Morning Headlines

Barnett tells Pilbara owners to ride it out

Western Australian Premier Colin Barnett has told families nursing huge losses on their Pilbara homes to ‘‘ride it out’’, likening the crashing Karratha and Port Hedland property markets to surfing. The Fin

Iron ore price descends towards Roy Hill’s break-even threshold

Korean steelmaker POSCO has revealed that Roy Hill, which shipped its first product from Port Hedland in December, requires an iron ore price in the low-$US40-a-tonne range to be in the black. The Fin

Land use laws to drive sales

South African interests are banking on new laws governing land use in WA to drive the sale of four cattle stations covering more than one million hectares of the Kimberley. The West

Labor cigs tax plan a ‘budget risk’

Leading budget experts say Labor’s plan to use higher tobacco taxes to pay for fast-growing social programs is misguided and potentially unsustainable. The Fin

Palmer tops list of political generosity

Clive Palmer has tipped nearly $10 million from his own businesses into propping up his Palmer United Party, while the troubled Queensland Nickel – which just sacked 237 workers – and Mineralogy companies handed nearly $6 million and $3.6 million respectively to his party last year. The Fin

Megaprojects failing to get off the ground

Delays to the $US29 billion ($40bn) Wheatstone LNG project in Western Australia have cemented Australia’s reputation as a tough place to build a megaproject, ensuring not one of the LNG projects commissioned during the boom at a cost of more than $200bn will hit budget or schedule. The Aus

Steelmaker’s big loss bad news for Karara

Chinese steel giant Ansteel has flagged a $940 million annual loss at its Hong Kong-listed subsidiary, underlining the struggle faced by the steelmaker as it mulls further funding for the Karara magnetite mine. The West

The Australian Financial Review

Page 1: Leading budget experts say Labor’s plan to use higher tobacco taxes to pay for fast-growing social programs is misguided and potentially unsustainable.

Page 4: Voters across three Nationals party electorates, including the seat of New England held by Barnaby Joyce, would prefer the government to settle the same-sex marriage issue with a vote in Parliament, rather than hold a $160 million plebiscite.

Page 7: Clive Palmer has tipped nearly $10 million from his own businesses into propping up his Palmer United Party, while the troubled Queensland Nickel – which just sacked 237 workers – and Mineralogy companies handed nearly $6 million and $3.6 million respectively to his party last year.

Page 9: New chief scientist Alan Finkel has backed the federal government’s $2.5 billion Direct Action scheme to buy carbon abatement saying that it is ‘‘economically effective’’.

Page 10: Western Australian Premier Colin Barnett has told families nursing huge losses on their Pilbara homes to ‘‘ride it out’’, likening the crashing Karratha and Port Hedland property markets to surfing.

Page 11: The Labor Party says it will closely scrutinise a new global trade deal to ensure it lives up to the Turnbull government’s promises.

Page 15: Bega Cheese chief executive Aidan Coleman insists strong demand for infant formula will offset a $130 million revenue hole formed after Coles ditched the dairy company to supply its private label cheeses.

Page 17: Korean steelmaker POSCO has revealed that Roy Hill, which shipped its first product from Port Hedland in December, requires an iron ore price in the low-$US40-a-tonne range to be in the black.

Woolworths is working on a new supermarket advertising campaign after appointing its third creative agency in five years, ending its relationship with Leo Burnett in favour of long-time partner M&C Saatchi.

Page 20: An American fast-food chain noted for its raunchy ads and unconventional culinary combinations will launch a new front in Australia’s burger wars when it opens the first of a planned 300 local stores on Tuesday.

The Australian

Page 1: Terence Cole, whose royal commission under the Howard government paved the way for the Australian Building and Construction Commission, has warned opponents of its revival that they risk entrenching unlawful union conduct and inflicting billions of dollars of extra costs on the economy.

Seven out of 10 voters do not want an early election and believe Malcolm Turnbull should wait until later in the year to send the nation to the polls, but Australians are divided about whether Tony Abbott should remain in parliament or retire from politics.

Page 2: Reforms that would give Scott Morrison greater scrutiny of future sales of critical infrastructure to foreign companies are expected to be in place next month.

Page 3: The commonwealth’s National Integrity of Sport Unit has warned that liberalising in-play betting rules will increase corruption and problem gambling risks.

Page 7: The founder of the Kathmandu outdoor clothing chain yesterday did the rounds of Canberra, lobbying against the sale of Australia’s largest dairy business to a Chinese investor.

Page 19: Delays to the $US29 billion ($40bn) Wheatstone LNG project in Western Australia have cemented Australia’s reputation as a tough place to build a megaproject, ensuring not one of the LNG projects commissioned during the boom at a cost of more than $200bn will hit budget or schedule.

Page 20: Ferrovial has hit back at Broadspectrum less than two weeks after the company advised shareholders not to accept the Spanish giant’s offer.

Page 22: Woolworths must file within two weeks a defence with the Federal Court against charges it attempted to squeeze as much as $60 million from more than 800 grocery suppliers as part of a naked grab for cash.

Page 29: Telstra has extended its global innovation footprint with the telco’s start-up incubator muru-D forging a brand new partnership with Tel Aviv-based accelerator program, The Junction.

The West Australian

Page 3: Taxpayer-funded homes used as a brothel or a drug lab are among illegal activities that cost public tenants their cheap accommodation, new documents reveal.

Page 4: A Perth high school has built an impenetrable metal fence and padlocked gates to stop its students going to nearby fast food outlets.

Page 10: Transport Minister Dean Nalder wants to scrap a key 2013 State election promise by ditching the MAX light-rail project in favour of an underground rail tunnel to Morley.

Page 11: The Metropolitan Redevelopment Authority is expected to lose $13 million in 2015-16 and its debt is likely to peak at $445 million.

Business: South African interests are banking on new laws governing land use in WA to drive the sale of four cattle stations covering more than one million hectares of the Kimberley.

Weak electricity demand and record-high production from wind farms sent wholesale power prices tumbling into negative territory this week, prompting questions about the level of over-supply in the grid.

Chinese steel giant Ansteel has flagged a $940 million annual loss at its Hong Kong-listed subsidiary, underlining the struggle faced by the steelmaker as it mulls further funding for the Karara magnetite mine.

Deep-pocketed investor Duncan Saville is believed to be partnering prominent Perth stockbroker Andrew Frazer in a takeover of Canadian group GMP Securities’ Australian business.

A WA-based company has flagged 2016 as a watershed year in its ambitious plans to become one of the world’s biggest prawn producers.