Morning Headlines

Businesses raise alarm on lawsuits

Business groups warn that shareholders could be hit with billions of dollars in lawsuits backed by deep-pocketed hedge fund investors, under the Albanese government’s free-for-all class action setting. The Fin

Company insolvencies rise to record level but job market remains strong

The slowing economy and rising costs pushed a record number of businesses into insolvency last month, but the overall number of jobs fell by just 6600, suggesting smaller companies were hit the hardest. The FIn

KordaMentha runs the rule over Bonza

Bonza’s financiers have called on restructuring advisory KordaMentha to provide them with advice about the operations of the country’s fourth-largest airline amid instability at its Miami-based private equity owner. The Fin

We can’t go ballistic after missile defence systems left on the shelf

Labor’s new plan to rebuild the military has delayed the acquisition of tens of billions of dollars worth of new missile defence systems, putting off protection for Australian troops against the sort of attacks seen in Israel and Ukraine. The Aus

Crisis point: hospitals on life support

The performance of public hospitals has deteriorated to its lowest level ever, with planned surgery wait times now the longest on record, and emergency departments failing to treat on time as many as one in three people with life-threatening conditions. The Aus

Deadline looms for BHP nickel workers

HP has given itself until August to decide the fate of thousands of workers as it continues to assess the longer-term viability of its loss-making nickel assets amid a market beaten down by a flood of the steel and battery ingredient from Indonesia. The West

UniSuper’s Macquarie deal

UniSuper has pledged up to $600 million to Macquarie’s green energy fund, giving the super giant exposure to potential projects in WA and beyond. The West

Back in business as costs begin to drop

Australian businesses have reported further easing in cost pressures during the first three months of the year, according to new bank data, as confidence ticks up. The West

The Australian Financial Review

Page 3: Australian Industry group chief executive Innes Willox has warned more manufacturers may go to the wall because of high gas prices after the collapse of plastics maker Qenos, and urged federal and state governments to urgently replace dwindling Bass Strait gas and transition industry to green replacements.

Page 3: A former Federal Court chief justice has warned Labor’s plan to include judicial pensions in its tax increases for high balance superannuation funds could breach the constitution and stymie efforts to improve diversity on the bench.

Page 3: Nicola Forrest, co-owner of boots and outback clothing group RM Williams, says people are tiring of throwaway fast fashion as the company targets faster growth in women’s boots that sell for up to $800 a pair.

Page 5: Chinese demand for Australian iron ore may have peaked, the Reserve Bank of Australia has warned, setting the scene for a potential multi-decade hit to government revenue and mining industry profits.

Page 5: Cuts to new navy supply ships and replacement fighter jets have triggered concerns among analysts, as Defence Minister Richard Marles fended off criticism the government was not increasing military spending quickly to counter a rising China.

Page 6: Opposition Leader Peter Dutton is facing internal pushback over plans to threaten the break-up of supermarket giants Coles and Woolworths, with senior Liberals expressing concern about populist divestment moves being led by the Nationals and the Greens.

Page 6: The opposition says it is legitimate to question the $2.445 million compensation payout to Brittany Higgins, given the finding by Federal Court Justice Michael Lee that there was no political cover-up of her rape.

Page 10: Tougher visa conditions and stricter checks are taking a toll on foreign students, with arrivals hitting a 10-year low and departures at a five-year high.

Page 15: Private equity’s relentless rise risks undermining the size and diversity of the Australian sharemarket, as privatisations handily outnumber floats, the Reserve Bank has warned.

Page 16: It’s down to the short strokes at Whitehaven Coal’s sale of a minority stake in Bowen Basin’s Blackwater metallurgical coal mine, bought alongside Daunia for about $6.4 billion from BHP and Mitsubishi last year.

Page 17: Santos’ revenue fell almost 15 per cent in the past quarter due to bad weather, maintenance and low gas prices.

Page 17: James Warburton has officially left the building as chief executive of Seven West Media, handing the reins to former finance chief Jeff Howard and defending his performance at the Kerry Stokes-controlled company.

Page 17: AMP said the total loan book at its bank fell from $24.4 billion to $23.5 billion in the three months to March 31, although its deposits grew marginally.

Page 17: SRG Global, the ASX-listed provider of engineering, construction and mining services, has told investors that it has picked up contracts valued at $150 million.

Page18: Shares can sustain their record-breaking form without the benefit of monetary easing, investors say, after a modest deterioration in the jobs market reinforced expectations the Reserve Bank will not rush to cut interest rates.

Page 19: Gina Rinehart is doubling down on her investment in copper, agreeing to buy an 80 per cent stake in Ecuador’s Linderos project for up to $US120 million ($186.4 million).

Page 24: Shares posted their first positive day in seven sessions yesterday after Australia’s jobless rate rose to 3.8 per cent in March, broadly in line with the market’s expectations, and ahead of crucial March quarter inflation data due next Thursday.

The Australian

Page 2: Five Labor MPs have joined the Coalition and independent colleagues to recommend a significant overhaul of the Albanese government’s controversial emergency migration laws, declaring Immigration Minister Andrew Giles’ proposed powers should be curtailed and mandatory sentences abolished.

Page 2: The continued expiry of ultra-cheap pandemic-era fixed home loans means average mortgage rates will climb by a further 0.35 percentage points this year, even without further official hikes, Reserve Bank analysis has revealed.

Page 2: The Coalition and the Greens will oppose Labor’s shared equity scheme, dashing Anthony Albanese’s hopes of securing easy passage for the key housing affordability policy through parliament.

Page 13: The federal Labor government’s intervention into the gas market has damaged Australia’s reputation as a secure investment location and stable supplier of energy, says ConocoPhillips chief executive Ryan Lance.

Page 14: With the Australian dollar currently around US64c, big technology players out of the US are showing an increasing amount of interest in the Australian market, with sources saying groups are currently here sizing up acquisition opportunities.

Page 15: Placing restrictions such as time limits on Woolworths’ and Coles’ purchase of properties to develop into new stores is an easy reform that could kill off the strategy of land banking and improve competition in the $135bn supermarket sector, analysts say.

Page 15: Billionaire Solomon Lew has used creep provisions to snatch another 3 per cent of Myer for his listed fashion and investment vehicle, Premier Investments, to tighten his grip on the department store and possibly cede him a second representative on the Myer board.

Page 17: Companies that unlock new bitcoins are revamping their businesses to depend less on the cryptocurrency ahead of a supply contraction that will cut profits in half.

The West Australian

Page 49: The competition watchdog has taken the manufacturer of GLAD-branded kitchen and garbage bags to court for allegedly making false claims its products were made of recycled “ocean plastic”.

Page 50: Restructuring specialists KordaMentha are running the ruler over regional airline Bonza as its American owner struggles to complete a $400 million-plus takeover of Premier League club Everton.

Page 50: SRG Global has added $150 million worth of work to the order book after lining up new contracts in mining, infrastructure and transport.

Page 51: The owner of the perennially floundering Dalgaranga gold mine north-west of Mt Magnet — Spartan Resources — has tapped investors for $80 million to beef up the deposit that turned the company’s fortunes around.