Labor shuns calls for bold tax reform
Ambitious tax reform is off the agenda due to the political difficulties and, instead, the Albanese government will continue to make change using ‘‘bite-size chunks’’, such as its increased tax on superannuation accounts of more than $3 million, and the $2.4 billion tweak to the petroleum tax. The Fin
BHP: Smelting key to green pivot
BHP boss Mike Henry says Australia will need to be ‘‘hyper productive’’ to compete in future-facing metals such as copper and nickel, as he invests more in domestic processing and smelting at the heart of BHP’s plan to unlock value from its $9.6 billion consolidation of South Australia’s copper fields. The Fin
Wall St titan Apollo puts super on notice
Australia’s superannuation sector is not prepared for the nearing demographic cliff when the bulk of members’ capital shifts to drawing-down income, one of the world’s largest private capital managers warns. The Fin
APA to raise $1.5b to buy Alinta assets
APA Group is set to acquire Alinta Energy’s up-for-sale Pilbara portfolio, which includes the Port Hedland and Newman power stations, the Chinchester solar farm and Goldfields gas transmission pipeline, in a deal expected to be worth about $1.5 billion. The Fin
Crime gangs take Coles to the cleaners
The nation’s second-largest supermarket chain, Coles, has admitted to being swept up in a massive spike in theft from its stores, fuelled by a growing trend of organised crime rings that perform smash-and-grab raids and then sell stolen loot on online market- places. The Aus
Business decries Qatar flight decision
The Australian Chamber of Commerce and Industry has weighed into the debate over the government’s decision to block Qatar Airways from operating more flights into Australia, saying the move would cost the tourism industry an estimated $788m a year. The Aus
Air safety watchdog faces calls for inquiry
The Civil Aviation Safety Authority is facing calls for an independent inquiry into what it knew about unlicensed helicopter pilot Troy Thomas before a Kimberley crash in which he and 12-year-old Amber Millar died. The Aus
Cabin crew strike may ground FIFO workers
Qantas’ lucrative WA fly in, fly out operation is at risk of disruption with hundreds of cabin crew members preparing for potential strike action over a pay deal the union says was not agreed to. The West
Jetties planned to ease Kwinana pressure
Fremantle Ports says planning is under way for new bulk jetties near Kwinana amid frustrations about capacity constraints. The West
The Australian Financial Review
Page 4: The latest Intergenerational Report, to be released by Treasurer Jim Chalmers tomorrow, will forecast annual average GDP growth of 2.2 per cent over the next 40 years, which would be the slowest sustained pace of economic expansion since World War II.
Page 5: The value of the Australian dollar has been slashed due to lower interest rates than overseas and fears about China’s slowing economy, making the Reserve Bank’s inflation fight more challenging.
Page 5: Industry Minister Ed Husic says critics of the government’s plans for local battery manufacturing are stuck in a decade when ABBA was on the charts and the prevailing fashion was big hair and large shoulder pads.
Page 11: Only four renewable energy projects reached financial close in the three months to the end of June, extending a dearth in commitments to new wind and solar farms just when the buildout is supposed to be accelerating to allow polluting coal generators to shut down.
Page 11: BHP chief executive Mike Henry says the global miner will not make any new greenfield investment in Queensland as the state’s controversial new coal royalty regime has made it too risky to invest there.
Page 14: A 6 per cent increase in Woodside’s first-half profit to a record $US1.74 billion ($2.71 billion) has been seized on by unions to bolster their determination to wrest a better deal for offshore workers in critical talks today that could lead to a strike.
Page 15: Coles shares closed at the lowest level since April 2021. Ms Weckert hoped a new $1 billion-plus savings program over the next four years would help offset inflationary pressures. Also helping to drive sales and profits are improvements in product availability and a choice by consumers to eat at home more often, buying higher-margin Coles home-branded products such as pasta.
Page 26: European natural gas jumped to a two-month high as workers at export facilities in Australia prepare for strikes that could significantly dent global supplies in the run-up to winter.
The Australian
Page 6: NSW Premier Chris Minns is under pressure to stop local councils from banning gas in new homes and businesses after Sydney’s City Council voted to begin the process of requiring new residential developments to be all electric.
Page 13: BHP chief executive Mike Henry has played down the prospect of cuts to Chinese steel production sendingiron ore prices into free fall amid concern over an economic slowdown, saying prices were unlikely to fall below $US80 a tonne for any length of time.
Page 15: Commonwealth Bank will shed another 88 back-office jobs in Sydney, Perth, Brisbane, Melbourne and Canberra as part of a restructure that will affect 221 roles, according to the Finance Sector Union.
Page 16: Alumina has warned that Alcoa’s business in Western Australia faces “significant uncertainty” on the back of permit delays at the mining giant’s flagship operations, as Alumina slumped to a loss in the first half of the year.
Page 16: Lithium producer Allkem has handed down record full-year results as it looks to close a $15.7bn merger with US giant Livent.
The West Australian
Page 23: New Coles chief executive Leah Weckert is opening talks about getting more WA-made products on its shelves locally in a bid to highlight the State’s produce and shore up supplies for its supermarkets.
Page 37: Abyssinian Metals directors will continue fighting to keep control of the lithium hopeful despite surrendering in an attack on their performance shares.
Page 37: An attempt to dump Griffin Coal’s liquidators is going to court, with Bluewaters power station seeking an order blocking the move.
Page 38: Continued investment in the metals of the future and the need to sustain iron ore output levels from the Pilbara will keep demand for engineering and maintenance services strong, says Monadelphous, despite uncertainty over domestic consumption in China and the risk of a US recession.
Page 40: There are at least half a dozen international and Australian investors circling WA with $1 billion-plus cheques looking for major industrial landholdings, according to the man who sold WA’s most expensive property.
Page 41: Perth’s accommodation market is rebounding towards pre-pandemic levels, with occupancy rates in hospitality giant Accor’s 25 WA hotels the second highest in Australia.
Page 42: WA recorded the second biggest drop in new home sales in Australia last month, with a 9.3 per cent decline and falls across the nation indicating weaker home building activity in 2024 — at a time there is a crippling housing shortage.
Page. 42: Osborne Park — one of the most tightly held industrial zones in Perth — has witnessed its first major transaction in years, with a car yard selling off-market for $14.5
