Policy on the run killing us: miners
Miners are seeking a ‘‘coherent’’ vision from the Rudd government to determine the industry’s role in the nation, warning that policy on the run is beginning to hit the sector as the resources boom cools. The Aus
Petrol discount threat
Coles and Woolworths could face a long court battle with the Australian Competition and Consumer Commission over their $200 million a year of petrol subsidies, which the regulator believes may be a form of predatory pricing or abuse of market power. The Fin
Labor to slash budget as election date looms
Kevin Rudd and senior ministers have signed off of billions of dollars in budget cuts in a high-risk political gamble aimed at turning pre-election debate to the economy. The West
Treasury chief warns of more hospital setbacks
The state's most senior Treasury official has warned that the Health Department would remain unable to deliver hospital projects on time and on budget unless it addressed persistent “governance issues”. The West
School funding hold-outs will pass up $27bn
The states holding out against school funding reforms — Queensland, Victoria and Western Australia — are set to walk away from about $27 billion in extra investment from the federal government over the next six years. The Aus
Mining sentiment in free fall
Confidence in the mining sector is in ‘‘free fall’’, with top executives displaying a gloomy outlook and slashing capital expenditure, an influential report has warned. The Aus
OZ to cast eyes elsewhere
Investors are expecting OZ Minerals to turn its focus back on perennial target Sandfire Resources as well as nickel newcomer Sirius Resources to provide it with much-needed growth prospects after the company failed yesterday to secure Rio Tinto's Northparkes mine. The West
Missed payment raises concerns about Griffin
Concerns are growing about the financial position of Indian-controlled Griffin Coal after the company failed to make a $1.5 million worker's superannuation payment by Sunday's deadline. The West
The West Australian
Page 1: WA's top cop says the behaviour of takeaway liquor retailers is an “absolute disgrace” after more than seven out of 10 sold teenage police cadets alcohol without checking their age.
Page 4: The state's most senior Treasury official has warned that the Health Department would remain unable to deliver hospital projects on time and on budget unless it addressed persistent “governance issues”.
More than 500 inner-city heritage properties, some more than 100 years old, are at risk of being knocked down and redeveloped under state planning policy changes.
Page 5: Supermarket giants Coles and Woolworths have vowed to continue shopper docket discounts despite warnings from the competition watchdog they could be pushing up the price of petrol.
Page 6: Kevin Rudd and senior ministers have signed off of billions of dollars in budget cuts in a high-risk political gamble aimed at turning pre-election debate to the economy.
WA is in danger of running out of big mining projects to sustain its economy, an analysis of the nation's investment pipeline has found.
Page 8: Stone-fruit growers have warned of a major biosecurity threat as peaches from the US go on sale in WA for the first time.
Traditional owners from Wiluna in the northern Goldfields have been officially acknowledged by the Federal Court, enshrining their rights ahead of final negotiations over WA's first uranium mine.
Page 9: WA's Agriculture Minister Ken Baston has devised a radical plan for Australia to give Indonesia 10,000 breeding heifers a year in return for restoring the live cattle imports to previous high levels.
Page 10: WA businesses will face “bureaucratic chaos” as they adjust to the different regulatory regimes under new council boundaries.
Page 11: Nationals leader Brendon Grylls has revealed he struck a deal with Colin Barnett in the past few weeks to support changes to metropolitan council boundaries provided there were no forced mergers in regional WA.
The popular Beaufort Street Festival is “under threat” after council boundary changes, organisers say.
Page 12: Technology giants are gouging consumers with an “Australia tax” by charging more for hardware and software compared with prices in other countries, a parliamentary inquiry has found.
Page 13: Fisheries Minister Troy Buswell has had to defend the state government's marine park agenda after joking he had “no idea” what the reserves do and implying they were driven by green groups.
Business: Investors are expecting OZ Minerals to turn its focus back on perennial target Sandfire Resources as well as nickel newcomer Sirius Resources to provide it with much-needed growth prospects after the company failed yesterday to secure Rio Tinto's Northparkes mine.
Gryphon Minerals managing director Steve Parsons has rejected suggestions the company has gone into hibernation, despite yesterday announcing it had sacked more than 75 per cent of its workforce.
Two of WA's most senior businessmen, Michael Chaney and Peter Coleman, have urged the federal government to junk a plan to limit the deductibility of self-education courses, warning the move would have long-term consequences for national productivity.
Leighton Properties and Seven Group Holdings will develop a 10-storey office tower in Kings Square for WA health insurer HBF.
Concerns are growing about the financial position of Indian-controlled Griffin Coal after the company failed to make a $1.5 million worker's superannuation payment by Sunday's deadline.
