It’s not a bubble, says CBA
Commonwealth Bank of Australia is trying to dispel fears a property bubble is building in Australia and inflating bank profits after posting an $8.68 billion full-year cash profit, increasing the payout to shareholders and setting aside more capital for future losses. The Fin
WA ordered to stop dragging heels on removing axed tax
Federal Environment Minister Greg Hunt has intervened to get personal assurances from the Barnett Government that the carbon tax will be history in WA amid delays in removing it from State fees and charges. The West
Porter asks WA to give Clive a call
Federal Liberal backbencher Christian Porter has encouraged fellow Western Australians to call or email Clive Palmer to ask the maverick politician to pass the government’s budget. The Fin
WA ‘no comment’ on Minderoo exploration allegations
The Western Australian government has refused to comment on departmental advice into allegations that Andrew Forrest used a mate to block exploration and mining on the billionaire’s rural cattle station. The Fin
Cashed-up Amcom looks east
Amcom is set to jump on an internet network service provider in the Eastern States within the next 12 months, with the company revealing it is ready to spend its $50 million war chest. The West
Flaw in airport rail link timetable
The Barnett Government has made no provision for extra early morning and late night train services when the new $2.2 billion airport rail line opens in 2020. The West
Childcare boost faces Senate veto
The federal government is facing another veto on major policy as senators warn against boosting childcare funding as part of any overhaul of Tony Abbott’s paid parental leave scheme, adding to frustrations over the budget. The Aus
The Australian Financial Review
Page 1: Commonwealth Bank of Australia is trying to dispel fears a property bubble is building in Australia and inflating bank profits after posting an $8.68 billion full-year cash profit, increasing the payout to shareholders and setting aside more capital for future losses.
The NBN Co board did not have the right mix of skilled and experienced directors and failed to identify strategic risks of Australia’s biggest infrastructure project, according to a damning report into its corporate governance.
Page 3: The government has lost $5 billion in revenue this financial year due to its inability to pass key budget measures, including the fuel tax increase which Treasurer Joe Hockey claimed would not affect poor people so much because they could not afford cars.
Page 4: The Reserve Bank of Australia could lose one of its historic functions under a plan to outsource government health payments to the private sector.
Page 6: Federal Liberal backbencher Christian Porter has encouraged fellow Western Australians to call or email Clive Palmer to ask the maverick politician to pass the government’s budget.
Page 8: The Western Australian government has refused to comment on departmental advice into allegations that Andrew Forrest used a mate to block exploration and mining on the billionaire’s rural cattle station.
Page 10: The Tax Office will send letters to thousands of investors, fund managers and stockbrokers threatening tougher audits and penalties if they do not come clean on over-claiming franking credits on shares.
Perth faces an apartment glut from a cooling economy and slow population growth that are likely to leave the city with too many rooms.
Page 11: Spending on business travel will increase by 5.4 per cent in Australia next year, up from growth of 1.1 per cent this year, according to a survey of corporate travel managers.
Page 19: Commonwealth Bank of Australia chief executive Ian Narev says the federal Parliament could help lift business confidence by passing the budget and providing a more coherent vision for the economy, as markets enter a period of growing volatility.
Echo Entertainment Group chief executive, Matt Bekier, says the casino operator has established a “new normal” with a strong second half in which the casino operator enticed high roller punters from rival Crown Resorts and attracted more local customers.
Page 21: Woolworths shareholders have backed its plan to persist with the loss-making home improvement business, even though analysts say accumulated losses at Masters could reach $1 billion before it breaks even.
CSL chief executive Paul Perreault says the blood product and vaccine maker is better placed than its competitors to benefit from rising demand in China because it has played a long game.
Page 26: US engineering contractor Bechtel has accused the CFMEU union of trying to derail critical negotiations for a new enterprise agreement as it seeks to head off an escalation of strike action that threatens to delay the start-up of Queensland’s $70 billion liquefied natural gas industry.
The Australian
Page 1: The federal government is facing another veto on major policy as senators warn against boosting childcare funding as part of any overhaul of Tony Abbott’s paid parental leave scheme, adding to frustrations over the budget.
Page 2: Key employer groups are urging Joe Hockey to start the Productivity Commission inquiry into the Fair Work Act as soon as possible to ensure there is adequate time for public debate about any proposed changes to the workplace laws.
Page 4: majority of pensioners and other concession card holders would not benefit from the safety net built into the $7 medical co-payment.
More than 25 community and private childcare owners and operators have banded together to fight against any watering down of education standards in centres as part of a push to address affordability concerns.
Page 5: State governments should be fined up to $60 million by the commonwealth for failing to get indigenous children attending school regularly, according to a radical proposal by the Prime Minister’s chief adviser on indigenous affairs.
Page 17: Commonwealth Bank has pushed back against the initial findings of the Murray financial system inquiry, arguing “further confusion” was being created about the banking sector’s strength while labelling it critical that firm rules were in place surrounding how much capital banks were required to hold.
Rio Tinto’s big near-term growth project, the $US5 billion ($5.38bn) Oyu Tolgoi copper and gold mine expansion in Mongolia, is looking increasingly uncertain, with a recent tax dispute headed towards arbitration and adding to a long list of disagreements that have halted the project.
Sensis chief executive John Allan has declared the directories business is the nation’s No 2 revenue maker in digital marketing services, behind only that of web search engine giant Google.
Page 18: The sale process for part or all of OZ Minerals’ Carrapateena copper-gold project in South Australia is about to hit high gear with the pending release of a preliminary feasibility study into a $3 billion development.
Page 25: Transfield Holdings has exited the student accommodation market after a decade, selling out of Campus Living Villages, which owns and manages more than 40,000 beds across 59 properties in Australia, New Zealand, the United Kingdom and the United States.
The West Australian
Page 1: Federal Environment Minister Greg Hunt has intervened to get personal assurances from the Barnett Government that the carbon tax will be history in WA amid delays in removing it from State fees and charges.
Page 3: School children should be encouraged to come up with new ideas rather than simply regurgitate what they have been told, says world-renowned WA burns specialist Fiona Wood.
Page 4: Colin Barnett has given the strongest indication yet that he supports consolidation in the Perth racing industry, telling Parliament last night that the sale of the TAB could “fund a modernisation” of the three racing codes.
Page 9: Big parts of the Swan and Canning rivers are in poor condition and getting worse amid failing efforts to stem the flow of nutrients into the system.
Page 11: Students have rated the University of WA, the State’s oldest and most prestigious institution, just one star out of five for teaching quality for the second year in a row.
Page 12: The Barnett Government has made no provision for extra early morning and late night train services when the new $2.2 billion airport rail line opens in 2020.
Business: Amcom is set to jump on an internet network service provider in the Eastern States within the next 12 months, with the company revealing it is ready to spend its $50 million war chest.
The Thai oil refiner and marketer bidding $113 million for Nido Petroleum has hinted the takeover could be the first in a series as it establishes a sizeable upstream business in the Australia and South-East Asia region.
A second-half slowdown has overshadowed another record annual profit by Commonwealth Bank, which included a group-leading performance by Bankwest.
Scrapping the body that runs the South West’s wholesale electricity market and sending its functions to the east coast has been flagged in a major review of WA’s energy system.
Matrix Composites & Engineering has posted its first annual profit in three years, after emerging from a rocky transition to a new factory.