Fuel plan at risk of collapse
A national cabinet plan to provide households with extra relief from the surge in fuel prices by forging the resulting bump in goods and services tax revenue is on the verge of collapse as states bicker about who should control how to hand the money back. The Fin
Gas profit tax ‘will scare investors’
The country’s biggest energy companies say a push to introduce a windfall tax on gas or a poorly designed reservation system will scare off investment and further spread the supply crisis already gripping the nation. The Fin
Card surcharge ban to push up fees and rates
Credit card customers risk being slugged with higher fees and interest rates by the big banks, which are scrambling to plug a revenue hole created by the Reserve Bank’s decision to end surcharging on debit and credit cards. The Fin
40pc pay ruling set to reshape teen jobs
Employers have warned that retailers and fast-food businesses will be less likely to hire young workers and will struggle under mounting costs after a landmark decision abolished junior pay rates for staff aged 18 to 20. The Fin
Plastic stocks run out: it’s a material crisis
Plastics will become the next casualty of a global crisis triggered by the Iran war that is already devastating household budgets, business leaders warn, as all imported goods are set to become more expensive in the lead-up to Christmas due to surging costs of shipping containers. The Fin
Fertiliser shortage is now a ‘disaster’
Australia’s fertiliser shortage has reached “natural disaster” proportions, threatening to cripple food production for up to five years as the Middle East conflict batters global supply chains, the billionaire chairman of fertiliser developer Perdaman has said. The Fin
Fertiliser, export aid for farmers, finally
Taxpayers will underwrite the purchase of fertiliser for beleaguered farmers, who will have hikes in export fees frozen for a year, under new federal measures to protect the nation’s food supply. The Fin
Mining body chief says oil crisis is a wake-up call
The head of the peak body for the nation’s miners has blamed environmental activist “vandalism” for holding Australia back from energy sovereignty and said the Iran war-induced fuel crisis should be a “wake-up call”. The West
Median prices shatter $1m ceiling
Perth homes prices grew a record $69,000 over three months — or $5750 every week — with new Cotality data showing the median dwelling price has crashed through the $1 million barrier for the first time. The West
Credit change ‘all smoke and mirrors’
The Reserve Bank of Australia’s decision to ban card surcharges does nothing to address underlying bank costs, small businesses argue, leaving them little alternative to slugging customers — again. The West
The Australian Financial Review
Page 5: Wait times for consumers looking to buy some of Australia’s most popular electric vehicles have blown out by several months as car manufacturers scramble to meet a massive demand spike prompted by skyrocketing petrol prices and oil supply risks.
Page 13: Investors clamoured to buy into Koala, sending shares soaring after the fast-growing online sofa and bed retailer debuted on the ASX in a year that has so far seen few big-name listings.
Page 14: Ox Capital, a boutique investment manager specialising in emerging market equities and backed by Challenger’s Didante, has become the latest in a series of fund managers to shut its doors.
Page 15: KMD Brands, the retailer behind Rip Curl and Kathmandu, has been forced to raise money at a steep discount to its share price and will replace its chairman as it attempts to turn around its faltering performance.
Page 15: Mecca has been penalised for failing to file audited financial reports on time, with the beauty and cosmetic retailing giant founded by billionaire business-woman Jo Horgan the highest profile business to fall foul a year-long push for better private company disclosures.
Page 16: Frequent flyers will see fewer bonus offers and earn points more slowly after the Reserve Bank of Australia said it would restrict the fees banks could charge for credit card use, crimping their ability to pay airlines.
Page 17: Treasury has been told the big four accounting firms operate in a regulatory grew area with gaps in how the partnerships are policed, and the current oversight of audit quality is inadequate.
The Australian
Page 5: ABC management has tabled a slightly improved wage offer to staff less than a week after more than a third of the public broadcaster’s 4500 employees went on strike over a pay dispute, with the olive branch likely to signal the end of the protracted conflict.
Page 16: Spotlight Retail Group, controlled by billionaire owners Morry Fraid and Ruben Fried, are believed to be weighing a purchase of Barbeques Galore, according to sources.
The West Australian
Page 7: TLL Haulage managing director Tracy Lewis says she’s “angry” and “fed up” after spending half a million dollars on fuel contracts which haven’t been fulfilled — grinding her 57-truck business in the Goldfields to a halt.
Page 12: The Premier’s urging tourists not to cancel holidays in the State’s north, but the official advice from the Department of Fire and Emergency Services is to “reconsider all travel” with many roads left flood-stricken or damaged. “We want people to explore,” Mr Cook said.
Page 20: Fenix Resources, Gold Valley and Yilgarn Iron, which each employ at least 300 workers via small iron ore mines dispersed across the Mid West and Goldfields regions, are among the State’s mining companies to so far bear the brunt of a diesel supply shock.
Page 20: Australian shares have abruptly reversed course after US President Donald Trump suggested he could pull his country out of the war with Iran even if the vital Strait of Hormuz remained largely closed.
Page 21: RAC Arena says there is still solid appetite for corporate hospitality despite rising fuel prices and interest rates delivering a double blow to businesses.
Page 21: The Greenbushes mine in WA’s South West again spat out a sizeable paper profit for its three owners — the US-based Albemarle (49 per cent), Chinese firm Tianqi Lithium (26 per cent) and ASX-listed IGO (25 per cent).
Page 22: The Australian Energy Market Operator says WA can ride through cyclone Narelle’s huge gas supply hit as the industry seeks to restart local production in coming days.
Page 31: Energy giant AGL has pressed go on a major investment into WA’s energy grid with a $490 million expansion of the Kwinana Swift gas power station.
Page 33: Shares in Matrix Composites & Engineering launched to an 18-month high after confirming an approach from Advanced Innergy Holdings offering to buy out the Henderson-based firm for $90 million.
Page 35: The future of the planned $52 million Lyric Lane development in Maylands is under review, as the developer claims the project has been hit with overnight price hikes amid the war in the Middle East.
Page 36: Edge Living’s Harper on Swan complex will include 71 apartments across 11 levels on the South Perth riverfront, ranging from $2.9m two-bedroom apartments to $14.5m three-bedroom penthouses.
Page 37: Mirvac has a record number of 4000 blocks of land in the pipeline in WA, it has revealed, after breaking ground on its new estate, Darling Bullsbrook.
