07/04/2017 - 06:35

Morning Headlines

07/04/2017 - 06:35

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Morning Headlines

Housing correction to be ‘orderly’

The world’s biggest ratings agencies have warned of an unwinding of Australia’s overheated house prices, but say the strength of the banking system and its regulators would ensure any falls would be ‘‘orderly’’. The Fin

 

Productivity Commission to investigate the banks

The government is preparing to ask the Productivity Commission to conduct a formal review of competition in the banking sector, which the chairman of the corporate watchdog described on Thursday as an oligopoly. The Fin

 

WA wants special GST top-up

The West Australian government wants federal Treasurer Scott Morrison to provide a $226 million ‘‘GST top-up’’ payment to help plug widening holes in the state’s finances, which continue to crumble in the face of the mining downturn. The Fin

 

Three years of mistakes dented Libs

A review of the Liberal Party’s 2016 election campaign will lay the blame for the Coalition’s near loss on a collective failure by senior levels of the government over three years, as well as near fatal mistakes by the party’s campaign machine. The Aus

 

Coal, iron to deliver a $23bn bonanza

Rising iron ore and coking coal prices are set to deliver the nation a $23 billion export revenue windfall next financial year, according to the latest estimates from the Department of Industry. The Aus

 

ATO’s spotlight turns to financing of $60bn Gorgon project

Fresh from issuing $2.9 billion in bills in a blitz largely targeting the tech sector, the tax office is closely scrutinising Australia’s biggest ever resources project, the $60bn Gorgon field off the coast of WA. The Aus

 

WA’s great depression

Electricity and water bills for the average WA household are likely to increase by at least $200 a year from July as the McGowan Government grapples with the State’s Budget crisis. The West

 

Scaffidi, councillors rebuked for breach

Lord Mayor Lisa Scaffidi and two City of Perth councillors will be publicly censured for breaching a local government regulation over a no-confidence motion against the Deputy Lord Mayor. The West

 

Dairy farmers axed as industry seeks solution

Three more South West dairy farmers have had their contracts axed as the industry struggles to find a response to oversupply problems that would spare individuals. The West

 

The Australian Financial Review

Page 1: The world’s biggest ratings agencies have warned of an unwinding of Australia’s overheated house prices, but say the strength of the banking system and its regulators would ensure any falls would be ‘‘orderly’’.

Former JB Hi-Fi chief executive Terry Smart will slash costs and ramp up the opening of new The Good Guys stores, as he takes the reins just five months after the appliance chain was bought by JB Hi-Fi for $870 million.

Page 3: The Australian Taxation Office is set for a long and potentially costly legal battle with some of the world’s largest companies over almost $3 billion in overseas profits that the federal government says belong in Australia under its new multinational anti-avoidance laws.

Page 4: The energy sector is in disarray because of government failure, not market failure, former Productivity Commission chairman Gary Banks says.

Page 8: The government is preparing to ask the Productivity Commission to conduct a formal review of competition in the banking sector, which the chairman of the corporate watchdog described on Thursday as an oligopoly.

Page 10: The West Australian government wants federal Treasurer Scott Morrison to provide a $226 million ‘‘GST top-up’’ payment to help plug widening holes in the state’s finances, which continue to crumble in the face of the mining downturn.

Page 15: Fonterra has spent $20 million on new technology that allows infant formula customers to track product contents and ensure they are buying from a trusted retailer after a counterfeiting scandal rocked its Chinese joint-venture partner Beingmate Baby & Child in 2016.

Geoff Wilson’s Wilson Asset Management has failed in its bid to replace the board of Hunter Hall Global Value, ending a bitter three-month feud between the listed investment company and its largest shareholder.

Page 17: The intense political pressure on Queensland’s three LNG ventures to free up gas for local customers has yielded more results, with Shell asserting it has trimmed exports to supply two new local sales contracts.

