AAA rating defies $184b deficit
Ratings agencies have backed Australia’s ability to fight its way out of recession by reaffirming the nation’s AAA credit rating, after yesterday’s economic update forecast a peacetime record deficit of $184.5 billion, debt to exceed $850 billion, and the economy to contract this financial year. The Fin
WA to help dig us out of disaster
Iron ore could be the saving grace for the national economy if the Victorian outbreak worsens but the Federal Government is downplaying the commodity’s ability to continue selling at high prices. The West
Offer incentives for investment: Goyder
Qantas and Woodside chairman Richard Goyder has escalated calls by business groups for the federal government to offer incentives to help large, medium and small companies bring forward spending plans following an alarming 25 per cent fall in non-mining business investment in the June quarter. The Aus
Dropping $600m appeal ‘worth it’ for graziers: McCormack
The judgment in the live export class action is set to cost taxpayers up to $600 million, but Nationals leader Michael McCormack says it is a price worth paying to give affected graziers closure. The Fin
Jobs are key: Leaders back massive spend
Corporate Australia is backing the federal government’s policy shift to record deficits to combat the severe economic fallout from the coronavirus pandemic. The Fin
Tougher rules ‘a death knell’ for industry
Business leaders are calling for changes to JobKeeper 2.0 and warning thousands of struggling firms will not meet tougher eligibility requirements for the wage subsidy, triggering large-scale job losses. The Aus
Swings and roundabouts for job numbers
WA’s unemployment rate is likely to hit double digits by December and Treasurer Ben Wyatt expects the figure will remain above the national average for the remainder of the year. The West
Miners should be at the top of their game with soaring gold price, says Evolution’s Klein
Gold miners should be delivering “super returns” while the sun shines on the precious metal, according to Evolution Mining boss Jake Klein, as Australia’s top tier gold miners reported solid production results ahead of delivering their annual financial results in August. The Aus
Ita anger as ABC staff hit out at hugs
ABC chair Ita Buttrose has prompted a revolt among the public broadcaster’s young journalists after lobbing a bomb in her own backyard, claiming millennial workers need hugs to do their jobs and lack resilience. The West
Nine-year gold price high perfect timing for miner
Horizon Minerals has joined the ranks of Australia’s gold producers with the miner’s first gold pour on the outskirts of Kalgoorlie-Boulder. The West
The Australian Financial Review
Page 1: Ratings agencies have backed Australia’s ability to fight its way out of recession by reaffirming the nation’s AAA credit rating, after yesterday’s economic update forecast a peacetime record deficit of $184.5 billion, debt to exceed $850 billion, and the economy to contract this financial year.
Victoria has resorted to $300 payments for working Melburnians to get tested after Premier Daniel Andrews blamed 20-year-olds for spreading the virus and the state’s deadliest day saw its death toll more than double in two weeks.
Page 2: The Morrison government will not follow the Trump administration’s lead and close Chinese diplomatic posts, despite an Australian defence contractor being among the alleged victims of intellectual property theft at the hands of Chinese hackers.
Page 3: Ernst & Young has recruited five senior PwC technology partners over the past year and is in talks with four more of its leaders as part of a global strategy to beef up its consulting business.
Two of the key barriers to effective remote working are a lack of practice and a fixation with productivity, says Dom Price, a work futurist at enterprise software company Atlassian.
Page 4: The judgment in the live export class action is set to cost taxpayers up to $600 million, but Nationals leader Michael McCormack says it is a price worth paying to give affected graziers closure.
Page 6: Corporate Australia is backing the federal government’s policy shift to record deficits to combat the severe economic fallout from the coronavirus pandemic.
Page 7: Treasury has forecast the jobless rate could hit 10.75 per cent by December – the highest for 26 years – depending on how businesses delegate jobs.
Page 8: In the June budget update forecasts, Treasury has maintained a very conservative $US55 per tonne free on board price for iron ore exports, only 50 per cent of the current market price.
Page 16: A group of Tabcorp shareholders led by Investors Mutual boss Anton Tagliaferro wrote to the lotteries and wagering giant’s board calling for renewal just weeks before yesterday’s announcement that chairman Paula Dwyer and chief executive David Attenborough would retire.
Page 18: Neobank Xinja has told savers it will cut rates for the second time in two months, just days after announcing it was branching out into international share trading.
Page 22: Network Ten has pulled the pin on negotiations for a potential return for V8 Supercars, leaving Seven West Media in the box seat to be the free-to-air broadcaster of motorsport from next year.
The Australian
Page 1: Josh Frydenberg has backed extending emergency changes to workplace laws and providing generous incentives to reverse a “free fall” in business investment, as he seeks to engineer a swift economic recovery from the COVID-19 pandemic.
A proposal to halve the proportion of Indigenous women and girls who have been victims of violence has been dropped from the final Closing the Gap agreement.
Page 2: Australia’s next-generation future frigates could be built faster and more cheaply, but their construction is being deliberately slowed to provide ongoing work for the nation’s defence sector.
Page 4: Finance Minister Mathias Cormann has said a legacy of massive debt that could take decades to pay back is the necessary cost of saving 700,000 jobs and the economy tens of billions of dollars through the COVID-19 crisis.
Page 5: Business leaders are calling for changes to JobKeeper 2.0 and warning thousands of struggling firms will not meet tougher eligibility requirements for the wage subsidy, triggering large-scale job losses.
Page 13: Qantas and Woodside chairman Richard Goyder has escalated calls by business groups for the federal government to offer incentives to help large, medium and small companies bring forward spending plans following an alarming 25 per cent fall in non-mining business investment in the June quarter.
Page 16: Gold miners should be delivering “super returns” while the sun shines on the precious metal, according to Evolution Mining boss Jake Klein, as Australia’s top tier gold miners reported solid production results ahead of delivering their annual financial results in August.
Page 17: Westpac chief executive Peter King is rounding out his leadership team, with two more positions to fill after the recruitment of Deutsche Bank head of Australia and New Zealand Anthony Miller to replace Lyn Cobley as head of the institutional division.
The West Australian
Page 5: In a WA first, each region will be taking responsibility to ensure Aboriginal-led community solutions are achieved to reduce the increasing number of lives lost to suicide.
Page 8: Iron ore could be the saving grace for the national economy if the Victorian outbreak worsens but the Federal Government is downplaying the commodity’s ability to continue selling at high prices.
Page 11: The State Government is strongly considering a further delay to the easing of restrictions in WA as the situation continues to deteriorate in Victoria.
Page 18: ABC chair Ita Buttrose has prompted a revolt among the public broadcaster’s young journalists after lobbing a bomb in her own backyard, claiming millennial workers need hugs to do their jobs and lack resilience.
Business: Corporate heavyweights say WA will not be immune to the economic hit of the coronavirus crisis — despite growth in mining investment — and that many businesses will be cautious about rehiring as Australia suffers its biggest budget deficit since World War II.
WA’s unemployment rate is likely to hit double digits by December and Treasurer Ben Wyatt expects the figure will remain above the national average for the remainder of the year.
Struggling Australians rushing to access their superannuation early will now be given more time to withdraw their hard-earned cash.
Horizon Minerals has joined the ranks of Australia’s gold producers with the miner’s first gold pour on the outskirts of Kalgoorlie-Boulder.
