Share slump puts heat on RBA – The Fin; Gillard stays silent on bid to unseat Gray – The Aus; FWA review cut short – The Fin; Skills shortage in mining sector to worsen – The Aus; Pipeline bill for Browse JV – The West
Share slump puts heat on RBA
Pressure is mounting on global central bankers to take bolder action to support growth and calm investors as rising concerns about the health of the world economy sparked a sell-off that pushed the Australian sharemarket into correction territory. The Fin
Gillard stays silent on bid to unseat Gray
Julia Gillard and Labor Party national secretary George Wright have refused to criticise an ongoing union campaign to unseat Special Minister of State Gary Gray for advocating government policy on the use of foreign workers in the resources industry. The Aus
FWA review cut short
The Gillard government overruled departmental advice that the first review of the Fair Work Act should investigate whether its changes had made the industrial relations system more or less flexible and bound in red tape. The Fin
Skills shortage in mining sector to worsen
Job vacancies in the resources industry are set to soar as the task of completing a record $260 billion of new projects and expansions across the country moves into top gear. The Aus
Pipeline bill for Browse JV
Already struggling to contain costs on the Browse LNG project, Woodside and its joint venture partners face a multi-billion bill for a 650km domestic gas pipeline. The West
THE WEST AUSTRALIAN:
Page 4: Public housing tenant evictions have risen to 28 a month with almost one-fifth attribute to the state government's tougher “three strikes” policy.
Page 5: Deepening gloom about growth in Europe, the US and China and soft local economic data helped wipe $22.4 billion from share values in a bloody day on the stockmarket yesterday, heaping pressure on the Reserve Bank to boost consumer confidence.
Page 7: Police Minister Rob Johnson has voiced his frustration at the time it had taken the Corruption and Crime Commission to finish an investigation into the Police Commissioner.
The beauty of WA's Kimberley features in a $250 million, three-year campaign launched in China yesterday.
Page 8: The travel plans of 146 passengers were thrown into chaos yesterday when Jetstar was forced to cancel a flight to Jakarta, seven hours after it was due to leave Perth and after to aborted attempts to complete the flight.
Page 15: Unions have warned Federal Minister Gary Gray that unless the government makes it mandatory for resource jobs to be offered to Australians first, they will continue to campaign against enterprise migration agreements.
Technically faultless WA wines can be tasteless and fail to show the characteristics of the region in which they were grown, according to a pair of young upcoming winemakers intent on shaking up WA wine drinkers.
Page 18: Electricity prices could rise further as a result of a Treasury decision to lift the cost of power utilities having access to billions of dollars of state government-backed debt.
Business: Already struggling to contain costs on the Browse LNG project, Woodside and its joint venture partners face a multi-billion bill for a 650km domestic gas pipeline.
The latest sell-off in global sharemarkets has increased the odds of another year's losses for Australian super funds.
More than a decade after he helped plan the Henderson marine precinct, former WA Tourism boss Richard Muirhead has been tapped to shape the development of a similar complex in the heart of the Pilbara to service the state's booming resource industry and meet a forecast increased naval presence in the North West.
The Supreme Court in Victoria has criticised Bankwest's conduct in allowing the wife of a businessman to sign multiple documents in support of $18 million of loans when she had next to no business knowledge and no advice or warnings about what she was doing.
US real estate developer John Streicker has flagged a capital investment program at Clairault winery after his company takes control of the pioneering Margaret River vineyard this month.
Iron Ore Holdings will crunch the numbers on a potential new Pilbara magnetite project that could see it partner up with Fortescue Metals Group.
THE AUSTRALIAN FINANCIAL REVIEW:
Page 1: Pressure is mounting on global central bankers to take bolder action to support growth and calm investors as rising concerns about the health of the world economy sparked a sell-off that pushed the Australian sharemarket into correction territory.
A small but high-powered group of policy hawks has urged Reserve Bank of Australia governor Glenn Stevens to hold his nerve today and keep interest rates on hold until the fallout from the European debt crisis is clearer.
The Gillard government was advised by public servants that its review of the Fair Work Act should consider the impact of new workplace rules on business red tape and flexibility.
Opposition to Labor's carbon tax remains near its record high, but a smaller number of voters believe they will be personally worse off because of it, according to an exclusive Australian Financial Review Nielsen poll.
Page 4: The Gillard government's plans to make northern Australia into an Asian food bowl with the help of Chinese investment may run into trouble, after a new poll confirmed opposition to foreigners buying the farm.
Page 7: The federal government plans to change the law to enable native title to be revived in areas where it was previously thought to have been extinguished.
