US Fed flags stimulus as China slips – The Fin; Labor's 'top-five' goal for schools – The Aus; Roy Hill blows out by $1bn – The Fin; State rolls out rail amid gloom – The West; WA's quest for GST rule change may backfire – The Fin
US Fed flags stimulus as China slips
Chinese manufacturing has contracted for a second month in a row as the US Federal Reserve has signalled it is prepared to print more cash to stimulate its flagging economy and rifts deepen over European Central Bank plans for similar action. The Fin
Labor's 'top-five' goal for schools
Julia Gillard will today link reform of the school funding system to student performance in international tests, setting the goal for Australia of being among the top five nations in reading, maths and science by 2025. The Aus
Roy Hill blows out by $1bn
Gina Rinehart's $9.5 billion Roy Hill project is facing a cost blowout of as much as $1 billion and doesn't have enough money for work to stay on schedule. The Fin
State rolls out rail amid gloom
Spending across government would be scrutinised in coming months to protect the state's triple-A credit rating and budget surplus amid tumbling iron ore prices, Treasurer Troy Buswell said yesterday. The West
WA's quest for GST rule change may backfire
Western Australia's dogged pursuit of a bigger slice of the nation's GST revenue could backfire if the mining boom slows, economists have warned. The Fin
THE WEST AUSTRALIAN:
Page 3: Spending across government would be scrutinised in coming months to protect the state's triple-A credit rating and budget surplus amid tumbling iron ore prices, Treasurer Troy Buswell said yesterday.
Page 6: The long-awaited redevelopment of the Scarborough foreshore moves a step closer today when a memorandum of understanding between the City of Stirling and the state government's tourism arm is signed.
Lord Mayor Lisa Scaffidi says Hay Street mall is too narrow for the planned light rail line, prompting Transport Minister Troy Buswell to declare the government would build it where it liked.
Page 7: Julia Gillard will today set the goal of lifting Australian into the world's top five school systems for reading, maths and science by 2025 as part of her government's response to the Gonski education funding review.
Page 9: Fire and safety authorities are alarmed at the increasing number of serious house fires from faulty downlights.
Page 13: The opposition is demanding Sri Lankan asylum-seekers be immediately deported without having refugee claims assessed after another boat arrived at the Cocos Islands.
Life-sized cut-outs of closet smokers have appeared on Fremantle Streets to deliver an anti smoking message.
Business: Perth-based sunscreen ingredient maker Antaria is facing a renewed campaign from environmental groups over alleged market disclosure and safety concerns.
Lachlan Murdoch has moved to take complete control of DMG Radio Australia, which operates Perth's Nova 93.7FM radio station, paying $100 million for the half of the radio network he did not already own.
Fortescue Metals Group has taken delivery of eight new locomotives as part of its $US9 billion expansion of its port, rail and mining operations in the Pilbara.
Australians are spending again at restaurants, cafes and department stores but aren't exactly whistling while they shop, with depressed consumer confidence and entrenched pessimism leading a new report to depict consumers as “shopping with a frown”.
THE AUSTRALIAN FINANCIAL REVIEW:
Page 1: Chinese manufacturing has contracted for a second month in a row as the US Federal Reserve has signalled it is prepared to print more cash to stimulate its flagging economy and rifts deepen over European Central Bank plans for similar action.
The federal government plans to bolster its sagging budget bottom line by a near tripling of the auction of carbon emissions permits in 2013-14.
Gina Rinehart's $9.5 billion Roy Hill project is facing a cost blowout of as much as $1 billion and doesn't have enough money for work to stay on schedule.
Write-downs at the top 50 sharemarket-listed companies topped $27 billion this reporting season, putting more pressure on directors to come clean with bad news early.
Page 3: Encouraging more people aged 55 and over to stay in the workforce could increase national economic output by $48 billion, a report to be launched by federal Treasurer Wayne Swan today says.
Page 4: Prime Minister Julia Gillard wants to enshrine in law a promise to lift Australian schools into the top five in the world by 2025 as she launches funding changes designed to end the divide between public and private schools.
Page 5: Grocon will step up pressure today over an illegal blockade of a $1.12 billion project in Melbourne, pushing ahead with contempt proceedings that could run into many millions of dollars in penalties.
Page 7: Western Australia's dogged pursuit of a bigger slice of the nation's GST revenue could backfire if the mining boom slows, economists have warned.
Falling commodity prices and a rising dollar threaten to wipe almost $2 billion from the West Australian and Queensland budgets, plunging the resources growth engines into deficit.
Page 9: Patrick, the most famous name on the Australian waterfront, could become history, depending on an overhaul of its brands by port and rail operator Asciano.
Page 13: Lachlan Murdoch has moved to increase his Australian media interests by taking full control of DMG Radio Australia in a deal worth more than $100 million.
Page 15: Harvey Norman chairman Gerry Harvey has ruled out handing back $655 million in franking credits to investors until earnings at Australia's largest furniture and electricals retailer improve.
Page 17: Mining services companies face at least another quarter of uncertainty about the spending plans of the world's largest miners, with the slowdown in commodity prices expected to force a rethink of company capital spending plans.
THE AUSTRALIAN:
Page 1: Julia Gillard will today link reform of the school funding system to student performance in international tests, setting the goal for Australia of being among the top five nations in reading, maths and science by 2025.
Julia Gillard has ordered an open-ended search for savings to close a widening gap in the federal budget as Labor struggles to fund new promises costing tens of billions of dollars.
Foreign Minister Bob Carr has warned that Australia’s entire migrant intake of 180,000 could be occupied by those brought here by people-smugglers if the trade were allowed to flourish.
