14/05/2015 - 05:37

Morning Headlines

14/05/2015 - 05:37

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Morning Headlines

Sale plans for port and TAB loom in today’s State Budget

Historic Fremantle port will be put up for sale to reduce debt as part of today’s State Budget, which will also enshrine a no-fault third-party vehicle insurance scheme to begin on July 1 next year. The West

Business calls for more balanced reform

The head of the world’s largest mining group, BHP Billiton chief executive Andrew Mackenzie, is putting pressure on the Abbott government to drop plans to unilaterally impose a new tax on multinational companies such as Apple, Google and possibly BHP. The Fin

We’ll never hit super, Abbott says

The Abbott government has dumped plans for an inquiry into retirement incomes and toughened its opposition to changing the tax treatment of superannuation by ruling it out beyond the next election as well. The Fin

FIFO tax hit increases the burden on workers, say miners

Stripping fly-in, fly-out workers of a tax break they can claim for living in remote parts of the country will unfairly ‘‘burden’’ employees essential for the resources sector, industry bodies and unions say. The Fin

Minderoo makes multi-mining foray

Andrew Forrest’s Minderoo Resources has made its first forays into the mining sector, lending a Victorian gold minnow $2 million and pegging exploration ground on Mr Forrest’s family cattle station. The West

RET deal on brink of collapse

Labor will walk away from an agreement negotiated last week if the government insists on a condition that the target be reviewed every two years by the Climate Change Authority. The Fin

Retailers line up to tell Hockey all is forgiven

The bosses of the nation’s biggest computer, technology and office supplies retailers, who collectively oversee $12 billion a year in sales, are rubbing their hands in glee over Joe Hockey’s gifts to small business flowing from Tuesday night’s budget. The Aus

 

 

The Australian Financial Review

Page 1: The Abbott government has dumped plans for an inquiry into retirement incomes and toughened its opposition to changing the tax treatment of superannuation by ruling it out beyond the next election as well.

Page 3: The head of the world’s largest mining group, BHP Billiton chief executive Andrew Mackenzie, is putting pressure on the Abbott government to drop plans to unilaterally impose a new tax on multinational companies such as Apple, Google and possibly BHP.

Page 4: Australia’s AAA credit rating is safe for now despite deterioration in the fiscal position and an unexpected rise in spending, according to a Fitch Ratings analyst.

Page 5: Senator Nick Xenophon secured the support of the Palmer United Party for a parliamentary inquiry into the iron ore policies of Rio Tinto and BHP Billiton. The Greens are expected to support the inquiry while Labor has reserved its position. BHP and Rio could face a separate probe in WA, where the opposition mines spokesman is planning to seek a state inquiry next week. Western Australian Premier Colin Barnett, one of the staunchest critics of BHP Billiton and Rio Tinto’s expansion strategy, says a proposed parliamentary inquiry into the iron ore industry would be ‘‘pointless’’.

Page 6: Treasurer Joe Hockey has confirmed that the government will proceed with plans from last year’s budget to increase the co-payment on pharmaceuticals – currently stalled in the Senate – despite the measure not being mentioned in this year’s budget.

Page 11: One of the country’s leading farm companies has urged the government to ensure that the $5 billion northern Australia infrastructure fund plug in to existing business operations to avoid building white elephants in remote areas.

Stripping fly-in, fly-out workers of a tax break they can claim for living in remote parts of the country will unfairly ‘‘burden’’ employees essential for the resources sector, industry bodies and unions say.

Page 12: Labor will walk away from an agreement negotiated last week if the government insists on a condition that the target be reviewed every two years by the Climate Change Authority.

Page 23: The journey that started in Newcastle with a horse and cart in 1888 with a man named Albert Toll has come to an end after Toll Group’s investors voted overwhelmingly to accept Japan Post’s $6.5 billion takeover bid.

 

 

The Australian

Page 1: A political consensus has been reached on the centrepiece of the federal budget as all major parties back a $5.5 billion package for small business employers, despite a furious dispute over the savings needed to fund new handouts and cut the deficit.

Page 5: Labels detailing the energy content of fast-food items have led to a significant drop in the quantity of kilojoules consumed by young people, sparking calls for the practice to be adopted more widely in a bid to combat rising obesity rates.

Page 6: Tony Abbott is fighting off attacks on one of his government’s central claims as Labor seizes on new budget estimates to warn the tax burden on Australians is growing despite the Prime Minister’s election vows to cut taxes.

Page 7: Shares in retailers Harvey Norman and JB HiFi yesterday rose 5 per cent and 2 per cent, respectively, on the back of the announcement, as Joe Hockey warned the legitimacy of write-offs would be policed by the Tax Office.

Page 19: Financial markets issued a cautious backing to the federal budget yesterday as the government predicted its small business incentives would provide a much-needed boost to confidence.

The bosses of the nation’s biggest computer, technology and office supplies retailers, who collectively oversee $12 billion a year in sales, are rubbing their hands in glee over Joe Hockey’s gifts to small business flowing from Tuesday night’s budget.

The Australian Taxation Office is probing Commonwealth Bank over a nine-figure sum arising from tax breaks claimed by the nation’s largest company for research and development.

Page 20: Rio Tinto looks close to a deal with Mongolia to push ahead with the stalled $US5.4 billion ($7bn) underground expansion of the Oyu Tolgoi copper and gold mine, with the Rio subsidiary that controls the project saying it is now a matter of ensuring “Ts are crossed and Is are dotted”.

 

 

The West Australian

Page 1: Historic Fremantle port will be put up for sale to reduce debt as part of today’s State Budget, which will also enshrine a no-fault third-party vehicle insurance scheme to begin on July 1 next year.

Page 3: Health experts say children as young as 12 are becoming regular “ice” users after an explosion in the drug’s availability and popularity throughout northern WA.

Page 4: A surge in Government debt could put the nation’s credit rating at risk, economists have warned as evidence grows taxpayers are being used to sandbag the Budget.

Page 7: State Labor has warned of dire consequences for WA schools and hospitals over claims Tuesday’s Federal Budget stripped more than $800 million in health and education funding from the State.

Page 13: Outback WA would be used as a dumping ground for radioactive waste for the first time under a proposal by the Chinese minority owners of a struggling Mid West iron ore mine.

Business: The operators of the North West Shelf were last night keeping a tight lid on the cause of an “incident” that shut production at WA’s biggest domestic gas plant.

Kalgoorlie-Boulder’s last broking house will close in August, the first time in almost 120 years Australia’s unofficial gold capital has not had a broker.

Andrew Forrest’s Minderoo Resources has made its first forays into the mining sector, lending a Victorian gold minnow $2 million and pegging exploration ground on Mr Forrest’s family cattle station.

Vocus Communications looks set to ignore precedent and vote its 10 per cent holding in Amcom in a last-ditch attempt to get the proposed merger of the two companies over the line.

 

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