Carbon tax budget hole – The Fin; PM digs in as miners, Greens step up tax row – The Aus; Canberra looks for Browse CO2 dump – The West; Marney defends office in rail row – The West; Xstrata sounds port alarm – The Aus
Carbon tax budget hole
Modelling for the federal government's key climate change adviser acknowledges carbon prices could slump in 2015-16, probably creating a $4 billion revenue hole in the already stretched federal budget. The Fin
PM digs in as miners, Greens step up tax row
Miners have put Julia Gillard on notice not to tamper with the mining tax, as the Prime Minister faces growing pressure from the Greens, the independents and parts of her own backbench to take on the states for siphoning off federal government revenue by lifting royalties. The Aus
Canberra looks for Browse CO2 dump
The federal government could be on a fresh collision course with environmentalists over plans to carry out an extensive marine survey off the Kimberley coast. The West
Marney defends office in rail row
Treasury boss Tim Marney was forced last night to wade into the political row over public transport costings, declaring he would stake his career on the independence of his department. The West
Xstrata sounds port alarm
Mining giant Xstrata is demanding an overhaul of the rules governing access to vital export ports and rail, declaring that easing infrastructure constraints has never been more critical as the high cost of doing business and stronger competition from developing nations makes Australia less competitive. The Aus
THE WEST AUSTRALIAN
Page 1: Treasury boss Tim Marney was forced last night to wade into the political row over public transport costings, declaring he would stake his career on the independence of his department.
Page 3: German discount supermarket chain Aldi will spend hundreds of millions of dollars rolling out about 60 stores in WA in a move to shake up the state's supermarket duopoly.
Page 7: The political ghost of the late John D'Orazio has been brought into the race for the marginal seat of Morley after the former MP's son urged support for Liberal incumbent Ian Britza in a full-page newspaper advertisment.
Colin Barnett yesterday promised $22 million and land to help Curtin University establish a campus at Midland but it hinges on the federal government approving the university's plan for a medical school.
Page 9: Drones with infra-red technology and high-tech cameras could be used to spot sharks off WA beaches, which have been ranked as a global hotspot for fatal shark attacks, according to a Perth shark expert.
Page 12: The mining tax has again become a federal leadership flashpoint after Kevin Rudd suggested Julia Gillard's government would be failing the national interest if it did not try to renegotiate the tax.
Page 18: Munglinup farmer Max Szulc has emerged from 15 months behind bars more determined than ever to fight for the rights of farmers to clear their land.
Page 24: Urban planning for Perth suburbs should be geared to fight obesity and heart disease in the same way infrastructure development in past centuries was used to combat health epidemics such as cholera, an international health expert said yesterday.
Business: The federal government could be on a fresh collision course with environmentalists over plans to carry out an extensive marine survey off the Kimberley coast.
Apex Minerals boss Ed Eshuys says a tie-up with Blackham Resources “would make sense”, as the company positions itself as a consolidator of the Wiluna gold region.
Another supplier to WA schools and students has joined Wooldridges on the scrap heap, potentially leaving parents who had ordered equipment for the school year out of pocket.
Labor agriculture spokesman Paul Papalia has put himself at odds with the state's peak farming groups by declaring calls to expand the live export industry “wrong” because of uncertainty over market access.
The WA Meat Industry Authority has welcomed an RSPCA backdown on the future of saleyards.
One of Australia's leading financial figures, David Murray, has warned politicians they risk damaging public confidence in the superannuation system if they keep meddling.
Cameco president Tim Gitzel has declared the company's Kintyre uranium deposit is officially “in the bull pen”, indicating a uranium spot price of up to $90 a point was needed before the mine came into consideration.
Amcom Telecommunications is on track for yet another year of 20 per cent plus growth after closng off the first half with a $10 million underlying net profit.
The supply of new offices in the CBD and West Perth for the next two years will be dominated by smaller buildings that allow developers to manage a shift in the city's leasing environment as well as ongoing lending restrictions.
THE AUSTRALIAN FINANCIAL REVIEW
Page 1: Modelling for the federal government's key climate change adviser acknowledges carbon prices could slump in 2015-16, probably creating a $4 billion revenue hole in the already stretched federal budget.
The mining giants have fired a warning shot at the federal government, which is refusing to rule out revising the treatment of royalties in its mining tax.
Business groups believe a plan to allow employees to take bullying complaints to the Fair Work Commission could trigger vexatious claims and be used as an industrial relations weapon.
The re-opening of the mortgage-backed security market is helping to cut the cost of funding and could trigger housing interest rate cuts even if the Reserve Bank of Australia does not cut its cash rate, analysts believe.
Page 3: Treasurer Wayne Swan has declared Australia's support for letting financial markets determine exchange rates, amid rising unease about a global currency war.
Page 6: Tough new tax avoidance and profit-shifting rules designed to raise billions of dollars in extra tax from global companies will be introduced in Parliament on Wednesday.
West Australian Labor leader Mark McGowan says he will support the federal government's mining tax only if the state gets a fair share of the proceeds.
Page 12: US software giant Adobe has bowed to public pressure and slashed the price of some of its products for Australian customers a day after being ordered to front a parliamentary committee hearing in Canberra.
Page 15: The opening up of the mortgage-backed security market and greater competition from smaller lenders could trigger cuts to home loan interest rates even if the Reserve Bank of Australia keeps the cash rate on hold.
Page 17: Employees at Rio Tinto's alumina refinery in Arnhem Land will hear as early as Wednesday morning whether the plant will stay in production after the board considers the Northern Territory governments last-minute offer on gas supply.
