Today's Business Headlines

Europe's undoing could make us safe haven: Henry

Australia could turn out to be a surprise beneficiary from the rapidly deteriorating European financial crisis, with global investors seeing us as a safe haven, former Treasury secretary Ken Henry has declared. The Aus

Unions vow to reignite fighting fund

The ACTU wants to create a permanent, multi million-dollar campaign fund to take on the federal Coalition and business groups in the lead-up to the federal election due next year. The Fin

Pressure on Porter to deliver tax cuts

Business has demanded the state government use tomorrow's Budget to honour an election pledge to give West Australians tax cuts worth at least $250 million. The West

Rinehart pushes for Fairfax board seats

Gina Rinehart has escalated her push for representation on the board of Fairfax Media, meeting one of its biggest institutional shareholders to discuss her case for two directorships, which is opposed by chairman Roger Corbett and other directors. The Aus

Companies weigh early shale gas investment rush

BHP Billiton, BP, Total,and Shell are weighing up early stage investment in Australia's shale gas sector in a bid to secure acreage before assets become too expensive. The Fin

THE WEST AUSTRALIAN:

Page 1: Thousands of Australians are going without meals as they battle to pay household bills, according to a Salvation Army study that paints a bleak picture of deprivation among the nation's poor.

Page 3: Some West Australians have been hit with sevenfold increases in their home insurance in the wake of a string of natural disasters in the past 18 months.

Page 6: Premier Colin Barnett has defended his Energy Minister, declaring his confidence in Peter Collier while seeking to explain the blowout in the state government's household solar subsidy scheme.

Page 7: Researchers say the growing number of shift workers, including fly-in fly-out miners, could be adding to Australia's obesity woes, because irregular sleep patterns affect the body's metabolism and weight.

Page 12: Australia's Federation would fall apart and mirror the plight of Europe if WA demands to take GST from other parts of the country succeeded, former Treasury secretary Ken Henry warned yesterday.

A defiant Julia Gillard has told the labour movement to hold its nerve in the face of being “screamed at” by Tony Abbott, saying there was nothing to fear from the looming price on carbon.

Page 13: Perth will be exposed to a TV audience of up to 30 million people during a three-game international basketball series between Australia and China next month.

Page 14: At least 700 Qantas engineering staff are expected to lose their jobs over the next three years as part of a major restructure of the airline's maintenance operations.

Business liftout:

Page 1: Business has demanded the state government use tomorrow's Budget to honour an election pledge to give West Australians tax cuts worth at least $250 million.

Page 3: Alcohol will once again become the real thing for Coca-Cola Amatil when it is cleared to re-enter the local beer market from next year, selling Fiji Bitter and Bounty Rum in Australia from December 2013.

Page 5: New Nexus Energy chief executive Lucio Della Martina has not ruled out a sale of its remaining stake in the $3.8 billion Crux liquids project in the Browse Basin.

Santos has ruled out selling its stake in the big Caldita-Barossa gas field despite ongoing frustration that partner and project developer ConocoPhillips is yet to agree to the development of the Timor Sea asset.

Page 7: Mirabela Nickel has promised to review executive pay levels after a big protest vote by disgruntled shareholders, just hours after the loss-making company alleviated concerns about its viability with a $120 million equity raising.

Page 19: WA retailer Kresta Holdings has pulled back into profitable territory, despite a weak retail market, after selling an unused factory.

Page 28: The federal budget trimmed the property development industry on two fronts last week, with unexpected cuts to tax incentives for green buildings and the treatment of overseas buyers who invest in managed investment trusts that are mostly set up to hold Australian property.

The Property Council of Australia says the scrapping of tax breaks for green buildings will have a big impact on Perth's commercial property market because it has a higher number of older buildings than other major cities.

THE AUSTRALIAN FINANCIAL REVIEW:

Page 1: The ACTU wants to create a permanent, multi million-dollar campaign fund to take on the federal Coalition and business groups in the lead-up to the federal election due next year.

