Top Stories

  • Fencing in place for Perth Freight Link AAP - 1 hour 12 minutes ago

    Preliminary work has begun on the first stage of the controversial Perth Freight Link, despite the possibility of a High Court challenge proceeding. The proposed Roe 8 highway extension cuts through the Beeliar Wetlands in Perth's south, and activists have opposed the project as they say it will destroy the area, which is a habitat for the endangered Carnaby's black cockatoo. Protesters are now also particularly concerned about the impact on Rainbow Bee-eaters, protected migratory birds who use the Beeliar Wetlands to nest until the end of February.

  • Hunt calls energy companies to meeting AAP - 1 hour 36 minutes ago
    Hunt calls energy companies to meeting

    Federal Industry Minister Greg Hunt has called a crisis meeting with the heads of Australia's major energy companies. Chief executives from producers Santos, Esso, Shell and Origin are expected to attend the meeting in Melbourne on Monday. The meeting, ahead of Friday's COAG leaders meeting, will be used to increase pressure on the states to ease restrictions on gas exploration, The Australian reports.

  • Stocks to watch AAP - 1 hour 45 minutes ago

    Stocks to watch on the Australian stock exchange: ANZ- ANZ BANK - down 30 cents, or 1.05 per cent, at $28.16 CBA - COMMONWEALTH BANK - down 92 cents, or 1.1 per cent, at $77.68 NAB - NATIONAL AUSTRALIA ...

  • Home prices and clearance rates hold firm AAP - 1 hour 56 minutes ago
    Home prices and clearance rates hold firm

    Housing auction clearance rates have held firm, bucking the normal seasonal pattern, with capital city prices unchanged last week and up 9.2 per cent from a year ago. The average clearance rate - the proportion of auctions ending with a sale - rose to 75.0 per cent in the week ending Sunday, up from the previous week's clearance rate of 73.0 per cent, property market analytics firm CoreLogic said.

  • A$ gains as greenback pulls back AAP - 2 hours 0 minutes ago

    The Australian dollar has risen against a softening greenback as investors await the Reserve Bank of Australia's last rate decision for 2016 and third-quarter economic data. At 1700 AEDT on Monday, the ...

  • ASX finish lower led by bank sell-off AAP - 2 hours 5 minutes ago

    Morgans Brisbane senior private client adviser Bill Chatterton said uncertainty following the resignation of Italian Prime Minister Matteo Renzi in the wake of his steep referendum defeat may be contributing to the risk-off sentiment. Mr Renzi lost the referendum over his plan to reform Italy's constitution and his resignation has fuelled concerns about renewed political instability in the eurozone's third-largest economy. The nation's big four banks were all down more than one per cent, with Commonwealth Bank falling 92 cents to $77.68, Westpac dropping 37 cents to $30.97, National Australia Bank shedding 30 cents to $28.77 and ANZ declining 30 cents to $28.16.

  • Aust stocks close lower AAP - 3 hours ago

    Australian stocks have closed weaker as declines among the major miners dragged the broader market lower and snapped a two-day rally.

  • NAB and Westpac move on mortgage rates AAP - 3 hours ago
    NAB and Westpac move on mortgage rates

    National Australia Bank and Westpac have raised interest rates on certain types of mortgages as Australia's biggest lenders seek to offset some of the pressure on their margins. NAB on Monday said it will increase variable rates on investor home loans by 0.15 percentage points from next week, while Westpac - which already imposed out-of-cycle rate rises of as much as 0.60 percentage points on some of its fixed rate home loans - has lifted its variable rates for all interest-only mortgages by eight basis points. With Commonwealth Bank having increased interest rates on fixed-rate owner-occupier and investor loans last week, ANZ is the only one of the big four banks yet to hike its rates - although chief executive Shayne Elliott last week said it was "reasonable" to expect out-of-cycle increases.

