Economy heading for cliff: Chaney – The Fin; New action to stop $35bn gas hub – The Aus; Capacity fears grow for Fremantle Port – The West; Higher iron ore price tipped before tax paid – The Fin; Farmers, activists in live exports protest – The West
Economy heading for cliff: Chaney
Australia is likely to fall off a “growth cliff” when the resources investment boom ends in the next few years because the economy is not becoming more productive, says Michael Chaney, chairman of National Australia Bank and Woodside Petroleum. The Fin
New action to stop $35bn gas hub
Fresh legal action has been launched to stop Woodside’s $35 billion gas hub project at James Price Point, near Broome, which has divided Aboriginal and community groups in Western Australia’s far north. The Aus
Capacity fears grow for Fremantle Port
A surge in container traffic through Fremantle Port has sparked fresh fears that WA's biggest container port will soon run out of spare capacity. The West
Higher iron ore price tipped before tax paid
The minerals resource rent tax is unlikely to be paid until the iron ore price rebounds to about $US140 a tonne, in part due to rising offsets from state royalty payments, under modelling conducted by PwC. The Fin
Farmers, activists in live exports protest
Thousands of protesters on both sides of the live export debate disrupted parts of East Fremantle yesterday as they took the most divisive issue in Australian agriculture to the streets. The West
THE WEST AUSTRALIAN:
Page 1: Thousands of protesters on both sides of the live export debate disrupted parts of East Fremantle yesterday as they took the most divisive issue in Australian agriculture to the streets.
Page 3: WA Police Commissioner Karl O'Callaghan has warned parents that their teenage children may be detained if officers consider them “at risk” at out of control parties, regardless of whether they have committed a crime.
Page 4: Colin Barnett said yesterday he would seek an explanation from the state records office about a missing file of public documents relating to a union slush fund that Julia Gillard helped set up 20 years ago if he received a formal complaint about it.
The number of staff employed by WA's four energy utilities has jumped more than 20 per cent in the past four years, prompting opposition claims of bureaucratic waste as electricity prices rocket.
Page 5: The cost of treating non-melanoma skin cancers will blow out to more than $700 million in 2015 with the price tag hitting at least $65 million in WA alone, according to a study published in the Medical Journal of Australia today.
Page 6: Doctors and nurses from interstate and New Zealand are being flown to hospitals in regional and remote WA to cover short-term vacancies, costing taxpayers more than $40,000 a month.
Perth Lord Mayor Lisa Scaffidi has criticised the state of customer service in Perth after staff at a Mt Lawley bakery refused to sell her a loaf of bread several minutes before the store opened yesterday.
Page 7: Construction is expected to start this week on a $20 million abattoir in the Kimberley, with 50 per cent of it product to be sold in Singapore.
Page 8: The hopes of Wayne Swan and Troy Buswell delivering budget surpluses are under more threat, with new figures showing stubbornly high costs and poor GST collections.
Page 10: Hurry up and stop dawdling on the runway are key messages from a report on the efficiency of Perth Airport and its surrounding airspace.
Page 12: The $12 billion Oakajee port and rail project may be on hold but it will eventually be built, federal Resources Minister Martin Ferguson has declared.
Page 15: The City of Perth has raised concerns about the state government's Burswood stadium plans, warning a proposed footbridge linking the site to East Perth could create chaos for local residents.
Business: A surge in container traffic through Fremantle Port has sparked fresh fears that WA's biggest container port will soon run out of spare capacity.
The drivers of global gold demand are again confused, with bar and coin purchases falling but investment in exchange-traded funds soaring.
Energy & Minerals Australia has ended a long-standing stalemate with note holders after securing support to overhaul the uranium hopeful's capital structure.
THE AUSTRALIAN FINANCIAL REVIEW:
Page 1: Australia is likely to fall off a “growth cliff” when the resources investment boom ends in the next few years because the economy is not becoming more productive, says Michael Chaney, chairman of National Australia Bank and Woodside Petroleum.
Former Qantas Airways finance chief Peter Gregg and venture capitalist Mark Carnegie have held discussions with key investors and unions as they consider a rival plan to challenge chief executive Alan Joyce's strategy for the national carrier.
Labor's poll recovery in recent months may have stalled.
Page 3: The minerals resource rent tax is unlikely to be paid until the iron ore price rebounds to about $US140 a tonne, in part due to rising offsets from state royalty payments, under modelling conducted by PwC.
Page 4: A failure to lift education standards could wipe $1.5 trillion from the economy over the next generation, according to a study to be released today by the federal government, in a bid to intensify pressure on the states to increase school funding.
Page 5: The Coalition has called for Foreign Minister Bob Carr to be pulled into line after he warned that Israel ran the risk of feeding extremism if its response to rocket attacks was disproportionate.
Page 8: Australia will try to build momentum for two regional trade blocs at Asia's premier strategic and economic summit as tension rises between the United States and China over the two groupings.
Page 11: Companies may be forced to structure deals to generate the highest tax possible under tougher anti-tax avoidance laws, advisers warn.
BHP Billiton and Rio Tinto may no longer see the value in mining diamonds, but the gems are raking in strong sales prices.
Page 15: Santos chief executive David Knox has warned that new investment in Australia's liquefied natural gas industry will “dry up” in 2017 unless the country is cost competitive, urging increased collaboration among oil and gas producers to save costs.
Page 17: Japan's Inpex Corporation is in the final stages of tying up record debt financing of up to $US20 billion for its $US34 billion Ichthys liquefied natural gas project in Darwin, despite mounting evidence of massive cost blowouts at several ventures under construction in the region.