Treasury secretary Martin Parkinson has launched a staunch defence of his department's economic forecasting and “completely and utterly” rejected charges that last week's budget was compromised by shuffling spending and savings to conjure a surplus.

Page 3: PwC Australia is cutting 211 jobs in a “client-centric” restructure of its practice by new chief executive Luke Sayers to rationalise support services from marketing to human resources.

Page 4: Unions will press the Gillard government to strengthen bargaining rights under the Fair Work Act despite employers' claims it already favours unions.

Page 6: Consumer gloom is as bad in Australia as in the global economy's crisis zones, and a greater share of Australians intend to cut spending than in the US and UK.

Page 7: Martin Parkinson has strengthened speculation that the central bank perceives there is greater room to cut borrowing costs if the nation's economy weakens.

Former Treasury secretary Ken Henry has given a gloomy prognosis on European economies, saying Australia may become a safe haven for international investors but noting this would put unwelcome upward pressure on the Australian dollar.

Page 10: Labor's failure to pass on promised company tax cuts will push business to find ways to fund a future cut, the head of the federal government's business tax working group says.

Page 11: Some households will receive their first instalment of carbon tax compensation from today as the Gillard government begins its roll-out of sweeteners for low to middle-income households, courtesy of carbon tax and mining revenues.

Page 12: Meat companies are weighing up whether to wear the multi-million dollar cost of the carbon tax from July 1 or commit to even larger investments to cut emissions from their feedlots and meat works.

Page 14: The West Australian government is poised to create a state wealth fund tomorrow as part of a pre-election budget that will focus on spreading the benefits of the resources boom.

Page 17: BHP Billiton, BP, Total,and Shell are weighing up early stage investment in Australia's shale gas sector in a bid to secure acreage before assets become too expensive.

Page 21: Mirabela Nickel has suffered a big protest vote against its remuneration practices as it seeks another large chunk of equity from shareholders to ensure it remains in business.

The conflict-plagued board of Central Petroleum has anointed renowned oil and gas dealmaker Richard Cottee to lead the company.

THE AUSTRALIAN:

Page 1: Labor's $2.1 billion cash splash for parents and its scrapping of plans to cut the company tax rate have put wage rises in jeopardy, as employers launch a new assault against significant increases for workers on the minimum wage.

Gina Rinehart has escalated her push for representation on the board of Fairfax Media, meeting one of its biggest institutional shareholders to discuss her case for two directorships, which is opposed by chairman Roger Corbett and other directors.

Page 2: Australia could turn out to be a surprise beneficiary from the rapidly deteriorating European financial crisis, with global investors seeing us as a safe haven, former Treasury secretary Ken Henry has declared.

Treasury secretary Martin Parkinson has underlined the urgency of returning to surplus in the face of a dangerous global outlook and said further spending cuts could be achieved by reducing duplication between the commonwealth and the states.

Page 4: Banks and big fund managers would have to reveal billions of dollars in superannuation fees if a union push for stricter controls on the executives who manage workers’ savings is successful.

Julia Gillard has warned that corruption within the HSU risks tarnishing the reputation of the trade union movement and has expressed her dismay and disgust that working Australians have been let down.

Page 7: A courtroom showdown is looming between Tony Abbott and one of the nation’s most militant union leaders after the Opposition Leader last night refused to back down from public comments that Construction Forestry Mining Energy Union organiser John Setka says wrongly portray him as an industrial thug.

Malcolm Turnbull has used an international summit on broadband to savage Labor’s National Broadband Network as a wasteful inhibitor of competition, and vowed an Abbott government would champion an open market.

The ‘‘rigid’’ Australia Council for the Arts had become inflexible to the changing cultural landscape and the needs of modern artists, according to a bracing federal government review of the funding body.

Page 8: Struggling dairy farmers have been warned to expect a further 15 to 20 per cent fall in the price they are paid for milk in the new financial year.

The RSPCA has accused the Australian Egg Corporation of deliberately misleading consumers over what constitutes a free-range egg.

Business: The big four banks face increasing scrutiny from both the International Monetary Fund and the credit rating agencies as Europe’s financial problems drive up offshore funding costs, just as domestic growth stutters.

