Rinehart ordered to transfer asset
A Supreme Court judge has ordered Gina Rinehart’s Hancock Prospecting to transfer a 25 per cent stake in the Rhodes Ridge iron ore deposit to rival Wright Prospecting within 28 days. The Fin
WA base still best for Browse: Woodside
Woodside Petroleum insists it favours WA over the Northern Territory for a major supply base to service its Browse gas project, provided it gets a welcome reception at its chosen site. The West
High earners rake it in fastest in Perth
Incomes in the Perth suburbs of Cottesloe and Peppermint Grove have surged 11 per cent, rising at more than double the rate of the other high income postcodes. The Aus
Shell content to sit tight on Woodside
Royal Dutch Shell says it remains in no hurry to sell its 23 per cent stake in Woodside Petroleum, despite still seeing it as a non-strategic holding. The Aus
Struggle over deficit tax
The federal government is banking on making $2.5 billion a year from a deficit tax but is arguing over how long it should be applied and at what income level it should start. The Fin
Google’s tax bill rising with its revenue
Google Australia’s tax bill has risen more than ten-fold to $7.1 million. Despite the big increase, following a political backlash against the Australian arm of the technology giant, the tax bill is only 15 per cent of its Australian profits, which don’t count Google’s lucrative search business. The Fin
The Australian Financial Review
Page 1: The federal government is banking on making $2.5 billion a year from a deficit tax but is arguing over how long it should be applied and at what income level it should start.
Up to 1.4 million taxpayers will be freed from the hassle of completing a tax return and will receive a “thank you” receipt from the Treasurer for paying their taxes from July 1 this year.
Page 4: John Howard’s audit commission chief, Bob Officer, said the Abbott government will get only one shot at fixing the nation’s budget woes, challenging cabinet to stiffen its resolve against a likely political backlash.
Page 5: Tony Abbott’s backdown on paid parental leave is unlikely to save his signature policy, with Coalition backbench rebels largely unmoved in their opposition and the Greens increasing their demands for a higher company tax levy to raise an extra $1.7 billion a year and fund the entire scheme.
Page 6: Google Australia’s tax bill has risen more than ten-fold to $7.1 million. Despite the big increase, following a political backlash against the Australian arm of the technology giant, the tax bill is only 15 per cent of its Australian profits, which don’t count Google’s lucrative search business.
Page 13: A Supreme Court judge has ordered Gina Rinehart’s Hancock Prospecting to transfer a 25 per cent stake in the Rhodes Ridge iron ore deposit to rival Wright Prospecting within 28 days.
Page 21: Woodside Petroleum chief executive Peter Coleman has voiced doubt over the returns available from the company’s proposed $US2.5 billion ($2.7 billion) investment in the Leviathan gas field in Israel, signalling the deal is on shaky ground despite progress in finalising tax issues.
Woolworths chief executive Grant O’Brien is claiming bragging rights in the increasingly competitive battle for market share between Australia’s largest grocery retailers.
Page 23: Padbury Mining’s controversial plan to develop the $6.4 billion Oakajee Port and Rail project is over, after it signed a termination deed with companies linked to Sydney man Roland Bleyer.
Page 27: Harvey Norman executive chairman Gerry Harvey has broken ranks with Woolworths and Wesfarmers, saying tax increases and spending cuts could crunch discretionary spending.
Rio Tinto’s uranium division is set to help Energy Resources of Australia out of a hole.
The Australian
Page 1: Radical reforms to health and education will be outlined today in a searing assessment of federal finances that also calls for the family home to be included in the asset test for the age pension.
Page 3: Antibiotic resistance has created superbugs that are a serious threat to every community around the globe, the World Health Organisation has warned.
Page 4: Companies are on track for a $1 billion pay-off from Tony Abbott’s visit to China as they sign investment deals negotiated during the federal government’s trade blitz.
Page 5: Incomes in the Perth suburbs of Cottesloe and Peppermint Grove have surged 11 per cent, rising at more than double the rate of the other high income postcodes.
Page 17: Business leaders will meet with Trade and Investment Minister Andrew Robb at next week’s OECD forum in Paris to make the case for further reform of global trade, a reform that could boost the world economy by trillions of dollars.
Woolworths boss Grant O’Brien hopes the government’s much-anticipated spending clampdown leaves his customers with enough money to shop, after the company’s supermarkets division again failed to match rival Coles on sales growth from existing stores.
Page 18: Royal Dutch Shell says it remains in no hurry to sell its 23 per cent stake in Woodside Petroleum, despite still seeing it as a non-strategic holding.
Origin Energy has logged a record quarterly gas sales price as east coast prices start to rise ahead of the start-up of $70 billion worth of coal-seam gas export plants being built at Gladstone.
Page 19: Booming performance fees and strong growth in funds under management at its international operations helped BT Investment Management more than treble interim net profit and double its dividend to shareholders.
The West Australian
Page 3: Perth is facing a housing affordability “train wreck”, one of the city’s home builders has warned amid signs the State Government may make changes to stamp duty.
Page 4: Including the family home in the pension assets test and a $15 to $20 co-payment for a bulk-billed visit to the doctor are among 86 recommendations of the Commission of Audit to be released today.
Page 7: Colin Barnett has been forced to take down one of his social media accounts after it was inundated with “vile and disgusting” attacks from anti-shark kill protesters.
Page 9: WA Police have revealed they are spending $800,000 on consultants to tell them how to cut costs and improve efficiency.
Page 16: The chairwoman of the Beaufort Street Network has suggested penalising landlords who allow their shops to fall into disrepair or stay empty for too long as part of a push to breathe new life into the popular food, wine and shopping strip.
Business: Woodside Petroleum insists it favours WA over the Northern Territory for a major supply base to service its Browse gas project, provided it gets a welcome reception at its chosen site.
More than $17 million allocated to help WA farmers will be returned to Commonwealth coffers after the State Government imposed tough conditions on access to the concessional loan package.
Thousands of cattle are stranded on board a live export ship that has been broken down off Rottnest since Friday.
Fixed-odds betting and online punting have bolstered revenue at gaming outfit Tabcorp, with revenue for the third quarter up 2.5 per cent.