economy hits a record low, a key survey shows.
Page 13: New Hope shareholders will receive total dividends of 70¢ per share for the year ended July 31 after exceptionally high coal prices last summer drove the miner to a record $1.08 billion underlying profit.
Page 13: Food ordering business Ordermentum, whose digital system is used by 40,000 pubs, clubs and cafes, has raised $16 million in fresh capital to drive growth as value-seeking diners head to pubs rather than higher-end restaurants.
Page 16: Banks and investors have new guidelines to compare companies’ impact on the natural environment, after the release of formal guidance on ensuring nature is considered alongside financial, operational and climate risks.
Page 16: Mining and drilling services group Boart Longyear has acquired Minalyze for $US29.3 million ($45.5 million). Minalyze is a specialist group in core scanning instruments and software used in the visualisation of geological data, with the purchase being made by Boart Longyear’s Veracio business unit.
Page 24: The Australian sharemarket charted its second day of moderate declines yesterday, as investors nervously await more direction from the world’s two largest economies.
Page 25: The oil price heading to $US100 a barrel could force the Reserve Bank to raise interest rates as soon as Cup Day, spurning the bond market, which has pushed out expectations for another rate increase to next year.
Page 25: China’s currency has been hammered from all fronts as money leaves its financial markets, global companies look for China alternatives and a revival in overseas travel hits services trade. All of this is captured in the latest official data, which shows an outflow of $US49 billion ($76.2 billion) in the capital account last month, the largest since December 2015.
The Australian
Page 13: Green ammonia will still cost twice that made from natural gas by the middle of the decade, according to manufacturing major Orica, despite the rush towards green hydrogen production around the world.
Page 13: Embattled consulting giant PwC Australia late on Tuesday evening reached a long-term agreement with Allegro Funds for the take- over of its government consulting business.
Page 15: Destructive cyclones, surging insurance premiums and the sheer size of Hamilton Island’s infrastructure has put many a potential buyer off purchasing the resort, which is being peddled around the market by Sydney’s Oatley family.
Page 15: ANZ has cut fixed rates for owner-occupiers and investors, in what comparison group Rate- City.com.au said may be a sign fixed rates have now peaked.
Page 19: Motorists are being warned to expect petrol prices to keep rising for the rest of the year and that the bottom of pricing cycles could soon be $2 a litre after records were broken across the country in another blow to households facing a cost of living of crisis.
The West Australian
Page 7: The State Government’s handling of plans for a massive marine park where swaths of ocean will be protected from fishing have been labelled “worse than the Aboriginal Cultural Heritage Act” amid fears they could devastate the south coast fishing industry.
Page 11: WA teachers are picking up gardening and cleaning shifts in a desperate attempt to keep their schools open as the union warns the education system is stretched so badly the situation has now become “untenable”.
Page 14: Qantas and other major airlines have been hit by price gouging accusations as a Senate inquiry alleges airfares were kept exorbitantly high for far longer than needed.
Page 20: Odeum Produce, a wholesaler of fruit and vegetables, including citrus, melons and tomatoes, will be put up for sale after administrators took control of the business on Monday.
Page 20: Australian Strategic Materials chief executive Rowena Smith said collaborating with partners and sharing risk would be key as the country sought to rapidly build an “end-to-end” supply chain to facilitate the green energy transition.
Page 23: Maintaining a ban on the export of onshore gas threatens the commercial viability of Browse — the biggest undeveloped gas field in Australia — posing a severe risk to WA’s future energy security, Woodside warned in its submission to a parliamentary inquiry into the effectiveness of WA’s signature domestic gas reservation policy.
Page 23: P&N Group outperformed its bigger rivals last financial year, underlining its value to other mutuals looking for a WA partner amid the consolidation of the country’s customer-owned banking sector.
Page 24: Rio Tinto wants to be a “meaningful” lithium producer, but is more focused on finding and building its own mines than joining the wave of dealmaking engulfing the industry, chief executive Jakob Stausholm says.
Page 24: Global gold behemoth Newmont Corporation has cleared a major hurdle in its $29 billion friendly takeover of Newcrest Mining, with Australia’s Foreign Investment Review Board ticking off the union.
Page 24: Ramelius Resources has moved to compulsory acquisition of the remaining shares in Musgrave Minerals after its stake in the takeover target hit 91 per cent.
Page 45: The long-established Mt Henry Tavern, a local favourite for catching games on the big screen and unpretentious pub grub, has hit the market for the first time in 32 years.
