Bank bill rigging ‘doesn’t hit mortgages’
The head of the government’s financial system inquiry David Murray has debunked Labor’s claim the alleged manipulation of the bank bill swap rate hits every home loan mortgage making it the biggest financial crime of its type in Australia.
BCA declares war over company tax
Labor’s war with business has escalated with the Business Council of Australia launching an ad campaign attacking Labor for opposing the Coalition’s proposed company tax cuts, while the Small Business lobby threw its support behind the Coalition and the Greens.
Buyers want too much: ex-bank chief
A former Westpac chairman and chief executive of building products group Boral says the lofty expectations of a new generation of house buyers have helped push real estate values to high levels, as they demand what was previously regarded as luxuries such as en-suite bathrooms and home theatres.
Housing a source of stability and concern
The housing market has become almost the only source of earnings growth in the Australian equity market, reviving widely held concerns about the sustainability of house prices in Australia and the economy’s reliance on housing to pick-up where mining left off.
‘Get on with infrastructure’
One of the nation’s most influential business leaders has lashed the “inner-city few” who demonise productivity-boosting projects, as business leaders issued fresh calls for the government to put more infrastructure dollars on the table.
Brexit backlash could hit markets
Fears of economic instability in the Eurozone are set to raise concerns throughout the Australian stock market, as the world sweats over whether Britain will bail on the European Union.
Xenophon backs port for Kwinana
Independent Nick Xenophon has promised to use his power in the Senate to create a Federal corruption body to hold politicians to account and root out waste in the public service.
Umpire slashes coal workers’ wages 43pc
About 70 Griffin Coal maintenance workers in Collie will have their wages slashed 43 per cent — or about $55,000 a year — from next month after the industrial umpire ruled it was in the public interest.
The Financial Review
Page 1: The head of the government’s financial system inquiry David Murray has debunked Labor’s claim the alleged manipulation of the bank bill swap rate hits every home loan mortgage making it the biggest financial crime of its type in Australia.
Page 3: Local farmers are turning to truffle-infused gin, vodka, beer, honey and cheese to stimulate demand for the oversized fungus as world prices collapse by as much as 50 per cent.
Page 4: Labor has announced new cuts and compromises worth $16 billion over a decade, putting a dent in its campaign of fairness, but helping it meet its aim to balance the budget in five years and bolster its economic credentials just three weeks from election day.
Labor’s war with business has escalated with the Business Council of Australia launching an ad campaign attacking Labor for opposing the Coalition’s proposed company tax cuts, while the Small Business lobby threw its support behind the Coalition and the Greens.
Page 6: The Australian economy’s external position is worsening and the currency will fall below US50¢ once foreign investors realise the nation is spending like it is ‘‘stuck in 2006’’ and rates decline, a top bond fund manager argues.
Page 7: Employers and unions have declared the Fair Work Commission’s rejection of the controversial Coles deal will have ‘‘significant implications’’ for enterprise bargaining in the private sector workforce.
Page 9: An ethical shareholders group has lost a test case against the Commonwealth Bank that sought to increase shareholder rights at annual general meetings.
Page 11: A former Westpac chairman and chief executive of building products group Boral says the lofty expectations of a new generation of house buyers have helped push real estate values to high levels, as they demand what was previously regarded as luxuries such as en-suite bathrooms and home theatres.
Page 35: Chinese conglomerate Nanshan Group is poised to emerge as a major shareholder in Virgin Australia after agreeing to purchase a 19.9 per cent stake from Air New Zealand for around $262 million.
Page 36: The Chinese conglomerate Nanshan Group, which acquired a 19.9 per cent stake in Virgin Australia on Friday, has been named in two separate corruption cases against officials in its home country.
Page 37: AMMA Private Equity, the outfit behind IPO hopeful Guvera, misled early stage investors when it claimed to have investment bank JP Morgan on board to manage its public listing.
More than 40 entities have expressed interest in buying parts of the collapsed Arrium business ahead of a formal sale process starting next month, and it is highly likely the profitable $1.5 billion Moly-Cop business will be split off from the steelmaking operations in Whyalla.
Page 39: Spanish clothing giant Zara has seen its Australian sales rise by almost 25 per cent in the past year, sending its profits soaring and allowing it to reward investors with $55 million in dividends.
Page 41: The housing market has become almost the only source of earnings growth in the Australian equity market, reviving widely held concerns about the sustainability of house prices in Australia and the economy’s reliance on housing to pick-up where mining left off.
The Australian
Page 1: Bill Shorten has been accused of another costings retreat after he conceded he could not replace every dollar taken out of the health system by the Coalition government despite spending two years criticising $57 billion in “cuts” in the 2014 budget.
Page 6: Labor has dramatically scaled back its original ambitions for the National Broadband Network but will commit an extra $3.4 billion in capital expenditure to give an extra two million homes and businesses what it describes as “first-rate” fibre.
Page 19: One of the nation’s most influential business leaders has lashed the “inner-city few” who demonise productivity-boosting projects, as business leaders issued fresh calls for the government to put more infrastructure dollars on the table.
Home loan lenders’ issuance of securities backed by mortgages has dried up, reversing healthy activity in recent years as the property boom moderates and higher volatility pushes up prices.
World bond yields sank to new lows on Friday amid fears the global economy is losing further momentum, which will make it impossible for the US Federal Reserve to press ahead with planned rate rises.
Page 21: Fears of economic instability in the Eurozone are set to raise concerns throughout the Australian stock market, as the world sweats over whether Britain will bail on the European Union.
Australia’s dairy industry has gained some welcome respite with the Chinese government confirming that some of the measures introduced in April to control online sales of overseas goods — including infant formula milk powder — have been postponed until May next year.
The West Australian
Page 11: Independent Nick Xenophon has promised to use his power in the Senate to create a Federal corruption body to hold politicians to account and root out waste in the public service.
WA’s biggest health insurer has welcomed the coalition’s plan to simplify the private health system but says more could be done to push down premiums.
Page 12: About 70 Griffin Coal maintenance workers in Collie will have their wages slashed 43 per cent — or about $55,000 a year — from next month after the industrial umpire ruled it was in the public interest.
Page 61: WA’s wine industry is facing a period of “extreme rationalisation” and significant job losses as a result of Federal Government tax changes.