08/05/2014 - 07:03

Morning Headlines

08/05/2014 - 07:03

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Morning Headlines

Tax rise for rich 'won't hurt'

Treasurer Joe Hockey has argued the debt tax, which cabinet approved yesterday, is not a broken promise because the Coalition committed before the election to a tax levy on companies to pay for its paid parental leave scheme. The Fin

Mining tax a cost blow for taxpayers: Cormann

Labor's mining tax is costing taxpayers millions of dollars instead of generating billions of dollars as promised. The West

Port workers claim win over MUA

Five dock workers who were labelled “scabs” with a “corkscrew soul, waterlogged brain and a combination backbone made of jelly and glue” by the Maritime Union of Australia have won the right to pursue the union for financial compensation. The Fin

Shark kill program to face federal hurdles

Colin Barnett's shark cull program could be in doubt after the Abbott government insisted the policy be subjected to a full federal environmental approvals process. The West

Fortescue shrugs off slump in share price, iron ore bears

Fortescue Metals chief Nev Power has shrugged off a 23 per cent fall in the miner's share price since late February and dismissed fears of further falls in spot iron ore, saying he was “not at all concerned”. The Fin

Palmer used our cash: Chinese

Clive Palmer’s private company Mineralogy has been accused of wrongfully siphoning more than $12 million from his Chinese business partners, with some of the funds allegedly used to cover political expenses for the costly federal election campaign by his Palmer United Party. The Aus

Crux of it: fair and reasonable

Kerry Stokes' Seven Group Holdings has moved a big step towards achieving its aim of building an oil and gas business after an independent expert late yesterday waved through its $27 million bid for moribund Nexus Energy. The West

 

The West Australian

Page 1: High income earners on more than $180,000 will be the only ones to pay the deficit tax after Cabinet ministers yesterday voiced their opposition to middle-income earners being hit by the impost.

Page 3: The parents of more than 1400 WA students signed withdrawal forms to stop their children from sitting national reading, writing and maths test last year, figures show.

Page 4: The number of families asking for help to pay their electricity bills is on track to be the highest on record after rocketing more than 500 per cent under the Barnett government.

Troy Buswell appeared to shed tears on the floor of state parliament yesterday as Liberal backbencher Rob Johnson crossed the floor, voting with Labor to call on the former treasurer to explain himself after a highly contentious debate.

Page 6: Labor's mining tax is costing taxpayers millions of dollars instead of generating billions of dollars as promised.

The federal budget is on track to improve until the next election but will then blow out unless major cuts in spending and increases in tax are introduced by the government, one of the nation's most respected forecasters has warned.

Page 7: Colin Barnett's shark cull program could be in doubt after the Abbott government insisted the policy be subjected to a full federal environmental approvals process.

Page 10: Clive Palmer used an administrative account set up to cover his company's expenses at the Cape Preston Port to cover expenses associated with his tilt at a WA Senate spot, according to evidence presented to the federal court by estranged business partner CITIC Pacific.

Business: Kerry Stokes' Seven Group Holdings has moved a big step towards achieving its aim of building an oil and gas business after an independent expert late yesterday waved through its $27 million bid for moribund Nexus Energy.

Yilgarn iron ore hopefuls are celebrating after the state government finally announced a preferred proponent for the long-delayed Esperance Port upgrade.

Joe Treacy's attempt to salvage value from the Kagara wreckage received a boost yesterday with a positive tax ruling that will save his vehicle Mungana Goldmines about $12 million.

Craig Mostyn Group remains on the hunt for a major acquisition and is drawing up a list of possible targets after being pipped at the post in its pursuit of Harvey Beef.

 

The Australian Financial Review

Page 1: Treasurer Joe Hockey has argued the debt tax, which cabinet approved yesterday, is not a broken promise because the Coalition committed before the election to a tax levy on companies to pay for its paid parental leave scheme.

Economic growth is set to remain below its long-term average and the amount of government tax revenue will continue to flatline, making it hard for the government to offer tax cuts for the foreseeable future.

Federal Education Minister Christopher Pyne has come out strongly in support of allowing Australia's universities and colleges to compete on price by deregulating what fees they can charge students

Page 5: Supermarket chains, franchisors, finance companies, telcos and shopping centre landlords may have to rewrite their standard contracts with small businesses once the budget extends legal protection for SMEs.

Page 8: Five dock workers who were labelled “scabs” with a “corkscrew soul, waterlogged brain and a combination backbone made of jelly and glue” by the Maritime Union of Australia have won the right to pursue the union for financial compensation.

Page 9: NBN Co will spend up to $1.4 billion more than originally expected to roll out wireless, satellite and fibre technologies to about one million homes and businesses in rural areas.

Page 17: Fortescue Metals chief Nev Power has shrugged off a 23 per cent fall in the miner's share price since late February and dismissed fears of further falls in spot iron ore, saying he was “not at all concerned”.

 

The Australian

(Top stories from www.theaustralian.com.au)

Clive Palmer’s private company Mineralogy has been accused of wrongfully siphoning more than $12 million from his Chinese business partners, with some of the funds allegedly used to cover political expenses for the costly federal election campaign by his Palmer United Party.

Tony Abbott is struggling to quell unrest over a “deficit tax” in next week’s budget as his government considers another incendiary revenue proposal: lifting fuel excise for millions of motorists.

Hundreds more wireless towers will be installed for the NBN, contributing to a blowout in the cost of providing it to the bush.

The federal workplace watchdog will seek compensation on behalf of five workers attacked as “scabs” by the Maritime Union of Australia.

Education Minister Christopher Pyne has given the strongest indication yet that the government intends to deregulate university fees.

State governments face calls to impose stronger caps on salary increases for public servants.

A splurge at cafes and restaurants has not stopped shoppers drawing up their purse strings.

US contractor Bechtel is one ­global player certainly not worried about the billions of dollars wasted on infrastructure duplication.

Ratings agency Standard & Poor’s will face more costly litigation from councils that lost millions on toxic products

The boss of the nation’s largest building materials company has sounded alarm bells for the country’s manufacturing industry.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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