Morning Headlines

Kimberley shale given the nod

The Barnett government has overruled environmentalists’ objections to plans for “fracking” in the Kimberley, effectively clearing the way for the exploration of shale gas in a region identified as one of the most prospective in the world. The Aus

Shell favoured in Woodside deal

Woodside Petroleum shareholders will be asked to approve a selective buy back that gives only Royal Dutch Shell access to Woodside’s franking credits as part of a $US5 billion sell-down by the oil major that will also set the Australian company free to compete head-on with its cornerstone investor. The Fin

Hockey’s states bonus faces defeat

The Abbott government’s strategy to convince the states to lead a nation building infrastructure splurge faces defeat or substantial change in the Senate. The FIn

Reforms vital to woo foreign investors

Foreign-owned multinationals have warned the Abbott government it must reform the nation’s industrial relations systems and simplify regulation if it is to stop international companies pulling out of Australia in favour of lower cost countries. The Fin

Baosteel snubs Ellison in Aquila spat

Baosteel chairman Dai Zhihao has snubbed Mineral Resources boss Chris Ellison as the $1.4 billion takeover fight for Aquila Resources heats up, warning if the steel giant’s bid fails it will find it difficult to access the Chinese market for Aquila’s key project. The Fin

Milk sweetener for farmers

WA dairy farmers will be offered unprecedented bonuses to boost milk production by tens of millions of litres in a move that signals the start of a new era for the industry. The West

The Australian Financial Review

Page 1: The Abbott government’s strategy to convince the states to lead a nation building infrastructure splurge faces defeat or substantial change in the Senate.

Girls’ rejection of maths and science in high school accounts for more than half the pay gap between male and female university graduates and is stopping women getting to the top in business.

Page 5: An inquiry controlled by Coalition senators said protections from dishonest or negligent financial advisers needed to be balanced against reducing regulation in the financial industry.

Page 7: The federal budget and a looming collapse in resources investment are complicating the Reserve Bank of Australia’s decision about when it will join the global move to higher interest rates.

Page 9: Foreign-owned multinationals have warned the Abbott government it must reform the nation’s industrial relations systems and simplify regulation if it is to stop international companies pulling out of Australia in favour of lower cost countries.

Page 13: Woodside Petroleum shareholders will be asked to approve a selective buy back that gives only Royal Dutch Shell access to Woodside’s franking credits as part of a $US5 billion sell-down by the oil major that will also set the Australian company free to compete head-on with its cornerstone investor.

Page 15: The discount Fortescue Metals Group offers Chinese steel mills for low-grade iron ore is approaching the highest level since the global financial crisis, amid weak demand and surging supply.

Baosteel chairman Dai Zhihao has snubbed Mineral Resources boss Chris Ellison as the $1.4 billion takeover fight for Aquila Resources heats up, warning if the steel giant’s bid fails it will find it difficult to access the Chinese market for Aquila’s key project.

Page 18: South African retailer Woolworths has secured shareholder approval to proceed with its $2.2 billion takeover of David Jones, but the acquisition remains under a cloud until rag trader Solomon Lew declares his hand.

Page 35: Westfield Group and Westfield Retail Trust shares surged on Tuesday, as investors gained confidence that the restructure proposal would be approved at Friday’s Westfield Retail meeting.

Chinese-based CITIC Pacific Mining has signed the biggest Perth office leasing deal of the year on St Georges Terrace.

The Australian

Page 1: Clive Palmer’s senior employees are being warned under expected legal orders, they will need to reveal details of their work contracts, duties and all payments from an account held more than $12 million in Chinese funds before it was allegedly wrongfully siphoned out.

Foreign Minister Julie Bishop will today introduce a revolutionary new aid policy that will radically transform the aims and methods of Australia’s $5 billion annual program.

Page 2: The Barnett government has overruled environmentalists’ objections to plans for “fracking” in the Kimberley, effectively clearing the way for the exploration of shale gas in a region identified as one of the most prospective in the world.

Page 3: Consumers could soon be charged less for texting after the competition watchdog said it would start regulating wholesale SMS costs.

Page 4: The ABC’s Media Watch has declined to explain why it sought to defend the effectiveness of the Gillard government’s plain packaging laws for tobacco by relying on analysis by two of the Gillard government’s advisers.

Page 6: Tony Abbott has urged Coalition MPs to “stick together’’ and ride out criticism of the budget as one of his veteran senators continues to voice dissent on key policies.

Page 21: Woodside Petroleum chief executive Peter Coleman says the group’s decision to buy back $US2.68 billion ($2.86bn) worth of its own shares from oil giant Royal Dutch Shell will not hinder its ambitions to grow by funding major acquisitions and spending on exploration.

Westfield Retail Trust is facing calls to reveal proxy votes on the controversial deal with Westfield Group ahead of its meeting on Friday with the result still said to be in the balance.

Page 22: The federal government is facing calls to rework new regulations governing access to grain export terminals, with GrainCorp seeking changes to make sure all operators are treated equally under the proposed new mandatory code of conduct.

Page 25: For bankers, Royal Dutch Shell’s $5.3 billion sell-down of its stake in Woodside Petroleum has been a long time coming.

The West Australian

Page 3: The competition watchdog believes prices for billions of messages will fall after finding mobile phone users are being ripped off by an effective monopoly.

Page 4: Iron ore prices have tumbled to a two-year low, blowing a multibillion-dollar hole in the State Budget and hitting the Federal Government’s finances.

Tony Abbott has chalked up his first Budget win, with high-income earners to begin paying the debt levy within weeks after the Senate passed the temporary tax increase yesterday.

Page 5: WA dairy farmers will be offered unprecedented bonuses to boost milk production by tens of millions of litres in a move that signals the start of a new era for the industry.

Page 6: The Barnett Government will spend $2.8 billion on concessions, rebates, discounts and subsidies next year across almost every area of government service delivery.

Page 14: Duncan Ord, a lighting designer turned theatre manager and senior public servant, has been appointed head of the Department of Culture and the Arts 14 months after the departure of his predecessor Allanah Lucas.

Page 18: Retiring WA Labor senator Mark Bishop says the party cannot hope to regain government unless it wins more seats in the State.

Business: The industry superannuation sector fears mum and dad investors will have to be experts in financial regulations to avoid being duped under changes to advice laws rubber-stamped by a Federal Government committee.

In yet another chapter in the ongoing network wars, Telstra claims it has tested one of the world’s fastest 4G networks in Perth and Fremantle through a new spectrum to become publicly available in January.

Premier Colin Barnett has dealt himself into the tussle for control of Aquila Resources by releasing the master plan for a Pilbara port project, the fortunes of which he has tied closely to Chinese steel maker Baosteel.

BC Iron managing director Morgan Ball has shrugged off the iron ore price’s worst streak since 2012, saying he does not stay awake at night worrying about it.

Embattled gold miner St Barbara is to cap off a very unfinancial year with the departure of chief executive Tim Lehany.