10/02/2017 - 06:46

Morning Headlines

10/02/2017 - 06:46

Bookmark

Save articles for future reference.

Tax hit to foreign investors

Australia hit a ‘‘historic low’’ yesterday with the introduction of a politically motivated diverted profits tax (DPT) that will crimp the expansion plans of domestic companies while repelling foreign investors, business groups said. The Fin

 

Labor hypocrites on tax

Malcolm Turnbull has doubled down on his character assassination of Bill Shorten, saying it was a legitimate strategy because strength of character was just as important as policies when it came to fitness to lead the nation. The Fin

 

RBA’s Lowe backs call for company tax cuts

Reserve Bank of Australia governor Philip Lowe has urged Parliament to redouble the push for budget surpluses as a form of national insurance against economic disaster, while simultaneously backing corporate tax cuts to keep Australia competitive in a world of falling tax rates. The Fin

 

‘Billionaire’ down to his last $2m

There is a real risk Clive Palmer will not be able to repay an interim $US10.7 million ($14m) payment from Chinese giant Citic, according to a West Australian court, reinforcing the financial frailty of the self-proclaimed billionaire and former MP. The Aus

 

Iron ore slug puts Grylls in play

A controversial plan by West Australian Nationals leader Brendon Grylls to slap a $7.2 billion tax on BHP Billiton and Rio Tinto has failed to generate voter support, against an aggressive advertising campaign by the big miners in the lead-up to the March 11 election. The Aus


Leaders warned about debt, deficit blowouts

Premier Colin Barnett and Labor leader Mark McGowan have been put on notice by WA Treasury that the State’s finances are in crisis, with debt and deficit blowing out since the mid-year update. The West

 

Liberals find savings to widen freeway

Money saved from four key road projects will be used to pay for a Liberal Party plan to widen a 17km gridlock-prone stretch of the Mitchell Freeway. The West

 

$200 rise for health cover

Federal Heath Minister Greg Hunt has approved an average health fund premium rise three times the inflation rate that will add up to $200 a year to the cost of family cover. The West

 

Woodside tipped to flourish

Brokerage Morgan Stanley has delivered a bullish endorsement of Woodside Petroleum, rejecting investors’ concerns the oil and gas producer has few growth prospects. The West

 

The Australian Financial Review

Page 1: Australia hit a ‘‘historic low’’ yesterday with the introduction of a politically motivated diverted profits tax (DPT) that will crimp the expansion plans of domestic companies while repelling foreign investors, business groups said.

The power supply crisis crippling South Australia is threatening to spread to the eastern states, with the national energy regulator warning there could be blackouts in NSW by Friday afternoon unless more generation capacity comes online.

Page 3: Top-tier law firm Herbert Smith Freehills is suing eight of its partners who are leaving to join US-based global law firm White & Case.

A decision on the future of Ahmed Fahour’s contentious pay packet will not be taken until the end of the month.

Page 4: Malcolm Turnbull has doubled down on his character assassination of Bill Shorten, saying it was a legitimate strategy because strength of character was just as important as policies when it came to fitness to lead the nation.

Page 5: The Australian Taxation Office is cracking down on the exploitation of research and development tax incentives, following the abuse of the program by the building and construction industry.

Page 7: Prime Minister Malcolm Turnbull’s department is looking for an investment banker to lead a new unit that will structure infrastructure projects and convince private investors such as superannuation funds to help pay for them.

Page 8: Former treasurer Peter Costello has lambasted the federal government for failing to respond to the ‘‘unprecedented’’ resignation of one of the most senior Fair Work Commission members and his scathing criticism of the workplace system.

Page 9: Reserve Bank of Australia governor Philip Lowe has urged Parliament to redouble the push for budget surpluses as a form of national insurance against economic disaster, while simultaneously backing corporate tax cuts to keep Australia competitive in a world of falling tax rates.

Page 10: The economic credibility of the Liberal-National West Australian government has been dealt a deep blow just a month out from the state election, with Treasury wiping out any return to surplus and tipping net debt will pass $40 billion for the first time in the state’s history.

Page 13: Shell Australia says any changes to the Petroleum Resources Rent Tax (PRRT) regime will threaten the future earnings of the nation’s nascent LNG sector, which it adds has some of the highest projects in the world.

Page 19: Suncorp may offload its life insurance division or switch to selling policies from other insurers as it has become the latest financial services giant to be caught up in the turmoil smashing Australia’s life insurance sector.

