Morning Headlines

Rinehart faces rebate battle

Industry Minister Ian Macfarlane is encouraging more state governments to explore mining royalty rebate schemes despite mining magnate Gina Rinehart criticising the Barnett government’s assistance scheme for junior miners. The Fin

Barnett steps up councils plan pressure

Premier Colin Barnett says his plans for local government reform in the Perth metropolitan area are “not a country issue”, suggesting his partners in Government, the WA Nationals, should butt out. The West

Price falls to weigh on South32

BHP Billiton’s resolve to push ahead with the $US15 billion ($18.5bn) demerger of its non-core assets in to South32 on a debtlight basis is being put to the test early this year due to the breakdown in copper and US gas prices. The Aus

Dollar’s fall cushions Arrium

Arrium chief executive Andrew Roberts has said the falling Australian dollar is offsetting the pain from the iron ore price collapse as he waits to see if higher-cost Chinese mines reopen following closures during the northern winter. The Fin

Rio Tinto primed for $5b buyback

Rio Tinto will next month announce it will spend up to $US4 billion ($5 billion) buying its own shares as part of a five-year strategy to lift underlying dividends by at least 10 per cent, resource analysts believe. The Fin

Charge GST on food, says Liberal MP

Prime Minister Tony Abbott is facing new pressure to apply the goods and services tax to a broader range of items, including fresh food, to repair the budget and claw back voter support. The Fin

Packer pulls HK casino listing

James Packer’s joint venture company Melco Crown Entertainment plans to delist its shares in Hong Kong after gambling hub Macau reported its first ever fall in casino revenues. The West

The Australian Financial Review

Page 1: Rio Tinto will next month announce it will spend up to $US4 billion ($5 billion) buying its own shares as part of a five-year strategy to lift underlying dividends by at least 10 per cent, resource analysts believe.

Prime Minister Tony Abbott is facing new pressure to apply the goods and services tax to a broader range of items, including fresh food, to repair the budget and claw back voter support.

Page 4: Industry Minister Ian Macfarlane is encouraging more state governments to explore mining royalty rebate schemes despite mining magnate Gina Rinehart criticising the Barnett government’s assistance scheme for junior miners.

Page 6: The Bureau of Meteorology’s December-to-February outlook predicts unusually warm summer days and nights more likely for all regions, except Western Australia, south-western Victoria and Tasmania.

Page 8: Teams have started arriving in Australia for the Asian Football Confederation Asian Cup, which is set to deliver a boost to the economy of $1million a day over three weeks.

Page 11: Arrium chief executive Andrew Roberts has said the falling Australian dollar is offsetting the pain from the iron ore price collapse as he waits to see if higher-cost Chinese mines reopen following closures during the northern winter.

Seven Group Holdings, which is controlled by media mogul Kerry Stokes, plans to use the big fall in oil prices to scout for takeover opportunities.

Page 13: A glut of liquefied natural gas will keep spot prices low for the foreseeable future, a top energy analyst says.

Page 14: Commonwealth Bank of Australia has been accused of deliberately delaying a compensation scheme for thousands of potential victims of its scandal-ridden financial planning arm to avoid hefty payouts.

The Australian

Page 1: Many primary school teachers are ill-equipped to help students learn to read, with an audit of education degrees revealing the teaching of reading is mired in theory, with too little focus on practical skills.

Lower electricity demand and the impact of a high Australian dollar have put Australia within reach of its 2020 emissions-reduction target, although further big cuts will be needed over the rest of the decade.

Page 2: Housing debts have risen to record levels compared with income, as consumers exploit record low interest rates and booming home prices to take on bigger loans, new Reserve Bank figures show.

Page 3: A push to strip the health insurance rebate from policies covering unproven natural therapies has sparked a call for the Abbott government to go further and focus the subsidy on high-end private hospital care.

Page 4: While politicians and police commissioners alike laud the results of their road safety campaigns for having cut fatalities to record levels, national progress is patchy and Australia lags well behind other advanced countries.

Page 15: China’s steel industry has warned that iron ore prices will remain under pressure over the year ahead as the nation’s steel mills battle with over-capacity and weak demand.

The wine group backed by former BRL Hardy chief executive Stephen Millar is making its first move into the US after striking its maiden distribution deal with the Woolworths-owned industry powerhouse Dan Murphy’s.

Page 16: BHP Billiton’s resolve to push ahead with the $US15 billion ($18.5bn) demerger of its non-core assets in to South32 on a debtlight basis is being put to the test early this year due to the breakdown in copper and US gas prices.

Page 17: The Australian corporate watchdog is keeping secret from investors its concerns about company fundraising documents, material similar to that which is routinely released to the market by the US Securities and Exchange Commission.

The West Australian

Page 3: WA police say it is only luck that nobody died during dozens of incidents off the WA coast in the past week.

Page 6: Premier Colin Barnett says his plans for local government reform in the Perth metropolitan area are “not a country issue”, suggesting his partners in Government, the WA Nationals, should butt out.

Page 7: Perth blocks have shrunk by about a quarter in 10 years, driven by price pressure, State Government policy and shifting social mores.

Page 8: Foodbank will use leftover food to produce thousands of frozen meals a week for needy WA families as demand continues to rise.

Page 9: The State Government is running out of space for trains and is looking to build a depot at Midland.

Page 13: Labor has accused the Abbott Government of using taxpayers’ money to hold a special Cabinet meeting in Perth that was more about campaigning for the Senate re-run election.

Business: James Packer’s joint venture company Melco Crown Entertainment plans to delist its shares in Hong Kong after gambling hub Macau reported its first ever fall in casino revenues.

As economists and consumers celebrate the boost to spending potential from plunging crude oil prices, the negative feedback loops are steadily rippling through the deflating global financial system.