US oil giant Exxon Mobil has sent an uncharacteristic warning to the Gillard government that uncertainty is putting its future investment in this country at risk.

Spanish oil and gas giant Repsol, still reeling from Argentina’s move to nationalise 51 per cent of its YPF unit, is scouting for joint-venture opportunities in Australia.

The Kerry Stokes-owned The West Australian was issued with a subpoena ordering it to disclose documents that might have passed between journalist Steve Pennells and Mrs Rinehart’s children.

Potential buyers of clothing, homewares and sporting goods group Pacific Brands have walked away from merger negotiations after failing to reach agreement on terms for a takeover.

THE DAILY TELEGRAPH:

Page 1: NSW Origin star Brett Stewart said he feared going to jail after a sexual assault charge.

Page 2: A bid to stop pro-Palestinian demonstrations was rejected by a Supreme Court justice on Tuesday.

Page 3: Smokers could be banned from lighting up on their own balconies under proposed changes to NSW strata laws.

World: A newlywed still wearing her wedding dress was found stabbed to death in a bathtub in Chicago.

Business: The company tax rate should be slashed by 20 per cent former Future Fund chairman David Murray says.

Sport: Blues centre Michael Jennings isn't guaranteed a return to first grade with Penrith.

THE AGE:

Page 1: NGV on the backfoot as it stops people from sketching or taking notes within the art gallery. Senior China strategist says Australia cannot keep juggling relationships with China and US indefinitely and must choose a "godfather" to protect it. Doping bans puts an end to the Olympic dream of Australia's top woman boxer, three-time national champion Bianca Elmir. Suicide attempts by detained asylum seekers branded as security threats are on the rise.

Page 2: In a rallying speech Julia Gillard tells the union movement to resist political despair. New ACTU boss calls on union to set up a permanent fighting fund. The staffer who accused Peter Slipper of sexual harassment has dropped allegations that the Speaker misused Cabcharge dockets.

Page 3: New Public Transport Victoria boss slams Baillieu government for missing deadlines to complete major projects. Drivers outraged at police commandeering their cars on major highway to form a roadblock to stop hoon driver. Former Geelong Grammar student and her mother sue the school claiming it failed to provide the academic support the child needed. Grandmother of four children ordered back to Italy to be with their father is on the run with the children. Health experts puzzled why peanut butter allergies on the rise amongst children.

World: Former News International chief Rebekah Brooks charged with trying to cover up the tabloid phone-hacking scandal.

Business: Treasury boss Martin Parkinson says the budget's economic effects won't be as hard as first thought.

Sport: Hawthorn is still the AFL flag favourite with bookmakers even though it is outside the top eight.

THE HERALD SUN:

Page 1: Labor MP says Melbourne's northern suburbs are regarded as a potential breeding ground for home-grown terrorists. Ron Barassi has designs on a super boot.

Page 2: Gillard moves to election mode with a 500-day countdown. Speaker Peter Slipper could face new accusations from other staffers. Working mums and dads among a new class of Australians being pushed to the brink.

Page 3: Principals prep the preps on time management as they sit for their NAPLAN tests.

World: Italian police dig up mobster's body in search for a girl who disappeared in 1983.

Business: Ex-Future Fund chairman David Murray says cut company tax rate to 20 per cent to boost productivity and to counter what he predicts will be a 15-year downturn in wake of the European debt crisis.

Sport: Three clubs make Travis Cloke $1m-plus offers to leave Collingwood.

THE CANBERRA TIMES:

Page 1: The story of Joe Cinque, murdered in 1997 by his lover, will be the subject of a feature film.

Page 2: Housing slump blamed for $18 million drop in ACT government revenue.

Page 3: ACT government urged to cut red tape to support building industry.

World: Greece will again go to the polls after political parties fail to form a coalition government.

Business: Treasury chief Martin Parkinson says the economic impact of last week's tight federal budget will be milder than believed.

Sport: Canberra boxer Bianca Elmir slapped with provisional doping ban, ending her Olympic bid.