Today's Business Headlines

Cash splash to ease carbon tax

The federal budget will contain a cash payment to low-income households next month and changes to let business “carry back” losses against past profits, in an effort to provide an additional political buffer against the carbon tax and a boost to confidence. The Fin

Politicians damaging economy: businesses

Some of WA's top businessmen have called for an early federal election on the grounds that political instability is undermining the economy. The West

Carbon price shock warning

New research predicts Australia’s carbon price could collapse to about $4 a tonne by 2020 and that the scheme, as designed, risks failing to support either renewable energy power development or the switch from coal to gas needed to slash the nation’s emissions. The Aus

Utilities are littered with more fat cats

WA's power and water utilities face fresh accusations of executive indulgence as householders tighten their belts. The West

Curtin Uni light rail link plan on hold

The future of Perth's light rail network was in doubt after it was revealed the proposed connection to Curtin University had been dropped from the state government's latest modelling. The West

THE WEST AUSTRALIAN:

Page 3: WA's power and water utilities face fresh accusations of executive indulgence as householders tighten their belts.

Page 5: The future of Perth's light rail network was in doubt after it was revealed the proposed connection to Curtin University had been dropped from the state government's latest modelling.

Page 6: The prospect of WA getting a bigger GST cut under a Tony Abbott government was thrown into doubt yesterday when shadow treasurer Joe Hockey ruled out reducing the revenue to any other state.

Treasurer Wayne Swan has been accused of making policy on the run after announcing a business tax overhaul aimed at helping sectors outside the mining boom.

Page 7: WA National Tony Crook said he no longer wanted to sit on the crossbench because it had become a “dumping ground” for the disgraced and discarded.

Page 14: The main body representing Australia's electricity companies has accused both sides of WA politics of meddling with the power industry, driving up costs and scaring off investment.

Page 15: A new wave of 4G wireless broadband networks will eclipse the speed of some fibre plans before the National Broadband Network even rolls through Perth streets.

Disgruntled bank customers and former staff have joined forces to try to contest the next federal election.

Page 16: Documents released by the Environmental Protection Authority show the state government is planning to increase logging in South West forests up to 20 per cent a year for the next decade.

Unions have vowed to fight moves to reduce penalty rates in the lead-up to the next election during the annual May Day march and rally of unionists in Fremantle.

Business: Some of WA's top businessmen have called for an early federal election on the grounds that political instability is undermining the economy.

Australian companies will be able to claw back the cost of tax they have overpaid in any financial year as part of the Gillard government's $700 million promise to help kick-start businesses that are not in the fast lane of the mining boom.

Andrew Forrest's recent plunge into a struggling gold stock should not be interpreted as a vote of confidence in the entire gold sector, according to the man himself.

West Perth-based junior explorer Monto Minerals faces being trapped in the collapse of base metal miner Kagara over the failure to lodge a $3.75 million environmental bond for a troubled North Queensland copper mine.

The boss of one of the world's largest engineering and construction companies, KBR, has told US investors he is worried about the pricey labour market in Australia.

THE AUSTRALIAN FINANCIAL REVIEW:

Page 1: The federal budget will contain a cash payment to low-income households next month and changes to let business “carry back” losses against past profits, in an effort to provide an additional political buffer against the carbon tax and a boost to confidence.

At his first big rallies of the US presidential campaign, Barack Obama's message was undercut by data showing the jobs market had slowed again in April, and more Americans gave up the search for work.

Page 3: Australian Competition and Consumer Commission chairman Rod Sims has hinted that few prosecutions may be brought against banks under controversial price-signalling laws that start in June.

Page 4: Treasurer Wayne Swan's commitment to introduce widely anticipated tax relief for struggling small businesses in the budget drew qualified applause in the expectation other breaks will be slashed to fund it.

Page 5: The Reserve Bank can't be relied on to cut interest rates further because there are doubts that Treasurer Wayne Swan can convince independent MPs to back the biggest budget cuts in history, economists say.

Page 6: A $15 price on carbon under the emissions trading scheme is in doubt, after key MPs backed a plan to block regulations to introduce it.

Page 7: South Australian Premier Jay Weatherill has joined the throng of miners petitioning Treasurer Wayne Swan not to scrap the 32c a litre diesel fuel rebate in the federal budget.

Page 15: Contracting companies with foreign operations have stepped up efforts to cease facilitation payments following warning from crime authorities.

Page 19: Rio Tinto chief executive Tom Albanese's assurance to investors that the miner will not over-commit its expansion spending on iron ore may be overshadowed by a challenge to the company's grip on its prized Simandou iron ore project in Guinea.

Woodside Petroleum, BHP Billiton and US oil producer Hess Corporation have won the rights to drill for new oil and gas discoveries off Western Australia which may help feed a clutch of planned liquefied natural gas expansions in the region.

THE AUSTRALIAN:

Page 1: Wayne Swan is promising to deliver the toughest budget for 25 years tomorrow night, with a fall in tax revenue forcing him to find more than $20 billion in savings in order to meet the government’s targeted surplus.

New research predicts Australia’s carbon price could collapse to about $4 a tonne by 2020 and that the scheme, as designed, risks failing to support either renewable energy power development or the switch from coal to gas needed to slash the nation’s emissions.