Soaring wholesale power prices have buoyed AGL Energy’s full-year earnings outlook but chief executive Andy Vesey has cautioned investors that competition and customer affordability issues will limit how much they will filter through to the bottom line.

 

The Australian

Page 1: Reserve Bank governor Philip Lowe has rejected Labor’s claim that the nation cannot afford company tax cuts, declaring they are necessary to keep Australia’s tax system internationally competitive.

Malcolm Turnbull has blasted Labor’s renewable energy “horror show” by seizing on blackouts in South Australia to warn of outages across the country under the “insanity” of Bill Shorten’s 50 per cent renewables target.

Page 2: There is a real risk Clive Palmer will not be able to repay an interim $US10.7 million ($14m) payment from Chinese giant Citic, according to a West Australian court, reinforcing the financial frailty of the self-proclaimed billionaire and former MP.

Page 4: Almost $1 billion in taxpayer money has been prevented from falling into the hands of dodgy childcare operators during the past three years and more than 100 services have been cancelled in the past year alone, new data reveals.

Coalition senator Ian Macdonald has threatened to vote against his own party’s bill to immediately scrap the lucrative Life Gold Pass for retired MPs as Warren Entsch said it was a knee-jerk move by a prime minister who “thinks they're in trouble”.

Page 6: Federal biosecurity officials who became alarmed by a major spike in prevalence of an exotic disease infecting imported green prawns did not share the knowledge with the Queensland government, despite the known risk to local prawn farmers, who now face ruin.

A controversial plan by West Australian Nationals leader Brendon Grylls to slap a $7.2 billion tax on BHP Billiton and Rio Tinto has failed to generate voter support, against an aggressive advertising campaign by the big miners in the lead-up to the March 11 election.

The Barnett government has suffered a major pre-election economic blow after Treasury warned that growth in Western Australia would be even weaker than forecast this year and state debt was continuing to rise faster than expected.

Page 19: AGL Energy will consider building a gas import terminal and a new gas generation plant as part of a blueprint for fixing South Australia’s electricity supply problems.

AMP chief executive Craig Meller has promised next year will be better after the financial services giant swung deeply into the red with a full-year loss of $344 million — its worst result in more than a decade.

Page 21: BHP Billiton has approved its share of the $US9 billion ($11.8bn) Mad Dog 2 offshore oil project in the US Gulf of Mexico, six weeks after operator BP ticked off on the project.

 

The West Australian

Page 1: Premier Colin Barnett and Labor leader Mark McGowan have been put on notice by WA Treasury that the State’s finances are in crisis, with debt and deficit blowing out since the mid-year update.

Page 4: A blowout in State Budget deficits and overall debt have been caused by a string of measures left out of the Barnett Government’s last update of WA’s finances.

Page 6: Money saved from four key road projects will be used to pay for a Liberal Party plan to widen a 17km gridlock-prone stretch of the Mitchell Freeway.

Labor has revealed the full timeline and cost for its proposed Ellenbrook rail line, saying voters can expect to be boarding trains in 2022.

Page 10: Federal Heath Minister Greg Hunt has approved an average health fund premium rise three times the inflation rate that will add up to $200 a year to the cost of family cover.

Page 13: Malcolm Turnbull’s blistering attack on Bill Shorten has calmed jitters within the coalition over his leadership while also signalling a more combative approach to fighting Labor.

Page 18: School league tables should show the amount they “value add” — the difference a school makes to students’ achievement — the new headmaster of prestigious Catholic boys’ school Aquinas College says.

Page 26: Perth’s biggest council has ordered an independent probe into its handling of planning approvals including three recent controversial developments, in response to ratepayer unrest.

Page 56: Subcontractors hit by the $33 million collapse of Builton Group are being approached by a freshly minted company — with a past link to Builton Group managing director Troy Felt — with offers to finish work on big projects, including Quattro on Burswood.

Mount Gibson Iron has secured its medium-term future as an iron ore miner, extending its Mid West operations by starting construction at its Iron Hill mine this week.

Newcrest Mining chief executive Sandeep Biswas is not yet sure what Donald Trump ultimately means for gold prices — but he has started following the US President on Twitter.

Page 57: Brokerage Morgan Stanley has delivered a bullish endorsement of Woodside Petroleum, rejecting investors’ concerns the oil and gas producer has few growth prospects.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

Subscription Options