Record $57b reserve set aside for virus blowouts.
Record $57b reserve set aside for virus blowouts
The government has stashed aside a record $57 billion for future cost blowouts and potential extra COVID-19 spending on things such as vaccines, in a massive under-the-radar expansion of the budget’s reserve fund. The Fin
$5.6b cost of wave two
A second wave of coronavirus in WA triggering another lockdown would wipe $5.6 billion off the State’s economy and result in 30,000 job losses. The West
Labor to spend up even more
Labor has responded to the federal budget by pledging $20 billion in loans or equity to rebuild the electricity transmission network using local workers and materials, and $6.2 billion in spending to remove caps and increase rebates for childcare. The Fin
State to buck national trend as resources sector saves day
Massive government intervention and the seemingly unshakeable resources sector will help the WA economy buck the national trend and power back to growth this year, well ahead the rest of the country. The West
Cormann has allies for OECD top job
Outgoing Finance Minister Mathias Cormann is likely to have the support of Japan and potentially Britain to take the role of OECD secretary-general, but could face competition from the US candidate, and those of Sweden and Estonia. The Aus
It’s history for uni lectures
There will be no face-to-face lectures at some WA universities at the start of next year, with Murdoch University planning to scrap them all together. The West
Packer throws in towel over Crown
Billionaire gambling mogul James Packer has invited the NSW casino inquiry commissioner to cap shareholdings in Crown Resorts in an admission he may be forced to sell down his stake to secure the licence to operate the new Sydney casino. The Fin
Birmingham new head of budget razor gang
Newly anointed Finance Minister Simon Birmingham says he will focus on the ‘‘quality’’ of spending proposals to ensure taxpayers’ money maximises job creation. The Fin
Japan wants help to get in on Five Eyes
Former Japanese ambassador to Australia Sumio Kusaka has pushed for Australian support for his country to be admitted to the West’s “Five Eyes” intelligence-sharing network and for Taiwan’s inclusion in the Trans-Pacific Partnership trade deal. The Aus
Goldminer merger rush tipped after $16bn Northern Star-Saracen tie-up
The $16bn merger between Northern Star Resources and Saracen Mineral Holdings is expected to be followed by a raft of other merger and acquisition deals in the goldmining space, according to market sources. The Aus
The Australian Financial Review
Page 1: Labor has responded to the federal budget by pledging $20 billion in loans or equity to rebuild the electricity transmission network using local workers and materials, and $6.2 billion in spending to remove caps and increase rebates for childcare.
Page 3: Billionaire gambling mogul James Packer has invited the NSW casino inquiry commissioner to cap shareholdings in Crown Resorts in an admission he may be forced to sell down his stake to secure the licence to operate the new Sydney casino.
Grace Forrest, the eldest daughter of the nation’s richest man, is launching a campaign to pressure business leaders to clean up their supply chains in the wake of COVID-19, saying she’s more optimistic about being able to eradicate modern slavery since the pandemic’s destruction of supply networks.
Page 4: The government has stashed aside a record $57 billion for future cost blowouts and potential extra COVID-19 spending on things such as vaccines, in a massive under-the-radar expansion of the budget’s reserve fund.
Page 5: Business leaders are pressing Treasurer Josh Frydenberg to expand the budget’s corporate investment tax break, warning him that more than 100 big companies will miss out on the government’s incentive designed to stimulate capital spending.
Scott Morrison has dismissed concerns over the enforcement of eligibility rules for the Coalition’s $4 billion wage subsidy unveiled in Tuesday’s budget, lashing Labor’s record on stimulus measures during the global financial crisis.
Newly anointed Finance Minister Simon Birmingham says he will focus on the ‘‘quality’’ of spending proposals to ensure taxpayers’ money maximises job creation.
Page 6: The Federal Court has slapped an $8.5 million fine on product comparison website iSelect for misleading representations about its electricity price comparison service.
Page 12: The nation’s iron ore miners have helped power Western Australia through the economic crisis, allowing the McGowan government to forecast budget surpluses for the next four years as it pumps a record $27.1 billion into infrastructure spending.
Page 14: Bars and cafes in Paris and across some of Europe’s most fashionable cities have been subject to a new wave of restrictions this week in response to a resurgence in coronavirus cases.
Page 15: NAB has been signalling about 10 transactions a month as potentially related to human trafficking but did not maintain its own records of its suspicions about the sinister nature of deals involving criminals, terrorists and paedophiles until the middle of 2019.
Transurban is selling off stakes in its US toll roads because it wants to strengthen its balance sheet during the COVID-19 pandemic and have enough cash on hand to bid for new projects, chairman Lindsay Maxsted says.