Page 18: Vocus Group will begin construction of a $228 million Perth to Singapore submarine cable later this year, while a rival consortium took another step towards its own project.

 

The Australian

Page 1: A review of the Liberal Party’s 2016 election campaign will lay the blame for the Coalition’s near loss on a collective failure by senior levels of the government over three years, as well as near fatal mistakes by the party’s campaign machine.

The national workplace regulator is seeking to force the Maritime Union of Australia to pay $500,000 in compensation to Alcoa and incur heavy financial penalties for alleged unlawful industrial action, igniting a fresh political brawl between unions and the Turnbull government.

Page 3: Embattled Seven Network chief executive Tim Worner has resigned from the board of the Sydney Swans following intense pressure by a group of prominent women club members who do not believe he represents the AFL club’s core values.

Page 6: Western Australia’s new Labor government has asked Scott Morrison for an urgent $226 million cash injection to help address what Premier Mark McGowan called his state’s worst fiscal crisis since the Great Depression.

Page 10: A deep split has formed in the Victorian cabinet over Premier Daniel Andrews’s stance on the Heyfield Timber Mill, which has started slowing production ahead of its closure, in which 250 jobs will be shed.

The urgent need to unpick the inclusion of mental health in the $22 billion National Disability Insurance Scheme has won backing from across the political spectrum, with Liberal senator Eric Abetz and a union echoing calls by Australia’s foremost expert for action.

Page 21: The corporate watchdog has stepped up warnings on the outlook for the housing market, raising the fear that the hot east coast property scene resembled the US ahead of the subprime mortgage crash.

Rising iron ore and coking coal prices are set to deliver the nation a $23 billion export revenue windfall next financial year, according to the latest estimates from the Department of Industry.

Fresh from issuing $2.9 billion in bills in a blitz largely targeting the tech sector, the tax office is closely scrutinising Australia’s biggest ever resources project, the $60bn Gorgon field off the coast of WA.

Page 23: Kerry Stokes has increased his position in Estia Health after the company revealed Sentinel Property Group is eyeing a takeover of the aged-care operator.

 

The West Australian

Page 1: Electricity and water bills for the average WA household are likely to increase by at least $200 a year from July as the McGowan Government grapples with the State’s Budget crisis.

Page 3: Lord Mayor Lisa Scaffidi and two City of Perth councillors will be publicly censured for breaching a local government regulation over a no-confidence motion against the Deputy Lord Mayor.

Page 6: Key services including prisons and child protection are in line for savage cuts to their budgets over the next four years as Treasury grapples with a widening gap between spending and revenue.

Page 10: The number of West Australians falling behind on their mortgages is skyrocketing, with more than 5 per cent of people in some Perth suburbs at least 30 days in arrears.

Page 14: The first woman appointed as WA’s Director of Public Prosecutions says it is not important to her that a woman has been appointed but acknowledges it could be significant for others in the legal profession.

Page 16: Fresh from success in passing legislation to lower the company tax rate for businesses with turnovers up to $50 million, Prime Minister Malcolm Turnbull has emphasised the need for further cuts to ensure Australia remains globally competitive.

Page 65: Three more South West dairy farmers have had their contracts axed as the industry struggles to find a response to oversupply problems that would spare individuals.

Remote power supplier Zenith Energy is hitting the equity market with a $25 million initial public offer, reinforcing evidence of a strengthening recovery in investor appetite for small caps.

Barely a month after flagging his retirement from Wesfarmers, Richard Goyder has rounded off his corporate dance card with a third and final plum board gig, this time with Qantas.

Page 66: There was no question Australia’s property market was in a bubble and apartments, particularly in Brisbane and Melbourne, were on the brink of a “savage correction”, Perth deal maker and philanthropist John Poynton warned yesterday.

The Federal Government has urged the Australian Competition and Consumer Commission to investigate whether Telstra and Optus have broken the law by selling pricey NBN access for speeds they knew could not be achieved.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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