02/03/2017 - 06:38

Morning Headlines

02/03/2017 - 06:38

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Morning Headlines

Economic growth back on track

Misplaced recession warnings have been quashed after households last quarter shrugged off low wages growth and prospects of rising interest rates to spend up big, and as an ongoing boom in global commodity prices boosted national income by the most in 6 1/2 years. The Fin

 

Tax cut lobby erodes trust: AICD

Business lobby groups that argue for corporate tax cuts and not broader economic reform risk entrenching a lack of trust in business and reinforcing the community view that ‘‘business doesn’t care about them’’, says Elizabeth Proust, chairman of the Australian Institute of Company Directors. The Fin

 

ALP inflates pay cut ‘victims’

As few as 285,000 workers would be affected by the Fair Work Commission’s penalty rate decision, according to data obtained by The Australian, punching a hole in Labor’s claims of widespread wage losses from a ruling to cut Sunday penalty rates. The Aus

 

Childcare deal ‘rests on $1.6bn in cuts’

The Coalition has declared $1.6 billion as the “magic” number needed in budget cuts to pay for childcare reforms, as it flags sacrificing billions of dollars more in proposed savings to win support for its controversial omnibus bill. The Aus

 

Boards on notice over exec pay

One of the nation’s most respected company chairs has called for a radical rethink of remuneration and performance management systems across the boardrooms of corporate Australia, claiming many features of the current regime “could well be destined for the scrapheap’’. The Aus

 

Barnett promises to build tourist road

Colin Barnett will today unveil plans to build the Southern Ocean Drive — an 850km tourist route through some of the most striking attractions of WA’s south coast. The West

 

State NDIS best option: report

A secret evaluation of disability services in WA has validated the Barnett Government’s claim that its State-run approach to the National Disability Insurance Scheme was the best way forward. The West

 

Deal raises stakes for CIMIC

Contracting giant CIMIC is in a race to secure another 17 per cent of Macmahon Holdings, or use a narrow window to lift its 14.5¢ bid for the company, to beat the risk of being washed back down Macmahon’s register. The West

 

The Australian Financial Review

Page 1: Misplaced recession warnings have been quashed after households last quarter shrugged off low wages growth and prospects of rising interest rates to spend up big, and as an ongoing boom in global commodity prices boosted national income by the most in 6 1/2 years.

Page 3: Westpac Banking Corp says it will fight an action by the corporate regulator alleging the nation’s second-largest mortgage lender failed to properly assess if potential borrowers could repay their home loans.

QBE chief executive John Neal, who had his pay docked $550,000 for failing to disclose his relationship with his executive assistant, personally signed off on the policy he breached by stressing it’s not what you say, ‘‘it’s what you DO’’.

Page 4: The federal government is steadfastly refusing to defend or express an opinion about last week’s decision to cut penalty rates, despite urging business to get on the front foot and sell the economic benefits of lower weekend wages.

Page 6: The gender pay gap rises significantly in organisations where women dominate the managerial ranks.

Page 7: Seven multinationals will soon be hit with a combined outstanding tax bill of $2 billion, as a key plank of the Turnbull government’s budget repair plan edges closer to fruition.

The Turnbull government has introduced tough new laws that make franchisors liable for underpayments of workers by their franchisees and dramatically raise maximum fines for businesses to more than half a million dollars.

Business lobby groups that argue for corporate tax cuts and not broader economic reform risk entrenching a lack of trust in business and reinforcing the community view that ‘‘business doesn’t care about them’’, says Elizabeth Proust, chairman of the Australian Institute of Company Directors.

Page 9: Mark Steinert, head of the country’s largest residential developer, Stockland, says curbing the excesses of negative gearing on property investments should be considered in an effort to improve housing affordability.

Page 15: Fund managers say the lack of detail on tax policy, economic policy and infrastructure spending in US President Donald Trump’s first speech to Congress leaves markets vulnerable to a correction.

Page 17: CIMIC has hit back at its takeover target Macmahon Holdings, accusing the mining contractor of announcing a ‘‘rushed’’ proposal that will force shareholders to be diluted and face greater risk.

Page 19: Commonwealth Bank of Australia has no plans to publicly release two further independent reviews the bank commissioned into its life insurance business CommInsure, despite law firm Maurice Blackburn insisting it should do so.

