NBN’s $38bn bill ‘locked in’
Spending commitments of up to $38 billion on the National Broadband Network were locked in under Labor and the “overwhelming majority” must now be met to complete it, the Coalition has warned ahead of an overhaul of the project in the bush. The Aus
CBH loads up records, rain lifts farm hopes
CBH is clearing silos and shipping out WA’s biggest-ever grain harvest at a record rate as more rain across the Wheatbelt raises hopes for another bumper crop this season. The West
Regulator’s pursuit of Coles tipped to fall short
Supermarket giant Coles is unlikely to face anything like the $200 million-plus penalties that have been mooted after the competition watchdog this week launched Federal Court action over allegations of unconscionable conduct. The Aus
Deficit levy stays, but PM set to give ground
Tony Abbott and Joe Hockey will today stare down Cabinet colleagues opposed to a deficit levy but will accept a multibillion--dollar “haircut” to the $10 billion proposal to make it more sellable. The West
Westfield sweetens revamp
Westfield Group, the Frank Lowy-chaired shopping and property empire, has blinked first in its battle with investors, adding a $300 million sweetener to its radical plans to restructure the business in the hope it will win over shareholders in its sister trust Westfield Retail. The Aus
Garden City to double its floor space
Garden City shopping centre at Booragoon will become the retail heart of a restaurant, entertainment, commercial and higher density residential precinct under plans endorsed by the WA Planning Commission. The West
RBA sees jobless rate near peak
The Reserve Bank of Australia has come close to declaring an end to three years of rising unemployment but chose not to signal a near-term rise in interest rates in case a hiring rebound falters. The Fin
Juicy new partnership gets a Boost
The entrepreneurial founders of Boost Juice, Janine and Jeff Allis, have successfully navigated the world of private equity to almost double the value of their food franchise business Retail Zoo and add about $33 million to their personal wealth in just four years. The Fin
Cedar Woods master plan
Perth-based developer Cedar Woods Properties will move into Queensland and develop a 1000-lot master planned community at Upper Kedron, 13 km west of the Brisbane CBD, following the successful completion of a $25 million placement. The Fin
The Australian Financial Review
Page 1: The Reserve Bank of Australia has come close to declaring an end to three years of rising unemployment but chose not to signal a near-term rise in interest rates in case a hiring rebound falters.
Page 3: Prepare to pay more for your mail. The chairman of Australia Post has signalled that residents will soon pay for letter delivery to offset multi-million dollar losses.
Page 4: The $150 million annual subsidy to ethanol producers is set to be scrapped at the May 13 budget but a compromise has been struck to protect the local product in the aftermath by making it permanently cheaper than imports.
Page 6: The construction industry wants to hire semi-skilled foreign workers for short-term projects, saying labour supply cannot be guaranteed nationwide.
Page 7: The Australian Competition and Consumer Commission is attempting to calm grocery suppliers who fear retribution after being named in court documents setting out the commission’s unconscionable conduct case against supermarket giant Coles.
Page 13: The entrepreneurial founders of Boost Juice, Janine and Jeff Allis, have successfully navigated the world of private equity to almost double the value of their food franchise business Retail Zoo and add about $33 million to their personal wealth in just four years.
Page 15: The David Jones board is sticking to its view that shareholders should accept a $2.15 billion takeover offer from South Africa’s Woolworths even though the department store chain is on track to post its first annual sales growth in four years.
Page 18: Several major global mining companies have already undertaken site visits at OZ Minerals’ Carrapateena copper gold deposit in South Australia as up to 12 different groups jostle to take a likely controlling stake in that project for an estimated $500 million-plus.
Page 19: Federal Resources Minister Ian Macfarlane wants duplication in state and Commonwealth regulations and red tape to be stripped by the end of calendar 2014 in the onshore gas industry.
Page 22: Analysts at Bell Potter have reined in earnings per share forecasts for Australia’s largest automotive retailer, Automotive Holdings Group, in the next three years.
