Xenaphon, Property Group urge CGT reform
Senator Nick Xenophon, the Property Council of Australia and the Grattan Institute say the newly returned Coalition government should cut capital gains tax breaks on property sales to mend the budget deficit. The Fin
Business stays positive, NAB’s survey reveals
Businesses have shrugged off post-Brexit market volatility and pre-election doubts to report some of the best conditions since the global financial crisis, according to the latest National Australia Bank monthly survey. The Fin
Anchorage started Dick Smith rebate
The use of supplier rebates to boost earnings that contributed to the demise of Dick Smith Holdings started under former private equity owners Anchorage Capital Partners, insiders have claimed. The Fin
End of era as TV king calls it quits at Seven
Television veteran David Leckie, who led networks to ratings success for Kerry Packer and Kerry Stokes, will leave Seven this month to pursue a fulltime position at another media company. The Aus
Upper house test first for ABCC
Malcolm Turnbull cannot put his revival of the Australian Building and Construction Commission to a joint sitting until he first tests the new Senate, with business ramping up the need for reform after the construction union was hit with hefty new penalties. The Aus
Insurance premiums to be ‘lower for longer’
Record-low government bond yields and a push into alternative assets will hold insurance premiums “lower for longer”, keeping the lid on the sector’s profitability as the global-investor flight to safety drives cheaper reinsurance rates. The Aus
Coles raises stakes in WA supermarket price war
WA’s supermarket wars have kicked into high gear as Coles unveils price cuts that could fuel a new wave of competition. The West
The Australian Financial Review
Page 1: A ginger group of Liberal MPs working on alternatives to the government’s contentious superannuation crackdown is proposing to keep the $1.6 million cap on retirement accounts but remove the limits on how quickly that amount is reached.
The Reserve Bank of Australia has been drawn into the corporate regulator’s massive rate rigging case against Westpac Banking Corp.
Theresa May, who will become Britain’s second female prime minister on Wednesday, has vowed to steer the country out of the European Union, saying ‘‘Brexit means Brexit and we are going to make a success of it’’.
Page 5: Senator Nick Xenophon, the Property Council of Australia and the Grattan Institute say the newly returned Coalition government should cut capital gains tax breaks on property sales to mend the budget deficit.
Page 6: Businesses have shrugged off post-Brexit market volatility and pre-election doubts to report some of the best conditions since the global financial crisis, according to the latest National Australia Bank monthly survey.
Page 7: Liquidators have found a buyer for failed gas company Linc Energy, but have passed its controversial underground coal gasification pilot site to the Queensland government to allow them to pursue founder Peter Bond for the costs of the environmental clean-up.
Page 8: Negative interest rates in many major economies and ongoing global political turmoil will push the gold price much higher than it is today, says ETF Securities chairman Graham Tuckwell, the BRW rich-lister who built his fortune out of exchange traded products linked to the price of gold.
Page 10: As the yen continued to weaken and Japanese stocks extended their gains for a second day, Prime Minister Shinzo Abe’s government kept markets guessing on the details of a much-anticipated fiscal stimulus package.
Page 11: China’s move to ban construction of new coal-fired power stations will accelerate its move away from the once dominant energy source, which is losing out on price to wind, solar and hydro generation.
Page 12: Revenue at mid-market accountancy networks grew faster than the economy in the year to June 30. But the most growth resulted from mergers and acquisitions.
Page 13: The use of supplier rebates to boost earnings that contributed to the demise of Dick Smith Holdings started under former private equity owners Anchorage Capital Partners, insiders have claimed.
Former Australian Public Service Commissioner Stephen Sedgwick will lead a review into bankers’ pay and commissions, with the sector breathing a sigh of relief that Labor’s royal commission into the banking sector is all but dead.
Page 15: Fund managers have driven the share prices of miners such as South32 and Fortescue Metals Group to 12-month highs because while many sectors are offering uncertain returns, mining stocks are gaining a reputation as ‘‘the lesser of evils’’, they say.
Australia had a bumper month of LNG exports in June, including shipments as far afield as Egypt and India, despite ongoing problems that have again halted production at Chevron’s monster Gorgon venture in Western Australia.
Page 16: In a case of bill shock being on the other foot, telecommunications giant Optus has been ordered to refund $2.4 million to 175,000 Optus mobile customers after the corporate watchdog found it had overcharged customers on insurance products.
Page 17: The biggest foreign funding risk to Australian banks is their overexposure to property, not the possibility of a sovereign downgrade by the credit rating agencies, says the head of fixed income at asset managers AB.
Page 18: Alcoa continues to grow its Australian bauxite export business, and its alumina division bounced back strongly from a weak March quarter.
Page 27: The US earnings recession waylaying the seven-year-old bull market has been a long one by any standard. Measured by depth, however, it isn’t registering – either with history or investors.
Wall Street may be sitting at record highs, but there are still plenty of bargains to be found, local fund managers say.
Major fund managers such as Blackrock and Paradice Investments are looking to a little known small-cap stock to gain exposure to the roaring silver price.
Page 30: AMP Capital has appointed builder Brookfield Multiplex for the $600 million redevelopment that will nearly double the area of its Karrinyup Shopping Centre in Perth’s north.
Canadian property giant Brookfield Property Partners, with its co-owner Hawaiian Investments, has put one of the largest shopping centres in the Perth CBD, Carillon City, on the market with expectations above $120 million.
The Australian
Page 1: The Philippines last night won its high-stakes case against Beijing’s claim of sovereignty over the South China Sea, fuelling tensions in Southeast Asia and posing the first diplomatic challenge for a returned Turnbull government.
Television veteran David Leckie, who led networks to ratings success for Kerry Packer and Kerry Stokes, will leave Seven this month to pursue a fulltime position at another media company.
Page 4: Malcolm Turnbull cannot put his revival of the Australian Building and Construction Commission to a joint sitting until he first tests the new Senate, with business ramping up the need for reform after the construction union was hit with hefty new penalties.
Page 6: More than 31,000 people have been booted off the disability support pension in the past year, the biggest annual drop on record as several years-worth of government crackdowns begin to bite.
Page 19: Bankruptcy trustees face a daunting task as they seek to verify $275 million worth of debts declared by Melbourne mining identity Joe Gutnick, who declared himself bankrupt on Friday following a bruising legal stoush with an Indian fertiliser company.
Page 21: A psychologist routinely used to assess claims by insurance companies, including Commonwealth Bank’s CommInsure division, has been referred to regulators over allegations of making false and misleading statements in a report.
Page 22: Record-low government bond yields and a push into alternative assets will hold insurance premiums “lower for longer”, keeping the lid on the sector’s profitability as the global-investor flight to safety drives cheaper reinsurance rates.
The West Australian
Page 1: WA’s supermarket wars have kicked into high gear as Coles unveils price cuts that could fuel a new wave of competition.
Page 6: The Nationals’ growing influence inside the Turnbull Government could come with an instant $760 million price tag, with members of the coalition junior partner wanting the backpacker tax dumped.
Page 10: Households across Perth and the South West could face higher gas bills to pay for Colin Barnett’s long-promised gas pipeline from Bunbury to Albany.
WABUS1: Spud Shed owner Tony Galati has vowed to fight contempt of court proceedings instigated by the State Government’s potato watchdog.
WABUS2: The damaging stoush between one-time market high-flyer Atrum Coal and its founders has been settled after a year of bitter legal wrangling.
WABUS3: Galaxy Resources and General Mining will hold back a quarter of this year’s planned production from the Mt Cattlin lithium mine in the hope that spot or auction sales of concentrate will yield higher prices than off-take contracts.
