Hockey dumps Labor tax hikes
The Abbott government will unwind some of Labor’s plans to clamp down on profile-shifting by multinationals and to impose higher taxes on earnings from superannuation pension funds. The Fin
Japanese suitor circles historic Harvey Beef
A company backed by Japanese giant Marubeni has emerged as the frontrunner to buy historic agribusiness Harvey Beef. The West
Debt reserve cuts prop up the banks
The major banks’ profits this year of $27 billion were propped up by near-record low reserves for bad debts, raising concerns among analysts about the sustainability of the huge earnings and ever-increasing dividends. The Fin
Last rites for wealthy super tax
The nation’s wealthiest retirees will get a $300 million boost today when Joe Hockey dumps one of Labor’s most hated tax hikes after two years of dispute over how to tax superannuation. The Aus
Coalition to send big guns out west
Coalition strategists are contemplating a frontal assault on an expected deluge of minor party candidates in the event of a West Australian Senate election re-run. The Aus
Map reveals more changes
The State Government has inadvertently released a map detailing boundaries for new metropolitan councils that differs considerably from the blueprint they released just months ago. The West
Ausdrill, Forge in trading halts as profit downgrades tipped
Mining services companies Ausdrill and Forge Group are poised to become the latest victims of the resources sector slowdown, with the pair in trading halts ahead of expected profit downgrades. The Aus
City of Perth offers free internet access in CBD
The City of Perth will become the first and only Australian capital city with free blanket wi-fi internet access from today. The West
The Australian Financial Review
Page 1: The Abbott government will unwind some of Labor’s plans to clamp down on profile-shifting by multinationals and to impose higher taxes on earnings from superannuation pension funds.
The major banks’ profits this year of $27 billion were propped up by near-record low reserves for bad debts, raising concerns among analysts about the sustainability of the huge earnings and ever-increasing dividends.
Page 3: Only hours after a dramatic appearance before the stewards, trainer Gai Waterhouse capped a tumultuous year and a day of controversy to win her first Melbourne Cup.
Page 5: Reserve Bank of Australia governor Glenn Stevens has hardened his strategy of talking down the dollar to avoid cutting official interest rates again.
Page 6: Executive recruitment firms have adopted a code of conduct designed to boost the number of women in executive ranks, but their recommendations fall short of the measures proposed by the Business Council of Australia.
Page 7: Treasurer Joe Hockey is leaning towards approving the sale of GrainCorp, but with conditions attached to try to placate the Nationals and other elements opposed to the sale.
Page 9: The Australian Industry Group has warned the government and consumers that business is unlikely to either recover or deduct the full impact of the carbon tax if the policy is repealed.
Page 15: Telstra has stepped away from the Asian strategy of its former chief executive Sol Trujillo, announcing it will list its car sales website with Autohome on the New York Stock Exchange in a move that could deliver up to %US1.6 billion ($1.7 billion).
Page 18: Australia’s big bank chiefs are increasingly optimistic about the year ahead as a pick-up in business and consumer confidence lifts hopes of a surge in demand for loans.
Page 41: Childcare, gym memberships and discounted movie tickets are just some of the perks Australia’s top companies are offering staff as the chance of a pay rise continues to look like a thing of the past.
The Australian
Page 1: Federal and state leaders have failed to meet targets to lift economic growth and improve services for taxpayers, in a bleak verdict on the national reform agenda as Tony Abbott prepares for a crucial first council with premiers and chief ministers.
The Coalition will consider a Tasmanian Labor government plan to pioneer a faster, cheaper rollout of the National Broadband Network using overhead cables, in a potential model for other states.
Power and gas companies have cast doubt on Tony Abbott’s promised price cuts of 9 per cent for electricity and 7 per cent for gas from the abolition of the carbon tax, and have warned that if Labor and the Greens delay the repeal beyond next July 1 there may be further complications.
Page 2: The nation’s wealthiest retirees will get a $300 million boost today when Joe Hockey dumps one of Labor’s most hated tax hikes after two years of dispute over how to tax superannuation.
Page 6: Coalition strategists are contemplating a frontal assault on an expected deluge of minor party candidates in the event of a West Australian Senate election re-run.
Page 8: The new $630 million ASIO headquarters in Canberra, already plagued by delays and a $170m budget blowout, is unlikely to be fully operational for at least another 12 months, a year and a half after its official opening.
Page 19: Telstra has moved to cash in on one of its most valuable Asian assets after announcing the float of its majority-owned Chinese car sales website Autohome on the New York Stock Exchange.
One of the nation’s biggest cattle empires, the North Australian Pastoral Company, has been withdrawn from sale after failing to attract a price acceptable to its reclusive owners, the Foster family, and their co-investor, London-based listed agribusiness firm MP Evans Group.
Page 20: Woodside Petroleum representatives are in Israel to progress the company’s up to $US2.3 billion ($2.42bn) entry into the big Leviathan gas field in the wake of a court ruling allowing exports.
Mining services companies Ausdrill and Forge Group are poised to become the latest victims of the resources sector slowdown, with the pair in trading halts ahead of expected profit downgrades.
The West Australian
Page 3: The City of Perth will become the first and only Australian capital city with free blanket wi-fi internet access from today.
Page 5: A $20 pack of cigarettes will cost $2.50 more within a month with the Abbott government accepting Labor’s $5.3 billion tax attack on smokers.
Page 11: Tony Abbott’s promise that abolishing the carbon tax would save families hundreds of dollars a year has been punctured by manufacturers who have warned prices will not fall.
Page 13: The State Government has inadvertently released a map detailing boundaries for new metropolitan councils that differs considerably from the blueprint they released just months ago.
City of Perth businesses and residents would pay significantly higher rates of the council acquired the City of Vincent, the Lord Mayor says.
Page 16: They are the WA Senate hopefuls thrust from obscurity to the political stage but voters still know little about Wayne Dropulich and Zhenya “Dio” Wang, including where they stand on some of the country’s biggest issues.
Page 19: The Water Corporation has defended the State Government’s decision to increase water bills this year despite WA’s economic watchdog calling for a cut, saying it will protect consumers from future “price shocks”.
Page 27: The Reserve Bank fears the economy may not gain full strength until the Australian dollar slides in value amid claims current interest rates could be the norm for years.
Page 31: The ethical bar for ministers may now be set too high, Colin Barnett has said.
Business: A company backed by Japanese giant Marubeni has emerged as the frontrunner to buy historic agribusiness Harvey Beef.
Low profile millionaire entrepreneur Brett Fogarty has quietly amassed a substantial stake in the Kerry Stokes’ Iron Ore Holdings.
Australian Finance Group has gained a roaring start to the new financial year, stepping off from a lower annual profit with record home loan numbers, which reinforce signs of a recovery in the residential market.
ERM Power has taken its grievances with Empire Oil & Gas’ disclosure practices to the share market regulator and corporate cop in an escalation of the battle between the two companies.