Morning Headlines

Hockey told: WA assets stay

Colin Barnett has a simple message for Federal Treasurer Joe Hockey — hands off WA’s State owned assets. The West

Qantas ‘ticks all boxes’ for assistance

The federal government has given a strong indication it will help Qantas Airways, with Treasurer Joe Hockey outlining criteria necessary for future assistance to ailing companies. The Fin

$100m for one council merger

The State Government’s plan to amalgamate metropolitan councils will cost nearly $100 million in one region alone, a report says. The West

Treasury kept in dark over hospital

Under-Treasurer Tim Marney says he was “pissed off ” that Treasury got its first look at the State Government’s biggest ever contract — the 20-year $4.3 billion Fiona Stanley Hospital facilities management contract with Serco — just two weeks before it was signed by Cabinet. The West

Coalition to ALP: get out of the way

Tony Abbott has seized on the worst unemployment figures in 10 years to demand Labor stop blocking the government’s repeal of the carbon and mining taxes and its industrial relations agenda as business urged the Reserve Bank to put rate cuts back on the table. The Aus

Rio, Telstra up payouts

Two of Australia’s biggest companies, Rio Tinto and Telstra, have stepped up their dividend payments, a sign that corporate leaders are concentrating on handing back cash to shareholders after several troubled years. The Fin

Jobless jump sparks calls for IR reform

Treasurer Joe Hockey has insisted the government can still repair the budget deficit without derailing the economy despite facing the worst unemployment in more than a decade. The Fin

Trade deals will slash car tariffs

Free-trade deals with South Korea and Japan could mean that two-thirds of imported cars are exempt from the 5 per cent tariff within three years, producing savings of up to $2000 on popular makes. The Aus

Dirt-cheap drilling gives Doray golden opportunity

Doray Minerals plans to cash in on a 50 per cent drop in the price of exploration drilling in an attempt to extend the life of its flagship Andy Well gold operation in the Goldfields. The West

The Australian Financial Review

Page 1: Two of Australia’s biggest companies, Rio Tinto and Telstra, have stepped up their dividend payments, a sign that corporate leaders are concentrating on handing back cash to shareholders after several troubled years.

Treasurer Joe Hockey has insisted the government can still repair the budget deficit without derailing the economy despite facing the worst unemployment in more than a decade.

Page 3: The Victorian government won’t ask for any direct financial return from a $22 million “co-investment” it will make with Coca-Cola Amatil in its SPC Ardmona fruit business.

Page 4: Despite the gloom unleashed by news the jobless rate hit 6 per cent last month – the most in almost 11 years – there was at least one positive omen. Hours worked are on the up.

The cost of the national disability insurance scheme could have been underestimated by $400 million, the Abbott government says, despite new figures showing the average cost of supporting disabled people is falling.

Page 5: A rolling calendar of construction site shutdowns is being used as an industrial weapon by building unions, according to the peak building body.

Page 6: The federal government has given a strong indication it will help Qantas Airways, with Treasurer Joe Hockey outlining criteria necessary for future assistance to ailing companies.

Page 7: Assistant health minister Fiona Nash is under increasing pressure to sack her chief of staff after Prime Minister Tony Abbott failed to back her against allegations of a conflict of interest during question time.

Page 9: The competition regulator is taking pharmaceutical giant Pfizer to court over alleged misuse of market power with its patented cholesterol drug Lipitor.

Page 11: The Inspector-General of Taxation is investigating concerns that the Australian Taxation Office is still making “U-turns” on rulings affecting companies in the financial services, mining and oil and gas sectors.

Page 15: Losses from the collapse earlier this week of Forge Group are estimated about $500 million, with little likelihood creditors will be paid out in full.

Page 18: Ruralco managing director John Maher said the agribusiness group will keep growing by acquisition and he has more targets on his list, after it snapped up Total Eden Holdings from private equity firm Anchorage Capital Partners for $57.4 million.

The Australian

Page 1: Tony Abbott has seized on the worst unemployment figures in 10 years to demand Labor stop blocking the government’s repeal of the carbon and mining taxes and its industrial relations agenda as business urged the Reserve Bank to put rate cuts back on the table.

Chinese giant Citic Pacific has accused Clive Palmer’s private company of taking millions of dollars from a special fund without authority as it labelled the federal MP’s bid to shut down its Australian subsidiary as one of the most ‘‘flagrant abuses’’ of its type.

Page 4: Critics of the Coalition’s revised national broadband network claim almost all Australians will receive ‘‘second rate’’ copper wire connections, after it was revealed Gillard government contracts do not guarantee fibre to the premise.

Page 6: Assistant Social Services Minister Mitch Fifield has revealed the national disability insurance scheme is set to blow out by nearly $400 million and blamed the previous Labor government for errors in the bilateral agreements negotiated with the states.

Page 8: The government has laid down four key criteria for companies seeking federal aid, as it accepts the case for helping Qantas but signals its deep reservations about guaranteeing the airline’s debt.

Page 9: Free-trade deals with South Korea and Japan could mean that two-thirds of imported cars are exempt from the 5 per cent tariff within three years, producing savings of up to $2000 on popular makes.

Foreign investors will continue to keep the pressure up on capital city house prices, with offshore buyers accounting for 11 per cent of new home purchases in the final quarter of last year, double that of two years ago, according to the National Australia Bank’s Residential Property Survey.

David Jones boss Paul Zahra has delivered the company’s strongest comparable sales growth in 13 quarters, strengthening his case to remain in the position following this week’s shock resignation of chairman Peter Mason and two other directors.

Page 21: Beer and dairy major Lion has taken more than $480 million in charges against its dairy and New Zealand beer divisions as higher input prices and reduced sales slash returns.

Online travel intermediary Webjet has defied ‘‘very soft’’ local airline demand to report a 60 per cent surge in first half earnings to $9.1m.

Page 22: Foxtel is poised to launch new channels on the pay-TV platform to entice new subscribers after unveiling a 6.1 per cent hike in underlying earnings.

Page 31: National mid-tier firms Thomsons Lawyers and Herbert Geer have unveiled plans for a merger that will create an 82-partner practice with annual revenue of more than $120 million.

The West Australian

Page 1: Under-Treasurer Tim Marney says he was “pissed off ” that Treasury got its first look at the State Government’s biggest ever contract — the 20-year $4.3 billion Fiona Stanley Hospital facilities management contract with Serco — just two weeks before it was signed by Cabinet.

Page 3: West Coast have launched a bid for up to $40 million in government funding for their proposed elite training centre at Lathlain Park with a dinner in Canberra urging politicians to support the project.

Page 4: Colin Barnett has a simple message for Federal Treasurer Joe Hockey — hands off WA’s State owned assets.

Page 10: Virgin Australia has warned the Federal Government against giving any assistance to Qantas, claiming it would allow its rival to restore a monopoly in key markets.

Page 16: The State Government’s plan to amalgamate metropolitan councils will cost nearly $100 million in one region alone, a report says.

Business: The number of people thrown out of work by the $500 million collapse of Forge Group rose to 1400 yesterday as remote project workers flew home.

Two independent directors have quit the board of Kresta Holdings in the wake of two Chinese investors taking big stakes in the window furnishings company.