Today's Business Headlines

Election cash trap

Colin Barnett and Opposition Leader Mark McGowan face abandoning major promises after the state election with forecasts suggesting the WA economy has peaked with less cash flowing into Treasury coffers. The West

Treasury boss slams door on GST reform

Treasury secretary Martin Parkinson has told the states and territories that there will be no substantive reforms to the system that distributes the goods and services tax after a review process that has exceeded 18 months. The Fin

Business fights to keep out unions that visit often

Employers are urging the Gillard government to boost the powers of the Fair Work Commission to tackle the alleged abuse by unions of national rules relating to entry into workplaces. The Aus

Alinta boss says WA's gas policy is working

One of the state's biggest industrial buyers of gas has broken ranks with other major local firms and declared the worst of WA's rising gas prices over. The West

Switch is on from bonds to shares

Investors may have reached a turning point in global financial markets, as billions of dollars that have been locked up in safe government bonds for years start flowing back into riskier assets such as shares. The Fin

THE WEST AUSTRALIAN:

Page 1: Colin Barnett and Opposition Leader Mark McGowan face abandoning major promises after the state election with forecasts suggesting the WA economy has peaked with less cash flowing into Treasury coffers.

Page 3: The state government is again on a collision course with the AFL over an international rugby fixture at Patersons Stadium in September.

Page 6: Mark McGowan said the state election would be referendum on priorities as he declared Labor's campaign “officially on” yesterday.

Premier Colin Barnett has announced the creation of a massive reserve along the Kimberley coast on the same day he said the James Price Point gas hub would need only about 1km of beachfront.

Page 9: A small public school in the South West (Denmark High School) was the most successful at getting its students into their first choice of university course.

Page 11: Music fans hankering for a proper Big Day Out got their supersized festival yesterday as about 35,000 people flooded Claremont Showground for the 20^th instalment of the national rock roadshow.

Page 14: WA hospitals have 23 fewer new doctors this year than planned after only nine of the 32 promised federally funded intern places were taken up.

Page 16: A plan to transform Lake Kununurra into a game fishing paradise has reached a key milestone with the first of more than 500,000 baby barramundi released into the lake as part of a restocking project.

Page 18: A WA farmer is preparing to shoot thousands of sheep he cannot sell because of restrictions on exports.

Business: One of the state's biggest industrial buyers of gas has broken ranks with other major local firms and declared the worst of WA's rising gas prices over.

WA's biggest milk processors have defended their role in the dairy industry crisis, saying they have lifted farm gate prices in the past 12 months.

Business and professional groups have renewed calls for the abolishment of the rule allowing 100 shareholders to call a company meeting regardless of how many shares they own.

Company promoter Stuart Adrian Corp has ailed to legally nail his high-powered defence team for his 2007 conviction and jailing over alleged secret links to tax haven trust companies.

The Australian chief of the world's third-biggest gold miner, AngloGold Ashanti, has joined the chorus complaining about WA's high cost resources industry, admitting it had to source goods in China to help keep the costs of its Tropicana project down.

THE AUSTRALIAN FINANCIAL REVIEW:

Page 1: Federal Labor risks losing at least 18 seats at this year's election, according to a comprehensive poll of the nation's 54 most marginal seats.

Investors may have reached a turning point in global financial markets, as billions of dollars that have been locked up in safe government bonds for years start flowing back into riskier assets such as shares.

Treasury secretary Martin Parkinson has told the states and territories that there will be no substantive reforms to the system that distributes the goods and services tax after a review process that has exceeded 18 months.

Page 3: Prime Minister Julia Gillard is under renewed pressure to intervene on behalf of two Australian businessmen detained in Dubai for more than four years, this time from federal independent MPs Rob Oakeshott and Tony Windsor.

Page 4: The federal Coalition is reserving the right to abandon its own promise to return the budget to surplus, stressing repeatedly that its pledge is based only on the most recently published budget figures.

