Swan's bread and surpluses trick - The Aus; Gorgon gas deal to put the heat on power bills - The West; WA calls on Gillard to stop port strike - The Fin; Insurance commission circled - The West; Spence poised to take over Rottnest Lodge - The West
Swan's bread and surpluses trick
Labor is gambling on its ability to pull off an unprecedented $40 billion budget turnaround to defy escalating risks to the global economy and achieve its promised return to surplus next year. The Aus
Gorgon gas deal to put the heat on power bills
Households can expect further power price pain after state-owned electricity utilities signed landmark contracts yesterday with the $43 billion Gorgon joint venture that are expected to treble the price the utilities pay for WA gas. The West
WA calls on Gillard to stop port strike
The Prime Minister has been asked to intervene and stop a planned strike at the West Australian port of Fremantle, which will shut the economically vital harbour for 48 hours from tomorrow morning. The Fin
Insurance commission circled
The state government wants to siphon hundreds of millions of dollars from the cashed-up Insurance Commission of WA and has mooted a reduction in third-party premiums paid by motorists. The West
Spence poised to take over Rottnest Lodge
John Spence's Karma Royal Group is understood to be close to signing a deal to take on the Rottnest Lodge, in a move that would end years of stalemate over the historic holiday venue. The West
THE WEST AUSTRALIAN:
Page 1: Households can expect further power price pain after state-owned electricity utilities signed landmark contracts yesterday with the $43 billion Gorgon joint venture that are expected to treble the price the utilities pay for WA gas.
Page 3: The Commonwealth Heads of Government Meeting – billed as a priceless opportunity for WA to showcase itself to the world – now has a price tag of $69.5 million.
Page 6: Stay-at-home mums, university students and public servants will wear the cost of the Gillard government's imperative to get the federal budget back in the black.
Page 7: A rebounding WA labour market and higher iron ore prices and volumes have helped the state government to a bigger than anticipated operating surplus for the first three months of the financial year.
Page 9: The cities of Fremantle and Cockburn have joined forces to stage the biggest Australia Day fireworks launched off the WA coastline.
Page 10: The fallout from the destructive Margaret River fire claimed its first scalp yesterday when a Department of Environment and Conservation officer was shifted from his management role in the district office responsible for the blaze.
Tourism industry chiefs are scrambling to put together an advertising campaign to help Margaret River's hospitality sector in the wake of last week's devastating fire.
Page 11: The Weather Bureau has warned of perilous fire conditions today and tomorrow across much of the state as temperatures soar and winds pick up.
Page 16: Thousands of protesters gathered outside the city office of oil and gas giant Chevron and vowed to return every week to shame it into increasing training opportunities on the $43 billion Gorgon project.
Page 30: The City of Subiaco has won a Supreme Court battle to block an inquiry into a merger with its western suburbs neighbour Nedlands, delivering another blow to the state government's local council reform agenda.
Business liftout:
Page 1: The state government wants to siphon hundreds of millions of dollars from the cashed-up Insurance Commission of WA and has mooted a reduction in third-party premiums paid by motorists.
John Spence's Karma Royal Group is understood to be close to signing a deal to take on the Rottnest Lodge, in a move that would end years of stalemate over the historic holiday venue.
Australia's status as one of the world's safest borrowers has been confirmed after Fitch Ratings joined rival Standard & Poor's in assigning the highest possible rating to the country.
Page 2: Stan Perron's investment flagship is gearing up for an expansion of its shopping centre interests after posting a healthy 27 per cent lift in profit to $188.9 million.
Page 3: WA's new wave of big-ticket LNG projects is set to make its first contribution to the domestic gas scene to herald a flood of fresh supply to provide energy security for Australia's fastest-growing state.
Page 4: After a tumultuous year for Brockman Resources that has seen its shares fall by 60 per cent and its hostile Chinese suitor seize control, shareholders could only manage one question at yesterday's annual meeting: what could the board do about the poor lighting in the room and the lack of parking outside the Royal Freshwater Bay Yacht Club.
Page 7: The Namibian government has joined China Guangdong Nuclear Power Company, Rio Tinto and Japan's Itochu in angling for a slice of Extract Resources' Husab project as the one-time Perth-based group waits on a crucial mining licence for the uranium deposit.
Page 17: Receiver McGrath Nicol has appointed property firm Colliers International to sell orchards and farmland in WA and Queensland operated by managed investment schemes Rewards Land Pty Ltd and Ark Fund Ltd.
Page 20: Vacancy rates along tracts of Perth's longest business thoroughfare have plunged by up to 65 per cent in the past six months after a flurry of leasing deals for corporate-grade office space.
THE AUSTRALIAN FINANCIAL REVIEW:
Page 1: Labor is counting on a $34 billion resurgence in tax revenue next year to achieve its budget surplus, despite doubts from economists over the scale of the fiscal turnaround at a time of dimming hopes for global economic growth.
