Barnett backs GST increase
Colin Barnett has backed a GST overhaul that includes extending the tax to online goods and fresh food, stripping some exclusions around education and lifting the rate to 12.5 per cent. The West
Gold price crashes as Chinese offload bullions onto market
Nearly $1.5 billion was wiped off the value of Australian gold shares on Monday – including $1 billion from the biggest local gold miner Newcrest – after a price crash sparked by the surprise unloading of tonnes of bullion onto the Chinese market. The Fin
APRA puts squeeze on big four
The banking regulator has kicked off the big four banks’ estimated $40 billion capital rebuild, ordering fresh equity be injected into their mortgage books in the biggest overhaul of credit risk modelling rules in seven years. The Aus
Labor splits over GST increase
Two Labor leaders have broken away from their federal counterparts and given conditional support to a GST increase following a call by NSW Liberal Premier Mike Baird to lift the rate to 15 per cent in return for tax cuts and other compensation for lower-income earners. The Fin
Medibank heads for Healthscope, Ramsay clash
Medibank Private is on a collision course with private hospital heavyweights Ramsay Health Care and Healthscope in its push to recoup the $40 million it pays out annually due to what it says is poor hospital care. The Fin
Small price tag for big mill returns
Western Areas boss Dan Lougher believes the $22 million he is spending to upgrade his company’s Forrestania mill is a small price to pay for improved efficiency. The West
The Australian Financial Review
Page 1: Two Labor leaders have broken away from their federal counterparts and given conditional support to a GST increase following a call by NSW Liberal Premier Mike Baird to lift the rate to 15 per cent in return for tax cuts and other compensation for lower-income earners.
Page 6: Prime Minister Tony Abbott has begun to distance himself from Speaker Bronwyn Bishop, saying she is ‘‘on probation’’ after charging taxpayers for a chartered return helicopter flight to a party fundraiser.
Page 13: A manuscript detailing some of the most tumultuous days in Qantas’ recent history including the controversial grounding in 2011 will never see the light of day after the airline reached a confidential settlement with the long-time speechwriter for chief executive Alan Joyce.
Page 15: Medibank Private is on a collision course with private hospital heavyweights Ramsay Health Care and Healthscope in its push to recoup the $40 million it pays out annually due to what it says is poor hospital care.
Nearly $1.5 billion was wiped off the value of Australian gold shares on Monday – including $1 billion from the biggest local gold miner Newcrest – after a price crash sparked by the surprise unloading of tonnes of bullion onto the Chinese market.
Page 17: Atlas Iron has raised $86 million from new and existing investors, money that could save the struggling iron ore miner from going broke.
Page 20: Trade unions are preparing to ballot workers at Chevron’s $US54 billion ($73 billion) Gorgon LNG project in Western Australia over strike action as they dig in their heels in a bid to increase their time off by about a third.
The Australian
Page 1: At least four premiers will head into tomorrow’s leaders’ retreat saying they are open to the idea of reforming the GST as a way of plugging state and commonwealth budget deficits.
Page 4: Consumers and shareholders could cop higher prices and lower returns after the banking regulator ordered the big banks to pump billions of dollars into their mortgage books to further safeguard the financial system, analysts say.
Page 6: Barnaby Joyce has opened up a new economic front in relations with Beijing by extending the live cattle trade to China as part of a new deal expected to deliver $2 billion a year to the Australian economy.
Page 19: The banking regulator has kicked off the big four banks’ estimated $40 billion capital rebuild, ordering fresh equity be injected into their mortgage books in the biggest overhaul of credit risk modelling rules in seven years.
Pipeline company Duet Group has struck a $1.41 billion cash deal to acquire remote coal gas and landfill gas power station company Energy Developments, a takeover Duet will finance with a $1.67bn equity raising.
Page 20: Atlas Iron came within a whisker of snaring a transformational investment from a strategic partner during its equity-raising process only for the plunge in the iron ore price to derail the deal.
The West Australian
Page 3: Colin Barnett has backed a GST overhaul that includes extending the tax to online goods and fresh food, stripping some exclusions around education and lifting the rate to 12.5 per cent.
Page 7: A taxi and Uber cop with beefed-up powers and penalties is among measures the Government has suggested to create a level playing field for the so-called on-demand transport industry.
Business: Western Areas boss Dan Lougher believes the $22 million he is spending to upgrade his company’s Forrestania mill is a small price to pay for improved efficiency.
TPG and iiNet are looking unconcerned as they begin the countdown to next week’s takeover vote, dismissing isolated criticism of the $1.6 billion bid as bluster.
One of WA’s biggest farmers has issued a warning for potential investors in the Ord River irrigation scheme.
Australia’s biggest listed investment company has bemoaned the lack of buying value in the local equities market as low interest rates and yield-hunting investors drive up stock prices.
Prairie Mining has struck a funding deal with a London-based private equity fund that could deliver up to $83 million and result in the fund taking a 45 per cent stake in the company.