Page 18: Local banks have tightened their lending standards over the past six months in reaction to worries about the economy and the health of the property market.
THE AUSTRALIAN:
Page 1: A flood of new sexual-abuse claims against Australian religious institutions has emerged in the six days since Julia Gillard launched a royal commission, but concerns are growing that it risks becoming ‘‘unwieldy’’, as law firms begin advertising for victims wanting compensation.
The nation’s most militant construction union is embroiled in controversy over a fresh wave of industrial guerilla tactics, with allegations of threats to life and property in a bid to widen building industry coverage.
Page 6: The National Native Title Tribunal has admitted a senior executive failed to declare her ownership of a consulting firm that facilitated access to Aboriginal land by mining companies.
Page 7: Fresh legal action has been launched to stop Woodside’s $35 billion gas hub project at James Price Point, near Broome, which has divided Aboriginal and community groups in Western Australia’s far north.
Aboriginal Australians are becoming a burgeoning middle class in a quiet revolution propelled by the mining boom and native title opportunities, says indigenous academic Marcia Langton.
Page 8: Police were forced to keep supporters and opponents of live animal exports apart as two competing rallies almost boiled over and extra officers had to be called in near Fremantle port yesterday.
Business: Stripping the Australian Securities Exchange of its monopoly on post-trade clearing services could lead to a hollowing out of local financial markets and risk the stability of the financial system, chief executive Elmer Funke Kupper has warned.
Increasing cost blowouts at Australia’s major resources projects could dent future investment in the once booming sector, Resources Minister Martin Ferguson has warned, blaming government and industry for not better managing escalating costs.
Graincorp chief executive Alison Watkins has defended the company’s decision to reject US giant Archer Daniels Midland’s $2.7 billion offer, saying the board is confident the proposal materially undervalues GrainCorp.
Pacific Equity Partners, Australia’s biggest private equity firm, has outlined plans to raise up to $3.5 billion for its next fund and is optimistic about acquisition opportunities.
Leighton Holdings shareholders will again be questioning the independence of the construction company, with new board member and former executive of Spanish parent Grupo ACS, Marcelino Fernandez Verdes, set to take over the helm at its German parent Hochtief.
The boss of construction and property giant Lend Lease is upbeat about the prospects of the group’s US-based building business after challenges this year including Hurricane Sandy and a historic overbilling scandal that was settled in court.
THE AGE:
Page 1: Voters united in backing the royal commission on child sex abuse in a Fairfax-Nielsen poll. Experts say the $30 billion urban renewal project at Fishermans Bend could be worse than the Docklands development because the state government is making compromises to lure foreign investors. Missiles blast the Hamas HQ as Israel prepares for ground invasion.
Page 2: Most Australians say carbon tax is not hitting them but they still want it repealed, says poll.
Page 3: Building unions warn an industry superannuation fund its members could desert if it does not reconsider its links with builder Grocon. A magistrate hears how a Melbourne couple had to move to Sydney to escape stalker. The proposed redevelopment of the Queen Victoria Market stalls amid concerns the government may not hand over a key piece of land that could help finance the redevelopment.
World: Israelis staying off the streets of Tel Aviv for fear of rockets from Gaza.
Business: Coal seam gas industry risks future carbon tax liabilities of up to $4 billion a year if fugitive emissions of methane gas is higher than expected.
Sport: The satisfaction of closing out a major tournament steels Adam Scott for future success after winning Australian Masters with final five-under 67.
THE HERALD SUN:
Page 1: Manhunt under way after the body of a woman believed to be Sarah Cafferkey was found in a house in Melbourne's west.
Page 2: Friends of Sarah in shock after woman's body found.
Page 3: Nine Victorian visually impaired cricketers in Australian team to play in India at the world championships. Health insurance to rise by $150 a year, pushing it out of reach for many people.
World: Wave of anger in Egypt over neglected railways as a train crashes into a bus killing 51 children on their way to kindergarten.
Business: Resources Minister Martin Ferguson says Australia took its eye off the ball at the height of the mining boom, letting crucial projects run over cost.
Sport: Adam Scott declares Augusta his next mission after firing a five-under 67 to snatch the Australian Masters.
THE CANBERRA TIMES:
Page 1: Two summers of unprecedented rain has left a large fuel load of grass and unburnt forest areas in and around Canberra.
Page 2: Liberal senator Gary Humphries defends conduct at a Senate estimates hearing on aircraft noise.
Page 3: Most people are unaware religious schools can sack teachers who are gay or who have children outside of marriage, a survey shows.
World: Talks to end five days of violence in Gaza are under way and a deal could be reached "today or tomorrow", according to a senior Palestinian official.
Business: Australia's coal seam gas industry could face future carbon tax liabilities of up to $4 billion a year if "fugitive" emissions of methane from unconventional gas production turn out to be substantially higher than expected.
Sport: The ACT Brumbies will be without Pat McCabe for much of the Super Rugby season due to a neck fracture.
THE ADELAIDE ADVERTISER:
Page 1: Health insurance could be pushed out of reach for many people because funds are set to lift premiums by $150 a year, advocates warn.
Page 3: Parents are not being told about bullying and violent incidents because public school leaders want to protect their image, a government education director says.
World: French opponents of same sex marriage and adoption staged their first major protest at the weekend, rallying more than 100,000 people nationwide and clashing with counter-protesters, prompting police to use tear gas.
Business: Australia took its "eye off the ball" during the heady days of the mining boom letting crucial projects run over cost, Resources Minister Martin Ferguson says.
Sport: Adelaide's high-powered defence of salary cap breaches has been dramatically strengthened by the AFL's crackdown on Carlton's Chris Judd.
