States reel as GST slump bites – The Fin; Resources giants warn on block to progress – The Aus; Mine tax revenue a mystery – The Aus; Solar panels bungle to cost taxpayers millions – The West; Chevron signs $15bn gas deal with Japan – The Aus
States reel as GST slump bites
State governments are reeling from a steep decline in forecast goods and services tax revenue as sluggish economic conditions create severe strains on state budgets already stretched after the global financial crisis. The Fin
Resources giants warn on block to progress
Labor's budget agenda has come under fresh attack from business as the resources industry warns against policies that threaten the boom, just as the government predicts another two centuries of gas production. The Aus
Mine tax revenue a mystery
Treasurer Wayne Swan will not have an accurate idea about first-year revenue from the mining tax until July next year, amid growing doubts about whether the tax — used to fund family benefits outlined in the budget — will hit the forecasts the government is banking on. The Aus
Solar panels bungle to cost taxpayers millions
Bureaucratic bungling and inaction in the top echelons of the Barnett government allowed a solar panel scheme to blow out, costing taxpayers tens of millions of dollars over the next decade. The West
Chevron signs $15bn gas deal with Japan
US oil major Chevron has agreed to sell another $US15 billion ($14.96bn) of liquefied natural gas to Japan as West Australian projects continue to sign high-priced deals with the world’s biggest LNG buyer in the face of potential US shale gas exports. The Aus
THE WEST AUSTRALIAN:
Page 1: Bureaucratic bungling and inaction in the top echelons of the Barnett government allowed a solar panel scheme to blow out, costing taxpayers tens of millions of dollars over the next decade.
Page 4: Emails obtained by The West Australian give a rare insight into the operation of Energy Minister Peter Collier's office and how the state government's spin machine tries to massage its messages.
Page 6: Politicians could face a tougher code of conduct amid fears the sleaze claims embroiling Craig Thomson and Peter Slipper are damaging Parliament's repututation.
Liberal Party state director Ben Morton has flatly rejected any link between Adele Carles' split with Transport Minister Troy Buswell and his party's decision to field a candidate in her seat of Fremantle at the election next year.
Page 9: The state government's plan to control under-age drinking, sex and vandalism at this year's so-called “juvie-leavers” celebrations on Rottnest Island is in jeopardy.
Page 13: Perth Airport's annual passenger numbers could quadruple to 40 million in the next 17 years, more than double the estimate by the airfield's owners, according to a state government paper.
Page 15: Pristine areas of ocean near World Heritage-listed Ningaloo Reef and the far north Kimberley coast could be opened to drilling for oil and gas under federal government plans.
Page 16: An assessment of last year's World Sailing Championships has found the even generated almost $40 million for the WA economy – but fell below the expectations of three in every four Fremantle businesses.
Page 19: One of the state's biggest waste management companies says a recent High Court decision leaves the state government exposed to lawsuits over what it says is the unsafe disposal of construction material.
Business: One of Australia's most senior oil and gas executives has warned the federal government to remove regulatory uncertainty or risk up to $330 billion in future investments in the country.
National Australia Bank is eyeing a fresh issue of covered bonds to help secure crucial funding as Europe's economic problems continue to strain global credit markets.
Oil major Chevron remains bullish on the outlook for conventional liquefied natural gas prices after signing a non-binding heads of agreement with Japanese utility Tohoku to sell gas from its $US29 billion Wheatstone development near Onslow.
Matilda Zircon is on the verge of a major deal which would accelerate the development of its flagship project south of Perth.
THE AUSTRALIAN FINANCIAL REVIEW:
Page 1: State governments are reeling from a steep decline in forecast goods and services tax revenue as sluggish economic conditions create severe strains on state budgets already stretched after the global financial crisis.
Prime Minister Julia Gillard yesterday threw her support behind a proposal for a code of conduct for MPs that was put on ice six months ago, as the government struggles to deflect attention away from embattled MP Craig Thomson.
The head of the world's fifth-largest oil company, French major Total, wants to turn Australia into a global energy hub on a par with the Middle East, Canada and Russia, after a 20-year absence from the local market.
Page 3: National Australia Bank chief executive Cameron Clyne says house prices could decline further, but he expects the Reserve Bank of Australia to cut interest rates by another 0.5 of a percentage point this year.
Page 8: The West Australian government will remove Fortescue Metals Group from sitting on a key piece of Pilbara dirt to make way for the construction of a crucial multi-user port at Anketell Point.
Page 11: The head of Western Australia's most prestigious university wants the state's minerals and energy companies to commit 1 per cent of their pre-tax profits to an education endowment fund worth hundreds of millions of dollars a year.
Page 17: The $A is tipped to dip below parity this week, with the market focused on the political turmoil in Europe and a potentially sharper than expected slowdown in the Chinese economy.
Page 19: The veteran head of Australia's biggest engineering firm, WorleyParsons, claims the country is already pricing itself out of design and other work on big resource projects such as liquefied natural gas.
Page 21: Chevron has brushed aside concerns about competition from North America in liquefied natural gas supply, speaking bullishly of the prospects for expansion at its $29 billion Wheatstone project in Western Australia, supported by continuing strong Asian demand.
THE AUSTRALIAN:
Page 1: Labor has been unable to rule out a new tax or levy to bankroll its National Disability Insurance Scheme, conceding it has not finalised a funding stream despite having made delivery of the reform a centrepiece of last week’s 2012-13 budget.
