Political complacency 'failing next generation' – The Aus; Muddled ties hit $A-yuan deal – The Fin; 'Let weak companies go to the wall' – The Aus; Waterfront road crawl – The West; Lobby urges easier standards – The West
Political complacency 'failing next generation'
Don Argus, one of Australia’s most respected business leaders, has attacked the complacency of the political class on the state of the nation’s public finances and poor productivity, declaring that urgent action is needed to secure the living standards of future generations. The Aus
Muddled ties hit $A-yuan deal
Australia's “ambiguous” trade and strategic relationship with China is harming closer economic ties and could damage the prospects of a coveted currency agreement between the countries, according to an influential Chinese government official. The Fin
'Let weak companies go to the wall'
Treasury's chief economist has urged the government to allow companies being undermined by the high Australian dollar and the mining boom to go out of business, warning that propping them up will damage productivity. The Aus
Waterfront road crawl
The partial closure of Riverside Drive for the Elizabeth Quay development will reduce some inner-city traffic to a crawl and add up to 10 minutes to peak-hour travel times, according to state government modelling. The West
Lobby urges easier standards
While still fixing a slowdown in WA's new housing market triggered by the new Building Act, the Building Commission is now tackling blockages at commercial building projects blamed on the legislation. The West
THE WEST AUSTRALIAN:
Page 1: The partial closure of Riverside Drive for the Elizabeth Quay development will reduce some inner-city traffic to a crawl and add up to 10 minutes to peak-hour travel times, according to state government modelling.
Page 3: The new system to allocate landing and take-off slots at Perth's overcrowded airport is not working properly, delaying flights and putting pilots under stress.
Page 6: Fears are growing within Labor that the fight with the greens may have leadership consequences as ministers and MPs vent their spleens at the minor party and some begin to question the power sharing deal Julia Gillard cut with them.
Page 7: An exasperated builder has been forced to spend three months and $1 million preserving a dilapidated Northbridge house because the government says it has heritage value.
Page 10: The City of Perth is fining beggars $100 for soliciting money using cardboard signs.
Page 13: Workers at seven WA confectionery shops face an uncertain future after chocolate retailer Darrell Lea collapsed yesterday in the face of shaky retail conditions, risking up to 700 jobs Australia-wide.
Page 14:The three taxpayer-funded electricity companies involved in the Perth and South West market spent more than $2.2 million last financial year on staff entertainment and associated fringe benefits tax.
Page 17: A senior policeman has warned that the number of trucks carrying mining equipment to the resource-rich Pilbara will increase and cause long delays on WA's highways in the foreseeable future as figures show police escorts for oversize loads have more than doubled.
Page 19: With so much talk about the impact of Perth's high prices on tourism, it may not be coincidental that the Swan Valley has recorded astonishing growth in visitor numbers – up 50 per cent in three years.
Business liftout:
Page 1: The cost of the federal government scheme that pays workers their entitlements when companies go broke has soared fourfold in the past five years.
BHP Billiton has begun the process of securing environmental approval for a push to take its Pilbara iron ore output to 350 million tonnes a year, even though the miner's board is yet to be convinced such an expansion is viable.
Page 3: AP Eagers claims it is not stalking fellow vehicle dealership network Automotive Holdings Group despite becoming its biggest shareholder in a clandestine deal with the WA company's founders.
Page 5: Alumina is challenging its partner Alcoa over a decision to book a $45 million bribery settlement against the AWAC joint venture operated by the two companies.
Page 24: While still fixing a slowdown in WA's new housing market triggered by the new Building Act, the Building Commission is now tackling blockages at commercial building projects blamed on the legislation.
THE AUSTRALIAN FINANCIAL REVIEW:
Page 1: Treasury is blaming Australia's poor productivity performance on second-rate management practices it says are similar to those in France, Italy and the UK.
Australia's “ambiguous” trade and strategic relationship with China is harming closer economic ties and could damage the prospects of a coveted currency agreement between the countries, according to an influential Chinese government official.
Prime Minister Julia Gillard admitted last night that Australia would be reliant on fossil fuels for a long time despite her government's plan to boost the use of renewable energy such as solar and wind.
Page 3: Prime Minister Julia Gillard will review the 20 per cent renewable energy target amid mounting evidence that renewable schemes will overtake the carbon tax as a driver of power price increases.
The growth of upmarket specialty stores retailing high quality chocolate has partly been blamed for the demise of the 85-year-old Australian confectionery retailer, Darrell Lea.
Page 4: Senior Labor figures are pressing on with their political attacks on the behaviour of the Australian Greens, despite the risk that this could undermine Prime Minister Julia Gillard.
Page 6: The economic boom since the early 2000s has fuelled extraordinary wage growth for the lowest-paid workers, undermining claims the nation has become less equal, research shows.
Page 7: Mounting gloom among miners and manufacturers has pushed business confidence down to its lowest level in 10 months.
Page 11: The labour market is weakening, making the chances of finding work outside the mining sector much harder, especially if you are more than 50 years old.
Page 12: The goods and services tax should be extended to fast-growing industries such as fresh food, health and education, to ensure revenue keeps pace with government expenses, a member of the federal government's review of GST distribution says.