 

The Australian

Page 1: As few as 285,000 workers would be affected by the Fair Work Commission’s penalty rate decision, according to data obtained by The Australian, punching a hole in Labor’s claims of widespread wage losses from a ruling to cut Sunday penalty rates.

The economy has roared back to life, buoyed by booming commodity prices and rising confidence among businesses and consumers, with Treasury increasingly confident Australia will retain its AAA credit rating.

Page 2: Australia’s defence against online attacks from foreign spies and hackers was placed in “jeopardy” last month when a key government agency was ordered to switch to diesel generators during a heatwave.

Page 4: Bill Shorten was a “expert” in cutting workers’ penalty wage rates and as a union chief brokered far greater cuts than those he was now opposing, Malcolm Turnbull told parliament yesterday.

Pauline Hanson is considering backing away from her calls to abolish penalty rates as her party contemplates Labor’s push to block the Fair Work Commission’s decision to cut Sunday and public holiday pay.

Page 5: The Coalition has declared $1.6 billion as the “magic” number needed in budget cuts to pay for childcare reforms, as it flags sacrificing billions of dollars more in proposed savings to win support for its controversial omnibus bill.

Page 7: The rejection of a coalmine project in the Hunter Valley has turned to gold with Triple Crown winner American Pharoah to become the most exciting stud horse ever sent to Australia.

Page 8: Labor abandoned plans to unveil a 50 per cent renewable energy target in Western Australia after Mick Murray — the party’s veteran MP in the coalmining town of Collie — threatened to quit his marginal seat before next week’s state election.

Page 19: One of the nation’s most respected company chairs has called for a radical rethink of remuneration and performance management systems across the boardrooms of corporate Australia, claiming many features of the current regime “could well be destined for the scrapheap’’.

The corporate regulator has taken action against Westpac in the Federal Court for breaching responsible lending laws when selling mortgages, alleging sloppy and questionable serviceability assessments.

Page 20: The Kerry Stokes-controlled Seven Group Holdings is believed to be ramping up for acquisitions in the oil and gas space, with the group said to be forging ahead with its support for Beach Energy to buy Origin Energy’s upstream assets.

Page 21: The Chinese company behind the $US2.5 billion ($3.3bn) acquisition of Rio Tinto’s Coal & Allied business will not have to pay tax on earnings from the mines for several years.

 

The West Australian

Page 4: More than 50 illegal foreign workers have been rounded up during a blitz on shadowy labour hire syndicates operating in the South West.

Page 10: One of two former high-ranking public servants appointed by the Opposition to independently cost its election policies is a former member of the Labor Party.

Colin Barnett will today unveil plans to build the Southern Ocean Drive — an 850km tourist route through some of the most striking attractions of WA’s south coast.

Federal Nationals leader Barnaby Joyce has ducked questions as to whether he is avoiding WA ahead of the State election as he repeated his opposition to Brendon Grylls’ mining tax.

More than 50,000 voters have already cast their ballot ahead of the March 11 election after recent legislative changes relaxed requirements for people to have a reason to vote early.

Page 11: The “seal of confession” between priests and their parishioners could be broken after WA’s main political parties said they would consider laws requiring clergy to report allegations and suspicions of child sexual abuse.

Page 12: Colin Barnett has been delivered a desperately needed piece of good economic news ahead of next week’s State election with the domestic side of the State economy growing for the first time in 18 months.

A secret evaluation of disability services in WA has validated the Barnett Government’s claim that its State-run approach to the National Disability Insurance Scheme was the best way forward.

Page 13: A Perth-based pharmaceutical research company is a step closer to developing a new class of synthetic antibiotics to overcome superbugs.

Page 20: Pauline Hanson once demanded that Sunday penalty rates be scrapped but is now trying to distance herself from the controversial wage cut just days before West Australians go to the polls.

Page 48: Contracting giant CIMIC is in a race to secure another 17 per cent of Macmahon Holdings, or use a narrow window to lift its 14.5¢ bid for the company, to beat the risk of being washed back down Macmahon’s register.

Wellard chief executive Mauro Balzarini yesterday welcomed the arrival of the Holmes a Court family on the live export trader’s share register.

Ocean Grown Abalone director Brad Adams is planning a $10 million float of the fisheries company in August to take the business interstate.

Page 49: MMA Offshore has put its groaning debt problems at bay for the short term with the $53 million sale of North West oil and gas supply bases.

 

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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