Fortescue’s Vale deal good for costs, but concerns remain
Fortescue Metals Group’s joint venture with Brazilian miner Vale should allow it to further cut its tumbling production costs, but analysts have warned that the economics of the agreement are ‘‘marginal’’ and competition issues could be raised beyond China. The Fin
Assets frozen as ATO slaps $33m tax bill on property developer Hawkins
The tax office has frozen the assets of Sydney multi-millionaire Garrick Hawkins after hitting him with a $33 million tax bill relating to money allegedly filched from a deal with the Western Australian government. The Aus
Mirvac blows open Investa deal
The battle for Investa Office Fund was blown open yesterday as Mirvac Group emerged as an adviser to China’s sovereign wealth fund, China Investment Corporation, and another party on a potential tilt for the $2.5 billion Investa Office Fund. The Aus
Feds slam WA’s ‘blithe’ $1.7b Bell asset seizure
Australia’s second top legal officer has slammed the WA Government’s seizure of the $1.7 billion Bell Group litigation proceeds and asked the High Court to shred laws State Parliament passed last year. The West
Super tax breaks limited
The government has sharpened its stance on superannuation tax breaks and opened a debate about whether creating a national savings pool should remain an underlying goal of the $2 trillion system. The Fin
Data plan risks value of Census
The Australian Bureau of Statistics has quietly reinstated a plan dumped a decade ago to retain names and addresses from the census, opening the door for future governments to access sensitive personal information. The Fin
Coles slammed over pay rorts
The Fair Work Ombudsman has lashed supermarket giant Coles for hiding behind complex supply chains and sub-contracting arrangements that “rely on exploitation of vulnerable workers to make a profit”. The Aus
Cormann urges WA to get on with Link
Federal Finance Minister Mathias Cormann has urged the WA Government to “get on with” building the controversial $1.6 billion Perth Freight Link, saying now is the time to make the most of falling construction costs. The West
The Australian Financial Review
Page 1: The government has sharpened its stance on superannuation tax breaks and opened a debate about whether creating a national savings pool should remain an underlying goal of the $2 trillion system.
Page 2: Universities have warned that the Abbott government’s plan to deregulate university fees and cut funding is still alive and could be passed into law should the Turnbull government gain control of the Senate in a double dissolution election.
Page 3: The Australian Bureau of Statistics has quietly reinstated a plan dumped a decade ago to retain names and addresses from the census, opening the door for future governments to access sensitive personal information.
Page 4: Having ditched its own plans to touch negative gearing, the government has decided to mount a full-blown assault on Labor’s policy throughout the federal election campaign with the claim that it will ‘‘cripple’’ the economy.
Page 5: There is growing pressure to shift Australia’s decision-makers on foreign investments out of the Treasurer’s portfolio into a stand-alone authority reporting to Cabinet’s National Security Committee to deal with a looming flood of sensitive foreign investment proposals for Australian major infrastructure and utilities.
Page 10: Australian suppliers will have better access to large global supply chains if the German ThyssenKrupp Marine Services-led consortium wins the $50 billion submarine tender, Siemens Australia managing director Jeff Connolly said.
Page 11: Australia needs to develop more gas reserves by 2019 or eastern states will face a gas shortage by the end of next decade, says the national energy forecaster.
Page 19: APA Group managing director Mick McCormack angrily rejected suggestions from the competition regulator that the pipeline owner is abusing its market power.
Fortescue Metals Group’s joint venture with Brazilian miner Vale should allow it to further cut its tumbling production costs, but analysts have warned that the economics of the agreement are ‘‘marginal’’ and competition issues could be raised beyond China.
Page 21: One of BHP Billiton’s biggest shareholders says the miner has succeeded in resetting expectations after slashing its dividend to cope with lower commodity prices, but says the miner has been a questionable investment over the past decade.
Page 23: Bupa generated more premium revenue than arch rival Medibank for the first time in 2015, underscoring Medibank’s revenue problems as the health insurer undertakes an advertising spree to reinvigorate its core brand.
