Your noon Briefing

Welcome to your noon roundup of what’s making news and what to watch for.

Hello readers. Here is your noon digest of what’s making news and a long read for lunchtime.

Michael Danby .The Jewish Torah was signed in Parliament House in Canberra. Josh Frydenberg with Matt Canavan, Mark Dreyfus, Michael Danby and Richard Miles and a large jewish contingent celebrated the signing of the Torah in Parliament House in Canberra. Picture Gary Ramage

‘No Oz Corbyn’

Labor MP Michael Danby has savaged Labor frontbencher Mark Butler, warning the outgoing federal ALP president was pushing for internal party rules that could lead it down the path of far-left British Labour leader Jeremy Corbyn. Writing in The Spectator, the member for Melbourne Ports attacked Mr Butler for pushing for “more democracy” in the ALP organisational wing, arguing he was being hypocritical as his left faction had often voted against giving party members more of a say. He said it would be a mistake for the ALP to go down the path of British Labour and effectively give the party membership the entire say in electing the leader.

“Going down the Corbyn road, UK Labour has descended into policy madness, such as the stalled hearings on whether to expel Ken Livingston over his front page bigotry, that ‘Hitler was a Zionist’.’’

Michael Danby

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Anti Adani Protesters marching to Jackie TradÕs office. Pic Annette Dew

Adani rail bid dropped

Aurizon has officially dropped its bid for a federal concessional loan to build a common-user rail line that would have served Adani’s Carmichael mine. The rail freight company issued a statement this morning confirming it would withdraw its application to the Northern Australia Infrastructure Facility (NAIF) for funding to assist with a rail solution for the development of the Galilee Basin.

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3/1/18 Qantas chairman Leigh Clifford during the 2018 Couta Boat race in Sorrento. Aaron Francis/The Australian

Churchie rebels

Qantas chairman Leigh Clifford has made a dramatic entrance into debate over the governance of one of Brisbane’s most exclusive schools, speaking at a testimonial for a former “Churchie” headmaster that was organised by a group calling for an overhaul of its management. Last night’s sold-out dinner came 10 months after the opening of a library at the Anglican Church Grammar School that was to bear the late Harry Roberts’ name, in honour of his time as headmaster from 1947 to 1969. The plan to name the building after Roberts was dumped over criticism of his handling of child sexual abuse allegations against teachers, sparking outrage from a group of old boys who believe the decision was unjust. Mr Clifford was a student at the school when Roberts was headmaster.

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Pedestrians are reflected in the glass as market trading boards are seen at the Australian Securities Exchange (ASX) in Sydney, Tuesday, February 6, 2018. The worldwide plunge in equity markets has infected Australian shares with the local key indexes opening more than 2.5 per cent lower. (AAP Image/David Moir) NO ARCHIVING

Local shares recover

Local shares are pushing a valiant recovery from the morning’s lows as investors contain losses after a tumultuous overnight session that saw Wall Street plunge into a correction.

The S&P/ASX200 index last traded 1.3 per cent lower on 5812 after earlier losses as much as 1.7 per cent. The entire top 10 stocks remain in the red, CSL down 1.7 per cent the worst off and Woolworths faring the best with fall by 0.7 per cent. Tokyo stocks dropped more than three percent on Friday, after European and US stocks suffered big drops as volatility continued to dog equity markets. The benchmark Nikkei index fell 3.19 percent, or 698.26 points, to 21,192.60 in early trade.

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Michelle Guthire, the change agent at the ABC

The long read: ABC changing channels

Today from your ABC, something completely different, writes Stephen Brook. This morning amid much fanfare, chairman Justin Milne, ­managing director Michelle ­Guthrie and finance chief Louise Higgins took the stage inside the ABC’s ­Ultimo headquarters in Sydney for an event unprecedented in the national broadcaster’s 85-year ­history. Welcome to the inaugural ABC annual public meeting, a sort of live ­version of the ABC’s much-missed Backchat viewer feedback program. Events are also being held in Rockhampton and Launceston, and the Sydney event will be streamed on the ABC website and Facebook. Follow Stephen Brook’s live coverage here.

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Comment of the day

“This is the same principal as claiming deductions for a home office. Not worth it, as it opens up the possibility of capital gains tax later on. CGT is not paid on private and personal property. Renting out even bits of your home for profit is not private nor personal, hence a potential CGT liability in the future.”

Vicki, in response to ‘Capital-gains sting by tax office for Airbnb hosts’. And find out what our readers had to say on the Barnaby Joyce affair and more in the Readers’ Comments column.