South32 goes south as BlackRock sells down
BHP Billiton spin-off South32 has been under continued selling pressure since listing a month ago, with major shareholder BlackRock yesterday moving below the substantial shareholder threshold and BHP itself contributing to the selling. The Aus
FMG gets help with Trifecta base chase
Fortescue Metals Group is dipping its toe into base metals exploration, winning a co-funded drilling grant from the State Government for a greenfields project near its West Pilbara iron ore project. The West
Barnett’s GST bid to cost $7b
Colin Barnett’s preferred method for distributing the GST would cost Tony Abbott a hefty $7 billion a year. The West
Labor deal gives Abbott $11b boost
The federal government has swooped on a Labor offer to reintroduce the twice-yearly increase of petrol excise, taking to almost $11 billion the budget savings negotiated over the past few weeks. The Fin
Tax key to fixing the federation
Increasing the GST, giving states a fixed share of income taxes or allowing them to raise their own income tax should be considered, says an options paper from the Prime Minister’s Department. The Fin
BHP will face tough calls on growth
BHP Billiton chief executive Andrew Mackenzie says the miner may have to choose between its main growth options – copper, potash and conventional oil – in about five years’ time, and could take on partners or exit one of the plays to protect its progressive dividend. The Fin
The Australian Financial Review
Page 1: The federal government has swooped on a Labor offer to reintroduce the twice-yearly increase of petrol excise, taking to almost $11 billion the budget savings negotiated over the past few weeks.
Page 4: Increasing the GST, giving states a fixed share of income taxes or allowing them to raise their own income tax should be considered, says an options paper from the Prime Minister’s Department.
Page 5: The Productivity Commission has slammed the Abbott government’s "growth centres" that have been supported by the Business Council of Australia, along with trade deals with China, Japan and Korea as ill-informed policies that risk prosperity.
Page 9: A construction union official has been banned from entering building sites for 19 months after his foul-mouthed abuse and intimidation of a government inspector was caught on video.
Page 10: Mike Fitzpatrick has ended a decade on the Rio Tinto board with some frank advice about how the mining giant has managed its challenges: the Glencore bid was egotistical and Tom Albanese’s exit as chief executive was well executed.
Gina Rinehart’s eldest children, Bianca Rinehart and John Hancock, are seeking to launch a fresh round of legal proceedings against their mother and their family’s flagship company Hancock Prospecting over whether they have been underpaid mining royalties.
Page 13: Aldi Australia has hit back at insinuations by Wesfarmers chief executive Richard Goyder that it is not paying its fair share of tax, denouncing the claims as ‘‘misinformed and factually incorrect’’.
Page 15: BHP Billiton chief executive Andrew Mackenzie says the miner may have to choose between its main growth options – copper, potash and conventional oil – in about five years’ time, and could take on partners or exit one of the plays to protect its progressive dividend.
Page 19: Newly-merged phone and internet providers Vocus Communications and Amcom Telecommunications will kick off an ambitious plan to take on Telstra, Singtel-Optus and TPG Telecom later this week, according to their incoming chief executive James Spenceley.
The Australian
Page 1: Bill Shorten has softened his stand on whether a Labor government would reinstate $80 billion in school and hospital funding while also preparing the ground to trim future outlays on iconic education reforms.
A crowded schools agenda is at risk of being “constipated” and teaching standards have fallen to the point where “the best and brightest” are snubbing the profession, the new chief schools adviser to the Abbott government says.
Page 2: Australians would pay different levels of income tax depending on where they live under plans canvassed in a government discussion paper outlining potential sweeping reforms to the federation.
Page 5: The Abbott government is investigating an overhaul of the nation’s 457 visa system to determine which occupations should be culled or added to the 650-long list for the sponsored migration scheme.
Page 19: Commonwealth Bank chief Ian Narev says the nation’s biggest lender will not get left behind rivals that are taking action to deleverage, confident in its arsenal to increase capital levels, and will be “thoughtful and creative” to offset the earnings blow.
BHP Billiton spin-off South32 has been under continued selling pressure since listing a month ago, with major shareholder BlackRock yesterday moving below the substantial shareholder threshold and BHP itself contributing to the selling.
Page 20: Takeover target Phoenix Gold has talked up its relationship with potential suitor Evolution Mining, noting that Evolution represents a better fit for Phoenix’s assets than rival bidder Zijin Mining.
The West Australian
Page 3: Royal Perth Hospital could become a centre for medical tourism under a plan being considered by the State Government.
Page 4: Colin Barnett’s preferred method for distributing the GST would cost Tony Abbott a hefty $7 billion a year.
Sydneysiders are grabbing a bigger share of the nation’s wealth that is tied up in housing — at the expense of Perth residents.
Page 10: Special Air Service Regiment families say a Government plan to redevelop Campbell Barracks shows why it would be a mistake to bulldoze nearby military homes.
Page 13: Potato growers will not dig in for a fight with the State Government over deregulation but have warned they face financial ruin unless there is an orderly transition to an open market.
Page 14: A new western suburbs high school is needed to cater for more than 1400 extra students by 2020 but there is no money for the “urgent” project in the Budget, the State Government has admitted.
WA parents who send their children to public schools are spending more out of their own pocket for the cost of their “free” education.
Page 15: High-tech “advanced meters” that can be read remotely will be given to electricity customers in regional areas under a scheme by provider Horizon Power.
Page 21: The Barnett Government has dumped two of its key transport planning exercises after years of work, declining to release final plans to the public.
Business: Fortescue Metals Group is dipping its toe into base metals exploration, winning a co-funded drilling grant from the State Government for a greenfields project near its West Pilbara iron ore project.
Mines and Petroleum Minister Bill Marmion will not rule out further moves by the State Government to lift the gold royalty rate in the next Budget, but says he will oppose any attempt to do so.