Page 17: Infrastructure Capital Group has beaten several rival bidders to take control of the Australian renewable energy portfolio of France’s Engie, giving fresh impetus to a $1 billion pipeline of new wind and solar farms despite the issues dogging the sector.
Page 19: Woolworths has picked and dispatched online grocery orders in four minutes – a fraction of the time it takes to process orders manually – in a test run of its first micro-fulfilment centre.
The Australian
Page 1: Anthony Albanese has unveiled a $26.7bn pre-election manifesto targeting women, families and blue-collar workers, while rejecting Josh Frydenberg’s economic recovery plan for failing to deliver a “stronger, fairer and more secure future for all Australians”.
Former Japanese ambassador to Australia Sumio Kusaka has pushed for Australian support for his country to be admitted to the West’s “Five Eyes” intelligence sharing network and for Taiwan’s inclusion in the Trans-Pacific Partnership trade deal.
Page 2: Japanese investors are helping underwrite federal and state governments’ massive borrowing spree, buying almost $35bn of government bonds over the year to August, or 13 per cent of total new debt securities.
Page 4: After more than eight hours of painful interrogation over three days, James Packer finally realised he had to sacrifice himself to save his company.
Page 5: The World Bank says Australia and Victoria were right to act early and decisively to control the first and second waves of COVID-19, with research showing that voluntary social distancing would hamstring any economic recovery if communities remained worried about catching the virus.
Page 6: Western Australia has again been bailed out by a surge in the iron ore price, with the commodity’s recent highs driving the seemingly miraculous delivery of a budget surplus in the middle of a global pandemic.
Anthony Albanese’s $6.2bn childcare funding package will save families up to $2900 a year as Labor puts female workforce participation at the heart of its agenda.
Page 7: Outgoing Finance Minister Mathias Cormann is likely to have the support of Japan and potentially Britain to take the role of OECD secretary-general, but could face competition from the US candidate, and those of Sweden and Estonia.
Page 14: The $16bn merger between Northern Star Resources and Saracen Mineral Holdings is expected to be followed by a raft of other merger and acquisition deals in the goldmining space, according to market sources.
Page 17: The “buy now, pay later” sector has reported mixed fortunes, with local majors Afterpay and Zip Co reporting strong gains but New York-based Splitit staging a retreat after unveiling its third-quarter result.
The West Australian
Page 1: Labor will pin its electoral hopes on reforming the childcare system as part of its proposed strategy to rebuild the economy following the COVID-19 downturn.
Page 3: Donald Trump says he will not take part in a virtual debate with rival Joe Biden after organisers announced the presidential candidates would face off “from separate remote locations”.
Page 4: A second wave of coronavirus in WA triggering another lockdown would wipe $5.6 billion off the State’s economy and result in 30,000 job losses.
An iron ore royalties windfall has WA on track to deliver a pandemic-defying $1.2 billion surplus this financial year, but Ben Wyatt’s Budget assumes the State will remain COVID-free and keep its hard border until after the March election.
Page 9: WA families will be $663 better off this year when paying their annual household fees and charges — thanks largely to a $600 power credit.
WA’s already red-hot home building sector is forecast to surge next year before crashing hard as a legacy of the frenzy triggered by Federal and State incentives.
WA’s Smart Freeway technology system is being expanded to southbound lanes of the Mitchell Freeway from Joondalup to Perth’s CBD.
Page 12: There will be no face-to-face lectures at some WA universities at the start of next year, with Murdoch University planning to scrap them all together.
Page 16: Miniature cabins are emerging as the trendiest new way to escape into WA’s natural beauty.
BHP says it has taken steps to ensure the health and safety of staff at its Nickel West refinery in Kwinana amid fears the workplace could be contaminated by legionnaires’ disease.
Page 19: Cutting air pollution near schools could boost children’s memory — putting them the equivalent of a month ahead in school, experts suggest.
Business: Massive government intervention and the seemingly unshakeable resources sector will help the WA economy buck the national trend and power back to growth this year, well ahead of the rest of the country.
The health of WA’s exploration sector was on full display yesterday with nickel and gold finds sending the shares of two juniors soaring.
Federal Agriculture Minister David Littleproud has not reached out to his Chinese counterpart since August, and says it’s up to WA barley growers to diversify into new markets rather than expect emergency relief support.
Business investment in WA is expected to flatline this year, with spending on big-ticket resources projects unable to offset the COVID-sapped retail, construction and education sectors.
Business leaders have criticised the McGowan Government’s decision to base its Budget on not lifting WA’s hard border until April 1 next year, with tourism bosses saying it would see the industry bleed $3 billion.
The two partners behind the West Erregulla gas discovery in the Perth Basin have united behind a joint development plan that will have the $200 million-plus Perth Basin project go to their boards for approval by the end of March.
