More cuts to fill huge budget hole
The federal government's razor gang is looking for savings to cover $6 billion or more in forecast revenue estimated to have been lost since the May budget, to fulfil its promise of a surplus by 2016-17. The Fin
NBN costs set to soar past $60bn
Construction contractors on the National Broadband Network are pushing to be paid up to 40 per cent more to do further work, fuelling fears of a cost blowout on Labor’s flagship infrastructure project. The Aus
Rio won't pay mining tax
Labor's already slashed mining tax forecasts are under more pressure, with the nation’s biggest and most profitable iron ore miner paying no tax in the first quarter of t he new financial year despite healthy prices and a lower dollar. The Aus
Shot in the arm for Roy Hill
Gina Rinehart’s equity partners in the Roy Hill iron ore project have backed the company for an extra $200 million, injecting new equity as Roy Hill pushes on with early engineering works ahead of a debt deal to fund the bulk of the project's construction costs. The West
On track for $213bn deficits by 2040: PwC
Federal, state and territory governments face a generation of deficits that could reach $213 billion in 2039-40 unless the tax system is shifted towards consumption and land taxes and spending is restrained, accounting firm PwC says. The Fin
McGowan calls for compliance inquiry
Transport Minister Troy Buswell has kept a second tranche of government correspondence on its rail projects after arguing they were promises of the Cabinet and the Liberal Party at the same time. The West
Politicians must fight the CSG naysayers: Ferguson
Leadership from state and federal politicians in opposing ‘‘ideological crusaders’’ who oppose any form of profit-making is essential if Australia is to use its energy resources for prosperity, according to former resources minister Martin Ferguson. The Aus
West Perth vacancies jump
The resources slowdown and a supply of new building has driven up the vacancy level in West Perth's office market to an 18-year high of 11.3 per cent, with tenants downsizing to smaller offices or moving to nearby suburban markets to secure cheaper leases. The West
WA nickel miners cope with low price
The languid nickel price continues to be the main talking point among WA nickel miners, with the value of the base metal eating away at profit and forcing producers to focus on costs. The West
The West Australian
Page 3: The son of one of WA's top health officials is considering suing prestigious Perth restaurant Fraser's after guests at his wedding reception, including his bride, became sick within hours of eating pork.
Four years after they were mailed out to save the economy, 47,000 stimulus checks remain uncashed ready and waiting to be spent.
Page 11: Mandurah Labor MP David Templeman says Deputy Premier Kim Hames got himself into trouble with his expenses by pretending his primary residence is in his Dawesville electorate while living in Dianella.
Page 12: Transport Minister Troy Buswell has kept a second tranche of government correspondence on its rail projects after arguing they were promises of the Cabinet and the Liberal Party at the same time.
Page 16: All asylum-seekers on Manus Island are being brought to the Australian mainland or Christmas Island to enable the remote detention centre to be used exclusively for those subject to Kevin Rudd's hardline “PNG solution”.
Page 18: The fate of eight workers at Perth car leasing company Fleet Network will hang on the result of the federal election.
Page 20: The WA economy is returning to “normal”, a new survey suggests, with households rather than miners to be the driving financial force for the next two years.
Page 22: One of Perth's premier heritage properties has sold for more than $17 million in the latest sign of green shoots in the high-end housing market.
Page 28: Customers and retailers have accused Western Power of deliberately hindering the process of installing rooftop solar panels in a bid to slow the uptake.
Business: Gina Rinehart’s equity partners in the Roy Hill iron ore project have backed the company for an extra $200 million, injecting new equity as Roy Hill pushes on with early engineering works ahead of a debt deal to fund the bulk of the project's construction costs.
Myer chief Bernie Brookes has fuelled renewed debate about labour costs and productivity ahead of the federal election, yesterday claiming Australian retailers can never be competitive.
The languid nickel price continues to be the main talking point among WA nickel miners, with the value of the base metal eating away at profit and forcing producers to focus on costs.
Fortescue Metals Group is again talking up the prospect of selling-off non-mining infrastructure at its Pilbara iron ore projects, amid speculation its interest is waning in selling a minority stake in its port and rail infrastructure.
The City of Perth's development assessment panel has approved the Georgiou Capital office and hotel development that will revive the corner of Murray and Milligan streets in the CBD.
More retail space and new Sunday trading hours luring shoppers to the suburbs helped push the CBD retail vacancy rate up to 15 per cent in the first half of the year.
The resources slowdown and a supply of new building has driven up the vacancy level in West Perth's office market to an 18-year high of 11.3 per cent, with tenants downsizing to smaller offices or moving to nearby suburban markets to secure cheaper leases.
The Australian Financial Review
Page 1: The federal government's razor gang is looking for savings to cover $6 billion or more in forecast revenue estimated to have been lost since the May budget, to fulfil its promise of a surplus by 2016-17.
The competition regulator has warned Telstra that any attempt to grow its dominant share of the $3.6 billion broadband market by buying or building a low-cost brand will face intense regulatory scrutiny.
Fortescue Metals Group's prospects of selling a $3 billion stake in its Pilbara rail lines and port seemed less likely as analysts said the company could produce enough cash to service its large debts.
Page 3: Australia's annual $67 billion collection of corporate tax is at risk from profit shifting by multinationals, according to federal Treasury, which warns failing to fix the problem could erode confidence in the tax system.
