Morning Headlines

PM faces budget fight after win

Prime Minister Malcolm Turnbull has won the election but his budget plans are in disarray, with a brewing internal revolt over superannuation savings measures worth up to $2.5 billion, and a growing acceptance that the 10-year plan to cut the company tax rate will be severely curtailed by the new Senate. The Fin

Chances for asset bargains rare: BHP CFO

BHP Billiton chief financial officer Peter Beaven has conceded the opportunistic deals the company has been hoping to make in copper and petroleum may not eventuate, saying it is hard for the mining giant to ‘‘find the right price’’ for assets. The Fin

Big four banks untroubled by downgrade

The cost to the big four banks of a one-notch credit rating downgrade could be as little as about $200 million a year in extra funding costs, and a bigger worry is how far the Reserve Bank of Australia goes with cutting interest rates. The Fin

Oversupply and falling demand to hit prices

House and apartment prices are expected to fall in real terms in five of the nation’s eight capitals with Perth expected to slump by 23 per cent from recent market highs, according to new analysis by BIS Shrapnel, which forecasts market performance. The Fin

Plea for senators to back trade

The boss of mining giant BHP Billiton has joined former deputy prime minister Mark Vaile in declaring free trade pacts vital to economic growth, adding to pressure on a more protectionist Senate to get behind the deals. The Aus

Bright future for clean coal

Morgan Stanley says Australia’s $14 billion thermal coal export industry can be part of the solution to the global emissions abatement challenge, as well as commanding premium pricing. The Aus

Tax a priority, Turnbull told

WA’s business leaders have urged re-elected Prime Minister Malcolm Turnbull not to use his wafer-thin majority as an excuse to go soft on promised tax reform, while also pleading with the Senate crossbenchers to think of the country and not themselves. The West

The Australian Financial Review

Page 1: Prime Minister Malcolm Turnbull has won the election but his budget plans are in disarray, with a brewing internal revolt over superannuation savings measures worth up to $2.5 billion, and a growing acceptance that the 10-year plan to cut the company tax rate will be severely curtailed by the new Senate.

Australia’s big banks are set to reject the overtures of the corporate watchdog to settle claims they manipulated the benchmark bank bill swap rate, as they prepare to defend themselves in the courts.

Page 11: The Bank of England is poised to slash interest rates to close to zero this week as fears mount over a Brexit-induced recession.

Page 13: BHP Billiton chief financial officer Peter Beaven has conceded the opportunistic deals the company has been hoping to make in copper and petroleum may not eventuate, saying it is hard for the mining giant to ‘‘find the right price’’ for assets.

There is no point owning a single bank stock until the next round of capital raisings is out of the way, says the fund manager behind Wilson Asset Management’s newly listed WAM Leaders fund.

Page 15: The Myer family has finally given up on the loss-making Australian Geographic retail chain of 67 stores and is undertaking an orderly exit that will likely result in the chain disappearing by March 2017.

A number of the shining gold sector’s chief executives have seen the value of their equity stakes escalate, and a few have cashed in, as local gold stocks continue a stellar run.

Page 17: The cost to the big four banks of a one-notch credit rating downgrade could be as little as about $200 million a year in extra funding costs, and a bigger worry is how far the Reserve Bank of Australia goes with cutting interest rates.

Page 21: With the federal election now over, investors have one less uncertainty to worry about and despite the risk of European fragmentation or stuttering growth in China, some equity analysts expect Australian shares to shake off the global doom and track higher for the rest of the year.

Page 29: Vodafone Australia is putting its 4G network to a very public test in a partnership with Nova Entertainment to play a vital role in the broadcast of one of the radio station’s key programs.

Page 32: House and apartment prices are expected to fall in real terms in five of the nation’s eight capitals with Perth expected to slump by 23 per cent from recent market highs, according to new analysis by BIS Shrapnel, which forecasts market performance.

Bankwest, a subsidiary of Commonwealth Bank of Australia, is the latest lender to pull a range of discount mortgage products, triggering speculation it may be close to the regulatory speed limit on lending intended to prevent the property market from overheating.

Page 33: Foreign investment in agricultural land is set to be a key issue following the confirmation of a new government, with the business and legal communities calling for a simplification of the policy under which there are six different monetary thresholds for prospective investors to overcome.

The Australian

Page 1: The steady growth in living standards to which voters had become accustomed stalled over the past five years, with household incomes barely matching the rise in prices.

Page 2: A founder of Australian internet provider Dodo is a fugitive believed to be hiding in Russia, with Ukrainian authorities accusing him of large-scale bank fraud.

Page 4: The communications portfolio, including more say over the ABC, is among a list of potential demands by the Nationals as they push for a greater role in a re-elected Turnbull government.

Page 9: Asia will be holding its breath as an international court rules tomorrow night on territorial rights in the bitterly disputed South China Sea, through which passes half the world’s annual merchant fleet tonnage, including two thirds of Australia’s exports.

Page 17: The boss of mining giant BHP Billiton has joined former deputy prime minister Mark Vaile in declaring free trade pacts vital to economic growth, adding to pressure on a more protectionist Senate to get behind the deals.

Treasury Wine Estates has escaped one of two class action lawsuits filed against the winemaker after a shock $160 million write-down and profit warning three years ago, with the Federal Court ruling the pursuit by controversial litigator Mark Elliott was an “abuse” of the court process.

Martin Brydon is the first to admit he works in the most unglamorous of industries. But the 61-year-old Briton-turned-West Australian wouldn’t have it any other way.

Australian retailers need to look to the tech-savvy Chinese consumer for future industry trends, according to former David Jones chief executive Paul Zahra.

Page 18: Morgan Stanley says Australia’s $14 billion thermal coal export industry can be part of the solution to the global emissions abatement challenge, as well as commanding premium pricing.

Page 19: Firstmac has confirmed the appointment of investment bank Goldman Sachs to rustle up interest in the non-bank lender in a bid to ease funding constraints that are limiting online mortgage growth.

Page 20: Strong US job figures are expected to boost the Australian market this week despite the ongoing volatility in Britain and Europe.

Page 21: Australia’s residential and commercial property sector could be a major beneficiary of an increased flow of international capital as a result of Brexit, but the nation’s tough foreign investment rules could be a potential hurdle for overseas buyers.

The West Australian

Page 16: People in Zimbabwe are running out of patience as their country is sucked into the depths of a new economic crisis.

Page 56: WA’s business leaders have urged re-elected Prime Minister Malcolm Turnbull not to use his wafer-thin majority as an excuse to go soft on promised tax reform, while also pleading with the Senate crossbenchers to think of the country and not themselves.

Muscled up with a $1.4 million capital raising, Tawana Resources will today emerge from a trading halt as the latest WA company chasing the lithium dream.

The precariously balanced Trans-Pacific Partnership, which is considered a crucial trade deal for Australia, has teetered closer to reality after the US Democratic Party hosed down opponents of the agreement.

The discovery of a third major gold zone has given the historic Beta Hunt mine near Kambalda a new lease of life, nearly 50 years since it opened as a nickel mine.