Morning Headlines

GST proposals for $10b gain

The WA Budget would be up to $10 billion better off under a series of audacious proposals from the McGowan Government to overhaul the entire Commonwealth Grants Commission. The West

Trust lacking before Sino deal

Clive Palmer and China’s CITIC did not trust each other even before the two parties signed off on a deal to develop the $US12 billion Sino Iron magnetite project in the Pilbara, the Supreme Court was told yesterday. The West

Fight over new financing plan

A Labor government would scrap the Turnbull government’s new infrastructure financing agency and reallocate its budget to Infrastructure Australia if elected, shadow infrastructure minister Anthony Albanese will announce today. The Fin

Explorers unearth new confidence as spending and capital raising increase

Confidence is returning to the resources exploration sector as demand signals improve, with the number of juniors on the stock exchange rising for the first time in three years, spending and capital raising increasing and expectations of future cash outflows accelerating. The Aus

ANZ chief rips into SA copycat tax

ANZ Bank chief executive Shayne Elliott has gone on the offensive, tearing shreds off the South Australian government for its state-based bank levy while preparing to meet other premiers in a bid to head off copycat taxes. The Fin

Diggers venue faces closure

WA’s biggest resources conference is caught up in a bitter battle of wills between the State Government and the City of Kalgoorlie-Boulder over its longtime Goldfields venue. The West

More hurdles for Yancoal in Rio deal

Yancoal may be in the box seat to secure Rio Tinto’s Coal & Allied business ahead of rival bidder Glencore, but its attempt to fund the deal via a large capital raising could be disrupted by a disgruntled minority shareholder. The Fin

Morrison’s GST threat to boost gas

Scott Morrison has threatened state and territory governments with financial penalties by cutting their GST distribution if they limit gas exploration. The Aus

Tax office launches internal fraud probe

Inspector-General of Taxation Ali Noroozi has embarked on a year-long investigation of internal fraud controls at the Australian Taxation Office, after deputy commissioner Michael Cranston embarrassed the revenue agency last month by being charged with abuse of office. The Aus

The Australian Financial Review

Page 1: A Labor government would scrap the Turnbull government’s new infrastructure financing agency and reallocate its budget to Infrastructure Australia if elected, shadow infrastructure minister Anthony Albanese will announce today.

ANZ Bank chief executive Shayne Elliott has gone on the offensive, tearing shreds off the South Australian government for its state-based bank levy while preparing to meet other premiers in a bid to head off copycat taxes.

The Prime Minister’s cyber security adviser has warned businesses cannot continue to rely on luck to avoid damage from a rising tide of global cyber security threats, after Australian operations were caught up in the Petya ransomware attacks on Wednesday.

Page 3: Borrowers could be hit with at least eight consecutive official interest rate hikes in 2018 and 2019 if the economy rebounds as the Reserve Bank of Australia anticipates, says former central bank board member John Edwards.

Page 4: Senior minister Christopher Pyne has apologised unreservedly for his ‘‘ill chosen and unwise’’ speech to a party function after it exposed deep factional divisions within the government, put more pressure on Malcolm Turnbull’s leadership and had conservatives demanding he be booted out of the leadership group.

Page 6: Property business expands into home loans Property classifieds business Domain is pushing into the home loan market with the launch of a mortgage broking service.

Page 13: Yancoal may be in the box seat to secure Rio Tinto’s Coal & Allied business ahead of rival bidder Glencore, but its attempt to fund the deal via a large capital raising could be disrupted by a disgruntled minority shareholder.

Page 15: Fortescue Metals Group’s impressive cost-reduction journey will continue despite challenging headwinds that are likely to slow its progress, the iron ore producer’s new director of operations, Greg Lilleyman, says.

The Australian

Page 1: Scott Morrison has threatened state and territory governments with financial penalties by cutting their GST distribution if they limit gas exploration.

The Reserve Bank will lift official interest rates more than eight times during the next two years, former board member John Edwards has predicted — a move that could tip Australia’s economy into recession and steamroll house-price growth.

A key subsidiary of building materials giant Boral risks being blacklisted from federal projects after a secret ballot of workers voted down an enterprise agreement rewritten to comply with the Coalition’s new national building code.

Page 2: Bill Shorten’s pledge to overturn penalty rate cuts for retail and hospitality workers will generate uncertainty, harm job creation and deter “mum-and-dad” operators from extending opening hours, small business chiefs say.

Page 4: A clash over Liberal Party reform is about to give Tony Abbott a new platform from which to attack Malcolm Turnbull, amid growing concern over the former prime minister’s “frontal assault” on the government as it slumps in the opinion polls.

Page 17: Confidence is returning to the resources exploration sector as demand signals improve, with the number of juniors on the stock exchange rising for the first time in three years, spending and capital raising increasing and expectations of future cash outflows accelerating.

More than $10 billion in extra contributions are expected to flow into superannuation in the last three months of the financial year as members make last-minute contributions before ceilings are lowered from Saturday.

Inspector-General of Taxation Ali Noroozi has embarked on a year-long investigation of internal fraud controls at the Australian Taxation Office, after deputy commissioner Michael Cranston embarrassed the revenue agency last month by being charged with abuse of office.

Page 20: Chinese industrial giant Citic has argued that Clive Palmer should be handed a 20 per cent share of future profits from the $US12 billion ($15.8bn) Sino Iron project as an alternative to the controversial royalty at the centre of a legal impasse between the groups.

The West Australian

Page 4: The WA Budget would be up to $10 billion better off under a series of audacious proposals from the McGowan Government to overhaul the entire Commonwealth Grants Commission.

Page 6: Key State Government departments face further turmoil as Premier Mark McGowan looks to “spill and fill” the jobs of agency bosses over the next two months.

Page 7: Premier Mark McGowan has described as “highly unusual” and “highly irregular” the decision of sidelined road safety chief Kim Papalia to seek a Supreme Court injunction against a government inquiry.

Tens of thousands of solarpowered households could avoid steep increases in costs by exploiting a loophole in electricity regulations, the State Opposition has claimed.

Page 11: Education Minister Christopher Pyne has apologised to Liberal Party members as he seeks to end damaging infighting within the coalition over same-sex marriage.

Page 22: One in five homebuyers in Perth’s outer suburbs is sinking more than 30 per cent of their income into a mortgage.

Page 53: WA’s biggest resources conference is caught up in a bitter battle of wills between the State Government and the City of Kalgoorlie-Boulder over its longtime Goldfields venue.

Fortescue Metals Group’s relentless drive to cut costs will continue, says operations director Greg Lilleyman.

A deal has been struck for the sale of Australia’s biggest avocado farm to an offshore buyer.

Woodside Petroleum has abandoned an oil and gas exploration block off Ireland without completing a seismic program, triggering a dispute with its junior partner.

Page 54: Clive Palmer and China’s CITIC did not trust each other even before the two parties signed off on a deal to develop the $US12 billion Sino Iron magnetite project in the Pilbara, the Supreme Court was told yesterday.