Tourism's $6.5bn pain: 'our worst summer ever'
Hoteliers and tourism executives say the “worst summer on record” has cost the nation $2bn and could wipe a further $4.5bn from the industry, as Tourism Australia launches an advertising blitz urging Australians to holiday at home to support domestic jobs. The Aus
Giant grocer suddenly checks out
German retailer Kaufland is pulling out of Australia without selling a single sausage, only two years after buying its first store site and six months after starting work on its first distribution centre. The Fin
Business chiefs call out for $5b investment fix
The Morrison government will need to halve the size of its planned surpluses in the next 18 months and pump $5 billion into a business investment allowance if it wants to lift the economy out of an investment strike, business groups and economists say. The Fin
Fall in emissions tipped as grid’s renewable energy capacity hits record high
The amount of renewable energy installed across Australia hit a record in 2019, pushing the share of electricity generated by solar and wind to new highs, Energy Minister Angus Taylor says. The Aus
Cormann rebuts ‘false’ claims on Coalition action
Finance Minister Mathias Cormann has gone on the front foot against critics of the Morrison government’s leadership on climate change at the World Economic Forum in Davos, defending the government’s record as the bushfire crisis continues to spark debate. The Fin
Feds dish up administrator to feeder, fixer and financier
Buurabalayji Thalanyji Aboriginal Corporation chief executive Matthew Slack and community board members have stepped aside to give administrator Peter Saunders control of the Onslow group for at least six months. The West
CBA mass exodus hits private wealth
Commonwealth Bank of Australia has shed 27 per cent of its high-net-worth advisory workforce in three months as it repositions its private wealth business amid the disruption and new regulations emerging from the Hayne royal commission. The Fin
Bold solutions to yank WA out of the economic doldrums
Lessening the stamp duty burden, deregulation of shopping hours and a loosening of migration restrictions should all be examined to drag the WA economy out of stagnation. The West
Riskier options on radar
Australia’s biggest investors intend to take riskier bets this year as they hunt for returns amid stretched stock valuations and lingering concern about the outlook for global growth. The West
The Australian Financial Review
Page 1: German retailer Kaufland is pulling out of Australia without selling a single sausage, only two years after buying its first store site and six months after starting work on its first distribution centre.
Michael Johnston, a director of both Crown Resorts and CPH Holdings, signed off on CPH’s controversial $1.67 billion share sale to Melco, raising questions about how potential conflicts are managed and whether he should have informed the casino group.
Page 2: The Morrison government will consider letting non-banks initiate payments under its ‘‘open banking’’ regime, a move that could wrest control of a core function away from major banks and provide a leg-up to fintech disrupters.
Page 4: The Morrison government will need to halve the size of its planned surpluses in the next 18 months and pump $5 billion into a business investment allowance if it wants to lift the economy out of an investment strike, business groups and economists say.
Page 6: Australians will be urged to take a holiday at home this year, as part of a $20 million advertising campaign to help support tourism operators hit by the summer of deadly bushfires.
Page 7: Finance Minister Mathias Cormann has gone on the front foot against critics of the Morrison government’s leadership on climate change at the World Economic Forum in Davos, defending the government’s record as the bushfire crisis continues to spark debate.
Page 8: Superannuation Minister Jane Hume has blasted AustralianSuper after the $182 billion fund increased fees for the second time in 12 months.
Page 9: The Chinese government is under pressure to contain rising panic about the outbreak of a mysterious virus spreading throughout the country, as the death toll rose to nine and the number of reported infections doubled to more than 400 in just 24 hours.
Page 10: US President Donald Trump turned a much-anticipated appearance at the elite Davos forum into a rally for his November reelection bid, lauding his country’s economic revival as ‘‘nothing short of spectacular’’.
Page 13: Commonwealth Bank of Australia has shed 27 per cent of its high-net-worth advisory workforce in three months as it repositions its private wealth business amid the disruption and new regulations emerging from the Hayne royal commission.
Mining magnate Andrew Forrest is on track to claim the title of Australia’s richest man as surging iron ore prices fuel a staggering rally in the shares of Fortescue Metals Group.
Page 15: Online retailing is forecast to account for about 12 per cent of retail sales in four years, but the shift away from bricks and mortar stores may not be as disruptive as once feared.
Page 16: Doing nothing on carbon emissions and focusing only on near-term returns is ‘‘not an option’’ for oil and gas producers, the head of the International Energy Agency has declared, because the industry’s social licence and longterm profitability are at stake.
Page 17: Syrah Resources will keep burning cash in the first three months of 2020, despite a 17 per cent rebound in graphite prices in the past quarter.
The Australian
Page 1: Hoteliers and tourism executives say the “worst summer on record” has cost the nation $2bn and could wipe a further $4.5bn from the industry, as Tourism Australia launches an advertising blitz urging Australians to holiday at home to support domestic jobs.
Page 2: Councils banning citizenship ceremonies and Australia Day events have been warned by Alan Tudge to “do the right thing” as left-wing local governments prepare to support change-the-date activists pushing to shift the national holiday from January 26.
Page 4: Complaints about residential aged care have risen 30 per cent in three years and both older Australians and their carers are significantly less satisfied with government aged-care support than eight years ago.
Page 15: Westpac will unveil its new chairman to the market on Thursday, with banking veteran and former ANZ chief executive John McFarlane to take on the task of restoring the bank’s reputation.
Page 16: National Storage REIT is back in the M&A spotlight, with a suitor thought to be moving towards a potential takeover.
Page 17: The amount of renewable energy installed across Australia hit a record in 2019, pushing the share of electricity generated by solar and wind to new highs, Energy Minister Angus Taylor says.
Private equity suitor Mercury Capital has abandoned its plan to buy Bauer Media, as the German family-owned media group grapples to salvage its magazine deal with Seven West Media.
The West Australian
Page 5: Passengers flying into Perth from China have been warned to be on the lookout for flu-like symptoms amid continuing fears about the deadly coronavirus.
Page 6: Only half of young West Aussies are in favour of maintaining the date of Australia Day, pointing to a generational shift in attitude towards the divisive national holiday.
Page 9: Lessening the stamp duty burden, deregulation of shopping hours and a loosening of migration restrictions should all be examined to drag the WA economy out of stagnation.
Page 10: Piggeries and dairies can get taxpayer money for projects that reduce methane emissions through treating animal waste.
Page 20: Air travel is on the verge of becoming cheaper as Boeing’s new jet lag-busting 777X, WH001 takes its first flight this week.
Business: Analysts are scrambling to adjust their forecasts for the unexpectedly high iron ore price as demand and supply fundamentals point to a stronger-for-longer narrative, potentially for the rest of the year.
Buurabalayji Thalanyji Aboriginal Corporation chief executive Matthew Slack and community board members have stepped aside to give administrator Peter Saunders control of the Onslow group for at least six months.
Australia’s biggest investors intend to take riskier bets this year as they hunt for returns amid stretched stock valuations and lingering concern about the outlook for global growth.
Deloitte has bought its second Perth-based consultancy inside a year, yesterday revealing it had snapped up six-year-old Global Integrated Operations.
