Macquarie ditches KPMG’s$1b contract
Macquarie Group’s board will dump plans to switch its $95 million annual audit contract to KPMG, in a stunning blow to the big four accounting firm as it struggles to stem the fallout from a client data misuse scandal. The Fin
Private credit’s first ‘real test’ has arrived
The nation’s $200 billion private credit sector is showing increasing signs of stress after some of its biggest firms limited redemptions on their portfolios, prompting the corporate regulator to warn that significant cracks were beginning to appear in the industry. The Fin
Reynolds to fight on after mediation delay
Former defence minister Linda Reynolds has accused the Albanese government of using technical legal manoeuvres to increase costs and delay justice, after mediation over the handling of Brittany Higgins’ multimillion-dollar settlement was abandoned at the 11th hour. The Fin
Companies warned off ‘woke’ ESG
Australian-based companies including BHP, Rio Tinto and Macquarie Bank have all relaxed climate targets and rules around lending to fossil fuel projects in recent years in response to shareholder pressure and softening political demands. The Fin
Labor super tax rethink ‘vital’
Hostplus, one of Australia’s largest industry superannuation funds has warned Jim Chalmers to reconsider Labor’s stealth tax on super, in the first sign of dissent to the Treasurer’s plan from a union-backed retirement savings manager. The Aus
Call for freeze on PBS medicine costs
The peak body for more than 6000 pharmacies across the country says Labor must freeze the cost of medicines on the Pharmaceutical Benefits Scheme until 2030, arguing that the measure will keep downward pressure on inflation by cap ping consumer payments at $25. The Aus
Burrup brawl over study of rock art pollution
The first study into the impact of industrial emissions on the Burrup Peninsula’s rock art since the region won its World Heritage listing has found the area of rocks damaged by industrial emissions is larger than previously thought. The Aus
One Nation taking votes from both major parties
Roger Cook declared the Government was in the “fight of our lives” to hold the safe Labor seat of Secret Harbour against a surge in support for One Nation ahead of Saturday’s by-election. The West
Cook: hands off WA gas
Roger Cook is issuing his strongest attack yet on Canberra’s regulatory takeover of WA’s gas industry, saying the State’s producers already meet the target for domestic supply that the Albanese Government wants to achieve through a Federal scheme. The West
GST anger mounts
Tensions over the GST carve-up have overshadowed a meeting of State and Territory leaders after Roger Cook was accused of “crossing a line” in his stinging rebuke of an interim report on the deal. The West
The Australian Financial Review
Page 5: Treasurer Jim Chalmers has taken issue with West Australian Labor Premier Roger Cook labelling the Productivity Commission a bunch of “east coast clowns”, but says Anthony Albanese’s dismissal of the body as economic rationalists was not a criticism.
Page 13: Woolworths chief executive Amanda Bardwell’s turnaround plan of lowering grocery prices, boosting online delivery services and improving the group’s supply chain has resulted in the supermarket giant’s sales growth outstripping its main rival Coles, even without the lift from its hugely successful Disney Ooshies campaign.
Page 15: WiseTech Global chief executive Zubin Appoo has stood by a controversial decision to shake up the way it charges customers as he confirmed 1700 jobs cuts have now been made under an AI-driven cost-saving program announced earlier this year.
Page 15: Tabcorp chief executive Gillon McLachlan says his company has reached an agreement with Endeavour Group-owned ALH Hotels, one of its largest clients, to sign up its 350-odd venues to the bookmaker’s new arrangements for hosting its betting terminals.
Page 17: Lynas Rare Earths has received record prices for its critical minerals after Western governments prioritised non-Chinese supplies, sending profit soaring at the miner.
Page 24: Housing provider Ingenia Communities said it would buy ASX-listed land developer Peet in a deal worth just under $1 billion that boosts Ingenia’s land bank by up to 7000 lots to roll out for the growing market of new housing for downsizing Baby Boomers.
The Australian
Page 4: An employer bid to delay significant pay rises for workers aged 18 to 20 across the fast food sector has been rejected by the Fair Work Commission, sparking criticism from business.
Page 7: Dozens of Stolen Generations survivors have died while waiting for compensation under the West Australian government’s redress scheme, with processing times under the program taking three times longer than had initially been promised.
The West Australian
Page 14: Leading Australian universities — including the University of Western Australia — have been identified by a US Air Force-affiliated think tank as collaborating with Chinese defence institutes which develop advanced military warfare for Beijing.
Page 37: It is the latest move in the continuing legal saga between mining giant Fortescue and Yindjibarndi Ngurra Aboriginal Corporation over iron ore operations at the Solomon Hub, north of Tom Price in the Pilbara.
Page 39: Nearly 100 jobs have been axed by Wiluna Mining as the gold play’s hopes for an initial public offering of between $160 million and $200m within weeks takes a hit.
Page 41: Copper miner Sandfire Resources and gold miner Perseus Mining delighted investors with dividend windfalls amid a demand boom for their respective metals.
