Mining needs competitive tax: Deloitte

Inaction in making Australia's tax system more competitive would have a significant impact on the mining sector and the billions of dollars and thousands of jobs it creates. The warning in new research by Deloitte Access Economics comes as the Senate is due to debate this week the Turnbull government's 10-year tax plan to reduce the corporate rate to 25 per cent. The report prepared for the Mine…

  • Telstra loses ACCC price ruling appeal AAP - 2 hours 47 minutes ago
    Telstra loses ACCC price ruling appeal

    Telstra has lost its bid to overturn a ruling that slashed what it could charge competitors using its copper network, dealing a possible $80 million a year blow to the telco giant. The Federal Court has dismissed an appeal by Telstra against a 2015 ruling by the Australian Competition and Consumer Commission that ordered it to reduce access prices to its fixed line network by 9.4 per cent. In a comprehensive ruling, the court dismissed all avenues of Telstra's appeal and ordered it to pay the ACCC's costs, saying the grounds for the appeal rose no higher than "impermissible" requests for review and "attacks" on the regulator's methodology.

  • Morrison wrong on GST data: NT Treasurer AAP - 2 hours 53 minutes ago

    Territorians should believe the Northern Territory treasurer's figures on GST funding cuts, not the federal treasurer's, Nicole Manison says. On Tuesday, Scott Morrison denied $2 billion will be ripped from the NT economy over four years as a result of the Commonwealth Grants Commission's recently announced carve-up of GST revenue. Mr Morrison questioned where the NT government got its numbers from, stating only $269 million would be slashed in 2017/18, not $385 million.

  • WA dinosaur prints dubbed 'Jurassic Park' AAP - 2 hours 58 minutes ago
    WA dinosaur prints dubbed 'Jurassic Park'

    Palaeontologists have identified an unprecedented 21 different types of dinosaur tracks on a 25km stretch of coastline in Western Australia's north that was previously earmarked for a massive gas processing plant. James Price Point near Broome in WA's Kimberley region, traditionally known as Walmadany, was the proposed site for the Woodside-led Browse gas plant, even though the presence of dinosaur prints was known. The joint venture ultimately abandoned the onshore proposal - which had sparked protests not just about the dinosaur prints but also on Aboriginal heritage and whale welfare grounds - citing escalating costs.

  • Woodside wants Browse gas at NW Shelf AAP - 3 hours ago

    Woodside Petroleum now seeks to pipe gas from the offshore Browse field to its existing North West Shelf processing plant and hopes to convince its joint venture partners to back the proposal. The oil and gas giant abandoned plans to build a new onshore plant at James Price Point in the Kimberley region in 2013, citing escalating costs, then ditched plans for a floating LNG project last year. "Woodside has been working hard to get Browse joint venture alignment around a Browse to the North West Shelf development concept," chief executive Peter Coleman said in an emailed statement.

  • No dividend from Oroton as profit plunges AAP - 3 hours ago
    No dividend from Oroton as profit plunges

    OrotonGroup hopes a growing online presence can help boost the flagging sales that contributed to the handbags and accessories retailer's 52 per cent plunge in half year profit. Oroton's net profit in the six months to January 28 fell to $1.8 million, as revenue dropped 10 per cent from a year earlier. An 11 per cent fall in like-for-like sales were prompted by Oroton's exit from women's apparel, shoes and lingerie, lower sales at its factory outlets and a decline in sales at its seven GAP stores.

  • Ag review calls for sugar deregulation AAP - 3 hours ago
    Ag review calls for sugar deregulation

    The Productivity Commission has called for the body that markets most of Australia's raw sugar exports to lose a lucrative tax break and face greater competition, as debate rages about re-regulation of the sector. The commission said in a landmark review of agricultural regulation in Australia, released on Tuesday, the Queensland government should repeal recent laws which re-regulated the sugar industry. It also said the federal government should exclude agricultural commodity trading companies from being granted charity status, which brought with it tax concessions.

  • Share market hits a new 2017 high AAP - 3 hours ago

    The share market's benchmark index has risen more than 1.3 per cent to its highest closing level of 2017 as investors put aside their anxieties over US President Donald Trump's ability to implement his ...

  • Stocks to watch AAP - 4 hours ago

    Stocks to watch on the Australian stock exchange: MYR - MYER - down 6.5 cents, or 5.2 per cent, at $1.195 Myer insists it has not been approached by a prospective buyer following the huge buy-up that sent ...

  • Quintis MD quits to bid for company AAP - 4 hours ago

    Quintis managing director and major shareholder Frank Wilson has quit his post after a confidential approach from an overseas bidder seeking to take over the Indian sandalwood producer. Mr Wilson, who owns 13 per cent of Quintis, says he was approached by "a well-funded, credible party" seeking to buy the balance of shares in the company and has resigned to give full-time consideration to the move. Mr Wilson is the founding chairman of Quintis, which recently changed its name from TFS Corporation and has extensive plantations of sandalwood across norther Australia.

  • Trump takes aim at Obama climate efforts AAP - 4 hours ago
    Trump takes aim at Obama climate efforts

    President Donald Trump will sign an executive order on Tuesday that will suspend, rescind or flag for review more than a half-dozen measures that were part of Barack Obama's sweeping plan to curb global warming. It includes a review of the Clean Power Plan, which restricts greenhouse gas emissions at coal-fired power plants. The president's order will also lift a 14-month-old moratorium on new coal leases on federal lands.

