Morning Headlines

Morrison rebuffs idea of RBA using QE

Treasurer Scott Morrison has rebuffed the notion that the Reserve Bank of Australia would resort to using quantitative easing, or bond buying, to support the economy if official interest rates head towards zero. The Fin

IPO brokers, bankers ignore social media

Social media is renowned for its ubiquity but bankers and brokers who spruik initial public offerings to investors are proving largely impervious to Twitter, Facebook and LinkedIn. An Australian Securities and Investments Commission review found traditional means of communication such as telephone calls, emails and websites are still the key marketing platforms used to sell an offer to retail investors. The Fin

Plan for critical assets blacklist

Trade Minister Steve Ciobo says the Cabinet will consider creating a list of ‘‘critical infrastructure’’ that would be subject to a higher threshold of scrutiny for foreign investors. The Fin

Backpacker tax grab means fruit left to rot

Fruit growers are warning that much of the nation’s harvest may rot on the ground, costing hundreds of millions of dollars and potentially sending businesses broke, unless the Turnbull government quickly scraps its backpacker tax. The Aus

Woolies’ ‘plan B’ on Masters exit

Woolworths cooked up a “straw man” plan B as part of a strategy to get out of its disastrous Masters hardware joint venture with US group Lowe’s, a court has been told. The Aus

Home owners falling behind despite growth

Record high underemployment across the nation is taking a toll on the $1.5 trillion mortgage market as more borrowers fall behind on repayments in the second quarter, according to credit ratings agency Fitch. The Aus

Cabinet ministers unite behind Barnett

Colin Barnett’s Cabinet colleagues yesterday put on a show of strength in support of his leadership, while MPs in former transport minister Dean Nalder’s camp continued to attempt to damage the Premier’s standing. The West

The Australian Financial Review

Page 1: The ASX has pledged to restore trading on the local sharemarket this morning after a series of embarrassing technical glitches disrupted transactions and eventually forced the exchange to shut down on Monday afternoon, leaving traders and investors furious.

Executive chairman of failed stockbroker BBY Glenn Rosewall was advised by a psychic to improve the share price of troubled South African coal explorer Firestone Energy through visualisation and incantation.

Page 3: Treasurer Scott Morrison has rebuffed the notion that the Reserve Bank of Australia would resort to using quantitative easing, or bond buying, to support the economy if official interest rates head towards zero.

Page 5: The Coalition will use the results of research estimating Australia’s lifetime welfare bill at $4.8 trillion to push ahead with a radical ‘‘investment approach’’ to cut the number of people accessing benefits.

Page 6: Property developers are on the warpath against government moves to impose project ‘‘value capture’’ schemes, saying they are confused, opportunistic and tend to be unfairly limited to apartments.

Trade Minister Steve Ciobo says the Cabinet will consider creating a list of ‘‘critical infrastructure’’ that would be subject to a higher threshold of scrutiny for foreign investors.

Page 7: West Australian Premier Colin Barnett says he has the support of the majority of his colleagues and is confident he can fend off the first challenge to his leadership since he came to power in 2008.

Page 12: Women will make up 30 per cent of board directors for ASX 200 companies by 2018 if appointment rates continue, the Australian Institute of Company Directors said in its quarterly gender diversity report. On present rates of female appointments and exits, gender parity on ASX 200 boards will not be reached until 2022.

Page 15: Pay packets for key executives at Crown Resorts’ executive team rose 11 per cent in 2015-16, despite normalised net profit for the casino giant falling, according to its annual report.

Page 16: A new law to define the purpose of superannuation could foreshadow the end of tax perks for anyone better off than an age pensioner.

Social media is renowned for its ubiquity but bankers and brokers who spruik initial public offerings to investors are proving largely impervious to Twitter, Facebook and LinkedIn. An Australian Securities and Investments Commission review found traditional means of communication such as telephone calls, emails and websites are still the key marketing platforms used to sell an offer to retail investors.

The Australian

Page 1: The cost of the government’s 10-year company tax cuts will limit its ability to deliver personal income tax cuts that would neutralise the effect of “bracket creep”.

China has made its first multibillion-dollar investment in Australian infrastructure assets since it was blocked from buying NSW electricity provider Ausgrid, leaving business to declare the country open to overseas investment.

Page 4: Fruit growers are warning that much of the nation’s harvest may rot on the ground, costing hundreds of millions of dollars and potentially sending businesses broke, unless the Turnbull government quickly scraps its backpacker tax.

Page 5: Two internationally renowned thoroughbred horse studs in the Hunter Valley have been told they can coexist with an open cut coalmine next door and that the region’s horse breeding reputation would not be affected if they moved away.

Page 6: Dean Nalder claimed last night he had the support of more than 10 Liberal MPs but the former West Australian transport minister would not be drawn on whether he had the numbers to roll Premier Colin Barnett in a spill today.

Page 21: Woolworths cooked up a “straw man” plan B as part of a strategy to get out of its disastrous Masters hardware joint venture with US group Lowe’s, a court has been told.

Page 22: The Australian Grains Champion, a consortium of rebel farmers backed by GrainCorp and the First State Super superannuation fund, has walked away from a proposal to commercialise Australia’s biggest grain export and cooperative organisation, the West Australian-based CBH Group.

Page 23: Record high underemployment across the nation is taking a toll on the $1.5 trillion mortgage market as more borrowers fall behind on repayments in the second quarter, according to credit ratings agency Fitch.

Page 25: Used machinery is flooding the second-hand market, piling more pain on equipment makers battling slack demand from customers that mine, move or refine commodities amid a global slump in the value of everything from coal to corn.

The West Australian

Page 1: Brendon Grylls’ radical election policy of hitting BHP Billiton and Rio Tinto with a new mining tax has almost 50 per cent more supporters than detractors, polling by The West Australian reveals.

Page 4: Colin Barnett’s Cabinet colleagues yesterday put on a show of strength in support of his leadership, while MPs in former transport minister Dean Nalder’s camp continued to attempt to damage the Premier’s standing.

Page 20: The brothers behind WA’s biggest meat processor have proved Chinese investment is not a one-way street with the opening of one of the world’s biggest abattoir in Inner Mongolia.

WA Treasurer Mike Nahan has suggested the State could miss the boat if it can’t take advantage of hot investor appetite for infrastructure assets by selling Fremantle Port.

Page 37: Mineral Resources has hit back at Pilbara Minerals in their tussle over the Pilgangoora lithium project, alleging a new sale notice does not comply with an asset sale agreement.

Page 38: Thermal power company Enerji has put a subsidiary in the hands of administrators to advance a $4.5 million funding deal with contractor ECM.