Political ill-feeling in Canberra is escalating, with senior Coalition sources shrugging off Labor warnings of tit-for-tat attacks on opposition MPS if they continue to target independent MP Craig Thomson over corruption allegations.
Business and unions are on a collision course over a new workplace report proposing changes that make it easier for unions to compel employers to offer permanent positions.
Page 5: Labor's budget agenda has come under fresh attack from business as the resources industry warns against policies that threaten the boom, just as the government predicts another two centuries of gas production.
Most of the scientists advising the federal government on coal seam gas pollution have financial links with the mining industry.
Resource companies and other developers would be subjected to more rigorous public reporting of their compliance with environmental standards as part of the Coalition’s one-stop model for approvals.
Page 6: By cutting billions of dollars out of the defence budget, the government has delayed its own plan to re-equip the ADF and taken a serious gamble on Australia’s long-term security.
Foreign Minister Bob Carr wants to ‘‘broaden and deepen’’ Australia’s relationship with China in the face of growing international competition.
The federal government’s ability to manage the complexity of the National Broadband Network has been called into question after it insisted on installing back-up batteries that are redundant for most households.
Business: Treasurer Wayne Swan will not have an accurate idea about first-year revenue from the mining tax until July next year, amid growing doubts about whether the tax — used to fund family benefits outlined in the budget — will hit the forecasts the government is banking on.
After almost three years as a senior banker in booming Shanghai, former Westpac executive Mike Pratt is blunt about the regional presence of the four largest Australian banks.
US oil major Chevron has agreed to sell another $US15 billion ($14.96bn) of liquefied natural gas to Japan as West Australian projects continue to sign high-priced deals with the world’s biggest LNG buyer in the face of potential US shale gas exports.
A spate of multi-billion-dollar cost blowouts in Australia’s oil and gas industry has been blamed on a major demographic shift as workers hired in the 1970s begin to retire and the low hiring rates of the 80s and 90s leave a shortage of mid-career professionals.
National Australia Bank’s decision to keep 18 basis points of this month’s Reserve Bank cut in official interest rates is the most significant event in the homeloan market for three years.
THE SYDNEY MORNING HERALD:
Page 1: Police Commissioner Andrew Scipione has questioned the lack of regulation of purchases from bottle shops and linked the easy availability of take-away alcohol to stubbornly high rates of domestic violence.
Page 2: As much food is wasted in developed countries as is produced in sub-Saharan Africa, an expert says.
Page 3: More than $120 million meant for often-struggling country health services has been dropped from the federal budget because of a squabble over a requirement to provide beds.
World: Greece's deputy prime minister has said his country will run out of money in six weeks unless it honours its bitterly disputed EU bailout deal.
Business: Chevron remains bullish on the outlook for conventional liquefied natural gas prices after signing a non-binding heads of agreement with the Japanese utility Tohoku to sell gas from its $US29 billion Wheatstone development near Onslow in Western Australia.
Sport: Michael Jennings says he owes it to Blues coach Ricky Stuart to fire up in State of Origin.
THE DAILY TELEGRAPH:
Page 1: Climate change will cause heatwaves and illness in NSW, a report has found.
Page 2: Climate change editorial continued.
Page 3: A charter flight for four failed asylum seekers cost taxpayers about $870,000.
World: A long-range acoustic device that can be used as a sonic weapon is to be deployed at the London Olympic Games in July.
Business:: Australian stocks are expected to open firmer on Monday.
Sport: NRL player Todd Carney is ready to make amends for opportunities missed and series lost.
THE AGE:
Page 1: Thousands of people working on school properties have not undergone background checks to ensure they do not pose a threat to children. Former Queensland Labor premier Peter Beattie says Craig Thomson should be suspended from parliament if he fails to explain himself properly in parliament next week. Former Bosnian Serb Army Commander Ratko Mladic to appear in the dock at the International Criminal Tribunal in The Hague.
Page 2: HSU members forking out $1000 a day in legal fees for suspended union head Michael Williamson.
Page 3: Children at risk of alcohol-related harm in more than 20 per cent of Australian homes, a study has found. The Dalai Lama claims China trained Tibetan women to act as devotees while trying to poison him. Baillieu government surplus delivered by offloading a $128 million medical insurance risk to a state-owned agency. Fifteen-hour kindergarten care for four-year-olds under threat if federal government withholds funding if the state fails to keep its end of the bargain. Qantas expected to cut 1250 engineering jobs this week.
World: Israel sends letter to Palestinian leader Mahmoud Abbas outlining its position on the stalled peace process.
Business: Hearing implant maker Cochlear celebrates its 30th anniversary with chief executive officer Chris Roberts promising the company won't rest on its laurels.
Sport: Collingwood and Geelong get back injured stars for their Friday night AFL blockbuster.
THE HERALD SUN:
Page 1: Visy packaging group is allegedly using outlaw bikies to collect bad debts.
Page 2: Same-sex debate exposes rift between two Baillieu cabinet ministers. Going on holiday? You can check on your pet on Petskype.
Page 3: Melbourne man creates treadmill for Middle East racing camels. Experts say urgent research is needed for head injuries incurred while playing sport.
World: Greek president makes a final bid to form a government.
Business: Banks predict more mortgage profit squeeze and the RBA will continue lowering interest rates.
Sport: Richmond expects 85,000 crowd to see them test their finals credentials against soaring Essendon.