Page 5: The Gillard government's carbon tax has driven up energy costs by 14.5 per cent in its first six months, a business survey says, reigniting debate about whether the impost is doing more damage to the economy than intended.

Page 8: West Australian Labor leader Mark McGowan has labelled Premier Colin Barnett arrogant and out of touch as he launched his campaign for the state election on March 9.

Page 9: Tax breaks for infrastructure bonds and new incentives for public private partnerships are part of a Coalition plan to leverage new investment in nation-building projects and public assets such as hospitals.

Page 11: The Australian Securities Exchange could be spared the full force of competition in the clearing of sharemarket trades as regulators consider asking international groups to base some of their operations within Australia in a move which may limit the emergence of new rivals.

The chief of one of Australia's largest apparel chains, Specialty Fashion, has urged retailers to alter their business models rather than hope for a cyclical recovery in sales.

Page 13: Strong sales of fresh food and liquor, higher prices for grocery staples and rising petrol discounts have set the tills ringing at Woolworths and Coles, which are expected to report their strongest sales growth for more than a year this week.

Page 18: Mitsubishi does not expect to approve construction of the stalled $5.9 billion Oakajee Port and Rail project in Western Australia for at least another year, further delaying the development of the mid-west iron ore region.

THE AUSTRALIAN:

Page 1: An emergency airlift became the last hope for hundreds of people trapped in surging floodwaters in the Queensland town of Bundaberg as the rolling crisis engulfed a second state and victims of the 2011 floods braced for further heartache.

Employers are urging the Gillard government to boost the powers of the Fair Work Commission to tackle the alleged abuse by unions of national rules relating to entry into workplaces.

Page 2: PremierCampbell Newman yesterday said a reintroduction of the 2011 levy might have to be considered to cover the repair bill from the widespread flooding and storms that have hit south and central Queensland.

Page 4: Australian companies are ramping up their investments in China as they express renewed confidence about the nation’s economic growth while also warning of tougher competition from Chinese rivals.

Tony Abbott’s push for a surplus reflects what most voters want even if a minority thought the government should have persevered with one this year.

Employers are struggling to pass on the cost burden of the carbon tax amid a 14.5 per cent rise in their energy bills in the opening months of Labor’s climate scheme, with food manufacturers the hardest hit.

Page 5: West Australian Labor’s central line of attack in the final 40 days of the state election campaign will be that Colin Barnett has the wrong priorities, does not care, is arrogant and out of touch.

Page 6: Communications Minister Stephen Conroy’s department has been forced to change procedures after placing ghost-written articles lauding the NBN in newspapers and magazines around the country.

Business: Retail, insurance and tourism businesses are likely to be among the hardest hit from Cyclone Oswald and flooding that continues to ravage large parts of Queensland.

James Packer’s Crown group is embroiled in a multi-million dollar legal battle in the US involving the failed $2.9 billion Fontainebleau casino in Las Vegas that could have implications for his Sydney casino ambitions.

Australia and other gas-exporting nations stand to lose billions of dollars if large-scale US gas exports are approved, according to oil giant ExxonMobil, which has stepped up pressure on the US government to take the economic benefits for itself.

Some of the country’s largest office landlords and developers are bracing for possible flood damage to their buildings after pumps were unable to cope with the amount of water pouring into the basements and car parks of skyscrapers along Brisbane’s riverfront.

Superannuation industry groups have called on the Gillard government to give assurances that it will not make any more negative changes to superannuation policy following the federal opposition’s promise that it will not ‘‘move the goalposts’’ on super in its first term.

Resurgent economic growth overseas and lower interest rates at home will not be enough to revive Australia’s economy once the resource boom begins to wane later this year, a new report argues.

Shoppers could be forced to pay more for groceries unless suppliers, the federal government and the competition regulator allow Coles and Woolworths to continue their price war, according to a report from the Institute for Public Affairs.

