Supply chain problems ignored by $23b program
The Albanese government’s $23 billion Future Made in Australia program has allocated almost no funding to address risks identified by the government’s key adviser on supply chain vulnerabilities, despite the prime minister pledging to invest in making the economy more resilient to international shocks. The Fin
Provider warns on NDIS rorts
National Disability Insurance Scheme providers are submitting barely legible handwritten invoices for payments of tens of thousands of dollars under a system that experts say needs to be digitised to stamp out fraud and rorting. The Fin
SMSFs asked to help fund compo scheme
More than half a million self-managed super funds will not be able to claim compensation from a scheme for victims of financial misconduct unless they agree to help support it. The Fin
Buyers steer clear of petrol as more electric vehicles hit the road
Electric vehicle sales hit a monthly record in March as the conflict in the Middle East sent fuel prices soaring, even as Australians bought fewer new cars compared with the same time last year. The Fin
Renewables goal off ALP platform
Labor has dropped references to its 82 per cent renewables target in a preliminary draft of the national policy platform it will take to the next election due in 2028, but is vowing to use wind and solar power to bring down electricity prices and reindustrialise Australia while blaming coal for grid unreliability. The Aus
Desperate fight after $160m fund collapse
Investors caught up in a $160m fund collapse are hoping a final attempt to seek compensation pays off after being given the run-around by regulators, liquidators and the financial complaints ombudsman. The Aus
No scalps in petrol crackdown
The Australian Competition & Consumer Commission has no enforcement action to show for its ramped-up policing of petrol pricing. The Aus
Migrant push for tradie fix
Summit Homes Group general manager Cameron Lade conceded it was controversial, but the only way to address the dire trade shortage was to embark on a large-scale migration program. The West
State to pick up the tab for soaring aviation fuel expenses
Regional flights in WA will not be slugged with fuel surcharges after the Cook Government announced it will cover the additional cost. The West
ACCC to look at Wheatbelt servo’s Easter ‘surcharge’
A Wheatbelt petrol station found charging a 20 per cent surcharge on fuel across the Easter weekend has been referred to the ACCC by the State’s consumer watchdog boss. The West
The Australian Financial Review
Page 4: First it was the rising cost of plastic pipes, steel, timber and cement, but the Middle East crisis is about to punish home builders and renovators with price rises of up to 10 per cent for paint.
Page 5: Truck drivers grappling with surging diesel costs say some customers are beginning to reduce or refuse orders as the industry attempts to pass on massive price increases resulting from the Middle East conflict.
Page 13: NextDC says it will issue a 100-year, $1 billion bond anchored by Canadian pension investment giant La Caisse to help fund the construction of data centres, just a week after putting a fundraising of half that size on ice.
Page 13: A major investor in Magellan Financial says poor disclosures about the investment house’s $1.6 billion proposed tieup with Barrenjoey Capital Partners raises concerns about the company’s culture, but long commitments from key deal makers provides comfort.
Page 14: Last year Taurus Funds Management, a mining-focused financier partly owned by Regal, acquired Western Australia’s Abra lead and silver mine out of voluntary administration. Now, it reckons it’s in good enough shape to take a run at the ASX boards.
Page 15: Lenders to the country’s biggest operator of Priceline stores had warned the company it had to create a real board to review its operations and finances more than a year before it collapsed and was put up for sale.
Page 17: Guzman y Gomez says sales surged in the three months to the end of March, particularly deliveries through a new partnership with Uber Eats.
Page 22: The Australian sharemarket closed at a four-week high on Tuesday as investors piled into beaten-up technology and mining stocks despite US President Donald Trump’s looming deadline to bomb Iranian power plants if the Strait of Hormuz is not reopened.
The Australian
Page 15: The corporate regulator is scrutinising the profitability of Australia’s private lenders, according to a leaked survey sent to respondents revealing its concerns about compliance and conflicts of interest.
Page 15: Australian miners are warning of material risks to the industry and fast rising costs from diesel shortages, but the price of the fuel has hardly budged in the African nation of Guinea, where Rio Tinto and Chinese partners are boosting production at the Simandou iron ore project.
Page 15: The a2 Milk Company has settled a long-running class action lawsuit over alleged misleading conduct, agreeing to pay investors $62m, with no admission of liability.
The West Australian
Page 17: A proposed policy overhaul by the State Government would allow abandoned mines in WA to be declared “rehabilitated” even if they pose ongoing risks.
Page 17: WA households splurged nearly $9.3 billion in February, the biggest spending jump of all States in dollar terms, but consumers have been warned to brace for a “tough few months” amid rising inflation, interest rates and the Iran war.
Page 18: Corporate heavyweight Hancock Agriculture has scrapped cropping because of continuing fertiliser and diesel shortages and plans to double down on its Wagyu operation at its newly acquired Dongara property.
Page 18: Copper is vulnerable to further declines if the Strait of Hormuz remains blocked, Goldman Sachs Group analysts warned, as metals markets brace for US President Donald Trump’s deadline for Iran to agree a deal or face sweeping attacks on civilian infrastructure.
Page 19: WA’s peak business lobby group is pushing State and Federal governments with an ambitious wish list of actions aimed at cushioning the economy from fuel shortages as the US escalates threats against Iran.
Page 20: The company building Victor Goh’s Elizabeth Quay skyscrapers was blasted for withholding millions of dollars from a contractor in a previously secret legal ruling.
Page 20: Matrix Composites & Engineering’s board has agreed to press ahead with negotiations and allow interested suitor Advanced Innergy Holdings to start due diligence on a proposed $90 million cash deal.
Page 29: US chemicals giant Albemarle says it has “largely completed” sacking roughly 250 WA workers after making the call to idle the Kemerton lithium hydroxide refinery in February.
Page 32: There are now officially more student beds in Perth than there are shops, as the capital finally transitions into a city for students.
Page 34: A Rottnest-style village designed by Perth architect Neil Cownie has been announced as the winning entry in the Australian Urban Design Centre awards held by the University of WA.
