Labor reels from $20bn budget hole
The federal government faces a forecast revenue shortfall of more than $20 billion over the next four years, prompting a robust internal debate about whether the budget razor gang should make budget cuts to offset all the losses or delay the surplus yet again. The Fin
Abbott abandons plan to dump Gonski – for now
The federal Coalition has conceded that Labor’s new school funding model is locked in for next year and backed away from its public commitment to repeal the legislation and reinstate existing arrangements. The Aus
Miners see deficiencies in Coalition IR plan
Tony Abbott’s workplace relations policy contains ‘‘significant shortfalls’’, according to resource-sector employers, who have also rated Labor’s industrial relations approach a failure. The Aus
ANZ to pump $1bn into Rinehart's Roy Hill mine
ANZ Banking Group has provided up to $US1 billion in bridging finance for Gina Rinehart's $10 billion Roy Hill iron ore project in Western Australia, reducing the pressure on the billionaire to fund construction with her own money. The Fin
Newcrest reins in Telfer
Telfer has lost its status as one of Australia's big three gold mines after owner Newcrest Mining warned that the ounce output at the Pilbara operation could be slashed by up to 24 per cent this year. The West
WA door open to imported diseases
A state government whistleblower says WA has never been more exposed to a biosecurity disaster after it dropped quarantine safeguards at airports, railways and highway entry points. The West
Ausenco stock crashes after downgrade
Engineering group Ausenco has become the latest mining services group to emerge with a heavy profit downgrade as resources companies across the world pull back on exploration activity. The Fin
Forrest's stand on sand threatens to delay $29bn project
Fortescue Metals Group chairman Andrew Forrest’s hostility to miners entering his ancestral land in the Pilbara is threatening to delay Chevron’s nearby $29 billion Wheatstone LNG project, according to the company seeking to mine sand on the billionaire’s pastoral station. The Aus
Hames notes more errors in claims for allowances
Deputy Premier Kim Hames has uncovered further discrepancies in his claims for city accommodation allowances but launched a strident defence of his entitlement to the perk yesterday. The West
The West Australian
Page 1: A state government whistleblower says WA has never been more exposed to a biosecurity disaster after it dropped quarantine safeguards at airports, railways and highway entry points.
Page 6: Tony Abbott's national security credentials are being questioned after Australia's military savaged his plan to wage “war” on people smugglers.
Page 7: Deputy Premier Kim Hames has uncovered further discrepancies in his claims for city accommodation allowances but launched a strident defence of his entitlement to the perk yesterday.
Page 9: A religious sect Prime Minister Kevin Rudd once called an extremist cult could be cleared to build an 800-person meeting hall in the Perth Hills after the state government intervened.
Page 11: The City of Fremantle will spend more than $2 million in the next four years to transform itself into Australia's most bike-friendly city – a “Copenhagen of the south”.
Proposed laws to make motorists leave a safe distance when overtaking bike riders will be introduced in parliaments across Australia, including WA.
Page 12: Australians have used the benefit of falling prices for every day goods to splash out on new homes and time spend enjoying themselves.
Page 13: Swan Valley winemaker John Griffiths believes his livelihood is at risk because of a shock decision to allow imports of Californian table grapes into WA.
Page 16: Embattled Perth car lease operators will seek an urgent meeting with Kevin Rudd when he tours the city today for the first time since becoming Prime Minister.
Page 19: Health Minister Kim Hames says the Australian Medical Association's call for extra capacity within the new children's hospital is based on a “fairly loose calculation”.
Page 20: Farmers and pastoralists on the front line in the battle with wild dogs and foxes have backed a push by Shooters and Fishers Party MP Rick Mazza for bounty hunters to control the problem.
Page 24: The waste being generated in the Pilbara could more than double by 2035 and existing and planned infrastructure may not be sufficient to deal with it, a report warns.
Business: Telfer has lost its status as one of Australia's big three gold mines after owner Newcrest Mining warned that the ounce output at the Pilbara operation could be slashed by up to 24 per cent this year.
Oakvale Capital, the WA advisory firm implicated in the spread of the toxic financial products blamed for the global financial crisis, has been put into administration.
Gina Rinehart's partners in the Roy Hill iron ore development have backed the project for $170 million more than first thought, with a recent equity injection funnelling an extra $372 million into the venture.
The junior mining sector has joined the chorus of Australian business groups compiling a wish list for Canberra's future rulers, saying its proposal for a new tax credit system to encourage mineral exploration will throw off cash for government coffers.
One-time low-cost gold producer Kingsrose Mining has blown the cash cost concerns of WA producers out of the water, with the Indonesia-focused miner yesterday reporting per ounced costs of $6,801.
