Optus hit threatens industry shake-up
The Optus outage is forecast to hasten a shake-up of the telecommunications industry, threatening the Singaporean-owned group’s mobile market share as it scrambles to stop customers from fleeing after massive disruption to internet and phone services on Wednesday. The Fin
Mortgage wars to go on: NAB
Cut-throat mortgage competition is here to stay for another year, says National Australia Bank chief Ross McEwan, who prepared investors for more margin pain and delivered a gloomier outlook for the housing market than rival Westpac on Monday. The Fin
Biggest income slump in developed world
Economists have urged Treasurer Jim Chalmers to overhaul Australia’s tax system after new data showed households suffered the largest fall in living standards of any advanced economy over the past year. The Fin
EY cuts 232 staff as big four job losses spread
EY will cut 232 people, more than 2 per cent of its 10,700-strong workforce, as a ‘‘significant’’ reduction in demand from financial services and public sector clients hits its bottom line. The Fin
Donations sent to terror-link aid group
Australians have been donating tens of thousands of dollars to an aid organisation in Gaza accused of funnelling the money to a hard-line Islamic terrorist group. The Aus
Travellers wash their hands of pilot plan
A poll commissioned by Qantas pilots has found most Australians would be reluctant to board a commercial flight with only one pilot at the controls. The Aus
IR Bill big problem for small biz
Small businesses rank the Albanese Government’s controversial shake-up of industrial relations laws more of a threat than cyberattacks, natural disasters and the struggle to find staff, a survey has revealed. The West
Fewer than 300 Airbnb homes to take $10k rent incentive
A $10,000 incentive for landlords to take their properties off Airbnb in favour of long-term renting is expected to attract fewer than 300 takers, the State Government has conceded. The West
The Australian Financial Review
Page 4: The Senate has split the Albanese government’s industrial relations bill, backing a crossbencher bid to spin off non-controversial parts of the bill for urgent passage despite Labor opposition.
Page 4: Workplace Relations Minister Tony Burke will tell retail and fast-food executives that he is open to considering any legislative change to ensure the sector’s workforce can be safe from rising customer abuse and violence.
Page 5: A key piece of network equipment implicated in Optus’ nationwide outage has links to the Netherlands, China and the UK, as well as to a system run by Optus’ owner, Singtel, in Singapore, and the faulty update believed to have triggered the outage might have originated in any of those countries, telecommunications experts say.
Page 6: Treasurer Jim Chalmers has directed the new head of the Productivity Commission to prioritise climate change and technology, while omitting any mention of industrial relations.
Page 8: Reinvested dividends and banks raising capital to bolster their balance sheets will be carved out of a government tax crackdown on franking credits.
Page 11: Xero’s chief executive is trying to win back investor confidence as the company’s strategy of balancing profit with revenue growth met early resistance, with the accounting software group’s first-half result missing expectations.
Page 13: A major proxy adviser with significant sway over Origin Energy investors has recommended they back a near-$20 billion takeover proposal for the electricity and gas giant despite describing it as an ‘‘uphill battle’’ given opposition from the company’s largest shareholder.
Page 13: Buy now, pay later operators face an existential threat as rising interest rates and a worsening economy mean they will struggle to maintain the support of fickle, or ‘‘confidence-sensitive’’, equity investors.
Page 14: First-time home buyers who borrowed in the interest rate trough and bought a house at the previous price peakare rolling on to variable interest rates that are higher than the buffers applied by banks when they took out the loan.
Page 14: A push by Facebook and Instagram into video has sparked a ‘‘significant increase’’ in their use of content produced by publishers, which should be a factor when renegotiating multimillion dollar deals under the news media bargaining code, Nine Entertainment chief executive Mike Sneesby says.
Page 15: Viva Energy is targeting nearly a 150 per cent jump in earnings from its convenience and fuels retailingbusiness in five years, after paving the way for a huge expansion in convenience retailing that will also make it one of the country’s biggest employers.
Page 23: More than half of the firms on the Commonwealth’s legal services panel have failed to meet pro bono targets, putting at risk their ability to win lucrative government work.
Page 25: Sales growth has slowed across Westfield malls in the third quarter but its owner, Scentre Group, is resisting the fallout from inflation, booking average rent rises of 7.6 per cent from its specialty retailers.
Page 4: The chief executive of National Australia Bank, the country’s biggest business lender, has warned the federal government’s proposed changes to industrial laws risks baking in complexity to the economic system and endangering the agricultural sector.
Page 4: Banks should leave vegetation management policies to governments, according to the National Party, which has stepped in to criticise moves by lenders to end deforestation practices.
Page 9: US pop star Taylor Swift will release more tickets to her forth- coming The Eras tour, set to touch down in Australia next February.
Page 15: In a blow to the Albanese government’s advanced manufacturing ambitions, loss-making fast- charging firm Tritium will close its Brisbane factory and consolidate operations in the US.
Page 17: A leading credit rating agency has warned of heightened risks for the construction sector, with the residential segment of the market faring the worst.
Page 18: Orica says it expects to deliver another year of improved earnings as demand for its explosives and miningservices grows, despite managing director Sanjeev Gandhi conceding the company will need to factor in higher energy prices for the foreseeable future.
Page 19: Seven West Media, controlled by Perth billionaire Kerry Stokes, has told shareholders the company will retain a “conservative approach” to its balance sheet as it announced a reduction in debt and acknowledged investor pressure to resume dividend payments.
Page 24: Superannuation funds posted negative returns for the third consecutive month in October, as global market uncertainty weighed on share returns.
The West Australian
Page 7: Funnyman Jerry Seinfeld is bringing his new stand-up comedy show to Perth in June 2024 for the first time in seven years.
Page 37: Booming demand for lithium and LNG has powered WA’s resources sector to a record result, with total sales soaring to $254 billion in 2022-23.
Page 37: Wildcat Resources has gone into a trading halt as the lithium hopeful seeks to take advantage of its spectacular share price rise and raise up to $100 million.
Page 37: The EPA has given Lynas Rare Earth’s Mt Weld project expansion in the Goldfields the green light, as the Amanda Lacaze-led miner weighs up a hybrid power station.
Page 38: An alliance of American and British defence companies are eyeing Perth as a major defence manufacturing hub under the AUKUS agreement in a move that could underpin a jobs boom in the State.
Page 39: National Australia Bank is putting its big emissions customers on notice, saying they will need to have climate transition plans in place in two years time.