08/05/2017 - 06:27

Morning Headlines

08/05/2017 - 06:27

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Morning Headlines

PM spends up in WA to ease voter anger

The federal government has buckled to political pressure in Western Australia, agreeing to redirect $1.2 billion set aside for the controversial Perth Freight Link road project to premier Mark McGowan’s pet rail initiative, Metronet. The Fin

Cattle queen Gina turns focus to China

Last year, Gina Rinehart claimed the position of Australia’s cattle queen; now her agribusiness ambition is firmly international, with plans under way to develop the nation’s live cattle trade into a $2 billion industry. The Aus

Regulator anger at inflated NBN speeds

Telstra, Optus, TPG, Exetel and iPrimus were all yesterday advertising NBN packages of 25Mbps, 50Mbps and 100Mbps, despite the Australian Competition & Consumer Commission again this week renewing its six-year-old calls for the banning of the practice. The Aus

Surplus is in sight but bill on interest soaring

Treasurer Scott Morrison is poised to predict the first surplus in more than a decade in tomorrow’s Budget — but will also reveal a soaring interest bill on the nation’s record level of debt. The West

Budget to pressure big banks

The Turnbull government will go after the banks in Tuesday’s federal budget with new measures to boost competition, as well as a Productivity Commission inquiry into further changes, including the possible separation of the banks’ retail and financial advice arms. The Fin

Energy crisis passed tipping point

Glencore has warned Australia has passed a ‘‘tipping point’’ of industrial energy ‘‘demand destruction’’ and has 12 months to re-establish reliability and affordability of base load power or risk permanent and unpredictable shifts in the economy. The Fin

Westpac’s insto bank expected to bounce back

Buoyant conditions in global markets since the election of US President Donald Trump are expected to turn around the performance of Westpac Banking Corp’s institutional bank after it dragged on earnings last year. The Fin

Ports turn big cruisers off WA

WA’s cruise ship industry is facing a crisis, with inadequate port infrastructure causing Australia’s biggest ocean liner group to leave the State. The West

 

 

The Australian Financial Review

Page 1: The Turnbull government will go after the banks in Tuesday’s federal budget with new measures to boost competition, as well as a Productivity Commission inquiry into further changes, including the possible separation of the banks’ retail and financial advice arms.

TPG Capital is back with a new breakup plan for Fairfax Media by which the private equity giant would take the company’s crown jewel – the Domain online real estate business – and its three biggest news mastheads.

Glencore has warned Australia has passed a ‘‘tipping point’’ of industrial energy ‘‘demand destruction’’ and has 12 months to re-establish reliability and affordability of base load power or risk permanent and unpredictable shifts in the economy.

Page 4: Treasurer Scott Morrison has hinted strongly that the government will give banking customers power over their own data so they can shop around for a better deal from other financial institutions.

Page 6: The federal government has buckled to political pressure in Western Australia, agreeing to redirect $1.2 billion set aside for the controversial Perth Freight Link road project to premier Mark McGowan’s pet rail initiative, Metronet.

Page 8: The Turnbull government should abandon plans to use gas as a transitional fuel in the move towards a low-carbon economy because renewable energy can now be used with an emissions intensity scheme instead, according to an energy expert.

Former Facebook insider and Silicon Valley native Chris Adams is hoping he’s got his hands on the next big thing in social media – a new social media app called Thred that brings all your communications and contacts on to one platform, which has been founded by a group of Australians and is due to launch this week.

Page 13: Buoyant conditions in global markets since the election of US President Donald Trump are expected to turn around the performance of Westpac Banking Corp’s institutional bank after it dragged on earnings last year.

Page 20: A likely improvement in the budget outlook thanks to last year’s surprise miniboom in commodity prices is expected to shield Australia’s coveted triple-A rating from a downgrade, even as infrastructure spending looks set to rise.

Page 21: The iron ore price plunged to its lowest since October on Friday, but a late rebound in the bulk commodity’s futures raised hopes that a savage selloff may have ended, for now.

 

 

The Australian

Page 1: Last year, Gina Rinehart claimed the position of Australia’s cattle queen; now her agribusiness ambition is firmly international, with plans under way to develop the nation’s live cattle trade into a $2 billion industry.

Page 5: Telstra, Optus, TPG, Exetel and iPrimus were all yesterday advertising NBN packages of 25Mbps, 50Mbps and 100Mbps, despite the Australian Competition & Consumer Commission again this week renewing its six-year-old calls for the banning of the practice.

Page 7: About 870,000 non-citizens, mostly from Britain, New Zealand, Africa and the Middle East, are claiming $15 billion a year in welfare benefits, according to new analysis by the Parliamentary Budget Office, raising questions about the generosity of Australia’s social security system.

Page 20: The first Australian director on the board of Hong Kong conglomerate Cheung Kong Infrastructure says opponents of more foreign investment in Australia need to look at the “cold hard facts’’, as CKI prepares fresh forays into the local market.

Page 21: First-home buyers struggling to break into the market have emerged as a key focus for developers and governments trying to address the affordability crisis.

Mall giant Westfield has bought three department stores in the US, positioning the Australian listed company to redevelop the properties.

 

 

The West Australian

Page 1: Robyn McSweeney, who will collect a lump sum of almost $120,000 after losing her Upper House seat at the March State election, confirmed she has written to the Tax Commissioner seeking an overhaul of politicians’ severance pay.

Page 5: WA’s child health program is being revamped to include checks for two-year-olds amid concerns some developmental and hearing problems are picked up too late.

Page 6: A new public high school would be built next to Subiaco’s historic Perth Modern School under a bold plan put forward by the school’s board.

Page 7: Diane Smith-Gander, a former chairman of ASX-listed services giant Broadspectrum and a current director of Wesfarmers, said she was becoming increasingly fed up with the “glacial” pace of change in recruiting more women to leadership roles.

Page 8: Gina Rinehart — who is worth an estimated $6.08 billion — has urged Mr Turnbull to cut spending and waste in tomorrow’s Federal Budget, saying it is “frustrating” that Australia is losing crucial investment.

Page 9: Treasurer Scott Morrison is poised to predict the first surplus in more than a decade in tomorrow’s Budget — but will also reveal a soaring interest bill on the nation’s record level of debt.

Page 11: WA’s cruise ship industry is facing a crisis, with inadequate port infrastructure causing Australia’s biggest ocean liner group to leave the State.

Page 12: The WA Attorney-General has taken the unusual step of ordering a wide-ranging inquiry into the management of an Aboriginal trust with claims to large areas of mineral rich land in the Pilbara.

Business: A confidential deal could see failed builder-developer Diploma Group’s most tangible asset transferred to a third party developer, according to the corporate watchdog.

The detection of the tomato potato psyllid in WA — an exotic plant pest which could cause widespread damage to some fruit and vegetable crops — will probably cost third-generation Albany-based seed potato grower Colin Ayres more than $1 million this year, and force smaller producers out of the market.

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