Today's Business Headlines

$1.5bn tax shortfall sinks surplus hope

The mining industry says the government should have expected the proceeds from the mining tax to be highly volatile, with an estimate by Deloitte Access Economics today suggesting it will add no more than a net $500 million to the budget bottom line this year. The Aus

Mid-tier miners set for China rewards

Australia's mid-tier miners are well-placed to benefit from any economic stimulus by China's incoming leadership, despite being hit by falling prices, despite being hit by falling prices and rising costs over the past year, according to a major study of the sector. The West

Online GST reprieve for local retailers

The federal government's GST review is expected to recommend expanding the GST net to catch $4.2 billion in online sales, in a bid to shore up collapsing federal tax revenues. The Fin

Equity raising hurt business: Goyder

Wesfarmers managing director Richard Goyder has questioned the conglomerate's decision to conduct two critical equity raisings during the global financial crisis after a $19.3 billion splurge on Coles Group. The Fin

Anglogold spin-off to rival Newcrest

The head of the $14 billion goldmining giant AngloGold Ashanti has flagged a potential spin-off of its Australian assets into a locally listed vehicle after testing the waters in a series of meetings with investors last week. The Aus

THE WEST AUSTRALIAN:

Page 3: Cottesloe's well-heeled are putting in Perth's longest hours at work, with new figures from the 2011 Census showing almost a quarter of working people in the suburb spent at least 49 hours a week doing their job.

Page 6: The federal budget was in deficit before the ink on the latest update was dry, one of the nation;s leading forecasters has warned, saying the budget won't move back into black for at least two more years.

Former Primer Minister Kevin Rudd says the Greens are opportunistic for proposing changes to the mining tax that advocate elements of his original design for the tax that cost him his leadership.

Page 7: A veteran surf lifesaver has called on the state government to cancel abalone hunts in rough weather after a man was lost at sea and at least 17 people were rescued on the first day of the abalone season yesterday.

Page 9: The snapped overhead power line that crippled Perth's rail network last month was the result of sub-standard training among inspectors, which will cause more emergencies if unchecked, WA's rail union says.

Page 10: President Barack Obama and opponent Mitt Romney have darted across the US in an 11th-hour blitz for votes ahead of tomorrow's election.

Page 18: The state government is demanding answers from Perth Airport on a range of issues including plans and the timeline for a third runway as its commitment to an integrated international and domestic terminal.

Business: Australia's mid-tier miners are well-placed to benefit from any economic stimulus by China's incoming leadership, despite being hit by falling prices, despite being hit by falling prices and rising costs over the past year, according to a major study of the sector.

The Australian Taxation Office is preparing to take its battle with former Perth socialite Radhika Oswal to her new home in Dubai as it tries to kick off litigation alleging she has tried to defraud her creditors.

Virgin Australia's proposed takeover of Skywest and Tiger Airways will be good for Virgin but at the expense of competition for consumers, the corporate watchdog says.

With its bid to win a large stake in Noble Mineral Resources teetering, China's Zhongrun Mining Investment has gone on a charm offensive, taking the rare step of making senior executives and management available to defend their offer and talk up the company.

After a share price spike of more than 120 per cent in less than four months, Perth-based copper hopeful Avanco Resources is one of a number of Brazil-focused junior explorers catching the eye of investors in the later half of this year.

THE AUSTRALIAN FINANCIAL REVIEW:

Page 1: The federal government's GST review is expected to recommend expanding the GST net to catch $4.2 billion in online sales, in a bid to shore up collapsing federal tax revenues.

Barack Obama and his Republican rival Mitt Romney have adopted a harsher tone in the final days of the 2012 American election campaign that remains too close to call.

Australian car makers and dealers have overstated the health of their industry by creating a ghost fleet of up to 16,000 vehicles that are counted as new car sales but in fact sit idle before being sold into the used car market.

Page 2: The major accounting firms have admitted that their auditors are failing to question boards or companies when confronted with incomplete information or gaps in books and records.

Page 3: The federal government's energy white paper is expected to push the benefits of more deregulation and privatisation of the energy supply industry owned by state governments.

