Labor pushed closer to the brink – The Fin; Shifts in price fuel carbon tax doubt – The Aus; Buswell's stance on compo undermined – The West; Rio talks up WA expansion plans – The Fin; Power firms unite to oppose re-merger – The West
Labor pushed closer to the brink
The Gillard government's ability to deliver one of the most critical budgets in years has suffered another blow after Peter Slipper stood aside in another political scandal that reduces Labor's numbers in federal Parliament and increases the risk of an early election. The Fin
Shifts in price fuel carbon tax doubt
Massive volatility in carbon prices in Europe and rising gas prices have cast doubt on whether Julia Gillard’s carbon package will be enough to force power stations to switch from coal to gas, Standard & Poor’s will warn today, delivering another blow to the federal government’s clean energy plans. The Aus
Buswell's stance on compo undermined
The federal government released correspondence yesterday undermining WA Housing Minister Troy Buswell's claim he was acting on new information on Friday when agreeing not to grab a slice of carbon tax compensation intended for pensioners. The West
Rio talks up WA expansion plans
Rio Tinto's iron ore expansion options in Western Australia are the most attractive in the world in terms of the returns generated from the capital employed, chairman Jan du Plessis said. The Fin
Power firms unite to oppose re-merger
WA's independent power companies have formed a united front to oppose the Barnett government's potential re-merger of Verve Energy and Synergy. The West
THE WEST AUSTRALIAN:
Page 3: Only four per cent of Australian women say having a baby is their top priority in life, with more women concerned about paying their bills than falling pregnant, according to a new study.
Page 6: The federal government released correspondence yesterday undermining WA Housing Minister Troy Buswell's claim he was acting on new information on Friday when agreeing not to grab a slice of carbon tax compensation intended for pensioners.
Page 7: The Gillard government has been plunged into crisis after the Speaker of the House of Representatives stood down yesterday amid fraud and sexual harassment claims.
Page 8: WA public schools are likely to miss out on more than $5 million in Federal funding after the state government decided not to take part in a national program to give schools more autonomy.
Page 9: Donations to a fund set up to continue the work of medical researcher and national living treasure Fiona Stanley have been kicked off with a single contribution of $100,000.
Page 18: There is a chance the Square Kilometre Array telescope project could be split between the rival bidders after South Africa took the lead as the preferred site over WA.
Business: ANZ has hit back at claims it is gouging by lifting mortgage rates independently of the Reserve Bank, saying its monthly adjustments are to recover costs and not to widen margins.
WA's independent power companies have formed a united front to oppose the Barnett government's potential re-merger of Verve Energy and Synergy.
The International Monetary Fund, armed with a replenished arsenal containing billions of dollars to battle Europe's lingering debt crisis, now must press governments in the eurozone to carry out bold changes to reassure nervous financial markets and avert sending the crisis into a more dangerous phase.
The record high price for iron ore is set to tumble over the next seven years as a burgeoning supply in Africa hits the international market, new research finds.
THE AUSTRALIAN FINANCIAL REVIEW:
Page 1: The Gillard government's ability to deliver one of the most critical budgets in years has suffered another blow after Peter Slipper stood aside in another political scandal that reduces Labor's numbers in federal Parliament and increases the risk of an early election.
Treasurer Wayne Swan has already privately conceded the key issue in the big miner's complaints about the resource super profits tax before Kevin Rudd was rolled in June 2010 – indicating a deal was close even if Rudd had remained prime minister.
Major national law firm Allens Arthur Robinson has joined forces with elite British firm Linklaters in the latest deal to reshape the Australian legal market.
Page 5: Car industry unions will announce legal action tomorrow alleging union officials were targeted during last week's controversial culling of 350 jobs at Toyota Australia.
Opposition Leader Tony Abbott has criticised the government's decision to add $7 billion to the coffers of the International Monetary Fund following a Group of 20 meeting in Washington at the weekend.
Page 15: Qantas Airways chief Alan Joyce has vowed to defend the airline's grip on Australia's domestic market as a capacity war looms with Virgin Australia which is expected to bring a sharp fall in prices.
Aussie Home Loans executive chairman John Symond has hit out at Treasurer Wayne Swan, saying government policies had made it tougher for smaller mortgage providers to compete with the big banks.
Page 17: Rio Tinto's iron ore expansion options in Western Australia are the most attractive in the world in terms of the returns generated from the capital employed, chairman Jan du Plessis said.
Page 18: Struggling base metals miner Kagara is likely to look at liquidating its 62.1 per cent holding in gold junior Mungana Goldmines as it seeks to inject much-needed capital into its business.
THE AUSTRALIAN:
Page 1: Julia Gillard has lost crucial ground in federal parliament as she seeks support for next month’s budget after a sex and fraud scandal forced Peter Slipper to step aside as Speaker of the House of Representatives.
Massive volatility in carbon prices in Europe and rising gas prices have cast doubt on whether Julia Gillard’s carbon package will be enough to force power stations to switch from coal to gas, Standard & Poor’s will warn today, delivering another blow to the federal government’s clean energy plans.
NSW Chief Justice Tom Bathurst has attacked the nation’s largest law firms, warning that their emphasis on commercial success leaves lawyers and clients open to exploitation, creates tension over legal ethics and could limit the firms to recruiting ‘‘mindless drones’’.
Page 2: Wayne Swan has declared his plans for a budget surplus will give the Reserve Bank room to cut interest rates, insisting that his position did not contradict previous comments he has made rejecting links between fiscal policy and interest rates.
Page 5: Restaurateur and Tourism Australia deputy chairwoman Kate Lamont will take over the West Australian Senate seat held by Judith Adams, who died last month after a long battle with breast cancer.