Page 4: The Australian Industry Group has slammed the paid parental leave policies of the Coalition and the Greens, saying they are unaffordable and that the proposed increases in company tax to fund them would lead to job losses and price increases for customers.
Page 6: Prime Minister Kevin Rudd denies Australia has relinquished control of its $500 million aid budget to Papua New Guinea as part of his asylum seeker resettlement plan.
Page 7: Labor's improved support still leaves it on track to lose the election, based on the latest opinion polls and betting odds, despite Kevin Rudd embarking on a flurry of policy adjustments and announcements since retaking the prime ministership.
Page 8: For firebrand former West Australian Labor minister Alannah MacTiernan, the stakes at the looming federal election are higher than just winning the seat of Perth being vacated by Defence Minister Stephen Smith.
Page 9: Federal, state and territory governments face a generation of deficits that could reach $213 billion in 2039-40 unless the tax system is shifted towards consumption and land taxes and spending is restrained, accounting firm PwC says.
Page 13: Not since 1990 has the Reserve Bank of Australia cut interest rates in August, an historic run that might be challenged if Wednesday's official inflation report shows price pressures remain benign.
Page 15: Investors are hoping the profit reporting season and the expected small rise in industrial earnings can add to the optimism that shares can build on their best financial year of returns since 2007.
Page 17: EnergyAustralia managing director Richard McIndoe will on Wednesday warn of the real risks to NSW's energy supply arising from the state's reliance on gas from South Australia and the Bass Strait.
Page 18: Oil Search remains optimistic about the potential of its new exploration venture with France's Total in the Gulf of Papua despite the two wells drilled so far failing to make a commercial discovery.
The Australian
Page 1: Construction contractors on the National Broadband Network are pushing to be paid up to 40 per cent more to do further work, fuelling fears of a cost blowout on Labor’s flagship infrastructure project.
Labor will use tents and marquees to rush the expansion of Manus Island beyond its 600 capacity if necessary, in a bid to stop people-smugglers from overwhelming the Papua New Guinea asylum-seeker deal by sending a flood of new boats.
Kevin Rudd intervened in school- funding negotiations with the Victorian government, in a bid to sign up the nation’s second largest school system by the end of the week after finalising arrangements with Catholic schools yesterday.
The poaching of top public service experts by resources companies has undermined capacity to monitor the coal- seam gas boom in Queensland properly, according to farmers who have set up a community- based network to watch over CSG operations.
Page 2: Leadership from state and federal politicians in opposing ‘‘ideological crusaders’’ who oppose any form of profit-making is essential if Australia is to use its energy resources for prosperity, according to former resources minister Martin Ferguson.
More Australians are in favour of having a price on carbon than they were almost two years ago but most believe their business will remain uncertain about the issue over the next two to three years, according to two new surveys.
Infrastructure Australia believes heavy truck operators ought to be able to negotiate over road upgrades with state road authorities but says the Productivity Commission is standing in the way.
Page 3: Prime ministerial aspirant Clive Palmer is confidentially seeking about $80 million as a cash advance from one of the world’s largest resources companies, Glencore Xstrata, amid mounting financial losses and the exit of key staff at his Queensland Nickel refinery, according to claims by senior sources.
Page 4: The federal government is confronting a serious softening in tax revenue as it revises the May budget forecasts in readiness for the election.
Australia may have to abandon some of its major spending commitments in health, education and ageing in the next five years without a fundamental overhaul of the tax system.
Page 7: The fall of Julia Gillard has sparked turmoil in Labor, exposing the federal government to weeks of pre-election rancour after the Victorian Right faction split last night.
Page 8: Mining magnate Andrew Forrest will today endorse a Sydney youth organisation — Marist Youth Care — as a best practice provider of training for indigenous employee candidates, increasing pressure on the government to adopt its model across the nation.
Business: Labor's already slashed mining tax forecasts are under more pressure, with the nation’s biggest and most profitable iron ore miner paying no tax in the first quarter of t he new financial year despite healthy prices and a lower dollar.
In a further sign that Gina Rinehart’s $ 9.5 billion Roy Hill iron ore project is coming to life, Qantas has signed a three-year air services agreement with the company and will start charter operations to the Pilbara mine site from August 13.
Fortescue Metals Group’s efforts to rein in its $ US12.1 billion ($13.06bn) debt position have received a boost, with the falling Australian dollar, cooling mining services costs and the fruits of its latest expansion helping to improve the miner’s performance.
Oil Search has moved to ease any concerns that it may be left out of an expansion of the $US19 billion ($20.5bn) Papua New Guinea LNG plant, saying it is likely to take part in any growth opportunity with potential partners InterOil.
The nation’s most powerful directors have warned they are reluctant to tell the market about the prospects for their companies and instead let ‘‘ mountain of lawyers’’ draft boilerplate statements that frustrate investors because of ‘‘enormous legalistic pressure’’.
Myer boss Bernie Brookes has attacked the federal government over high labour costs he says are crippling Australian merchants, the second major retailer to openly criticise Labor’s industrial relations policy in as many days.
The state-based nature of Australia’s coal- seam gas industry was again illustrated yesterday when Queensland-based Titan Energy Services, which provides support services for CSG operations, posted a profit 300 per cent higher than last year, but also earnings before interest and tax that were twice what was forecast when the company listed 18 months ago.