Page 34: Perth-based developer Cedar Woods Properties will move into Queensland and develop a 1000-lot master planned community at Upper Kedron, 13 km west of the Brisbane CBD, following the successful completion of a $25 million placement.
The Australian
Page 1: Spending commitments of up to $38 billion on the National Broadband Network were locked in under Labor and the “overwhelming majority” must now be met to complete it, the Coalition has warned ahead of an overhaul of the project in the bush.
Millionaires who collect $3 billion in pension payments every year need not fear the budget. And the 10 per cent of self-managed super fund members with more than $2 million worth of assets can rest easy.
Page 2: Clive Palmer has defended his environmental record as Great Barrier Reef protest groups said they would target all companies involved in the proposed $9 billion expansion of the Abbot Point coal terminal near Bowen.
Page 3: President Susilo Bambang Yudhoyono has moved to prevent another quarrel arising from Tony Abbott’s no-show in Bali this week by inviting the Australian leader to Indonesia in June.
Page 4: Savings in next week’s budget will be much smaller than expected, with Joe Hockey likely to argue that the economic outlook is too weak to sustain large cuts.
Page 7: Former Western Australian treasurer Troy Buswell yesterday repeatedly refused to admit he was drunk on the night he steered his ministerial vehicle into four parked cars, a telephone pole and the gates to his own home shortly before a police witness saw him “struggling to stand up”.
Page 17: Westfield Group, the Frank Lowy-chaired shopping and property empire, has blinked first in its battle with investors, adding a $300 million sweetener to its radical plans to restructure the business in the hope it will win over shareholders in its sister trust Westfield Retail.
Page 18: China’s $1.4 billion move on Aquila Resources is a “low-ball” offer that is unlikely to succeed in its current form, analysts have argued.
Page 19: Leighton Holdings’ gearing rose again during the March quarter as the group battled to collect more than $5 billion worth of receivables, marring an otherwise robust 24 per cent increase in net profit in the period.
Supermarket giant Coles is unlikely to face anything like the $200 million-plus penalties that have been mooted after the competition watchdog this week launched Federal Court action over allegations of unconscionable conduct.
Page 27: A radical proposal to require people on the minimum wage to begin repayment of HELP debt would unfairly include university dropouts, says economist Bruce Chapman.
The West Australian
Page 3: Beach closures forced by shark sightings fell a third in Perth last summer, prompting the State Government to claim its drumline policy was making swimmers safer.
Page 4: Colin Barnett has defended Troy Buswell’s refusal to speak to police about the crash that ended his ministerial career, prompting the Opposition to accuse him of a lack of standards.
Page 6: Tony Abbott and Joe Hockey will today stare down Cabinet colleagues opposed to a deficit levy but will accept a multibillion--dollar “haircut” to the $10 billion proposal to make it more sellable.
Australia is running its first $50 billion trade surplus with exports out of WA to China soaring to record levels.
Page 13: Garden City shopping centre at Booragoon will become the retail heart of a restaurant, entertainment, commercial and higher density residential precinct under plans endorsed by the WA Planning Commission.
Page 14: Authorities detained several alleged illegal foreigners yesterday in raids on Neerabup market gardens as part of a continuing crackdown on an alleged multimillion-dollar crime syndicate.
Business: CBH is clearing silos and shipping out WA’s biggest-ever grain harvest at a record rate as more rain across the Wheatbelt raises hopes for another bumper crop this season.
Baosteel’s desire for direct control of the output of a WA iron ore mine is emerging as the key factor in its $1.4 billion tilt for control of Aquila Resources, with the company’s joint bid with haulage provider Aurizon disclosing that the Chinese steelmaker made an off-take agreement a key component.
Clive Palmer’s WA lieutenant Dio Wang has heeded the call of the people and quit his job as chief executive of iron ore hopeful Australasian Resources to take up a seat in the Federal Senate.
The corporate giants that own the Pilbara fertiliser plant developed by Pankaj Oswal near Karratha a decade ago are enjoying windfall profits.