Today's Business Headlines

State tax battle erupts

State governments have rejected a demand by federal Treasurer Wayne Swan that they pay for winding back their own inefficient state taxes by lifting property rates rather than be compensated by an increase in the good and services tax. The Fin

Fremantle port workers out on strike

Port workers at Fremantle will strike from this morning after talks between the maritime union and the state government over a new employment deal failed to reach an outcome yesterday. The West

Support for surplus slips among voters

Support for the federal government to abandon its surplus promise has grown, with the latest poll showing a sharp drop-off in those concerned about the need to return the budget to the black this financial year. The Fin

WIN wields axe to lift profit

Bruce Gordon's WIN Corporation has underlined the pressures on free-to-air television, cutting deeper at Channel 9 Perth to offset falling revenue and bolster profits. The West

Fairfax sells 'best asset' to pare debt

Fairfax Media has dumped its stake in New Zealand auction and classifieds site Trade Me as it looks to restructure its struggling print operations at home, pocketing about $615 million from the sale of its remaining 51 per cent stake. The Aus

THE WEST AUSTRALIAN:

Page 3: Drop the defamation case or face two years worth of our intimate secrets being aired in public, Fremantle MP Adele Carles warned former partner Troy Buswell yesterday.

Labor has unveiled its plans for a new rail network for Perth that includes more than 75km of additional rail and 20 stations across the metropolitan area.

Page 8: Surf lifesavers closed four Perth beaches yesterday after a series of shark sightings – but the Department of Fisheries shark hazard response unit did not attend.

Perth's central business district will soon become home to another restaurant and bar precinct after a $15 million redevelopment at the one40william site was approved last week.

Page 9: Port workers at Fremantle will strike from this morning after talks between the maritime union and the state government over a new employment deal failed to reach an outcome yesterday.

Page 11: The RAC wants a radical shake-up of road safety in WA, including returning the portfolio to the Transport Minister's control and better accountability of funding decisions.

Page 12: Wayne Swan has told Troy Buswell and other state treasurers to scrap stamp duty on home sales and consider increased rates or broader land taxes instead.

Business: Bruce Gordon's WIN Corporation has underlined the pressures on free-to-air television, cutting deeper at Channel 9 Perth to offset falling revenue and bolster profits.

Fairfax Media is expected to today announce the sale of its remaining 51 per cent stake in New Zealand auction and classifieds site TradeMe for more than $600 million.

The US Federal Reserve has moved to place big foreign banks under the same regulatory regime it applies to domestic banks, aiming to reduce the risk of a foreign bank collapse hurting the US financial system.

THE AUSTRALIAN FINANCIAL REVIEW:

Page 1: State governments have rejected a demand by federal Treasurer Wayne Swan that they pay for winding back their own inefficient state taxes by lifting property rates rather than be compensated by an increase in the good and services tax.

Support for the federal government to abandon its surplus promise has grown, with the latest poll showing a sharp drop-off in those concerned about the need to return the budget to the black this financial year.

Page 3: Superannuation funds would be encouraged to invest in local council infrastructure projects under a federal government proposal to harness private finance to help overcome a funding shortfall of up to $1.5 billion.

Cash-strapped state governments have put a tight rein on their bidding teams as they vie to host matches for the 2015 Cricket World Cup, the sport's premier tournament.

Page 7: Carbon capture and storage is emerging as a viable technology but needs more public funding to enable it to be widely deployed, the coal industry says, after the commissioning of Australia's first project.

Page 8: Optus has warned it is unlikely to bid for 4G spectrum licences unless prices are lowered, after weekend talks with its parent SingTel.

Page 11: Fairfax Media is close to signing former senior Microsoft executive in Australia, Daniel Petre, and Alison Deans, the former head of eBay Australia and New Zealand, to advise on new digital opportunities after selling a $600 million controlling stake in New Zealand online auction house Trade Me.

Page 13: China Southern plans to challenge Qantas and its oneworld alliance partner LAN Airlines in the growing travel market between Australia and South America, as part of the Chinese carrier's international expansion.

Page 14: Junior oil and gas company Amadeus Energy faces a revitalised future as a US shale-focused growth play if shareholders approve a $117.5 million scrip-based takeover of Texas explorer and producer Lonestar Resources.

THE AUSTRALIAN:

Page 1: Gun control advocates in the US are pressuring Barack Obama to keep his promise of ‘‘meaningful action’’ to crack down on firearms as the nation grieves over the unprecedented shooting massacre of 20 children at a primary school.

Wayne Swan has called on the states to ‘‘do their share of heavy lifting’’ on tax reform and urged treasurers to follow an ACT government move to phase out stamp duties on home sales over time.

Page 2: Foreign Minister Bob Carr has expressed scepticism about the prospect of successful gun restrictions being implemented in the US following the massacre of schoolchildren in Newtown, Connecticut.

