01/06/2017 - 06:50

Morning Headlines

01/06/2017 - 06:50

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WA’s share of GST cash is fair, says grants chief

The Commonwealth Grants Commission has declared its recommendation to deliver WA just 34.4¢ in the dollar of GST as “fair”, while conceding the system is stressed. The West

 

Han’s Cafe falls as staff underpaid

The resounding success story of Han’s Cafe has ended in heartache with the management company going into liquidation amid unpaid tax, staff underpayments and claims of domestic violence. The West

 

Lithium rivals left to sweat

Justice Kenneth Martin may have reserved his judgment in the Supreme Court trial of Marindi Metals versus Kidman Resources but the market has delivered its verdict. The West

 

Levy a ‘hate tax’

David Murray has slammed the bank levy as a ‘‘hate tax’’ as he and others in the banking, investment and business communities urged Treasurer Scott Morrison to tone town his aggressive language against the banks, claiming it poses a similar threat to confidence as Labor’s clamour last year for a royal commission. The Fin

 

Australia urges Trump to back climate pact

The Turnbull government has told senior members of the Trump administration that Australia is committed to the Paris climate change agreement and has signalled to the White House it wants the US President not to quit the international pact. The Fin

 

Industry funds get dirty

Industry superannuation funds are resorting to ‘‘increasingly desperate dirt throwing’’ over fears that their hold over Australia’s $2 trillion in retirement savings will be lost due to the proposed changes to the default super system, according to BT Financial Group’s general manager of superannuation Melinda Howes. The Fin

 

Hope mine on the ropes after court rejection

One of Queensland’s most controversial mine projects has been dealt a potentially fatal blow after a damning Land Court decision slammed the risk to groundwater caused by New Hope’s $900 million New Acland expansion. The Aus

 

Retail decline threat to growth

The nation’s fragile retail sector is already in recession, according to National Australia Bank chief economist Alan Oster, and this could drag the economy down as anxious consumers rein in spending on discretionary goods such as fashion and apparel. The Aus

 

Santos cuts intake of gas amid export curb threat

The Santos-run Gladstone LNG plant has dialled back its gas intake to one-year lows in the wake of Malcolm Turnbull’s threats of export restrictions, a move that could result in crimped shipments from the project. The Aus

  

The Australian Financial Review

Page 1: The chairman of CPA Australia is stepping down and its chief executive, Alex Malley, has been forced to admit exclusively to The Australian Financial Review that he is being paid $1.79 million a year, as the accounting body moves to head off a leadership coup from its disenfranchised members.

David Murray has slammed the bank levy as a ‘‘hate tax’’ as he and others in the banking, investment and business communities urged Treasurer Scott Morrison to tone town his aggressive language against the banks, claiming it poses a similar threat to confidence as Labor’s clamour last year for a royal commission.

Page 3: Energy giant AGL has set a new industry standard by extending its paid parental leave to five months for employees who are primary carers.

Page 4: The Turnbull government believes Labor leader Bill Shorten will eventually succumb to internal and external pressure over his opposition to the Medicare levy increase and is preparing to tough it out, until after the next election if necessary.

Page 9: The Turnbull government has told senior members of the Trump administration that Australia is committed to the Paris climate change agreement and has signalled to the White House it wants the US President not to quit the international pact.

Page 13: Industry superannuation funds are resorting to ‘‘increasingly desperate dirt throwing’’ over fears that their hold over Australia’s $2 trillion in retirement savings will be lost due to the proposed changes to the default super system, according to BT Financial Group’s general manager of superannuation Melinda Howes.

Page 15: Arrium administrators KordaMentha are likely to take three to four weeks before naming a winning bidder for the company, as the South Australian Treasurer called on the federal government to also stump up some cash for a new owner.

Page 17: Activist investors appear to have claimed another scalp, with Australian fund manager Sandon Capital winning material concessions from Fleetwood after a 12-month campaign.

 

The Australian

Page 1: Media executives are warning of growing threats to jobs and community-focused journalism if federal parliament turns its back on a government bid to scrap old rules that shackle the sector, blaming Labor and the Greens for making it harder for companies to compete with powerful rivals.

Page 2: Education Minister Simon Birmingham’s university changes are meeting strong resistance among vice-chancellors, with the once-supportive head of Sydney University now describing fee increases as “a new tax” and the package as “incoherent”.

Page 4: A tweet by opposition Treasury spokesman Chris Bowen to score a few ephemeral political points has lent support to fears the party of Keating and Chifley has become superficial and cares little about substantive tax reform.

Page 6: One of Queensland’s most controversial mine projects has been dealt a potentially fatal blow after a damning Land Court decision slammed the risk to groundwater caused by New Hope’s $900 million New Acland expansion.

Page 17: The nation’s fragile retail sector is already in recession, according to National Australia Bank chief economist Alan Oster, and this could drag the economy down as anxious consumers rein in spending on discretionary goods such as fashion and apparel.

Page 18: Primary Healthcare is angling for an acquisition of Healthscope’s medical centres that are on the market through investment bank UBS.

Page 20: The Santos-run Gladstone LNG plant has dialled back its gas intake to one-year lows in the wake of Malcolm Turnbull’s threats of export restrictions, a move that could result in crimped shipments from the project.

 

The West Australian 

Page 4: The Commonwealth Grants Commission has declared its recommendation to deliver WA just 34.4¢ in the dollar of GST as “fair”, while conceding the system is stressed.

The Federal Government is still chasing votes to support its push for the most sweeping media reforms in a decade after One Nation indicated it may not back relaxing ownership rules.

Page 7: The resounding success story of Han’s Cafe has ended in heartache with the management company going into liquidation amid unpaid tax, staff underpayments and claims of domestic violence.

Page 12: Labor powerbrokers could cost WA more than $100 million a year as concerns grow that a powerful left-wing union will set State Government policy on disability services.

Page 14: A top Perth lawyer has warned the McGowan Government will have to be “very careful” not to leave itself liable over a contentious policy to subsidise individual shark deterrents.

Page 50: Justice Kenneth Martin may have reserved his judgment in the Supreme Court trial of Marindi Metals versus Kidman Resources but the market has delivered its verdict.

Buru Energy is planning a $3.5 million upgrade of its onshore oil project in the Kimberley this year to bolster production.

Page 51: WA is the retrenchment capital of the country, a new report has found.

Carnegie Clean Energy has delivered a massive battery storage system — billed as the biggest ever designed and assembled in Australia — to the Square Kilometre Array in the Murchison.

 

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