16/05/2017 - 06:45

Morning Headlines

16/05/2017 - 06:45

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Morning Headlines

Henry’s bank tax assault

The federal budget’s bank tax has taken tax policy back to the 1980s, disrupted the governance of the financial system, and perpetuated a dishonest fiscal strategy that will never be achieved. The Fin

 

NBN boss Morrow hit in 457 visa crackdown

The Turnbull government’s 457 visa changes will hit its own agencies with high-profile CEOs, such as NBN’s USborn Bill Morrow and newly appointed head of the energy regulator Audrey Zibelman, caught in the crackdown. The Fin

 

Latest TPG bid for Fairfax gets thumbs down

Fairfax Media’s second largest shareholder has called on the publisher’s board of directors to reject TPG Capital and Ontario Teachers’ Pension Plan’s new, all-cash $2.76 billion offer for company. The Fin

 

Families’ NDIS support slashed in crackdown

The executives of the flagship National Disability Insurance Scheme, which received guaranteed funding worth tens of billions of dollars in last week’s budget, have launched a crackdown on support funding to keep a lid on ballooning costs. The Aus

 

WA borrows $11bn to pay for basics

The West Australian Treasury is weeks away from running out of money for basics including public servants’ wages, state Treasurer Ben Wyatt said yesterday as he explained plans to borrow another $11 billion. The Aus

 

Mirvac builds smart for long-term landlords

Prices for commercial office buildings cannot continue to grow faster than the income their landlords receive, according to Mirvac chief executive Susan Lloyd-Hurwitz. The Aus

 

Ministerial offices upgrade to top $100m

The final bill for upgrading ministerial offices near Parliament House is likely to top $100 million, with cash-strapped WA Treasurer Ben Wyatt facing a new blowout in the cost of refurbishing Dumas House. The West

 

Turnbull puts heat on Senate to pass levies

Malcolm Turnbull has warned the Senate it would be ignoring strong community support if it voted down key Budget tax increases as he dismissed polls showing his Government still faced electoral oblivion. The West

 

US targets Asian gas market

America’s $200 billion investment in LNG will lead to it supplanting Australia as Asia’s long-term gas supplier, the APPEA oil and gas conference was told yesterday. The West

 

The Australian Financial Review

Page 1: The federal budget’s bank tax has taken tax policy back to the 1980s, disrupted the governance of the financial system, and perpetuated a dishonest fiscal strategy that will never be achieved.

The global ransomware attack has exposed fears Australian small business is most vulnerable to online scams and hacking, with the Turnbull government and key lobby groups urging owners to beef up their cyber security.

Page 3: The Turnbull government’s 457 visa changes will hit its own agencies with high-profile CEOs, such as NBN’s USborn Bill Morrow and newly appointed head of the energy regulator Audrey Zibelman, caught in the crackdown.

Page 5: The Opposition is hedging its bets on the $6.2 billion bank tax after internal research found swing voters supported the measure but feared they would ultimately pay through increased costs.

Page 6: The use of incentive payments for defence contractors vying to build the navy’s next generation of submarines, frigates and patrol boats will be ramped up in a bid to contain costs for taxpayers and ensure projects are delivered on time.

Page 11: Fairfax Media’s second largest shareholder has called on the publisher’s board of directors to reject TPG Capital and Ontario Teachers’ Pension Plan’s new, all-cash $2.76 billion offer for company.

Woodside Petroleum chief executive Peter Coleman has taken the east coast gas sector to task for worsening the ‘‘trust deficit’’ that has emerged between the industry and the public and also fuelled resentment around the industry’s tax contributions.

Page 13: The departed founder of Quintis has a potentially $US250 million advantage over any other bidder for the sandalwood grower.

 

The Australian

Page 1: National Australia Bank chairman Ken Henry has demanded a full public inquiry into the federal government’s $6.2 billion bank levy, as he warns the shock tax will have to be passed on to customers to replace funds “confiscated” by Canberra.

The executives of the flagship National Disability Insurance Scheme, which received guaranteed funding worth tens of billions of dollars in last week’s budget, have launched a crackdown on support funding to keep a lid on ballooning costs.

The West Australian Treasury is weeks away from running out of money for basics including public servants’ wages, state Treasurer Ben Wyatt said yesterday as he explained plans to borrow another $11 billion.

Page 3: Parents will be charged $30 to hold their babies on the laps during flights with low-cost carrier Jetstar under a new fare structure.

Page 4: Malcolm Turnbull has claimed vindication for big tax hikes on workers and banks as he declares “we obviously need to raise more revenue” to repair the budget after having spending cuts blocked in the Senate.

Page 17: Billionaire fast food king and Fairfax Media director Jack Cowin has said negotiations with TPG Capital will shift to getting the “right price” as the private equity firm yesterday sweetened its offer for the 176-year-old publisher to $2.76 billion.

Prices for commercial office buildings cannot continue to grow faster than the income their landlords receive, according to Mirvac chief executive Susan Lloyd-Hurwitz.

Page 19: About 15 big multinationals with local arms that have borrowed billions from their parent companies have been corralled into a newly established “red zone” where the tax office plans to concentrate its enforcement firepower.

Woodside Petroleum chief executive Peter Coleman is planning a $US25 billion ($34bn) development of the long-awaited Browse gasfields off Western Australia, targeting an investment decision in late 2019 or early 2020 that would see the gas toll-treated through the North West Shelf LNG plant at Karratha.

 

The West Australian

Page 3: The final bill for upgrading ministerial offices near Parliament House is likely to top $100 million, with cash-strapped WA Treasurer Ben Wyatt facing a new blowout in the cost of refurbishing Dumas House.

Page 4: A wide-ranging inquiry investigating more than 20 Barnett government projects and WA’s finances will have the ability to compel witnesses, including public servants and defeated former ministers, to give evidence.

Page 6: Malcolm Turnbull has warned the Senate it would be ignoring strong community support if it voted down key Budget tax increases as he dismissed polls showing his Government still faced electoral oblivion.

Page 20: America’s $200 billion investment in LNG will lead to it supplanting Australia as Asia’s long-term gas supplier, the APPEA oil and gas conference was told yesterday.

A pending financial update has added to investor nervousness around hard-hit sandalwood company Quintis after last week’s sharemarket thrashing.

Australian poultry producer Ingham’s Group is to embark on a three-year expansion plan in WA to double production in the next few years, leading to the creation of a further 400 local jobs, and its facilities relocated from Wanneroo to Muchea.

Chevron’s Gorgon LNG project has been hit by more strife, with one of the three processing trains down for about a month because of what the company said was a problem with a “flow measurement device”.

Page 21: WA mining identities Tony Sage and Frank Timis have become embroiled in a legal dispute over the control of a West African iron ore project.

Page 51: The Australian sharemarket finished a choppy, low-volume session slightly firmer as bargain hunting in the banks was offset by falling miners following weaker Chinese data.

Oroton shares are in a trading halt after the struggling luxury handbag retailer warned its earnings had slipped last month.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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