31/05/2017 - 06:46

Morning Headlines

31/05/2017 - 06:46

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Minister ‘backing away’ from U-mine promises

WA’s Mines Minister has been accused of backing away from uranium mines approved by Colin Barnett despite previously indicating Labor would allow them to go ahead. The West

 

Funding surge for high-fee schools

Some of WA’s most elite private schools — which charge fees up to $26,900 a year — will get millions of dollars in extra funding under the Federal Government’s new “needs-based” funding model. The West

 

WA Treasurer won’t give up on levy push

West Australian Treasurer Ben Wyatt says he won’t give up on a push to get BHP Billiton and Rio Tinto to ‘‘cash out’’ a production levy, despite the miners telling him in meetings over the past 48 hours they are not on board with the plan. The Fin

 

Morrison slams bank ‘oligopoly’

Treasurer Scott Morrison has attacked the banking sector oligopoly, accusing it of using its pricing power to the detriment of all Australians as it was revealed the first payment for the bank levy would be delayed by three months. The Fin

 

Bull run over, property storm on horizon

The five-year property bull run in Sydney and Melbourne is ending, with both cities hit by weaker prices and facing the prospect of “much rougher periods” ahead as timid investors leave the market because of higher interest rates. The Aus

 

Papalia pitch for WA high-tech defence hub

Perth would become a high-tech hub for Australia’s special operations forces under a proposal floated to the Federal Government by WA Defence Issues Minister Paul Papalia yesterday. The West

 

Alleged NIB cover-up hit elderly customers

Insurer NIB decided not to tell some of its more vulnerable customers that it had removed certain eye procedures from a program that protected them from out-of-pocket costs, the competition watchdog alleges, despite the health fund knowing that these customers could shift to other insurers and still be covered. The Fin

 

Defence pays $2m to dodge Senate queries

The Defence Department has paid more than $2 million to a public relations company that gives bureaucrats acting lessons to perform well at Senate estimates hearings. The Aus

 

Bank tax is no danger to profits: APRA

The federal government has rebuffed calls from the banking sector for the introduction of a sunset clause in its $6.2 billion major bank levy, but has included the 0.06 per cent annual tax rate in the legislation, which may derail efforts to lower or raise the levy in future. The Aus

 

The Australian Financial Review

Page 1: Treasurer Scott Morrison has attacked the banking sector oligopoly, accusing it of using its pricing power to the detriment of all Australians as it was revealed the first payment for the bank levy would be delayed by three months.

Page 4: Australia will be denied new investment and will watch more of its refineries and smelters close unless the price and security of energy can be resolved, business leaders warn.

Page 6: West Australian Treasurer Ben Wyatt says he won’t give up on a push to get BHP Billiton and Rio Tinto to ‘‘cash out’’ a production levy, despite the miners telling him in meetings over the past 48 hours they are not on board with the plan.

Page 8: sted UK technology investor IP Group will pour $200 million into commercialising research at top universities in Australia and New Zealand in what universities say is a ‘‘massive vote of confidence’’ from global capital markets in local innovation.

Page 9: The Construction, Forestry, Mining and Energy Queensland has been ordered to pay $86,000 in penalties after a Federal Circuit Court found its delegate tried to force two workers to join the union by preventing them from going to work.

Page 13: Insurer NIB decided not to tell some of its more vulnerable customers that it had removed certain eye procedures from a program that protected them from out-of-pocket costs, the competition watchdog alleges, despite the health fund knowing that these customers could shift to other insurers and still be covered.

Philip Parker from Altair Asset Management’s bold decision to liquidate his Australian shares funds and return the money to investors is highly contrarian. But his view that not all is well on the ASX is not.

Page 16: British retailer Arcadia Group has sent a team of executives to Australia to nut out a deal to save the Topshop and Topman business, which collapsed into administration last week, putting stores and jobs at risk.

 

The Australian

Page 1: Attorney-General George Brandis has defended ASIO director general Duncan Lewis over comments claiming there were no links between refugees and terrorism as other senior cabinet ministers last night distanced themselves from the remarks.

The five-year property bull run in Sydney and Melbourne is ending, with both cities hit by weaker prices and facing the prospect of “much rougher periods” ahead as timid investors leave the market because of higher interest rates.

Page 4: Federal officials admit they have no way of knowing how many people with severe mental illness will be supported by a last-minute funding intervention to plug an emerging gap between old community support and the National Disability Insurance Scheme.

Page 6: One Nation has put key budget measures worth at least $5 billion in doubt as the minor party hardens its stance against the government’s agenda, declaring it will oppose almost all Coalition bills unless ABC funding is slashed.

Page 7: The Defence Department has paid more than $2 million to a public relations company that gives bureaucrats acting lessons to perform well at Senate estimates hearings.

Page 19: The federal government has rebuffed calls from the banking sector for the introduction of a sunset clause in its $6.2 billion major bank levy, but has included the 0.06 per cent annual tax rate in the legislation, which may derail efforts to lower or raise the levy in future.

Telstra has urged the federal government to keep policy focus on delivering energy stability, as the telco opts to go it alone and build a solar farm in northern Queensland to help power its network.

Page 20: Australian oil and gas companies that end up missing out on Origin Energy’s Lattice Energy portfolio may soon turn their attention across the Tasman, where energy giant Shell has kicked off a sales process for its New Zealand business that could be worth as much as $1 billion.

Page 22: The long-suffering mining services sector could be set for a comeback, with S&P Global logging surging Australian exploration spending and drilling in the March quarter, with a focus on lithium and gold, and Perennial Asset Management declaring it is time to buy into the sector.

 

The West Australian

Page 3: Tens of thousands of packs of Valium are being recalled after blister strips of the sleeping pill and anti anxiety drug were stolen from packs and other medicines substituted.

Page 4: Perth would become a high-tech hub for Australia’s special operations forces under a proposal floated to the Federal Government by WA Defence Issues Minister Paul Papalia yesterday.

The French company building Australia’s fleet of submarines says WA companies stand to win a significant percentage of work on the program, mostly on the vessels’ internal systems.

Page 7: People close to Brendon Grylls have rejected speculation that the former Nationals leader has plans to form a new political force and contest the 2019 Federal election.

Page 11: Some of WA’s most elite private schools — which charge fees up to $26,900 a year — will get millions of dollars in extra funding under the Federal Government’s new “needs-based” funding model.

Page 14: Moves to scrap the City of Perth’s media gag on councillors are expected to fail next week despite support from the administration and the State Government.

Page 18: The Australian Taxation Office will review its own systems to catch staff who pry into the tax affairs of celebrities and friends after revealing 12 officers have been sacked for snooping.

Page 20: After finally revealing the full details of its $6.2 billion bank levy, the Federal Government has had to concede it could end up being paid for by families and shareholders.

Page 31: WA’s Mines Minister has been accused of backing away from uranium mines approved by Colin Barnett despite previously indicating Labor would allow them to go ahead.

Greg Tate has unhooked the caravan after 30 years at Fleetwood.

Kidman Resources managing director Martin Donohue referred to an offer from Marindi Metals for the rights to lithium at the Mt Holland gold project as “beer money”, a court has been told.

Page 32: Administrators have laid off most of Careers Australia’s 1000 staff after conceding there is little prospect of saving the private training provider’s businesses, outside of its nursing college.

The battle facing WA businesses to stay afloat is getting tougher with figures revealing record numbers of firms struggling to pay their bills on time.

Page 71: The proposal for a $1.85 billion World Trade Center abutting Perth station is back on the agenda, with Lands Minister Rita Saffioti saying a decision on an unsolicited bid to buy the government-owned land will be made within weeks.

 

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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