The government is being urged to raid a cash stash in its nation-building funds, including $1.7 billion still in the Building Australia Fund, to plug a huge hole in funding for key road, rail and port projects crucial to haul Australia’s productivity out of its slump.

Page 2: Using older and experienced staff to fill an organisation’s skills gap remains a ‘‘blind spot’’ for Australian business, a new survey warns.

Page 6: Wayne Swan will allow companies to carry up to $1 million in losses back to their previous year’s tax accounts to access a refund as part of a move to provide cashflow assistance to struggling companies in the non-resources sectors of the economy.

Wayne Swan will tomorrow walk a political tightrope as he balances swingeing spending cuts with handouts for families in a bid to craft a politically saleable back-into-the-black budget with a surplus of about $2 billion.

State treasurers have accused the Gillard government of raising ‘‘false hopes’’ with its National Disability Insurance Scheme, saying they may have trouble funding it.

Business: Business has cautioned Labor against announcing any surprising new imposts in tomorrow’s budget, amid expectations that company and mining tax revenues will be below official forecasts.

The battle for control of casino operator Echo Entertainment has taken another twist, with fund manager Perpetual lodging applications with the NSW and Queensland governments to take its stake in the operator above 10 per cent.

Israeli Prime Minister Benjamin Netanyahu has called on Australian liquefied natural gas companies to help develop his country’s giant offshore reserves.

The federal government is expected to provide further support for embattled manufacturing industries in tomorrow’s budget, prompting key figures in the sector to call for future research grants to be more closely tied to commercial outcomes.

Bank of Israel governor Stanley Fischer has warned the world financial system could face considerable uncertainty if the EU were to start breaking up.

Clime Asset Management founder John Abernethy has called on companies hit by the government’s controversial mining tax to immediately disclose the financial impact on their business or face reprimands from the Australian Securities & Investments Commission.

NBN Co has begun the search for a second construction firm to build the $36 billion National Broadband Network in NSW, Victoria and Queensland.

Westpac has vowed not to participate in a mortgage pricing war, despite its attempts to kickstart its home lending business.

A secretive group of Chinese tycoons is plotting to take away the world’s largest undeveloped iron ore project from Rio Tinto.

The share prices of Australia’s listed infrastructure companies are expensive and better opportunities are emerging among European companies battered by the instability there, according to Craig Noble, managing director of global infrastructure securities at Canadian investment giant Brookfield.

THE SYDNEY MORNING HERALD:

Page 1: Businesses to get $700 million worth of tax write-offs in the upcoming budget.

NSW government considering introducing treated sewage into the state's drinking water.

Page 2: Bikies commit less than 1 per cent of crime in NSW, a police report shows.

Page 3: Lawyers fear NSW Premier Barry O'Farrell is backing down on a commitment to reform bail laws.

World: Francois Hollande, who dreamed of becoming French president as a teenager, looks set to do just that.

Buisness: Businesses will be able to claim back taxes paid during the previous two financial years.

Sport: Manly fullback Brett Stewart ready to play for the Blues.

THE DAILY TELEGRAPH:

Page 1: The federal government declines to fund the North West Rail link.

Page 3: Packed to the Rafters star James Stewart to quit the show and move to the US to be with his pregnant actress girlfriend Jessica Marais.

World: Sister ship of the doomed Costa Concordia battling to attract customers.

Business: Australians are confused about changes to private health insurance.

Sport: NSW Blues coach Ricky Stuart is planning to put Manly back-rower Jamie Buhrer into the squad.

THE AGE:

Page 1: Budget will provide $700m tax break for small business and a cash payment to parents of school-age children to soften carbon tax price hikes.

Page 3: ACT clubs involved in mandatory precommitment on poker machines trial want the legislation to ensure the trial assesses the impact on the industry and has a cost-benefit analysis.

World: French presidency within the grasp of Francois Hollande.

Finance: Gillard's $700m promise to allow businesses to retrieve the cost of tax they have overpaid.

Sport: Matthew Primus will struggle to keep his Port Adelaide coaching job after another loss - this time to Richmond.

THE HERALD SUN:

Page 1: Dozens of potentially dangerous mishaps in the air are being reported every week. Carlton's Andrew Walker takes a spectacular mark.

Page 3: Catholic church tells women not to be so picky and marry early because a man-drought has arrived. Inmate released by mistake after court appearance.

World: Obama says the US has climbed too far out of the economic mire to elect Republican opponent Mitt Romney.

Business: ANZ chief says business confidence depends on there being no surprises in Tuesday's budget.

Sport: Richmond coach Damien Hardwick praises his young Tigers' hunger to stave off Port Adelaide.

THE CANBERRA TIMES:

Page 1: Clubs in the ACT that have agreed to trial mandatory pre-commitment on poker machines are calling for legislation to ensure the trial assesses the impact on the industry.

Page 2: The federal budget could include measures aimed at plugging cost blowouts in the Medicare safety net.

Page 3: About a quarter of Australia's medical workforce is aged over 55.

World: Alleged 9/11 plotters face death penalty.

Business: Signs of slowdown in mining sector could become taxing problem.

Sport: Carlton defeat Giants. (AFL)