  • Budget on track Morrison tells agency AAP - 3 hours ago
    Budget on track Morrison tells agency

    Treasurer Scott Morrison insists the mid-year budget review is nothing more than an update even though it's likely to come with some tinkering to environment and welfare measures. Surrendering it would help pay for the $100 million in extra Landcare funding Mr Morrison promised the Greens in return for the minor party's support for the government's 15 per cent backpacker tax. Then there's the $4.5 million-a-day the government says its clawing back in a crackdown on welfare recipients wrongly receiving benefits, announced by Human Services Minister Alan Tudge on Monday.

  • Adani wins final approvals for Qld mine AAP - 3 hours ago
    Adani wins final approvals for Qld mine

    Construction on Australia's largest coal mine looks set to begin next year as Queensland's Premier Annastacia Palaszczuk prepares to meet with the company's global head to announce finer details. Gautam Adani will on Tuesday meet Ms Palaszczuk in Townsville, where the pair is expected to name the north Queensland city as the Galilee Basin project's headquarters. Adani on Monday won final Queensland and federal government approval for a 31.5km rail line and temporary camp for the $21.7 billion Carmichael mine project, angering green groups who had unsuccessfully attempted to fight the plans in court.

  • Tas govt rejects mystery verdict on cable AAP - 3 hours ago

    International experts say they can't pinpoint why a Bass Strait electricity cable failed, but that finding isn't good enough for the Tasmanian government. A year after the Basslink cable stopped working in December 2015, mystery still surrounds how it sustained damage about 90kms north of Tasmania, sparking a six-month outage which contributed to an energy crisis in the island state. "Despite best efforts, the ... investigation has concluded that it is not possible to determine the cause of the fault," Basslink boss Malcolm Eccles said on Monday.

  • Age editor-in-chief quits after complaint AAP - 3 hours ago
    Age editor-in-chief quits after complaint

    "This is, I hope, a reminder to all that our dealings with all women must be respectful and equitable at all times," Mark Forbes says in a statement to staff on Monday after resigning as EIC, and from Fairfax Media. Mr Forbes' resignation came days after it emerged he had been stood down while Fairfax, the publisher of The Age, investigated a claim of sexual harassment. The Guardian reports a young journalist made a formal complaint after Mr Forbes allegedly "groped her on the bottom" at The Age Music Victoria awards in November.

  • Renzi quits, populists seek power AAP - 3 hours ago
    Renzi quits, populists seek power

    Italian voters have dealt Premier Matteo Renzi a stinging defeat on his reforms referendum, triggering his resignation announcement and galvanising the populist opposition's determination to gain national power soon. "I lost, and the post that gets eliminated is mine," Renzi said about an hour after the polls closed. "The government's experience is over, and in the afternoon I'll go to the Quirinal Hill to hand in my resignation" to President Sergio Mattarella.

  • China changes end Murray Goulburn plans AAP - 4 hours ago

    Dairy processor Murray Goulburn has dropped plans for a new infant formula supply partnership after changes to Chinese import regulations rendered the strategy unviable. Australia's biggest dairy processor announced on Monday that it and US-based infant formula maker Mead Johnson Nutrition had "mutually agreed" to abandon their supply agreement, which was unveiled nearly nine months ago. "The framework agreement we envisaged back in March is no long relevant as a result of the change in Chinese regulations," Murray Goulburn interim chief executive David Mallinson told AAP.

  • Bass Strait cable fault a mystery AAP - 4 hours ago

    Operators of a Bass Strait electricity cable have been unable to find the cause of a prolonged outage which contributed to an energy crisis in Tasmania. The Basslink cable suffered damage about 90km north of Tasmania last December and was out of operation until June, during a time when the island state also received record low rainfall, putting a strain on hyrdo energy generation and forcing the government to import temporary generators. It is not uncommon that the cause of the fault remains unknown based on other past incidences of submarine cable outages," Basslink boss Malcolm Eccles said on Monday.

  • Turnbull, Abbott at odds over Green Army AAP - 4 hours ago
    Turnbull, Abbott at odds over Green Army

    Malcolm Turnbull has further opened a rift with his predecessor amid reports the Abbott-era Green Army program will be abolished. The program, which was due to cost the federal budget $360 million over four years, was initially set up by Tony Abbott when he was prime minister to recruit unemployed people for projects to restore the landscape and protect threatened species. "I would simply say we have a strong commitment to environmental programs," Mr Turnbull told reporters in Melbourne.