The Australian
Page 1: Privately insured patients being lumbered with high out-of-pocket costs — which in some specialties average $2000 for just one item on a hospital bill — have prompted Health Minister Sussan Ley to focus key reforms on “empowering” consumers.
Page 4: The Fair Work Ombudsman has lashed supermarket giant Coles for hiding behind complex supply chains and sub-contracting arrangements that “rely on exploitation of vulnerable workers to make a profit”.
Page 6: Australia’s foreign debt of $1 trillion is now five times bigger than when John Howard sent “debt trucks” through suburban streets in the lead-up to the 1996 election.
Labor has slammed suggestions the government could go to a double-dissolution election on industrial relations reform, saying Malcolm Turnbull has failed to devise a considered response to the Heydon royal commission.
Page 8: Clive Palmer’s plan to dodge $100 million debts by restructuring his nickel refinery is likely to be thwarted by angry creditors demanding part-payment before dealing with his new company.
Typical households would be $234 a year better off in the next decade and Australia could still meet its emission reduction targets if governments switched focus from forcing renewables into the grid to the cheapest ways of reducing carbon emissions, new modelling shows.
Page 19: The tax office has frozen the assets of Sydney multi-millionaire Garrick Hawkins after hitting him with a $33 million tax bill relating to money allegedly filched from a deal with the Western Australian government.
Supermarket giant Woolworths looks set to carve out its profitable Home Timber & Hardware unit from the troubled Masters operation as jostling among strategic bidders and private equity firms for the assets intensifies.
Page 21: The chief executive of multinational pizza chain Domino’s Pizza Enterprises is urging the federal government to review water policy in Australia, and in particular rebalancing water usage back in favour of farmers, to help the national economy move “from mining to dining”.
Page 22: Western Australian Premier Colin Barnett has been urged to follow NSW’s lead by pursuing the potential $15 billion privatisation of his state’s electricity assets as a way of boosting investment in new infrastructure that will drive productivity growth and ease Perth’s traffic congestion.
Page 23: English Premier League matches at Perth’s new stadium would be a great international showcase for the city and a strong lure for attracting Asian tourists, according to Crown Resorts chairman Robert Rankin.
Page 27: The battle for Investa Office Fund was blown open yesterday as Mirvac Group emerged as an adviser to China’s sovereign wealth fund, China Investment Corporation, and another party on a potential tilt for the $2.5 billion Investa Office Fund.
The West Australian
Page 9: Health groups want alcohol advertising removed from all public transport, train stations and bus stops.
Federal Finance Minister Mathias Cormann has urged the WA Government to “get on with” building the controversial $1.6 billion Perth Freight Link, saying now is the time to make the most of falling construction costs.
Page 12: Perth’s biggest council is moving to force developers to retain trees on sites or replace ones they demolish amid warnings almost half the city’s tree cover could be lost within 15 years.
Page 13: A senior Cabinet minister says Labor’s negative gearing policy would “crash” the sharemarket amid signs the Turnbull Government has locked in a double dissolution election for July 2.
Page 14: The State Government has briefed US officials about the coming sale of Fremantle port amid concerns from Washington a foreign power could gain influence over the asset.
Page 16: Paul Italiano, the boss of Western Power, will leave the State-owned utility within weeks after being hired to run the poles and wires business in Sydney.
Business: Australia’s second top legal officer has slammed the WA Government’s seizure of the $1.7 billion Bell Group litigation proceeds and asked the High Court to shred laws State Parliament passed last year.
A portfolio of undeveloped oil discoveries off northern WA is up for grabs following the collapse of its Perth-based private equity-backed owner.
A day after announcing the start-up of its $US54 billion Gorgon LNG venture in WA, US energy giant Chevron says it is putting the brakes on all but one major oil project for the foreseeable future as collapsing crude prices make most new investments unprofitable.
