Morning Headlines

NWS faces WA gas challenge

The State Government wants the right to challenge the North West Shelf consortium if it moves to mothball WA’s biggest domestic gas plant. The West

Subiaco tower to be a ‘game changer’

A 16-storey tower for Subiaco, possibly the most controversial western suburbs development in years, has been approved. The West

Annual wage growth falls to 17-year low

Annual wages growth has fallen to a 17-year low of 2.5 per cent, with private sector employees in Western Australia receiving yearly pay rises of just 2 per cent, illustrating the weakened resources sector. The Fin

Lowys reshuffle the pack

Westfield Corporation has foreshadowed that Peter Lowy, the second-eldest son of founder and chairman Frank Lowy, will stay on as co-chief executive of the global shopping mall operator for the foreseeable future. The Aus

Outrage over PM’s property hit

The federal government faces a backlash from the property sector over plans to charge foreign homebuyers a tax of up to 1 per cent to fund the scrutiny of purchases by the Foreign Investment Review Board. The Fin

News in $25m bid for Sky channels

News Corp Australia has launched a bid to buy the operator of popular 24-hour television news service Sky News. The Aus

Exports face ‘$110bn’ hit

The aggressive slump in Australia’s key commodities will wipe $110 billion off export earnings over the next three years, new analysis has found. The Aus

Greens bid to slug rich on super tax

Introducing a progressive superannuation contributions tax to replace the 15 per cent flat rate would raise $10 billion in the May budget, according to Parliamentary Budget Office costings commissioned by the Greens. The Aus

The Australian Financial Review

Page 1: The federal government faces a backlash from the property sector over plans to charge foreign homebuyers a tax of up to 1 per cent to fund the scrutiny of purchases by the Foreign Investment Review Board.

Page 3: The government should make it tougher to qualify for the age pension and shift public expectations that it is an entitlement available to all, the Financial Services Council argues, changes that would alleviate pressure on the federal budget and give the superannuation system a bigger role providing retirement income.

The Greens say they would support a $3 billion-a-year tax increase on superannuation by changing the existing tax rate from 15 per cent to between zero and 30 per cent depending on the income of the individual.

Page 4: A brawl has erupted between the federal government and the states over a federal move to turn over at least half the board that oversees the National Disability Insurance Scheme.

Page 5: Malcolm Turnbull has pointedly refused to back Tony Abbott’s attacks on the Australian Human Rights president, Gillian Triggs, only further lifting the stakes in the leadership crisis.

Page 7: Annual wages growth has fallen to a 17-year low of 2.5 per cent, with private sector employees in Western Australia receiving yearly pay rises of just 2 per cent, illustrating the weakened resources sector.

Page 10: Foreign Minister Julie Bishop backed Japan’s campaign to persuade the United Nations and other multilateral lenders to back high-tech, low emissions coal-fired power plants.

Page 14: The corporate regulator has used formal legal powers to gather more information from National Australia Bank, after it was revealed the bank paid $10 million to $15 million to customers who received inappropriate advice.

Page 15: The Australian Competition and Consumer Commission’s loss of a case against Pfizer over supply of the cholesterol drug Lipitor did not strengthen the regulator’s push for tougher rules, lawyers said.

Page 23: A $US100 million investment from Silicon Valley private equity firm Accel Partners in accounting software maker Xero drove its shares up 26 per cent to $22.30.

Page 25: Seven Group chief executive Don Voelte is not banking on a short-term improvement in commodity markets but believes the company’s bottom of the cycle investments puts it in a good position to benefit from an inevitable recovery.

Iron ore heavyweights BHP Billiton and Rio Tinto could hammer production costs to less than $US15 a tonne within 18 months, as BHP chief Andrew Mackenzie warned this week that depressed iron ore prices are here to stay.

Page 27: Data company Veda Group will benefit from a lengthening list of regulatory and market changes that require extensive identity checks, but has kept its low double digit earnings growth forecast for 2015.

The Australian

Page 1: Some of Australia’s most prestigious — and inflated — housing markets could come under pressure, with the government unveiling new fees and penalties for foreign buyers purchasing property.

News Corp Australia has launched a bid to buy the operator of popular 24-hour television news service Sky News.

Page 2: Social Services Minister Scott Morrison has challenged the nation to create a “boom’’ rather than a bust out of an ageing population by having people stay in the workforce towards 70 and spend accumulated assets to boost their living standards.

Page 3: A Maritime Union of Australia member who assaulted a journalist from The Australian came forward to apologise last night after the union movement had earlier closed ranks and declined to reveal his identity.

Page 4: Introducing a progressive superannuation contributions tax to replace the 15 per cent flat rate would raise $10 billion in the May budget, according to Parliamentary Budget Office costings commissioned by the Greens.

Page 5: Fewer than one in four consumers who have signed up to get the internet over the National Broadband Network are on the fastest, most expensive packages, but users are guzzling growing amounts of online data.

Page 19: Westfield Corporation has foreshadowed that Peter Lowy, the second-eldest son of founder and chairman Frank Lowy, will stay on as co-chief executive of the global shopping mall operator for the foreseeable future.

Page 20: The aggressive slump in Australia’s key commodities will wipe $110 billion off export earnings over the next three years, new analysis has found.

Besieged mining contractor Macmahon Holdings has moved to reassure investors it can survive the loss of its biggest single contract and subsequent review of its debt.

BHP Billiton’s Olympic Dam copper, uranium and gold mine in South Australia is down on its uppers at present because of the breakdown of its biggest grinding mill, with repairs to take six months.

Page 21: The shift to online by shoppers looking for the latest action sports gadget, hip surfboard or cool pair of boardshorts has seen SurfStitch generate half its total sales from mobile devices, with the online surf and sports retailer hungry to peel away even more customers from traditional bricks-and-mortar stores.

Page 29: House and land developer Cedar Woods has reported a disappointing first-half profit of $9.1 million and revenues of $77.9m, a 24 per cent decline compared to the previous corresponding period.

The West Australian

Page 5: Tourism Minister Kim Hames has confirmed the State Government is looking to set aside about 10,000 seats in the new football stadium for the general public.

Page 6: A 16-storey tower for Subiaco, possibly the most controversial western suburbs development in years, has been approved.

Page 11: The new head of Surf Life Saving WA says he hopes to train hundreds of thousands of Western Australians over the next year to prevent drowning deaths.

Selling off the TAB could put up to $1 billion in WA’s coffers, Colin Barnett has told Parliament.

Page 13: Doctors without mobile phone coverage at Fiona Stanley Hospital will be offered Optus phones to use until the black hole problem is fixed.

Page 14: Forget retirement, women in their 60s should keep working because it is good for their grandchildren.

Page 16: Fremantle’s Queen Victoria Street bridge could become a car free public space in the tradition of New York’s High Line as one plank in the port’s biggest overhaul since the America’s Cup.

Page 20: The State Government will pay back $195,000 to tenants of an “affordable” housing development in the Pilbara because they paid higher than market rents.

Business: The State Government wants the right to challenge the North West Shelf consortium if it moves to mothball WA’s biggest domestic gas plant.

Ausdrill says green shoots in the Australian gold sector could be the key to its recovery from a tough year, after the company booked a $177.4 million first-half loss on the back of $197 million of impairments across its mining services businesses.

WorleyParsons shares have been hammered as the engineering group underlined the widening impact of weaker commodity prices by undershooting analysts’ financial forecasts.