Boom has longer to run: miners – The Fin; PM declares file closed on claims – The Aus; Make-or-break month for WA wheat farmers – The West; Anketell viability doubt – The West; Reform IR laws, cut green tape – or face more Dam delays – The Aus
Boom has longer to run: miners
Industry leaders have rejected Resources Minister Martin Ferguson's assertion that the resources boom has ended and called on the government to ensure Australia works hard to keep encouraging investment as the boom steps down a gear. The Fin
PM declares file closed on claims
Julia Gillard has admitted regrets but forcefully denied any wrongdoing in her first detailed account of controversial events at law firm Slater & Gordon 17 years ago that have dogged her political career. The Aus
Make-or-break month for WA wheat farmers
Poor rainfall threatens to halve WA's wheat crop this year, adding further pressure to global grain prices already being driven higher by one of the worst droughts in US history. The West
Anketell viability doubt
Fortescue Metals Group has cast fresh doubts over the viability of the proposed Anketell port, yesterday saying it will “exhaust the potential” at Port Hedland before looking to greenfields developments. The West
Reform IR laws, cut green tape – or face more Dam delays
The peak business body has demanded the government immediately amend its main environmental law and the Fair Work Act to boost Australia’s competitiveness before further resources projects fall victim to a high-cost, low-productivity business climate. The Aus
THE WEST AUSTRALIAN:
Page 3: Gina Rinehart is moving to quit her stake in Fairfax Media just months after increasing her holding, but last night failed to find a buyer for a 5 per cent stake in the troubled publisher.
Page 4: Qantas has cancelled 35 of its 290-seat Boeing 787s – due to be used on Perth routes – worth $8.5 billion as lower international demand and higher costs batter the airline.
Page 6: Julia Gillard says she has been the victim of a vicious and sexist campaign fuelled by misogynist “nut jobs” on the internet.
Page 7: Premier Colin Barnett said revelations that more than $380,000 of WA government money was plundered as part of an alleged union fraud now plaguing the Prime Minister was of “great concern”.
Page 10: Some of the nation's biggest mining names have declared the boom is not over – but more dark clouds are gathering over the global economy and some of Australia's corporate household names.
Business: Poor rainfall threatens to halve WA's wheat crop this year, adding further pressure to global grain prices already being driven higher by one of the worst droughts in US history.
RCR Tomlinson boss Paul Dalgleish has been richly rewarded for his ongoing resurrection of the engineering contractor, taking home a $1.27 million bonus after beating a key profit target.
Perth producers have raised fears that the sluggish pace of the state government's sell-off of its underperforming BOCS Ticketing service could undermine upcoming shows.
David Jones has recorded its seventh consecutive quarter of retreating sales as shoppers remain reluctant to spend on designer clothing, accessories and make-up.
Fortescue Metals Group has cast fresh doubts over the viability of the proposed Anketell port, yesterday saying it will “exhaust the potential” at Port Hedland before looking to greenfields developments.
A global sustainability strategist claims companies could slash energy bills by a third, which in one case led to a $100 million saving – just don't mention the “C” word.
US energy giant Apache Northwest has lost its legal battle to stop the release of infrastructure reports relating to its operations before the Varanus Island gas explosion after the Court of Appeal yesterday dismissed its landmark Freedom of Information case.
Mineral producer Iluka Resources' 88 per cent jump in profit has been described by its managing director as a “very reasonable performance” on the back of weak global demand and a significant cut in sales volumes.
THE AUSTRALIAN FINANCIAL REVIEW:
Page 1: Industry leaders have rejected Resources Minister Martin Ferguson's assertion that the resources boom has ended and called on the government to ensure Australia works hard to keep encouraging investment as the boom steps down a gear.
The Gillard government split yesterday over whether the mining boom had ended, a former Reserve Bank of Australia board member warned investment might dry up earlier than forecast, and China's economy showed dangerous signs of slowing.
Prime Minister Julia Gillard has broken her silence about a union slush fund she helped set up, declaring she did nothing wrong and has been the victim of a misogynist “Tea Party”-like campaign run over the internet.
Page 3: The Australian Energy Regulator will be given more powers to limit overspending by mostly state-owned network companies.
Mining magnate Gina Rinehart last night failed to sell a third of her Fairfax Media shareholding after the stock fell 10 per cent following bleak guidance and a $2.8 billion writedown.
Page 8: Intervention to lower the Australian dollar could stoke inflation and be premature given it is likely to fall on its own, economists at Moody's Analytics say.