Page 8: The Gillard government overruled departmental advice that the first review of the Fair Work Act should investigate whether its changes had made the industrial relations system more or less flexible and bound in red tape.
Former workplace minister Peter Reith says the Enterprise Migration Agreements will add more regulations for companies, restrictions on foreign workers should be decreased and people should be able to negotiate to work “24/7” if it suits them.
Page 10: Profits fell for a second quarter and job vacancies slid last month, adding to evidence that the Europe debt crisis is starting to hurt the economy.
Fresh evidence emerged yesterday that increased wage pressures may be eroding company margins, with a report showing strong payroll gains in Queensland and Western Australia.
Page 12: The government is urging Chinese and Thai investors to pour capital into tourism projects across Australia as the number of Chinese visitors hits record levels.
Page 17: About $105 billion has been wiped off Australia's top 200 companies since the start of May as investors dump stocks on mounting signs the global economy is in decline.
Page 19: Qantas Airways looks set to add Gina Rinehart's Roy Hill iron ore mine in Western Australia to a rapidly growing list of fly in, fly out contract wins in recent months.
Page 21: Institutional broker Hunter Green has urged Brickworks to seek relief from the Tax Office after the company rejected a proposal to unwind its cross-shareholding arrangement with Washington H. Soul Pattinson for tax reasons.
THE AUSTRALIAN:
Page 1: The Reserve Bank and other regulators have assured Wayne Swan that China will continue to underpin the global economy, as shaken investors reeled from another heavy sell-off on world financial markets.
Julia Gillard and Labor Party national secretary George Wright have refused to criticise an ongoing union campaign to unseat Special Minister of State Gary Gray for advocating government policy on the use of foreign workers in the resources industry.
People-smugglers who have fraudulently obtained refugee status are operating inside Australia — and the federal government has been aware of the practice for a long time.
Page 2: Former Future Fund chairman and Commonwealth Bank chief executive David Murray has called for a rethink of Australia’s strategy of dealing with a slowing economy, including by urgently reviewing the tax system.
Confidence among farmers across the nation has fallen to its lowest since early 2009, according to a survey which shows 34 per cent of primary producers expect economic conditions to worsen in the next year.
Business groups in the key sectors of resources and property have warned of faltering investor confidence in NSW as Treasurer Mike Baird prepares to put the finishing touches to his budget next week.
Page 3: Four weeks before the introduction of a $1 billion e-Health scheme, key medical indemnity insurers are warning GPs not to participate as they could be exposed to a new wave of litigation.
Struggling homeowners stung by improper lending practices during the property boom are being let down by complaints resolution processes funded by lenders themselves, consumer advocates have claimed.
Page 4: Job vacancies in the resources industry are set to soar as the task of completing a record $260 billion of new projects and expansions across the country moves into top gear.
Nationals deputy leader Barnaby Joyce last night backed the Gillard government’s move to place limitations on the use of foreign labour on large mining projects, saying overseas workers should only be brought in if Australian workers cannot be found.
Only 33 unemployed people have taken up incentives to move interstate to a mining job under the Gillard government’s relocation scheme.
Page 5: Tourism Australia has made a pitch to dramatically increase the level of Chinese investment in the local tourism industry and snare Australia a greater share of the estimated 100 million Chinese tourists tipped to be travelling the world by 2020.
Page 6: The National Broadband Network rollout favours suburbs in Labor-held seats before the federal election due next year, with three out of every five to be connected to the $36 billion project falling in ALP electorates.
The federal government is taking three times the mandated period to sign off on major development proposals approved by the Queensland government.
Business: Australian resources and bank stocks plunged yesterday, leading another heavy sell-off amid mounting concern that Europe’s ongoing debt crisis is slowing the world’s engine rooms of growth.
Investors in the world’s biggest listed companies are at least twice as likely to sell their shares than buy following a change in chief executive, with terminations and forced resignations representing the biggest risk to value, according to a landmark study by an international global business advisory firm.
Transpacific Industries Group could soon make an offer for rival Thiess Waste Management after confirming it had begun due diligence on the target business.
Slumping markets helped to minimise local shareholder opposition to Chinese coalminer Yanzhou Coal’s $2 billion takeover of Gloucester Coal in a bid that gives Gloucester shareholders a mix of scrip with a performance guarantee and cash.
Jobs website Seek has maintained its full-year earnings guidance and says it will raise $125 million to pay debt and strengthen its balance sheet following a series of acquisitions.
