RBA cuts on boom's end – The Fin; Miners to be slugged more for FIFO flights – The West; ASIC slammed over Forrest case – The Aus; Boomers add to budget woes – The West; Posco: We can turn Arrium around – The Fin
RBA cuts on boom's end
The Reserve Bank of Australia's view that the resources investment boom will switch into reverse in mid -2013 has forced it to cut interest rates to near crisis levels to revive currency-stricken industries. The Fin
Miners to be slugged more for FIFO flights
Mining companies are set to be slugged more for flying in the peak morning hours at Perth Airport as part of a bold bid to cut congestion that their fly in fly out workforces create for other travellers. The West
ASIC slammed over Forrest case
The High Court has delivered a stinging rebuke to the Australian Securities & Investments Commission over its legal pursuit of mining magnate Andrew Forrest, finding that the regulator’s case was so complex and confused that it distracted attention from its key allegations. The Aus
Boomers add to budget woes
The imminent retirement of baby boomers will pose radical structural problems for the state budget, squeezing governments' ability to fund major infrastructure amid soaring demand for services and dwindling revenue. The West
Posco: We can turn Arrium around
Korean steel giant Posco believes it can lower the cost of making steel at Arrium in Australia and would consider producing fewer products from the business if it succeeds with a $1 billion takeover offer. The Fin
THE WEST AUSTRALIAN:
Page 1: Home owners are being urged to go on a Christmas spending spree after the Reserve Bank cut interest rates yesterday to their lowest in three years.
Page 6: The imminent retirement of baby boomers will pose radical structural problems for the state budget, squeezing governments' ability to fund major infrastructure amid soaring demand for services and dwindling revenue.
The Reserve Bank gave six reasons for its decision to cut interest rates yesterday – and all are likely to be in play for another rate cut next month.
Page 9: The mayor of Stirling has vowed that council rangers will fine anyone caught drinking at Scarborough beachfront after the first warm weekend of the season was marred by drunken violence.
Page 10: Andrew Forrest has won his six-year legal battle against Australia's corporate regulator after the High Court yesterday cleared the billionaire founder of Fortescue Metals Group of misleading investors.
Page 11: Winter sprinkler bans could be extended into spring if water usage increased to unacceptable levels, Water Minister Bill Marmion has warned.
Page 16: Tony Abbott will continue to appear on Alan Jones' radio show, despite calling his remarks about Julia Gillard's father “wrong, unacceptable and offensive”.
Page 17: Struggling charity Make-A-Wish is launching a major fundraising drive in Perth today after confirming more than 50 seriously ill WA children are on a waiting list to be granted wishes.
Page 26: Rallies will be held in Fremantle and around the nation this week to protest against animal cruelty and the live export trade following reports that Australian sheep were inhumanely slaughtered in Pakistan.
Business: Mining companies are set to be slugged more for flying in the peak morning hours at Perth Airport as part of a bold bid to cut congestion that their fly in fly out workforces create for other travellers.
Austal's chief financial officer has quit the shipbuilder after his role was diminished under a restructure which created more autonomous business units.
While Fortescue Metals Group and Andrew Forrest will be privately celebrating the company's High Court win over the corporate watchdog, the decision has given investors and directors little clarity on corporate governance and continuous disclosure guidelines, according to legal experts.
After more than 16 months holding receivers of his sprawling Devereaux Farm in Bullsbrook at bay, Ric Stowe will have to join a queue of bidders if he is to reclaim his former $50 million family home.
Developer Luke Saraceni scored a small win against the receivers of his Westgem Investments yesterday, weeks ahead of lodging a damages claim against Bankwest for hundreds of millions of dollars.
Former directors and executives of failed timber company Gunns could become the targets of a class action from shareholders.
The slowdown in Australia's retail sector has curbed even the most ambitious landlords, the owners of shopping centres across Australia.
An inquiry into home indemnity insurance arrangements for WA builders has revealed a deep level of dissatisfaction among smaller builders who feel disadvantaged by large premiums and the powerful role played by two remaining providers of compulsory indemnity insurance, according to Master Builders WA.
THE AUSTRALIAN FINANCIAL REVIEW:
Page 1: The Reserve Bank of Australia's view that the resources investment boom will switch into reverse in mid -2013 has forced it to cut interest rates to near crisis levels to revive currency-stricken industries.