Page 9: BHP will be under greater scrutiny and may be forced to take a new environmental impact statement for its Olympic Dam expansion when it sits down to renegotiate the regulatory approvals for the $30 billion project with the South Australian government this month.
Page 11: West Australian Premier Colin Barnett says a slowdown in the resources sector will give the state much-needed breathing space to deal with wage and skill pressures fuelled by years of unrelenting growth.
Page 12: Coalition frontbencher Malcolm Turnbull has differed from Opposition Leader Tony Abbott on the role the carbon and mining taxes played in BHP Billiton shelving its Olympic Dam copper-uranium expansion.
Page 17: Qantas Airways chief Alan Joyce says the company has reached an “inflexion point” after its first net loss since privatisation, with the performance of the beleaguered international arm and the industrial relations outlook to improve after last year's damaging union showdown.
Fortescue Metals Group expects to be able to fund its $US9 billion expansion without raising funds, even if the iron ore price remains depressed, because production volumes will rise within weeks.
Page 19: Mineral sands miner Iluka Resources will make further cuts to production to protect margins and had pared back its capital budget for this year in response to persistent weak demand for its products.
Page 20: Fairfax Media chief executive Greg Hywood is not expecting an advertising recovery until 2015 and has warned that revenue in the new financial year is down 10 per cent.
Page 21: QR National has signalled the Queensland government may sell some of its 34 per cent stake into the railroad group's $866 million share buyback, after the transport group surprised investors with its capital management strategy.
THE AUSTRALIAN:
Page 1: Julia Gillard has admitted regrets but forcefully denied any wrongdoing in her first detailed account of controversial events at law firm Slater & Gordon 17 years ago that have dogged her political career.
Plunging iron ore and coal prices will lower the government’s tax revenue as much as $10 billion this year, destroying its promised budget surplus in the absence of a fresh round of spending cuts.
The peak business body has demanded the government immediately amend its main environmental law and the Fair Work Act to boost Australia’s competitiveness before further resources projects fall victim to a high-cost, low-productivity business climate.
South Australia’s economy will take a $1 billion hit during the next five years after BHP Billiton’s decision to shelve its Olympic Dam mine expansion.
Page 2: Millions of taxpayer dollars will be spent to see whether Australia can design its own submarines despite the Defence Department admitting such a move would pose an ‘‘extreme risk’’ because of a lack of local expertise.
The US plans to increase its anti-ballistic missile system across Asia, with specialists saying that network could be linked to systems in Australia.
The national energy regulator is set to score greater powers to curb costly gold-plating by electricity companies and shield consumers from skyrocketing bills, in a strong backing of federal Labor’s push to force the states to reform their energy markets.
Page 4: Mining industry chiefs have warned that Chinese demand for Australia’s iron ore could remain subdued for at least another six months but they dismissed suggestions the resources boom had officially ended.
Page 5: Julia Gillard has sought to end a damaging Labor split on the economy after Resources Minister Martin Ferguson declared an end to the nation’s mining boom, as his remarks fuelled warnings against plans to increase industry costs.
Australia's mining boom is far from over as the biggest wave of investment in the nation’s history is expected to increase and drive a dramatic expansion of mineral and energy production, according to the government’s top resources adviser.
Prices for iron ore, Australia’s biggest export, are poised to plunge to their lowest levels since early 2009, as the mining sector faces its worst six months since the depths of the financial crisis.
Page 7: A bid by the commonwealth to override state environment and planning laws to protect ‘‘ecosystems of national significance’’ has opened up a new rift between Julia Gillard and the conservative states, who believe it could threaten resource and other projects.
Business: After a year of turbulence capped by a historic $244 million net loss, Qantas chief executive Alan Joyce believes the airline has reached an ‘‘inflexion point’’ and put the worst behind it.
David Jones’s traditional well-heeled customers have saved it from a more lamentable end to the year, with a long-running decline in sales slowing considerably over the final quarter.
BHP Billiton chief executive Marius Kloppers has finally found favour with the market thanks to the decision to abandon more than $50 billion in growth projects.
Integrated energy group Origin has been punished for confirming what the market already suspected: its profits are to plateau until first earnings flow from its investment in the $23 billion Australia Pacific LNG project at Gladstone.
QR National foresees short-term pain ahead but is optimistic about the long term after filing a profit increase yesterday, despite carting less coal than forecast.
IAG could be months away from kicking off the sale process for its British arm after being forced to write down almost $300 million of value from that struggling division.