THE SYDNEY MORNING HERALD:

Page 1: Three dead, two missing as heavy rain ravages coast. Large swathes of far western Sydney remain vulnerable to the types of flooding that occurred in Brisbane two years ago. One of the biggest storm systems in decades is expected to hit the Sydney region overnight.

Page 2: Two multinational coal companies have taken the unusual step of threatening legal action against union workers engaged in a pay dispute with a different company.

Page 3: Mandatory five-year jail terms for illegal firearm possession would reduce gun crime in Sydney, say a growing number of police fed up with what they say is light sentencing.

World: Egyptian President Mohamed Morsi has declared a state of emergency in three provinces hit by rioting that has left dozens dead, warning he is ready to take further steps to confront threats to Egypt's security.

Business: Heavy rains are threatening to disrupt Queensland's coal industry, although the impact on supply is expected to be less severe than in 2011.

Sport: Wests Tigers are waiting for the NRL to announce this season's salary cap before extending Lote Tuqiri's contract at the club.

THE DAILY TELEGRAPH:

Page 1: The remnants of cyclone Oswald swept through Queensland and northern NSW with devastating consequences, leaving at least three people dead and a damage bill in the hundreds of millions of dollars.

Page 2: Frantic evacuations were under way in northern NSW last night as ex-tropical cyclone Oswald swept south along the state's coast.

Page 3: It was a race against the clock for residents in Coffs Harbour as desperate homeowners filled sandbags in a bid to protect their homes.

World: French-led troops were liberating Mali's famous desert city of Timbuktu last night after capturing a string of other towns in their offensive against Islamists in the north of the country.

Business: The Australian economy is hurtling towards a growth `pothole' when the mining investment boom peaks later this year, a new report warns.

Sport: Anthony Mundine has held an explosive press conference in the lead-up to the IBF middleweight world title against Daniel Geale.

THE AGE:

Page 1: Queensland in the grip of a flood crisis with three dead, towns and cities devastated and mass evacuations enforced. Labor looking to sweeping electoral reforms by June 30 that would mean all donation sources would have to be made public after the election. Coalition razor gang meets to craft a believable budget surplus.

Page 2: $43 million storm damage bill for Queensland and NSW to hit insurers. CFA says bushfire near Violet Town could burn for weeks. PM Julia Gillard says the Queensland floods had broken a lot of hearts.

Page 3: Up to 1500 people feared trapped in a swollen Bundaberg as the city's floodwaters are set to reach record levels. Ipswich residents pack up again after just finishing rebuilding their lives from the 2011 floods.

World: Egyptian president declares a state of emergency as rioting leaves dozens dead in three provinces.

Business: The flooding rain in Queensland is threatening coal supplies.

Sport: Daniel Geale lets IBF world title opponent Anthony Mundine know that he is a vastly improved boxer from the last time they met.

THE HERALD SUN:

Page 1: Academic proposes starting school in March to beat summer heat. More than 5000 people evacuating their homes in Bundaberg as a 10-metre-high flood peak threatens.

Page 2: Prime Minister Julia Gillard visits fire-torn Seaton and tells Australians not to relax because more fires could occur.

Page 3: Danny Nikolic's brother said the disgraced jockey was not in on their $60,000 windfall bet he is accused of making. Nicole Kidman shines at the Screen Actors Guild awards.

World: More than 230 die in club fire in Brazil.

Business: Business forecaster says Victoria's economy will weaken over 2013 and not improve until the Aussie dollar eases.

Sport: Four Collingwood players who confessed to drug-taking, thereby escaping a strike against them under the AFL rules, sparked Tuesday's AFL drug summit.

THE CANBERRA TIMES:

Page 1: Angry summer strikes again, record heatwave turns to flood crisis.

Page 2: SES crews on standby to go to Queensland.

Page 3: Canberra boost tuna toss world champions.

World: French and Malian forces take Timbuktu airport.

Business: Heavy weather for coal industry.

Sport: Windies primed for Manuka.