Commonwealth Bank of Australia is set to bankrupt fallen fertiliser tycoon Pankaj Oswal in a bid to retrieve several million dollars in outstanding debts.
Page 17: Retailers are scaling back plans for new stores and reassessing the viability of existing outlets as hopes fade for a rebound in discretionary spending.
Kerry Stokes' Seven West Media will need to undertake a capital raising of as much as $500 million to alleviate debt concerns amid a softening ad market, says a leading broker.
Page 18: Alumina Ltd is trying to clarify with Alcoa why it will be held responsible for paying a $US18 million pre-tax share of a settlement in a long running Bahrain bribery case.
Page 19: Junior mining companies are increasingly resorting to heavily discounted rights issues to fund projects amid fears the resources boom has peaked.
Page 48: Perth has trumped Sydney and Melbourne as home to the nation's most highly paid accountants and finance directors.
THE AUSTRALIAN:
Page 1: Don Argus, one of Australia’s most respected business leaders, has attacked the complacency of the political class on the state of the nation’s public finances and poor productivity, declaring that urgent action is needed to secure the living standards of future generations.
Internal ALP polling has revealed that Julia Gillard and federal Labor are toxic in the Prime Minister’s home state of Victoria, and the party is on track for a disastrous loss to the Greens in a looming state by-election.
Treasury's chief economist has urged the government to allow companies being undermined by the high Australian dollar and the mining boom to go out of business, warning that propping them up will damage productivity.
Page 3: An expert panel charged with allocating $47 million in climate research grants handed $10m to a research centre run by one of its members.
Page 5: The nation’s largest childcare group has told the Gillard government its reforms are costing too much to implement and providers need more funding to keep price rises under control.
Page 6: Labor ministers have warned it could take months for the Gillard government to erase the effects of an opposition scare campaign about the carbon tax and begin to turn around Tony Abbott’s commanding lead in public opinion polls.
Business: There were fresh warnings yesterday that Australia’s once-in-a-generation terms of trade numbers produced by the mining boom have peaked and the nation needs to prepare for a long period of slow global economic growth, placing big pressure on the federal budget.
Woolworths’ discount department store Big W is making a major push into online retailing as it seeks to return to sales growth, expanding its internet offering well beyond the in-store experience and inviting increased scrutiny of its pricing credentials.
China's iron ore imports last month recorded their fourth consecutive decline, renewing concerns about slowing demand from the economic powerhouse amid continuing market volatility for miners.
The resources boom has pushed up salaries in regional Western Australia almost 17 per cent above the market average, a Hay Group survey shows.
Institutional investors are urging ANZ to stick to its Asian growth strategy if current chief executive Mike Smith leaves the bank to head Barclays.
Shares in iiNet, the nation’s third-largest internet service provider, have surged in the past week, but speculation that rival broadband supplier TPG could be making a play for it may be wide of the mark.
Domestic business class airfares have hit the lowest point in almost a decade as Qantas and Virgin Australia battle it out for corporate customers.
THE SYDNEY MORNING HERALD:
Page 1: The cost of the federal government scheme that pays workers their entitlements when companies go bankrupt has increased fourfold in the past five years.
Page 2: Darrell Lea has been put into administration after 85 years.
Page 3: The head of the Salvation Army unit involved in the Alcohol and Drug Court says the government's claim that the court was ineffective is wrong.
World: The Egyptian president and his allies say they won't back down on their call to re-instate the disbanded Islamist-dominated parliament.
Business: After 85 years of business, Darrell Lea has just weeks to find a buyer to stave off a financial collapse, which would cost up to 700 jobs.
Sport: Cronulla's Jeremey Smith may hold the key to Luke Lewis's future, with the Sharks believed to be prepared to release him to accommodate the NSW Origin star.
THE DAILY TELEGRAPH:
Page 1: Thomas Kelly, 18, has died after a stranger king hit him in Kings Cross.
Page 2: Dozens of people who are alleged to have committed abuse are still serving in the Australian Defence Force and may have been promoted, a report has found.
Page 3: Sydney's average wage has slumped below the national average for the first time in history.
World: A court has heard that Chelsea and England soccer star John Terry racially abused rival Anton Ferdinand in response to taunts about his alleged affair with a teammate's girlfriend.
Business: Darrell Lea employees were left dumbstruck and in tears after being abruptly told the chocolate retailer had been put into administration.
Sport: The NRL committee will reportedly push for the sport's extra-time field goal to be dumped next year.
THE CANBERRA TIMES:
Page 1: ACT Chief Minister Katy Gallagher is to front another inquiry into the data-doctoring scandal at Canberra Hospital.
Page 2: The ACT government has warned the draft Murray-Darling Basin Plan will cut Canberra's water supply and jeopardise the city's water needs and future growth.
Page 3: Any discord between ACT Labor and the Greens would be confected as an election tactic, the opposition says.
World: Egypt's Islamist-dominated parliament has convened in defiance of the powerful military and the judiciary, following a decree by newly elected President Mohamed Morsi to reinstate the assembly.
Business: Australian icon Darrell Lea has just weeks to find a buyer to avoid a financial collapse that will see up to 700 workers lose their jobs.
Sport: Irish-born ACT Brumbies prop Ruaidhri Murphy has raised his campaign to prove he should be eligible to play for the Australian rugby union test team.