States and Senate defy Hockey
The federal government’s budget repair plans are in disarray with the Senate poised to block at least $8billion in tax increases while furious premiers will fight plans to slash $80 billion in hospitals and schools funding over the next decade and make them replace the revenue by increasing the GST. The Fin
NOPTA gifts State bigger slice of Torosa
The WA Government says as much as half of the biggest field that makes up Woodside Petroleum’s Browse floating LNG project could be in State waters, potentially providing it with major bargaining muscle in the battle with the Woodside-led consortium over domestic gas supplies and a jobs-creating supply base. The West
Tony Abbott’s budget poll threat
An election fight looms over the federal budget as Tony Abbott demands the Senate pass his economic agenda, despite a furious response to sweeping welfare reforms and school funding cuts. The Aus
BHP mulls Nickel West sale
BHP Billiton has confirmed it is considering a sale of its Nickel West assets in Western Australia, in a move that some believe will simplify a potential demerger of the assets that were acquired from Billiton in the 2001 merger. The Fin
Rudd won’t swear oath at inquiry
Former prime minister Kevin Rudd says he is being gagged from telling the whole truth about Labor’s home insulation program, which led to the deaths of four young men. The West
We’ve had a kick in the guts, say states
Premiers have slammed the $80 billion budget cuts to state programs and some want an urgent meeting with Prime Minister Tony Abbott to look for an alternative. The Fin
Needy spared dole blitz, others must earn or learn
People younger than 30 have been warned that if they want to avoid being kicked off welfare payments for six months, they should enrol into school, TAFE or apprenticeships to receive a lower welfare payment, but they can no longer live on the “couch” for the dole. The Aus
The Australian Financial Review
Page 1: The federal government’s budget repair plans are in disarray with the Senate poised to block at least $8billion in tax increases while furious premiers will fight plans to slash $80 billion in hospitals and schools funding over the next decade and make them replace the revenue by increasing the GST.
Page 2: Former prime minister Kevin Rudd has blamed bureaucrats who devised the $2.8 billion home insulation scheme for safety problems that left four men dead.
Page 4: Business groups will seize on a landmark penalty rates ruling from the industrial tribunal to bolster their push for more sweeping changes to entitlements for working weekends or nights.
Page 6: Premiers have slammed the $80 billion budget cuts to state programs and some want an urgent meeting with Prime Minister Tony Abbott to look for an alternative.
Page 8: GPs are rebelling against a 25 per cent cut in their income if they refuse to charge patients a $7 payment, which Treasurer Joe Hockey has hinted may be increased as a revenue-raising measure if the budget demands.
Page 10: Linking the age pension to inflation could, in a little over 30 years, see beneficiaries earning up to 35 per cent less than they would under current arrangements, experts say.
Page 12: Business leaders have criticised the federal government’s lack of investment in skills and training and harsh measures for young job seekers.
Page 13: Corporate Australia has backed plans to increase infrastructure and medical research spending but raised concern about budget measures that take the knife to health and education.
Page 14: ABC managing director Mark Scott says the corporation’s 70-year history of international broadcasting is “under severe threat” after the Abbott government cut its funding.
Page 21: The resurgent housing sector has helped lift Commonwealth Bank of Australia’s shares to a new all-time high of $80.99 at a time when the banking industry appears to be splitting into the housing haves and relative have-nots.
CSR managing director Rob Sindel is confident in a “stronger for longer” housing recovery as three to four years of pent-up new housing demand unwinds across Australia.
Page 23: BHP Billiton has confirmed it is considering a sale of its Nickel West assets in Western Australia, in a move that some believe will simplify a potential demerger of the assets that were acquired from Billiton in the 2001 merger.
Page 24: Long-serving Oil Search managing director Peter Botten has chosen to remain at the helm for the next 12 to 18 months to set up the Papua New Guinea oil and gas company for its next phase of growth.
