Cost woes hit $2.3b energy line
The $2.3 billion EnergyConnect project, a critical high-voltage line connecting renewables projects in South Australia to the national power grid, has been hit by cost blowouts, delays and payment defaults. The Fin
Shorten wants payments for sex work, steam rooms, crypto banned on NDIS
NDIS Minister Bill Shorten says payments for sex work will be banned under changes to the scheme, conceding that a wide range of services being billed to taxpayers are unsustainable. The Fin
Sold for $1, Scyne claws back PwC’s revenue
Public sector consulting firm Scyne, spun out of PwC, is heading towards $200 million in revenue and has clocked up almost 500 project wins after eight months of operation. The Fin
Labor reveals bankruptcy overhaul
The threshold for involuntary bankruptcy will rise to $20,000 and bankrupts will have their official records cleared after seven years, under an overhaul of personal insolvency laws being unveiled today. The Fin
All judges on deck for detention
The Federal Court has convened a special panel of judges to tackle a wave of constitutional challenges engulfing the legal system in the wake of the landmark NZYQ decision, as dangerous non-citizens seek to use the ruling to walk free from immigration detention and lift their monitoring requirements. The Aus
Veterans ‘stranded by legal closure’
A lauded national legal service helping veterans fight for their entitlements, compensation and rehabilitation is being quietly axed, prompting warnings they will be left to the mercy of legal “sharks”. The Aus
Industry calling for clarity on Future
The Coalition has warned that Labor’s Future Made in Australia legislation fails to provide “clarity” for manufacturers about how the scheme works in practice, as industry urges the government to ensure a “level playing field” as well as transparency for businesses seeking support. The Aus
Maritime union’s man has eyes on Bullwinkle
MUA-aligned State MP Kyle McGinn is seeking to jump to Federal politics, nominating for Labor preselection for the new WA seat of Bullwinkel. The West
Fortescue R&D files ‘deleted’
Andrew Forrest’s Fortescue claims rival green metals hopeful Element Zero got a big head start when a departing scientist allegedly copied and then deleted the iron ore miner’s technical documents. The West
Santos battles to turn oil & gas projects into profit generators
A veteran of Australia’s oil and gas industry, the Scotsman has earned acclaim for transforming Santos into the country’s second-largest fossil fuel producer in under a decade. The West
The Australian Financial Review
Page 3: Law firms will be able to run class actions off their own balance sheets in the Federal Court and share in damages awards, after a landmark judgment said such arrangements were not prohibited.
Page 4: West Australian Premier Roger Cook says voters will resist the introduction of sectarian politics to Australia, warning against ‘‘poison’’ from Canberra coming into his state.
Page 5: Investment chiefs from the country’s biggest superannuation funds will not bankroll Opposition Leader Peter Dutton’s nuclear power plan, despite strong appetite for other energy transition assets and a shortage of domestic investment opportunities.
Page 8: The federal government’s plan to cap overseas student numbers at course level and link places to areas of skill shortage is unworkable and could lead to fewer places for domestic students in subjects such as teaching and nursing, warns leading higher education expert Andrew Norton.
Page 12: Australia and the United States will this week try to solve the growing crisis of Western banks withdrawing from the Pacific, which is viewed as posing a national security risk if China tries to muscle in on the business.
Page 17: Retirees and other retail investors pitched double-digit ‘‘government-backed’’ returns to be National Disability Insurance Scheme landlords are set to lose hundreds of thousands of dollars, with the fund manager admitting it cannot find tenants.
Page 17: Billionaire Clive Palmer says Chinese conglomerate CITIC is in breach of contract by denying him access to a magnetite mining operation in Western Australia where about 3000 jobs hinge on the outcome of their legal stoush.
Page 19: Quadrant Private Equity has hired boutique investment bank Houlihan Lokey to oversee a strategic review of its fast-growing premium pet food business, which may recommend a sale to capitalise on big-ticket valuations for fast-growing pet brands.
Page 19: A wave of cashed-up international start-ups are defying the slowing economy to carve out a presence in Australia and take advantage of the country’s wealth, in the hopes of emulating Uber in creating an ultra-profitable outpost.
Page 22: A slump in iron ore prices is set to drag the Australian sharemarket further behind its global peers ahead of crucial US inflation data this week, which could determine the timing of Federal Reserve interest-rate relief.
Page 27: Australian businesses have been warned to pause all targeted advertising to comply with sweeping new privacy laws due next month, which a coalition of the nation’s media industry groups says are still fraught with uncertainty.
Page 32: Centuria Industrial REIT has renewed a lease with cotton and wool handling company AWH for 94,241 square metres across two sites in Perth’s southern suburbs, making for WA’s largest industrial leasing deal for the 2024 calendar year to date.
Page 32: Watchdogs are concerned about the ‘‘substantial’’ risk to investors in the private credit market after it emerged that almost 40 per cent of funds don’t have skin in the game.
The Australian
Page 6: Mortgage borrowers are hedging their bets and switching their loans to new lenders or interest-only payments to ease budget pressures as rates look set to stay higher for longer.
Page 6: Shockwaves sent through cattle and sheep markets by fears of El Nino and drought have sent livestock producer incomes plummeting in the past 18 months.
Page 15: Building costs could skyrocket by more than 30 per cent in some cities over the coming four years as strong demand fuelled by government spending compounds the pressures of rising wages and continues labour shortages.
Page 15: French multinational beauty and cosmetics giant L’Oreal is ramping up the online sales and marketing of Australian luxury brand Aesop and wants to open more stand-alone, beauty boutique outlets, as it looks to increase sales in Australia and New Zealand to €1bn (1.6bn).
Page 15: Would-be cattle baron Sam Mitchell’s agriculture empire was allegedly insolvent as of at least July 2018, with an administrator’s report revealing the dealmakers’ company had run up millions of dollars in debts to creditors, clients and the Australian Taxation Office for years.
Page 18: Only two months after Defence Minister Richard Marles smoothed the way for Hanwha to buy Australian warship builder Austal, one of South Korea’s economic and trade experts has signalled a heightened threat of war with North Korea following recent escalating tensions.
The West Australian
Page 5: Libby Mettam has promised Tom Price will finally get a new hospital if the Liberals win the next State election.
Page 10: Perth’s City of Stirling will spend $500,000 on seeing if a coastal boardwalk between the beaches of Scarborough and Trigg will work, reigniting the war among locals.
Page 53: Starting with meetings in Perth, the New Zealand First deputy leader’s visit to Perth comes as the new Nationals-led coalition government works towards doubling the nation’s mineral exports to $NZ2 billion ($1.8b) by 2035.
Page 53: Oil inventories are tipped to come under close scrutiny after four weeks in a row of price rises for the key fuel ingredient.
