Flanagan condemns ‘brutal’ Pilbara tactics
Atlas Iron chairman David Flanagan says given past behaviour and tactics employed by the likes of BHP Billiton and Rio Tinto in the “brutal” iron ore industry, he wouldn’t be surprised if the recent increase in supply from the Pilbara was designed to push smaller competitors out of the picture. The Fin
Nalder punished
The rising star of Dean Nalder is set to be halted today, with the rookie minister tipped to lose his Finance portfolio after mixing up his public role with his business interests. The West
Exporters face tough times: BIS
The international body for central banks has provoked concerns that the worst could be yet to come for commodity exporters like Australia because of weaker prices, a surging US dollar and a booming property market. The Fin
Total blames costs for gas shortfall
The Asia-Pacific head of French oil major Total has blamed Australia’s high-cost environment for causing a gas shortage for its $US18.5 billion ($22 billion) project with Santos in Queensland, forcing a change in contracting strategy and efforts to access gas from other producers. The Fin
Corporate giant taken to task over mining fallout
Mining giant Glencore gave locals “misleading and deceptive” and “plainly false” information about environmental hazards associated with one of the world’s largest lead-zinc mines, according to Aboriginal leaders. The Aus
Majors facing a $20bn squeeze
The major banks have been urged to raise at least $20 billion to slash leverage and boost capital levels to globally-leading levels, setting them on a collision course with government, regulators and investors after previously warning stricter rules would be worn by consumers and shareholders. The Aus
Hawke lobbied for China Ord push
Former prime minister Bob Hawke lobbied Colin Barnett to allow a Chinese company to buy a large package of land in the Ord River. The West
The Australian Financial Review
Page 1: Treasurer Joe Hockey has warned the big banks not to resist David Murray’s call for them to hold more capital, setting the scene for a fall in their profits and a more level playing field to boost competition from regional banks.
The big banks may be forced to raise around $20 billion in additional capital to meet more stringent standards stipulated by the financial system inquiry’s final report.
Governance changes recommended by the Murray inquiry would dilute the influence of unions and employer associations on industry superannuation fund boards.
Prime Minister Tony Abbott’s personal standing has plunged to the extent voters rate him as incompetent and untrustworthy as Julia Gillard at her nadir, and strongly back Bill Shorten as prime minister.
The Asia-Pacific head of French oil major Total has blamed Australia’s high-cost environment for causing a gas shortage for its $US18.5 billion ($22 billion) project with Santos in Queensland, forcing a change in contracting strategy and efforts to access gas from other producers.
Page 7: Coalition MPs who put their necks on the line to publicly criticise Tony Abbott’s paid parental leave scheme have cautiously welcomed the Prime Minister’s decision to pare back the policy and will reserve their final judgment until they see the detail.
Page 11: The international body for central banks has provoked concerns that the worst could be yet to come for commodity exporters like Australia because of weaker prices, a surging US dollar and a booming property market.
Page 12: Miners big and small are cutting back on their exploration activity to save cash, a trend that could have long-term implications for the country, according to veteran minerals economist Richard Schodde.
Page 14: Atlas Iron chairman David Flanagan says given past behaviour and tactics employed by the likes of BHP Billiton and Rio Tinto in the “brutal” iron ore industry, he wouldn’t be surprised if the recent increase in supply from the Pilbara was designed to push smaller competitors out of the picture.
The Australian
Page 1: Reforms to limit the role of unions in superannuation are likely to head the government’s response to the first comprehensive review of the financial system in almost two decades, with less enthusiasm for its calls to raise bank capital standards and give fresh powers to the corporate regulator.
Tony Abbott will examine means testing childcare subsidies for high-income households, but extending government assistance to cover nannies, as part of a “families’’ package to be released next year that will include tighter targeting of his paid parental leave scheme.
Page 2: Foreign Minister Julie Bishop has declared the biggest greenhouse gas emitting nations have the greatest responsibility to make cuts, otherwise their pollution will swamp the reduction efforts of other countries, including Australia, which produces just 1.5 per cent of carbon emissions.
Environment Minister Greg Hunt will seek a deal with the crossbenchers on the renewable energy target, accusing Labor of making a “unilateral decision’’ to walk away from the negotiating table.
Page 3: A back-to-basics national curriculum that drills students in literacy and numeracy during the first three years of schooling will be considered by the nation’s education ministers this week.
Page 4: Mining giant Glencore gave locals “misleading and deceptive” and “plainly false” information about environmental hazards associated with one of the world’s largest lead-zinc mines, according to Aboriginal leaders.
Page 17: The major banks have been urged to raise at least $20 billion to slash leverage and boost capital levels to globally-leading levels, setting them on a collision course with government, regulators and investors after previously warning stricter rules would be worn by consumers and shareholders.
Page 18: Newcrest and South Africa’s Harmony are close to lifting the veil on their reworked development plans for the Golpu gold/ copper deposit in Papua New Guinea, with analysts tipping a greatly reduced capital expenditure commitment of $US1.3 billion ($1.6bn).
Page 23: ABC management is bracing for a possible strike before Christmas as the journalists’ union says it is not ruling out industrial action over forced redundancies.
Qantas chief executive Alan Joyce has declared war against Fairfax Media, pulling millions of dollars in advertising revenue from The Sydney Morning Herald and The Age.
The West Australian
Page 1: The rising star of Dean Nalder is set to be halted today, with the rookie minister tipped to lose his Finance portfolio after mixing up his public role with his business interests.
Page 4: Generous tax concessions on super largely benefitted the nation’s highest paid workers.
Australians could have up to 40 per cent more money for retirement under wholesale changes to the nation’s financial system, an inquiry has found.
Page 7: Up to 100 WA public schools could lose their chaplains next year after the Federal Government ordered that more private schools should receive chaplaincy funding.
Page 12: Former prime minister Bob Hawke lobbied Colin Barnett to allow a Chinese company to buy a large package of land in the Ord River.
Page 13: Australian viewers will have more on-demand TV at their fingertips with Seven West Media and Foxtel today announcing a joint assault on the surge of streaming platforms to launch across Australia next year.
Business: A WA pearling company is targeting the holy grail of exports following the Free Trade Agreement with China that will abolish the 21 per cent tariff over four years.
Corporate regulators would be able to ban financial advisers earlier and stop dodgy products under a “paradigm shift” outlined by the Financial System Inquiry.
The health of the jobs market is dominating the thoughts of investors and analysts but there’s no certainty the numbers, plagued by reliability issues, will help policymakers work out what is going on.