Miners plan $10bn boost for iron ore
The iron ore investment boom in Western Australia is set to roll on, with more than $US10 billion ($10.35bn) in new investment by global giants BHP Billiton and Rio Tinto on the cards. The Aus
Business fix for budget
The Abbott government has put business figures in charge of a Commission of Audit with sweeping authority to recommend the government do whatever it takes to return the budget to strong surplus within a decade and avoid breaching a new $500 billion debt ceiling. The Fin
Medibank sale the first budget fix
The Abbott government will act within weeks to sell its first major asset as it hunts for deep cuts to public spending by launching an audit commission with unfettered scope to identify billions of dollars in budget savings. The Aus
Federal move to stop gay marriage in ACT
The Abbott Government will seek a speedy High Court hearing to quash the nation’s first same-sex marriage laws after yesterday’s historic vote in the ACT Legislative Assembly. The West
Hopes of healing rift as insurer’s surplus soars
HBF is banking on the new Coalition Government repairing fractured relationships with the health insurance sector after controversial policy changes soured strong annual results by the WA insurer. The West
Failure to pay pushes Mirabela into the mire
Mirabela Nickel has slumped deeper into the mire, confirming yesterday it had failed to make an October 15 interest payment on its $US395 million ($409 million) of bonds. The West
Leighton exec sought protection of court
Stephen Sasse, the former Leighton Holdings executive sent to investigate an illegal barge-building racket in Indonesia, sought protection from current chief executive Hamish Tyrwhitt under whistleblowing laws, two weeks before his employment was terminated. The Fin
NBN tests scaled back network in apartments
NBN Co will try to connect apartments and shopping arcades to the national broadband network using the existing copper wiring within buildings, in a move the company has previously estimated could shave $800 million from the project’s cost. The Fin
Glory gave $25k to Nationals
Businessman Tony Sage donated $25,000 to the WA Nationals within months of his Perth Glory soccer club negotiating taxpayer-funded compensation that was authorised by Sports Minister Terry Waldron, a Nationals MP, without him referring the matter to Cabinet. The West
The Australian Financial Review
Page 1: The Abbott government has put business figures in charge of a Commission of Audit with sweeping authority to recommend the government do whatever it takes to return the budget to strong surplus within a decade and avoid breaching a new $500 billion debt ceiling.
Treasurer Joe Hockey will raise the government’s debt ceiling by 66 per cent to half a trillion dollars after flirting with scrapping the limit altogether, to avoid being caught short of cash in the event of a crisis.
Page 3: Stephen Sasse, the former Leighton Holdings executive sent to investigate an illegal barge-building racket in Indonesia, sought protection from current chief executive Hamish Tyrwhitt under whistleblowing laws, two weeks before his employment was terminated.
Federal cabinet has given Trade Minister Andrew Robb the green light to make new offers to China, South Korea and Japan to restart free trade talks.
Page 10: Opposition Leader Bill Shorten has quashed a call by Labor MPs for the party to reopen debate about its support for nuclear power, just a day after the shadow ministry agreed to a post-election policy review.
Page 11: Former Liberal prime minister John Howard has “respectfully” urged Labor leader Bill Shorten to shell allegiance to the carbon tax or risk making the same mistake the Coalition made for a decade when it opposed Medicare or when Labor opposed the GST.
NBN Co will try to connect apartments and shopping arcades to the national broadband network using the existing copper wiring within buildings, in a move the company has previously estimated could shave $800 million from the project’s cost.
Page 15: BHP Billiton chief executive Andrew Mackenzie has vowed to improve shareholder returns and further scrutinise capital expenditure after reporting a solid September production result and upgrading iron ore production guidance for the 2014 financial year.
Page 17: David Jones shareholders have called on the board to hire a “star” retailer from overseas rather than from within management or local retail ranks, saying the upmarket department store chain could benefit from international experience.
Page 22: The downturn in the resources sector has proven positive for Virgin Australia Holdings because miners looking to cut costs are signing up as new corporate customers, the airline’s chief executive, John Borghetti, says.
Woodside Petroleum’s chances of completing its planned $US1.3 billion investment in a huge Israeli gas field have been boosted by the Israeli Supreme Court’s rejection of a challenge to the nation’s policy for natural gas exports.
Page 28: Australian shares represent the biggest underweight positions among global investors of any Asia-Pacific regional equities holdings, suggesting offshore investors are wary of local stocks and especially the Big Four banks.
