10/05/2017 - 06:36

Morning Headlines

10/05/2017 - 06:36

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Perth Lord Mayor Lisa Scaffidi says her resolve to continue in her role is steely and “stronger than ever” despite being found yesterday to have breached the Local Government Act 45 times. The West

Bill for scrapping Roe 8 to top $45m

The abandoned Roe 8 project will cost WA taxpayers more than $45 million, the State Government has revealed. The West

First-home buyers can top up super

First-home buyers will be allowed to use up to $30,000 of voluntary superannuation contributions to put a deposit on a house or apartment in an effort to help young people gain a foothold in the property market. The Fin

WA urged to bid for rail cash

The State Government is being urged to get in line for $10 billion of Federal funding for rail projects, as Canberra looks to reset its infrastructure priorities. The West

Spotless and Downer in culture war

Downer EDI and Spotless have sparred over the services group’s outlook, with Downer chief executive Grant Fenn claiming it will take a year to fix Spotless’s culture if his $1.2 billion takeover bid is successful. The Fin

Medicare slug for taxpayers

Scott Morrison’s decision to increase the Medicare Levy will more than swallow the gains from the abolition of the deficit levy for many high-income earners when it kicks in from mid-2019. The Aus

PM fends off attacks on school funding

Malcolm Turnbull has staunchly defended his $18.6 billion education boost against attacks from his own party and the Catholic education system, amid concerns the plan benefits some of the nation’s wealthiest private schools while hurting some Catholic institutions. The Aus

Tax, spend and build to win back political trust

Major banks and workers will bear the brunt of a $21 billion tax hike over the next four years to fund a budget that jettisons billions in politically damaging spending cuts, spends big on health, infrastructure and schools, and delivers a small surplus of $7.4 billion by 2020-21. The Fin

Retail ‘verges on recession’

Reluctant shoppers haven’t deterred global retailer Decathlon entering the $4 billion Australian sporting and outdoor market, where local chief Olivier Robinet will target prices he says ‘‘are among the highest in the world’’. The Fin

Fairfax investors urge new $3.1b TPG offer

Fairfax Media shareholders are understood to be pushing for a new cash bid worth as much as $3.1 billion from TPG Capital and Ontario Teachers’ Pension Plan for the entirety of the publisher. The Fin

 

 

The Australian Financial Review

Page S1: Major banks and workers will bear the brunt of a $21 billion tax hike over the next four years to fund a budget that jettisons billions in politically damaging spending cuts, spends big on health, infrastructure and schools, and delivers a small surplus of $7.4 billion by 2020-21.

Page S4: The government will target contractors, crooked property developers and cash-only businesses to collect more than $1.6 billion in unpaid tax and GST over four years.

Page S6: First-home buyers will be allowed to use up to $30,000 of voluntary superannuation contributions to put a deposit on a house or apartment in an effort to help young people gain a foothold in the property market.

Page 1: Reluctant shoppers haven’t deterred global retailer Decathlon entering the $4 billion Australian sporting and outdoor market, where local chief Olivier Robinet will target prices he says ‘‘are among the highest in the world’’.

Fairfax Media shareholders are understood to be pushing for a new cash bid worth as much as $3.1 billion from TPG Capital and Ontario Teachers’ Pension Plan for the entirety of the publisher.

Page 3: Australia risks a downward spiral in school achievement unless it learns from high-performing education systems in Hong Kong, Japan, Finland and Shanghai and gives primary teachers more specialist knowledge and teaching skills.

Page 11: Downer EDI and Spotless have sparred over the services group’s outlook, with Downer chief executive Grant Fenn claiming it will take a year to fix Spotless’s culture if his $1.2 billion takeover bid is successful.

Page 19: A sharper than expected rise in US interest rates has the potential to derail global equity markets with Australian bank stocks potentially vulnerable.

Page 25: Chinese investors have topped the list of foreign investment approvals for the 2015-16 financial year, pledging to invest $47.3 billion in Australia, mainly in real estate, the latest Foreign Investment Review Board annual report shows.

 

 

The Australian

Page 3: Scott Morrison’s decision to increase the Medicare Levy will more than swallow the gains from the abolition of the deficit levy for many high-income earners when it kicks in from mid-2019.

Iron ore prices are forecast to fall this year, but rising prices for coal have led to an overall upgrade in commodity price forecasts and a bounce in the terms of trade that should help the budget on its path back to surplus.

Page 15: Malcolm Turnbull has staunchly defended his $18.6 billion education boost against attacks from his own party and the Catholic education system, amid concerns the plan benefits some of the nation’s wealthiest private schools while hurting some Catholic institutions.

Page 16: Australia’s largest integrated energy company, AGL, has issued a withering assessment of the Australian Energy Market Operator and its investigations into the cause of September’s devastating statewide blackout in South Australia.

Perth Lord Mayor Lisa Scaffidi was last night refusing to resign despite a finding that she committed 45 serious breaches of Western Australia’s local government laws by failing to declare gifts and overseas travel from companies including BHP Billiton.

Page 42: Andrew Forrest’s Fortescue Metals Group is unlikely to face any debt maturities until well into the next decade after revisiting bond markets for $US1 billion ($1.36bn) in fresh funding.

 

 

The West Australian

Page S4: Self-funded retiree Ron de Gruchy was pleased with a small Budget win for self-funded retirees, who will now be able to put the proceeds from the sale of their family home into superannuation after the age of 65.

Page S10: The Turnbull Government is banking on a lift in the global economy spreading to Australia, delivering workers better wages, businesses more customers and the Budget bottom line more income.

Page S11: The State Government is being urged to get in line for $10 billion of Federal funding for rail projects, as Canberra looks to reset its infrastructure priorities.

Page 1: Perth Lord Mayor Lisa Scaffidi says her resolve to continue in her role is steely and “stronger than ever” despite being found yesterday to have breached the Local Government Act 45 times.

Page 9: Qantas chief executive Alan Joyce’s reputation for being calm under pressure was on show yesterday when he continued a keynote address at a business breakfast minutes after having a cream pie pushed into his face.

Page 10: Seafood importers are jeopardising WA’s multimillion-dollar prawn industry by using loopholes to bring raw prawns potentially infected with the devastating white spot disease into Australia.

Page 14: Australian breast cancer support groups have welcomed a decision to approve the drug palbociclib but warn it is only a “half win” because women will still have to pay thousands of dollars a month to get it.

Page 18: The abandoned Roe 8 project will cost WA taxpayers more than $45 million, the State Government has revealed.

Business: Mathew Walker has moved a step closer to fulfilling plans of building the world’s biggest wagyu cattle herd at Kojonup after securing a cash injection for Stone Axe Pastoral from a private equity firm.

Long-suffering shareholders of Flinders Mines have again been asked to dip into their pockets as part of a $16 million rights issue announced by the company yesterday.

Altura Mining is ramping up plans for its $139 million lithium mine in the Pilbara, announcing a series of contract awards yesterday.

LandCorp has upped the ante on its waterfront commercial and residential development in the fast-growing South West regional city of Bunbury, with a campaign to sell three waterfront sites at Koombana North.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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