Andrew Forrest is free to keep running his Fortescue Metals Group after the High Court said investors were smart enough not to accept as gospel any claims that contracts with China would create “wealth beyond the dreams of avarice”.
Page 3: Kevin Rudd has called for transparency about Labor's cash handouts to General Motors and Ford, hours before the Gillard government fronted court to stop the publication of sensitive briefing memos about its relationship with the local car industry.
Page 4: Compulsory superannuation is failing to provide enough retirement income and appears to have reduced other forms of saving, a new study shows, prompting the nation's biggest accounting body to call for consideration of mandatory annual payments instead of lump sums.
Page 5: Opposition Leader Tony Abbott will not boycott Alan Jones's radio program, declaring he would never ignore a big audience as he condemned the broadcaster's comments about Prime Minister Julia Gillard's deceased father, John.
Page 7: Retail shareholders and super funds have questioned the High Court's view that investors are “sufficiently tough, shrewd and sceptical” to know that “binding” contracts are not really binding.
Page 8: The High Court has grounded a bid by Qantas for a $34 million windfall in goods and services tax, finding the airline must pay the tax on tickets bought by no-show passengers.
Page 10: The major banks have refused to guarantee that they will pass on the official interest rate cut in full, despite signs that funding cost pressures are easing.
Page 13: Former prime minister Kevin Rudd has backed Ross Garnaut's warning of a long and tough China-induced downturn in Australia, predicting “rocky times ahead” after visiting the country last week.
Page 17: Korean steel giant Posco believes it can lower the cost of making steel at Arrium in Australia and would consider producing fewer products from the business if it succeeds with a $1 billion takeover offer.
Nine Entertainment Co chairman Peter Bush is threatening to put the company up for sale if warring lenders cannot strike an agreement over a $3.8 billion restructure within a week.
Page 19: A major shareholder in private explorer Gold and Copper Resources says he is confident Newcrest Mining had erred in claiming it held the correct mining leases to cover all of its $2 billion Cadia East development.
Page 24: Central Petroleum chief executive Richard Cottee is locked in talks for a second, potentially more lucrative exploration deal after confirming yesterday Santos would join it in a $150 million shale oil and gas hunt in the Northern Territory.
THE AUSTRALIAN:
Page 1: The Reserve Bank is calling the end of Australia’s resources boom next year, as mining projects are shelved or cancelled amid growing concern about the downturn in China.
Page 2: Tony Abbott and senior Liberals will continue to appear on Alan Jones’s show amid continued Labor calls for the Sydney talkback radio personality to be pulled off air over the furore surrounding his comments about the death of Julia Gillard’s father.
Page 3: Speaker of the house Peter Slipper will today face the former staffer who accused him of sexual harassment after a Federal Court judge ordered the two into mediation.
Page 5: The Coalition has called for a significant portion of the $100 million being spent by Labor to lock recreational fishers out of marine parks to be redirected to tackle the crown of thorns scourge wreaking havoc on the Great Barrier Reef.
Page 6: Half of the 10 worst-performing postcodes in the nation in terms of mortgage arrears are in coastal areas as speculative developments slump in value and holiday homes are put on the market.
Page 7:The $30 billion in tax breaks for Australia’s compulsory superannuation scheme is failing to take pressure off the age pension and the federal budget as retiring baby boomers take lump-sum entitlements to pay off their mortgages instead of funding their retirement.
The return of mothers to work — not the explosion in family payments — is what drove the surge in middle incomes during the long boom of the Howard era.
Business: Corporate leaders have welcomed the Reserve Bank’s decision to cut official interest rates, but say further easing is urgently needed to boost consumer confidence and stimulate spending.
A slump in global growth and sharp falls in key Australian commodity prices convinced the Reserve Bank to cut interest rates yesterday, a month earlier than economists had expected.
Directors of debt-laden Nine Entertainment have sent a warning letter to key lenders, refusing to rule out putting the group into receivership if new talks are not held within seven days.
Recruitment specialists say Australia should become ‘‘less paranoid’’ about importing labour to deal with the nation’s skills shortage and its two-speed economy.
Posco and Noble Group’s $1 billion tilt at steelmaker and iron ore miner Arrium has resurrected talk that the target could finally merge with its only local competitor, BlueScope Steel.
