Morning Headlines

Oil falls add to state’s iron hit

The plunging oil price is poised to blow a hole of almost $900 million in the Western Australian budget over the coming three years, further compounding the pressure put on the state’s coffers by the steep drop in iron ore prices. The Aus

Northern rail on drawing board

Perth’s transport chief says heavy rail is unlikely to be built above ground in Perth again as details of a mooted underground rail line through Morley and beyond were revealed in a parliamentary estimates hearing yesterday. The West

Labor warming to $2.6bn in cuts to health budget

The government is gaining ground in its bid to cut the cost of Medicare as Labor warms to parts of a new plan that scraps a mandatory $7 co-payment in favour of alternative savings. The Aus

Barnett sets a quay time limit

The public will have access to Elizabeth Quay’s waterfront within a year, Colin Barnett has vowed, as the Premier laid the first brick for the reconstructed heritage building that will occupy the man-made island in the inlet’s centre. The West

Australia may reject climate deal

Trade Minister Andrew Robb declared Australia will not sign up to the next global climate deal in 2015 if it will put the country at a disadvantage to trade competitors, indicating Australia is prepared to defy heavy international pressure to protect one of the world’s most fossil fuel-dependent economies. The Fin

Mt Gibson under water

As if the crashing iron ore price wasn’t making life tough enough for the nation’s miners, Mount Gibson Iron’s flagship operation is now underwater. The Fin

Murrin Murrin stands alone with Cosmos to go

Murrin Murrin is set to become Glencore’s only WA nickel asset after the global resources giant’s nickel boss Peter Johnston yesterday confirmed it was seeking to sell its mothballed Cosmos mine within the year. The West

The Australian Financial Review

Page 1: Trade Minister Andrew Robb declared Australia will not sign up to the next global climate deal in 2015 if it will put the country at a disadvantage to trade competitors, indicating Australia is prepared to defy heavy international pressure to protect one of the world’s most fossil fuel-dependent economies.

Page 3: Westfield Corp co-chief executive Steven Lowy has played down his interest in succeeding father Frank Lowy as chairman of Football Federation Australia, saying he is “laser focused” on running the shopping mall empire with more than $27 billion in assets.

Page 4: Non-concessional patients could be charged more than the optional $5 per visit set out in the government’s new co-payment plan, as doctors seek to make up for cuts in payments from Medicare in other areas.

Page 6: Residential property prices will keep rising well into 2015 and be further stimulated if the Reserve Bank were to cut interest rates, regardless of macro prudential tools, experts and investors say.

Page 13: APA Group managing director Mick McCormack has left the way open for a partial sell-down of the $6 billion gas pipeline it is buying in Queensland to be partly funded by a $1.84 billion equity raising that will increase the company’s market cap by one-third.

Page 18: He led the revival of James Bond in themid-2000s. Now Harry Sloan is on a mission to do the same thing with Australia’s third-ranked metropolitan free-to-air broadcaster, Ten Network Holdings.

Page 19: Aurizon train drivers in Queensland are preparing for possible industrial action after unions voted in favour of strikes following stalled talks over a new enterprise bargaining agreement.

Page 23: As if the crashing iron ore price wasn’t making life tough enough for the nation’s miners, Mount Gibson Iron’s flagship operation is now underwater.

The Australian

Page 1: Federal Agriculture Minister Barnaby Joyce has issued an ultimatum to the major banks, telling them to stop throwing drought-stricken farmers off their properties or risk government intervention.

Rorts in the 457 skilled visa program are a fraction of those claimed by the former Labor government, undercutting union campaigns against the demand-driven system.

Australia has called on China and India to do more to combat climate change as it prepares to challenge the notion that developing countries should have less onerous obligations to reduce their greenhouse gas emissions.

Page 4: The Maritime Union of Australia has escalated strike action against DP World, as the union’s national secretary Paddy Crumlin accused the company of declaring war on its workforce.

Spooked by a shock slump in economic growth and a weaker dollar, Australians have become deeply pessimistic in the lead-up to Christmas at the same time as investors have taken an even greater share of the mortgage market from first-home buyers.

Page 5: Foreign companies, superannuation funds, governments, banks and wealthy individuals investing in Australian farms now prefer joint ventures with local companies or land managers, rather than to buy and own the farm outright.

Page 6: The government is gaining ground in its bid to cut the cost of Medicare as Labor warms to parts of a new plan that scraps a mandatory $7 co-payment in favour of alternative savings.

Page 7: Schools, libraries and providers of WiFi internet services will be expected to crack down on copyright pirates under plans announced by the government.

Page 19: The plunging oil price is poised to blow a hole of almost $900 million in the Western Australian budget over the coming three years, further compounding the pressure put on the state’s coffers by the steep drop in iron ore prices.

Global miner Anglo American has flagged further job cuts and asset sales in a bid to restructure the company in a challenging price environment as it tips 2015 as an important year for the company.

Page 21: In his first investor day since buying Xstrata last year, Glencore’s billionaire chief executive Ivan Glasenberg has highlighted his company’s spread of commodities, marketing business and willingness to react to supply and demand fundamentals.

The West Australian

Page 3: Tony Abbott’s U-turn on contributing to a global climate change fund came after Julie Bishop’s officials ensured Australia would have a say on where the money was spent.

Page 9: Perth’s transport chief says heavy rail is unlikely to be built above ground in Perth again as details of a mooted underground rail line through Morley and beyond were revealed in a parliamentary estimates hearing yesterday.

The public will have access to Elizabeth Quay’s waterfront within a year, Colin Barnett has vowed, as the Premier laid the first brick for the reconstructed heritage building that will occupy the man-made island in the inlet’s centre.

Page 14: Federal Treasurer Joe Hockey’s fiscal repair job is being hit by his own Budget measures with consumers approaching Christmas reluctant to spend.

Page 17: New Housing Minister Colin Holt owns shares in two residential property development syndicates that he will be required to divest to avoid a conflict of interests.

Page 22: Widespread job losses across Water Corporation are tipped after the State’s Water Minister signalled the utility needed to downsize.

Stallholders at Subiaco’s Station Street Markets have been given another few months to trade after the Metropolitan Redevelopment Authority delayed a decision on an $80 million development.

Page 28: Polls have been called for South Perth and Victoria Park residents to vote on a proposed amalgamation of the two local government areas.

Business: HBF has pointed to a new national alliance of not-for-profit and mutual health insurers as evidence of a shared determination not to be “steamrolled” by newly floated Medibank Private and heavyweight peer Bupa.

Murrin Murrin is set to become Glencore’s only WA nickel asset after the global resources giant’s nickel boss Peter Johnston yesterday confirmed it was seeking to sell its mothballed Cosmos mine within the year.

Energy infrastructure business APA Group is buying a major Queensland LNG pipeline for $US5 billion ($6 billion).

Elders is advising potential investors that marauding wild dogs have made it impossible to run sheep on millions of hectares of WA once regarded as prized station country.

EG Funds Management has sold the Woolstores Shopping Centre for $40 million after a long campaign to secure extra height from the City of Fremantle for redevelopment of the site.