Page 2: Government borrowings subject to Australia’s debt ceiling will soar to $249.7 billion within four years, it has been revealed, putting new pressure on Julia Gillard to avoid a further blowout in debt as the resource boom peaks.
Page 5: BHP Billiton chief executive Marius Kloppers will fly into Adelaide this morning for secret crisis talks with South Australian Premier Jay Weatherill after the company shelved its Olympic Dam mine expansion.
Greens leader Christine Milne says the minority government is the best thing that has happened to the country and denies that last week’s decision to link the local and European carbon prices will punch a hole in the budget bottom line.
Foreign Minister Bob Carr insists that increased Chinese ownership of resources is a ‘‘good deal’’ for Australia, amid deepening local anger at foreign investment approval for the sale of the nation’s largest cotton producer, Cubbie Station.
Page 6: Control of councils, schools, housing and some businesses could be handed to indigenous community boards as four new Aboriginal MPs prepare to enter the Northern Territory Legislative Assembly.
Victorian Labor is facing a deep rift over the handling of the Construction Forestry Mining and Energy Union, with senior members of the right-wing Labor Unity faction backing a tougher stand against the union’s roughhouse tactics and the soaring cost of building major projects.
Business: The potential move by the US to order a fresh round of fiscal stimulus to fire up the world’s largest economy has created confidence in global financial markets but China’s slowdown has shown signs of worsening.
The Reserve Bank of Australia does not expect to be cutting interest rates further any time soon and certainly not at tomorrow’s board meeting, but events may be conspiring to force its hand before the year is out.
Two senior executives at Chinese miner Hanlong have maintained their positions in the company despite being named as members of an alleged insider trading syndicate that made the pair hundreds of thousands of dollars.
The Chinese manufacturing sector, a key engine of the world’s economic growth in the past few years, has contracted to its slowest pace in nine months.
Paladin Resources managing director John Borshoff says he does not believe that BHP Billiton will expand its Olympic Dam copper and uranium mine before 2020.
Indonesia's Halim family is confident of securing the funding it needs for a $285 million renovation of Melbourne’s dowager Windsor Hotel.
Woolworths has backed down in a fight over the use of debit-card credit accounts in their supermarkets.
The rising influence of Middle Eastern carriers in Australian aviation hit another milestone yesterday as Abu Dhabi-based Etihad confirmed its equity stake in Virgin Australia had hit 10 per cent.
THE SYDNEY MORNING HERALD:
Page 1: Public servants' sick days cost NSW taxpayers nearly $1 billion a year, estimates show.
Page 2: Off-the-plan apartments are attracting first-home buyers and investors.
Page 3: A private company responsible for the electronic monitoring of serious criminals and providing security around prisons has failed to complete its state government contract.
World: A senior official at the US Department of Homeland Security has resigned after accusations she had created a sexualised office culture hostile to men.
Business: Lachlan Murdoch's Illyria investment fund will pay as much as $120 million for the remaining half of DMG Radio Australia assets.
Sport: St George Illawarra beat Parramatta at ANZ Stadium on Sunday night.
THE DAILY TELEGRAPH:
Page 1: Australian special operation troops will suspend training for Afghan soldiers while they are vetted to weed out any rats in the ranks after the murder of three diggers.
Page 2: Advertisement.
Page 3: Twitter has refused to police vicious and abusive message posted online.
World: US President Barack Obama has slammed the Republicans' convention as a "rerun" as he kicked off a campaign tour.
Business: Lachlan Murdoch's Illyria investment fund has taken full control of DMG Radio Australia.
Sport: Four rugby league legends say goodbye to the game.
THE AGE:
Page 1: Prime Minister Julia Gillard pledges to put Australia's education system in world's top five by 2025. Victoria's workplace safety watchdog shifts its focus from small and medium-sized companies to large businesses. US Special Operations forces suspends training Afghan recruits to carry out stricter vetting of the existing 27,000 trainees.
Page 2: British military historian says history shows that military intervention in Afghanistan always proves disastrous.
Page 3: Former treasurer Peter Costello says governments have failed to assess whether superannuation is meeting people's retirement needs. Mature-age workers are more likely than ever to hang on to their jobs. New campaign to warn asylum seekers they won't be processed any faster than people who wait in refugee camps. First weekend of spring auctions shows there is life yet in housing market. $600 million makeover of Melbourne's run-down public housing estates is transforming the way people live.
World: Barack Obama takes a swing through four key states en route to Charlotte, North Carolina, where he will accept Democratic party nomination.
Business: US markets respond positively to US Fed chairman Ben Bernanke's willingness to kickstart the world's largest economy.
Sport: Carlton goes out fighting with Brett Ratten in charge for the last time.
THE HERALD SUN:
Page 1: Mick Malthouse should confirm this week that he will take over as coach of Carlton. Australia will suspend training of Afghan Special Forces soldiers under a NATO ban after the murder of three diggers.
Page 2: Our schools will be among world's best by 2025, vows Prime Minister Julia Gillard. Ex-St Kilda star Nicky Winmar suffers heart attack. Time running out to investigate phone-tapping complaints, says former Police Association boss Paul Mullett.
Page 3: Almost 14,000 foreign workers have jobs in Victoria with unemployment at 5.4 per cent. Melbourne Spring Fashion Week kicks off.
World: Veteran English singer and comedian Max Bygraves dies at his home in Australia.
Business: Lachlan Murdoch takes full control of DMG Radio Australia.
Sport: Top Cat Steve Johnson could miss the elimination final against Fremantle after his forceful bump on Sydney's Daniel Hannebery.
