BHP, Rio warn of more coal job losses
Mining giants BHP Billiton and Rio Tinto have warned the combination of high costs, high taxes and the strong Australian dollar has put a “vice-like grip” on the $60 billion coal industry that will force further mine closures and job losses this year. The Fin
Both sides dig in over budget cuts
The Abbott government’s 2 per cent debt levy on people earning over $180,000 is set to go ahead after being backed by Labor, but Treasurer Joe Hockey still faces a major battle with minor parties to get more than $18 billion in other budget measures passed. The Fin
$7 fee doomed
The Abbott Government’s plan to charge the sick a $7 co-payment for Medicare services appears dead, with key members of the Senate vowing to reject the proposal. The West
Retail giant still vying for hospitals
Wesfarmers has raised its efforts to break into Australia’s booming healthcare industry with the Perth-based conglomerate entering the second round of bidding for the $5 billion private hospital owner Healthscope. The Aus
Premier begs Synergy for higher coal price
Chinese-owned miner Premier Coal is racing against the clock to thrash out a deal with electricity provider Synergy for higher prices considered vital to its survival. The West
Telstra wants to hold on to copper or cable network in NBN deal
Telstra boss David Thodey has revealed the telco giant wants to retain control of its copper or cable network as part of its reworked $11 billion deal with NBN Co to protect the company from any disadvantages that may arise from future changes to the mammoth infrastructure project. The Aus
Woolies, Coles unite on trading
Supermarket rivals Coles and Woolworths are calling for the patchwork of retail trading hours across the nation to be replaced with uniform opening and closing times, as pharmacies warn that rising labour costs are harming their viability. The Aus
The Australian Financial Review
Page 1: The Abbott government’s 2 per cent debt levy on people earning over $180,000 is set to go ahead after being backed by Labor, but Treasurer Joe Hockey still faces a major battle with minor parties to get more than $18 billion in other budget measures passed.
Mining giants BHP Billiton and Rio Tinto have warned the combination of high costs, high taxes and the strong Australian dollar has put a “vice-like grip” on the $60 billion coal industry that will force further mine closures and job losses this year.
Page 4: The tax increase for higher income earners is set to be the eighth and most significant piece of legislation passed by the Abbott government since coming to power in September compared with 127 passed by the Gillard government in its first seven months.
Page 6: An analysis by the oil and gas industry has found that the number of wells drilled offshore has plummeted, while the average cost of a well has surged to more than $130 million.
Page 7: Engineering services company Downer EDI must reinstate three coalmine employees and pay them almost $200,000 in compensation after it was found to have wrongly made them redundant during a short-lived ramping down at a NSW mine.
Page 13: UGL’s longstanding chairman, Trevor Rowe, will be replaced by director Kate Spargo at its annual general meeting later this year as the engineering and property group’s directors push to strengthen its board.
Page 15: The low-cost end of the domestic aviation market has matured to the point where the ability to stimulate more travel through cut-price fares has tapered off and future capacity increases will be more in line with broader economic growth, Jetstar Group chief executive Jayne Hrdlicka said.
Page 18: ExxonMobil has forecast that its $US19 billion ($20.5 billion) Papua New Guinea liquefied natural gas project may reach full capacity months ahead of schedule, after despatching its first cargo to Japan over the weekend.
The Australian
Supermarket rivals Coles and Woolworths are calling for the patchwork of retail trading hours across the nation to be replaced with uniform opening and closing times, as pharmacies warn that rising labour costs are harming their viability.
The nation’s 400,000 wealthiest taxpayers will start contributing to the fiscal repair task in five weeks after Joe Hockey secured his first budget win, locking in the numbers to shepherd the $3.1 billion deficit levy through parliament.
Workplace relations will be a central focus of the Abbott government’s review of federal laws that encroach on rights and freedoms, opening up a new battleground with unions.
Australia’s defence ties to the US have taken on a green hue, with the Royal Australian Navy planning to make all its ships and aircraft biofuel-capable within six years.
Wesfarmers has raised its efforts to break into Australia’s booming healthcare industry with the Perth-based conglomerate entering the second round of bidding for the $5 billion private hospital owner Healthscope.
The Australian Shareholders Association has ramped up its rhetoric against Westfield’s $70 billion restructure proposal, imploring groups with large retail investor bases, including the Australian Foundation Investment Commission, not to back the deal.
The ANZ Banking Group has been awarded a subsidiary banking licence in Thailand with the rights to open up to 20 branches, media reports say.
Australia’s higher-cost iron ore producers are bracing for more share price pain after prices for the steelmaking raw material fell for the sixth consecutive week.
A professional prospector says she feels “let down by the system” after losing a lengthy legal battle to stop an Aboriginal group in the Pilbara from charging her an annual fee of $25,000 to enter its minerals-rich land.
Frank Lowy is confident Westfield Retail shareholders will next week approve the planned split of the company, saying “strategically it makes more sense”.
Telstra boss David Thodey has revealed the telco giant wants to retain control of its copper or cable network as part of its reworked $11 billion deal with NBN Co to protect the company from any disadvantages that may arise from future changes to the mammoth infrastructure project.
The West Australian
Page 1: The Abbott Government’s plan to charge the sick a $7 co-payment for Medicare services appears dead, with key members of the Senate vowing to reject the proposal.
Page 3: WA households will be spared big increases in gas tariffs from July amid a price war between dominant retailer Alinta Energy and its rival, Wesfarmers-owned Kleenheat.
Page 5: The number of State schoolteachers working past the traditional retirement age has surged 71 per cent in four years, forcing teaching graduates to compete for a dwindling pool of vacancies.
Page 7: The cost of turning on Perth’s streetlights is set to soar, prompting concerns councils may raise rates or scale back their use to offset the price rise.
Page 8: House values across Perth are on track for one of their biggest single-month corrections as suggestions grow that the Reserve Bank may have to hold back any interest rate rises for a year.
Business: Chinese-owned miner Premier Coal is racing against the clock to thrash out a deal with electricity provider Synergy for higher prices considered vital to its survival.
Antares Energy says it is open to talks with the US company seeking boardroom control of the Perth-based shale and oil gas play and promoting a five-point plan to double its share price.