PM locks in death of carbon tax
Tony Abbott has flagged retrospective legislation to backdate the abolition of the carbon tax to July 1 next year if parliament delays his repeal bills and threatened businesses with fines of up to $1.1 million if they fail to pass on price cuts flowing through from scrapping the tax. The Aus
Forrest: no plans for sell-down
Mining billionaire Andrew Forrest has assured investors he has no immediate plans to sell down his one-third share in Fortescue Metals Group to fund a philanthropic pledge to give away the majority of his wealth. The Fin
Markets bet on rates going up
Two years of interest rate cuts appear to be coming to an end, propelling the dollar to a four-month high that threatens long-suffering exporters. The Fin
$600,000 cash in 300 envelopes: former Labor Party president’s fraud exposed
Even during his tenure as national president of the Australian Labor Party, Michael Williamson was corruptly accepting envelopes stuffed with cash stolen from some of the nation’s lowest-paid workers. The Aus
Farmers fume over loan delay
WA farmers are furious that a $60 million concessional loan package remains in limbo after six months of squabbling and inaction by the State and Federal governments. The West
Telstra’s vow on $11bn NBN
Telstra chairwoman Catherine Livingstone has guaranteed shareholders she will preserve the value of the telco’s $11 billion agreement to participate in the National Broadband Network as the company prepares to renegotiate that historic deal. The Aus
Rio flags $US750m-plus in exploration savings
Rio Tinto has underlined the extent of its retreat from greenfields exploration, flagging it is likely to save far more than the targeted US$750 million ($788 million) in exploration and evaluation spending this year. The West
Coleman says Barnett support ‘not critical’
On the eve of the State Parliament’s floating LNG inquiry resuming, Woodside Petroleum chief executive Peter Coleman has used a trip to South Korea to highlight that WA Government approval is not necessary for his company’s Browse consortium to push ahead with its big-ticket gas field development. The West
The Australian Financial Review
Page 1: Two years of interest rate cuts appear to be coming to an end, propelling the dollar to a four-month high that threatens long-suffering exporters.
Page 3: Toyota Australia has warned the Abbott government that it needed long-term funding settings locked in before it sought head-office approval to make a new model Camry next year, putting further pressure on the government’s review of the industry.
Some of the nation’s biggest motoring groups have joined the ranks of those asking the whereabouts of Australian Motoring Enthusiast Party Senator-elect Ricky Muir.
Page 4: Treasurer Joe Hockey has firmly rejected the threat of a housing bubble, saying rising prices are being driven by Australia’s “generous” immigration system and a shortage of new homes.
Page 7: Labor has lost its economic firepower in the Senate after Penny Wong requested to be relieved of the finance portfolio, while deputy leader Tanya Pilbersek has decided to shift to foreign affairs.
Page 8: South Korea has backed Prime Minister Tony Abbott’s bid to seal a comprehensive free trade deal between the two countries within 12 months and insists remaining sticking points can be overcome.
Page 10: Mining billionaire Andrew Forrest has assured investors he has no immediate plans to sell down his one-third share in Fortescue Metals Group to fund a philanthropic pledge to give away the majority of his wealth.
Page 21: Rio Tinto pledged to strip further costs from its coal business as strong quarterly production copper and iron ore production figures helped push the company’s shares higher on Tuesday.
Telstra chair Catherine Livingstone has blamed the national broadband network for causing job cuts at the company.
Page 23: Shaw Stockbroking is making inroads into having a strong national presence after snaring Macquarie Private Wealth’s state manager, Colin McKenzie, to lead an office in Queensland, and hiring PhillipCapital’s Ben Hughes and Simon Winter to spearhead operations in Western Australia.
Page 46: A shortage of lower-cost houses and land for development are underlying reasons for the slump in first-time home buyer numbers to the lowest level in a decade, according to analysis of house prices and incomes.
The Australian
Page 1: Tony Abbott has flagged retrospective legislation to backdate the abolition of the carbon tax to July 1 next year if parliament delays his repeal bills and threatened businesses with fines of up to $1.1 million if they fail to pass on price cuts flowing through from scrapping the tax.
Even during his tenure as national president of the Australian Labor Party, Michael Williamson was corruptly accepting envelopes stuffed with cash stolen from some of the nation’s lowest-paid workers.