WA-based lamb and sheep meat co-operative WAMMCO has bought an abattoir in NSW and announced a record $1.8 million return to its producer members.
Troubled magnetite miner CITIC Pacific is set to miss a self-imposed July deadline to turn its first production line back on, amid another round of redundancies at the Chinese-owned Pilbara operation.
The Australian Financial Review
Page 1: Coles and Woolworths could face a long court battle with the Australian Competition and Consumer Commission over their $200 million a year of petrol subsidies, which the regulator believes may be a form of predatory pricing or abuse of market power.
Two of Australia's top executives have singled out labour laws as among their biggest concerns, a sign that big business will try to make industrial relations an issue despite little apparent difference of policy between the Coalition and the Labor Party.
A secretive Chinese billionaire looks set to grab control of one of Australia's best known copper mines in a surprise $US820 million deal signalling renewed corporate interest from China in big resources projects.
Page 3: Australians should be allowed to buy movies, music and computers over the internet at the same cheap prices as people overseas, a federal government inquiry urged on Monday.
Page 4: The federal government is set to increase the indexation of military pensions in a bid to counter a long-standing Coalition promise and neutralise a nagging and damaging political problem for Labor.
The Rudd government is subtly leaning on the Reserve Bank of Australia, which meets next week on whether to cut record low interest rates, after signalling it will deliver tough budget cuts that economists warn will drag on growth.
Page 7: Car makers, dealers and fleet managers have all said customers are cancelling orders as the industry warned the government's fringe benefits tax change will slash sales of locally made cars by 20 per cent.
Page 8: Manufacturers have stepped up a campaign for state and federal governments to adopt Western Australia's decision to restrict the export of natural gas.
Page 15: OZ Minerals' long-running search for growth options is set to resume after the company was unsuccessful with efforts to acquire a controlling stake in Rio Tinto's Northparkes copper and gold mine in New South Wales.
Rio Tinto has been forced to halt all funding and underground expansion work at its $US6.2 billion Oyu Tolgoi Mongolian copper mine after the local government notified the global resources house that required financing earmarked for the development needs additional approval from the country's parliament.
Page 17: The mining sector is looming as the biggest bad-debt threat for banks s commodity prices fall amid concerns about the pace of growth in China.
The Australian
Page 1: The Coalition is planning to establish a tent city on Nauru to hold thousands of asylum-seekers under a commitment lasting at least five years, escalating the policy fight on border protection as Labor prepares to transfer detainees to Papua New Guinea as soon as tonight.
Local carmakers claim their sales could fall 20 per cent and the total new car market will fall 10 per cent as a result of Labor’s fringe benefits tax changes to company and salary-sacrificed vehicles.
Miners are seeking a ‘‘coherent’’ vision from the Rudd government to determine the industry’s role in the nation, warning that policy on the run is beginning to hit the sector as the resources boom cools.
Foreign Minister Bob Carr has declared Australia remains open to foreign investment despite ongoing criticism that Labor is wary of Chinese-led asset purchases.
Page 4: Offshore processing on Nauru would be significantly ramped up under a future Coalition government, with the opposition readying itself to build an immediate 2000- bed tent city on the island if it wins the election.
Page 5: The states holding out against school funding reforms — Queensland, Victoria and Western Australia — are set to walk away from about $27 billion in extra investment from the federal government over the next six years.
Page 6: China has surreptitiously rushed into the Australian wheat market in the past six weeks, snapping up 1.5 million tonnes of grain four months before it is even ready for harvest.
Business: Confidence in the mining sector is in ‘‘free fall’’, with top executives displaying a gloomy outlook and slashing capital expenditure, an influential report has warned.
Telstra is demanding that the government again set a high price for crucial wireless spectrum, despite warnings by the chief architect of the 3G auctions in 2000 that Canberra had set the reserve price too high at this year’s ‘‘failed’’ digital dividend auction and that shareholders should be annoyed.
Rio Tinto’s Mongolian expansion plans have been thrown in further doubt, with the miner suddenly halting development work on the $ US11 billion ($ 11.9bn) Oyu Tolgoi copper and gold mine because of sovereign risk concerns.
Leighton Holdings has positioned itself as NBN Co’s biggest construction partner after its subsidiary, Thiess, took full control of troubled firm Silcar, which continues to struggle with its duties to roll out the massive infrastructure project.
Falling commodity prices will lead to up to $ 640 million in write-downs by resource companies Evolution Mining and OZ Minerals, with further impairments tipped to flow as reporting season continues.
Ratings agency Moody’s has threatened to strip Newcrest Mining of an investment-grade credit rating if the miner cannot deliver on plans to become cash-flow neutral.