Budget to hand down $5b for major projects

Budget to hand down $5b for major projects

There will be a $5 billion kitty for major building projects across the country in this year's federal budget. NSW will get $2.2 billion and Victoria $2.4 billion for road and rail projects, The Australian reports.

  • Australian market set to open lower AAP - 13 minutes ago
    Australian market set to open lower

    The Australian market looks set to open lower after US equities fell, once again weighed down by company earnings. At 0645 AEST on Monday, the share price index futures contract was down six points at 5,225. The NAB Business Survey and the Australian Chamber of Commerce and Industry business expectations survey are due out, as are the TD Securities-Melbourne Institute inflation gauge and the Australian Industry Group's performance of manufacturing index (PMI), all for April.

  • Company tax cut in budget AAP - 18 minutes ago
    Company tax cut in budget

    The federal government will fund company tax cuts through a crackdown on multinational tax dodging. Treasurer Scott Morrison has told The Australian his "enterprise tax plan" will channel increased revenue into tax relief aimed at supporting the non-resources sector. Mr Morrison has also flagged modest tax relief for people earning more than $80,000.

  • Morrison promises wise budget spending AAP - 27 minutes ago
    Morrison promises wise budget spending

    Scott Morrison's first budget is starting to take some sort of shape. Tuesday's budget will make "sensible" changes to personal income taxes to tackle the threat of average earners being forced into higher tax brackets through wage inflation, otherwise known as bracket creep. "You have to spend wisely, you have to spend carefully, you have to spend in a very targeted way, and you don't spend more than you save," Mr Morrison said.

  • $A drops on weaker Chinese data AAP - 34 minutes ago

    The Australian dollar has fallen on weak Chinese manufacturing figures, slipping below the 76 US cent mark. At 0630 AEST on Monday, the local unit was trading at 75.99 US cents, down from 76.50 cents on ...

  • NZ dollar hits 8-week high vs Aussie dollar ahead of … BusinessDesk - 41 minutes ago

    The New Zealand dollar rose to an eight-week high against the Australian dollar as investors mull the potential for an interest rate reduction at the Reserve Bank of Australia meeting tomorrow. The kiwi touched 91.89 Australian cents and was trading at 91.66 cents at 8am in Wellington, from 91.08 cents at 5pm on Friday. The Australian dollar has weakened after a report last week showed inflation fell in the March quarter, surprising economists who had expected a gain and prompting speculation the RBA may cut interest rates further.

  • World Week Ahead: US jobs data in focus BusinessDesk - 1 hour 34 minutes ago

    The latest US corporate earnings including from Berkshire Hathaway as well as monthly jobs data will draw the focus after last week's disappointments on both the corporate and economic front took some of the wind out of the bulls' sails. Last week, the Federal Open Market Committee signalled again that it will be exercising patience when it comes to interest rate increases, which offered both relief that borrowing costs won't rise as much as previously had been anticipated but also underpinned the impact of international headwinds on the US economy. "With the inactivity and ineffectiveness progressively for central bank policy, there's still certainly a lot of hand-wringing to be done," Mike Moran, head of economic research for the Americas at Standard Chartered Bank, told Bloomberg.

  • Nissan recalls nearly four million cars AAP - 8 hours ago
    Nissan recalls nearly four million cars

    Nearly four million Nissan cars are being recalled due to major safety problems where passenger air bags or seat belts could fail in a crash. The two recalls are just the latest in a string of safety problems to hit carmakers in the past year, with Acura, BMW, Chrysler, Ford, Honda, Lexus, Mazda, Toyota and other manufactures having to recall cars over air bag problems. The Nissan problems are unrelated to the other air bag issues.

  • Tax cut failed election tactic: Shorten AAP - 15 hours ago

    Opposition Leader Bill Shorten says voters won't be bought off by a few dollars in tax cuts in Tuesday's budget. Finance Minister Mathias Cormann has confirmed the budget will aim to tackle bracket creep, but has declined to go into specifics. It is estimated that 300,000 middle income earners will be forced into the second highest tax bracket as wage inflation lifts their salaries above $80,000, otherwise known as bracket creep.

  • Boost for schools in federal budget AAP - 16 hours ago
    Boost for schools in federal budget

    Young children struggling to learn to read should get the help they need earlier with the government's $1.2 billion boost to school funding. The extra funding over three years from 2018 - part of a $73.6 billion education package in Tuesday's federal budget - comes with conditions on the states and territories, including literacy and numeracy checks for children in Year 1. A million children are at risk of falling behind in reading and writing, Education Minister Simon Birmingham says.

  • Budget for economy not election: Morrison AAP - 16 hours ago
    Budget for economy not election: Morrison

    Scott Morrison admits there is a lot riding on his first budget. Tuesday's budget will be one of "continued discipline" with deficits decreasing over the next four years and government debt peaking in the next five to six years. "This is not a budget and not a time for governments to be throwing money around," Mr Morrison told the Nine Network on Sunday.

  • Rail cash still on Vic budget wish list AAP - 18 hours ago

    Victoria wants $4.5 billion for a major rail project - but if Canberra does not hand over the cash, it's getting built anyway. The $11 billion Melbourne Metro Rail originally needed a huge federal contribution, but in Wednesday's 2016/17 state budget, Victoria announced it would fully fund it without help. Public Transport Minister Jacinta Allan said Melbourne Metro funding came up at a meeting with federal Infrastructure Minister Darren Chester and Major Projects Minister Paul Fletcher.

