Labor’s record high tax plan
Taxes as a share of the economy would hit the highest level in four decades under a Labor government because of curbs to negative gearing and capital gains tax, and limited company tax cuts. The Fin
Businessman goes to war with WA Premier
Rich lister and influential West Australian businessman Nigel Satterley has vowed to cut financial support to the Liberal Party of WA as he ramps up an extraordinary public campaign against the Barnett government. The Fin
Brexit unlikely to trigger RBA easing in July
Fallout from Britain’s shock vote to exit the European Union will not be enough to force a cash rate cut at next week’s Reserve Bank of Australia board meeting, say economists, although August now looks even likelier than before. The Fin
Changing of the guard: Perth resources CEOs move on
Perth’s resources industry will be stripped of more than 100 years of combined experience following a chief executive level changing of the guard at a number of major resources companies. The Fin
Chevron’s Gorgon LNG poised to resume exports
Chevron is on the verge of resuming exports from its $US54 billion Gorgon liquefied natural gas project, with reports that the US energy major has booked to ship five cargoes next month. The Fin
No plan but Shorten takes super savings
Bill Shorten has sparked a furious brawl over budget repair by banking $4.9 billion in Coalition savings on superannuation and public service cuts without revealing how he will achieve the gains, while admitting he cannot restore all the “brutal and cruel” hospital cuts he has railed against for two years. The Aus
Brexit warning: CEOs call for deficit cuts
Business leaders are calling for stronger action to cut Australia’s federal deficit and pay down debt in the wake of the Brexit as the global shock reshapes the federal election campaign by fuelling debate over competing policies to lift economic growth. The Aus
Wesfarmers warned of $4bn loss
A worst-case scenario for Wesfarmers’ push into the British hardware and home improvement sector — now exacerbated by Brexit — could blow a $4 billion hole in the pockets of shareholders in the Perth-based conglomerate. The Aus
Bad year for ASX as Brexit takes toll
Volatility continued to haunt investors yesterday, putting the Australian sharemarket on track for one of the worst financial year performances since the global financial crisis. The Aus
Wellard loan gives breathing space
Live exporter Wellard is preparing to lend $15.8 million to a private company controlled by managing director and major shareholder Mauro Balzarini. The West
The Australian Financial Review
Page 1: Taxes as a share of the economy would hit the highest level in four decades under a Labor government because of curbs to negative gearing and capital gains tax, and limited company tax cuts.
Banks, insurers and asset managers operating in Britain plunged for a second successive session on the share market because investors fear Britain’s decision to leave the European Union will slash profits.
Page 3: A former Westpac financial planner is suing the bank, saying he has lost more than $800,000 and is at risk of losing his family home because Westpac gave him bad advice about structured financial products.
Rich-lister and influential West Australian businessman Nigel Satterley has vowed to cut financial support to the Liberal Party of WA as he ramps up an extraordinary public campaign against the Barnett government.
Page 6: Tax professionals say it is ‘‘hard to fathom’’ the logic behind a Labor proposal to cap at $5000 the amount individuals can claim for managing their annual return.
Page 9: National Australia Bank has joined the three other big Australian banks to curb lending to foreign property buyers without domestic incomes.
Page 11: Britain is likely to enter a recession within the year as a result of last week’s vote to leave the European Union, a decision that will stunt global economic growth as well, Goldman Sachs’ top economists say.
Page 15: Fallout from Britain’s shock vote to exit the European Union will not be enough to force a cash rate cut at next week’s Reserve Bank of Australia board meeting, say economists, although August now looks even likelier than before.
Specialist building and construction insurance provider CBL Corporation is tipping its Dublin-based division will benefit from the shock vote by Britain to leave the European Union.
Perth’s resources industry will be stripped of more than 100 years of combined experience following a chief executive level changing of the guard at a number of major resources companies.
Page 21: Australia’s second-largest telecommunications firm Optus has engaged global tech firms after deciding to outsource its human resources and back-office financial and accounting operations, in a move that will see numerous jobs cut and transferred offshore.
Page 27: Guvera is aiming to reduce its monthly cash burn to about $1.6 million and will cut about 60 jobs after a rejection of the embattled music streaming company’s initial public offering has left it scrambling to stay afloat.
Chevron is on the verge of resuming exports from its $US54 billion Gorgon liquefied natural gas project, with reports that the US energy major has booked to ship five cargoes next month.
Page 28: The Japanese-owned drinks and dairy group Lion will receive up to $300 million in compensation payments for relinquishing the Australian rights to the biggest-selling imported beer brand, Corona, and a handful of other brands in the wake of a $145 billion global mega-merger.
Page 38: Australian investors are parking funds in Britain to snap up cheap property deals, speculating Brexit will drive down residential property prices there.
The Australian
Page 1: Bill Shorten has sparked a furious brawl over budget repair by banking $4.9 billion in Coalition savings on superannuation and public service cuts without revealing how he will achieve the gains, while admitting he cannot restore all the “brutal and cruel” hospital cuts he has railed against for two years.
Volatility continued to haunt investors yesterday, putting the Australian sharemarket on track for one of the worst financial year performances since the global financial crisis.
Page 5: Malcolm Turnbull says he is confident all of the government’s proposed budget measures will pass the Senate after the election, as he calls on voters to reject instability and give the Coalition a mandate in the upper house.
Page 8: Business leaders are calling for stronger action to cut Australia’s federal deficit and pay down debt in the wake of the Brexit as the global shock reshapes the federal election campaign by fuelling debate over competing policies to lift economic growth.
Page 22: A worst-case scenario for Wesfarmers’ push into the British hardware and home improvement sector — now exacerbated by Brexit — could blow a $4 billion hole in the pockets of shareholders in the Perth-based conglomerate.
Page 27: It took a while but Crown Resorts directors eventually acted on James Packer’s longheld conviction the sharemarket had substantially undervalued the gaming conglomerate due to the downturn in the Macau gaming industry.
The West Australian
Page 3: The State Government would consider allowing keno and virtual horseracing outside Crown Casino Perth at TAB outlets as part of any privatisation bid for the betting agency.
Page 14: Bill Shorten has seized on allegations of widespread rorting of Australia’s working and student visa programs by crime syndicates and people smugglers, demanding a full explanation from the Turnbull Government.
A major mining group has accused the two major parties of forming a “disappointing unity ticket” in talking down the resources industry during the election campaign.
Page 45: Live exporter Wellard is preparing to lend $15.8 million to a private company controlled by managing director and major shareholder Mauro Balzarini.
