02/06/2017 - 06:45

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02/06/2017 - 06:45

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Ore slump drives $350m blowout

The State Government is facing a $350 million blow to its already stretched Budget as the price of iron ore plummets, forcing Treasurer Ben Wyatt to look for even more savings. The West

 

Pilbara boom to bust for millionaire brothers

Two brothers who rode the wave of the Pilbara property boom to become multimillionaires are facing a potential financial headache, with a bank foreclosing on part of their property portfolio after they allegedly failed to pay their mortgages. The West

 

Growth story at risk, says Treasurer

Scott Morrison conceded risks to the government’s “growth story” in a major speech yesterday, just hours before a leading economist predicted a cocktail of sluggish wages and stagnant business investment could push Australia into recession within months. The Aus

 

Macquarie’s Singapore option

Australia’s largest investment bank, Macquarie Group, is not ruling out moving offshore in the wake of the imposition of the $6.2 billion bank levy but, as of yet, has made no final decision. The Fin

 

Brickworks’ insider information fears

Brickworks has defended its decision to keep Perpetual in the dark about tax advice that supported Perpetual’s idea to unlock shareholder value, arguing it was because Brickworks directors were told they might be at risk of sharing inside information. The Fin

 

South African retailer aims high in Australia

South African retailer The Foschini Group plans to bring its international brands to Australia, open freestanding stores and seek out further acquisitions after outlaying $302 million for the owner of menswear brand Tarocash. The Fin

 

Rise in retail sales masks deeper gloom

A stronger-than-expected rebound in retail sales has failed to allay concerns about the fragile state of consumer demand amid record low wages growth and elevated levels of underemployment. The Aus

 

Fairfax reveals its secrets as auction hots up

Fairfax Media has formally opened its books to a pair of US private equity firms as the billion dollar auction for the 176-year-old publisher moved up a gear yesterday at management presentations in Sydney. The Aus

 

Harsher speeding demerits on cards

The State Government’s road safety advisers are investigating whether introducing a demerit point penalty for speeding by less than 10km/h, rather than simply fining drivers, will reduce road carnage. The West

 

The Australian Financial Review

Page 1: Australia’s largest investment bank, Macquarie Group, is not ruling out moving offshore in the wake of the imposition of the $6.2 billion bank levy but, as of yet, has made no final decision.

CPA Australia members, including a former board member, have called on CEO Alex Malley to stand down and for the entire board to be refreshed after Mr Malley’s ‘‘outrageous’’ $1.79 million pay was revealed.

Page 4: Treasurer Scott Morrison has warned of a second quarterly slump in economic growth in just nine months, with at least one major bank predicting a contraction.

A four-year slide in investment by companies shows nascent signs of bottoming out as they boosted spending for the first time in five quarters and upgraded their outlook for the coming financial year.

Page 5: Prime Minister Malcolm Turnbull has argued that Labor’s plan to apply the Medicare levy increase to only the top two income tax brackets will disincentivise people on modest salaries because once they earn over $87,000 they will face a large tax hit.

Page 7: Former Reserve Bank of Australia governor Glenn Stevens has endorsed a crackdown on tax concessions for negative gearing in his first major public report since leaving his old job.

Page 11: Infrastructure Australia has started analysing how cities and energy supplies will be disrupted by technology, warning there may be ‘‘profound’’ changes to infrastructure charges.

Page 17: Silicon Valley billionaire and Donald Trump confidant Peter Thiel, and a venture firm backed by the Future Fund, are among new investors in the millennial superannuation provider Spaceship.

South African retailer The Foschini Group plans to bring its international brands to Australia, open freestanding stores and seek out further acquisitions after outlaying $302 million for the owner of menswear brand Tarocash.

Page 19: Brickworks has defended its decision to keep Perpetual in the dark about tax advice that supported Perpetual’s idea to unlock shareholder value, arguing it was because Brickworks directors were told they might be at risk of sharing inside information.

 

The Australian

Page 1: Scott Morrison conceded risks to the government’s “growth story” in a major speech yesterday, just hours before a leading economist predicted a cocktail of sluggish wages and stagnant business investment could push Australia into recession within months.

The government’s claim that the Senate has punched a hole in the budget — by blocking $14.7 billion in savings measures and forcing it to raise taxes through a $6bn bank levy — has been exposed by Parliamentary Library records that reveal almost none of the measures were ever put to the Senate for a vote.

Page 4: NSW Premier Gladys Berejiklian will provide stamp duty concessions saving thousands of new home buyers up to $34,000, ignoring advice from former Reserve Bank governor Glenn Stevens against targeted subsidies.

Page 7: More than 1200 families have had their National Disability Insurance Scheme packages expire without a further plan in place — many without warning — as the agency responsible scrambles to confront a litany of planning problems at a critical time in its history.

Page 8: Singaporean telco My Republic will provide all existing customers in Wollongong with 1-gigabit per-second internet speeds — 10 times that offered by the major telcos — in a bid to show the National Broadband Network is overcharging suppliers.

Page 19: A stronger-than-expected rebound in retail sales has failed to allay concerns about the fragile state of consumer demand amid record low wages growth and elevated levels of underemployment.

Secret polling commissioned by Industry Super Australia testing its controversial “fox and henhouse” television campaign affirms the “political nature” of the advertisement, but shows voters overwhelmingly agree with the anti-bank message pushed by the not-for-profit super sector.

Page 20: Dealmakers working on Origin Energy’s Lattice Energy have a busy fortnight ahead with the first-round indicative bids due by June 13.

Page 21: Fairfax Media has formally opened its books to a pair of US private equity firms as the billiondollar auction for the 176-year-old publisher moved up a gear yesterday at management presentations in Sydney.

 

The West Australian

Page 1: The State Government’s road safety advisers are investigating whether introducing a demerit point penalty for speeding by less than 10km/h, rather than simply fining drivers, will reduce road carnage.

Page 4: Firefighters were mopping up last night after a blaze yesterday at BHP’s Mt Whaleback iron ore mine near the Pilbara town of Newman.

The State Government is facing a $350 million blow to its already stretched Budget as the price of iron ore plummets, forcing Treasurer Ben Wyatt to look for even more savings.

Page 9: The alleged mastermind of a $2.2 billion-dollar tax evasion scam, which fleeced up to $34 million from Paul Hogan and led to the jailing of music boss Glenn Wheatley has been arrested in Italy — 13 years after he fled Australia.

Page 10: Two brothers who rode the wave of the Pilbara property boom to become multimillionaires are facing a potential financial headache, with a bank foreclosing on part of their property portfolio after they allegedly failed to pay their mortgages.

Page 16: Allowing motorcycles and scooters to park on some footpaths would overcome serious inner-city parking shortages, according to two City of Perth councillors.

Page 20: The tourism industry wants Tourism WA quarantined from State Government plans to nearly halve the number of government departments, saying it risked being lost in a “mega-department” and left “floundering in a pool of bureaucratic decision-making”.

Page 24: Ministers and bureaucrats have been put on notice by Premier Mark McGowan over the State Government’s travel bill, with the total for last year nearly topping $4 million.

Page 53: One of the last reminders of Australia’s biggest homegrown confectionery empire, the name which launched Freddo Frog and Cherry Ripe, has been consigned to history.

Page 54: Danny Psaros’ Psaros Developments has forged an alliance with an ASX-listed Malaysian property developer to pay $13.5 million for a strata commercial property at 661 Newcastle Street, Leederville.

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