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ASX slumps on US-China tensions

The Australian share market has ended the month with a sell-off after China went ahead with a controversial national security law for Hong Kong that sets up renewed tension with the United States.

Mark my words podcast

PODCAST: Mark Pownall and Mark Beyer discuss the virus impact and policy response, live sheep, industrial relations shift, COAG, investors lose $200m, Michelle Fyfe, and our special report on law firms.

Mader, Lycopodium revise FY20 guidance

Mining services companies Mader Group and Lycopodium have downgraded their full-year earnings guidance, citing the impacts of the coronavirus outbreak on their operations.

Deloitte works to cut Virgin bidders to two

Deloitte will settle on a final shortlist of two preferred bidders for Virgin Australia early next week after parties reaffirmed their interest.

$131bn for hospitals, COAG reform

Federal hospital funding will rise about $30 billion to be $131 billion in the next five years, while the Council of Australian Governments will be replaced by a permanent national cabinet.

WA to lift restrictions next weekend

Almost all businesses will be able to reopen in Western Australia next weekend, as the state becomes the first in the country to reduce the four square metre rule, and gatherings of up to 100 people will be allowed.

Agri success without handouts

Australian farmers are among the least subsidised in the world, while government support has shifted from manufacturing into the services industry in recent years, according to two new reports.

Emerging into the unknown

The end of federal assistance to businesses and workers will be a pivotal point in how Australia emerges from COVID-19 lockdown.

Fortescue fails in native title appeal

The High Court has dismissed Fortescue Metals Group's application to appeal a native title ruling covering its Solomon iron ore mine in Western Australia's Pilbara region.

Austal boosts FY20 guidance

Henderson-based shipbuilder Austal has raised its full-year revenue guidance by $100 million, saying the coronavirus pandemic has had minimal impact on its operations over the past two months.

Universities divided over pay plan

A breakdown in talks between universities and the national teaching union is unwelcome news for WA’s higher education sector.

WA hospital visit restrictions to ease as surgeries increase

Restrictions on visiting hours at Western Australian public hospitals aimed at slowing the spread of coronavirus will be partially eased next week.

ASX falls 1% on US-China tensions

The Australian share market has opened lower after China went ahead with a controversial national security law for Hong Kong that sets it up for renewed tension with the United States.

Morning Headlines

Fast track to post-Covid freedom

Gold pares gains as equities firm

Gold pared gains overnight, having risen 1 per cent earlier in the session, pressured by an advance in Wall Street, but escalating tensions between the United States and China kept the bullion supported.

Oil rises as refineries offset crude build

Oil futures rose about 2 per cent overnight as a steady improvement in US refining activity offset a surprise build in crude and diesel inventories.

Hay Street Mall building sold for $2.9m

Colliers International has sold a property in the heritage-listed Gledden Building on Hay Street Mall to an overseas buyer for $2.9 million.

Klen International HQ sells for $5.2m

A Wanneroo building tenanted by manufacturing company Klen International has sold for $5.2 million, following a private treaty campaign run by Ray White Commercial.

Pandemic a roadblock to housing recovery

The state’s property market was on the cusp of recovery pre COVID-19 according to CoreLogic, which recorded four consecutive months of Perth dwelling value increases in early 2020 – the longest stretch of capital growth since 2014.

Banks lift Aussie shares 1.3% higher

The local bourse has rallied for a third time in the past four days as a buying spree on bank stocks continued amid hopes for a V-shaped recovery.

UPDATED: Workers who went on WA virus ship tested

UPDATED: Six more members of the crew on a livestock ship docked in Western Australia have tested positive to the coronavirus, bringing the total to 12.

Thinking thoroughly through casual reform

Unions and businesses have very different views about workplace casualisation, with the Morrison government hoping to square the circle as part of an upcoming industrial relations reform agenda.

Black Cat, Silver Lake in gold sale

Subiaco-based Black Cat Syndicate is set to acquire two gold projects from Silver Lake Resources in a deal worth around $5.2 million.

More pain ahead for WA

A 3.1 per cent contraction of Western Australia’s economy is anticipated in the 2021 financial year, following a 5 per cent fall in the current quarter, but Treasurer Ben Wyatt is more optimistic about the pace of recovery than he was two months ago.

RBA nods at PM's post-virus reform plans

The Reserve Bank boss has given his backing to the prime minister's post-COVID economic reform agenda, saying change is needed to help businesses expand, invest, innovate and hire people.

Supporting Local Government

At Moore Stephens, we understand local government’s unique challenges and opportunities and we want to work with you to help you service your local communities to meet your objectives.

Veris wins $4.3m in contracts

Veris’s technology and communications business has secured new work with BHP and Oz Minerals, as well as a contract with Cubic Defence Australia, totalling $4.3 million.

Mincor contracts Pit N Portal for nickel restart

Emeco Holdings’ recently acquired subsidiary Pit N Portal has secured two contracts with Mincor Resources for work on its nickel operations in Western Australia.

Tentative first steps for South West tourism

South West businesses are advising visitors to adjust their expectations ahead of the long weekend.

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