03/02/2016 - 07:00

Morning Headlines

03/02/2016 - 07:00

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Plan to squeeze rivals in SA and WA

The managing director of German supermarket chain Aldi in South Australia, Viktor Jakupec, says there’s no need to fine-tune the business model for the state, where independent chain Foodland is almost as large as Woolworths and Coles. Aldi’s plans to enter the Western Australian market by mid-2016 are well advanced. Mr Jakupec said a distribution centre at Jandakot that was in the final stages of construction would have the capacity to service up to 70 stores. The Fin

Compensation bill dampens GST appetite

The realisation that about half the extra revenue from a GST rate increase would have to be spent on compensation is fuelling misgivings in the government over whether the tax change is worth it. The Fin

State did not reveal fund debt buy-up

The State Government has admitted its Future Fund began buying the Government’s own debt six months earlier than first believed, blaming the failure to disclose the purchases on “simple human error”. The West

Rinehart to hand over secret papers

Gina Rinehart’s eldest children Bianca Rinehart and John Hancock have been granted access to secret documents they claim were withheld from them by their billionaire mother relating to a $4 billion family trust. The Fin

Sky Muster satellite brings NBN to the bush

Internet-deprived Australians in rural and regional areas will soon gain access to the National Broadband Network, with the first customers set to connect to NBN’s Sky Muster satellite in April. The Aus

Restructure bid to save UWA $40m

The University of WA needed a massive restructure to save $40 million a year and make it more competitive, staff were told at a packed forum yesterday. The West

 

 

The Australian Financial Review

Page 1: Big investors in BHP Billiton believe the mining group will have to slash its $US6.6 billion ($9.3 billion) dividend to stop its credit rating from being cut again.

Page 3: The Turnbull government is considering moving quickly to change voting rules to stop micro-parties gaming the preference system to win Senate spots, in a move that would keep in play the option of an early election.

Page 4: The realisation that about half the extra revenue from a GST rate increase would have to be spent on compensation is fuelling misgivings in the government over whether the tax change is worth it.

Page 5: Treasury has sliced nearly $30 billion from the estimated cost to government of providing superannuation tax concessions over the four year period to 2017-18.

Page 6: Government efforts to stamp out smoking have become so successful Treasury has been forced to downgrade its estimates for future tobacco excise revenue, raising doubts about whether planned Labor hikes will deliver all of a hoped-for tax boost.

Page 7: The Coalition is struggling to secure parliamentary support for the Australian Building and Construction Commission bill, with Senate crossbenchers criticising the government’s tactics and calling for a broader anti-corruption body to be set up.

Page 8: Gina Rinehart’s eldest children Bianca Rinehart and John Hancock have been granted access to secret documents they claim were withheld from them by their billionaire mother relating to a $4 billion family trust.

Page 13: German construction group Hochtief is liable for a fine of up to $1 million after admitting to insider trading ahead of a $1.15 billion hostile takeover of Leighton Holdings in 2014.

Page 15: The managing director of German supermarket chain Aldi in South Australia, Viktor Jakupec, says there’s no need to fine-tune the business model for the state, where independent chain Foodland is almost as large as Woolworths and Coles. Aldi’s plans to enter the Western Australian market by mid-2016 are well advanced. Mr Jakupec said a distribution centre at Jandakot that was in the final stages of construction would have the capacity to service up to 70 stores.

Page 19: Aurizon’s credit ratings are at risk of being lowered after Moody’s Investors Service warned the rail group’s coal and iron ore customers are facing ‘‘escalating financial pressures’’.

 

 

The Australian

Page 1: More than 60 per cent of voters support increasing the tax on superannuation contributions for high-income earners in a Newspoll that will buttress plans by the Turnbull government to strip back the generosity of tax breaks on compulsory savings.

Page 2: Reserve Bank governor Glenn Stevens says it is too early to tell whether turbulence in financial markets foreshadows a global downturn, but low inflation gives the bank scope to cut rates further if necessary.

The Trans-Pacific Partnership trade pact could boost Australian agricultural exports by $2.6 billion within 10 years and is “a deal we simply can’t afford not to be part of’’, Trade Minister Andrew Robb said ahead of its signing in Auckland tomorrow.

Page 3: The horse racing industry has called for a complete ban on in-play betting — both telephone and online — warning that live wagering fosters corruption and will hurt the sport’s share of the gambling dollar.

Page 21: Sydney’s train boss lost confidence in engineering group Downer EDI’s ability to deliver Waratah trains under a $1.9bn public-private partnership six months before the company finally admitted the project was a disaster in mid-2010.

Internet-deprived Australians in rural and regional areas will soon gain access to the National Broadband Network, with the first customers set to connect to NBN’s Sky Muster satellite in April.

 

 

The West Australian

Page 1: Transport Minister Dean Nalder has surprised colleagues and walked even further away from the Liberal Party’s 2013 election-winning public transport policy by revealing his preference for underground heavy-rail tunnels to Morley and beyond instead of MAX light rail.

Page 3: Alcoa will not rebuild any of the 35 company-owned houses destroyed in last month’s Yarloop fire.

Page 6: The militant Maritime Union of Australia is plotting to seize Labor’s prized seat of Fremantle as Left and Right blue-collar unions form a grand alliance to “change the ALP”.

Page 7: Malcolm Turnbull says a double dissolution election is a “live option” but Liberal MPs are privately discounting an early poll unless the Government attempts to reform the Senate.

Page 16: Child health experts have called for controls on the proximity of fast food outlets to schools after it was revealed a Perth school had to erect an $83,000 metal fence to stop children getting out to buy junk food across the road.

Page 18: The University of WA needed a massive restructure to save $40 million a year and make it more competitive, staff were told at a packed forum yesterday.

Parts of Mandurah’s old traffic bridge will be incorporated into a new $52 million crossing and used as a platform for anglers and crabbers.

Business: Premier Colin Barnett is under pressure from within his own party to end uncertainty around the future of the potato industry amid warnings that his inaction is putting growers at risk.

It is the neck-and-neck battle of the tech titans. Last night, Alphabet, Google’s parent company, was set to officially overtake Apple as the world’s most valuable company.

The State Government has admitted its Future Fund began buying the Government’s own debt six months earlier than first believed, blaming the failure to disclose the purchases on “simple human error”.

One of the US Navy warships built by Austal struggled to defend itself against small boats in trials and has been deemed “unreliable” by the Pentagon’s chief weapons tester.

WA’s economic watchdog has urged sweeping changes to rail access laws to make them more workable and consistent with regulations across Australia.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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