Budget takes $10b welfare hit
The federal budget has taken a $10 billion hit after the Coalition struck a deal with Labor to pass $2.7 billion in welfare cuts and dropped plans to push through other savings that were destined to fail. The Fin
WA ups ante on redistribution
Western Australian Coalition MPs are upping the pressure for changes in the national distribution of GST revenue, despite attempts by cabinet and the Prime Minister to take the issue off the agenda until the taxation white paper is published. The Fin
BHP Billiton keeps faith with iron ore expansion
BHP Billiton’s still highly profitable Western Australian iron ore unit will be in sharp focus in coming weeks as the miner ignores sliding prices to promote an expansion that analysts have said could add $US10 billion ($11.5bn) to the company’s value. The Aus
Nahan’s GST plan aims to net billions
Mike Nahan has unveiled a dramatic blueprint to overhaul the way the GST is spread among the States in a move that could deliver billions in extra cash for WA. The West
GESB to axe more workers
A $3 billion jump in the worth of GESB, the superannuation giant that controls the nest eggs of WA’s public servants, will not stop further layoffs at the State Government-controlled fund. The West
Forrest strikes $103.3m paydirt
The bank account of Andrew “Twiggy” Forrest will swell by another $103.3 million tomorrow when he collects what must rank as one of corporate Australia’s largest ever individual dividend payments. The Aus
Push to open up ‘boutique’ LNG supply
Global giant GE is at the forefront of plans for a possible rollout of small-scale liquefied natural gas plants around Australia that it says could help companies make deep savings to energy costs. The Aus
The Australian Financial review
Page 1: The federal budget has taken a $10 billion hit after the Coalition struck a deal with Labor to pass $2.7 billion in welfare cuts and dropped plans to push through other savings that were destined to fail.
Page 3: A much anticipated parliamentary report into foreign property buying has been delayed, reducing the risk its findings could derail delicate free-trade negotiations with China – which the Abbott government hopes to conclude by mid-November.
Page 4: Communications Minister Malcolm Turnbull rejected recommendations from the government’s own panel to sell parts of the national broadband network and open it to competition, claiming the financial burden on the budget and taxpayers would be too severe.
Page 7: Western Australian Coalition MPs are upping the pressure for changes in the national distribution of GST revenue, despite attempts by cabinet and the Prime Minister to take the issue off the agenda until the taxation white paper is published.
Page 11: Trade and Investment Minister Andrew Robb says the major details of a Pacific Rim free-trade and investment agreement could be completed by the end of the year, after he met United States Trade Ambassador Mike Froman in Washington.
Page 23: GrainCorp chairman Don Taylor is expected to step down from the board after a transition period with incoming chief executive Mark Palmquist, who joined eastern Australia’s largest grains handler on Wednesday.
BHP Billiton’s plan to cut 700 jobs from its coking coal joint venture with Mitsubishi may prove harder than first thought, with unions exploring a contractual term that suggests contractors should be cut before permanent workers.
Page 28: Medibank Private managing director George Savvides says the health insurer’s size and the strength of the sector are likely to protect the $4 billion-plus privatisation from being pulled amid increased market volatility and concerns about falling equity values.
The Australian
Page 1: Foreign aid is set to be cut to help pay for military operations in Iraq and stronger national security at home, as the Abbott government hunts for new savings while standing by unpopular reforms now stymied in the Senate.
Federal cabinet is considering plans to carve up and sell off the least profitable parts of the National Broadband Network to shift its risks from taxpayers to the private sector and promote competition for the $41 billion project.
Page 3: House values in capital cities remained virtually unchanged last month, easing fears that a surge in speculative investment was pushing up prices.
Page 4: Government spending on infrastructure has dropped to its lowest level in six years, amid signs the economy’s growth has lost momentum since the middle of the year.
Page 5: Microsoft is out to claw back corporate support with Windows 10 following the disaster of Windows 8.
Page 6: The first tranche of the Coalition’s tough new terror laws has passed parliament as the government announced the Australian Security Intelligence Organisation would get an extra $196.8m in counter-terrorism funding.
Page 7: Indigenous communities have declared they want to be early adopters of radical reforms recommended in mining magnate Andrew Forrest’s report, the government has revealed.
Page 17: The major banks have stepped up their lobbying against more onerous capital rules amid mounting fears that the Murray financial system inquiry and G20 meeting will ignore the industry’s pleas for a halt to more regulation.
The bank account of Andrew “Twiggy” Forrest will swell by another $103.3 million tomorrow when he collects what must rank as one of corporate Australia’s largest ever individual dividend payments.
Page 18: BHP Billiton’s still highly profitable Western Australian iron ore unit will be in sharp focus in coming weeks as the miner ignores sliding prices to promote an expansion that analysts have said could add $US10 billion ($11.5bn) to the company’s value.
Global giant GE is at the forefront of plans for a possible rollout of small-scale liquefied natural gas plants around Australia that it says could help companies make deep savings to energy costs.
Page 19: Disappointing retail sales figures have delivered a fresh headache for the Reserve Bank, which is grappling with the need to keep interest rates low without spurring on excessive price rises in the housing market.
Woolworths is rolling out its program to dominate the online retail liquor segment, with the Dan Murphy’s Connections site adding 900 new liquor products in its first week of operation.
Page 23: Axiom Mining’s shares have slumped following a move by Japanese giant Sumitomo to put the brakes on the Australian-listed junior’s Solomon Island nickel project.
Patersons is banking on further cost-cutting and stronger corporate activity to get it out of the red, as stockbrokers continue to adjust to subdued trading.
The West Australian
Page 3: Perth’s Swan and Canning rivers will be more at risk of toxic algal blooms this summer amid elevated levels of a key precursor to the damaging growths.
Page 4: Tony Abbott says he wishes women did not wear the burqa as he backed a push to ban the Muslim full-face covering from Parliament House for security.
Page 7: Compulsory third-party insurance premiums could be about to rocket after a year of record claims that included $261 million to 44 people “catastrophically” injured in motor vehicle crashes.
Page 9: Mike Nahan has unveiled a dramatic blueprint to overhaul the way the GST is spread among the States in a move that could deliver billions in extra cash for WA.
Page 13: Popular WA holiday spots such as Busselton, Margaret River and Mandurah could be in line for a bigger slice of hundreds of millions of dollars in Federal Government funding under possible changes to the way their populations are counted.
Page 18: The City of Perth is unlikely to support plans for a “congestion busting” bus tunnel under Wellington Street, saying it is based on flawed and exaggerated modelling and will undermine the vision for the area.
Business: A $3 billion jump in the worth of GESB, the superannuation giant that controls the nest eggs of WA’s public servants, will not stop further layoffs at the State Government-controlled fund.
Kimberley Diamonds’ woes are deepening, with a battle among shareholders sparking a call for the Ellendale miner owner’s board to be sacked.
Burma yesterday awarded licences to the first foreign banks allowed to operate in the South-East Asian country in half a century.
More than 60 Westpac workers in WA face an uncertain future following the bank’s decision to close its only call centre in the State in March.
The Australian Taxation Office has given Wesfarmers the all clear to hand over $1.1 billion to shareholders.