Abbott to Xi: we’re open for business
Tony Abbott told Chinese President Xi Jinping last night Australia wanted to deepen and diversify economic relations with China, as concern mounted among Washington’s regional friends that Barack Obama’s APEC no-show cedes serious diplomatic leverage to Beijing. The Aus
Holden could get Christmas present
Industry Minister Ian Macfarlane is prepared to give GM Holden a “blood transfusion” of funding before Christmas while the government and the industry work on a loner-term plan that will be released in 2014. The Fin
Perth house prices set to jump again
Perth house prices are tipped to rise in coming months despite analysts warning the Reserve Bank will have to consider more rate cuts next year to prop up the economy. The West
Cut fees urges Seven boss
The boss of the No.1 free-to-air television network has called for a further cut to license fees and declared that commercial broadcasters are “all in agreement” about their priorities for lobbying the Abbott government. The Fin
Financial inquiry starts to take shape
The new Coalition government is gearing up for its promised financial system inquiry, with the make-up of the review panel and initial scope of the inquiry expected to be finalised before Christmas. The Aus
Retail in new fight on GST-free online sales
Retailers will make a renewed bid for the abolition of the $1000 GST exemption threshold for overseas goods bought online, with a key industry body set to begin lobbying the Abbott government on the issue. The Aus
Businesses ‘waste water’ on purpose
Water Minister Terry Redman fears some commercial water users are deliberately wasting millions of litres of supplies to hang on to their licenses. The West
Inflated fee not queried by two boards
The board of Leighton Holdings spent less than an hour reviewing $750 million proposal to build oil pipelines off the coast of Iraq and failed to query why subcontractors were being paid $80.8 million for “onshore and security” on what was an offshore project. The Fin
King visits Sino Iron
Beleaguered former Leighton Holdings chief Wal King has made his first visit to the troubled West Australian iron ore project to which he has agreed to lend his engineering expertise.
The Australian Financial Review
Page 1: China is moving to open its economy to foreign services suppliers in a way that could transform global trade liberalisation discussions, bypassing a long-running stalemate over agriculture and manufacturing exports.
Page 3: Industry Minister Ian Macfarlane is prepared to give GM Holden a “blood transfusion” of funding before Christmas while the government and the industry work on a loner-term plan that will be released in 2014.
Page 5: The boss of the No.1 free-to-air television network has called for a further cut to license fees and declared that commercial broadcasters are “all in agreement” about their priorities for lobbying the Abbott government.
Communications Minister Malcolm Turnbull said the rules around MP’s entitlements were ambiguous after Prime Minister Tony Abbott and key members of his front bench were forced to defend billing taxpayers for attending two weddings.
Page 6: Business owners, investors and even heirs to deceased estates remain in limbo as the Abbott government weighs the future of 95 tax measures announced by both the Coalition and the former Labor government.
Page 8: The airline industry has applauded the International Civil Aviation Organisation’s decision to support the development of a global market-based measure to tackle carbon emissions from 2020.
Page 9: The board of Leighton Holdings spent less than an hour reviewing $750 million proposal to build oil pipelines off the coast of Iraq and failed to query why subcontractors were being paid $80.8 million for “onshore and security” on what was an offshore project.
Page 10: Commonwealth Bank of Australia has quietly sold its stake in the nation’s most carbon intensive power station, at Hazelwood in Victoria
Page 13: Virgin Australia has told Sydney Airport it is unlikely to support any push to consolidate its domestic and international operations under one roof unless all its airline partners are included.
Page 15: Beleaguered former Leighton Holdings chief Wal King has made his first visit to the troubled West Australian iron ore project to which he has agreed to lend his engineering expertise.
Page 18: Australia’s biggest compulsory third-party (CTP) insurer, Suncorp Group, is urging state governments to restructure existing CTP schemes or risk insurers abandoning the market as revenues come under pressure.
Page 22: Virgin Australia Holdings has signed Kerry Stoke’s Seven West Media as the airline’s newest large corporate account, as it continues efforts to win over lucrative contracts from rival Qantas Airways.
