Follow our live coverage here.
Follow our live coverage here.
And in breaking news, insurance giant IAG has inked a $1.35 billion deal to acquire RAC WA’s insurance arm.
In an announcement to the market on Thursday, the parties confirmed IAG would fork out $400 million to buy the Royal Automotive Club of Western Australia’s insurance division and $950 million for a 20-year distribution and licensing agreement.
Under the deal, IAG will become responsible for underwriting, managing claims, product development and pricing, but claims will continue to be processed in Perth and the insurer has vowed to retain RAC’s WA-based employees.
RAC Group chief executive Rob Slocombe said the partnership deal would ensure its 1.3 million members access to quality insurance cover from an experienced provider, with the company pinning the decision to sell off its insurance arm on the increasingly complex and evolving regulatory environment, higher claims volumes, and rising reinsurance costs.
The transaction is expected to be completed in the first half of 2026, provided it gains regulatory approval.
Shares in IAG were up 3.68 per cent on Thursday to trade at $8.73.
Arson squad officers are this morning at the scene of a fire that engulfed a manufacturing warehouse in Midvale overnight.
Multiple firefighters were called to the building on Beaconsfield Avenue after a fire started in bushland along Roe Highway about 1am.
The blaze spread to the warehouse, damaging the building as well as machinery and equipment inside.
A WA Police spokeswoman said the fire was being treated as suspicious.
Anyone who has dash-cam vision of Roe Highway northbound, or near Beaconsfield Avenue Near Salisbury Road between 1am and 2am on Thursday morning is urged to contact Crime Stoppers on 1800 333 000 or make a report online.
The builder selected to construct the WA government’s new women’s and babies’ hospital has collapsed, throwing the project into turmoil.
Construction giant Roberts Co, which was in a joint venture with Webuild, has been placed in voluntary administration and withdrawn from the hospital project.
In a statement, Health Infrastructure Minister John Carey confirmed the company’s withdrawal, but said the project was continuing to progress to schedule:
The government can confirm that Roberts Co has voluntarily withdrawn from the WA Life consortium project venture with Webuild.
The procurement process and engagement with Webuild continues to progress well and the government will make some important announcements soon.
The project continues to progress to its schedule.
The hospital had already faced pushback from members of WA’s medical community over its new location alongside Fiona Stanley Hospital in Murdoch, which would mean a 20-minute drive to Perth Children’s Hospital for newborns needing urgent specialist care.
We’ll bring you more on the story as it progresses today.
Here are some other headlines from across the country this morning:
Good morning readers, and welcome to our live news blog for Thursday, May 15.
Making headlines today, a 65-year-old businessman is on trial in a Perth court accused of laundering more than $3 million in dirty money for allegedly dodgy clients through what prosecutors alleged was a “sophisticated” scheme.
Geoff Puttick has pleaded not guilty to 29 charges of engaging in transactions that involved money or property that was the proceeds of an offence.
Rebecca Peppiatt has been sitting through the trial this week, you can read her story here.
Meanwhile, in real estate news, more than half of Perth’s suburbs are now in decline, with property sales sliding and former boom towns like Rockingham and Baldivis turning into real estate bust zones, new data reveals.
Sarah Brookes has the full story behind the numbers here.
And finally, and exclusive story that will delight fans of Subiaco’s dining scene.
This winter, famed Subi institution Lulu La Delizia is growing its hospitality toolbox with the opening of a cosy 24-seat, no-reservations cantina next door to the mothership.
But where Lulu’s channelled and reimagined the homely, wine-soaked osteria of the Old Country, its offshoot has taken things in a more brutalist direction.
Max Veenhuyzen has the scoop. He serves it fresh off the press here.
Thank you for joining us this morning. Stay tuned as we bring you more news you need to know.