Central Petroleum chief executive Richard Cottee is aiming to secure a second highprofile joint venture partner in coming months after snaring a $150 million agreement with Adelaide-based Santos.
Qantas plans to expand its freight network and pay down debt following a $400 million deal in which it took full ownership of domestic operator Australian Air Express and sold its 50 per cent stake in ground transport company StarTrack Express.
THE SYDNEY MORNING HERALD:
Page 1: The Reserve Bank has cut interest rates to their lowest point since 2009. Former Labor powerbroker Joe Tripodi is allegedly engaged in unusual money-making schemes. Bulldogs' Mad Monday outburst row continues.
Page 2: An extra $4 billion is needed to fund the north-west rail link. The NSW government should look at ways to reduce fares by holding talks with the private operator of the airport rail line.
Page 3: Australia's next generation of teachers could pass on their own educational shortcomings to pupils, it has been warned. Former prime minister John Howard believes China will embrace democracy.
World: An overnight rescue effort took place after a pleasure boat and a ferry collided in Hong Kong, killing 36 people.
Business: Andrew Forrest has been cleared of misleading investors by the High Court.
Sport: James Graham has been urged to show remorse for the grand final incident that could lead to him being suspended by former Bulldog Brad Morrin.
THE DAILY TELEGRAPH:
Page 1: NSW Premier Barry O'Farrell says nearly $2 billion will be put aside for a new motorway as part of Infrastructure NSW.
Page 2: Advertisement.
Page 3: Trains are threatening to cut the northeast NSW town of Gunnedah in two unless a proposed second rail overpass goes ahead. Steve Irwin's son Robert has fed freshwater crocodiles in public for the first time.
Page 4: Race car legends meet up for a promotional shoot to help promote the 50th anniversary of the Bathurst race.
Page 5: Australia's big four banks should slash rates by the full 25 basis points, it has been claimed.
World: Dozens of people were killed and more left injured after a ferry crash in Hong Kong.
Business: Fortescue Metals Group chairman Andrew Forrest has won a legal battle against the Australian Securities and Investment Commission.
Sport: The Bulldogs are under pressure over sexist comments allegedly made to a female reporter during Mad Monday.
THE AGE:
Page 1: Builders of Victoria's desalination plant blame bad weather and the Fair Work laws for their woes in a billion dollar claim against taxpayers. Stonemason Joe Trovato constructs a lasting plaque for murdered Jill Meagher where her body was found. A growing number of Australians "don't like" Facebook, rejecting its culture of narcissism and self-absorption. University students using academic essays bought on the internet to pass exams.
Page 2: Disgraced jockey Danny Nikolic banned for two years for threatening the state's chief steward.
Page 3: Altona train travellers among the most disgruntled in Melbourne. Five die on the roads in 24 hours. Farming and green groups concerned about the state of the Morwell River after the Yallourn coal mine was allowed to divert floodwater into it after collapse of an artificial bank in June. Tony Abbott and Joe Hockey refuse to abandon Alan Jones but advertiser walkout could cost radio station 2GB $80,000 a day.
World: Pleasure boat trip to watch national day fireworks ends in tragedy in Hong Kong with 36 dead and dozens injured.
Business: Billionaire Andrew Forrest cleared by the High Court of misleading investors and breaking disclosure rules.
Sport: St Kilda to make bid for Gold Coast's Josh Caddy and West Coast defender Mitch Brown after losing Brendon Goddard to Essendon.
THE HERALD SUN:
Page 1: Big banks hold off from cutting interest rates, leaving Australia's four million mortgage holders in limbo. Disgraced jockey Danny Nikolic hit with two year racing ban.
Page 2: Pink in line for a one-off show at the Forum. A mother who threatened to kill her daughter wins right to work with children.
Page 3: Drink-drivers who have lost their licence getting back on the road with electric scooters. Crocodile Hunter's son Bob feeds crocs for the first time in public.
World: 36 dead when ferry sinks in Hong Kong after colliding with another passenger boat during firework celebrations.
Business: Corporate watchdog ASIC loses six year legal battle with mining magnate Andrew Forrest over disclosure rules.
Sport: Saints hoping for a high draft pick after losing free agent Brendon Goddard to Essendon.
Posco: We can turn Arrium around
