17/05/2016 - 06:18

Morning Headlines

17/05/2016 - 06:18

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Morning Headlines

Double hit for Shorten on penalties

Bill Shorten is under mounting pressure on a key Labor campaign pledge to “keep” weekend penalty rates, after he failed to guarantee they would not be downgraded if Labor won office. The Aus

The Bell tolls for WA

WA taxpayers are facing a potential $1 billion loss after the High Court overturned Treasurer Mike Nahan's seizure of almost $1.8 billion from the corporate wreckage of Alan Bond's Bell Group. The West

Election may prolong WA Premier's survival

Speculation is growing that West Australian Premier Colin Barnett will be removed by his own party after the July 2 federal election to avoid damaging the Turnbull government's prospects in one of its strongholds. The Fin

Leadership question PM would not answer

Transport Minister Dean Nalder said yesterday that he shared concerns about steep increases to land tax, the issue that prompted weekend Liberal leadership speculation by property developer Nigel Satterley. The West

Lowest rates ever crunch savers

A plunge in government bond yields will crunch retirement saver and deepen a downward spiral in consumer spending, the head of the federal government's financial system inquiry, David Murray, said. The Fin

New Coles brand to fund dairy farmers' struggle

Coles – which started the supermarket milk price wars five years ago – will launch a new home-brand milk, with the proceeds directed to a fighting fund for dairy farmers facing crippling losses in the face of collapsing commodity prices. The Aus

Asciano joint venture hitch

Asciano is sticking to its takeover timetable despite the threat of a court battle delaying the break-up of the $9 billion ports and logistics group by Brookfield and Qube Holdings. The West

Capital gain possible despite Perth's woes

Perth's housing market may still be losing ground but there are still affordable suburbs whose prices are still rising consistently, PRDnationwide says. The Fin

Cheap funding a 'golden chance'

As borrowing costs crash to record lows, the government is facing growing calls to fund large-scale infrastructure projects. The Aus

 

The West Australian

Page 1: WA taxpayers are facing a potential $1 billion loss after the High Court overturned Treasurer Mike Nahan's seizure of almost $1.8 billion from the corporate wreckage of Alan Bond's Bell Group.

Page 4: Transport Minister Dean Nalder said yesterday that he shared concerns about steep increases to land tax, the issue that prompted weekend Liberal leadership speculation by property developer Nigel Satterley.

Page 5: Labor will steal a march on the coalition in the new federal seat of Burt by pledging $80 million towards a bridge over the Kwinana Freeway in a bid to ease worsening gridlock in central Cockburn.

Page 7: The private school teachers' union has attacked the Education Department's Independent Public Schools scheme for poaching students from the private sector.

Page 12: Liberal MP Murray Cowper has attacked the way the state government has handled the clean-up of fire-ravaged Yarloop and called on Colin Barnett to take control of the matter.

Page 13: Eight of the region's leading low-cost airlines have formed the world's biggest low-cost alliance, a move tipped to cut airfares up to 30 per cent or more during promotions.

Page 14: Spaghetti bolognaise and T-bone steaks are getting too expensive, pushing Australians towards other types of meat.

Page 15: Eighty per cent of WA's biggest companies do not have a diversity policy that mentions sexuality, leaving many gay employees in the closet.

Business: Asciano is sticking to its takeover timetable despite the threat of a court battle delaying the break-up of the $9 billion ports and logistics group by Brookfield and Qube Holdings.

Elders is on track to hits its turnaround target of earnings before interest and tax of $60 millin in 2017 despite the live export division facing major headwinds.

Almost one in five Australian geologists and geoscientists are out of work, according to a survey by a peak professional body, underlining the tough times in the junior mining sector.

Dakota Minerals shares were battered for a second day yesterday, with other lithium explorers also sold heavily.

 

The Australian Financial Review

Page 1: A plunge in government bond yields will crunch retirement saver and deepen a downward spiral in consumer spending, the head of the federal government's financial system inquiry, David Murray, said.

Speculation is growing that West Australian Premier Colin Barnett will be removed by his own party after the July 2 federal election to avoid damaging the Turnbull government's prospects in one of its strongholds.

Page 2: A potential $900 million plus pay day for the debt-laden West Australian government has been dealt a huge blow after the High Court of Australia found laws aimed at speeding up the carve up from the $1.8 billion Bell Group settlement were invalid.

Page 4: Senior ALP figures have ruled out fresh concessions to unions on penalty rates, rebuffing calls by the Greens and one national union leader to legislate to protect penalty rates.

Page 6: Dairy giant Fonterra says the milk price bubble it has been warning about has burst and low prices are here to stay.

Page 7: Australia faces potential blackouts and poor jobs and environmental outcomes if it relies solely on the Renewable Energy Target, a new report says.

Page 13: Former Woolworths chairman John Dahlsen, who owns Australia's largest independent hardware chain, has urged the competition regulator to approve a merger of wholesalers Mitre 10 and Danks even though it appears to be anti-competitive.

Asciano's long-running $9.05 billion takever by Qube and Brookfield Infrastructure could be delayed again after its container logistics joint venture partner asked the NSW Supreme Court to halt the deal.

Page 34: Perth's housing market may still be losing ground but there are still affordable suburbs whose prices are still rising consistently, PRDnationwide says.

 

The Australian

Page 1: Bill Shorten is under mounting pressure on a key Labor campaign pledge to “keep” weekend penalty rates, after he failed to guarantee they would not be downgraded if Labor won office.

Dwindling Chinese appetite for new apartments and tighter restrictions on lending to foreign developers and buyers threaten to collapse a market already facing a flood of 250,000 new units within two years.

Coles – which started the supermarket milk price wars five years ago – will launch a new home-brand milk, with the proceeds directed to a fighting fund for dairy farmers facing crippling losses in the face of collapsing commodity prices.

Page 4: Australia's competition regulator has secured its first victory against a string of private colleges, reaching an agreement with Careers Australia that will see the training provider forego tens of millions of dollars in funding.

Page 5: The West Australian government has suffered a humiliating defeat in its attempt to resolve the decades-long liquidation of Alan Bond's Bell Group, with the High Court ruling the state's special legislation to distribute $1.7 billion of proceeds in Bell is unconstitutional.

Page 6: Malcolm Turnbull is gaining stronger business support for the $48.2 billion company tax cuts at the heart of his election campaign against taunts from Bill Shorten about giving tax relief to rich Americans like Donald Trump.

Page 7: Australia's alliance with the US is a risk to national security, costs an “enormous” amount of money and must be reconsidered, Greens leader Richard Di Natale says, as he argues the need for the country to develop an “independent” foreign policy.

Business: As borrowing costs crash to record lows, the government is facing growing calls to fund large-scale infrastructure projects.

Federal Resources Minister Josh Frydenberg has vowed to tackle the Australian Securities and Investments Commission over its controversial changes to disclosure rules for junior resources companies.

The recent stability in commodity prices has done little to stem the tide of job losses in the mining industry, according to the results from two surveys.

At the halfway point of a plan to return Elders to being an investment-grade company, chief executive Mark Allison says the venerable agribusiness house is on track and looking for acquisitions to build its presence in real estate and sub-tropical horticulture.

The Charter Hall Group has put the WorkZone East tower on the northern fringes of Perth's central business district on the block, hoping to reap about $75 million.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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