WA to lose $400m – The West; Treasury slams industry handouts – The Fin; Mining tax hole found – The Fin; Protesters get free trips to fight gas hub – The Aus; Ex-Gutnik lieutenant has plans for Wiluna gold min – The West
WA to lose $400m
WA will lose more than $400 million from its share of the GST next financial year to prop up flood-ravaged Queensland. The West
Treasury slams industry handouts
Treasury secretary Martin Parkinson has launched a broadside at government subsidies for industry amid signs that strong employment growth in the resources sector is helping offset job losses in businesses struggling with high costs and the strong dollar. The Fin
Mining tax hole found
The mining tax is likely to scoop up less than the $10.6 billion revenue forecast in the next three years. The Fin
Protesters get free trips to fight gas hub
Activists across Australia are being offered free flights and an all-expenses-paid trip to the resort town of Broome to take part in protests against Woodside’s proposed gas precinct ahead of a predicted fresh round of site works by the resources giant. The Aus
Ex-Gutnik lieutenant has plans for Wiluna gold mine
Ed Eshuys, the one-time lieutenant to magnate Joe Gutnick, is working on a plan to revive Apex Minerals' moribund Wiluna gold mine through a $20 million recapitalisation. The West
THE WEST AUSTRALIAN:
Page 1: WA will lose more than $400 million from its share of the GST next financial year to prop up flood-ravaged Queensland.
Page 3: WA's biggest private health insurer, HBF, is warning premiums could rise if there was a surge in people who downgraded their policies by agreeing to pay more excess if they go to hospital.
Page 5: The thick haze hovering over metropolitan Perth was heavier than many polluted Asian cities and peaked at almost twice the national environmental standard this week.
Page 6: Passengers flying between Perth and Sydney will have to fight for about 750 fewer seats per week – about 620 of then economy seats – from May after the restructure of Qantas' operations yesterday.
Page 7: Hundreds more Qantas jobs could go with the airline reviewing its whole Australian operation in the face of the soaring dollar and gloomy global economic climate.
Page 10: Kevin Rudd will do little to quell leadership talk today with another appearance on Queensland state election campaign.
Page 12: Fisheries Department boss Stuart Smith has warned that WA's commercial fishing sector faces an uncertain future unless operators gain international sustainability accreditation.
Page 13: The AFL has cemented its push into digital media with news it is applying for the top-level domain .AFL expected to be announced today.
Page 14: Opposition Leader Mark McGowan has promised to move at least two state government departments and hundreds of public sector workers from Perth to regional WA if Labor wins government.
Page 18: A landfill site that is the source of groundwater contamination in Dianella and Mirrabooka would be turned into playing fields and office space under plans being finalised by the WA Planning Commission.
Business: Wesfarmers yesterday insisted the Target department store business remained a key part of its $26 billion retail empire, despite another weak outing by the discount chain in the latest half year.
Ed Eshuys, the one-time lieutenant to magnate Joe Gutnick, is working on a plan to revive Apex Minerals' moribund Wiluna gold mine through a $20 million recapitalisation.
Westpac boss Gail Kelly has declared she has no intention of backing away from passing on future interest rate rises to customers as a means to cover the rising costs of funding her bank's lending book.
Mermaid Marine Australia says negotiations are under way to settle lawsuits seeking up to $US34 million from the companies involved in a Gulf of Mexico tragedy, which killed four offshore workers.
Gold consolidated its safe-haven investment status as it dodged the worst of yesterday's global asset sell-off, comforting investors who snapped up a record 1,640 tonnes of the precious metal last year.
Woodside Petroleum chief executive Peter Coleman will meet East Timor's Prime Minister Xanana Gusmao for the the first time today in an attempt to breathe life into the Sunrise LNG project.
AMP chief executive Craig Dunn insists the growing financial stresses in Europe over the past year have not diminished the attractiveness of last year's $14.6 billion joint move on rival AXA Asia Pacific.
