06/04/2017 - 06:40

Morning Headlines

06/04/2017 - 06:40

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Morning Headlines

Rising housing risks push banks to raise more capital

Australia’s banks could be forced to raise billions of dollars more capital after the prudential regulator warned they may have concentrated too much of their lending in increasingly risky and highly priced housing. The Fin

 

Penalty rates revisited

Unions are pushing to increase Saturday pay for casual retail employees in a move business warns could completely wipe out the benefits from cuts to Sunday penalty rates. The Fin

 

Strike delays copper mine projects: BHP

BHP Billiton has confirmed that production has resumed at the Escondida mine in Chile following a major strike, but two growth projects at the copper mine will be delivered later than previously scheduled. The Fin

 

Morrison’s swipe at big business

Scott Morrison will today warn corporate Australia it urgently needs to address a collective reputational crisis within the community and start making the public case for the next phase of company cuts, to avoid a dampening effect on the economy. The Aus

 

Rinehart to PM: Be like India

Billionaire Gina Rinehart has warned the Turnbull government it should follow the economic lead of Indian Prime Minister Narendra Modi and US President Donald Trump to reboot falling investment in Australia. The Aus

 

Big data brings great responsibility

Commonwealth Bank chairwoman Catherine Livingstone has warned that business needs to be careful with the social implications of how it uses big data and technology. The Aus

 

More GST pain

A $1 billion Budget black hole will be unveiled today when Treasury lays bare the true extent of WA’s financial crisis. The West

 

Logan prison plan not our policy: McGowan

Premier Mark McGowan has poured cold water on plans by Corrective Services Minister Fran Logan to reduce the prison population by setting free big numbers of inmates who “shouldn’t be there”. The West

 

Door open on Utah Point sale

The McGowan Government has left the door open to pushing ahead with the sale of Port Hedland’s Utah Point bulk-handling terminal over the objections of its users, despite opposing the sale last year. The West

 

The Australian Financial Review

Page 1: Australia’s banks could be forced to raise billions of dollars more capital after the prudential regulator warned they may have concentrated too much of their lending in increasingly risky and highly priced housing.

Treasurer Scott Morrison is calling on big business to take up the fight for tax cuts for major corporations, warning that without winning over the public there’s little hope of the government passing the rest of its tax plan through the Senate.

Household debt is rocketing towards 190 per cent of disposable incomes, ramping up pressure on the Reserve Bank of Australia and regulators to take action that avoids a US-style debt crisis.

Page 3: Seven West Media chief executive Tim Worner received room upgrades at the Crown Towers hotel in Melbourne that his lover Amber Harrison charged to the media group.

Unions are pushing to increase Saturday pay for casual retail employees in a move business warns could completely wipe out the benefits from cuts to Sunday penalty rates.

Page 6: The federal government’s proposed infrastructure financing unit is ‘‘definitely going ahead’’ despite savage criticism from infrastructure bodies, Finance Minister Mathias Cormann said.

Page 13: BHP Billiton has confirmed that production has resumed at the Escondida mine in Chile following a major strike, but two growth projects at the copper mine will be delivered later than previously scheduled.

Westpac chief executive Brian Hartzer has said the ability of the bank to partner, acquire and invest in the growing band of emerging fintech start-ups will become increasingly central to the bank’s future survival.

Page 15: The lucrative royalty Iluka Resources earns from BHP Billiton’s iron ore tenements may double in value if BHP locks in the South Flank deposit as its solution for iron ore production replacement in the Pilbara, say analysts.

 

The Australian

Page 1: Scott Morrison will today warn corporate Australia it urgently needs to address a collective reputational crisis within the community and start making the public case for the next phase of company cuts, to avoid a dampening effect on the economy.

The last-minute decision to include mental health support in the $22 billion National Disability Insurance Scheme was a costly, dangerous mistake that should be unwound before lasting damage is done, says the nation’s leading mental health advocate.

Page 2: Fair Work Commission president Iain Ross has called on the Turnbull government to declare whether it will legislate to mitigate the impact of penalty rate cuts on hundreds of thousands of workers.

Page 4: The government will have to borrow more than $60 billion a year for the next four years to finance its continuing budget deficits and roll over existing loans that are maturing.

The country’s chief banking regulator has warned that the banks’ headlong rush into mortgage lending may have made the system more risky, amid surging Sydney and Melbourne house prices and world-leading household debt levels.

Billionaire Gina Rinehart has warned the Turnbull government it should follow the economic lead of Indian Prime Minister Narendra Modi and US President Donald Trump to reboot falling investment in Australia.

Page 17: The banking regulator has given its strongest indication yet that the big banks are facing further increases in mortgage capital levels to adhere to global standards and provide a greater cushion against any downturn, bringing investor fears closer to reality.

Commonwealth Bank chairwoman Catherine Livingstone has warned that business needs to be careful with the social implications of how it uses big data and technology.

Page 20: Retailer Solomon Lew is expected to sit on the Myer register as a potential agitator, rather than using last week’s raid as a precursor to a takeover, according to brokerage Bell Potter.

Page 21: The Commonwealth Bank is teaming up with behavioural economists at Harvard University to work on ways to help financially disadvantaged customers better manage their money.

 

The West Australian

Page 1: A $1 billion Budget black hole will be unveiled today when Treasury lays bare the true extent of WA’s financial crisis.

Page 3: Western Force have urged West Australians to set aside code loyalties and get behind the embattled Super Rugby club’s ambitious new fan ownership scheme.

Page 4: Premier Mark McGowan has poured cold water on plans by Corrective Services Minister Fran Logan to reduce the prison population by setting free big numbers of inmates who “shouldn’t be there”.

Page 6: Former senator Bob Day may have to repay tens of thousands of dollars in salary after the High Court ruled he was ineligible to be in Parliament because of an elaborate deal to hide his financial stake in the lease of his electorate office.

Page 13: A 20-year-old accused of tagging about 100 buildings and signs in just eight weeks this year is among more than 200 alleged graffiti vandals caught in a police blitz.

Page 14: The Turnbull Government is resisting demands that it overhaul the way investors use the tax system to push up house prices, as the banks show signs they may have to take interest rates even higher to protect them from a property shake-out.

Page 18: Opponents of a proposed Melville wave park are asking Premier Mark McGowan to suspend the City of Melville’s negotiations over the project.

Page 49: The McGowan Government has left the door open to pushing ahead with the sale of Port Hedland’s Utah Point bulk-handling terminal over the objections of its users, despite opposing the sale last year.

Toronto-listed RNC Minerals could consider a spin-off on the Australian bourse to sew up long-term financing for its Goldfields operations.

Best known as an opening Test batsman of the late 1970s and 1980s, post-cricket Graeme Wood went on to a career as a retail liquor industry executive.

Page 50: Inpex has denied the $US37 billion Ichthys LNG project has again fallen behind schedule, despite comments by partner Total that gas shipments won’t start till next year.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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