Almost $490 million has been wiped from the market value of finance group McMillan Shakespeare as changes to fringe benefit tax laws are set to severely damage its business.
The Australian Financial Review
Page 1: The federal government faces a forecast revenue shortfall of more than $20 billion over the next four years, prompting a robust internal debate about whether the budget razor gang should make budget cuts to offset all the losses or delay the surplus yet again.
ANZ Banking Group has provided up to $US1 billion in bridging finance for Gina Rinehart's $10 billion Roy Hill iron ore project in Western Australia, reducing the pressure on the billionaire to fund construction with her own money.
Page 4: Opposition finance spokesman Andrew Robb's criticisms of the value of Australia's AAA credit rating show he is unfit to run the nation's finances, says the federal government.
Page 7: Tony Abbott risks a backlash from the military after promising to appoint a three-star general to co-ordinate the fight against asylum seekers.
A former prime minister of Papua New Guinea, Sir Michael Somare, has denounced Prime Minister Kevin Rudd's asylum-seeker deal, accusing Mr Rudd of using his country as a dumping ground for displaced people.
Page 8: The Australian Chamber of Commerce and Industry is seeking support from state and territory governments in opposing the implementation of a workplace bullying code of practice.
Page 9: Opposition Leader Tony Abbott has pledged to appoint people with small business experience to the Board of Taxation, the Australian Competition and Consumer Commission and the Fair Work Commission.
Page 13: Macquarie Group's chief executive Nicholas Moore was optimistic about the global economy on Thursday, but warned acquisitions would be made more difficult by rising asset prices, as the bank disappointed investors and analysts by stopping short of upgrading full-year earnings guidance.
Well-known fund manager John Abernethy has described the way the Rudd government announced its fringe benefits tax changes as “disgusting” as investors wiped almost $500 million from McMillan Shakespeare's market value on Thursday after the Australian Securities Exchange refused an extension to the company's trading halt.
Page 15: Engineering group Ausenco has become the latest mining services group to emerge with a heavy profit downgrade as resources companies across the world pull back on exploration activity.
Page 16: Newcrest Mining chief executive Greg Robinson is confident the gold miner can remain at least cash flow-neutral this financial year even if gold and copper prices slide lower.
The Australian
Page 1: Labor has vowed to build an ‘‘extraordinary capacity’’ to deal with the latest wave of asylum-seekers as it tries to stare down people- smugglers by ensuring it has room for thousands of new arrivals, despite the mounting cost to the budget.
The federal Coalition has conceded that Labor’s new school funding model is locked in for next year and backed away from its public commitment to repeal the legislation and reinstate existing arrangements.
Page 5: Tensions are rising in the Rudd government as key cabinet ministers debate whether to announce new spending cuts on the eve of an election campaign or dump the commitment to return to surplus in 2015- 16.
Julia Gillard underestimated the emotional force of her misogyny speech against Tony Abbott and believes that if she had been black — rather than a female — the derogatory comments made against her would have claimed the political scalps of her detractors.
Tony Abbott’s workplace relations policy contains ‘‘significant shortfalls’’, according to resource-sector employers, who have also rated Labor’s industrial relations approach a failure.
Kevin Rudd’s fringe benefits tax overhaul on car leasing will cost the nation’s public health sector up to $200 million and needs to be reversed, according to analysis of the effects on public hospitals and staff.
Business: Political risk came with a price tag of more than $ 640 million yesterday — the value destruction in shares of McMillan Shakespeare when the salary packager’s stock re-listed on the Australian Securities Exchange in the wake of the Rudd government’s proposed changes to fringe benefit tax rules.
Fortescue Metals Group chairman Andrew Forrest’s hostility to miners entering his ancestral land in the Pilbara is threatening to delay Chevron’s nearby $29 billion Wheatstone LNG project, according to the company seeking to mine sand on the billionaire’s pastoral station.
Newcrest Mining plans to cut average costs by up to 12 per cent this financial year as it reduces capital spending and staff, scraps future growth guidance and stops producing higher- cost gold.
Cashed-up OZ Minerals has gone to ground on speculation it is the last bidder standing in Rio Tinto’s planned sale of its 80 per cent stake in the Northparkes copper mine near Parkes in NSW for as much as $750 million.
St Barbara is facing a writedown and will freeze spending after a dramatic worsening in the performance of its goldmines in Papua New Guinea and Solomon Islands raised fresh questions about their viability.
Mining engineering group Ausenco has laid off 500 workers and will shift more of its operations overseas after a shock profit downgrade saw its share price plummet.
The $5 billion Dexus Property Group has manoeuvred itself into a prime position to buy the $ 2.65bn Commonwealth Property Office Fund by outlaying almost $400 million for a 15 per cent stake in the rival company.
