End-of-boom talk 'spooks' WA companies – The Fin; Labor to turn up heat on Abbott – The Aus; Banks to keep back $900m for Bell – The West; Animals abused in Israeli abattoir – The Aus; Alarm at low school results – The West
End-of-boom talk 'spooks' WA companies
Western Australia's business community has become the most pessimistic in the nation after falls in commodity prices and orders, but the state government says the mining investment boom will have a lasting legacy. The Fin
Labor to turn up heat on Abbott
Labor will take the blowtorch to Tony Abbott’s economic credentials, his ‘‘blood pledge’’ to roll back the carbon tax and the Coalition’s industrial relations agenda as the government seeks to rebuild momentum ahead of the election next year. The Aus
Banks to keep back $900m for Bell
A syndicate of 20 global banks, including Westpac, CBA and NAB, has agreed to keep $900 million in a trust account in case they lose a High Court appeal in the long-running dispute over the collapse of Alan Bond's Bell Group. The West
Animals abused in Israeli abattoir
The row over live animal exports is to flare again after new footage revealed mistreatment of sheep and cattle at an Israeli abattoir that was cleared by auditors to receive Australian stock. The Aus
Alarm at low school results
More than a quarter of WA Year 4 students fail to reach minimum literacy standards and are “flat-lining” in maths and science, an international comparison of school tests has found. The West
THE WEST AUSTRALIAN:
Page 3: More than a quarter of WA Year 4 students fail to reach minimum literacy standards and are “flat-lining” in maths and science, an international comparison of school tests has found.
Page 4: Perth will not bid to host a leg of the revamped Red Bull air race series, leaving Victoria and Queensland as Australia's most likely hosts.
Julia Gillard has shrugged off Labor's slump in the polls, vowing to make next year's election a contest of “policy muscle” between her and Tony Abbott.
Page 6: Sea levels in Perth appear to be rising faster than elsewhere because the city's heavy reliance on groundwater is causing it to sink, scientists believe.
Water bills will be issued every two months instead of only twice a year under changes aimed at making it easier for people to pay increasing water charges.
More than eight of 10 would-be taxi drivers fail their registration test on the first try after being unable to pas the Department of Transport's geography exam.
Page 11: The future of Australia's live export industry is again under a cloud after Israeli workers were filmed cruelly abusing sheep and cattle at an abattoir just weeks after it was approved under the federal government's animal welfare guidelines.
Page 13: A Papua New Guinea oil and gas venture supported by $333 million of Australian taxpayer money has been linked to violent deaths and tensions that could lead to wide-spread fighting.
Page 16: The state government should consider placing a levy on power bills to pay for free ambulances for all West Australians, according to two national health groups.
The Shire of Ashburton in the Pilbara has been suspended for six months, with councillors ordered to have governance training.
Page 19: Resources companies have resorted to housing workers on boats as the Pilbara's accommodation crisis worsens.
Pilbara employers want to bring in potentially thousands of skilled and semi-skilled foreigners to work for local councils and small businesses, including as waiters, fast food staff and store hands.
Business: A syndicate of 20 global banks, including Westpac, CBA and NAB, has agreed to keep $900 million in a trust account in case they lose a High Court appeal in the long-running dispute over the collapse of Alan Bond's Bell Group.
Woodside Petroleum chief executive Peter Coleman says it would be foolhardy to only focus on productivity improvements Australia's oil and gas construction sites, declaring that about 30 per cent of his companies costs were tied up in white collar workers compounded by excessive regulatory red tape.
The Pastoralists and Graziers Association believes there is light at the end of the tunnel for WA livestock producers, despite the release of a bleak economic forecast yesterday.
Market darling Sirius Resources has expanded its book, taking on a chunk of international investors in a $44 million capital raising announced to the market yesterday.
Iron ore imports by China, the world's biggest buyer of the steelmaking raw material, surged to the second-highest on record in November amid higher alloy production and expectation some local mines may shut in winter.
Faced with falling investor confidence since it returned to the market last week after a capital raising and amid revelations its operating cost forecasts had blown out, Gindalbie Metals directors have been soaking up shares on the market in the hope their example will restore some investor faith in the company.
Construction has started on an $85 million office building in the Herdsman Business Park, to be build over the next 18 months without leasing pre-commitments from tenants.
THE AUSTRALIAN FINANCIAL REVIEW:
Page 1: Australia's submarines are far less reliable than similar fleets overseas, according to a highly critical independent review that may kill off the option of building an updated version of the Collins class in South Australia.
Western Australia's business community has become the most pessimistic in the nation due to worries the mining sector is losing steam as an engine of growth.
Qantas Airways chief executive Alan Joyce is pushing a more aggressive Asian strategy and plans to deploy more aircraft from Australian routes to the region fitted out with an upgraded international business class.
Australian year four students' reading skills rank 27th internationally and nearly one in four students have substantial literacy problems, according to a surprising new study that illustrates how difficult it will be for the federal government to lift the school system into the top five globally.
