06/05/2016 - 06:23

Morning Headlines

06/05/2016 - 06:23

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Company tax plan to cost $48bn, Treasury reveals

Treasury will today reveal a hit to revenue of almost $48 billion over 10 years from the Coalition’s plan to cut company taxes, fuelling a furious clash over economic reform as Labor vows to block the changes. The Aus

Iron ore rebound no saviour

A turnaround in the price of iron ore will fail to save the State Government's Budget bottom line, with Premier Colin Barnett set to take a huge deficit to the next election. The West

Labor to reject retro super plan

Labor will oppose a key budget change that cracks down on superannuation tax concessions for the rich because it breaches the principle that taxes should not be levied retrospectively and threatens the integrity of the entire tax system, Opposition Leader Bill Shorten has announced. The Fin

Robb bows out with Singapore trade deal

Singaporean companies will be allowed to spend $1 billion on Australian companies without government approval under a trade upgrade on par with the New Zealand relationship. The Fin

Excessive futures trades affecting iron price: Walsh

Rio Tinto chief executive Sam Walsh says ‘‘excessive’’ futures trading in China is having an impact on the iron ore price and he has welcomed China’s efforts to tackle the problem. The Fin

Shorten pits health, schools funding against big business

Bill Shorten has framed the July 2 Federal election as a $50 billion referendum between Liberal-backed tax cuts for big business and Labor support for more school and hospital funding. The West

 

 

The Australian Financial Review

Page 1: Labor will oppose a key budget change that cracks down on superannuation tax concessions for the rich because it breaches the principle that taxes should not be levied retrospectively and threatens the integrity of the entire tax system, Opposition Leader Bill Shorten has announced.

Up to 90,000 Australians could be forced to withdraw money from their pension accounts under the budget imposed savings limit that has triggered outrage in the industry.

Page 3: Singaporean companies will be allowed to spend $1 billion on Australian companies without government approval under a trade upgrade on par with the New Zealand relationship.

Page 13: Elon Musk, determined to turn his electric-car company into a great maker of things, said he keeps a sleeping bag in a conference room adjacent to Tesla Motors’ production line in Fremont, California.

Page 15: National Australia Bank’s first result since selling its troubled UK operations exceeded market expectations, but analysts put chief executive Andrew Thorburn under sustained pressure as they grasped for more detail on the outlook for bad and doubtful debts.

Rio Tinto chief executive Sam Walsh says ‘‘excessive’’ futures trading in China is having an impact on the iron ore price and he has welcomed China’s efforts to tackle the problem.

Page 17: Boral chief executive Mike Kane has dismissed fears of a crash in Australia’s housing market, while warning productivity will be hit unless the industrial relations watchdog is reinstated.

Page 18: Westpac has pulled back from lending to foreign property investors because new regulations will crimp returns and not because regulators are concerned about the risks associated with these borrowers.

Page 23: Kirin-owned dairy and drinks group Lion will still have bragging rights in the front bar for the next few months, but will then reluctantly hand over its crown in Australia’s $14 billion beer market following an Australian Competition and Consumer Commission ruling.

Page 26: Foxtel has struck back at Optus, after losing English Premier League rights to it last year, by signing new deals with six of the competition’s biggest teams to broadcast the clubs’ own channels.

 

 

The Australian

Page 1: Bill Shorten is claiming a $65 billion “budget improvement” by blocking company tax cuts and keeping the deficit levy on high income workers, as he goes to the July 2 election promising voters that Labor has “learned the hard lessons” of its past divisions.

Page 2: Media laws will become a key battleground for both sides in the federal election after a Senate committee recommended the media reform bill should be passed.

Page 4: Chinese retailing giant the Dashang Group has snapped up one of Australia’s oldest herds of Wagyu cattle and a second highly productive farm in the prestigious upper Hunter Valley.

Page 6: Treasury will today reveal a hit to revenue of almost $48 billion over 10 years from the Coalition’s plan to cut company taxes, fuelling a furious clash over economic reform as Labor vows to block the changes.

Page 8: New modelling suggests Australia can reach its 2030 emissions reduction target using the Coalition’s Direct Action policies, as the latest Emissions Reduction Fund auction secured another 50 million tonnes of abatement at an average of $10.23 a tonne.

Page 19: Central bankers have spent most of the past 30 years trying to lower inflation, but the challenge ahead of Philip Lowe as he takes up the position of Reserve Bank governor will be how to raise it higher.

Page 22: Englishman Nigel Hearne will step into arguably the most important job in the Australian oil and gas industry following the news that Roy Krzywosinski will leave his role as the head of Chevron in Australia.

 

 

The West Australian

Page 1: Bill Shorten has framed the July 2 Federal election as a $50 billion referendum between Liberal-backed tax cuts for big business and Labor support for more school and hospital funding.

Page 3: Infectious diseases experts will meet parents to convince them to vaccinate their children as figures show WA is still behind other States.

Page 7: A turnaround in the price of iron ore will fail to save the State Government's Budget bottom line, with Premier Colin Barnett set to take a huge deficit to the next election.

Page 20: The growing prevalence of cyber bullying and social media misuse among students is forcing public schools to change the way they report discipline breaches.

Page 26: The construction union has called for a mandatory quota of apprentices on each site, claiming Australia will head into another skills shortage unless there is a big boost in training.

Business: Administrators are believed to be close to a deal over the failed Hydra Energy (WA) portfolio of undeveloped discoveries in the State’s North West.

The Department of Mines and Petroleum has approved the Penny’s Find gold project, east of Kalgoorlie-Boulder, paving the way for open-pit mining to begin mid-year.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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