Today's Business Headlines

State tipped to get its fair share of GST pot

WA is set to win a fair share of the GST after one of the men reviewing the tax carve-up warned that the current system risked fracturing the federation. The West

Atlas Iron held up as a giant for charity

Governor Malcolm McCusker has urged West Australians to do more for charity and called on big business to use at least one per cent of pre-tax profits for philanthropy. The West

Oswal takes the high ground

The receiver of Burrup Fertilisers PPB Advisory is under fire over its spending, according to a secret report. The Aus

RBA edges towards rate cut

The Reserve Bank of Australia has made a dramatic shift by hinting it could cut interest rates on Melbourne Cup day to support a flagging economy and waning business and household confidence. The Fin

Swan floats business tax rethink

The prospect of a new business tax system – based on expenditure rather than income – has emerged from the tax forum, along with recognition of the need to change the treatment of losses. The Fin

States face pressure on payroll levy

Business has demanded more ambitious reform of state taxes, after key states unexpectedly reached a tentative agreement to harmonise vital commercial taxes. The Fin

THE WEST AUSTRALIAN

Governor Malcolm McCusker has urged West Australians to do more for charity and called on big business to use at least one per cent of pre-tax profits for philanthropy.

WA is set to win a fair share of the GST after one of the men reviewing the tax carve-up warned that the current system risked fracturing the federation.

The State Government has urged apprentices to stick with their training instead of throwing it in for unskilled mining jobs, as four in ten drop out.

The Australian dollar slumped to a one-year low yesterday as a lower interest rate environment, the weakening demand outlook for resources and the deepening eurozone debt crisis eroded the attraction of Australian assets to global investors.

China’s Hanlong Mining is likely to use its $1.65 billion takeover target Sundance Resources as a vehicle to build a diversified resources house.

THE AUSTRALIAN FINANCIAL REVIEW

The Reserve Bank of Australia has made a dramatic shift by hinting it could cut interest rates on Melbourne Cup day to support a flagging economy and waning business and household confidence.

The prospect of a new business tax system – based on expenditure rather than income – has emerged from the tax forum, along with recognition of the need to change the treatment of losses.

Business has demanded more ambitious reform of state taxes, after key states unexpectedly reached a tentative agreement to harmonise vital commercial taxes.

Telstra gets thumbs up for $11bn NBN deal

THE AUSTRALIAN

Page 1: The Productivity Commission chairman has sounded a warning to the government against using the tax system to change behaviour.

Page 2: The number of Qld homes being inspected for potential asbestos exposure under the federal government's suspended digital TV satellite roll out has ballooned tenfold.

Page 3: Holidays, iPhones and gift vouchers were among more than $116,000 worth of kickbacks all allegedly used to "groom" NSW public officials, the NSW Independent Commission Against Corruption has heard.

World: Israel will immediately send extra police and Shin Bet agents to its Arab towns as fears grow of an escalation of violence.

Finance: The receiver of Burrup Fertilisers PPB Advisory is under fire over its spending, according to a secret report. China has issued a stark warning to the US that it risks a trade war by passing legislation before congress that would allow the world's largest economy to punish countries whose currencies are deemed to be "under-valued". The Australian Tax Office has suffered a blow in its efforts to demand $739 million from TPG Capital’s sale of Myer shares.

Sport: Jim Dymock is firming as the man to coach Canterbury next season, but tenure beyond that is likely to hinge on whether the club can convince Des Hasler to leave Manly in 2013.

The Sydney Morning Herald:

Page 1: Senior RBA officials have been involved in covering up evidence of corruption at the central bank's subsidiaries, an investigation has found.

Page 2: A widespread culture of kickbacks for council officers who placed orders with suppliers was a symptom of corruption afflicting more than two thirds of NSW councils, the Independent Commission Against Corruption has heard.

Page 3: The private school sector has criticised the quality and assumptions of the key research projects commissioned by the Gonski review of education, while questioning the independence and accuracy of the work.

World: American student Amanda Knox is expected to fly home to Seattle after an Italian appeal court found her not guilty of her roommate's murder.

Finance: Chinese steel mills that have been holding up the Australian economy are under pressure with steel prices falling and iron ore expected to follow.

Sport: A disappointed Des Hasler says he understands why Will Hopoate has decided to switch to Parramatta upon the completion of his two-year Mormon mission.

 The Daily Telegraph:

Page 1: Qantas boss Alan Joyce has had a death threat mailed to his home.

Page 2: The RBA is predicted to cut interest rates on Melbourne Cup day.

Page 3: Computer giant Apple has been accused of "gouging" by the NSW Fair Trade Minister.

World: After serving four years in an Italian prison for the murder of her roommate, US student Amanda Knox is reportedly back home in Seattle after she was acquitted by an appeal court.

Sport: NRL boss David Gallop has made it clear he won't be offering an apology to Manly Sea Eagles fullback Brett Stewart over the NRL's treatment of the player in 2009.

THE HERALD SUN:

Page 1: City streets are on the nose: tests reveal many of them smell as bad as a farmyard.

Page 3: Australian Federal Police are investigating death threats against Qantas chief executive Alan Joyce with possible links to the airline's bitter union dispute.

Page 5: A congestion tax for some of Melbourne's busiest roads and an overhaul of beer and wine taxes have been urged at the Federal Government's tax forum.

World: There were scenes of jubilation after American Amanda Knox was acquitted of murder and sexual assault by an Italian jury after a four-year battle to prove her innocence.

Finance: Reserve Bank Governor Glenn Stevens has signalled that interest rates could finally fall if the extreme volatility plaguing global markets continues to undermine the Australian economy.

Sport: Footy's pay war has erupted after the AFL notified clubs it would set a salary cap on Monday, even if it had no deal with players.

THE AGE:

Page 1: Some of the Reserve Bank of Australia's most senior officials were involved in covering up extensive evidence of corruption inside the central banks subsidiaries.

Page 3: Japan has confirmed its whalers will go south again this summer, dashing conservationist hopes that it had been routed from the Antarctic forever.

Page 5: A new law banning adults from supplying alcohol to children in a private home without their parents' consent will reduce risky drinking, experts say.

World: The family of the murdered girl was bereft; the family of the alleged murderer, Amanda Knox, jubilant when she was freed from jail.

Finance: The Tax Office has suffered a major blow in its Byzantine quest to extract $738 million from two companies in the Cayman Islands and Luxembourg that were flush with cash after the 2009 float of the Myer department store group.

Sport: The fight between the AFL and its players over wages and conditions intensified last night, when the league issued a fresh ultimatum, again raising the spectre of player industrial action.