Forge Group's shares slipped 6 per cent after the contractor took a breather from the rapid growth of recent years to post a flat interim result.
THE AUSTRALIAN FINANCIAL REVIEW:
Page 1: Treasury secretary Martin Parkinson has launched a broadside at government subsidies for industry amid signs that strong employment growth in the resources sector is helping offset job losses in businesses struggling with high costs and the strong dollar.
Qantas has sparked a turf war between Victoria and Queensland by cutting 500 jobs and holding the axe over 1000 more in its maintenance division.
Page 3: The Australian Securities and Investments Commission has launched its first major criminal case for insolvent trading against three directors of Queensland white-goods distributor Kleenmaid.
Page 7: The mining tax is likely to scoop up less than the $10.6 billion revenue forecast in the next three years.
Page 8: The Gillard government has made it cheaper for struggling manufacturers to access $1 billion in energy-efficiency handouts under its emissions trading scheme as Treasury examines how a low global carbon price will hit budget revenue.
The largest carbon emitters could face bigger pollution bills than first thought, because a shortage of cheaper carbon farming credits is expected to push the cost of credits higher as demand grows.
Page 10: Major energy projects could be deferred after it emerged the nation-wide skills shortage has sent the average Australian oil and gas salary soaring to second highest in the world at $164,000, more than double the global average.
Page 15: Aviation unions will push for details on the Qantas job cuts in briefings, while exerting pressure on federal and state governments to minimise job losses.
Page 39: Westpac Banking Corp chief executive Gail Kelly has backed her “excellent” treasury team to turn around its poor trading results, after the bank delivered a weaker than expected $1.5 billion profit in the December quarter dragged down by its markets business.
Page 41: Wesfarmers has flagged further heavy capital investment across its portfolio of retail, resources and industrial assets this year after a mixed performance in the six months to December led to weaker than expected interim results.
Earnings at Coles supermarkets and liquor stores grew more than twice the rate of sales in the December half as the retailer reaped the benefits of investment in new formats, price promotions and cost savings.
Wesfarmers managing director Richard Goyder has warned that the company's resources division will be under pressure in the second half of the financial year amid softening coal prices.
Page 42: Alumina Ltd is expecting a challenging year, with production costs continuing to rise despite lower prices for alumina and aluminium amid weak global economic conditions.
Page 46: The Reserve Bank of Australia's payments board met yesterday to discuss perceived gaps in the payments system, including the lack of widespread real-time banking, decline in cash and cheque payments and governance issues.
THE AUSTRALIAN:
Page 1: The economy is outperforming the predictions of both the Reserve Bank and Treasury, sparking a burst of jobs growth that took the jobless rate to a seven-month low.
Kevin Rudd never received a recommendation on who should run the Australia Network regional broadcaster before he was stripped of responsibility for the decision and a new tender was called, giving the ABC another opportunity to win the $223 million contract.
Westpac chief executive Gail Kelly has called for changes to the federal workplace laws to allow for cuts to employee penalty rates in the manufacturing and small-business sectors.
Page 3: Communications Minister Stephen Conroy has been accused of ‘‘shameless smoke-and-mirrors tactics’’ after apparently contradicting himself and his digital TV taskforce by claiming that the cost of free digital set-top boxes for pensioners had been ‘‘dishonestly’’ reported.
Page 4: Households could effectively be forced to pay $800 million to the finance industry under a government proposal to impose a fee on companies that buy cheap international carbon permits, Australia’s largest energy retailer has warned.
A new construction industry watchdog will have to turn a blind eye to criminal activities on worksites if unions and employers reach a legal truce, after the Gillard government scrapped the Australian Building and Construction Commission yesterday.
Two hundred million dollars has yet to be committed to projects under the government’s $16.2 billion Building the Education Revolution program, despite the original deadline passing 14 months ago.
Page 5: Billionaire mining magnate Gina Rinehart wants thousands of federal bureaucrats shifted out of Canberra to Alice Springs and other remote centres so they can better understand the needs of business and the bush.