Page 23: When the new Senate sits next July, the Palmer United Party and the Greens will find themselves in an unlikely alliance on the remotest of policy outcomes – free university degrees.
Page 27: Australian shares are tipped to open higher in Monday’s holiday-limited trading, in line with expectations the United States government shutdown – poised to stretch into its seventh day when the US opens for business – will be resolved by Congress amid mounting calls to move on from the budgetary impasse.
Page 42: Football Federation Australia is forecasting a rare profit for the 2014 financial year thanks to a large increase in broadcasting revenue and sponsorship gains.
The Australian
Page 1: Tony Abbott told Chinese President Xi Jinping last night Australia wanted to deepen and diversify economic relations with China, as concern mounted among Washington’s regional friends that Barack Obama’s APEC no-show cedes serious diplomatic leverage to Beijing.
Unions have put the Coalition on notice they will push for wage increases and target controversial contracting arrangements on the National Broadband Network as a strategic review of Australia’s biggest infrastructure project gathers pace.
Bill Shorten will develop a national rehabilitation strategy to help get injured workers into employment if he wins the Labor leadership, seizing on the idea as a key productivity measure that promotes dignity and an inclusive society.
Page 4: Australian policymakers need to keep nuclear power on the table to meet future energy needs, according to a former Shell Oil president who has called for an end to ‘‘kneejerk policy reactions’’ on energy issues.
Page 6: Retailers will make a renewed bid for the abolition of the $1000 GST exemption threshold for overseas goods bought online, with a key industry body set to begin lobbying the Abbott government on the issue.
The incoming balance-of-power senators pose a roadblock to Tony Abbott’s $5.5 billion-a-year paid parental leave scheme, raising the prospect the Coalition could be forced into a compromise with the Greens to pass the package before the Senate changeover next year.
Page 17: The new Coalition government is gearing up for its promised financial system inquiry, with the make-up of the review panel and initial scope of the inquiry expected to be finalised before Christmas.
Macquarie Group’s push into the $1.3 trillion mortgage market has ramped up in recent months, growing the investment bank’s mortgage book to half the size of regional major Bank of Queensland.
Page 23: A merger between Fairfax Radio and Macquarie Radio Network could be back on, amid suggestions the two companies could become part of an enlarged listed vehicle. Sources said a ‘‘friendly merger’’ had been proposed in recent weeks whereby Fairfax would merge stations such as Melbourne’s top rating 3AW and Sydney’s 2UE into Macquarie Radio, which was already listed on the sharemarket.
The West Australian
Page 9: In his first meeting with his Chinese counterpart last night, Tony Abbott sought to quash perceptions of an end to the mining boom.
Page 10: Water Minister Terry Redman fears some commercial water users are deliberately wasting millions of litres of supplies to hang on to their licenses.
Two state-of-the-art pieces of medical equipment that have been moved into Fiona Stanley Hospital were unveiled yesterday as construction of the $2 billion project nears completion.
Page 11: Tens of thousands of households are being urged to put solar panels on the western side of their homes in a bid to cut power bills and rein in rampantly expensive peak-energy capacity.
Page 12: Perth house prices are tipped to rise in coming months despite analysts warning the Reserve Bank will have to consider more rate cuts next year to prop up the economy.
Page 15: Recent high rainfall has triggered a big turnaround for crops across the State, with many farmers expecting a bumper harvest.
Page 16: Women are losing out on salary and senior jobs more in WA than the rest of the country.
Page 17: After five years of costly delays, the Qantas Group has its first 335-seat Boeing 787 Dreamliner – the craft it hopes will return the company to solid profits.
Business: More than 170 investors caught up in the collapse of property group Westpoint have been dealt another blow, with the Federal Court giving big ticket insolvency firm KordaMentha first dibs at a $2 million insurance payout.
The US Treasury has warned of a severe recession and the International Monetary Fund of a global slowdown if US political grandstanding leads to a rhetoric US debt default.