Page 4: In a co-ordinated strategy, Prime Minister Julia Gillard and Treasurer Wayne Swan are using two major international platforms to promote Australia's economic record as an example that other developed nations should be following.

Page 5: The Minerals Council of Australia said a Greens call to renegotiate the mining tax would cost jobs and threaten investment.

Page 6: The controversy surrounding the Prime Minister's role in a 1990s union corruption scandal has intensified, with growing calls from the opposition for Ms Gillard to make a statement to Parliament.

A former candidate for one of Western Australia's most prominent union roles is seeking a court order to halt the impending election at the WA arm of the Construction Forestry Mining and Energy Union.

Page 7: The privileged status of the billion-dollar clubs industry could be abolished, tax breaks for hospital employees curbed and deductions for donations capped if reforms in a Treasury paper are adopted.

Page 15: Wesfarmers managing director Richard Goyder has questioned the conglomerate's decision to conduct two critical equity raisings during the global financial crisis after a $19.3 billion splurge on Coles Group.

Page 18: China's leadership transition will provide the catalyst for a resurgence among mid-tier miners, the authors of a new report on the sector predict.

Takeover target Arrium is confident that its $598 million iron ore mining expansion will arrive on time and on budget by December, with the expanded sales expected to easily offset any decline in prices for the steelmaking commodity.

THE AUSTRALIAN:

'Page 1: The Asian Century white paper is a missed opportunity to unambiguously welcome the peaceful rise of China and explore ‘‘in depth’’ Australia’s changing relationship with Beijing and Washington, one of the nation’s most respected diplomats and regional experts has warned.

The mining industry says the government should have expected the proceeds from the mining tax to be highly volatile, with an estimate by Deloitte Access Economics today suggesting it will add no more than a net $500 million to the budget bottom line this year.

Page 2: Former Australian Democrats leader Meg Lees, who brokered the deal with the Howard government to pass the GST, has joined calls for the tax to be reviewed.

Kevin Rudd has appointed himself Australia’s diplomat-at-large in Asia and called for the business community to take more responsibility in realising the objectives in Labor’s new white paper on regional engagement.

Julia Gillard will assure Asian business leaders and business executives today that her new foreign policy white paper will ensure greater integration with the region, as she faces scepticism about the blueprint’s lofty goals.

Page 3: As many as 100,000 Australian children younger than four are at risk of harmful blood lead levels, prompting calls for new national guidelines.

Page 4: The Coalition has demanded Julia Gillard offer a full parliamentary explanation over her involvement in a union slush fund she helped create in 1992 for her then boyfriend, union boss Bruce Wilson, to clarify whether she may have misled parliament.

The Greens have flagged a back-to-basics federal election campaign, seeking to lift their poor polling by jettisoning controversial stands and focusing on their traditional environmental strengths.

Page 7: Labor has been warned lives could be at risk from companies substituting expensive non-flammable refrigerants with cheaper, but potentially explosive, hydrocarbons that are exempt from its carbon tax.

Business: The head of the $14 billion goldmining giant AngloGold Ashanti has flagged a potential spin-off of its Australian assets into a locally listed vehicle after testing the waters in a series of meetings with investors last week.

Fresh from the lashings of last week’s Superstorm Sandy, Wall Street took a battering over the weekend amid renewed fears about the US economy.

The Australian Securities & Investments Commission has finalised rules that could see the introduction of ‘‘kill switches’’ at stockbrokers to guard against sudden and untoward market movements caused by automated share trading.

Australian mining deal flows have slumped this year as a slowdown in China and uncertainty in the developed world hit the confidence of potential buyers.

Gold giant Newmont Mining has shelved an already-started $US450 million expansion of its Tanami mine in the Northern Territory and cut production forecasts at its big Boddington mine in Western Australia after operational problems.

National Australia Bank chief executive Cameron Clyne has blamed a 30-year low in business credit for the group’s faltering business bank division.

THE SYDNEY MORNING HERALD:

Page 1: Australia had an attack of last minute cold feet about the historic announcement that US Marines were to be based in Darwin and suggested a delay until after Barack Obama's visit last year.