  • Cheung Kong lobs $7.3bn bid for Duet Group AAP - 5 hours ago

    Shares in Duet Group have surged as much as 20 per cent after the energy utility operator confirmed it has received a $7.3 billion takeover offer from Hong Kong investor Cheung Kong Infrastructure. CKI, owned by billionaire Li Ka-Shing, has offered $3 for every share in Duet, valuing the target company at a nearly 28 per cent premium to its closing price of $2.35 on Friday. The company has engaged Macquarie Capital as financial adviser and Allens as legal adviser in relation to the offer, but said there was no certainty the proposal will proceed.

  • How the Adani project was approved AAP - 5 hours ago

    November 2010 - Adani Mining Pty Ltd beings approval process to establish two new mines and a rail line in the Galilee Basin in north Queensland after Premier Anna Bligh declared the Carmichael coalmine ...

  • Peaks, black swans, bonanzas: 2017 tips AAP - 5 hours ago

    The implications for markets appear to be further increases in bond yields, developed world stocks and the US dollar, while emerging market currencies, stocks and bonds are expected to struggle under the weight of higher US bond yields. In equities, developed markets are favoured over emerging, cyclical sectors over defensive, banks are expected to benefit from steepening bond yield curves, while infrastructure spending could boost housing and construction stocks. 1. Bond yields to FALL?

  • Economists still gloomy on GDP after data AAP - 5 hours ago

    Economists are still bracing themselves for news of weak or even negative economic growth on Wednesday, after the latest round of economic figures. Company gross operating profits rose by one per cent in the September quarter but that figure was boosted by a windfall gain from revalued business inventories. "Excluding the IVA (inventory valuation adjustment), operating profits were actually flat and thus well below market expectations," National Australian Bank economist Tapas Strickland said.

  • Factors behind this year's rate cuts AAP - 5 hours ago
    Factors behind this year's rate cuts

    It came after inflation pressures proved much weaker than expected with a quarterly decline in prices for the first time since December 2008. This took the annual CPI rate to 1.3 per cent, well below the central bank's two to three per cent target. AUGUST - Cash rate cut from 1.75 per cent to a record-low 1.5 per cent at the penultimate meeting overseen by governor Stevens before his retirement.

  • August rate cut may have been the last AAP - 5 hours ago
    August rate cut may have been the last

    The chance of the Reserve Bank cutting its official interest rate heading into Christmas is virtually non-existent. Financial markets see only the slimmest of risks of the cash rate going down any further, having stood at a record low 1.5 per cent since August. Last week the Organisation for Economic Cooperation and Development predicted the Reserve Bank would be raising the cash rate by the end of 2017, in line with developments among other central banks.

  • Sonangol delays payments amid reform AAP - 6 hours ago

    Angola's state oil company Sonangol has amassed hundreds of millions of dollars in debts and deferred payments to oil majors and contractors while its new chief, Isabel dos Santos, attempts to reform its operations. Contractors say they have waited months even for small payments from Sonangol, which handles the oil and gas reserves of Africa's second-largest oil exporter. The delays began following the appointment of dos Santos, the daughter of President Jose Eduardo dos Santos, in June to root out waste and corruption at a company that was struggling even before oil prices plunged.

  • Adani gets nod for largest Aust coal mine AAP - 6 hours ago
    Adani gets nod for largest Aust coal mine

    Indian energy giant Adani has won final approvals for Australia's largest coal mine, despite a chorus of opposition from climate change campaigners. The Queensland and federal governments have ticked off on a 31.5km rail line and a temporary 300-bed construction camp for the vast Carmichael mine, in the state's Galilee Basin. Gautam Adani will on Tuesday visit Townsville, which is expected to be named as the headquarters for the mine project.

  • Telstra's names tech expert as new COO AAP - 6 hours ago

    Telstra has appointed Robyn Denholm, an international technology expert who sits on the board of electric car company Tesla Motors, as its chief operations officer. Ms Denholm, who was the chief financial ...