300 workers to go at Austal
Shipbuilder Austal has started laying off workers at Henderson under a wind-down of a $330 million Customs patrol boats program, in a move which will see up to 300 jobs shed by the end of the year. The West
New blueprint for competition
The biggest review of competition law in two decades has proposed an ambitious timetable for reform, including beefed up penalties for workplace wrong-doing, and sets the Abbott government on a new collision course with Labor, unions, the Senate and its own backbench in the lead-up to next year’s federal election. The Fin
Investors back BHP, Rio plan
Australian investors in BHP Billiton and Rio Tinto continue to back the iron ore majors’ rapid expansions, saying the industry fallout is a process of ‘‘natural selection’’ and that Andrew Forrest’s offer last week to cap production, casts more doubt on Fortescue Metals Group than it does on the strategies of its rivals. The Fin
The $10bn tax-free gift to retirees
The nation’s wealthiest retirees are collecting $10 billion each year free of tax as a result of generous concessions that are being targeted for reform. The Aus
Telstra’s bid to end ‘bill shock’
Telstra is confident a new service to eliminate “bill shock” for millions of its mobile customers will not take a dent out of its mobile revenue and it could instead boost the telco’s top line as consumers increase their download habits. The Aus
Review tells WA to scrap trading hour restrictions
WA should ditch all restrictions on retail trading hours within two years, deregulate the taxi industry and allow major supermarkets to compete against community pharmacists, a wide-ranging report has demanded. The West
Asia’s biggest airline boosts Perth service
In a significant boost for tourism in WA, Asia’s biggest airline China Southern will introduce the revolutionary Boeing 787 to its Perth service today as it increases services and offers better connections to its global network. The West
The Australian Financial Review
Page 1: The biggest review of competition law in two decades has proposed an ambitious timetable for reform, including beefed up penalties for workplace wrong-doing, and sets the Abbott government on a new collision course with Labor, unions, the Senate and its own backbench in the lead-up to next year’s federal election.
Self-funded retirees and other savers face a fresh income crunch, with the Reserve Bank of Australia poised to deliver multiple official interest rate cuts to soften fallout from the worsening iron ore slump.
The federal government is set to target profit shifting by multinationals in the May budget using a so-called Google tax in a bid to raise revenue and wrest the political initiative back from Labor.
Page 3: Australia’s monopoly arms buyer, the Defence Materiel Organisation, will be re-absorbed into the broader defence organisation and shed hundreds of jobs as part of an Abbott government drive to cut cost blowouts and delays on multibillion-dollar weapons projects.
Page 4: Porsche dealer Sean Lygo says it’s ‘‘totally ridiculous’’ that Australians pay so much for luxury cars, while the body which represents 7.5 million motorists says the 33 per cent luxury car tax should be scrapped now that the car manufacturing industry is about to close.
Page 6: Retailers have warned that consumers could face higher prices if the government adopts a Harper review proposal to introduce an ‘‘effects’’ test to the misuse of market power rules.
Page 11: The private equity owner of accounting software company MYOB says the ‘‘outrageous’’ accusations made by rival Xero about its customer numbers and growth prospects will not deter investors in the lead-up to what is likely to be the biggest float on the ASX this year.
Page 13: Australian investors in BHP Billiton and Rio Tinto continue to back the iron ore majors’ rapid expansions, saying the industry fallout is a process of ‘‘natural selection’’ and that Andrew Forrest’s offer last week to cap production, casts more doubt on Fortescue Metals Group than it does on the strategies of its rivals.
Vail Resorts, the leading mountain resort operator in the United States, has bought Australia’s largest ski resort, Perisher, from James Packer and his joint venture partners, Transfield Corporate’s Luca and Guido Belgiorno-Nettis, for $176.6 million.
The Australian
Page 1: The nation’s wealthiest retirees are collecting $10 billion each year free of tax as a result of generous concessions that are being targeted for reform.
Page 2: Jobseekers will be matched to short-term work vacancies including seasonal fruit picking as part of a remake of employment services that places renewed emphasis on Work for the Dole.
Page 3: The federal government and the corporate regulator have failed to implement key elements of their much-spruiked register of financial planners despite repeated assurances that the project was on track to meet yesterday’s deadline.
Page 4: In some rare good news on the budget, the Finance Department has revealed that this year’s budget deficit is running significantly lower than had been forecast in December.
Page 5: A gas pipeline connecting the Northern Territory to the east coast grid is now “almost certain” to be built, opening up massive potential development opportunities and expected cheaper domestic prices, Chief Minister Adam Giles has declared.
Page 6: Large corporations concerned about a controversial toughening of competition law would be able to seek special authorisation from the ACCC before entering a market to make sure they do not fall foul of the new provision.
The nation’s taxi sector is poised for a shake-up after the government’s review of competition law found that limits on taxi licences had raised costs for consumers and hindered innovation.
Page 19: Australia’s business leaders have split over controversial changes to competition law that are part of the biggest planned overhaul of the nation’s regulatory landscape in more than 20 years.
As iron ore prices threaten to slip below $US50 a tonne and Andrew “Twiggy” Forrest calls for production restraint, his Fortescue Metals Group and BHP Billiton have each applied for state government approval to boost iron ore output.
Page 20: Low expectations of a rival bid emerging have allowed Chinese state-owned Guangdong Rising Assets Management (GRAM) to ramp up its stake in its $1.1 billion takeover target PanAust at its bid price of $1.71 a share.
Australian beef will, from today, be sold in Japan with tariffs about 20 per cent lower than its major competitors.
Page 22: Telstra is confident a new service to eliminate “bill shock” for millions of its mobile customers will not take a dent out of its mobile revenue and it could instead boost the telco’s top line as consumers increase their download habits.
The West Australian
Page 9: The Church of Scientology has the go-ahead to build a $6 million church in Rivervale. The proposed development, with capacity for almost 200 people, is intended to service what the Church says is a growing number of WA members.
Page 11: The State Government is digging in over the future of WA’s potato industry, saying it won’t be bullied into bringing down the curtain overnight on more than 60 years of regulated marketing.
WA should ditch all restrictions on retail trading hours within two years, deregulate the taxi industry and allow major supermarkets to compete against community pharmacists, a wide-ranging report has demanded.
Page 14: Perth is now a city of two million residents — and the people of Como are living at its centre. The South Perth suburb, according to the Australian Bureau of Statistics, is the population centre of Perth.
Page 17: Building a new house or renovating will become more expensive under a State Government levy rise that amounts to a “cash grab”, the building industry says.
Page 24: In a significant boost for tourism in WA, Asia’s biggest airline China Southern will introduce the revolutionary Boeing 787 to its Perth service today as it increases services and offers better connections to its global network.
Business: Shipbuilder Austal has started laying off workers at Henderson under a wind-down of a $330 million Customs patrol boats program, in a move which will see up to 300 jobs shed by the end of the year.
The latest WA suburbs earmarked to receive the long-awaited National Broadband Network have been announced, with 79,000 homes in areas surrounding Fremantle, Bassendean and regional centres such as Broome to be targeted for the rollout.
PwC has rejoined the acquisition trail in WA, buying an advisory firm behind some of the State’s biggest civil projects.
Dissident Emeco Holdings shareholders say a month-long delay in the proposed $53 million purchase of a WA truck rental business has given them more time to scuttle the deal.