Page 2: A plan to use the Harbour Bridge as a giant backdrop for the Vivid Sydney festival has been proposed, showcasing an expansion of the light show across two central business districts.

Page 3: Up to 100,000 young Australian children could have dangerously high lead levels in their blood, leading health experts believe.

World: Polls show Barack Obama has a tiny but consistent winning edge over Mitt Romney.

Business: Unit-holders in BrisConnections have been warned their equity is at risk after the group's bankers appointed insolvency experts PPB Advisory to review the troubled toll road builder's business on Friday.

Sport: Victoria's Rob Quiney is in line for a stunning Test debut at the Gabba on Friday after being called up as cover for injured allrounder Shane Watson.

THE DAILY TELEGRAPH:

Page 1: A poll's found a majority of people don't believe Julia Gillard's account of the role she played in the coup that ousted Kevin Rudd as PM.

Page 2: Two thirds of voters think Julia Gillard lied about her role in the political assassination of Kevin Rudd and the majority are determined to see him returned to the leadership.

Page 3: The Make-a-Wish Foundation is facing a cash crisis.

World: The BBC program Newsnight has claimed that a leading politician from the Thatcher years was embroiled in a widespread pedophile ring, and repeatedly raped boys from a children's home.

Business: Startups are being targeted for the next wave of business lending growth.

Sport: Shane Watson has all but conceded he won't be fit for Friday's first Test against South Africa.

THE AGE:

Page 1: Treasury sums shows the coalition's tax policies will cost Australian businesses $4.57 billion in their first full year of operation. Sheikhs mix with the ordinary folk in the early morning training at the Werribee international horse centre. Australia had last-minute cold feet about the announcement that US Marines were to be sent to Darwin. President Barack Obama has the slimmest of leads in the last days of the US election campaign.

Page 2: Supreme Court backs County Court judge over DPP complaint that he had tried to thwart the state government's abolition last year of suspended prison sentences for serious crimes. Home renovations could be putting kids at risk because of toxic lead paint.

Page 3: Transport safety boss says the truck involved in a fatal crash with a Melbourne train appears to have driven through the level crossing boom gates. New anti-smoking campaign targets pregnant women and indigenous Australians. Royal couple to attend Melbourne Cup but little chance for the public to see them on their flying visit. Resort operator puts forward a plan to build a golf course near Uluru.

World: Power lights up New York but there is still a shortage of petrol in the wake of superstorm Sandy.

Business: Australia's $80 billion Future Fund has spent almost $1 billion in fees in the past year, more than double what was previously disclosed.

Sport: Bart's got two rank outsiders but he still rates himself a chance to win his 13th Melbourne Cup.

THE HERALD SUN:

Page 1: Victoria's top highway patrol cop wants tough new laws to ban mobile phones in cars after new figures show more than 55,000 motorists were booked for using phones while driving last year. Parents give life-saving kidneys to their two boys.

Page 2: Celebrating the Melbourne Cup Carnival in style with champagne flowing.

Page 3: US actress Mischa Barton meets up with 2000 Melbourne Cup winner Brew. Crowd of 50,000 expected at city's Melbourne Cup parade.

World: Barack Obama and Mitt Romney barnstorm the swing states looking for vital votes as US presidential election enters last two days.

Business: PricewaterhouseCoopers study finds mid-tier miners will come out ahead if they can weather the sector turbulence.

Sport: Provincial jockey Rhys McLeod says he and local stayer Ethiopia can do a David and Goliath act on the Melbourne Cup international field.

THE ADELAIDE ADVERTISER:

Page 1: A poll shows voters want Kevin Rudd returned to the leadership and Tony Abbott replaced by Malcolm Turnbull.

Page 3: A convicted paedophile at the centre of allegations of a sex abuse cover-up at an Adelaide school was involved with Scouts SA for 20 years before his arrest.

World: Two people have been killed and 10 others wounded in a suicide attack outside a hotel restaurant in Mogadishu.

Business: A brighter future awaits Australian mid-tier miners who are able to navigate through the current sector turbulence, according to new research.

Sport: Dunaden and Americain will need to achieve something that has proved beyond all other international starters if either is to carry their big weight and win a second Melbourne Cup at Flemington tomorrow.