18/05/2017 - 06:45

Morning Headlines

18/05/2017 - 06:45

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Morning Headlines

McGowan backs off privatising WA TAB

A proposed merger between Australia’s two biggest wagering companies would damage the value of the WA TAB by removing competition for the asset, the State Government warned last year. The West

 

Woodside ‘BHP oil buyer’

Woodside Petroleum is a logical owner of BHP Billiton’s $US10 billion Australian oil and gas business if the miner pushes ahead with hedge fund Elliott’s suggestion to sell petroleum assets, Credit Suisse says. The Aus

 

ARENA ‘won’t be needed’

The Australian Renewable Energy Agency chief executive, Ivor Frischknecht, said the federal funding body may not exist in five years if the rate of renewable investment continues at its current pace. The Fin

 

Scaffidi saga spurs Templeman to act

The State Government is considering changing the law to enable it to stand down individual councillors in response to the long running scandal engulfing Perth Lord Mayor Lisa Scaffidi. The West

 

Budget tax hit brings no cheer to households

The most sustained collapse in real wages since the early 1990s recession and growing pessimism about the property market among heavily indebted households has cast fresh doubts over the budget’s forecasts for a rebound in consumer spending. The Fin

 

ACCC’s new powers to force bank transparency

The competition regulator says its new powers over mortgage pricing should make the banks reluctant to pass on the costs of the bank levy to their customers, because internal deliberations about such a move would be made public. The Fin

 

Peril for budget in wages slump

Workers in the private sector are going backwards financially as increases in their pay fall further below inflation, highlighting the risk to the government’s budget forecasts, and leaving only public sector workers making gains. The Aus

 

ANZ calls a truce in high-stakes war

The big Australian banks now have to repair their relations with the government despite the proposed $6 billion tax, ANZ chief executive Shayne Elliott said yesterday. The Aus

 

Mortgage brokers under fire

Mortgage brokers have been condemned for charging customers big commissions and signing them up to fatter loans that are more likely to be interest-only. The West

 

The Australian Financial Review

Page 1: The most sustained collapse in real wages since the early 1990s recession and growing pessimism about the property market among heavily indebted households has cast fresh doubts over the budget’s forecasts for a rebound in consumer spending.

Wesfarmers’ shock decision to abandon plans to list its Officeworks retail chain on the ASX has cast doubt on the future of more than $8 billion of floats, as jittery investors apply closer scrutiny to new deals.

Page 3: John Brogden has resigned as chief executive of the Australian Institute of Company Directors.

Page 4: The Senate passage of the government’s bank tax faces a complication with Labor signalling it will push for the inclusion of foreign banks because excluding them was a form of ‘‘reverse protectionism’’.

Page 5: NBN Co chief executive Bill Morrow is confident he will be able to serve out his term, which expires in 2020, even though his four-year 457 visa expires next year.

Page 7: The Australian Renewable Energy Agency chief executive, Ivor Frischknecht, said the federal funding body may not exist in five years if the rate of renewable investment continues at its current pace.

Page 15: The competition regulator says its new powers over mortgage pricing should make the banks reluctant to pass on the costs of the bank levy to their customers, because internal deliberations about such a move would be made public.

BHP chief executive Andrew Mackenzie will pitch his defence against activist investor Elliott directly to Australian shareholders next week, as the company seeks to maximise the value of its US shale assets before any potential sale or demerger.

Page 17: Besieged sandalwood group Quintis is heading into the most critical profitmaking period with an internal review of its business and a downbeat earnings outlook putting investor interest in its new plantations at risk.

 

The Australian

Page 1: Workers in the private sector are going backwards financially as increases in their pay fall further below inflation, highlighting the risk to the government’s budget forecasts, and leaving only public sector workers making gains.

When the National Disability Insurance Scheme was a formless concept at the mercy of state governments, then prime minister Julia Gillard made two crucial decisions in acquiescence to a belligerent Victoria.

Page 2: Sharp corporate practices have contributed to taxpayers funding more than $1 billion in unpaid employee entitlements over four years, prompting the Turnbull government to flag a crackdown on employer misuse of the Fair Entitlements Guarantee Scheme.

Page 4: Scott Morrison has hit back at the major banks for claiming he wants to make it “illegal” to debate his $6.2 billion levy, amid a furious row over secrecy agreements that prevent the companies passing on vital details of the new law.

Page 8: Federal Education Minister Simon Birmingham is demanding the teachers union “drop its scare campaign’’ after it emerged that the trademark “I Give a Gonski’’ crusade was haemorrhaging, with the loss of 150 supporters a day.

Page 19: The big Australian banks now have to repair their relations with the government despite the proposed $6 billion tax, ANZ chief executive Shayne Elliott said yesterday.

Page 21: TPG Capital’s $2.76 billion takeover offer for Fairfax Media could be subject to onerous national interest tests including guarantees to honour sacked journalists’ entitlements and a promise to protect independent journalism.

Page 22: Woodside Petroleum is a logical owner of BHP Billiton’s $US10 billion Australian oil and gas business if the miner pushes ahead with hedge fund Elliott’s suggestion to sell petroleum assets, Credit Suisse says.

 

The West Australian

Page 3: The State Government is considering changing the law to enable it to stand down individual councillors in response to the long running scandal engulfing Perth Lord Mayor Lisa Scaffidi.

Page 6: A proposed merger between Australia’s two biggest wagering companies would damage the value of the WA TAB by removing competition for the asset, the State Government warned last year.

Page 11: The high-flying son of an Australian Taxation Office boss was yesterday arrested over his alleged role in a fraud syndicate that police claim stole more than $100 million — one of the biggest white-collar crimes in Australia’s history.

Page 12: West Australians are enduring the slowest wages growth on record as pay packets across the country fail to keep up with the rising cost of living.

Thousands of WA parents at risk of long-term welfare dependency will get help to update their skills as part of a Federal Government push to get them back into the workforce.

Page 13: The WA Liberals have taken the unusual step of calling for a beefed-up navy presence in WA amid growing concerns about the activities of the Chinese military in the Indian Ocean.

Page 46: Mortgage brokers have been condemned for charging customers big commissions and signing them up to fatter loans that are more likely to be interest-only.

Wesfarmers could yet bank a $1 billion-plus sale despite yanking its Officeworks float, with the group on track to update investors on its possible withdrawal from coal by early next month.

Page 47: Pilbara Minerals has been forced to tap international bond markets to fund the bulk of its $230 million Pilgangoora lithium project south of Port Hedland.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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