Super’s big rise poses ‘new risks’
The rapid growth of Australia’s $3.9 trillion superannuation industry and its large exposure to the big four banks has created new risks to the stability of financial markets and could amplify shocks in the future, the Reserve Bank of Australia has warned. The Fin
Supermarket giants ‘could be innocent’
Former competition regulator Graeme Samuel says Woolworths and Coles could be totally innocent of allegations they were misleading customers, with politicians wanting to find someone to blame for higher prices. The Fin
NDIS blowout makes RBA’s job a lot harder
A blowout in government spending on the $49 billion National Disability Insurance Scheme is adding to inflation and will make it harder for the Reserve Bank to cut interest rates, a new economic analysis warns. The Fin
AFL boss warns against strict gambling laws
AFL chief executive Andrew Dillon has warned against the introduction of heavy-handed gambling laws that could force bookmakers to exit the market, claiming it could cost sports codes millions of dollars in fees and create issues with offshore match-fixing. The Fin
Treasurer’s warning on China slowdown
Jim Chalmers has warned that further slowing in China’s economic growth would wreak havoc in Australia, with a drop of one percentage point in Chinese GDP growth projected to inflict about $6bn in lost domestic output. The Aus
Coalition rejects ‘risky’ bill
The Coalition will formally oppose Labor’s misinformation bill in parliament, after months of concerns over the risk it may post to free speech. The Aus
Supermarket giants an ‘oligopoly’: watchdog
The competition regulator has labelled supermarket giants Woolworths and Coles oligopolists and warned it will now scrutinise whether the twin chains are misusing market power to ratchet up prices, which are pinching low-income families. The Aus
Albanese shuts down negative gearing speculation
Anthony Albanese has scrambled to shut down speculation his Government is planning to overhaul negative gearing and capital gains tax after Jim Chalmers’ Treasury officials were caught out working up secret plans. The West
Pumps switched on for the biggest sodium chloride project
Australia’s first salt project in more than two decades is well on the path to production in a massive coup for both northern WA and efforts to diversify the State’s economy. The West
Zeta’s bid to revive collapsed Panoramic
Shareholders will receive nothing and unsecured creditors 10¢ in the dollar under a recommended rescue proposal for Panoramic Resources, which has been tabled by an investment fund that once thwarted IGO’s takeover attempt for the now-failed nickel miner. The West
The Australian Financial Review
Page 4: Labor’s broken promises on the stage three tax cuts and superannuation mean it could curb tax breaks for housing investors after the next election, even if it rules it out beforehand, Peter Dutton says.
Page 5: Falling interest rates could trigger a property price boom that encourages households to take on too much debt, raising the risk of a future market downturn that ravages the economy, the Reserve Bank has warned.
Page 7: National Farmers Federation board member Lisa Minogue says the sector will find it increasingly difficult to produce food unless Canberra starts listening to the concerns of rural Australia.
Page 8: Qantas says strike action by engineers has not affected passengers, with plans in place to keep people moving over the AFL grand final weekend.
Page 10: Australia’s new infection super agency will be given authority to co-ordinate national responses and manage any future pandemic as the centrepiece of the COVID-19 review due to be handed to government on Monday.
Page 12: Australia and the United Kingdom will thrash out a formal treaty to govern the development of their jointly designed nuclear-powered submarine, the SSN-AUKUS, as they look to allay concerns about their ability to deliver the project.
Page 17: More than a 10th of business financing is coming from non-bank lenders amid a boom in private credit and as big banks avoid construction and other industries where borrower stress is rising, the Reserve Bank says.
Page 17: The local affiliate of China’s largest electric vehicle manufacturer said BYD cannot remotely control any electric vehicles sold in Australia, and that it only shares anonymised data with its operational hub in China.
Page 18: The chairman of the caproate regulators says Macquarie executives and its board need to reflect on the investment bank’s reckless disregard for following the rules, one day after the bank was found to have allowed dozens of suspicious transactions despite being repeatedly warned.
Page 21: Three months after Guzman y Gomez’s blockbuster ASX listing, the company’s early backers have been quietly selling the shares.
Page 22: A late mining sector rally pushed the Australian sharemarket higher yesterday as China pledged more stimulus measures to help the country meet its growth target.
Page 25: The competition regulator has approved the $1,3 billion acquisition by Stockland of a portfolio of Lendlease’s housing estates, clearing the way for the next leg of Lendlease’s ambitious restructuring program.
The Australian
Page 6: Climate Change Minister Chris Bowen says the Albanese government won’t replicate a US ban on Chinese electric vehicles, as Beijing’s top diplomat in Canberra declared the country’s EVs would help Australia deliver its promised carbon emissions cuts.
Page 15: Qantas senior executives knew the airline was selling tickets for flights it had cancelled, according to a statement of facts released by the Australian Competition & Consumer Commission about the “ghost flights” scandal that the airline paid $120m to settle in May.
Page 16: Tax incentives are needed to drive the electrification of Australia’s mining fleet, a consortium of mining companies says, arguing that our policy settings lag our international peers and won’t drive the investment needed to hit government emission reduction targets.
Page 16: EnergyAustralia, the country’s third-largest electricity and gas retailer, has been fined $14m by Australia’s competition watchdog after making false, misleading or deceptive statements to hundreds of thousands of consumers about electricity prices.
The West Australian
Page 61: A global cocoa shortage stemming from disappointing harvests in West Africa, which sources 70 per cent of the world’s cocoa, is triggering price rises in chocolate, according to a report by agricultural lender Rabobank.
Page 62: The RAC, WA’s biggest general insurer, is making no apologies for a record profit amid surging premium prices that are fuelling cost-of-living pressures.
Page 63: Newmont has fired up WA’s iconic Telfer mine after nine months of tailings dam troubles as it hands the reins to Greatland Gold under a $714 million deal that’s set to vault the new owner onto the Australian Securities Exchange.
