Dutton’s $6b fuel tax gambit
Opposition Leader Peter Dutton has moved to gazump Prime Minister Anthony Albanese’s budget tax cuts on the cusp of a cost-of-living election with a $6 billion pledge to cut the price of petrol by 25c a litre for one year. The Fin
Economists fear blowout in spending
Labor’s budget forecasts for spending to edge down from a 40-year high are built on shaky savings assumptions, economists say, as they warn the government’s big-spending track record suggests expenditure is unlikely to be reined in. The Fin
Independents could decide fate of NW Shelf gas
West Australian Premier Roger Cook has softened his criticism of Commonwealth delays to approve a 40-year extension to the massive North West Shelf gas project after the decision was pushed beyond the looming federal election, and perhaps into the hands of minority government. The Fin
More sweeteners ahead for tradies, blue-collar workers: Albanese
Prime Minister Anthony Albanese has flagged he will announce election policies during the campaign to help tradies and blue-collar workers after small business groups were left disappointed by Tuesday’s federal budget. The Fin
Treasurer ‘blew Lotto windfall’
Jim Chalmers has stridently rejected claims he squandered almost $350bn of windfall revenue gains, despite the budget forecasting a decade of deficits, as Labor moved to wedge Peter Dutton by trying to ram legislation through parliament to set up an election fight over a $5-a-week tax cut. The Aus
Musk’s X steps up eSafety Conflict
Elon Musk’s X Corp has intensified its fight with Australia’s eSafety Commissioner, seeking to overturn a two-year-old, six-figure fine from the watchdog. The Aus
Rate cut unlikely despite inflation drop
The Reserve Bank is unlikely to deliver a second consecutive rate cut next week despite a decline in inflation in February, keeping the cash rate at 4.1 per cent on hold until after the election. The Aus
‘Forgotten’ WA: angry mining boss
The Albanese Government has taken a “particular bent” against the mining industry, and his Budget cemented that by “forgetting” the sector, the head of the peak industry body has warned. The West
Federal government’s ‘top-up’ for WA roads
A secret Federal Government stash of $642 million for WA roads after 2029 has been described as a suspicious “side deal” by shadow infrastructure minister Bridget McKenzie. The West
More than 600 jobs set to be lost at Jeanswest
WA-founded fashion chain Jeanswest has become another victim of a pulback in discretionary spending as shoppers keep a closer eye on their budgets amid ongoing cost-of-living pressures. The West
The Australian Financial Review
Page 7: The Albanese government’s ban on non-competes for workers earning up to $175,000 would extend to key professionals in finance, accounting and technology, and threaten the value of business acquisitions, warn employers and workplace lawyers.
Page 10: Jim Chalmers’ surprise federal budget tax cuts will be eaten up by bracket creep within three years, with experts rubbishing the government’s claims they represent meaningful reform and will help on the cost of living.
Page 19: AustralianSuper has sold its entire $580 million stake in WiseTech Global and accused the logistics software giant run by billionaire Richard White of failing to meet its expectations of proper corporate governance.
Page 19: EY will make sweeping changes to its global structure to cut costs and address stagnant growth, slashing the number of regional divisions at the firm and ending the independence of its financial services arm.
Page 21: ANZ’s board plans to release a sweeping review of culture and risk governance in its embattled markets unit imminently, backpedalling on its previous stance to disclose only a summary.
Page 21: Coles will permanently retire the Vintage Cellars and First Choice Liquor Market chains after a successful four-month trial of rolling out the Liquorland brand to other parts of its alcohol retailing business.
Page 23: The administrators of Whyalla steelworks have been forced into a $60 million emergency buy-up of coking coal after previous owner, British industrialist Sanjeev Gupta, ran down stockpiled to just three days’ worth.
Page 23: Worley said its chief financial officer, Tiernan O’Rourke, would step down later this year following a four-year stint with the business.
Page 23: Investors dumped Paladin Energy after the uranium miner retracted its production guidance for the year with unexpected bad weather forcing it to temporarily suspend its Namibian operations.
Page 30: The Australian sharemarket notched its fifth consecutive day of gains yesterday as investors continued to pile back into stocks that had been punished during the recent sell-off.
Page 31: The nation’s largest superannuation funds are investing nearly $5.4 billion of local retirement savings in overseas assets every three months, depressing the value of the Australian dollar as their ever-growing pool of retirement savings forces them to look offshore.
The Australian
Page 4: The Coalition has accused the government of “forgetting” about the aged-care sector in the wake of Tuesday’s budget, as providers raise alarm over the lack of extra funding to help the industry impalement Labor’s $5.6bn in reforms by July.
Page 5: Laws enshrining an instant asset write-off of up to $20,000 for small business were set to pass the Senate on the last sitting day before the election, after the Coalition and independents ramped up pressure on Labor to make the support measures permanent.
Page 7: Winemakers have dismissed the government’s budget gesture lifting the rebate available on wineries by $50,000 as a “drop in the barrel”, and roundly condemned a missed opportunity for desperately needed structural reform to save the industry from a wipe-out.
Page 18: The Albanese government has forecast AI would inject up to $600bn a year into the national economy by the end of the decade, but some tech leaders say it’s uncertain how it would achieve that goal, particularly after the budget failed to include any initiatives to harness AI.
The West Australian
Page 42: The State’s biggest alumina exporter, Alcoa, has been hit with a $400,000 fine for a chemical spill in September 2022.
Page 42: The Financial Sector Union will seek a meeting with WA Treasurer Rita Saffioti to voice concern over the potential loss of up to another 90 jobs at Bankwest, the century-old lender that last year closed its branch network.
Page 43: The Junior Minerals Exploration Incentive was not extended in the Federal Budget handed down on Tuesday, squashing a tax break scheme that provided $182 million in benefits over the past seven years.
Page 44: Mineral Resources has cut 15 white-collar workers from its Osborne Park headquarters, saying it was focused on “operational efficiencies”.
