Miners cast doubt on tax revenue – The Fin; Threats fly as reheated skills plan leaves west cold – The Aus; RBA chief fires rates warning – The West; Energy sector slates carbon cash grab – The Fin; Westralia seeks backers for $7bn Anketell plan – The Fin
Miners cast doubt on tax revenue
The mining industry has accused Prime Minister Julia Gillard of a “misunderstanding or contrived misrepresentation” of details crucial to Labor achieving its revenue forecasts for the mining tax, which passed the Senate last night. The Fin
Threats fly as reheated skills plan leaves west cold
Western Australia has vowed to reject Julia Gillard's vocational training reforms, declaring the federal government is reducing funds for the states and territories while forcing new conditions on them. The Aus
RBA chief fires rates warning
Reserve Bank governor Glenn Stevens has delivered a wake-up call to mortgage holders and Federal politicians that interest rates cannot be driven down further to prop up the economy. The West
Energy sector slates carbon cash grab
The energy sector has accused the Gillard government of rigging the design of the carbon price to ensure it can deliver a budget surplus this year, amid growing concerns about the immediate financial hit imposed on generators by the scheme. The Fin
Westralia seeks backers for $7bn Anketell plan
Newly formed private group Westralia Infrastructure is attempting to lure iron ore miners into a consortium to gain the development rights to the new Anketell Point port in the Pilbara. The Fin
THE WEST AUSTRALIAN:
Page 1: Prime Minister Julia Gillard last night won the parliamentary battle for the mining tax but now faces a High Court challenge led by WA mining companies.
Page 3: Reserve Bank governor Glenn Stevens has delivered a wake-up call to mortgage holders and Federal politicians that interest rates cannot be driven down further to prop up the economy.
Page 11: Veteran Labor MP John Kobelke will bow out of politics at the 2013 state election after 23 years.
Page 14: Former MP Sally Archer has accused Labor Party powerbrokers of “playing silly buggers” after it emerged she and husband Kevin Reynolds were accepted as party members last week only to have their renewed memberships withdrawn the next day.
Business: David Jones stunned the market by suspending trading in its shares yesterday in what appeared to be a show of caution over corporate disclosure rules ahead of the release of its first-half results.
The shares of WA's top resources contractors are hitting all-time highs this month after running hard since the beginning of the year, driving up the personal fortunes of their chief executives.
The WA marine services provider accused of abandoning a shipwrecked crew in a deadly Gulf of Mexico storm, Mermaid Marine, has undertaken to pay up to $US21 million to victims if found liable for their plight.
Forge Resources will ask shareholders to approve an $11 million share issue to chairman Nicholas Curtis, who is poised to miss out on a performance-linked windfall for a second time after one potentially company-making deal was scrapped and another did not happen quickly enough.
Newcrest Mining warned of the potential for “abrupt” and nationalistic policy changes in Indonesia less than a week before the country's latest grab for a bigger share of its mineral wealth emerged.
Doubts have been raised over the ability of UK buyout fund NBNK to push ahead with a bid for National Australia Bank's British assets amid revelations that the fund's chief executive considered taking a role with a rival finance house in recent weeks.
AWE and its partners, including Origin Energy and Norwest Energy, are within months of beginning a controversial fraccing campaign to test the shale gas potential of the onshore Perth Basin.
THE AUSTRALIAN FINANCIAL REVIEW:
Page 1: The mining industry has accused Prime Minister Julia Gillard of a “misunderstanding or contrived misrepresentation” of details crucial to Labor achieving its revenue forecasts for the mining tax, which passed the Senate last night.
Westpac and the Commonwealth Bank will develop UK-style social bonds to attract private funds into preventive programs aimed at reducing the need for taxpayer-funded foster care.
David Jones has become the second casualty of the corporate regulator's new continuous disclosure regime, halting trading in its shares amid speculation of a potential hole in earnings when its credit card alliance with American Express changes in 2014.
Reserve Bank of Australia governor Glenn Stevens has doused complaints that a surge of foreign capital inflow into Australia is pushing the dollar higher and exaggerating the competitive pain in parts of the economy outside the mining boom.
Page 4: The energy sector has accused the Gillard government of rigging the design of the carbon price to ensure it can deliver a budget surplus this year, amid growing concerns about the immediate financial hit imposed on generators by the scheme.
Many mining companies were not prepared for the mining tax and were in for a shock, tax experts said yesterday ahead of the historic passage of the legislation through the Senate last night, 38 votes to 32.
Page 6: State governments will consider implementing changes to vocational training, detailed by Prime Minister Julia Gillard yesterday, in return for $9 billion in federal funding.
Page 17: Newly formed private group Westralia Infrastructure is attempting to lure iron ore miners into a consortium to gain the development rights to the new Anketell Point port in the Pilbara.
Page 21: BHP Billiton chairman Jacques Nassser has told investors the company is re-evaluating its massive spending plans as slowing Chinese growth prompts a more cautious outlook for commodity demand.
The Malaysian government will establish a parliamentary steering committee to address public concerns about Lynas Corporation's rare earths refinery, which is being built on the country's east coast.
Mining entrepreneur Nick Curtis is poised to receive a share package worth almost $11 million after orchestrating a deal between junior explorer Forge Resources and one of New Zealand's largest companies.
Page 22: Inpex's purchase of a stake in Royal Dutch Shell's floating liquefied natural gas project in Australia has given a boost to the Japanese company's own Abadi project in Indonesia, which may now leapfrog some rival ventures that have run into trouble.
