09/05/2016 - 06:33

Morning Headlines

09/05/2016 - 06:33

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Eight weeks out, too close to call

The July 2 federal election is shaping as a cliffhanger with neither Labor nor the Coalition beginning the 56-day campaign holding a clear lead, while the personal standing of Prime Minister Malcolm Turnbull continues to decline. The Fin

Underdog Labor needs 19 seats to make history

If Labor wins the July 2 election it will become the first opposition in 85 years to regain government after just one term. To do so, it needs to win a net minimum of 19 seats. The Fin

ANZ, Westpac hit by Chinese scam

ANZ Banking Group and Westpac Banking Corp have discovered they have approved ‘‘hundreds’’ of home loans backed by fraudulent Chinese income documents, which were allegedly manufactured with the help of dodgy mortgage brokers. The Fin

Support for State asset sale injection

One of WA’s most respected economic figures has backed the sale of Western Power and Fremantle port to balance the Budget while criticising the State Government for overspending during the resources boom. The West

Fairfax mulls $200m NZ spin-off

Fairfax Media is considering spinning off its New Zealand newspaper, magazine and digital business, worth an estimated $200 million, as the 185-year old publisher fights for a sharemarket re-rating. The Aus

Perth’s tech firms hit investment hurdles

A lack of early-stage funding and venture capital in Perth is stagnating the State’s fledgling tech industry, industry insiders say, with more-and-more early stage companies forced to look east or overseas for funding. The West

 

 

The Australian Financial Review

Page 1: The July 2 federal election is shaping as a cliffhanger with neither Labor nor the Coalition beginning the 56-day campaign holding a clear lead, while the personal standing of Prime Minister Malcolm Turnbull continues to decline.

Page 3: The Turnbull government’s first federal budget has received a generally negative reception from the voting public, but it is nothing like the politically disastrous 2014 offering which sent Tony Abbott and his government into freefall.

Page 5: If Labor wins the July 2 election it will become the first opposition in 85 years to regain government after just one term. To do so, it needs to win a net minimum of 19 seats.

Page 8: The Australian Olympic Committee is set to exceed its sponsorship and fundraising levels from previous Olympics in the lead-up to the Rio de Janeiro Games in August, which will be the organisation’s most expensive.

Page 12: If the Coalition wins the election students can expect fees to shoot up for popular university courses that are a pathway to lucrative jobs such as those in engineering, law, medicine and finance.

Page 13: ANZ Banking Group and Westpac Banking Corp have discovered they have approved ‘‘hundreds’’ of home loans backed by fraudulent Chinese income documents, which were allegedly manufactured with the help of dodgy mortgage brokers.

Page 15: Taxpayers could be hit by cost blowouts from the simultaneous construction of massive new transport projects around the country as construction groups are forced to compete for engineers, which has pushed up salaries by 30 per cent.

Page 16: Government backs crackdown Banks may have to impose more thorough checks on borrowers and tighten their lending criteria under new proposals tabled by a Senate inquiry into credit cards.

Page 18:  The reputation of retail giant Woolworths has taken a hammering in the past 12 months, plunging from 17th to 40th on the annual Reputation Index produced by research group AMR.

 

 

The Australian

Page 1: Malcolm Turnbull begins the fight of his political life with the government failing to receive any poll bounce from last week’s budget, meaning the Coalition starts a marathon 55-day election campaign behind Labor, according to the latest Newspoll.

Page 2: Malcolm Turnbull has gained an economic edge over Bill Shorten in the marathon campaign to the July 2 election as expert analysis highlights a $160 billion boost to the nation from the reform agenda at the heart of the Prime Minister’s pitch to voters.

Page 11: The car industry has warned that Malcolm Turnbull’s decision to relax the rules on private vehicle imports will hit the market for near-new second-hand cars and drive up the cost of financing.

Page 19: Miner and steelmaker Arrium approached about 100 prospective global buyers for its prized Moly-Cop business before the company was placed into administration.

Page 20: Gina Rinehart’s former son-in-law is quietly working on coal projects near Hancock Prospecting’s own holdings as part of a long term bet on a recovery in commodity markets.

Page 21: Online retailer Kogan has completed a successful transition of the customer database of failed consumer electronics business Dick Smith to its own back-end systems, with the overwhelming majority of Dick Smith customers allowing their information to be handed over to the fast-growing Kogan online marketplace.

Page 23: Industry experts are expecting more merger and acquisition activity in Australia’s $137.8 billion listed real estate investment trust sector in the wake of Growthpoint’s pursuit of GPT Metro Office Fund and the intricate moves on Investa Office Fund.

Page 25: Fairfax Media is considering spinning off its New Zealand newspaper, magazine and digital business, worth an estimated $200 million, as the 185-year old publisher fights for a sharemarket re-rating.

 

 

The West Australian

Page 3: The number of WA cab drivers facing criminal charges — including rape, drug dealing, assault and stealing — has increased more than 30 per cent over 12 months.

Page 10: A 12m electronic billboard in the CBD may be approved on the condition the City of Perth is exempt from liability if it distracts drivers or pedestrians.

Page 12: Colin Barnett has moved to boost his Government’s tourism credentials with a State Budget funding package that aims to make Perth a destination for Chinese new year celebrations.

One of WA’s most respected economic figures has backed the sale of Western Power and Fremantle port to balance the Budget while criticising the State Government for overspending during the resources boom.

Business: A lack of early-stage funding and venture capital in Perth is stagnating the State’s fledgling tech industry, industry insiders say, with more-and-more early stage companies forced to look east or overseas for funding.

There is renewed hope the jobs market surrounding the resources downturn may have bottomed out, with 75 per cent of new mining graduates from the WA School of Mines’ class of 2016 defying negative sentiment to grab full-time roles.

Incoming Rio Tinto boss Jean-Sebastien Jacques has wasted no time stamping his mark on the company's biggest and best growth project, hosting Mongolia’s Prime Minister at the Oyu Tolgoi operation at the weekend to celebrate the go-head of the $US5.3 billion underground expansion.

Corporate debt levels now far exceed those of the pre-Lehman financial bubble on a host of measures, the global banking watchdog has warned in a disturbing report.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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