A senior European official has warned that Greece faces a ‘‘last chance’’ in proving its credibility to international creditors, and a decision on Athens’ proposal to extend deadlines on overhauls will not come until after inspectors visit next month.
THE SYDNEY MORNING HERALD:
Page 1: Prime Minister Julia Gillard has defended herself against claims over her conduct 17 years ago when acting as a lawyer for a union branch run by her then boyfriend. Businesses and individuals are "buying" popularity on social media sites.
Page 2: Fairfax's largest shareholder, Gina Rinehart, has tried to sell many of her shares in the struggling media company. The new Sydney Samsung store is a lot like the Apple store.
Page 3: A new staffing arrangement for teachers has been imposed on the profession by the state government. Double decker buses are back on some routes in Sydney for a trial. Sharia law can't operate alongside Australian law, a former High Court chief justice says. A Sydney doctor has escaped deregistration despite having an affair with the mother of two kids he was treating.
World: Royal advisers are wondering whether Prince Harry will ever grow out of his playboy ways after his latest bawdy scandal.
Business: BHP boss Marius Kloppers has told European investors that Australia's carbon and mining taxes mean the local coal industry is not worth investing in.
Sport: NRL referees boss Bill Harrigan is trying to clear up confusion around the obstruction rule.
THE DAILY TELEGRAPH:
Page 1: NRL star Luke Lewis won't play another game this year after being diagnosed with cancer. A new agreement between an energy provider and unions means almost a million customers won't face a power price hike for the next seven years.
Page 2: Laws banning violent fans from sporting venues are being overturned by the O'Farrell government. An Australian has been killed in LA. A Sydney teacher has been accused of filming schoolgirls getting changed.
Page 3: All new cars in Australia will have to meet tougher safety standards. The mercury soared in Sydney on Thursday. Grant Hackett has been dumped as an Uncle Tobys ambassador.
World: Three members of the Jordanian Paralympic team face sex charges in Britain.
Business: There's pressure on Qantas chief executive Alan Joyce to turn the airline's fortunes around after a lacklustre profit result.
Sport: More on Luke Lewis as he prepares to battle cancer.
THE AGE:
Page 1: Prime Minister Julia Gillard has lashed out at misogynists and nutjobs on the internet and false and defamatory reports in the Murdoch press as she delivered a 50-minute blow-by-blow rebuttal of allegations that she behaved improperly during her time as an industrial lawyer. Victoria's new anti-corruption body will not be fully open for business for months, with the Baillieu government last night unable to guarantee it would take public complaints this year.
Page 3: Thousands of Victorian households are being asked to pay for up to 12 months of energy bills in one hit because of systematic issues affecting some of the state's biggest energy retailers. Driving a 42-tonne prime mover he had stolen, which was carrying a tanker loaded with 22,000 litres of milk, Maurice Collie stopped to pick up a hitchhiker, a court has heard.
Page 4-5: Prime Minister Julia Gillard has launched a stinging attack on The Australian newspaper and right-wing bloggers, saying repeated attacks on her integrity were part of a very sexist smear campaign.
World: Even as the Afghan government said it would take new measures to counter a wave of deadly insider killings of Western troops by Afghan security forces, President Hamid Karzai's office asserted for the first time that foreign spy agencies were behind most of the attacks, putting it directly at odds with NATO's assessment of the crisis.
Business: BHP Billiton head Marius Kloppers has told European investors that Australia's carbon and mining taxes have helped to render the nation's coal industry unworthy of further investment at this time.
Sport: Damien Hardwick says he regrets questioning whether Fremantle coach Ross Lyon acted outside the spirit of the game by bringing in ruckman Aaron Sandilands at the last minute for their match in Perth last week.
THE HERALD SUN:
Page 1: Hospital units needed to save the lives of our most fragile newborns are routinely being closed amid claims of a lack of medical and nursing staff.
Page 3: Grant Hackett has been dumped as an ambassador for Uncle Tobys after 14 years as the fallout continues from his booze-fuelled home-wrecking.
Page 5: The death of Essendon great Merv Neagle in a trucking tragedy has plunged the football community into mourning.
Business: Qantas boss Alan Joyce has little time to revive the airline before investors turn on the board, aviation industry experts say. Fairfax Media has suffered its biggest single-day share rout since early 2009 after writing almost $3 billion off the value of a suite of assets.
Sport: Nick Riewoldt's season is over after it was revealed the tendon injury behind his knee usually required eight weeks rehabilitation. Hawthorn welcomes back star forward Lance Franklin for its top-of-the-table clash against Sydney, while Collingwood has taken a huge hit.
