Banks call for crisis talks as cash transport giant teeters
Lindsay Fox-owned cash transport firm Armaguard is seeking an injection of funding to ensure it can operate its banknote distribution services profitably, just five months after it merged with rival Prosegur to create a near-monopoly that was supposed to prop up the industry. The Fin
States take on Albanese in GST spat
The states are demanding a new GST deal that would cost the Commonwealth another $5 billion a year, further straining Anthony Albanese’s claim that he would be better at wrangling the premiers than his predecessor Scott Morrison. The Fin
Keating slams Brookfield ‘trickery’
Former prime minister Paul Keating has dismissed Brookfield as an “opportunist private equity fund” and its $20 billion pursuit of Origin Energy as a “get-rich-quick” scheme which Australia needs “like we need a hole in the head”. The Fin
RBA is done with rate rises, OECD says
A surge in foreign students and inbound tourists will dampen the growth-sapping effect of 13 cash rate rises, but progress on lowering inflation means the RBA is not expected to lift rates again, the OECD says. The Fin
Firearms register ‘now within range’
Gun safety advocates say state, territory and federal governments have “never been closer” to a deal on a national firearm register, some 27 years after the Port Arthur massacre that first prompted calls for the database. The Aus
‘Uncharted territory’: 60pc of public servants now working from home
Australian Public Service Commissioner Gordon de Brouwer says “active consideration” is being given by the Finance Department to savings that could be made as a result of more than 72,000 public servants working from home – describing the trend as “uncharted territory”. The Aus
Plan to use AI to help run WA classrooms
The bold plan to use AI to help ease the burden of running classrooms Time-strapped WA teachers could gain access to artificial intelligence tools to ease their workloads under plans to cut red tape. The West
Rio slams IR laws as economic ‘handbrake
Rio Tinto’s iron ore boss Simon Trott has slammed Labor’s controversial industrial relations laws shake-up, arguing last-minute amendments have still left a raft of questions unanswered. The West
The Australian Financial Review
Page 3: Highly confidential details about how much 400 consulting firms charge the federal government, including three of the big four, were accidentally leaked earlier this month sparking outrage and calls for a full investigation.
Page 3: Fifty-nine per cent of employees say their workloads are inappropriate, according to a study of more than 10,000 Australian employees by workplace mental health researcher SuperFriend.
Page 5: Employers are urging the Senate crossbench to oppose a Labor deal with the Greens on its workplace laws that they say will radically reshape enterprise bargaining and make negotiations ‘‘grossly unfair’’ for businesses.
Page 8: The Tax Office has conceded it caused unnecessary distress in pursuing historical debts from tens of thousands of taxpayers, pausing a push for repayments and promising to review its methods for unpaid liabilities.
Page 11: Super funds need to take ‘‘a venture capital approach’’ to investing in critical minerals if they want to cash in on the energy transition, Guy Debelle says, as only a fraction of their bets in the sector will pay off but those that do will ‘‘make massive returns’
Page 11: China has vaulted ahead of the rest of the world in solar and wind power installations in 2023, accelerating the energy transition for Australia’s biggest export customer and posing a growing threat to future coal exports.
Page 13: Parents of young children are opting not to take on more shifts or days at work despite cost-of-living pressures because childcare fee increases are outpacing the additional income they earn, says advocate Jessica Rudd.
Page 14: A Virgin Atlantic passenger jet powered by 100 per cent sustainable aviation fuel (SAF) completed a London-to-New York jaunt on Tuesday (Wednesday AEDT), showcasing the potential of low-carbon options, which are a fraction of the industry’s fuel mix.
Page 17: The bank of mum and dad has injected more than $2.7 billion into the property market in the past year as about 15 per cent of borrowers tap their parents for financial assistance.
Page 19: Sparks are flying inside the Austal shipyards on the banks of Alabama’s Mobile River as workers weld metal. They’re also flying about the ASX-listed company’s future and the prospect of a new owner that could change their lives – and Australia’s defence sector – forever.
Page 20: Harvey Norman executive chairman Gerry Harvey says the biggest problem facing the retailer is surging costs, with better-than-expected Black Friday sales not enough to stem a slide in sales over the past five months.
