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Melbourne cafe forced to repay staff $37k

An inner-Melbourne cafe has been caught ripping off more than 30 workers by nearly $38,000, and will have to issue a written apology and back pay. Casual employees with Super Max Coffee, trading as Mitte Cafe at Fitzroy North, were underpaid $37,520 in loadings, overtime and penalty rates between July 2017 and June 2018. The…

‘Not at the level we aspire to’: BOQ

Bank of Queensland’s chairman says the regional lender has not performed as well as hoped, but he is optimistic its retail banking business can be reinvigorated over the next year. Roger Davis said in a letter to shareholders that customer acquisition and returns have been hampered by lending processes and regulatory uncertainty, while costs have…

CommSec Daily Report Wednesday

Latest news Aussie shares are largely unchanged at lunch on Wednesday, with the ASX 200 down just 0.05 per cent due partly to falls from Fortescue Metals (FMG) and the big banks. Fortescue Metals (FMG) is trading ex-dividend for its 60c per share special dividend which will be paid out to eligible investors on 14…

Construction work falls 1.9% in March qtr

Construction work done across Australia fell by 1.9 per cent in the March quarter. Total building work on homes was dropped 2.5 per cent on the previous three months on a seasonally adjusted basis, while work on non-residential buildings grew by 3.6 per cent, Australian Bureau of Statistics figures show. The biggest quarterly fall –…

Healthscope shareholders approve buyout

Healthscope shareholders have overwhelmingly approved the private hospital operator’s $4.4 billion acquisition by Canada’s Brookfield Asset Management. More than 99.9 per cent of votes were cast in favour of Brookfield’s $2.465 per share offer at a scheme meeting on Wednesday, with over one billion votes for it and just 771,401 against. Healthscope shares could be…

Minor party could back tax cuts in Senate

Two key crossbench senators could support proposed income tax cuts provided the government promises that services won’t be cut. Centre Alliance’s Rex Patrick said tax relief would be delayed beyond July 1, but raised the prospect of supporting the package when parliament returns. “Centre Alliance would like hard-working Aussies to get a tax cut but…

Solar Victoria gets first chief executive

The inaugural chief executive for Solar Victoria has been appointed, more than six months after the agency was announced. Stan Krpan will lead the implementation of the Andrews government’s solar homes election promise first announced in August, installing solar panels and hot water systems to homes across the state. Mr Krpan has led significant reforms…

Eyes still on economy as PM meets team

Shoring up the economy will be on Scott Morrison’s mind as he meets with colleagues in the aftermath of the coalition’s election victory. The prime minister will gather some of his ministers in Sydney on Wednesday, while Treasurer Josh Frydenberg is expected to catch up with Reserve Bank Governor Philip Lowe. Dr Lowe confirmed on…

News from around the world, May 22

AM World Race claims over huge Damond payout The family of an African American man shot dead by Minneapolis police are demanding a $US20 million ($A29 million) payout equal to what the family of Australian life coach Justine Ruszczyk-Damond received. — May’s ‘new deal’ to break Brexit deadlock British Prime Minister Theresa May says MPs…

ASX tipped for further gains at the open

The Australian share market is tipped to build on its fresh 11-and-a-half year high at the open after a temporary US licensing reprieve for Chinese telco Huawei gave Wall Street an overnight boost. The SPI200 futures contract was up 13 points, or 0.2 per cent, at 6,580.0 at 0800 AEST, suggesting another rise for the…