Page 29: Economist say Treasurer Joe Hockey’s tough budget could delay interest rate hikes until late next year and drive confidence back down to recession levels, as the federal government prepares to issue $36 billion in new bonds to help fund the budget deficit.
The Australian
Page 1: An election fight looms over the federal budget as Tony Abbott demands the Senate pass his economic agenda, despite a furious response to sweeping welfare reforms and school funding cuts.
People younger than 30 have been warned that if they want to avoid being kicked off welfare payments for six months, they should enrol into school, TAFE or apprenticeships to receive a lower welfare payment, but they can no longer live on the “couch” for the dole.
Page 4: Australia’s skills shortage threatens to send more companies and jobs offshore unless the government “significantly” lowers the English-language requirements for temporary foreign workers, a leading industry group says.
Page 8: Senators will veto the new $7 doctor’s fee at the heart of the government’s healthcare reforms as objections grow to Joe Hockey’s tax hikes and spending cuts.
Labor is set to support a tax increase on the rich in order to scale back the budget deficit while stepping up its attacks on Tony Abbott for breaking his election promises.
Page 9: School funding will be pegged to 2017 levels in the new system to be developed by the Abbott government to calculate a fixed pool of funding to be distributed more equally among the states.
Page 21: Commonwealth Bank of Australia is on track to post an annual profit of almost $9 billion after boosting third-quarter cash earnings 16 per cent, sending its stock to a record high amid heavy trading in the banks.
Page 22: Shares in PanAust continued to rise yesterday in the expectation that its major shareholder, China’s state-owned Guangdong Rising Assets Management (GRAM), will increase its $1.4 billion takeover tilt.
Page 23: Nathan Tinkler is backing the quality of Australian thermal coal with his $150 million move back into the resource space, saying he is confident use of low-emission coal has a long-term future.
Western Australian Premier Colin Barnett’s crusade for greater control over the Woodside Petroleum-led Browse LNG project has been boosted after a federal regulator signalled that it would deliver the state a bigger share of the huge gas fields.
The West Australian
Page 3: Operating theatres should have “black box” voice recorders to improve patient safety, according to WA’s peak health consumer group.
Page 4: The University of WA has backed higher education reforms allowing institutions to set their own fees, saying it was needed to help it break into the world’s top 50.
Debt that will weigh down future generations will be the legacy of the Barnett Government, Opposition Leader Mark McGowan said yesterday as he delivered a scathing response to last week’s State Budget.
Page 6: A bipartisan group of former members of Parliament is threatening a High Court fight against moves by the Government to strip them of travel and superannuation entitlements.
Page 7: Tony Abbott has threatened to call a double-dissolution election if a hostile Senate thwarts his Government’s deep spending cuts and tax rises.
Page 10: Former prime minister Kevin Rudd says he is being gagged from telling the whole truth about Labor’s home insulation program, which led to the deaths of four young men.
Page 14: Control of patient administration at Fiona Stanley Hospital was transferred from private contractor Serco to the Health Department to maximise patient confidentiality and clinical safety, a parliamentary hearing was told yesterday.
Business: The WA Government says as much as half of the biggest field that makes up Woodside Petroleum’s Browse floating LNG project could be in State waters, potentially providing it with major bargaining muscle in the battle with the Woodside-led consortium over domestic gas supplies and a jobs-creating supply base.
Patience appears to have rewarded Metals X, which yesterday struck a deal to buy the Meekatharra plant that Reed Resources failed to turn into a gold mine.
Aquila Resources has hinted it is unlikely to quickly roll over on Baosteel and Aurizon’s takeover offer, telling shareholders yesterday it believed the bidders would need to extend their offer at least once before it was resolved.
Listed WA stockbroker Euroz says Blackswan Equities was a rare, ready-made opportunity to bulk up with a profitable and complementary business.
Emeco Holdings is set to take a $54 million hit in write-downs by closing its loss-making Indonesian business.