28/09/2016 - 06:37

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28/09/2016 - 06:37

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Tourism slams departure tax slug

An angry tourism sector is unhappy the government has increased the departure tax – which already raises $1 billion a year – to help fund a backdown on the controversial backpacker tax, which the tourism industry sees as appeasing farmers. The Fin

Hold firm on business tax cuts, BCA urges

The federal government risks a wider rift with the Business Council of Australia if it opts to pursue immediate tax relief for smaller companies at the expense of a decade-long $47.8 billion plan to cut the corporate rate to 25 per cent for all. The Fin

Masters exit plan gets back on track

Woolworths’ $1.5 billion Masters exit plan is back on track after the Federal Court ordered the company and its US joint venture partner, Lowe’s, to arbitrate their fallout behind closed doors. The Fin

Flexible labour laws saved jobs, says RBA

Flexible workplace laws are likely to have helped companies reduce employee hours rather than cut jobs during recent economic downturns, a Reserve Bank of Australia discussion paper has suggested. The Aus

GST floor ‘unlikely before 2019’

West Australian Premier Colin Barnett’s hopes that the Turnbull government will move rapidly to establish a minimum GST share for all states appear to have been dashed. The Aus

Pilbara Ports profits slashed

The State Government’s decision to help junior miners deal with the iron ore price crunch cost the Pilbara Ports Authority about $50 million in lost revenue last financial year — but WA Treasury still made $100 million. The West

AMP plan shopping boom

AMP Capital is formulating the details of tactical plans to redirect massive “expenditure leakage” by wooing back Perth’s travelling shoppers with a $1.4 billion expansion of its demographically blessed Garden City and Karrinyup shopping centres. The West

 

 

The Australian Financial Review

Page 1: China must allow its economy to slow – otherwise a ‘‘disorderly deleveraging’’ could trigger contagion in emerging markets and dent asset prices in advanced economies, according to a new report by the International Monetary Fund.

An angry tourism sector is unhappy the government has increased the departure tax – which already raises $1 billion a year – to help fund a backdown on the controversial backpacker tax, which the tourism industry sees as appeasing farmers.

Page 2: Nine Entertainment chief executive Hugh Marks has called for a halt to the government’s proposed changes to media ownership regulation until broadcast licence fees are cut.

Page 3: The federal government risks a wider rift with the Business Council of Australia if it opts to pursue immediate tax relief for smaller companies at the expense of a decade-long $47.8 billion plan to cut the corporate rate to 25 per cent for all.

Top Australian funds will write letters to the NSW government to express concerns about an unsolicited $10 billion investment proposal for Ausgrid from IFM Investors and Australian Super, arguing taxpayers could end up with a lower price for the electricity network if the government does not go ahead with a competitive auction.

Page 4: Governments should target wealthy parents who send their children to selective public schools through fees or a Medicare-style education levy rather than ripping funds from independent schools, the head of the NSW private school lobby has suggested.

Page 5: Fund managers and major super funds warn that chief executives should not be getting ‘‘soft’’ bonuses for diversity, culture and safety when they are just doing their multimillion-dollar job.

Dick Smith management built up the company inventory by spending more than $100 million on stock purchase without asking for board approval in the lead-up to the company’s collapse, a court has heard.

Page 6: More than 96 per cent of retailers in Australia are small businesses and federal minister Michael McCormack says the best thing the government can do to help them is cut tax rates, make competition fairer and ensure accessing equity capital through crowd-funding is easier.

Page 7: Contractors on major construction projects may be falsely declaring they have paid creditors to fraudulently obtain payments for work, an ASIC surveillance program targeting phoenix companies has revealed.

High-profile Silicon Valley firms Accel Partners and Castanoa Venture Capital have bought into a local company that has created a platform for drone flyers to upload their data and have it presented visually, creating things such as 3D maps for industrial companies.

Page 8: Ultra-low interest rates at or close to zero are losing effectiveness in some economies because people doubt central banks can fight subdued prices, a study by the International Monetary Fund concluded.

Page 10: Consultants are fighting a pitched battle to bring Australian businesses into the robotic age as the use of software that can emulate workers doing repetitive tasks based on a set of rules has reached a tipping point.

Page 11: Woolworths’ $1.5 billion Masters exit plan is back on track after the Federal Court ordered the company and its US joint venture partner, Lowe’s, to arbitrate their fallout behind closed doors.

The banking industry lobby group has rejected calls to engineer lower profits for the major banks to align them with other countries, labelling our banks’ high returns an ‘‘indication of the financial stability of the industry’’.

Cover-More’s largest shareholder, Greencape Capital, has endorsed new chief executive Mike Emmett’s bold move to buy Travelex Insurance Services. Other investors have also backed the acquisition as a way to fast-track Cover-More’s expansion plans in North America.