Page 30: Shares in Temple & Webster soared more than 24 per cent yesterday after the online-only furniture retailer said it was bucking a difficult environment and posted a massive increase in sales for the past five months.
Page 22: Westpac is backing an eight-year-old fintech start-up that uses artificial intelligence to make decisions about whether to lend to small businesses in the bank’s largest move into venture capital this year.
Page 28: Fund managers are starting to dip back into the unloved property sector, attracted by cheaper valuations and the push by corporates to get employees back into the office.
Page 31: A 1.3 per cent increase in the value of residential construction in the third quarter hides the slowdown coming in new home building as higher costs make new projects less viable and rising borrowing costs for buyers prevent developers from hitting presale targets.
Page 31: One of Canada’s biggest fund managers has joined forces with local outfit New Agriculture to take out a sprawling 3-million-hectare cattle station in WA’s East Kimberley region held by Rich Lister Hui Wing Mau, in a deal worth $300 million or more.
Page 5: Federal Agriculture Minister Murray Watt has been urged to cut all ties between the federal Department of Agriculture and activist group Animals Australia over the “cash for cruelty” scandal that led to animal cruelty charges against a live sheep exporter being dropped this month.
Page 13: The key technology partner for Magnis Energy Technologies has gone to war with the ASX-listed battery and graphite player, warning it is “effectively insolvent” and illegally seized control of a battery gigafactory in a boardroom “coup”.
Page 13: AustralianSuper, the fund giant which helped foil a $20bn takeover offer for Origin Energy, has banned its own investors from buying shares in the electricity and gas company.
Page 13: The Commonwealth Bank expects retailers, hotels and restaurants to continue to do it tough in the coming months, as discretionary spending is squeezed by higher inflation and interest rates, but says the worst is probably behind us.
Page 15: Former members of Australian rock band The Superjesus are suing their old group over claims of lost wages and superannuation entitlements.
Page 15: Meta has lost a legal fight to have a lawsuit over fake celebrity ad scams on Facebook paused while a criminal proceeding launched by mining magnate Andrew Forrest goes ahead in Western Australia.
Page 16: The surge of interest in new rare earth projects hasn’t translated into commercial requests to use Lynas Rare Earths’ new West Australian plant, according to managing director Amanda Lacaze, with the company receiving no formal approaches for a deal over other rare earth deposits.
Page 17: Electric vehicles have really taken off in China, but so has competition. That is the conundrum investors face as they size up the latest EV brands pitching their growth prospects in New York.
Page 18: Telstra and Qantas have halted marketing on Google after their advertisements appeared on Russian, Iranian and pornographic websites - potentially breaching trade sanctions and causing reputational harm.
Page 20: Jemena has extended its push into the burgeoning renewable gas market, partnering with Optimal Renewable Gas to identify three sites in regional NSW that have agricultural and other waste sources for the creation of biomethane that can be injected into the state’s gas pipelines.
Page 20: Defence technology, renewable energy and minerals processing are three massive opportunities for Australia’s economy and investors in a rapidly changing world, the superannuation industry has been told.
Page 20: Private health insurance premiums have climbed over the past three months after many big funds delayed their traditional April 1 price rises, and research suggests more than one-third of people have considered cancel- ling or downgrading their cover.
The West Australian
Page 5: Unacceptably long wait times for child development services in WA go against the whole principle of early intervention and will persist without a major cash injection from the State Government, a parliamentary committee has concluded.
Page 14: Perth’s replacement container port, Westport will be built adjacent to the existing Kwinana Bulk Terminal, but its $4 billion price tag and the 2032 time line are at risk of blowing out.
Page 18: NRW Holdings has mounted a fierce defence of its “best of class” chief executive Jules Pemberton and the company’s remuneration practices after incurring an unparalleled sixth consecutive pay strike.
Page 31: The State Government has forked out almost $40 million to support collapsed miner Griffin Coal amid continued uncertainty about the industry.
Page 32: WA mining magnate Gina Rinehart is buying up big in the South West, splashing more than $20 million on 2000ha of prime farmland in the past 18 months as she continues to steer her cattle empire towards luxury beef.
Page 32: New Delta Lithium chairman Chris Ellison has fired back at suggestions major shareholder Mineral Resources— of which he is the boss — will siphon a stream of lithium assets and deals away from Delta while the junior seeks to dish off its gold holdings.