  • Cyclone could hit coking coal supply AAP - 4 hours ago

    Heavy rain from Cyclone Debbie could curb the output of coal used to make steel and potentially dent economic growth. Production at a number of mines in central Queensland's Bowen Basin, which supplies 60 per cent of the world's coking coal exports, has been lowered or completely halted as the powerful storm lashes the area. National Australia Bank senior economist Gerard Burg says the cyclone could damage infrastructure and slow coking coal exports, but the major risk to coking coal supply is flooding of mines.

  • Lower house passes competition law changes AAP - 4 hours ago

    Treasurer Scott Morrison insists Australians will benefit from new laws aimed at protecting two million small businesses from bigger rivals. The so-called "effects test" bill strengthens rules that prevent companies with substantial market power engaging in conduct that harms competition. Mr Morrison says it represents one of the most significant reforms to competition laws in recent times.

  • Wind farm loss led to SA blackout: AEMO AAP - 4 hours ago
    Wind farm loss led to SA blackout: AEMO

    South Australia's statewide blackout could have been avoided if the settings on wind turbines had been different, the Australian Energy Market Operator says. AEMO's final report has found the settings prompted a number of the state's wind farms to switch off as they detected voltage disturbances when transmission lines in the state's mid-north crashed to the ground during freak storms. AEMO chairman Tony Marxsen said it was clear the blackout had little to do with the type of energy generation.

  • Banks reject action on credit card limits AAP - 4 hours ago
    Banks reject action on credit card limits

    Banks have rejected five recommendations from an independent review of the industry's code of conduct, including one that lenders only raise credit card spending limits at the explicit request of customers. Among 99 recommendations made by former ASIC executive general manager Phil Khoury in his review of the Code of Banking Practice was one that banks be prohibited from offering higher credit limits on cards unless a customer initiated the move.

  • WA Libs want Shorten to back GST floor AAP - 4 hours ago
    WA Libs want Shorten to back GST floor

    New WA Liberal leader Mike Nahan has written to Bill Shorten asking for his commitment to a GST floor, saying the federal Labor leader cannot be a spectator on the issue. West Australian MPs, both Labor and Liberal and state and federal, expressed outrage on Friday after the Commonwealth Grants Commission released its annual distribution figures, revealing WA would only get 34.4 cents in the dollar in 2017/18. Treasury had been counting on 38 cents, so the allocation - just $2.354 billion out of a $62.74 billion pool - leaves the new Labor government with even more dire finances than expected.

New Zealand Markets

Company Finances

  • 'McDealerships' multiply to serve auto-sales boom CNBC - Wed, Sep 2, 2015 4:15 AM NZST
    'McDealerships' multiply to serve auto-sales boom

    The rise in US auto sales is sparking the emergence of the so-called "McDealership," and possibly creating a new leg for economic growth.

  • McDonald's is messing with your McMuffin CNBC - Tue, Sep 1, 2015 6:52 AM NZST
    McDonald's is messing with your McMuffin

    McDonald's has some good news for dairy farmers and bad news for the lactose intolerant.

  • Fall's hottest new flavors may surprise you CNBC - Sat, Aug 15, 2015 8:05 AM NZST
    Fall's hottest new flavors may surprise you

    With less than a month left of summer, big-name brands are busting out the pumpkin spice and apple pie ahead of schedule.

  • Coca-Cola Amatil in NZ spirits deal AAP - Fri, Aug 14, 2015 6:01 PM NZST
    Coca-Cola Amatil in NZ spirits deal

    Beverages giant Coca-Cola Amatil has struck a 10-year deal to sell and distribute Beam Suntory's brands in New Zealand. Beam Suntory's spirits portfolio in New Zealand includes Jim Beam Bourbon, Canadian ...

  • Kraft Heinz shares fall after Q2 earnings CNBC - Tue, Aug 11, 2015 8:38 AM NZST
    Kraft Heinz shares fall after Q2 earnings

    Kraft Heinz reported second-quarter earnings and revenue on Monday following the closing bell.

  • Bras: The 'athleisure' trend's latest casualty CNBC - Tue, Aug 11, 2015 2:00 AM NZST
    Bras: The 'athleisure' trend's latest casualty

    U.S. dollar sales of sports bras are on the rise, while revenues from the sports bra are inversely taking a hit.

  • Tax cuts help lift JB Hi-Fi profits AAP - Mon, Aug 10, 2015 7:20 PM NZST
    Tax cuts help lift JB Hi-Fi profits

    Joe Hockey's small businesses tax cuts and Australia's housing boom have got the cash registers in overdrive at electronics retailer JB Hi-Fi. The electronic and home appliances retailer posted a stronger-than-expected annual net profit of $136.5 million and flagged stronger sales for the year ahead. The result was largely driven by a 7.4 per cent rise in sales in the second-half as shoppers splashed out on smart phones, computers, fitness devices and home appliances.

  • Nine pays $925m for NRL rights AAP - Mon, Aug 10, 2015 12:56 PM NZST
    Nine pays $925m for NRL rights

    The Nine Network has won the rights to broadcast NRL games from 2018 to 2022 in a deal worth $925 million. "This is a transformational outcome for supporters, rugby league and Nine, enabling viewers to see the best of the NRL, live and free, 4 days per week, anywhere, on any device," chief executive David Gyngell said.

  • The luxury car line banning haggling at dealerships CNBC - Sat, Aug 8, 2015 3:04 AM NZST
    The luxury car line banning haggling at dealerships

    Lexus, Toyota's luxury brand, is introducing negotiation-free dealerships according to the Detroit Free Press.

  • It's time to bet on McDonald's-here's how: Goldman CNBC - Fri, Aug 7, 2015 12:10 AM NZST
    It's time to bet on McDonald's-here's how: Goldman

    A key event in November could boost McDonald's shares, presenting an interesting trading opportunity.