09/03/2016 - 06:50

Morning Headlines

09/03/2016 - 06:50

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State rules out NDIS, goes its own way

The $22 billion National Disability Insurance Scheme will never be rolled out in Western Australia, with the state government confirming that the original vision for the NDIS has no place in the west. The Aus

Lithium deal puts fix onus on Esperance

Esperance Port is in a race against time to fix its bulk loader to facilitate the first shipment of lithium concentrate from the soon-to-be-restarted Mt Cattlin mine near Ravensthorpe. The West

Iron ore price rise gives industry top brass lift

Some of Australia’s top iron ore industry executives have expressed their surprise at the sharp recovery in the iron price but conceded they don’t expect the rally to persist. The Fin

PM flags early budget, possible early election

Prime Minister Malcolm Turnbull confirmed the government may bring forward the budget a week to leave open the option of an early, double dissolution election. The Fin

Banks will withstand a house price crash: RBA

Reserve Bank of Australia deputy governor Philip Lowe said the economy and the banking system are resilient enough to withstand a substantial drop in house prices. The Fin

CITIC in $US1.7b Sino writedown

Chinese giant CITIC last night flagged another writedown of up to $US1.7 billion ($2.3 billion) from the value of its troubled Sino Iron magnetite project in the Pilbara, citing a “significant decline” in the iron ore price. The West

 

 

The Australian Financial Review

Page 1: Business has backed changes to negative gearing and superannuation tax concessions to fund company and personal income tax cuts but conceded the push to increase the rate and base of the GST is dead for at least a decade.

Page 2: WIN Corporation has lost the opening skirmish in its attempt to have Nine Entertainment stop live streaming its channels into its regional broadcast areas via the internet.

Page 3: Prime Minister Malcolm Turnbull confirmed the government may bring forward the budget a week to leave open the option of an early, double dissolution election.

Page 4: Reserve Bank of Australia deputy governor Philip Lowe said the economy and the banking system are resilient enough to withstand a substantial drop in house prices.

Page 15: Some of Australia’s top iron ore industry executives have expressed their surprise at the sharp recovery in the iron price but conceded they don’t expect the rally to persist.

Australia’s biggest gas pipeline operator, APA Group, is among companies in the sights of the national competition regulator, ACCC chairman Rod Sims will argue today that ‘‘excessive pipeline charges’’ can deter investment in new gas supply projects and in gas use.

Page 17: Aurizon will lose up to $100 million in future revenues following the restructure of Cockatoo Coal, which will not fulfil the terms of its take-or-pay contracts with the rail haulage group or the Wiggins Island Coal Export Terminal.

Page 18: Chinese steel prices surged to the highest level in more than a year on Tuesday, amid hopes of a sustained pick-up in demand from the construction sector, rather than the reality of new orders.

 

 

The Australian

Page 1: A revival in prices for Australia’s biggest exports is raising government hopes it will be able to claw back at least the $7 billion in revenue lost when prices slumped last year and help it to assemble a budget that boosts Malcolm Turnbull’s political fortunes as he considers an early election.

Clive Palmer’s company specifically put forward to operate his cash-strapped nickel refinery, Queensland Nickel Sales Pty Ltd, has neither valid environmental authority nor a licence to run the major hazard facility.

Page 3: Vocational Education Minister Scott Ryan has pledged to “aggressively” defend Phoenix Institute students following revelations the owner of the controversial college had received legal advice it could pursue them for $300 million in course fees.

Page 6: Only two of the five asylum-seekers who opted to leave Nauru for a new life in Cambodia last year remain there, eight months after the start of a resettlement deal that cost Australia $55 million.

Page 7: The $22 billion National Disability Insurance Scheme will never be rolled out in Western Australia, with the state government confirming that the original vision for the NDIS has no place in the west.

Page 19: Westpac chief executive Brian Hartzer has committed to having women make up 50 per cent of the bank’s leadership by next year — up from 46 per cent at the end of last year.

Page 21: The federal government’s flagship research and development tax incentive scheme could cost significantly less than the $3 billion headline figure, according to analysis by Deloitte.

BHP Billiton has announced plans to slash 290 more jobs from its Mount Arthur thermal coalmine in the Hunter Valley, the nation’s biggest coal export mine, just two weeks after managing director Andrew Mackenzie said the mine was on a list of candidates for mothballing or production cuts.

Page 25: Malaysia’s Sime Darby, the world’s largest planter of palm oil by land size, is offering a major industrial property portfolio as it looks to raise up to 1.8 billion ringgit ($590.9 million) from disposing property assets in Australia and Singapore.

Page 29: The University of Western Australia has sacked a staff member for “serious misconduct” after he circulated a series of edited photos (memes) to colleagues via email that were critical of vice-chancellor Paul Johnson.

 

 

The West Australian

Page 13: The maritime union wants the entire Left faction of WA to unify behind its candidate for the Federal seat of Fremantle, Chris Brown, in a move designed to pressure rival Josh Wilson to quit the race.

The final piece in WA Labor’s preselection puzzle has slotted into place, with City of Vincent mayor John Carey putting his hand up for the State seat of Perth.

Business: BHP Billiton’s new iron ore boss says sweeping changes to the Australian management structure will enable a “new wave” in cost and productivity improvement across its flagship WA operations.

Esperance Port is in a race against time to fix its bulk loader to facilitate the first shipment of lithium concentrate from the soon-to-be-restarted Mt Cattlin mine near Ravensthorpe.

Chinese giant CITIC last night flagged another writedown of up to $US1.7 billion ($2.3 billion) from the value of its troubled Sino Iron magnetite project in the Pilbara, citing a “significant decline” in the iron ore price.

German farm chemicals giant Bayer is about to enter a new era in Australia with the release of a biological weapon in the war on crop pests and disease.

Roy Hill chief executive Barry Fitzgerald says the $10 billion mine, rail and port project has been running at a rate of about 12 million tonnes a year since Roy Hill took control from engineering contractor Samsung at the start of last month.

Uranium developer Vimy Resources has rubbished claims its proposed Mulga Rock mine in the Goldfields is vulnerable to earthquakes.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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