Morning Headlines

Court setback fails to kill Diploma rescue bid

The Di Latte family are pushing ahead with their proposed rescue of Diploma Group despite yesterday’s appointment of provisional liquidators to the failed property developer. The West

Coastal WA faces dire threat from rising seas

Elizabeth Quay will be under water, the Perth Stadium will become an island and vast areas of housing in South Perth and Rockingham will need expensive protective measures because of rising sea levels, according to new climate change projections. The West

S&P ratings blow to small banks

The government’s much-hyped competitive boost to second-tier banks from the major-bank liability tax is set to disappear after Standard & Poor’s downgraded 23 domestic financial institutions due to the higher risk of a “sharp correction” in the property market. The Aus

PM confident bank tax will raise cash forecast

The Turnbull government insists its bank tax will raise $6.2 billion over four years as forecast in the federal budget, despite calculations by the big banks of how much each will pay raising questions there may be a shortfall. The Fin

Seven West seeks navigator for choppy media seas

As Seven West Media remains at the centre of takeover speculation, it is believed the Kerry Stokes-backed free-to-air broadcaster could be about to add a new lieutenant to its ranks who will position the company for the future. The Aus

BHP eyes reboot for Mt Keith

BHP Billiton’s Nickel West division will look to extend the life of its Mt Keith operations, 100km north of Leinster, into the 2030s with the development of the Yakabindie satellite deposit. The West

Emerson tells Shorten voters back extra levy

Former federal Labor minister Craig Emerson has backed the Turnbull government and at least half the shadow cabinet by warning Bill Shorten voters were ‘‘fed up with short-term populism’’ and he should support the proposed Medicare levy increase to fund the National Disability Insurance Scheme. The Fin

Future Fund linked to H&F Fairfax tilt

Australia’s $130 billion Future Fund could soon be a part owner of Fairfax Media if a bid, valued up to $2.87 billion, from US private equity firm Hellman & Friedman is successful. The Fin

Adani baulks as Labor brawls

Giant Indian conglomerate Adani has cancelled a crucial final investment decision on its $16.5 billion Queensland mine after Labor’s left faction revolted against Premier Annastacia Palaszczuk on a royalties deal. The Aus

The Australian Financial Review

Page 1: The failure of regulators to halt house price growth has led to the downgrade of the wider Australian banking sector, with a global ratings agency warning of a sharp correction in property prices and bigger bank losses.

The mining magnate Andrew ‘‘Twiggy’’ Forrest will not claim a tax deduction for his record $400 million donation to a variety of causes, which he hopes will spur wealthy Australians to give away their fortunes.

Page 3: Indian coal aspirant Adani has delayed an investment decision on its Carmichael coal mine after claiming the Queensland government has not clarified the royalty regime the mine can operate under.

Page 4: The Turnbull government insists its bank tax will raise $6.2 billion over four years as forecast in the federal budget, despite calculations by the big banks of how much each will pay raising questions there may be a shortfall.

Page 6: Former federal Labor minister Craig Emerson has backed the Turnbull government and at least half the shadow cabinet by warning Bill Shorten voters were ‘‘fed up with short-term populism’’ and he should support the proposed Medicare levy increase to fund the National Disability Insurance Scheme.

Page 15: The nation’s four largest lenders have told their vast shareholder base that the government’s controversial bank levy will hurt their profits by nearly $1 billion and put their dividends at risk.

Page 17: Australia’s $130 billion Future Fund could soon be a part owner of Fairfax Media if a bid, valued up to $2.87 billion, from US private equity firm Hellman & Friedman is successful.

The Australian

Page 1: Giant Indian conglomerate Adani has cancelled a crucial final investment decision on its $16.5 billion Queensland mine after Labor’s left faction revolted against Premier Annastacia Palaszczuk on a royalties deal.

Scott Morrison is staring down fears of a $2 billion revenue gap in his controversial bank levy after the big four banks revealed cost estimates that signalled the tax could raise less than the government hoped for.

Page 5: A rally in the global iron ore price has delivered Andrew Forrest a $360 million cash windfall in the past six months that he has injected directly into charitable causes as he continues along the path of becoming Australia’s greatest philanthropist.

Page 7: A Senate order for the production of documents related to Adelaide’s Oakden nursing home has been opposed by federal Labor, raising questions about whether the ALP is trying to shield the Weatherill government from further scrutiny over poor care at the state-run home.

Page 17: The government’s much-hyped competitive boost to second-tier banks from the major-bank liability tax is set to disappear after Standard & Poor’s downgraded 23 domestic financial institutions due to the higher risk of a “sharp correction” in the property market.

Page 18: As Seven West Media remains at the centre of takeover speculation, it is believed the Kerry Stokes-backed free-to-air broadcaster could be about to add a new lieutenant to its ranks who will position the company for the future.

Page 19: BHP’s board could this financial year have the most expensive single development approval decision in the miner’s history in front of it, in the form of a $US4.7 billion ($6.3bn) investment in the Jansen potash project in Saskatchewan.

The West Australian

Page 6: Elizabeth Quay will be under water, the Perth Stadium will become an island and vast areas of housing in South Perth and Rockingham will need expensive protective measures because of rising sea levels, according to new climate change projections.

Page 8: An increase in the pension access age to 70 has survived the Turnbull Government’s clear-out of unpalatable savings measures, along with three other cuts from the disastrous 2014 Budget.

One Nation leader Pauline Hanson’s chief of staff James Ashby has rejected claims the party wanted to make money out of Queensland State candidates, saying political parties needed to make money to survive.

Page 11: The Federal Government’s plans to help smaller banks take on their bigger competitors has hit a setback after their cost of borrowing was pushed up, in part because of the proposed bank levy.

Page 14: Construction has started on Perth’s $400 million museum, with Premier Mark McGowan turning the first sod on the Northbridge site yesterday.

Page 45: The Di Latte family are pushing ahead with their proposed rescue of Diploma Group despite yesterday’s appointment of provisional liquidators to the failed property developer.

BHP Billiton’s Nickel West division will look to extend the life of its Mt Keith operations, 100km north of Leinster, into the 2030s with the development of the Yakabindie satellite deposit.

Page 46: Quintis’ absence from share trading stretched into a second week yesterday as the company agonises over the content and wording of its market update.