  • Agent blames partner for missing millions AAP - 19 hours ago

    A real estate agent at the centre of the closure of six LJ Hooker offices in Melbourne has blamed her partner for losing millions of dollars owed to homeowners, renters and landlords. The money for house deposits and rent has gone missing from LJ Hooker Glen Waverley, Keysborough, Mount Waverley, Burwood, Doncaster and Box Hill, which have all been closed since April 21. Consumer Affairs Victoria says more than 100 customers have been affected by the closure of the franchise run by Judy Nguyen, also known as Judy Thanh Truc, and husband Joseph Ngo.

  • Morrison won't be chucking money around AAP - 19 hours ago
    Morrison won't be chucking money around

    Treasurer Scott Morrison insists his first budget is an economic plan rather than a political sweetener for the looming federal election. "This is not a budget and not a time for governments to be throwing money around," Mr Morrison told the Nine Network on Sunday. Mr Morrison said budget deficits would decrease over the next four years, while government debt would peak in the next five to six years.

  • Deficits will decline in budget: Morrison AAP - 20 hours ago

    Treasurer Scott Morrison says government debt will continue to increase while there is a budget deficit but says it will peak in the next five to six years. Mr Morrison, who will hand down his first budget on Tuesday, says deficits will decrease over the next four years.

  • RBA will know enough on budget: Morrison AAP - 20 hours ago

    Treasurer Scott Morrison won't say how much of his budget Reserve Bank governor Glenn Stevens will know when the RBA board meets on Tuesday. "You can be quite assured that Glenn Stevens will be in a very good position to be informed of the decision he has to make on that day," Mr Morrison told the Nine Network on Sunday. The early timing of the budget by a week means the central bank will make its decision on interest rates just hours before Mr Morrison hands down his first budget.

New Zealand Markets

Company Finances

  • Subway: Review finds 'serious' complaint about Jared Fogle Associated Press - Sun, Sep 13, 2015 1:30 AM NZST
    Subway: Review finds 'serious' complaint about Jared Fogle

    The Subway restaurant chain said it received a "serious" complaint about Jared Fogle when he was the company's spokesman but that the complaint did not imply any criminal sexual activity. The ...

  • Holden keeps 100 design jobs in Australia AAP - Sun, Sep 13, 2015 1:06 AM NZST
    Holden keeps 100 design jobs in Australia

    Holden will keep more than 100 design jobs and add 18 new positions after manufacturing ends in Australia in 2017. The powertrain engineering and development team will stay in Australia after General Motors reversed a decision to send the jobs overseas. "More than 100 additional Holden engineering staff will continue to apply their skills and talents to local and global vehicle programs," managing director Mark Bernhard said on Saturday.

  • Fiat Chrysler recalls 1.7M trucks for air bag, weld troubles Associated Press - Fri, Sep 11, 2015 6:18 AM NZST
    Fiat Chrysler recalls 1.7M trucks for air bag, weld troubles

    Fiat Chrysler is recalling more than 1.7 million trucks to fix problems with air bags and welds in the steering system. The biggest of three recalls announced Thursday covers 1.35 million Ram 1500, 2500 ...

  • McDonald's to switch to cage-free eggs over next decade Associated Press - Thu, Sep 10, 2015 9:12 AM NZST
    McDonald's to switch to cage-free eggs over next decade

    McDonald's says it will switch to cage-free eggs in the U.S. and Canada over the next decade, marking the latest push under CEO Steve Easterbrook to try and reinvent the Big Mac maker as a "modern, ...

  • Survey shows big gaps in knowledge about auto safety tech Associated Press - Wed, Sep 9, 2015 9:24 AM NZST
    Survey shows big gaps in knowledge about auto safety tech

    Adaptive cruise control has been an option on some cars for almost a decade. But in a recent national survey, 65 percent of U.S. drivers didn't know what it was. The survey, by the University of Iowa Public ...

  • Toyota invests $71m in driverless cars AAP - Sat, Sep 5, 2015 8:10 PM NZST
    Toyota invests $71m in driverless cars

    Toyota is investing $US50 million ($A71 million) with Stanford University and the Massachusetts Institute of Technology in the hope of gaining an edge in an accelerating race to phase out human drivers. The financial commitment announced on Friday by the Japanese carmaker will be made over the next five years at joint research centres located in Silicon Valley and another technology hub in Cambridge, Massachusetts. Toyota has hired robotics expert Gill Pratt to oversee research aimed at developing artificial intelligence and other innovations that will enable future car models to navigate the roads without people doing all the steering and stopping.

  • Harley riders rumble into Milwaukee for rally, bike show Associated Press - Sat, Sep 5, 2015 12:06 PM NZST
    Harley riders rumble into Milwaukee for rally, bike show

    Gearheads converged on the Harley-Davidson Museum on Friday to show off, talk shop and get started on a weekend motorcycle rally and custom bike show. Tents outside the museum featured T-shirts, trinkets ...

  • Toyota to invest $50M in car-tech research at Stanford, MIT Associated Press - Sat, Sep 5, 2015 7:36 AM NZST
    Toyota to invest $50M in car-tech research at Stanford, MIT

    Toyota is investing $50 million with Stanford University and the Massachusetts Institute of Technology in hopes of gaining an edge in an accelerating race to phase out human drivers. The financial commitment ...

  • From eggs to trees, USDA promotional programs controversial Associated Press - Sat, Sep 5, 2015 6:37 AM NZST
    From eggs to trees, USDA promotional programs controversial

    The slogans are familiar: "The Incredible Edible Egg," ''Pork: The Other White Meat," and "Got Milk?" They've all been part of promotional campaigns overseen by the Agriculture ...

  • Recalls this week: windshield deicer, bicycles Associated Press - Sat, Sep 5, 2015 5:00 AM NZST
    Recalls this week: windshield deicer, bicycles

    More than 4 million bottles of windshield deicer and frost reducer are being recalled because the trigger assembly can be removed by children, posing a risk of poisoning. Other recalled consumer products ...