Power grid foils Ampol’s plan for EVs
Ampol, one of the country’s largest petrol retailers, has dialled back plans to triple the number of electric vehicle chargers because the power grid is already faltering, dealing a blow to government hopes of pushing big numbers of motorists towards cleaner cars by 2030. The Fin
Visa brain drain could cost us dear
Australia’s PhD-qualified research workforce, which relies heavily on overseas students, will be further diminished as the government’s migration crackdown takes its toll, leading research and philanthropy figures warn. The Fin
Banks start cutting term deposit rates
The country’s largest banks are quietly making significant cuts in the interest rates they pay on term deposits, ahead of the Reserve Bank, stepping back from an intense competition for funds that has weighed on their profit margins but benefited savers. The Fin
Labor-Lib deal: CFMEU set for administration
Every state and territory construction division of the CFMEU will be in administration this month after the government and opposition reached a deal allowing the administrator to take control for up to five years. The Fin
IV crisis: morphine now low
Supplies of several crucial medicines are running short around the nation, including morphine products vital to ease the suffering of palliative care patients, as some medical specialists reject claims by the nation’s health ministers that the shortage of IV fluids – which has thrown hospitals into chaos – is easing. The Aus
Higgins too ill to front court
Brittany Higgins has pulled out of giving evidence in the defamation action brought against her by Liberal senator Linda Reynolds, in a bombshell move that could bring an early end to the legal proceedings. The Aus
Gas sector wins another legal victory
A legal challenge against the preliminary environmental approvals given to Woodside’s $16.5bn Scarborough LNG development will be dismissed in the latest win for the gas industry against environmentalists that hev looked to use the courts to block developments. The Aus
Ripple effect of Plibersek’s ban ruling
A fired-up Regis Resources chief, Jim Beyer, has labelled Environment Minister Tanya Plibersek’s ruling to block its $1 billion gold mine as a “huge shock” and said the ripple effect will be felt beyond Australia’s mining industry. The West
Former Premier now company chairman of Frontier Energy
WA’s former premier has upped the stakes in his post-politics foray into the corporate world, emerging as chairman of an ASX-listed solar energy company. The West
Charger outs ‘disappointed’ Core Lithium’s secret $6.5m offer
Battery minerals explorer Charger Metals says it has been approached with a $6.5 million scrip proposal from Core Lithium, which closed its Finniss mine earlier this year and tightened its belt amid the commodity downturn. The West
The Australian Financial Review
Page 1: Caravan manufacturers, chocolate makers, software developers, gas companies and native titleholders are among the slew of interest groups putting their hands out for billions in taxpayer support as part of the Albanese government’s Future Made in Australia plan.
Page 3: Former corporate and competition watchdog chiefs say their ability to win major court cases was ‘‘materially weakened’’ by having to pay barristers a fraction of their commercial rates, and pointed to warnings as early as 2019 that it was a problem in the courtroom.
Page 6: The Albanese government is pressing ahead with foreign student caps the industry warns will hurt universities and the economy, despite Treasury data showing that even without the crackdown migration numbers are tapering off as expected.
Page 10: Nearly $2.2 billion has been wasted on five failed federal IT projects, after an ambitious decade-long program to build a $341 million common back office system for the federal government was abandoned.
Page 10: A coalition of financial advice and accounting lobby groups is demanding Labor drop its plan to tax unrealised gains in high balance superannuation accounts to save its floundering flagship revenue raising policy.
Page 10: West Australian businesses want the Albanese government to give carbon capture technology the same attention as green hydrogen, warning that a lack of political will is jeopardising the development of an industry critical to the state’s downstream processing ambitions.
Page 15: Suncorp says general insurance premiums are set to rise this financial year by mid-to-high single-digit amounts, as it faces higher repair costs from houses damaged by ageing water pipes even as global reinsurance rates moderate.
Page 15: The a2 Milk Company has warned revenues will grow at just half the pace expected by investors over the next year, as the infant formula group struggles to ship products.
Page 17: Bathroom and plumbing products company Reece Group has lifted net profit after tax by 8 per cent to $419.2 million for the 12 months ended June 30 in a tough market as renovators trim back spending and approvals for new home builds slow.
Page 19: Westpac is the latest bank to reveal that profit margin pressures are fading as the ultra-competitive mortgage wars cool.
Page 19: Booktopia, the online bookseller that collapsed into administration last month, has been sold to digiDirect for a fraction of its one-time $400 million valuation.
Page 20: Australia’s biggest telcos are gearing up for a showdown over what kind of infrastructure should replace ageing copper wires as Telstra’s rivals fight for a share of taxpayer dollars.
Page 32: Lendlease has swung to a loss of more than $1.5 billion – its biggest statutory loss in recent memory – as the real estate developer makes a messy exit from underperforming businesses and focuses on profitable work in its home market of Australia.
The Australian
Page 4: Bill Shorten’s strategy to rein in the cost of the $40bn-a-year NDIS has come under attack from major disability providers catering for 30,000 recipients, warning they may have to cut services as Labor faces growing opposition to its scheme overhaul.
Page 4: Business groups and economists are calling on Canberra to address urgently the structural budget deficit through spending restraint and tax reform, with the plunge in the iron ore price set to expose the underlying problems with the nation’s finances.
Page 13: Andrew Forrest’s Fortescue “painted” his former executives as shady actors who were planning to snatch the mining giant’s green iron secrets in order to convince a judge she should allow the company to execute raids on their homes and offices, the Federal Court has heard.
Page 13: Ensuring the survival of Australia’s steelmaking capacity will require close cooperation from all levels fo government, BlueScope Steel managing director Mark Vassella says, with the company facing energy costs in some cases triple those of overseas rates and a deluge of cheap steel from China.
Page 15: Commonwealth Bank is beginning “to see progress” on housing starts since relaxing credit settings for property developers and says the worst may be over for the hard-hit construction sector as costs stabilise.
Page 15: Struggling winemaker Australian Vintage, which this year ejected its CEO and lost out on a merger with Accolade Wines, will pivot away from the heavy discounting that is plaguing the global wine sector, at the cost of at least $41m in impairments as it writes down the value of inventory and switches its grape supply deals.
The West Australian
Page 4: Workers applying for jobs on mine sites are being told to submit blood samples during the recruitment process, with those who refuse to consent being knocked back.
Page 4: Under-fire builder Nicheliving is selling off dozens of lots and properties at various stages of development after losing its building licence, but property spruikers concede it is a hard sell in this market.
Page 18: As the iron ore price continues its descent, global investment bank UBS has ranked which of WA’s major miners will be hurt the most.
