NBN tipped to up cost of the web
A $15 billion blowout in the cost of building the national broadband network, partly caused by the slow rollout of key broadband services, could make the internet more expensive for Australians, M2 Group chief executive Geoff Horth said. The Fin
Councils push for big projects
The cities of Armadale and Cockburn will today launch a joint push for two multi-million dollar road projects they say will create a safe, efficient and faster link between the growing communities. The West
Kids’ hospital delayed again
The opening of the new Perth children’s hospital could be as late as June next year, according to the latest estimates by the project’s managers. The West
Growth in healthcare could see it attracting GST
Treasurer Joe Hockey has left open the door to extending the GST to healthcare to help fund a possible $25 billion in income tax cuts needed to combat bracket creep. The Fin
Fortescue slumps but talks up asset values
Fortescue Metals Group chief financial officer Stephen Pearce has declared the company’s infrastructure and mining assets are worth ‘‘way more’’ than the $20 billion he says they cost to build, and any asset sell-down would only be at price that reflects ‘‘an appropriate view of long-term value’’. The Fin
Use of 457 visas ‘peaked under Gillard rule’
Unions are continuing their war against 457 visas, arguing that the scheme will be open to abuse under the China free-trade pact, but figures reveal the use of overseas workers peaked under the Gillard government. The Aus
The Australian Financial Review
Page 1: The Australian sharemarket suffered its worst day since the financial crisis, driven by fears that China’s economy is slowing much faster than previously expected and will lead to slower global growth.
Page 2: A $15 billion blowout in the cost of building the national broadband network, partly caused by the slow rollout of key broadband services, could make the internet more expensive for Australians, M2 Group chief executive Geoff Horth said.
Telstra has denied it is considering ending a 17-season partnership with the National Rugby League as its naming rights sponsor.
Page 5: Treasurer Joe Hockey has left open the door to extending the GST to healthcare to help fund a possible $25 billion in income tax cuts needed to combat bracket creep.
Leading economists including Allan Fels and Ross Garnaut have called on the federal government to embrace mental health as its next big reform agenda, warning it is costing the economy more than $60 billion each year and 12 million lost working days in reduced productivity.
Page 8: Federal Treasurer Joe Hockey’s get tough tactics with foreign investments in residential property are making an impact on foreign investors who are ‘‘too afraid to break the law’’.
Page 15: Fortescue Metals Group chief financial officer Stephen Pearce has declared the company’s infrastructure and mining assets are worth ‘‘way more’’ than the $20 billion he says they cost to build, and any asset sell-down would only be at price that reflects ‘‘an appropriate view of long-term value’’.
Page 18: Private health insurer nib said it stands with its larger rival Medibank Private in the push to get ‘‘quality indicators’’ into hospital contracts amid an escalating scrap between the two sectors over patient care and affordability.
Page 21: UGL chief executive Ross Taylor has forecast conditions in the engineering sector will remain tough after hefty writedowns pushed the contractor into a $236.4 million annual net loss.
Page 22: In a unlikely alliance, department store chain Myer is collaborating with a pure-play online fashion brand with more than one million social media followers to attract young fashionistas into its bricks-and-mortar and online stores.
The Australian
Page 2: Voters in the federal seat of Canning seem unlikely to be influenced by reports Liberal candidate Andrew Hastie commanded soldiers in Afghanistan who cut off the hands of dead Taliban fighters in 2013.
Page 3: The corporate regulator has claimed a scalp in its five-year pursuit of the executives behind failed high-end whitegoods importer Kleenmaid, with a key director pleading guilty to insolvent trading and fraudulently obtaining $13 million from a bank.
Page 4: Business leaders say lifting productivity is a key challenge confronting the nation if it is to compete, thrive and take full advantage of emerging opportunities in Asia and particularly China.
Page 6: Unions are continuing their war against 457 visas, arguing that the scheme will be open to abuse under the China free-trade pact, but figures reveal the use of overseas workers peaked under the Gillard government.
Page 19: Almost $60 billion was wiped off the value of the Australian sharemarket in hectic trading caused by a meltdown in China’s sharemarket yesterday after officials failed to provide fresh stimulus for the world’s second-biggest economy and state-backed China Securities Finance stayed out of the market after helping provide unprecedented government support last month.
Page 20: Beach Energy has reported a $514 million full-year loss after big write downs because of sliding oil prices and their impact on development plans.
Caltex has more than doubled its dividend payment after enjoying a boost to its interim profit, as it also signals to investors that it could launch an off-market share buyback.
Page 28: Chinese smartphone players OPPO, Huawei and Xiaomi have been taking the fight up to the likes of Samsung, LG and HTC with premium Android handsets at extremely affordable prices, and things are set to get harder with the entry of OnePlus 2.
The West Australian
Page 3: The opening of the new Perth children’s hospital could be as late as June next year, according to the latest estimates by the project’s managers.
Page 4: Former Labor minister Martin Ferguson has defended the royal commission into trade union corruption, saying the union movement and his old party might benefit from the scrutiny.
Page 9: The cities of Armadale and Cockburn will today launch a joint push for two multi-million dollar road projects they say will create a safe, efficient and faster link between the growing communities.
Business: Plunging share prices are weighing on $3.5 billion of bank capital raisings, savagely eroding the discount advantage on offer to legions of investors.
Millionaire prospector Mark Creasy has waved away suggestions tumbling commodity and share prices could test his commitment to Independence Group’s acquisition of Sirius Resources, saying he is as enthusiastic about the deal today as he was when it was signed.
The Federal Court has called in salvage experts to lock down the assets of a Como-based resources investment promoter believed to have taken his own life after hiding big losses from investors.
Construction workers on Chevron’s Gorgon LNG project on Barrow Island could walk off the job as early as next week in support of their campaign for “family friendly” rosters.