Page 6: The national road toll is on track to top last year’s figure of 1277 fatalities, with the nation’s peak motorist organisation labelling the Pacific Highway in NSW and the Bruce Highway in Queensland Australia’s most dangerous roads.

Prime ministers strive to write their names in the history books. For Julia Gillard, Monday, January 14 will be a red-letter day in the annals of Australian politics and will mark a personal milestone.

Optus has accused the Gillard government of asking more than 3½ times the price of comparative jurisdictions for wireless spectrum, as the nation’s No 2 telco actively considers a boycott of next year’s spectrum auction.

The carbon tax is becoming increasingly unpopular with voters and the number of people who strongly disapprove of the policy continues to rise, leaked polling shows.

Business: Fairfax Media has dumped its stake in New Zealand auction and classifieds site Trade Me as it looks to restructure its struggling print operations at home, pocketing about $615 million from the sale of its remaining 51 per cent stake.

Listed Australian companies are set to be hit again on executive remuneration disclosure under new rules outlined by the Gillard government.

As fund managers complain about cost blowouts on major resources projects running into the billions, an 82-year-old computer programmer in Melbourne says he can solve the industry’s cash-flow problems if only it would stop focusing on production volumes.

Jetstar plans to expand its Japanese operations have been temporarily put on hold after a rebuke by the Japan Civil Aviation Bureau over the budget carrier’s compliance with internal engineering procedures.

Etihad will add another $3 million to the Tourism Australia kitty today as part of a $6m deal aimed at bringing more visitors to Australia from the Middle East, Britain and Europe.

Commonwealth Bank has cut deeply into its controversial European base in low-tax Malta, repatriating funds to Australia and liquidating one of its four entities.

THE SYDNEY MORNING HERALD:

Page 1: It appears from a Nielsen poll that Tony Abbott's popularity has sunk to new lows but that the coalition would still win a federal election. There's concern that Australia's gun laws aren't tough enough in the wake of the massacre in the US. The father of one of the kids gunned down in the US school massacre has extended his sympathy to all those touched by the horrific act.

Page 2: Dozens of Aussie teens in Fiji for schoolies were waiting to get out of the country as a cyclone bears down on the small island nation.

Page 3: Charity groups that support people at Christmas say donations are down on the same time last year and that they're doing it tough as a result.

Business: Fairfax is selling its stake in New Zealand auction house Trade Me in a a move expected to yield more than $600 million.

World: All the children who were killed in the US school massacre were shot multiple times with a military-style assault rifle.

Sport: Australian fast bowler Ben Hilfenhaus has withdrawn from the Hobart Test match with a side strain.

THE DAILY TELEGRAPH:

Page 1: Grief is turning to anger in the wake of the US school shooting over the divisive issue of gun control in America.

Page 2: Many ports in Colombo, Sri Lanka become people smuggling hubs at night with asylum seekers headed to Australia.

Page 3: Santas from around the state's shopping centres say many kids this year are wishing for a better world, or gifts for people other than themselves.

Business: Making extra home loan payments is becoming a key focus for Australian savers.

World: Authorities have been scrambling to remove residents from low lying areas of Fiji as a cyclone heads towards the tiny Pacific nation.

Sport: The Australian cricket team's fast bowling casualty ward is full with Ben Hilfenhaus the latest victim.

THE AGE:

Page 1: A father of one of the children slain in US school shooting extends sympathy to all the families involved, including the gunman's. Gillard government gets some votes back in last Neilsen Fairfax poll of the year.

Page 2: Even coalition voters are turned off by Tony Abbott's handling of the AWU slush fund affair. Teachers union says years 7 and 12 students may miss out on orientation camps if pay dispute is not settled. OECD says GST accounts for just 14 per cent of nationwide tax collections, compared with an average of 19 per cent in other wealthy nations.

Page 3: Fraud squad detectives seized documents from the offices of the Victorian Health Services Union last month. Hepburn Spring garden made fireproof with flammable elements separated from each other. Researchers fear technology such as SMS alerts could make some people in fire-prone areas shirk responsibility for their own safety. Christmas charity for welfare organisations on the slide as demand for emergency relief soars.

World: Murdered schoolchildren were shot several times by crazed gunman.

Business: Fairfax sells remaining stake in Trade Me to pay down debt.

Sport: Australia's fast bowling depth threatened as Ben Hilfenhaus becomes the latest paceman to break down.

THE CANBERRA TIMES:

Page 1: Public servant injured while having sex on a work trip has won compensation.

Page 2: States push for extension of GST.

Page 3: Schoolies left stranded in Fiji before cyclone.

World: Hoax nurse's body back home in India.

Business Indonesian partners play mining shell game with Intrepid.

Sport: Hilfenhaus injury adds to Test squad's bowling woes.