Page 3: Western Australia's business community has become the most pessimistic in the nation after falls in commodity prices and orders, but the state government says the mining investment boom will have a lasting legacy.
Page 4: West Australian Treasurer Troy Buswell's decision to sue his ex-girlfriend is a political stunt, according to the woman, WA independent MP Adele Carles.
Page 5: A year-ending poll slump for the Gillard government has rekindled hopes among Kevin Rudd supporters of a leadership change before next year's election, although they concede the chances are slim.
Reserve Bank of Australia governor Glenn Stevens has reopened the debate about whether interest rates should be used to restrain potential credit-fuelled property booms with rises or kept in reserve to clean up the mess after a bust with cuts.
Page 9: Almost 300 farmers have left the land each month in the past 30 years, resulting in a 40 per cent drop in their number as some small landholders sold to bigger producers and drought forced others to quit.
Page 11: Google avoided about $US2 billion in worldwide income taxes in 2011 by shifting $9.8 billion in revenue into a Bermuda shell company, almost double the total from three years before.
Page 13: Lynas Corporation chairman Nick Curtis has moved to reassure investors the rare earths miner remains “legal” in Malaysia, despite concerns the company could breach conditions of its operating licence in the country.
The vehicle Nathan Tinkler had intended to use to invest $28.4 million in Queensland coal developer Blackwood Corp has realisable assets of just $1, the mining magnate has told liquidators.
Page 15: Woodiside Petroleum chief executive Peter Coleman says its new $1.3 billion Israeli joint venture is a reminder that companies will move their capital to overseas jurisdictions when the cost of doing business in Australia rises.
Page 20: Leighton Holdings aims to seal an acquisition of Macmahon Holdings' construction operations for less than $100 million before other contractors get a chance to express interest in the business.
THE AUSTRALIAN:
Page 1: Australian primary school students have scored the lowest of any English-speaking nation in an international test of reading, shocking education experts who have questioned the standard of teacher training and quality of teaching in the classroom.
Just one in four homes where the National Broadband Network has been operating for more than 12 months has signed up for the lightning-fast service.
Fair Work Australia has been forced to slash spending by $7 million, cutting 48 jobs, reducing research, chopping branches and dropping use of a centralised call centre in a bid to break even this financial year.
Page 2: Labor will take the blowtorch to Tony Abbott’s economic credentials, his ‘‘blood pledge’’ to roll back the carbon tax and the Coalition’s industrial relations agenda as the government seeks to rebuild momentum ahead of the election next year.
Julia Gillard has likened the government’s agenda on schools reform, the National Broadband Network and the carbon price to the Whitlam’s government’s recognition of China as a ‘‘common sense’’ reform that will help build for the nation’s future.
Australia will use its foreign aid program to deliver its share of a $100 billion global fund to tackle climate change, risking criticism from developing nations that do not want new commitments to redirect existing aid.
Page 3: The row over live animal exports is to flare again after new footage revealed mistreatment of sheep and cattle at an Israeli abattoir that was cleared by auditors to receive Australian stock.
The broadcaster responsible for a radio prank blamed for the death of London nurse Jacintha Saldanha will donate its profits until the end of the year to a fund for her family, starting with $500,000.
Page 4: Workers from the ranks of the long-term unemployed would be given targeted training to fit the needs of employers, in an overhaul of the employment regime to be launched today by the Gillard government.
A defiant Adele Carles had not removed strong allegations about West Australian Treasurer Troy Buswell from her Twitter account last night, despite being served with a writ that threatens to drag out the dispute between the former lovers.
Page 6: Treasury has estimated the cost of implementing and administering the new mining tax as well as the existing and extended petroleum resource rent tax at more than $60 million for the three years to the end of next year.
Business confidence plunged and order books dwindled to GFC lows last month, pointing to job losses and increasing the chance of a February interest rate cut, a new survey shows.
Business: Echo Entertainment will today announce the surprise appointment of an internal candidate as its new chief executive, with non-executive director John Redmond to assume the top job at the casino group.
BHP Billiton has quietly relocated the team responsible for its interests in the Bass Strait to Perth, further eroding its presence in its historical home town of Melbourne.
Woodside Petroleum has struck an exploration deal in Myanmar with a local tycoon who worked with notorious former dictator Ne Win and was hit with US sanctions in 2008 because of his alleged close links to the country’s military regime.
Steelmaker and iron ore miner Arrium is considering expansions that could grow a key minerals processing business by more than 20 per cent over the next five years through plants in Canada, Brazil and Peru.
The cost blowouts and delays being reported by LNG developers with little to no experience in either LNG or Australia are damaging the investment reputation of both the country and Woodside Petroleum, the company’s chief executive, Peter Coleman, has warned.
Lynas has again been forced to defend its Malaysian rare-earths processing plant after comments from Malaysian government ministers suggested it could lose its operating licence if waste from the facility was not exported.