Page 6: Qantas has warned it has nearly 2000 more jobs under review after its announcement yesterday that 500 positions would be axed.
Page 8: Activists across Australia are being offered free flights and an all-expenses-paid trip to the resort town of Broome to take part in protests against Woodside’s proposed gas precinct ahead of a predicted fresh round of site works by the resources giant.
Business: The banking sector’s dividend payouts are under threat if higher funding costs are not passed on, one of Australia’s most senior bankers has warned in yet another sign the big four banks are determined to shift the debate over rising mortgage rates.
Qantas executives are predicting continued growth, despite moves to consolidate Australian maintenance operations, cut international flights and reduce capital expenditure.
Fertiliser and explosives maker Incitec Pivot has been lobbying federal and state governments to reserve natural gas for local manufacturers because LNG-inspired price hikes are making a new ammonia plant in Australia uneconomic.
Alcoa's partner in the troubled Point Henry aluminium smelter at Geelong, Melbourne-based Alumina, has warned that short-term government support alone will not save the operation and its 600 jobs.
AMP has delivered a weaker result in line with expectations as choppy equity markets and looming regulations weighed on profits and dividend.
THE SYDNEY MORNING HERALD:
Page 1: The federal government was celebrating a rebound in employment figures just as Qantas announced it would shed 500 jobs.
Leading road safety research has found that defensive driver training for young motorists is dangerous and outdated.
Page 2: The performance of Australian school students is up to three years behind the performance of children in Shanghai and other Asian countries, according to a new report.
Page 3: The NSW government has decided to continue its moratorium on the establishment of new marine parks for at least another five months.
Business: The Reserve Bank says everyone is enjoying benefits from the mining boom.
Sport: The chief executive of Football Federation Australia has effectively put Gold Coast United on notice.
THE DAILY TELEGRAPH:
Page 1: Asylum seekers are receiving plasma TVs, microwave ovens and DVD players while they wait for their claims to be processed.
Page 2: Iconic brands, such as Qantas, Caltex, Goodman Fielder and Bonds, have all announced job cuts.
Page 3: Ninety-three-year-old Lina Diancono is selling her home in Padstow Heights and she hopes the new owners will enjoy its original fittings from 1964.
World: Hundreds of Somalis have marched through the capital of Mogadishu in a rare show of anger against al-Shabab insurgents.
Business: Wesfarmers say the company's diversity allowed it to make a 0.3 per cent rise in its half-year net profit.
Sport: St George Illawarra Dragons coach Steve Price says reports of his side's expected demise are wrong.
THE AGE:
Page 1: Victoria is taking the brunt of Australia's job losses, with figures showing a net 33,000 full-time jobs have been lost since April.
Page 2: School funding levels are no guarantee of good student results, a report reveals.
Page 3: A private prison in Victoria's east that was forced into lockdown by a recent riot has the highest ratio of prisoners to front-line staff in the state.
World: Iran has hit back against mounting international pressure over its nuclear ambitions by threatening to stop selling oil to the European Union.
Business: Westpac chief executive Gail Kelly says she is prepared to increase the rates her bank charges customers to cover the rising cost of funding the lending book.
Sport: Hawthorn will feel little anxiety about losing important players to rival clubs in the first year of the free agency system.
THE HERALD SUN:
Page 1: Skyscrapers will stretch from Richmond to beyond the West Gate Bridge in a bold plan to expand Melbourne's CBD.
Page 3: Many hairdressers are so burdened by their customers' stories of domestic struggles they are giving up and getting out of the game.
Page 5: Asylum seekers are receiving welcome packs of furnishings worth up to $10,000 and food hampers as they wait for their refugee claims to be processed.
Business: Qantas chief Alan Joyce has won shareholder support for his new drive to stem losses in the group's international business and overhaul its costly maintenance program.
Sport: Richmond forward Jack Riewoldt says he has his body language issues in check.