Page 6: A High Court challenge to the carbon tax will centre on a government decision that is likely to hand windfall carbon tax compensation to BHP and cut that for Queensland’s Yabulu nickel refinery owned by Labor’s arch-enemy, Clive Palmer.
Page 7: Global grain buyers are marking down the price of Australia’s genetically modified canola as the European market shuts the gate on GM crops.
Farmers growing Australia’s finest merino wool have been buoyed by pledges from China’s largest luxury textile company to boost prices paid to struggling superfine wool growers.
Business: The globalisation of the nation’s major law firms gathered pace yesterday when Allens Arthur Robinson unveiled a global alliance with one of the world’s biggest firms, Linklaters.
The world’s top finance officials have agreed to boost their shared firepower in an effort to protect the global economy as European turmoil threatens the recovery for a third straight year.
Some of the leading figures in the multi-trillion-dollar superannuation sector will join federal Financial Services Minister Bill Shorten on a visit to Israel later this week as the government examines ways for the retirement savings system to help kick-start the Australian venture capital business.
The Reserve Bank’s likely decision to cut interest rates next month is expected to be backed this week by a weak inflation number that comes as economists slash their growth forecasts for the Australian economy.
Qantas chief Alan Joyce says Singapore is still an option in the airline’s plan to establish a premium carrier in Asia.
Supermarket chain Coles is expected to confirm it has continued to outperform larger rival Woolworths in revenue growth when it reports third-quarter sales tomorrow.
A sharp rebound in confidence among Australia’s biggest businesses could cause a spike in mergers and acquisitions in the next six to 12 months, according to a survey by Ernst & Young.
THE SYDNEY MORNING HERALD:
Page 1: The Gillard government has lost its one-vote majority after Peter Slipper stood aside as Speaker of the House of Representives pending an investigation into allegations he misused Cabcharges.
Page 2: A group of Arakanese Muslim refugees from Burma en route to Australia have ended up at East Timor, and are creating a tricky stituation for authorities there.
Page 3: The City of Sydney is proposing turning Walsh Bay into its own suburb.
World: Fresh stories of violence have emerged from Syria even as the UN Security Council voted to send 300 unarmed observers to the war-torn country.
Business: ANZ Bank is set to reveal reduced margins at its six-monthly profit announcement this week, providing an insider look at the financials behind the mortgage market.
Sport: Todd Carney and Mitchell Pearce are looking good for selection in the NSW State of Origin side.
THE DAILY TELEGRAPH:
Page 1: The Labor government is in crisis with parliamentary Speaker Peter Slipper standing aside following allegations he misused Cabcharges and sexually harassed a male adviser.
Page 2: Peter Slipper is facing fresh questions about his lavish spending habits, including about a trip he took to Tasmania in 2010.
Page 3: Peter Slipper's decision to stand aside as Speaker of the House puts the minority Gillard government in a tough position.
World: A woman declared brain dead by doctors after an aneurysm has miraculously managed to give birth to healthy twin boys.
Business: Australians are losing about $5 billion per year in unpaid interest by leaving their money in accounts where they accrue little interest.
Sport: Todd Carney and Mitchell Pearce may both be selected in the NSW State of Origin side.
THE AGE:
Page 1: Speaker Peter Slipper has stood aside while he is investigated for alleged misuse of government taxi vouchers, narrowing Labor's slim majority in federal Parliament unless he is quickly cleared.
Melburnians face the biggest overhaul in the supply of household water in decades with a new plan to change the cost of water and where it comes from.
Page 3: Stop worrying about Chinese investment and just enjoy their money, says new research from the leading Australian defence think tank.
Page 5: The state government has been urged to widen the inquiry into sex abuse by priests to consider how to make it easier for victims to sue the Catholic church.
World: France has started voting in the first round of a presidential election that is widely expected to result in conservative President Nicolas Sarkozy being toppled by socialist candidate Francois Hollande.
Business: ANZ is set to reveal reduced margins at its six-monthly profit announcement next week, after providing an unprecedented look into the financials behind the banks earnings in the mortgage market.
Sport: The Western Bulldogs won the war of the winless yesterday, a victory that coach Brendan McCartney hoped would help validate the game change at his club to his players.
THE HERALD SUN:
Page 1: Julia Gillard's hold on government has been rattled by Speaker Peter Slipper's decision to step down yesterday.
Page 5: Peter Slipper faces fresh questions over his lavish spending, including over a visit to Tasmania to campaign for a friend in the 2010 state poll.
World: The discovery of a protester's body yesterday threatened to tip Bahrain deeper into unrest as a 14-month-old uprising overshadows the return of the F1 Grand Prix to the strategic Gulf kingdom.
Business: Western Australia is powering ahead leaving the rest of the country struggling in its wake, according to a key quarterly economic report.
Sport: Brendan McCartney got his first win as Western Bulldogs coach as Melbourne's nightmare start to the season continued at the MCG last night.
THE CANBERRA TIMES:
Page 1: The Gillard government's hold on the lower house has eroded further following Peter Slipper's decision to stand aside as Speaker to allow for allegations of fraud by him to be investigated.
Page 2: A crisis intervention service in Canberra says suicides and drug overdoses should be recorded as domestic violence deaths if they are believed to have occurred following abuse.
Page 3: The Kings Highway may be closed for at least a week as workers clear debris following a landslide on Friday.
World: China and Russia have launched their first joint naval exercise.
Business: International Monetary Fund members have vowed to secure global financial stability to allow urgently needed reforms and regain worldwide economic growth.
Sport: The Brumbies say its close loss to the Bulls in Pretoria on Sunday justifies the ACT side's top spot in the Australian conference of the Super 15 Rugby competition.