Page 53: Challenger Financial Services Group has seized two Perth office blocks, collectively worth tens of millions of dollars, tied to one of Western Australia's biggest land owners, the Carratti family.
THE AUSTRALIAN:
Page 1: Passage of Labor's mining tax legislation will not end brawling between the government, the states and the resources industry, with Wayne Swan facing an escalating backlash over his plans to penalise states that lift mining royalties.
Western Australia has vowed to reject Julia Gillard's vocational training reforms, declaring the federal government is reducing funds for the states and territories while forcing new conditions on them.
Action, not just debate, on productivity is needed to ensure Australia makes the most of the resources boom.
Page 4: The head of a group of investment institutions with funds under management of $700 billion has expressed concern that low international carbon prices will stall potential commitments to large low-emissions projects globally.
Page 5: Greens leader Bob Brown and deputy Christine Milne have demanded taxpayers foot their $50,000 legal bill after they were cleared by the Senate’s privileges committee of impropriety over the single largest donation in Australian political history.
Business: Financial Services Minister Bill Shorten has been forced to give ground on plans for sweeping financial services reform to secure the legislation’s passage, including dropping a key measure that would have raised the spectre of the tax office fining financial planners over their commission structures.
New company taxes and a ‘‘hollowing out’’ of the economy could disrupt the flow of franked dividends to investors, according to the nation’s biggest listed investment company.
Billionaire Clive Palmer is a year away from his third big iron ore windfall from Citic Pacific, the Chinese state-controlled company that has set aside a $HK1.51 billion ($183 million) royalty payment for the magnate.
Shares in department store chain David Jones are set to remain suspended today after the company shut down trade in response to months-old media speculation about earnings from its credit card business
Lawyers targeting Leighton Holdings in a multi-million dollar class action claim the outcome of the corporate regulator’s investigation into the company’s earnings downgrade last year will strengthen its case.
THE SYDNEY MORNING HERALD:
Page 1: The 21-year-old Brazilian tourist had six police chasing him and screamed `help me' before one officer shot him in the back, witnesses say. James Magnussen looking strong after winning 100m final at Olympic team trials.
Page 2: Federal government has spent $500 million per year on consultants since it got into government four and a half years ago.
Page 3: The price of LPG will rise over the next few weeks to close to 90 cents per litre. Three of the four new ferry routes promised by the transport minister have fallen over.
World: Five people shot dead in Indonesia were planning terrorist attacks on tourists, police say. Tongan King George dies.
Business: DJs in trading halt prior to an expected announcement that its credit card sector profits will decrease significantly.
Sport: Tigers will decide within days whether they will take on Willie Mason.
THE DAILY TELEGRAPH:
Page 1: The tourist who was unarmed and accused of stealing a packet of biscuits was shot repeatedly by three policemen with Taser guns.
Page 2: Gail Waterhouse excited about the BMW Sydney Carnival.
Page 3: Unauthorised access to tax information of famous people and ex-wives of ATO employees are among recent malpractice incidents by ATO staff.
World: George Tupou V, king of Tonga, has died in Hong Kong.
Business: DJs shares have been halted until tomorrow when it is expected to announce that its credit card profitability could fall as much as 50 per cent from next year.
Sport: West Tigers on brink of signing Willie Mason.
THE AGE:
Page 1: The Baillieu government is preparing a campaign to spruik development of Victoria's brown coal reserves, as it confirms it plans to open up new coal allocations for industry.
Page 3: The federal government has spent half a billion dollars a year on consultants since Labor won office four-and-a-half years ago, an analysis of its contracts shows.
Page 5: Victorians are dying while they wait for alcohol and drug treatment from overwhelmed services, the chief executive of Odyssey House says.
World: The struggle for Syria has reached the nation's capital, as a heavy firefight between rebels and government forces broke out in the western suburb of al-Mezze and demonstrators were arrested in the heart of the city.
Business: Australians think less of their country than foreigners. A slight slowdown in China's hypersonic growth rate has become a major talking point.
Sport: The Western Bulldogs, Melbourne and Greater Western Sydney have decided to utilise extra first-round picks in bumper 2012 national draft.
THE HERALD SUN:
Page 1: Massive new stocks of Victorian coal will be exported to China, India and Japan in a multibillion-dollar plan that is expected to create thousands of new jobs and kickstart the economy.
Page 3: Hairdressers, plumbers, receptionists and teachers will be among 1.8 million Victorian workers set to get a huge boost to their retirement nest egg.
Page 5: Australia's second biggest phone company, Optus, has admitted redundancies are on the cards as it refused to quash rumours of up to 700 lay-offs as early as next month.
World: Asia tops other regions for weapons imports.
Business: The chairman of Australia's most popular bank has called for an end to the bad policy of government grants for homebuyers, saying they only inflate house prices and distort the market.
Sport: Geelong captain Joel Selwood is about to sign a multiyear deal that will secure his services until at least 2015.
THE CANBERRA TIMES:
Page 1: Archbishop of Canberra and Goulburn says some masses will be cancelled unless more people attend.
Page 2: Debate over troubled Labor MP Craig Thomson's doctor's certificate.
Page 3: Aboriginal actor Jack Charles wins National Photographic Portrait Prize.
World: Tonga in mourning as democratic King Tupou dies.
Business: David Jones shares have been placed in a trading halt.
Sport: Cronulla defeats Manly 17-14 (rugby league).
