Scale of drug money laundering is ‘overwhelming’
Australia’s biggest money-laundering probe has identified hundreds of unwitting Australian residents duped into helping launder drug money overseas, including cash generated by outlaw motorcycle groups.
Competitive Foods profit triples, but Jack’s still hungry
Competitive Foods Australia, franchisee for Hungry Jack’s and some KFC stores in Australia, has trebled its profits. But “people are still only eating three meals a day,” says chief Jack Cowin.
Real wages ‘have to fall’
Updated | Australians may need to accept real wage cuts or face the prospect that official interest rates have to rise to control inflation even as unemployment rises, business leaders and economists said.
Abbott discusses Japan free-trade deal with Abe
Australia may be a step closer to establishing a free-trade agreement with Japan following talks between Prime Minister Tony Abbott and Japanese Prime Minister Shinzo Abe.
ASIC cracks down on dodgy mortgage brokers
The Australian Securities and Investments Commission is stepping up a crackdown on dishonest mortgage brokers as it seeks to head off an expected surge in fraudulent activity as housing markets heat up.
Parental leave scheme flexible, says government
The federal government has released details of how its paid parental leave scheme will work, denying claims it will seek to override existing industrial agreements
Weatherill’s woes rise as budget deficit tops $1bn
A sharp deterioration in South Australia’s budgetary position of $380 million in less than two months has reinforced that economic management is the major issue in the State’s March 15 election.
Labor says companies have a duty to reveal taxes paid
Our largest companies have a degree of public accountability to the taxpayer and need to reveal the true state of taxes they pay, says shadow assistant treasurer Andrew Leigh. He says the Abbott government is not serious about fighting base erosion and profit-shifting.
Food rating decision ‘didn’t follow best practice’
The Department of Finance has found a decision made by a peak group including assistant minister for health Fiona Nash to introduce front-of-pack food labelling without testing its regulatory impact was not compliant with established best practice.
ACCC to take sober look at beer contracts
Australia has more than 150 craft brewers, but many are shut out of pubs and clubs due to restrictive supply agreements with large multinationals Lion Nathan and Fosters-SABMiller.
Manchester City to tour Australia in May
English Premier League football giant Manchester City will tour Australia in May as part of the deal for the club to purchase A-League soccer club Melbourne Heart.
NSW moves to dry out violence hot spots
The belief that something has to be done to stem alcohol-fuelled violence has not protected this week’s new drinking restrictions for Sydney’s centre from sceptical attack.
Renewable energy sources are just a power failure
Renewable energy was supposed to provide endless cheap power. Instead the subsidy bill is piling up higher and higher.
How companies get bargained into oblivion
One of the early decisions made by the Abbott government was to ask the Productivity Commission to undertake a review of workplace relations in Australia.
Economy
Businesses increasingly confident about future prospects
Businesses are expecting a sharp improvement in performance this year despite facing the pressures of a drop in value of the Australian dollar and government policy changes.
Abbott discusses Japan free-trade deal with Abe
Australia may be a step closer to establishing a free-trade agreement with Japan following talks between Prime Minister Tony Abbott and Japanese Prime Minister Shinzo Abe.
Politics
Abbott discusses Japan free-trade deal with Abe
Australia may be a step closer to establishing a free-trade agreement with Japan following talks between Prime Minister Tony Abbott and Japanese Prime Minister Shinzo Abe.
Newmont Mining mulls legal action on Indonesia tax
Newmont Mining has said it is considering legal action and other options in Indonesia, where it is facing a new export tax as the country tries to force miners to process their ores domestically.
Education
School daze: tackling bias in law hiring
When Caitlin Cook graduated from the Perth‘s Notre Dame university with a bachelor of laws, she already knew there were some law firms where it would be hard to land a job.
Falling uni scores hurt the trades
Each year since the former Labor government announced in 2009 its plan to dramatically increase the numbers of young people in higher education, the number of school leavers being accepted for university has risen.
Legal Affairs
Melbourne increases share of new partner hire
Of the 95 new law firm partners appointed in the six months to January 2, 35, or 36.8 per cent, were in Sydney, 27.4 per cent in Melbourne, 16.8 per cent in Brisbane and 10.5 per cent in Perth.
Litigators popular with law firms
The demand for litigation partners at major firms reflects a desire to rely on a stable source of revenue in a difficult market.
Arts & Saleroom
The mystery behind Murdoch’s reality show
Amid all the headlines, candid News sources and erroneous reportage, the circumstances under which Rupert Murdoch divorced Wendi Deng, his wife of 13 years, remain unknown.
This space oddity for rent
David Bowie’s decision to take part in a Louis Vuitton advert, complete with masked balls, hot-air balloons and red sailboats, has more to do with artistic expression than cold hard commerciality.
Professional Services
Banks and large caps fight changes to leasing rules
BHP Billiton, Woolworths, Wesfarmers and the big four banks oppose plans forcing them to recognise billions of dollars of lease liabilities on their balance sheets for the first time.
Accountants expect uplift from change of government
Accounting firms expect a jump in advisory and compliance work when legislative changes begin to flow from the new federal government, but many are also hoping for an indirect lift from increased business confidence.
