11/05/2017 - 06:46

Morning Headlines

11/05/2017 - 06:46

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Morning Headlines

Interstate gas pipeline ‘too costly’ to succeed

A new gas pipeline from Western Australia to South Australia would be too costly and deliver gas at too high a price to be of any use, according to industry insiders. The Fin

Ashes out as stadium opener

Sports Minister Mick Murray confirmed yesterday that there was no hope of an Ashes cricket Test in mid-December being the stadium’s first drawcard because the handover of the venue, which is 82 per cent complete, was scheduled for February 22. The West

Fortescue refinancing delivers debt boon

Fortescue Metals Group is a step closer to its ideal capital structure after extending the maturity of its debt in a refinancing that secured ‘‘near investment-grade’’ terms, chief executive Nev Power says. The Fin

TPG threat to abandon Fairfax bid

US private equity investor TPG Capital has threatened to walk away from takeover target Fairfax Media and drop its $2.2 billion partial buyout proposal. The Aus

Bitter war on banks escalates

Treasurer Scott Morrison has slapped down a demand by the banks that the new $6.2 billion tax be lifted as soon as the budget is back in surplus, saying the major bank levy would be permanent. The Fin

Catholics win schools funding sweetener

Education Minister Simon Birmingham has offered Catholic schools a funding guarantee to try to defuse the row over the government’s Gonski funding plan. The government will guarantee that the indexation rate for schools’ Gonski funding will not fall below 3 per cent between 2020 and 2027. The Fin

Lithium race on in earnest

The race to launch WA’s next producing lithium mine is on in earnest after Pilbara Minerals announced it had secured final environmental approval for its $230 million Pilgangoora project, south of Port Hedland. The West

Bureaucracy boom sparks NDIS blowout

The cost of the National Disability Insurance Scheme bureaucracy will hit $2 billion a year in the middle of the next decade, as the overall program draws level with the funding needed to sustain Medicare, chewing through more money than the levy can raise. The Aus

Backlash as unis lose out on student fee hike

The nation’s vice-chancellors have been blindsided over cuts to university funding, after it emerged they would not receive any additional revenue from increased student fees. The Aus

WA on track for Federal rail cash

The State Government hopes to tap a $10 billion Federal rail fund to pay for parts of Metronet, while investing in new technology to increase the number of trains running on existing lines. The West

 

 

The Australian Financial Review

Page 1: Treasurer Scott Morrison has slapped down a demand by the banks that the new $6.2 billion tax be lifted as soon as the budget is back in surplus, saying the major bank levy would be permanent.

Education Minister Simon Birmingham has offered Catholic schools a funding guarantee to try to defuse the row over the government’s Gonski funding plan. The government will guarantee that the indexation rate for schools’ Gonski funding will not fall below 3 per cent between 2020 and 2027.

Page 3: Home buyers will soon be required to send the Australian Taxation Office a cheque for GST on their new dwelling, a surprise change that has been criticised by property and tax specialists as unworkable.

Page 9: Treasurer Scott Morrison has cleared the path for personal income tax cuts ahead of a 2018 federal election after pledging to do whatever it takes to stop the automatically growing Commonwealth tax take from rising above the Coalition’s comfort zone.

Page 17: A new gas pipeline from Western Australia to South Australia would be too costly and deliver gas at too high a price to be of any use, according to industry insiders.

Page 20: Global law firm King & Wood Mallesons has appointed widely respected partner Sue Kench to lead it in its bold play to dominate the Asia-Pacific legal services market, almost five months after Stuart Fuller stepped down after the implosion of the firm’s European arm.

The electricity grid of the future will require much more efficient use of power generated by rooftop solar systems and will drive changes in business models and regulations, according to the new boss of the Australian Energy Market Operator.

Page 25: Fortescue Metals Group is a step closer to its ideal capital structure after extending the maturity of its debt in a refinancing that secured ‘‘near investment-grade’’ terms, chief executive Nev Power says.

 

 

The Australian

Page 1: The bosses of the nation’s biggest banks said yesterday the cost of the government’s $6.2 billion federal levy would be borne by their shareholders, customers and employees, as Malcolm Turnbull and Scott Morrison ramped up their attack and vowed to withhold chief executives’ bonuses.

John Howard and Peter Costello, the team that restored the budget to surplus and wiped out national debt, believe Scott Morrison’s budget has been shaped to fit the populist demands of the Senate and fails to look at long-term debt.

The cost of the National Disability Insurance Scheme bureaucracy will hit $2 billion a year in the middle of the next decade, as the overall program draws level with the funding needed to sustain Medicare, chewing through more money than the levy can raise.

Page 3: The rise of fake news, clickbait and the impact of Facebook and Google’s market power on journalism will be examined by a parliamentary inquiry despite claims by Liberal MPs the move is a “retrograde step” for democracy.

Page 5: Scott Morrison’s second budget has been likened to former prime minister John Howard’s pitch to win over aspirational mortgage-belt “battlers”.

Page 7: The nation’s vice-chancellors have been blindsided over cuts to university funding, after it emerged they would not receive any additional revenue from increased student fees.

Page 21: US private equity investor TPG Capital has threatened to walk away from takeover target Fairfax Media and drop its $2.2 billion partial buyout proposal.

Page 27: Global shopping centre landlord Westfield appears to be holding up well despite headwinds for retail such as a shift to online shopping and weak spending on apparel, analysts say.

 

 

The West Australian

Page 1: The big banks are considering a mining tax-style campaign against the Federal Government’s $6.2 billion tax hit, warning that customers and mum-and-dad investors will ultimately be slugged to pay for the levy.

Page 3: Qantas chief executive Alan Joyce vowed to continue to campaign on social issues yesterday as he revealed he was likely to press charges against a Perth man who struck him in the face with a pie on Tuesday.

Page 4: Prime Minister Malcolm Turnbull and Treasurer Scott Morrison may be forced to compromise over increasing the Medicare levy with Labor, the Greens and key crossbenchers arguing it will hurt low-income workers.

Page 7: The State Government hopes to tap a $10 billion Federal rail fund to pay for parts of Metronet, while investing in new technology to increase the number of trains running on existing lines.

Page 12: Sports Minister Mick Murray confirmed yesterday that there was no hope of an Ashes cricket Test in mid-December being the stadium’s first drawcard because the handover of the venue, which is 82 per cent complete, was scheduled for February 22.

Page 13: Lord Mayor Lisa Scaffidi says she expects to be suspended for breaching the Local Government Act 45 times in her failure to disclose gifts and hospitality packages.

Business: The race to launch WA’s next producing lithium mine is on in earnest after Pilbara Minerals announced it had secured final environmental approval for its $230 million Pilgangoora project, south of Port Hedland.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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