Page 2: Tony Abbott has promised households will be $550 a year better off as a result of the abolition of the carbon tax, with power prices falling 9 per cent and gas prices falling 7 per cent.
The resource-rich states of Queensland and Western Australia are becoming increasingly dependent on mineral royalties, with coal companies now paying more in the state government levy than in company tax, according to the Minerals Council of Australia.
Page 4: Clive Palmer has failed in a costly legal bid to suspend or terminate the largest Chinese project in Australia, an iron ore development that employs more than 2500 people and has so far cost its overseas investors more than $7 billion.
Page 6: Community organisations tasked with tackling social disadvantage will be given unprecedented new powers through cuts to red tape and more funding for frontline services, under reforms ordered by Social Services Minister Kevin Andrews.
Immigration Minister Scott Morrison has reportedly scuttled the former government’s plans to settle asylum-seekers in Nauru permanently, telling a group of Nauruan MPs the Coalition will not leave refugees on the tiny island nation.
Page 17: Telstra chairwoman Catherine Livingstone has guaranteed shareholders she will preserve the value of the telco’s $11 billion agreement to participate in the National Broadband Network as the company prepares to renegotiate that historic deal.
The average tenure of an Australian chief executive has fallen to 4.2 years, making this country one of the riskiest places in the world to run a major listed company, according to a study by global management consulting firm Booz & Co.
A forecast surge in dividend flows from Andrew Forrest’s one-third stake in Pilbara iron ore producer Fortescue Metals more than covers his $65 million donation (over 10 years) to fund research at a West Australian university. Many times over.
Page 19: Westpac’s decision to shell out $1.45 billion for Lloyds Bank’s Australian assets has divided the market, with some analysts confused about chief executive Gail Kelly’s strategy given the lack of capability and growth the acquisition adds.
Page 26: Streamlined visa processing was supposed to resuscitate Australia’s ailing international education industry by making it easier for students to come here. But for many students — and for most institutions — it’s made things harder, according to a Melbourne-based international education consultant.
The West Australian
Page 1: Mining entrepreneur Andrew “Twiggy” Forrest remains hell-bent on giving away most of his fortune, with the promise of that yesterday’s $65 million gift to WA’s tertiary sector will not be the end of his family’s philanthropy.
Page 3: The university education debt of millions of Australians could be sold off under a proposal to be examined by Prime Minister Tony Abbott’s inquiry into the state of the nation’s finances.
Page 4: Scoot Airlines, Singapore Airline’s low-cost airline, will start flying to Perth on December 19 using Boeing 777 planes.
Page 9: The Barnett Government may accept more applications for voluntary redundancies than the 1,000 positions it has targeted as part of its plan to get the State Budget under control.
Page 10: WA farmers are furious that a $60 million concessional loan package remains in limbo after six months of squabbling and inaction by the State and Federal governments.
Transport Minister Troy Buswell has put the onus on grain handler CBH and rail infrastructure operator Brookfield Rail to reach an agreement on the future of Tier 3 rail lines to prevent their closure.
Page 12: Rooftop solar panels have become so popular in WA the systems are threatening to overload grids in a growing number of country towns, forcing the State Government to ban new installations.
Two key State bureaucrats are at odds over the Environmental Protection Authority’s flawed approach to assessing the Kimberley gas hub.
Page 18: Disgraced former Health Services Union boss Michael Williamson faces jail after admitting he defrauded the union out of almost $1 million when he was in charge.
Business: Rio Tinto has underlined the extent of its retreat from greenfields exploration, flagging it is likely to save far more than the targeted US$750 million ($788 million) in exploration and evaluation spending this year.
A Yilgarn iron ore hopeful has demonstrated there is still interest in WA iron ore companies, finalising an investment deal with Hong Kong’s Perpetual Mining Holding after six months.
On the eve of the State Parliament’s floating LNG inquiry resuming, Woodside Petroleum chief executive Peter Coleman has used a trip to South Korea to highlight that WA Government approval is not necessary for his company’s Browse consortium to push ahead with its big-ticket gas field development.
Electricity generator Verve would have booked a bumper profit of more than $130 million last year but was forced to write it down by more than half because of the bungled Muja AB refurbishment, records show.