Change in treatment of iron ore royalties to hit GST share
A change in the way the Commonwealth Grants Commission treats WA’s iron ore royalty revenue will cost the State a whopping $664 million of GST next year if Federal Treasurer Joe Hockey follows its recommendations. The West
Barnett’s ‘tea party’ revolt
Western Australian Premier Colin Barnett is threatening an unprecedented revolt over his state’s dwindling share of the GST, claiming he is preparing a policy of “disengagement” with the rest of the nation that would threaten federal programs and east-west trade links. The Aus
Hockey warns of $US35 iron ore
Treasurer Joe Hockey has warned the deficit could blow out again as he prepares to write off up to $25 billion more in revenue over the next four years by factoring in an iron ore price as low as $US35-a-tonne in the May 12 budget. The Fin
Hope Downs row widens
A legal showdown over the giant Hope Downs iron ore mines could become a three-way shootout after the heirs of late Pilbara prospector Don Rhodes were given the go-ahead for claims potentially worth more than $100 million. The West
Job losses loom as mines stop
Contractors working on Atlas Iron’s Pilbara iron ore projects are facing hundreds of job losses as they prepare for their crushing, transportation and catering services to be suspended over the next two weeks after the miner announced plans to shut down. The Fin
WA needs to reform ‘antiquated’ economy
Treasurer Joe Hockey says Western Australia has several assets ripe for privatisation, and he has described the mineral-rich state’s trading laws as ‘‘antiquated’’, as he tries to lure the state into reforming its economy in exchange for more GST revenue. The Fin
Mine slump ‘golden opportunity’
The mining slump presents a once-in-a-lifetime opportunity for Western Australia to exploit its huge recent influx of global professionals by transforming into a regional centre for innovation, says a major report to be launched in Singapore today. The Aus
The Australian Financial Review
Page 1: Treasurer Joe Hockey has warned the deficit could blow out again as he prepares to write off up to $25 billion more in revenue over the next four years by factoring in an iron ore price as low as $US35-a-tonne in the May 12 budget.
Fortescue Metals Group is pledging to maintain its iron ore production at current levels of 165 million tonnes a year, rather than expand by the 180 million to 200 million tonnes possible with no further investment.
Public support to increase the rate of GST is at its highest level in more than two years and more voters now believe returning the budget to surplus is a high priority, the latest poll shows.
Page 4: Treasurer Joe Hockey says Western Australia has several assets ripe for privatisation, and he has described the mineral-rich state’s trading laws as ‘‘antiquated’’, as he tries to lure the state into reforming its economy in exchange for more GST revenue.
Page 8: Applying the GST to small purchases from overseas sites could bring in just $400 million, with clothes and electronics purchases the heaviest hit, analysts say.
Page 9: Western Australia will overhaul the way it forecasts iron ore royalties at next month’s budget after a plunging spot price pushed the former boom state into billion-dollar-plus deficits.
Page 15: Contractors working on Atlas Iron’s Pilbara iron ore projects are facing hundreds of job losses as they prepare for their crushing, transportation and catering services to be suspended over the next two weeks after the miner announced plans to shut down.
Page 20: More juniors doomed, says investor It will likely be five to six years before the junior mining sector recovers, with a swathe of struggling miners across the globe set to be forced to follow Atlas Iron in shutting up shop over the coming months and years.
The Australian
Page 1: Western Australian Premier Colin Barnett is threatening an unprecedented revolt over his state’s dwindling share of the GST, claiming he is preparing a policy of “disengagement” with the rest of the nation that would threaten federal programs and east-west trade links.
Page 2: New spending on childcare will be rationed in the federal budget next month to ensure it does not weaken the bottom line as the Abbott government puts a priority on its core promise to repair the nation’s finances.
Since Tony Abbott survived the humiliating spill motion to oust him as leader in early February his stocks with voters have risen and the Coalition’s support has jumped to a seven-month high.
Page 4: The mining slump presents a once-in-a-lifetime opportunity for Western Australia to exploit its huge recent influx of global professionals by transforming into a regional centre for innovation, says a major report to be launched in Singapore today.
Page 17: The competition regulator is investigating claims that Telstra is misusing its market power and hurting competition in the ultracompetitive mobile market by refusing to wholesale its superfast 4G services to rival telcos.
One of the nation’s most successful international agricultural entrepreneurs, the New York-based John Foss, has warned that the development of broadacre commodity crops in northern Australia to feed booming Asian demand is doomed to failure.
Page 19: David Jones will finally be able to properly track the hundreds of thousands of fashion apparel items, cosmetics and housewares passing through its stores after new owner Woolworths Holdings shifted the upmarket department store on to the much more advanced IT system used by retail stablemate Country Road.
Page 23: Billionaire media mogul Bruce Gordon, Ten Network’s largest shareholder, has pounced on rival Nine Network, acquiring a small strategic stake in a surprise move ahead of sweeping media reforms that could unleash a series of takeovers.
The West Australian
Page 1: A change in the way the Commonwealth Grants Commission treats WA’s iron ore royalty revenue will cost the State a whopping $664 million of GST next year if Federal Treasurer Joe Hockey follows its recommendations.
Page 3: Perth Glory chairman Tony Sage says he feels devastated for the players and fans over the soccer club’s finals ban for salary cap breaches and has vowed to look at all options to appeal against the ruling.
Page 4: The State Government believes the sale of the TAB will not generate anywhere near the $1 billion that Federal Finance Minister Mathias Cormann has suggested.
Page 7: The development touted as creating a new centre for Perth’s CBD is gaining momentum, with plans lodged for two residential towers at Kings Square.
Business: A legal showdown over the giant Hope Downs iron ore mines could become a three-way shootout after the heirs of late Pilbara prospector Don Rhodes were given the go-ahead for claims potentially worth more than $100 million.