THE SYDNEY MORNING HERALD:
Page 1: Investors have wiped about $22 billion from the Australian sharemarket as fresh fears of a serious slowdown in global growth sparked a panic selloff, pushing the ASX200 below the key 4000 point mark.
Page 2: About 30,000 social and community service workers in NSW face having to wait up to six years to receive a landmark pay rise awarded by Fair Work Australia, their union claims, because the state government has failed to support a proposal they be paid from December.
Page 3: A people-smuggling kingpin allegedly disguised himself as a refugee and travelled by boat to Christmas Island - only to fool immigration authorities and begin direct smuggling ventures from suburban Canberra.
World: The United States' most senior defence official has visited Cam Ranh Bay in a symbolic return to what was a vital naval base for the US in the Vietnam War.
Business: The downward spiral on the local sharemarket looks set to continue with predictions it could fall as low as 3800 in coming months after crashing through the 4000-point barrier on fears of a global economic slowdown.
Sport: NSW Origin centre Michael Jennings says he wants to remain a Panther, but admits he must get to grips with the prospect he may end up playing elsewhere.
THE DAILY TELEGRAPH:
Page 1: Bank customers are being urged to bombard lenders with demands that any official rate cut be passed on in full.
Page 2: The stockmarket nosedived through the psychologically important 4000-point barrier with $26 billion wiped from the ASX as it slumped to a six-month low.
Page 3: A giant squid, one of the most mysterious and least understood of marine creatures, has been found floating off the south coast.
World: A plane carrying 153 people plunged into a residential area of Nigeria's largest city Lagos, killing all on board and unknown numbers on land.
Business: Economists are forecasting a 25 basis point interest rate cut on Tuesday after global sharemarkets plunged further into the red on fears of an economic slowdown.
Sport: Blues enforcer Greg Bird has no regrets over the Origin I brawl - and won't hesitate to repeat the dose should the Maroons step out of line next Wednesday night.
THE AGE:
Page 1: ASX crashes to a six-month low on global downturn but increases the likelihood of interest rate cuts when the Reserve Bank meets on Tuesday. At least five people have died at an eastern suburban railway black spot since suicide proofing measures were recommended five years ago. Parents of a 16-year-old girl who died after drinking three alcoholic energy drinks still search for an answer.
Page 3: Government warns that new $600 million wholesale fruit and vegetable market may be too small. Boy wins right to keep on playing with the girls in netball. Birdwatcher reports spotting the never-photographed ground-dwelling parrot that looks a bit like a fat budgie. Anthony Warlow to join New York cast of Annie set to open on November 8. Commuters angry as trains bypass City loop after heavy rain causes track fault.
World: European Union officials to press Russian President Vladimir Putin to take a harder line with Syria.
Business: Spooked investors wipe $22 billion from the Australian sharemarket after fears of a serious slowdown in global growth.
Sport: Carlton lashes out at Eddie McGuire for suggesting that former Collingwood coach Mick Malthouse would be a good fit at the Blues.
THE HERALD SUN:
Page 1: Pressure on big four banks to pass on in full any interest rate cut being considered by the RBA. Former Bulldog wants to know if footy hard knocks are causing his depression.
Page 2: Coastal properties to rise as Baillieu government winds back building restrictions based on what could happen to sea levels due to climate change. Department stores ready for rush for mid-year sales.
Page 3: Government calls for better understand for breastfeeding mums. Fourteen-year-old Jasmine plays footy despite her prosthetic leg. Qantas bans for 10 years a drunken grandmother who punched another passenger.
World: US conference reveals new "smart bomb" pills to kill cancers.
Business: Economists believe interest rates will fall again as stock markets tumble.
Sport: Michael Warner suspects head knocks he received while playing AFL have led to severe depression.
THE CANBERRA TIMES:
Page 1: A people smuggling kingpin accused of directing smuggling ventures from Canberra. Poor economic data may spur the central bank to cut its cash rate on Tuesday.
Page 2: Analog TV signal switches off in Canberra. ACT ambulances to be fitted with new heart monitors and defibrillators.
Page 3: Rangers outraged over deliberate and mindless cutting of a predator-proof fence at Mulligans Flat Woodlands Sanctuary.
World: Nigerian President Goodluck Jonathan declares three days of mourning for victims of a plane crash that has killed at least 153.
Business: Investors wipe $22 billion off local sharemarket on fresh fears of a serious slowdown in global economic growth, which sparked a huge sell-off on world markets.
Sport: Former Raiders captain Alan Tongue says recent off-field disciplinary woes at the NRL club are a sign of lack of respect for coach David Furner.
