Morning Headlines

Budget boost for WA’s north

Australia’s economic engine room — northern WA — will be at the heart of a multibillion-dollar Federal Government plan to boost resources and food exports to Asia and the southern States. The West

Hartzer’s bad-news profit

Brian Hartzer’s first profit result as Westpac Banking Corp chief executive missed expectations for dividends and profits, sending the stock down 3 per cent and increasing doubts about the other big banks’ profitability. The Fin

Palmer wins lawsuit over ‘stolen’ $12m

Businessman-turned-federal MP Clive Palmer won a major legal victory against Citic Pacific when the Supreme Court dismissed the Chinese-owned company’s lawsuit that claimed he misappropriated $12 million from an iron ore project in Western Australia. The Fin

Tighter pension assets test

Federal cabinet has locked in plans to tighten access to the age pension for wealthy retirees who have enough private assets to pay their own way, securing a major budget saving while leaving room to reward others on modest private incomes. The Aus

Wesfarmers still looking to buy

Wesfarmers boss Richard Goyder remains on the acquisition hunt despite nearly four years of fruitless searches for a business to fold into the Perth-based conglomerate, but won’t allow a recent weakening in the Australian dollar to influence his decisions. The Aus

BHP share price defies negative S&P blow

The sick iron ore price continues to ravage Australia’s corporate standing, with influential ratings agency Standard and Poor’s yesterday casting a shadow over BHP Billiton’s outlook. The West

The Australian Financial Review

Page 1: Brian Hartzer’s first profit result as Westpac Banking Corp chief executive missed expectations for dividends and profits, sending the stock down 3 per cent and increasing doubts about the other big banks’ profitability.

Global engineering group Worley-Parsons plans to cut its international workforce by more than 2000, in addition to more than 4000 jobs that have gone over the past 18 months, and acknowledged it responded too slowly to the slump in oil prices that led to cancelled construction projects around the world.

Page 3: Businessman-turned-federal MP Clive Palmer won a major legal victory against Citic Pacific when the Supreme Court dismissed the Chinese-owned company’s lawsuit that claimed he misappropriated $12 million from an iron ore project in Western Australia.

Page 4: Former Reserve Bank of Australia board member Warwick McKibbin says the central bank should review the way it shares information with its policymakers, as currency investors question bold pre-decision dollar trades.

Page 6: Big pharmaceutical companies will bear the brunt of almost $5 billion in savings on drugs in next week’s federal budget, but the Abbott government has been warned by pharmacists it faces a new war over co-payment changes which it is claimed will hit the sickest people in the community.

The federal government could agree to a higher renewable energy target before the end of the week as it finds itself isolated on the issue and recognises a need to bring the uncertainty to an end.

Page 15: Loans to be sold after GE Capital buyout Wesfarmers is accelerating plans to sell personal loans and a wider range of credit cards and insurance products through supermarket chain Coles after ending a 20-year consumer finance relationship with GE Capital.

Standard & Poor’s decision to cut to BHP Billiton’s credit outlook to negative from stable has stirred more criticism of the miner’s policy to constantly maintain or increase its dividend.

Page 19: The quick departure of Ruralco Holdings boss John Maher and chief financial officer Ruth Martin, the latest in a string of chief financial officer resignations, has left the company under a cloud and raises questions about financial controls at the listed agribusiness.

Woolworths has been urged to adopt long-term strategies rather than quick fixes to reinvigorate sales and profit growth and regain its lead over rivals in the $88 billion grocery market.

The Australian

Page 1: Federal cabinet has locked in plans to tighten access to the age pension for wealthy retirees who have enough private assets to pay their own way, securing a major budget saving while leaving room to reward others on modest private incomes.

Page 2: Financial markets are trading on the basis a rate cut at today’s Reserve Bank board meeting — taking the official cash rate to a record low of 2 per cent — is a near certainty despite the recent strength of employment and the continuing heat in the Sydney and Melbourne property markets.

Page 4: Childcare rules will be brought into line with school education in a central feature of a new government scheme to offer help to those who need it most, setting a benchmark for the number of hours of care to be subsidised each day.

Page 7: Victorian Treasurer Tim Pallas has disparaged Colin Barnett’s Western Australian government for shirking reform and mismanaging the state’s economy, in a bitter sequel to the two states’ spat over Black Saturday and GST receipts.

Page 19: Medibank Private shares are heading for the sick bay, falling back to the price investment funds paid in the float as investors wait to see how management addresses stiff competition and increasingly price-conscious consumers.

Page 20: Australia’s oldest listed company, the Australian Agricultural Company, is moving to co-invest and partner with ordinary Australian cattle families to help boost productivity and meet fast-changing global beef demands.

Page 21: Wesfarmers boss Richard Goyder remains on the acquisition hunt despite nearly four years of fruitless searches for a business to fold into the Perth-based conglomerate, but won’t allow a recent weakening in the Australian dollar to influence his decisions.

The West Australian

Page 1: Australia’s economic engine room — northern WA — will be at the heart of a multibillion-dollar Federal Government plan to boost resources and food exports to Asia and the southern States.

Page 11: The State Government’s spending bonanza on hospitals is winding down, with several mooted projects, including a new northern suburbs hospital, put on the backburner.

Page 14: Tony Abbott has promised the Budget next Tuesday will build on the “success” of last year’s fiscal blueprint as signs grow the Government’s debt will blow out beyond $500 billion.

Business: The sick iron ore price continues to ravage Australia’s corporate standing, with influential ratings agency Standard and Poor’s yesterday casting a shadow over BHP Billiton’s outlook.

Mortgage broker Australian Finance Group’s three founding directors will pocket up to $58 million from their selldown into the company’s sharemarket float.

Investors in iiNet will know today whether the Perth company will become the centrepiece in a bidding war, with the deadline for TPG to match M2 Group’s bid for the internet provider due to expire at 3pm.

The Barnett Government will today add some corporate horsepower to the board of Western Power, appointing the man once in charge of Chevron’s giant Gorgon project as chairman.