《AFN Business Update》All drink-drivers in NSW to lose licence

1

WA budget to ease pressure on households

Households will be spared from massive price hikes on utilities in this week’s West Australian budget following a decade of severe hip pocket pinching, but there will be no joy for public sector employees hoping for a wage boost.

Treasurer Ben Wyatt says he is very pleased with his third state budget, which will be handed down on Thursday.

“It’s delivering on all the things we took to the election a couple of years ago, both around financial management, but also around funding and delivering those key infrastructure projects like Metronet,” he told 6PR radio on Monday.

Mr Wyatt has promised to keep households fees and charges as low as possible.

2

All drink-drivers in NSW to lose licence

Anyone caught drink-driving in NSW will lose their licence immediately under a tough new penalty regime that will also see offenders fined almost $600.

First time, low-range drink-drivers from May 20 will be slapped with an on-the-spot suspension of their licence for three months and a fine of $561.

Roads Minister Andrew Constance says NSW is taking a “zero-tolerance” approach to drink and drug-driving.

“This means anyone caught drink-driving in NSW, at any level, including low-range, can now lose their licence immediately,” the minister said in a statement on Monday.

3

Homes up for auction remain low: CoreLogic

The number of homes put on the auction block over the weekend crept up compared to the previous week but remained low when viewed alongside the numbers from a year ago.

CoreLogic’s preliminary count released on Monday said 1,472 properties were taken to auction across Australian capital cities last week – 446 more than the previous week – in a drop from the 2,311 recorded 12 months ago.

The early results put the auction clearance rate across the country at 58.8 per cent, up from the previous week’s tally of 50.4 per cent, but CoreLogic warned that the final clearance rate – which is expected to be released on Thursday – would likely end up in “the low 50 per cent range”.

The preliminary numbers indicated 60.8 per cent of homes taken to auction in Melbourne over the last week sold based on the confirmed results of 521 auctions monitored by CoreLogic, while results for another 157 auctions were not recorded.

4

Retail Food admits extending use-by dates

Retail Food Group has acknowledged extending use-by dates on food products but says it is withdrawing them from sale by franchisees.

RFG says its brands, which include Michel’s Patisserie, asked less than one per cent of its 1,000 suppliers to request shelf life extension “where appropriate and safe to do so”.

“RFG follows strict standards with regard to food quality and any product date extension was granted following written approval from the supplier and with consumer safety top of mind,” Retail Food Group said on Monday.

The company, which has been beset by controversy over the past two years, said it was voluntarily withdrawing the products.

Its statement to the ASX followed weekend newspaper reports that bakery chain Michel’s Patisserie deliberately sold batches of chocolate cakes, birthday cakes and edible decorations between two and six months after their use-by date.

The Age and The Sydney Morning Herald reported that RFG told franchisees to ignore expiry dates on packaging.

5

Westpac H1 profit falls 22% to $3.296b

Westpac has held its interim dividend despite the cost of refunding customers helping drag down first-half profit by 22 per cent to $3.296 billion.

Australia’s second largest bank set aside $617 million to cover refunds and associated costs following the financial services royal commission, contributing to the fall in cash earnings for the six months to March 31 from $4.251 billion a year earlier.

Westpac also took a $136 million hit on the restructure of its wealth unit, but will still pay a fully franked dividend of 94 cents.

Rival NAB last week slashed its dividend from 99 to 83 cents.

Westpac chief executive Brian Hartzer on Monday suggest that, while the results were disappointing, the worst may be over for the bank.

“The past six months has been a turning point,” Mr Hartzer said.

“We are proactively addressing legacy issues while improving our products and services to ensure they deliver the right customer outcomes.”

6

Bubs shares soar on Fonterra partnership

Bubs Australia shares have jumped yet again after the infant formula maker announced a partnership with Fonterra Australia to produce a new line of organic grassfed formula.

Bubs said on Monday the agreement will make it the first company “to offer Australian-made certified organic grass-fed infant formula”.

The milk will be sourced from New Zealand but manufactured in Fonterra’s facility in Darnum, Victoria.

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