JobKeeper: PM digs in over saving
Scott Morrison is digging in against demands to use the $60 billion saved from its JobKeeper costing blunder to widen the scheme with the government planning stimulus for vulnerable industries, including new home construction and tourism, when support is withdrawn in September. The Fin
Fortescue lifts stake in Peruvian copper explorer
Fortescue Metals Group has taken another step in its strategy to diversify beyond iron ore by spending $C1.37 million ($1.5 million) doubling its stake in a Canadian-listed exploration group developing a copper project in Peru. The Fin
Easing of restrictions showing economic boost
Pressure is mounting on the State Government to scrap all regional travel restrictions immediately, with analysis showing the South West’s economy has sprung back to life since the easing of restrictions last week. The West
'Cut tax to spark mining boom'
Miners have told Scott Morrison a cut to the 30 per cent company tax rate could unleash a $100bn investment boom in resources projects across the country. The Aus
Qantas dealt a blow over wage payments
Qantas has been wrongly applying the JobKeeper scheme by splitting a worker’s earnings in a way that allows it to use the government’s $1500 wage subsidy to pocket parts of staff pay, according to the workplace tribunal. The Fin
Engineer’s forced pay cuts under fire
Global engineering giant SNC Lavalin unilaterally cut the pay of all Australian resources employees by 10 per cent for three months, citing the downturn caused by COVID-19, in a move experts warn may breach both employment and contract law. The Fin
‘Rank and file revolt’: Union at war on jobs
A revolt is under way in the National Tertiary Education Union as members move to block a proposal by the union’s leadership that aims to save as many as 12,000 university jobs. The Fin
Accolade Wines uncorks big discounts as venues reopen
Australia’s second-largest wine group is offering big discounts to pubs, bars and restaurants as they begin to reopen in a push to claw share from market leader Treasury Wine Estates. The Fin
Make Virgin fun again, says Bain
Virgin Airlines bidder Bain Capital has promised to “make flying fun again” with an airline “for all Australians”, as it and other shortlisted bidders prepare to make second-round proposals for the airline to be submitted on Friday. The Aus
Tonagh in attempt to buy AAP
Former News Corp and Foxtel CEO Peter Tonagh has revealed he is heading up a consortium to buy the AAP newswire and is hoping to pressure its management to strike a deal before the 85-year-old business closes next month. The Aus
The Australian Financial Review
Page 1: Scott Morrison is digging in against demands to use the $60 billion saved from its JobKeeper costing blunder to widen the scheme with the government planning stimulus for vulnerable industries, including new home construction and tourism, when support is withdrawn in September.
Page 3: The Health Services Union is investigating paid leave claims for thousands of regular casuals in aged care following a landmark ruling entitling them to permanent benefits even if they are paid a 25 per cent casual loading.
Page 4: Some private universities wanting to access JobKeeper have been given a reprieve from onerous eligibility criteria placed on all other universities.
Stock-starved buyers pushed auction clearance rates back up to their highest levels since COVID-19 restrictions began, with preliminary figures showing sales in 70.9 per cent of reported auction results last week.
Page 5: Qantas has been wrongly applying the JobKeeper scheme by splitting a worker’s earnings in a way that allows it to use the government’s $1500 wage subsidy to pocket parts of staff pay, according to the workplace tribunal.
Credit rating agencies and bond investors have backed the Morrison government’s spending plans after $60 billion of expected future borrowings vanished in an instant with Friday’s revelation the JobKeeper program cost had almost halved.
Page 8: The Morrison government should not spend the $60 billion JobKeeper ‘‘savings’’ until September when the program ends and risks of unemployment rise, say economists, including those who advised the Rudd government during the global financial crisis.
Page 9: Global engineering giant SNC Lavalin unilaterally cut the pay of all Australian resources employees by 10 per cent for three months, citing the downturn caused by COVID-19, in a move experts warn may breach both employment and contract law.
Businessman-cum-politician Clive Palmer will lodge documents with the High Court arguing Western Australia’s border closure is unconstitutional, as the state again recorded no new cases of COVID-19.
Page 12: A revolt is under way in the National Tertiary Education Union as members move to block a proposal by the union’s leadership that aims to save as many as 12,000 university jobs.
Page 13: Australia’s second-largest wine group is offering big discounts to pubs, bars and restaurants as they begin to reopen in a push to claw share from market leader Treasury Wine Estates.
Page 15: Bullet trains should not be built to boost the economy after COVID-19 because Australia’s population and cities are not big enough to justify the cost, the Grattan Institute says.
The $20 billion-plus Sun Cable venture that aims to export solar power from the outback to Singapore has taken a significant step forward by securing environmental clearance for a large battery near Darwin that it intends to install several years in advance of the mega-cable.
Page 17: Fortescue Metals Group has taken another step in its strategy to diversify beyond iron ore by spending $C1.37 million ($1.5 million) doubling its stake in a Canadian-listed exploration group developing a copper project in Peru.
Page 18: Hostplus handed industry super fund-owned IFM Investors the lion’s share of assets to manage in its infrastructure option, creating a ‘‘conflict of interest’’ that put members at risk, a leaked research report found.
The Australian
Page 1: Miners have told Scott Morrison a cut to the 30 per cent company tax rate could unleash a $100bn investment boom in resources projects across the country.
Page 5: Small business leaders have warned next year’s increase in the superannuation guarantee will rip $6bn out of the economy, jeopardising workers’ jobs, hours, and the viability of small businesses.
Page 13: Virgin Airlines bidder Bain Capital has promised to “make flying fun again” with an airline “for all Australians”, as it and other shortlisted bidders prepare to make second-round proposals for the airline to be submitted on Friday.
Page 15: Australian Retailers Association chief executive Paul Zahra has called for a rationalisation of retail industry awards and a further relaxation of trading hours to help the retail industry cope with the COVID-19 downturn.
Page 16: Wesfarmers chief executive Rob Scott, whose portfolio of businesses such as Bunnings, Kmart and Officeworks operate lengthy supply chains sourcing billions of dollars a year in products from around the world including China, has warned that Australian companies are exposed to global disruptions and should think about diversifying their supply.
Page 19: Former News Corp and Foxtel CEO Peter Tonagh has revealed he is heading up a consortium to buy the AAP newswire and is hoping to pressure its management to strike a deal before the 85-year-old business closes next month.
Binge enters the entertainment streaming wars on Monday in one of the most competitive marketplaces in the world, but CEO Julian Ogrin is confident the Foxtel-owned streamer can take on local and international rivals such as Stan and Netflix.
The West Australian
Page 1: A massive COVID-19 testing blitz of healthy frontline workers will be launched to confirm the virus is not spreading undetected in WA.
Page 7: Live entertainment was among the first industries to close because of the pandemic and it will likely be among the last to reopen — especially in nightclubs.
Page 8: Mental health and suicide in boys, men and particularly new fathers will be among the key focus of a $20 million funding boost for research on suicide prevention, care and treatment to be announced today.
Page 10: WA is now the only State in Australia refusing to reopen public playgrounds.
Business: Pressure is mounting on the State Government to scrap all regional travel restrictions immediately, with analysis showing the South West’s economy has sprung back to life since the easing of restrictions last week.
Junior explorer Alto Metals could become the subject of a three-way takeover tussle, highlighting growing corporate activity at the small end of the gold sector.
Perth-based aged-care tech company InteliCare will begin trading on the Australian Securities Exchange today, defying weak investor appetite for new floats amid the coronavirus pandemic.