Labor has shifted billions of dollars out of next year's finances in order to inflate the budget bottom line, prompting accusations yesterday that it was using “accounting chicanery” to deliver a surplus.
Page 3: The Prime Minister has been asked to intervene and stop a planned strike at the West Australian port of Fremantle, which will shut the economically vital harbour for 48 hours from tomorrow morning.
More than 1,000 workers marched on the offices of energy giant Chevron in Perth yesterday, protesting against what they claim is the exploitation of foreign labour at the expense of local jobs.
Page 4: Companies and brokers that intend to trade Australian Carbon Credit Units could have just seven months once the Carbon Farming Initiative starts in February to comply with complex obligations.
Page 6: Foreign Minister Kevin Rudd has supported a plan to set up a three-way economic and security pact with the US and India and believes that overturning Australia's uranium export ban to India may help.
Page 7: The burgeoning $50 billion liquefied natural gas industry could put upwards pressure on electricity prices and discourage the move to gas-fired power generation, says the Australian Energy Market Operator.
Global petroleum giant Chevron has signed the first big domestic gas supply contract from its $43 billion Gorgon project with Western Australia's largest electricity provider, Verve Energy.
Page 9: The resources boom in Queensland and Western Australia is pitting tourists against the mining workforce for access to hotel beds and flights.
Page 20: Europe's hopes of ringfencing the embattled single currency through a Ɛ1 trillion-plus leveraged bailout fund are sinking because of spiralling bond yields, investor flight from euro zone debt and failure to entice cash-rich governments in Asia and the Gulf to commit to the plan.
Page 58: The might of Hollywood's movie studios, in the guise of the Australian Federation Against Copyright Theft, is lining up to have another kick at Perth-based internet service provider iiNet, as its protracted copyright infringement suit ascends to the High Court in Canberra today.
THE AUSTRALIAN:
Page 1: Labor is gambling on its ability to pull off an unprecedented $40 billion budget turnaround to defy escalating risks to the global economy and achieve its promised return to surplus next year.
Employers can pay workers a higher hourly rate and not pay them when they take annual leave, become sick or take public holidays, under a new agreement that experts predict will be taken up in non-union workplaces across the country.
Page 2: Climate change could make mosquito-spread diseases such as dengue fever more ‘‘difficult to control’’ with outbreaks stretching halfway down the east coast of Australia.
Page 6: Treasury has downgraded its economic forecasts for the Australian economy in line with the Reserve Bank and the OECD, but expects Chinese industry to keep export commodity prices at near-record levels.
Public servants, new parents, teachers and university students will be targets of Wayne Swan’s spending razor as part of a $6.8 billion savings drive over the next four years to get the budget back into the black.
Lower output from heavy polluting industries has produced a $686 million boost to the budget bottom line as the cost of industry compensation in the carbon tax package has been revised down.
Page 7: Tony Abbott has accused the government of fiddling the numbers to create the illusion of a surplus and in the process making a bad situation worse.
Former Howard government minister Peter Reith has called on Tony Abbott to slash his own policy plans, including spending on his six-month paid maternity leave scheme, warning it would hurt business.
Page 8: Unions have warned that the planned $1.5 billion in public sector spending cuts will lead to the loss of up to 3000 jobs and reduced services across key agencies including Medicare, Centrelink and Customs.
The Gillard government’s move to abolish the tax benefits used to attract foreign workers, because the system is being rorted, will significantly hit local businesses’ ability to attract needed skilled labour, adding another blow to the nation’s competitive edge.
Business leaders have urged the government to ensure that its spending cuts do not hurt growth and warned that the timeline for a return to budget surplus may have to be revised if the global economy deteriorates rapidly.
Business: Labor's promise to return the federal budget to surplus by implementing widespread spending cuts and tightening fiscal policy is under fire for not safeguarding the economy, as the world faces recession from the European sovereign debt crisis.
Outgoing Commonwealth Bank chief executive Ralph Norris has warned that overseas investors are concerned Australia’s minority government is producing poor policy.
In news that should be as quietly encouraging to our miners as it is for a federal government understandably concerned about the income side of the balance sheet, the world’s biggest iron ore miner reckons $US120 a tonne is the new floor price for the red ore and that China’s new government is set to loosen the reins on economic growth in the face of Europe’s sovereign debt crisis.
Laboratory operator Campbell Brothers brought in a six-monthly profit yesterday ahead of its most recent guidance, despite the strong Australian dollar wiping $8 million off the result.
Fears of a looming gas shortage in Western Australia have been averted after power generator Verve Energy and retailer Synergy last night signed a landmark gas supply deal with the owners of the $43 billion Gorgon gas project.