Page 13: The chief executive of market darling Bapcor, the owner of car parts giant Burson, says a $NZ323 million ($308 million) takeover offer for New Zealand’s Hellaby Holdings is the perfect expansion deal for the firm.

Extreme volatility struck Australian metal stocks on Tuesday after the Philippines government threatened to suspend production at 75 per cent of mines in the developing nation.

It’s been panned on social media and criticised by frequent flyers, but Woolworths’ customer loyalty program remains the most popular in Australia, eclipsing that of arch rival Coles.

Page 14: The chief executive of industry superannuation backed lender ME Bank says new banking rules mean banks must win the war for deposits in order to grow their home loan books.

The chief executive of clothing chain Country Road has resigned, just months after the company reported lower same-store sales and a 13.6 per cent fall in profit.

Page 16: New York-based and Australian-listed technology company Updater has secured $30 million in funding through a private placement, including investments from Fidelity International and Alex Waislitz’s Thorney Investment Group.

Vocus Communications remains committed to building a submarine cable between Perth and Singapore and is exploring potential partnerships on the project.

 

 

The Australian

Page 1: Flexible workplace laws are likely to have helped companies reduce employee hours rather than cut jobs during recent economic downturns, a Reserve Bank of Australia discussion paper has suggested.

Page 3: Former Fair Work Australia vice-president Michael Lawler has withdrawn his legal action against Employment Minister Michaelia Cash, less than two weeks after filing his claim.

Page 4: Johnson & Johnson Medical’s Australian head, Gavin Fox-Smith, has defended his sector, which is facing intense scrutiny over the price of devices, saying it is at the centre of the most important health policies and has earned its seat at the table.

West Australian Premier Colin Barnett’s hopes that the Turnbull government will move rapidly to establish a minimum GST share for all states appear to have been dashed.

Page 7: A Chinese-government-owned company involved in the proposed James Packer-operated casino on the Gold Coast is linked to the building of artificial islands in the internationally explosive South China Sea dispute.

Page 19: Small Australian drug developer Pharmaxis has become the first company in the world to get an orphan drug approved in Russia under new laws it campaigned for to allow the sale of its cystic fibrosis treatment.

Alinta Energy rose from the ashes several years ago following a series of events that ultimately triggered the collapse of its former parent, Babcock & Brown, and its new owners are pushing ahead with a $3.3 billion-plus IPO in what is shaping up as the biggest stockmarket listing of the year.

Page 21: Tabcorp boss David Attenborough has warned global rivals that Australian states are moving fast to match a wagering tax South Australia is set to launch.

Page 22: Surging coal prices could provide a $US25 billion boost to the nation’s export earnings and beat federal and Queensland budget expectations by more than $4bn, if a dramatic rise in the price of coking coal can be sustained through the financial year.

Australia’s most China-connected chief executive, Andrew Michelmore, is calling time on his successful leadership of Beijing’s experiment with the “MMG model’’ of foreign investment in the resource sector.

Page 23: Nationals senator John Williams says he is being flooded with complaints from people who have been unstuck by the life insurance industry, ahead of a parliamentary committee inquiry into the $44 billion sector. His comments come as Commonwealth Bank’s pressured CommInsure division suffered the second contract loss of a superannuation fund in as many months, as the retirement savings industry reconsiders its business with the insurer.

 

 

The West Australian

Page 1: Public servants are increasingly using computers to access and share restricted information in a trend WA’s corruption watchdog warns is playing into the hands of organised crime.

Page 3: Waste management companies are hoarding mountains of building site rubble rather than paying huge rises in the landfill levy, blowing a multi-million dollar hole in the State Budget.

Page 12: A renewed push to create ocean pools in WA will get under way this week at a symposium to extol their benefits and invite ideas and views from the public.

Page 27: The State Government’s decision to help junior miners deal with the iron ore price crunch cost the Pilbara Ports Authority about $50 million in lost revenue last financial year — but WA Treasury still made $100 million.

Page 28: Shares in Western Areas and other WA nickel miners surged yesterday afternoon after the Philippines government flagged fresh mine closures which could lead to a chunk of global supply disappearing.

Page 29: Andrew Forrest-backed Vimy Resources has received special permission to begin preliminary work on its Mulga Rock uranium project in the Goldfields, despite Environment Minister Albert Jacob being yet to give final approval for the project.

Gold miner Resolute Mining has announced a discounted $150 million placement to fund a lift in production and to ramp up exploration.

Page 62: AMP Capital is formulating the details of tactical plans to redirect massive “expenditure leakage” by wooing back Perth’s travelling shoppers with a $1.4 billion expansion of its demographically blessed Garden City and Karrinyup shopping centres.

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