Downloads to be hit with GST in Government crackdown
Movie, music and e-book downloads will soon attract GST under a Budget crackdown that will also target some of the world’s biggest mining and technology companies using offshore havens to dodge tax. The West
Billionaire Todds swoop on Flinders iron ore venture
New Zealand’s billionaire Todd family has strengthened its foothold in Western Australia’s Pilbara region through a $65 million deal that could see it gain ownership of Flinders Mines’ flagship iron ore project. The Fin
Serious talk links IGO to Sirius
Independence Group’s emergence as a market darling and a self-proclaimed strategy to grow through acquisition has shone the takeover spotlight firmly on Sirius Resources. The West
I had no choice over Lomborg centre: V-C
University of Western Australia vice-chancellor Paul Johnson says he walked away from establishing the Australia Consensus Centre because he felt he lacked the power to force his academics to work with controversial Danish professor Bjorn Lomborg. The Aus
Hockey backs Twiggy in iron ore wars
Treasurer Joe Hockey backed Andrew Forrest as a row erupted between the Fortescue chairman and the Minerals Council of Australia over whether BHP and Rio Tinto have driven down iron ore prices and cost thousands of jobs. The Fin
TWU boss’ payout questioned
A former Transport Workers Union leader in Western Australia was given a $373,191 redundancy package under a union policy he decided upon and authorised, the royal commission on trade union corruption has heard. The Fin
Hockey to tax global giants
Multinational companies that shift profit out of Australia will be forced to pay tax or face fines of 100 per cent of unpaid taxes plus interest, as part of a big-spending budget the Abbott government hopes will restore its fortunes. The Fin
The Australian Financial Review
Page 1: Multinational companies that shift profit out of Australia will be forced to pay tax or face fines of 100 per cent of unpaid taxes plus interest, as part of a big-spending budget the Abbott government hopes will restore its fortunes.
Westpac Banking Corporation plans a big push into cloud computing to rein in costs under new chief information officer Dave Curran.
Page 3: Western Australia has already been hit by an iron ore price crunch. Now, weak property sales threaten much-needed tax revenue raised by the cash-strapped state government.
The University of Western Australia stood to lose at least $3 million in bequests if it had gone ahead with Bjorn Lomborg’s Australia Consensus Centre.
Page 5: Treasurer Joe Hockey backed Andrew Forrest as a row erupted between the Fortescue chairman and the Minerals Council of Australia over whether BHP and Rio Tinto have driven down iron ore prices and cost thousands of jobs.
Telecommunications companies and internet service providers will be given $131 million to cover storage costs for their customers’ metadata for up to two years as part of a $450 million boost to national security spending in the budget.
Page 9: The businessman hand-picked by Prime Minister Tony Abbott to review the Renewable Energy Target, Dick Warburton, said he was disappointed with the in-principle deal struck between the Coalition and Labor.
Page 11: A former Transport Workers Union leader in Western Australia was given a $373,191 redundancy package under a union policy he decided upon and authorised, the royal commission on trade union corruption has heard.
Page 15: Southern Cross Media’s new executive chairman, Peter Bush, is hunting for a chief executive who can position the struggling radio and television company to have a say in the M&A bonanza expected if the federal government abolishes cross-media ownership laws.
Incoming Wesfarmers chairman Michael Chaney has warned shareholders he will not bow to pressure to put short term performance ahead of long-term gains, vowing to perpetuate the company’s focus on shareholder returns even as it embarks on a new phase of growth.
Page 17: Incitec Pivot managing director James Fazzino will lean on the competition watchdog to ensure Dutch energy giant Shell’s mammoth $91 billion acquisition of BG Group will not disadvantage energy-intensive manufacturers.
Perpetual calls for halt to Pilbara project Aurizon’s largest shareholder, Perpetual, has called for the rail and infrastructure giant to shelve its planned $6 billion West Pilbara Iron Ore Project after it pushed back a series of development deadlines due to a slump in the iron ore price.
Page 29: New Zealand’s billionaire Todd family has strengthened its foothold in Western Australia’s Pilbara region through a $65 million deal that could see it gain ownership of Flinders Mines’ flagship iron ore project.
The Australian
Page 1: Jobs growth and a recovery in iron ore prices will allow Joe Hockey to trim the commonwealth deficit to below $40 billion — better than forecast by economists and his own department — but with tonight’s budget revealing another blowout in the nation’s debt.
University of Western Australia vice-chancellor Paul Johnson says he walked away from establishing the Australia Consensus Centre because he felt he lacked the power to force his academics to work with controversial Danish professor Bjorn Lomborg.
Page 4: Australians will pay more GST on digital downloads, ranging from movies to e-books, as Joe Hockey tightens laws to raise $350 million from a boom in online services.
Page 5: Tony Abbott has raised hopes the government will negotiate with crossbenchers to find alternative budget savings to fund the extra $3.5 billion investment in childcare, including watering down last year’s unpopular family welfare cuts.
Page 7: The philanthropic initiative of Andrew “Twiggy” Forrest to end disparity between Aboriginal and non-Aboriginal Australians is laying off staff as the mining downturn bites hard in the Pilbara where thousands of jobs were created and filled by Aboriginal men and women during the resource construction boom.
Page 19: BHP Billiton managing director Andrew Mackenzie says the shale oil and gas revolution will not be as widespread as was thought when the company spent $US20 billion buying into the sector in the US, meaning investment opportunities the company had hoped to pursue have not appeared.
Incoming Wesfarmers chairman Michael Chaney has declared the 101-year-old group will continue to ‘‘march to the beat of its own drum’’ by staying true to its conglomerate style, while long-serving boss Richard Goyder will not be forced to move on despite holding the top job for a decade.
Page 29: Australia’s technology heavyweights are calling for greater support for start-ups, more ICT education spending and less kneejerk tax policy in tonight’s federal budget.
The West Australian
Page 1: Movie, music and e-book downloads will soon attract GST under a Budget crackdown that will also target some of the world’s biggest mining and technology companies using offshore havens to dodge tax.
Page 3: WA Police deny dropping the ball on road safety by allowing booze bus teams to be used to backfill in other frontline areas when staff shortages arise.
Page 4: The head of an influential bushfire prevention lobby has welcomed a funding boost for WA’s controlled burning program but warned it cannot be a “one-off ”.
Business: One of WA’s top insolvency accountants has slammed the State Government’s planned seizure of the $1.7 billion Bell Group litigation proceeds as an “outrageous attack” on the rule of law.
Independence Group’s emergence as a market darling and a self-proclaimed strategy to grow through acquisition has shone the takeover spotlight firmly on Sirius Resources.
Facebook has for the first time laid bare the financial footprint of its Australian operations, with the global tech giant declaring $26.4 million in revenue for 2014 but recording a $706,000 loss.
One of Australia’s biggest gold mines could be set for a clean energy overhaul, with Northern Star Resources considering a $15 million hybrid solar thermal power station at its Jundee operations near Wiluna.
Neptune Marine Services has reported a 41 per cent drop in annual net profit to $2.8 million. Revenue for the year ended March 31 was flat at $135 million.
The private equity sector’s first substantial grab for an undervalued mining junior has hit an early snag, with takeover target Mungana Goldmines urging investors to reject an “opportunistic” $38 million grab.