Analysts are divided over the prospect of Leighton Holdings taking on the construction arm of Macmahon Holdings, as the embattled contractor was last night continuing negotiations with its bankers ahead of an announcement of the deal and an associated equity raising.
Hiring intentions in the mining and construction industry are set to slump significantly next year, with the outlook for the sector dropping to its lowest forecast since the global financial crisis.
Virgin Australia is moving closer to relocating its headquarters from Brisbane to Sydney.
Downer EDI has reiterated guidance for its underlying earnings next year, despite agreeing to settle a long contract dispute in Singapore.
THE SYDNEY MORNING HERALD:
Page 1: Sydney's Darling Harbour will be transformed under $1 billion plan. Australian schoolchildren are lagging behind students in developing countries when it comes to reading. After NSW health workers were told not to call each other "mate" or "sweetie", readers have shared their thoughts about terms of endearment.
Page 2: A director at White Energy has told a corruption inquiry he is unable to recall conversations, emails, letters or meetings during a witness box grilling.
Page 3: Coalition transport spokesman Warren Truss says it is time for Sydney to decide where the city's second airport should be and has suggested Badgerys Creek as the most suitable place.
Business: The Australian stock market is on track to close at a peak for 2012.
World: Singapore has denied entry to 40 rescued asylum seekers.
Sport: Phillip Hughes will make his Test return. Page 1: Sydney's Darling Harbour will be transformed under $1 billion plan. Australian schoolchildren are lagging behind students in developing countries when it comes to reading. After NSW health workers were told not to call each other "mate" or "sweetie", readers have shared their thoughts about terms of endearment.
Page 2: A director at White Energy has told a corruption inquiry he is unable to recall conversations, emails, letters or meetings during a witness box grilling.
Page 3: Coalition transport spokesman Warren Truss says it is time for Sydney to decide where the city's second airport should be and has suggested Badgerys Creek as the most suitable place.
Business: The Australian stock market is on track to close at a peak for 2012.
World: Singapore has denied entry to 40 rescued asylum seekers.
Sport: Phillip Hughes will make his Test return.
THE DAILY TELEGRAPH:
Page 1: Sydney's Darling Harbour will be transformed under $1 billion plan. Australian schoolchildren are lagging behind students in developing countries when it comes to reading. After NSW health workers were told not to call each other "mate" or "sweetie", readers have shared their thoughts about terms of endearment.
Page 2: A director at White Energy has told a corruption inquiry he is unable to recall conversations, emails, letters or meetings during a witness box grilling.
Page 3: Coalition transport spokesman Warren Truss says it is time for Sydney to decide where the city's second airport should be and has suggested Badgerys Creek as the most suitable place.
Business: The Australian stock market is on track to close at a peak for 2012.
World: Singapore has denied entry to 40 rescued asylum seekers.
Sport: Phillip Hughes will make his Test return.
THE AGE:
Page 1: Prime Minister Julia Gillard's goal for Australia to be in top five of schooling in the world by 2025 in pieces after disastrous results in the latest international reading, maths and science tests. An increase in deaths on the road for older bikies. Former judge warns family law disputes could turn into slanging matches if parents forced to cross-examine each other. New AWU slush fund revealed that supports the political activities of a Right faction sub-group within the ALP.
Page 2: 2Day FM says it will donate all advertising revenue for the rest of the year to a fund for the family of Jacintha Saldanha, the UK nurse who killed herself after the tragic royal prank phone call. Two Fairfax Media journalists vow not to reveal their sources if subpoenaed over story on alleged corruption at the Reserve Banks note-printing companies.
Page 3: Victorian Ombudsman is searing in his criticism of the Baillieu government's integrity regime after appointment of an inaugural anti-corruption boss. Fraud involving Australian credit cards, debit cards and cheques falls from $302 million to $285 million in last financial year. Labor blocks Auditor-General report that criticises the former Brumby government.
World: Rebel Syrian groups defying US by pledging their allegiance to a group that is designated a terrorist organisation.
Business: Australian stocks surge to their highest point in 2012 ahead of a predicted stimulus from the US Federal Reserve.
Sport: Sri Lanka thinks Australia's pace advantage in the Hobart Test could be nullified by bowling conditions.
THE HERALD SUN:
Page 1: New legislation to ensure that vicious thugs get minimum four years jail on new crackdown on violence.
Page 2: The brother of missing jail boss David Prideaux has dismissed alleged sightings in Broome and says he died on the mountain where he vanished. Australian students are trailing overseas counterparts in reading literacy.
Page 3: Before even turning on a light switch, Victorian households will have to find $440 a year as high power prices hit. J Lo says she sings and dances - live!
World: Belfast police firebombed by Loyalists.
Business: The bulls are back with investors pushing the ASX to its highest level in almost 18 months.
Sport: Former assistant coach David King says Tigers should be aiming for a top four place next season.