Green push ‘could make us poorer’
The Albanese government’s Future Made in Australia plan risks making Australians poorer and evolving into protectionism, undermining decades of reform aimed at creating a vibrant trading economy, the Productivity Commission has warned. The FIn
ASIC mulls crackdown on media leaks
Leaks to the media about company takeovers could start a countdown clock on the window bidders have to lodge a formal proposal, under an idea being mulled by the corporate regulator to bolster market integrity. The FIn
Ex-TPG Telco clients must pay for email
TPG Telecom’s former email customers will have to pay between $30 and $95 every year for each account after they were transferred to a Norwegian-owned company. The FIn
Watchdog Longo wants to lift the lid on opaque private credit funds
The market regulator is making transparency in private credit a key priority, putting together a dedicated team to investigate conflicts of interest and determine how firms value the assets they have lent against for the first time. The Fin
Tax-cut killer: rates warning
A rate hike at next month’s Reserve Bank meeting would erase the benefit of real wage rises and stage-three tax cuts for struggling household borrowers, Deloitte has warned, in a move that would undercut Labor’s signature cost-of-living measure and derail Anthony Albanese’s election pitch. The Aus
International flights just got cheaper
Travel to Bali is getting even cheaper, with new Flight Centre data showing airfares to Indonesia fell by an average 17.1 per cent in the first half of 2024, compared with the same time last year. The Aus
Fortescue looks to shed exec layers
Fortescue’s sweeping restructuring goes far beyond removing the duplication of back-room functions between its energy and mining arms, with a growing number of senior executives set to depart as the company sweeps out layers of management. The Aus
Union isn’t safe in WA either
Senator Michaelia Cash has argued reporting from The West Australian should be the evidence the Federal Government needs to crack down on the surviving construction union in WA — just like it was over east. The West
Store’s closure leaves shocked brides gown and out
In an email to customers on Tuesday, NOA Bridal’s Elizabeth Lyndon-James announced she would no longer be able to deliver wedding dresses because she was “heavily” in debt and would be declaring bankruptcy. The West
Rampant public spending to delay interest rate relief: ANZ
Government spending has run faster than the economy can catch up to for the past decade — and could make the Reserve Bank less likely to sharply cut interest rates next year. The West
The Australian Financial Review
Page 7: The West Australian Labor government, business and miners are urging the Albanese government not to do a deal with the Greens on environmental law, arguing the minor party’s key demand could jeopardise future investment in resources.
Page 17: Banks and financial regulators could support first-time home buyers to enter the property market by reducing mortgage ‘‘risk weights’’ to take pressure off interest rates, and removing HECS debt from responsible lending calculations.
Page 17: Pilbara Minerals chief executive Dale Henderson says the lithium market appears to have reached its new floor price as supply from marginal players comes out of the market.
Page 17: Southern Cross Austereo and WIN Corporation have discussed selling regional TV stations to Network Ten in a deal that would – if it goes ahead – allow billionaire Bruce Gordon to increase his stake in Nine Entertainment.
Page 19: The competition watchdog says it does not know exactly how much Meta, the parent company of Facebook and Instagram, earns from Australian users – but says it is a lot more than it tells the corporate regulator.
Page 19: Repco, the North American automotive parts giant, is winning market share in Australia from its largest rival, ASX-listed Bapcor, which rejected a $1.8 billion bid from private equity group Bain Capital two weeks ago .
Page 19: The prudential regulator has delayed a move to stop small lenders counting bank securities as ‘‘liquid’’ assets, a response to the collapse of Silicon Valley Bank in the United States last year, after the Customer Owned Banking Association argued it would have sliced profits in the mutual bank sector by $100 million.
Page 19: Flight Centre shares fell more than 4.7 per cent, or $1.09, after it told investors it expected its underlying profit before tax to be between $316 million and $324 million this year.
Page 24: The Australian dollar fell for an eighth session below US66¢ as softer commodity prices continue to weigh on the local currency amid concern about Chinese demand for metals.
Page 33: Housing transactions will pick up slowly in the second half of the year, e-conveyancing platform PEXA says, citing data showing new loan growth plateaued in the June quarter as consumers remained concerned about the cost of living.
The Australian
Page 4: Indigenous Australians Minister Linda Burney would “surprise” several colleagues if she stays in parliament for another term, as senior Labor sources revealed the “general sense” was the senior Left-faction MP would soon make her departure from politics.
Page 4: Peak legal bodies have signed a joint letter urging Labor to fix a $1bn shortfall in federal government funding for public legal services, calling the federal government’s failure to adequately ensure vulnerable defendants received legal representation in court a “national shame”.
Page 5: Employers will push for part0time fast-food and retail workers to be able to work extra hours without penalty rates, declaring “union mania for rigid workplace rules” risks undermining a legitimate form of employment that has worked well for decades.
Page 13: PwC Australia chief executive Kevin Burrowes risks potential jail time or fines after a Labor senator raised the prospect of referring the career consultant to the privileges committee over concerns he misled parliament about his pay packet.
Page 14: Staff at Country Road Group are bracing themselves for a company-wide restructure that is likely to lead to heavy job losses.
Page 15: Perpetual’s asset management business was a sea of red in the June quarter, with all divisions recording a fall in assets as investors ripped funds from the wealth manager.
Page 15: Companies and public agencies around the world are ratcheting up investment in generative artificial intelligence, despite the lion’s share having concerns AI bias could trigger “embarrassing outcomes”, a new report has found.
Page 16: Energy rules will be tweaked to allow households with rooftop solar and batteries to secure greater financial returns by suing their assets to compete against retailers such as Origin Energy and AGL Energy.
Page 17: Reverse mortgage lender Household Capital has priced its first residential mortgage-backed securitisation (RMBS) issuance, raising $263m from local and global investors as the home equity release market heats up.
The West Australian
Page 4: Opposition Leader Peter Dutton is turning up the pressure on Anthony Albanese to dump Andrew Giles in a rumoured ministerial reshuffle, declaring anything short of sacking his close ally would show how “weak” the Prime Minister is.
Page 30: The nation’s top economic watchdog wants taxes on imports abolished, warning compliance costs may far exceed the amount of cash raised.
Page 30: WA’s peak business group and local bosses say the State Government’s victory in securing 10,000 overseas skilled workers is a good start to address crippling labour shortages — but concerns around retention and long processing times still remain.
Page 31: It can be revealed Sev.en Global Investments, the family office of mining tycoon Pavel Tykac, will imminently sound out investors to recoup a big chunk of the hundreds of millions it has poured into the Lake Way sulphate of potash (SOP) project.
Page 31: So-called “buy now, pay later” arrangements for essentials such as food and medicines should be banned, consumer groups say.
