Australia to lose from trade battle
Australia to lose from trade battle
The nation’s top diplomat has delivered Canberra’s sharpest rebuke of Donald Trump, accusing the US President of unsettling the international trading system that has allowed economic prosperity to flourish for seven decades and warning that Australia stands to be significantly hurt by a global trade war. The Fin
WA economy has turned the corner, says Reserve
The WA economy is returning to normal with key signs of improvement in business conditions, the mining sector and wages, according to the Reserve Bank. The West
$95m boost for new mine
Federal Resources Minister Matt Canavan will announce a debt deal for Sheffield Resources' Thunderbird project in Canberra today, saying it is likely to be the first of a slew of investments in the WA resources sector that will open new opportunities for "boutique" commodities. The West
Slam dunk for Joondalup
The old Joondalup Basketball Stadium is to undergo a $100 million reincarnation as a multigenerational development with homes, aged-care, child-care, leisure and medical facilities. The West
Perth CBD office sales tipped to touch $1b
Perth CBD office sale transactions could reach the magic $1 billion mark this year, according to Knight Frank research. The West
$4bn deal to avert schools backlash
Scott Morrison is promising to pump at least $4 billion into schools funding under a complex new deal to appease Catholic and low-fee independent schools facing campus closures and fee rises under former education minister Simon Birmingham’s policies. The Aus
Allianz pleads guilty to compliance defiance
The shambolic state of compliance function at the Australian arm of Allianz, one of the world’s largest insurers, has been revealed at the banking royal commission, including that the German giant had under-invested in compliance for years and had no idea how many times it had breached the law. The Fin
Union laws facing Senate stumbling block
The Morrison government’s fresh push to make it easier to disqualify union officials and deregister unions has suffered a major blow, with key crossbench senator Tim Storer flagging he won’t support the legislation. The Fin
The Australian Financial Review
Page 1: The nation’s top diplomat has delivered Canberra’s sharpest rebuke of Donald Trump, accusing the US President of unsettling the international trading system that has allowed economic prosperity to flourish for seven decades and warning that Australia stands to be significantly hurt by a global trade war.
The shambolic state of compliance function at the Australian arm of Allianz, one of the world’s largest insurers, has been revealed at the banking royal commission, including that the German giant had under-invested in compliance for years and had no idea how many times it had breached the law.
Page 3: The uneven take-up of new technologies by Australian firms has contributed to persistently low wages growth in recent years, a phenomenon which should prove ‘‘pervasive and long lasting’’ and keep interest rates lower than usual for longer, a paper to be published by the Reserve Bank shows.
The Morrison government’s fresh push to make it easier to disqualify union officials and deregister unions has suffered a major blow, with key crossbench senator Tim Storer flagging he won’t support the legislation.
Australian Securities and Investments Commission deputy chairman Peter Kell has resigned eight months before his extended term was due to end, after a torrid year responding to the financial services royal commission.
Page 4: Australians leaving cash payments and foreign income off their annual tax return face being caught through new data-matching technology deployed by the Tax Office.
Page 6: Major electricity and gas suppliers are already considering external legal talent to steer them through a potential royal commission into energy in the expectation such an inquiry could be around the corner whichever party wins next year’s general election.
Page 8: Insurance giant IAG showered car dealers and their employees with cash and gifts, with the exclusive motivation of selling more junk insurance, the Hayne commission has heard.
Page 11: China has vowed to retaliate against US President Donald Trump’s decision to impose a 10 per cent tariff on $US200 billion ($279 billion) of imports as trade tensions between the world’s two biggest economies escalate, rattling investors and dashing hopes both countries will return to the negotiating table.
Page 13: TPG Telecom boss David Teoh says the company will take the unusual step of bidding with Vodafone in November’s multimillion-dollar 5G spectrum auction even if the competition watchdog unexpectedly knocks back their $15 billion merger.
Page 15: The building momentum of the US as a major global competitor in LNG supply has been highlighted by news of a 15-year contract signed between international commodities trader Vitol with Houston-based exporter Cheniere Energy.
Page 22: The surge in low-cost airlines has changed the dynamics of airfare pricing, competition watchdog chairman Rod Sims said as he called for regulation of airports amid concerns that rising aeronautical charges could hurt future demand for air travel.
Page 30: The country’s largest pension fund, AustralianSuper, has teamed up with its long-standing adviser, TH Real Estate, to jointly finance One Crown Place in London with a £280 million development loan, worth about $510 million.
The Australian
Page 1: Scott Morrison is promising to pump at least $4 billion into schools funding under a complex new deal to appease Catholic and low-fee independent schools facing campus closures and fee rises under former education minister Simon Birmingham’s policies.
Page 4: It would cost taxpayers and consumers up to $3.5 billion extra every year to grant aged-care nurses and personal-care workers a 15 per cent pay rise and boost contact time with residents, the federal government has been told.
Page 17: An escalating trade war between the US and China risks lower exports, economic growth and exchange rates for Australia, with business supply chains and investment planning also considered vulnerable to President Donald Trump’s new tariffs on $US200 billion ($277bn) of imports into the world’s biggest economy.
Page 18: Commonwealth Bank’s planned $8 billion demerger has struck trouble with Aussie Home Loans protesting against being part of the portfolio of assets that the bank is spinning off.
Page 19: Kathmandu, famous in Australia and New Zealand for its branded wet-weather clothing and camping equipment, will soon push back against Amazon in its home market with a planned launch in North America for next year’s winter.
Page 23: Self-managed super fund owners who want to plough their savings into investment properties will now be knocked back by every major bank, after Commonwealth Bank became the last lender to shut shop on the concerning products.
The West Australian
Page 1: Federal Resources Minister Matt Canavan will announce a debt deal for Sheffield Resources' Thunderbird project in Canberra today, saying it is likely to be the first of a slew of investments in the WA resources sector that will open new opportunities for "boutique" commodities.
Page 3: The WA economy is returning to normal with key signs of improvement in business conditions, the mining sector and wages, according to the Reserve Bank.
Page 4: About 20 tonnes of WA strawberries have been dumped and many growers have stopped picking the fruit because of a lack of markets.
Page 9: Online lottery companies such as Lottoland will be banned in WA under measures by the State Government aimed at protecting State-owned agency Lotterywest.
Business: Ramelius will begin underground mining at Edna May early next year, with ore production scheduled for the start of 2020 for an initial 2 1/2-year minelife.
TPG Telecom has reported a 4.6 per cent fall in full-year profit to $397 million after the NBN hit broadband margins and home phone revenue.
Kalium Lakes is confident it can become the first of a new crop of WA sulphate of potash producers to enter commercial production after revealing a bankable feasibility study for its project yesterday.
Property: The old Joondalup Basketball Stadium is to undergo a $100 million reincarnation as a multigenerational development with homes, aged-care, child-care, leisure and medical facilities.
Perth CBD office sale transactions could reach the magic $1 billion mark this year, according to Knight Frank research.
A Chinese buyer’s $4.8 million purchase of Fast Eddys late-night diner is its first WA property investment.
The State Government will redouble its efforts to activate Albany’s Middleton Beach foreshore despite its failure to secure a hotel developer, a crucial component of the plan to activate the site.
