Super giants clamp down on WiseTech
Major superannuation funds say WiseTech Global must appoint genuinely independent directors and be more transparent in its dealings after the software giant took no action against its executive chairman despite finding he misled the board over his relationship with employees. The Fin
Japanese lenders sells its Healthscope debt
Japan’s Sumitomo Mitsui Banking Corporation has run out of patience with Australia’s second-largest hospital group, Healthscope, sparking what is one of the first changes to its debt stack after a year of tense negotiations with its $1.6 billion lender syndicate. The Fin
Chalmers’ off-budget spending nears $100b
Treasurer Jim Chalmers will spend nearly $100 billion off budget over the next four years, economists predict, as Labor piles taxpayer money into loss-making assets like the National Broadband Network and Whyalla steelworks. The Fin
Albanese pledges cheaper medicine with $25 scripts
The price of medicines listed on the Pharmaceutical Benefits Scheme will fall by a quarter to $25 per prescription under a pledge to be announced by Prime Minister Anthony Albanese today, which puts healthcare back at the centre of the election campaign. The Fin
Strikes in building sector causing delays
Building companies are collapsing at record levels amid a dramatic increase in strikes following Labor’s abolition of the building watchdog, with projects facing lengthy delays and cost blowouts after 47,100 days were lost to industrial disputes on construction sites last year. The Aus
Gas ‘win’ as Albo powers down on prices
Energy Minister Chris Bowen has claimed a pre-election win on gas with a boost in production set to divert a looming crunch until 2029, as Anthony Albanese refuses to say if power prices will come down or even stay stable under a second term of Labor. The Aus
Builders try to cut CFMEU power
Civil contractors are pressing for a raft of policy changes to reduce labour costs and dilute union influence on government projects, insisting further action was required to eradicate coercion and bullying on building sites. The Aus
Chaney warned to back live exports
Curtin MP Kate Chaney has been given the ultimatum of backing the live export industry by the end of the week or face the consequences by disgruntled WA farmers who have warned if she does not play ball, they will launch a targeted campaign against her. The West
Dutton to push for WA mining boom
Peter Dutton has vowed to bring in a new WA mining boom through quicker Federal approvals, as industry backed his move to rule on Woodside’s North West Shelf gas project extension within 30 days if he becomes prime minister. The West
New big batteries to be announced by Energy Minister
Four West Australian communities will be home to big batteries that can help power hundreds of thousands of homes after winning bids for the Federal Government’s renewable storage underwriting scheme. The West
The Australian Financial Review
Page 8: A US judge has ordered tech giant Meta to hand over details about how fraudsters use its platform after the company revealed it has hosted 230,000 scam ads featuring billionaire Andrew Forrest’s image since 2019.
Page 10: The CFMEU is seeking to expand delegate powers on building sites under new laws brought in by the Albanese government, as it cracks down on delegates in the face of reports of bikie misconduct.
Page 10: Rio Tinto is offering Pilbara mine workers an extra $7500 a year in on-the-job training and $1400 in family travel expenses as it fights a union push to win a foothold in the region for the first time in 30 years.
Page 17: Unease over cash flows at highly indebted Mineral Resources has increased after work safety authorities closed the miner’s crucial Onslow iron ore haul route following the sixth crash on the ill-fated road network.
Page 17: Consulting and investment giant Mercer predicts the country’s $2.9 trillion compulsory retirement savings sector will shrink from 89 players to just 32 over the next decade, putting out-sized pressure on the funds that remain to deliver for retirees and find more investments overseas.
Page 19: Myer executive chairwoman Olivia Wirth expects the retailer will have to continue discounting stock as shoppers watch their budgets, pointing to lower sales at the department store and its fashion brands.
Page 20: Institutional Shareholder Services has become the second big governance adviser to recommend Rio Tinto investors back a review into the miner’s dual-company structure despite a warning from directors that its ASX-listed shares could lose 11 per cent of their value upon unification.
Page 21: The country’s biggest investment bank says the amount of work they are doing on potential new listings is at its highest in four years despite a volatile sharemarket creating more subdued expectations for floats.
Page 24: The Australian sharemarket settled lower yesterday after wild swings in the local bourse after risk-off sentiment prevailed on Wall Street and the US technology stocks tumbled.
The Australian
Page 6: Michele O’Neil, the president of the ACTU and board director of AustralianSuper, has defended the $365bn superannuation giant’s response to allegations it delayed almost 7000 death claims payouts, days after Australian Securities & Investments Commission chair Joe Longo reprimanded the union-backed fund as an exemplar of mounting governance failures within the $4.1 trillion retirement savings sector.
Page 13: Austal chairman Richard Spencer has blasted South Korea’s Hanwha Group over its renewed attempt to gain a strategic foothold in the navy shipbuilder, and ruled out caving in to its demands for a seat on the board.
Page 15: Online travel agency Webjet has mapped out plans for a loyalty program to grow bookings across its platform, particularly in international flights, hotels and business travel.
Page 15: Hardware chain Bunnings is creating a media arm as it makes a play for a larger slice of the lucrative retail media market, estimated to be worth as much as $1.6bn.
The West Australian
Page 9: The decision to split the burdensome health portfolio between four ministers is already causing confusion, with Health Minister Meredith Hammat admitting she is unsure about the pecking order.
Page 10: WA’s only beach tennis club, which is based in Scarborough, has been declared disruptive by the local council and ordered to clear out by March 31.
Page 18: Premier Roger Cook has made resolving the Inspired Property Group crisis the top priority for his newly minted Commerce Minister Tony Buti after meeting the company’s furious customers on Wednesday.
Page 43: Administrators will launch an urgent sale campaign for Welshpool-based leasing business Worx Equipment, with the company’s director “confident” a rescue package can be delivered.
Page 44: Big Four bank ANZ is beefing up its customer security systems as Australians face increasingly sophisticated threats from cybercriminals.
