Chevron holds firm on Gorgon LNG contract prices
Chevron has insisted it will take the risk of selling a chunk of LNG from its $US54 billion Gorgon project in Western Australia into the spot market rather than accept lower prices under contract sales as it struggles to sign up long-term customers who are holding out for the start of exports from the US. The Fin
China’s big bite of SW farms puts safety first
A giant Chinese meat importer has put food safety and quality at the top of its shopping list as it invests tens of millions of dollars in the WA livestock industry. The West
AMA demand could cost $2b
The Abbott government faces a budget hit of up to $2 billion if it agrees to a demand from doctors that pensioners be exempt from the $7 medical payment, which is designed to discourage people going to the doctor with minor complaints. The Fin
Senators take leave from PPL
Liberal Senator Dean Smith has joined the chorus of internal dissent on the Prime Minister’s signature paid parental leave scheme, arguing the $5 billion policy is stopping MPs from being able to sell the budget to a sceptical electorate. The Fin
Medibank moves into GP care to push ‘quality’ deals
Australia’s largest health fund, the government-owned Medibank Private, has extended its level of protection and support for members, declaring better quality care the key to making the system financially sustainable. The Aus
ISPs on notice over net piracy
Federal Attorney-General George Brandis has warned internet service providers that they can no longer pretend to be “innocent bystanders” in his war on internet piracy, and signalled that he would introduce legislation if he faces resistance. The Aus
The Australian Financial Review
Page 1: Financial system inquiry chairman David Murray may recommend that Australia’s banks legally separate their trading arms from their lending and deposits businesses as part of a global push to protect savers, economies and governments.
The Abbott government faces a budget hit of up to $2 billion if it agrees to a demand from doctors that pensioners be exempt from the $7 medical payment, which is designed to discourage people going to the doctor with minor complaints.
Page 3: The growing threat of a property bubble and faster inflation will make it increasingly difficult to avoid official interest rate hikes, potentially within the next six months, says the ANU’s “shadow board”.
Page 4: Liberal Senator Dean Smith has joined the chorus of internal dissent on the Prime Minister’s signature paid parental leave scheme, arguing the $5 billion policy is stopping MPs from being able to sell the budget to a sceptical electorate.
Page 9: Australia faces a shortage of 2.3 million workers by 2030 – one of the worst in the developed world, according to the Boston Consulting Group.
Page 15: Industrial action risks delaying the highly anticipated start-up of Queensland’s $70 billion LNG export sector, with a strike potentially set to hit the three projects being built on Gladstone’s Curtis Island from Thursday as labour unions demand more time off for workers.
Vodafone Hutchison Australia chief executive Iñaki Berroeta says his company has spent almost $1 billion on its network alone over the past 12 months as part of its plan to fix the business and catch its rivals, Telstra and SingTel-Optus.
Page 17: Chevron has insisted it will take the risk of selling a chunk of LNG from its $US54 billion Gorgon project in Western Australia into the spot market rather than accept lower prices under contract sales as it struggles to sign up long-term customers who are holding out for the start of exports from the US.
Page 21: Dairy farm prices are plummeting, supermarkets are selling milk for $1 a litre, and many ageing farmers are scratching their heads about who will take over their properties when they retire.
The Australian
Page 1: Voters will be warned of a crushing load on the nation’s finances in a new report aimed at sharpening debate on spending cuts as Joe Hockey steps up efforts this week to pass his budget reforms.
Page 2: Explicit prohibition of racial discrimination in the main part of the Constitution is likely to be a condition of bipartisan support for any referendum to recognise Australia’s First People, Labor has flagged.
Page 4: Australia’s largest health fund, the government-owned Medibank Private, has extended its level of protection and support for members, declaring better quality care the key to making the system financially sustainable.
Families on low incomes will lose $844 a year from the federal government’s spending cuts, according to confidential Treasury figures that counter fears of a much bigger hit to households from the federal budget.
Page 15: Some of Australia’s leading chief executives have slammed the failure of World Trade Organisation nations to reach a deal on speeding up global trade by slashing customs red tape.
Australia’s most-famous prospector says he will scale back his exploration efforts and could eventually walk away from the industry altogether after growing increasingly frustrated with government regulation.
Page 16: After setting a new post-GFC high last week, the local market is bracing for a deluge of market-shifting news this week, including jobs figures and the Reserve Bank’s latest economic outlook, which will give important clues about the direction of interest rates.
Iron ore and coking coal prices may have already reached the bottom, a leading commodity analyst says, but any recovery is going to be more gradual than in the past.
Page 17: An expected rebound in retail sales for June is unlikely to cast much sunshine over the sector as merchants this month release annual profit results following a slew of downgrades.
Page 20: Federal Attorney-General George Brandis has warned internet service providers that they can no longer pretend to be “innocent bystanders” in his war on internet piracy, and signalled that he would introduce legislation if he faces resistance.
Page 22: New Yahoo!7 chief executive Ed Harrison has signalled he will move the company away from operating as a generalist portal as part of a strategy aimed at rebooting the challenged digital business.
The West Australian
Page 3: Australian employers could be breaching workplace health and safety laws by requiring “excessive sitting” by workers, according to Perth-led research in the Medical Journal of Australia.
Education Minister Peter Collier says low socioeconomic or underperforming schools that lose money under the Government’s student-centred funding model from next year are “getting what they deserve”.
Page 10: The proportion of electricity produced in WA’s main power grid from coal has jumped more than 30 per cent in seven years despite carbon pricing and concerns about climate change.
Business: A giant Chinese meat importer has put food safety and quality at the top of its shopping list as it invests tens of millions of dollars in the WA livestock industry.
Gold industry veteran Nick Giorgetta says the sector, and its investors, are too focused on bumping up production at the expense of profitable ounces.
Even if prudent investment management was not incentive enough, Perth investment property owners have yet another reason to consider a property insurance especially tailored for landlords.
The peak lobby group for self-managed superannuation fund advisers has moved to reduce regulator anxiety about the aggressive promotion of debt-funded investment strategies.
The Oracle of Omaha, also known as Berkshire Hathaway’s Warren Buffett, might not have a comparable rival king of managed funds here in Australia but billionaire Kerr Neilson, founder of the highly successful Platinum Asset Management, might be coming close.
There might be clouds gathering over commodity prices and mining investment disappearing over the horizon but a senior investment strategist has spotted blue sky above some of Australia’s miners.