Morning Headlines

Don’t give up on tax cuts, business urges

Australia’s top business leaders gathered in Canberra have implored the Turnbull government to keep fighting for its full company tax cuts after the Senate votes today to severely curtail the 10-year plan and allow tax reduction for small business only. The Fin

McManus attacks business

ACTU secretary Sally McManus has accused big business and the rich of undermining the notion of a ‘‘fair go’’ in a combative inaugural address to the National Press Club. The Fin

‘I’m not planning a Myer takeover’: Lew

Veteran retailer Solomon Lew has not ruled out making a future takeover offer for department store chain Myer after confirming the acquisition of a 10.8 per cent strategic stake for $101 million through his listed investment company, Premier Investments. The Fin

Door opens for foreign state firms

Foreign state-owned businesses could escape the scrutiny of the Foreign Investment Review Board for deals worth up to $100 million, under a proposal being considered by Treasury. The Aus

Crossbench backflips on penalty cuts

The Senate is today poised to back Labor’s bill to overturn the industrial umpire’s cut to Sunday penalty rates, intensifying the pressure on the Turnbull government as it defends the reductions amid a fierce union-led campaign. The Aus

Quintis plunges on Moody’s warning

Quintis stock was smashed again yesterday after the sandalwood plantation operator was hit with a credit warning from ratings agency Moody’s and renewed fire from short-selling hedge fund Glaucus, which claims the company is worthless. The Aus

Inflated surgery bills reach $5000 an hour

One of Australia’s biggest health insurers claims overcharging by doctors is causing some operations to be billed at $5000 an hour. The West

Small businesses have high hopes for towers

Small businesses in Scarborough believe a proposed $400 million twin-tower development will entice people to a beachside area that has long failed to live up to its potential. The West

Miner calls for EPA hurry-up

Mineral Resources is giving the McGowan Government the hurry-up to approve two environmentally contentious iron ore mines in the Yilgarn. The West

The Australian Financial Review

Page 1: The militant construction union has been blasted for subverting the rule of law and ‘‘bringing the union movement into disrepute’’ in a scathing Federal Court judgment that dramatically increases penalties for a workers’ blockade of Perth Airport.

Australia’s top business leaders gathered in Canberra have implored the Turnbull government to keep fighting for its full company tax cuts after the Senate votes today to severely curtail the 10-year plan and allow tax reduction for small business only.

Page 2: Political commentator and former Labor leader Mark Latham has been sacked by Sky News after a series of controversies in recent weeks.

Page 4: After more than a week of being accused of taking ‘‘backhanders’’ from business during his days as a union boss, Labor leader Bill Shorten has returned fire and rekindled the controversy surrounding Malcolm Turnbull’s involvement in the collapse of HIH Insurance.

Page 5: ACTU secretary Sally McManus has accused big business and the rich of undermining the notion of a ‘‘fair go’’ in a combative inaugural address to the National Press Club.

Page 9: China’s Public Security Minister has vowed to investigate and ‘‘severely punish’’ people or companies involved in organising Chinese tourists to visit overseas casinos, a worrying development for the Crown Resorts employees detained in Shanghai.

Page 13: Veteran retailer Solomon Lew has not ruled out making a future takeover offer for department store chain Myer after confirming the acquisition of a 10.8 per cent strategic stake for $101 million through his listed investment company, Premier Investments.

BHP Billiton has flagged a preferred path for the multibillion-dollar task of replacing its largest iron ore mine, Yandi, while projecting weaker, volatile prices for the key commodity.

Page 16: The short seller that set off an extraordinary chain of events at sandalwood group Quintis has declared ‘‘little confidence’’ in departed founder Frank Wilson’s ability to orchestrate a successful takeover bid for the company.

The Australian

Page 1: Foreign state-owned businesses could escape the scrutiny of the Foreign Investment Review Board for deals worth up to $100 million, under a proposal being considered by Treasury.

Page 2: Keeping South Australia’s last coal-fired power station open would have “crowded out other forms of investment” in the energy market, Premier Jay Weatherill says.

Page 4: The Senate is today poised to back Labor’s bill to overturn the industrial umpire’s cut to Sunday penalty rates, intensifying the pressure on the Turnbull government as it defends the reductions amid a fierce union-led campaign.

The Federal Court has declared the unlawful conduct of the construction union brought the union movement into disrepute, finding compliance with the law was “not a matter of choice”.

Page 8: The war of words between NBN Co and telcos over poor performance will intensify as the rollout continues, with both sides held hostage by the underlying economics of the National Broadband Network.

Page 19: Business leaders launched an extraordinary pitch to government yesterday to pass corporate taxcut legislation, with BHP chief executive Andrew Mackenzie saying it could lead to new projects approved “within months”.

Page 21: Quintis stock was smashed again yesterday after the sandalwood plantation operator was hit with a credit warning from ratings agency Moody’s and renewed fire from short-selling hedge fund Glaucus, which claims the company is worthless.

Page 22: China’s opaque domestic iron ore sector remains the major wildcard facing the global iron ore industry, with mine reopenings there likely to increase pressure on the price of the steelmaking ingredient.

The West Australian

Page 3: One of Australia’s biggest health insurers claims overcharging by doctors is causing some operations to be billed at $5000 an hour.

Page 4: Malcolm Turnbull and Bill Shorten have assaulted each other’s character as the Prime Minister’s signature election promise faces defeat in the Upper House.

Page 6: The former State government ignored an option for starting work on Roe 8 before the election which would have saved taxpayers tens of millions of dollars and avoided irreversible damage to the Beeliar wetlands if the project was cancelled.

Page 7: A court has increased a penalty for the construction union more than tenfold to $240,000 after saying the union chose to pay penalties rather than obey the law.

Page 9: Small businesses in Scarborough believe a proposed $400 million twin-tower development will entice people to a beachside area that has long failed to live up to its potential.

Page 49: BHP Billiton will push ahead with a multibillion-dollar Pilbara iron ore mine because WA has returned to a more stable investment environment after the State election, the miner’s top executive in Perth says.

Mineral Resources is giving the McGowan Government the hurry-up to approve two environmentally contentious iron ore mines in the Yilgarn.

Pilbara Minerals has widened its footprint with a deal to take control of what it describes as one of WA’s best lithium exploration projects.

Page 50: Quintis shares reversed track yesterday after ratings agency Moody’s added to the pressure on the company, providing more ammunition to the sandalwood company’s US antagonist.

Page 51: Bullish sentiment supported by quarter-end window dressing and the lure of upcoming bank dividend payments drove the Australian sharemarket to a 23-month high yesterday.

Veris founder and biggest shareholder Adam Lamond has taken back the reins of the contracting and surveying company after his successor quit.