THE SYDNEY MORNING HERALD:
Page 1: Stay-at-home mums, university students and the public service are at the forefront of savings measures to bring the federal budget back to surplus. Photographs of 1920s Sydney criminal Sidney Kelly will be part of a Ralph Lauren advertising campaign. Lucky Gattellari denies trying to entrap former Labor minister Ian MacDonald at ICAC inquiry.
Page 2: A former head of the Police Integrity Commission was stood down from his role at the Australian Crime Commission after it learnt he had acknowledged previously leaking confidential information.
Page 3: Claims of a culture of sexism have surfaced, after a young female lawyer dropped her suit of sexual harassment against law firm Clayton Utz. Australian deaths from heatwaves will increase unless greenhouse emissions are cut, a new national report has stated.
World: Europe's hopes of saving the embattled currency through a bailout fund are sinking.
Business: The executive chairman of Harvey Norman has criticised the government's spending cuts in order to get to a budget surplus. Middle income earners putting away voluntary super will pay the price for tax concessions, with the popular co-contribution benefit reduced.
Sport: New Zealand's Chris Cairns says Cricket Australia needs to end the career of Ricky Ponting.
THE DAILY TELEGRAPH:
Page 1: Mums and dads to bear the cost of the federal government returning the budget to surplus. A 13-year-old sent home from the Australian Islamic College in Rooty Hill and told to cut his hair.
Page 2: Federal government's threat to strip away family tax benefits from parents who don't immunise their children has been branded as a hollow threat. Treasurer Wayne Swan insists the $3 billion cost of the carbon tax is essential spending as he hands down the mini-budget.
Page 3: A new government report states climate change has "serious consequences" on health, with scientists predicting it will only get worse.
World: The US-Pakistan alliance has suffered a further blow as officials in Islamabad insisted the killing of border guards in a NATO air strike was unprovoked.
Business: The possibility of an interest rate cut has increased following the federal government's moves to cut spending and return the budget to surplus.
Sport: Michael Clarke may play all four fast bowlers in the first Test game against New Zealand.
THE AGE:
Page 1: Baby bonus cut, public service spending squeezed and access to dependent spouse tax benefits restricted as government strives for budget surplus.
As shot Bandido member Toby Mitchell recovers in hospital he can reflect that it's a tough life when you are sergeant-at-arms in an outlaw bikie gang. Coroner warns parents not to sleep with babies after investigating 33 sudden infant deaths.
Page 2: Barnaby Joyce says he'll deal with the government over the Murray-Darling Basin plan but not if it means the destruction of rural towns.
Page 3: Disabled Australians have the worst quality of life in the developed world, says PWC report.
Law firm Clayton Utz settles sex harassment case with a young female lawyer. Hundreds of patients at Royal Children's Hospital get ready to move next door to new $1 billion facility.
Actor Guy Pearce hits the streets of Fitzroy to star in ABC adaptation of Peter Temple's crime stories. Fears for Shepparton man held in Saudi jail under the country's draconian blasphemy laws.
World: US hopeful its relationship with Pakistan can be mended after deadly NATO air strike.
Finance: Gerry Harvey hits out at government cuts as retailers struggle in tough economic environment.
Sport: Andrew Lovett, acquitted of rape, hopes an AFL club will give him a second chance.
THE HERALD SUN:
Page 1: Police in race to find bikie gang gunmen before bikies find them. Baby bonus and super contributions to low income owners slashed in effort to return a budget surplus next year.
Page 2: Shot Bandido Toby Mitchell in hospital and not talking.
Page 3: Mitchell knew he was a marked man after fallout with gangland figure.
Business: Government spending cuts ease chances of an interest rate cut next month.
Sport: Michael Clarke may play all three of his young fast bowlers to give Australia a four-man pace attack against NZ.
THE CANBERRA TIMES:
Page 1: Thousands of public servants fear job losses due to the government's determination to return the budget to surplus. Senior naval officer pleads not guilty to spanking charges.
Page 2: CSIRO criticises Murray-Darling Basin Authority for lack of science in draft water plan.
Page 3: Coroner slams inconsistent advice about parents sleeping with their babies leading to SIDS.
World: The New Zealand Labour Party will elect two new leaders following the party's thumping at last weekend's election.
Business: Retailer Gerry Harvey pessimistic about the upcoming festive sales season.
Sport: Brumbies captain Stephen Hoiles set to end his time in Canberra a year early due to ongoing injury problems.
THE ADELAIDE ADVERTISER:
Page 1: The Uniting Church in SA has accepted responsibility for past forced adoptions.
Page 3: BHP Billiton will start spending $1.2 billion on equipment for the Olympic Dam expansion in coming weeks.
World: The US-Pakistan alliance is disintegrating after NATO airstrikes.
Business: Harvey Norman isn't expecting a wonderful Christmas.
Sport: Michael Clarke may unleash all three of his young gun fast bowlers at the Gabba against NZ.
