13/05/2016 - 06:04

Morning Headlines

13/05/2016 - 06:04

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Morning Headlines

Biggest deficit yet with little light in sight

The Barnett government was in crisis last night after handing down the state's biggest deficit while staring at a Cabinet split over privatisation and a fresh polling showing defeat in March. The West

WA in $16b asset sale to fix budget

Western Australia's electricity poles and wires will be sold next year under a plan by the Barnett government to raise $16 billion to drive down record debt and fund new infrastructure after the end of the resources boom. The Fin

Barnett in crisis as Labor surges

Colin Barnett's leadership in Western Australia will come under serious pressure for the first time since he came to power in 2008, with the latest Newspoll showing Labor has extended its election-winning lead and the Premier's personal appeal slumping to a record low. The Aus

State economy still shrinking

The domestic side of the WA economy faces its third consecutive year of contraction, higher unemployment and stagnant wages as the end of the mining construction boom bites deeper. The West

PM urged to tread carefully on steel

The minerals sector has urged caution after Prime Minister Malcolm Turnbull said Australia would join forces with the United States to increase pressure on China to wind back its overproduction of steel. The Fin

Shorten 'misled voters' on GDP boost

Bill Shorten stands accused of misleading voters over the boost to growth from his $37.4 billion school funding plan by claiming an economic lift “straight away” from the spending despite economic research that shows the gains would take decades. The Aus

Candidate dumping disgraceful, says union

Firebrand leader of the militant Maritime Union of Australia Christy Cain is demanding Bill Shorten personally review the “disgraceful” decision to dump one of his officials from the seat of Fremantle. The West

Live exports resume as producers count cost

The WA cattle industry has welcomed the resumption of live shipments to Indonesia but is again counting the cost of bureaucratic delays that saw some exporters hit with demurrage bills of up to $US40,000 a day. The West

 

The West Australian

Page 6: The Barnett government was in crisis last night after handing down the state's biggest deficit while staring at a Cabinet split over privatisation and a fresh polling showing defeat in March.

Page 7: Treasurer Mike Nahan has lashed WA Liberals sitting in Federal Cabinet, saying they have done nothing to win their state a greater share of GST.

Page 8: The domestic side of the WA economy faces its third consecutive year of contraction, higher unemployment and stagnant wages as the end of the mining construction boom bites deeper.

The state government will make only small increases to household charges as its seeks to take the pressure off families and sell the benefits of the new $99 levy for an expanded catastrophic injuries scheme.

Page 11: Health funding has dodged a bullet in the Budget by securing a 5 per cent increase after a big slump in growth last year.

Page 12: The Barnett government remains committed to the MAX light rail project, despite Treasurer Mike Nahan admitting it will only happen if it is built by the private sector or after state assets are sold.

Page 13: Mike Nahan has rolled the dice on the biggest privatisation proposal ever in WA, vowing to sell Western Power as part of efforts to offload state-owned assets valued at $16 billion.

Page 15: WA's stumbling economy and urban infill are putting increasing pressure on schools in central Perth, reversing decades of drift towards outer suburbs and private colleges.

Page 16: Firebrand leader of the militant Maritime Union of Australia Christy Cain is demanding Bill Shorten personally review the “disgraceful” decision to dump one of his officials from the seat of Fremantle.

Page 25: City of Perth council is in disarray, with Lord Mayor Lisa Scaffidi calling on her critics to move a no-confidence motion after losing the support of her deputy.

Page 28: Consumer group Choice is warning about the dangers of Thermomix cooking appliances, reporting 45 people have been injured by the device.

Business: Fleetwood may be facing investor pressure for a shake-up now activist investors, including corporate raider Sir Ron Brierley, have taken a stake in the contractor.

The Australian Securities Exchange has conceded proposed changes to its admission rules are making some affected parties “nervous” but say they are necessary to protect the market's reputation.

The WA cattle industry has welcomed the resumption of live shipments to Indonesia but is again counting the cost of bureaucratic delays that saw some exporters hit with demurrage bills of up to $US40,000 a day.

 

The Australian Financial Review

Page 1: Western Australia's electricity poles and wires will be sold next year under a plan by the Barnett government to raise $16 billion to drive down record debt and fund new infrastructure after the end of the resources boom.

In the middle of an intense debate about the conduct of Australia's largest banks, the top four bank chairmen are split over whether boards and senior executives should sign the Banking and Finance Oath, an initiative to lift ethical standards in the industry.

Page 3: The number of new apartments due to settle over the next two years has hit record highs in Australia's capitals, raising the risk some buyers will not make good on their purchases.

Page 4: The minerals sector has urged caution after Prime Minister Malcolm Turnbull said Australia would join forces with the United States to increase pressure on China to wind back its overproduction of steel.

Page 5: Labor leader Bill Shorten has accepted that it would be many decades before his education policy made a significant contribution to economic growth but he rejected outright assertions that there was no immediate benefit to having a better educated population.

Page 7: The $48 billion cost of the Turnbull government's proposed company tax cut is no reason not to proceed with it because the benefits will exceed the costs, says top economist Warwick McKibbin.

Page 10: Early-stage companies with a market value of under $20 million and less than $5 million in net tangible assets will be restricted from listing on the ASX if proposed changes to listing rules are implemented.

Page 13: Myer chief executive Richard Umbers has pointed to a department store renaissance, saying sceptics calling the death of the 160-year-old retail model are being proven wrong as customers are lured back to stores with better service and merchandise.

Page 15: The Australian Taxation Office has stepped in the try to help stricken creditors in Whyalla reeling from the collapse of steelmaker Arrium, while in a separate development, some of the 79,000 shareholders left with nothing are trying to jump from the rear of the creditors' queue.

The Australian Competition and Consumer Commission is watching petrol prices at Coles Express amid claims the retailer is subsidising grocery discounts by charging higher prices at the pump.

 

The Australian

Page 1: Chinese students are trouncing their Australian counterparts in English and maths but cost half as much to educate, the latest data shows, as schools funding becomes a key election issue.

Colin Barnett's leadership in Western Australia will come under serious pressure for the first time since he came to power in 2008, with the latest Newspoll showing Labor has extended its election-winning lead and the Premier's personal appeal slumping to a record low.

Page 5: Labor's candidate in the federal seat of Fremantle, Maritime Union of Australia official Chris Brown, will be dumped by the party for failing to disclose two “spent” convictions from the 1980s, including the assault of a police officer.

Labor's promise of a “first rate fibre” National Broadband Network could leave consumers with higher internet bills or put pressure on the government to pour in more taxpayers' money.

Page 6: Bill Shorten stands accused of misleading voters over the boost to growth from his $37.4 billion school funding plan by claiming an economic lift “straight away” from the spending despite economic research that shows the gains would take decades.

Business: APN News & Media chief executive Ciaran Davis believes a proposed merger between the company's New Zealand assets and those of Fairfax Media should be approved by regulators because it would create a local conglomerate capable of competing with global internet giants such as Facebook and Google.

AWE's rejection of a $420 million cash approach from US private equity fund Lone Star is being questioned by analysts and fund managers, who say the 30 per cent premium for the Sydney-based oil and gas company represents good value.

Bankers are believed to be embarking on moves to drum up buyer interest for Wellard after the livestock exporter has seen its value almost halve since its recent sharemarket listing.

A sluggish world market for Australian wheat, low export shipments and a poor harvest have delivered listed grain handling and trading giant GrainCorp its worst half-yearly profit result in six years.

Andrew Mackenzie's road map for BHP Billiton to secure an increase of as much as $70 billion in its base value without relying on a significant bounce in commodity prices has been well received.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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