Page 40: KPMG is formulating a plan to increase the number of its Asian partners.
The Australian
Page 1: The Abbott government will act within weeks to sell its first major asset as it hunts for deep cuts to public spending by launching an audit commission with unfettered scope to identify billions of dollars in budget savings.
Claims of ‘‘political favours’’ have enveloped one of the ABC’s most senior political commentators following revelations he was secretly appointed to a government board just hours before the election caretaker period kicked in.
The storybook family with dad as the main breadwinner is under siege as women become the main earner in an increasing number of Australian homes.
Page 2: Australia’s one million households with root fop solar photovoltaic panels face the prospect of higher charges to use the poles and wires that distribute electricity under plans to deal with concerns they are being subsidised by consumers who have not installed the solar systems.
Page 6: The company building the National Broadband Network will begin live trials of fibre-to-the-node technology as early as January as it transforms the mammoth infrastructure project to the Coalition’s vision of a faster and cheaper build.
The ACTU has vowed to fight a repeal of Labor’s crackdown on the 457 visa program being demanded by employer groups.
One of the nation’s most respected advisers to top companies on remuneration has declared that the government needs to pay its employees for their skills and contribution, not just time served, if it wants to boost the productivity of its workforce.
Page 17: The iron ore investment boom in Western Australia is set to roll on, with more than $US10 billion ($10.35bn) in new investment by global giants BHP Billiton and Rio Tinto on the cards.
Woodside has criticised the Japanese government’s intervention in the LNG market, saying it was driving gas buyers to big losses and stalling the development of new projects in Australia.
Page 18: Ruralco Holdings expects its reported annual profit to fall sharply as a result of lower livestock prices and lower sales of agricultural chemicals due to drought.
Page 19: Seven West Media is to launch free-to-air’s first television channel delivered via the internet, as the network’s chief revenue officer Kurt Burnette reveals he will be chasing an older audience to increase the company’s revenues.
Page 20: Bega Cheese’s takeover bid for Warrnambool Cheese & Butter is expected to be considered by the competition watchdog next week as the suitor prepares to be first out of the blocks with an unconditional offer.
The West Australian
Page 3: Businessman Tony Sage donated $25,000 to the WA Nationals within months of his Perth Glory soccer club negotiating taxpayer-funded compensation that was authorised by Sports Minister Terry Waldron, a Nationals MP, without him referring the matter to Cabinet.
Page 5: The Abbott Government will seek a speedy High Court hearing to quash the nation’s first same-sex marriage laws after yesterday’s historic vote in the ACT Legislative Assembly.
Page 12: The Abbott Government will increase the nation’s debt ceiling by two-thirds to $500 billion as it struggles with a deteriorating Budget and meeting its own election promises.
Page 14: Murdoch University has become the first tertiary institution in Australia to offer a diploma in chaplaincy in response to growing demand from the resources industry for more spiritual and emotional support for fly-in fly-out workers.
Page 19: The boss of Western Power has insisted he cannot say how many staff will lose their job as part of a major restructure of the State-owned utility.
Page 20: A high-rise apartment development planned for the beachside suburb of Swanbourne – that could house more than 400 people – has attracted strong opposition.
Business: HBF is banking on the new Coalition Government repairing fractured relationships with the health insurance sector after controversial policy changes soured strong annual results by the WA insurer.
Cut-price supermarket chain Aldi has struck a cornerstone deal for its WA expansion by landing on a 13.5ha site at Jandakot Airport for a major warehouse and distribution centre.
Empire Oil & Gas has ended weeks of speculation about the terms of Craig Marshall’s employment contract, saying it agreed in July its managing director should move from consultant to employee to reflect the start-up of the Red Gully gas condensate plant near Gingin.
A high-level delegation from the United Arab Emirates was in Perth yesterday to thrash out a way to secure more live cattle and wheat from WA farmers.
Perth Airport Corporation has taken the unusual step of guaranteeing the wages of nearly 50 construction workers on the new terminal development, after they walked off the job to protest unpaid wages.
Mirabela Nickel has slumped deeper into the mire, confirming yesterday it had failed to make an October 15 interest payment on its $US395 million ($409 million) of bonds.
Buru Energy and partner Mitsubishi Corp have begun building the infrastructure required to develop their Ungani oil field in the onshore Canning Basin.