AGL Energy is gearing up for a new battle on coal seam gas after securing conditional federal approval for its $350 million Gloucester project in NSW three days after it put a smaller project south of Sydney on ice.
Page 22: Discount retailer Aldi will increase its capital investment in Australia to more than $2.5 billion after deciding to expand from the eastern states into South Australia and Western Australia.
THE AUSTRALIAN
Page 1: There are no active criminal investigations into allegations raised by the Australian Crime Commission’s year-long examination of organised crime and drugs in sport despite state-based police having been aware of its findings for the past five months.
Miners have put Julia Gillard on notice not to tamper with the mining tax, as the Prime Minister faces growing pressure from the Greens, the independents and parts of her own backbench to take on the states for siphoning off federal government revenue by lifting royalties.
Page 3: A plan to resurrect the banned super-trawler as a giant floating freezer has been sunk by the Gillard government.
Page 5: One of Australia Post’s most ambitions plans — to convert 150 branches into franchises — is in tatters with just 29 private operators created, all of which are likely to be shut down.
One of the contractors delivering the National Broadband Network is experiencing ‘‘challenges’’ and will not meet earlier construction estimates.
Page 6: Rising concern about superannuation changes and lower contribution limits cut super investment by almost $17 billion last year, according to a survey released yesterday, with Australians looking at alternatives including negative gearing.
Concerns about coal-seam gas have leapt from state to federal politics and crossed party boundaries as backbenchers warn against new projects including plans in western Sydney.
The economy’s spare capacity rose to its highest level in more than a decade last month, as businesses shied away from hiring new workers, keeping hopes of a rate cut next month alive.
Page 8: The food industry has launched an attack on the government agency responsible for testing and regulating new products, accusing it of inefficiency, cost-shifting and price gouging.
The West Australian election campaign changed focus from rail to education yesterday as Premier Colin Barnett said the decision to allow public schools to operate just like independent schools was a nation-leading initiative that had benefited students and pleased parents.
Qantas has defended moves to cut baggage allowances by up to 68kg for its most loyal travellers as part of a push to align its frequent flyer scheme with proposed partner Emirates.
Business: Mining giant Xstrata is demanding an overhaul of the rules governing access to vital export ports and rail, declaring that easing infrastructure constraints has never been more critical as the high cost of doing business and stronger competition from developing nations makes Australia less competitive.
The Group of Seven leading economies last night attempted to head off a destabilising round of currency devaluations, issuing a statement that reaffirmed their commitment to let market forces determine exchange rates, and saying central bank policy would be focused solely on domestic objectives.
The Reserve Bank has finally cut adrift its troubled subsidiary Securency International, a manufacturer of polymer banknote technology that has been dogged by scandal following allegations its staff bribed foreign officials to secure export contracts.
The head of engineering firm Bradken has called the bottom of the market downturn, flagging an improvement in its financial performance as its order books stabilise.
Oil major Royal Dutch Shell has accepted government lease conditions that force it to consider expanding the offshore Crux gas and liquids project in Western Australia that it owns with Nexus Energy into a stand-alone floating LNG project.
Major global banks have been urged to address ‘‘significant gaps’’ in their risk-management practices stemming from a culture of ‘‘excessive risk-taking and leverage’’ by many of them leading up to the global financial crisis.
The $4.3 trillion family-owned business sector in Australia is expected to appoint more independent non-executive directors to family boards following the formation of a new alliance between the sector’s peak body and a leading governance group.
Commonwealth Bank chief executive Ian Narev is likely to face questions today on potential acquisitions in Asia as he hands down an expected rise in first-half cash profit to about $3.7 billion.
Millionaire businessman and RAMS home loans founder John Kinghorn has emerged as the prime investor for National ICT Australia spin-off Saluda Medical.
THE SYDNEY MORNING HERALD
Page 1: "You're a crook." It was with these words ringing in his ears that the disgraced former mining minister Ian Macdonald left a corruption hearing after a second torrid day in the witness box.
Page 2: Gay men were systematically hunted down and attacked for sport in Sydney during the late 1980s, says the family of a man found dead at the bottom of North Head.
Page 3: Lucky Gattellari asked the NSW Supreme Court if he could utter a profanity to explain Ron Medich's alleged behaviour when businessman Michael McGurk was shot dead. Actually, more than one. He was allowed.
World: North Korea has carried out its third underground nuclear test defying UN Secretary Council orders to shut down atomic activity.
Business: Mining companies Rio Tinto and BHP Billiton have built up a combined arsenal of $1.7 billion in tax credits that can be offset against future mining tax liabilities.
Sport: An NRL game held in Sydney is understood to have been identified by the Australian Crime Commission's probe into sport as an instance of suspected match fixing.
THE DAILY TELEGRAPH
Page 1: Former ALP mining minister Ian Macdonald has been dubbed "a crook" by a corruption hearing.
Page 2: CityRail drivers face new obesity tests to ensure they are not at risk of falling asleep on the job.
Page 3: Expectant mums and dads will be allowed to take up to two months unpaid parental leave together under a major redrafting of industrial laws to help working parents.
World: North Korea "successfully" carried out its third underground nuclear test defying UN Secretary Council orders to shut down atomic activity.
Business: The Australian stockmarket briefly pushed through the 5000 point threshold on Tuesday for the first time in almost two years.
Sport: The science of cheating has become so advanced in football that testers simply cannot detect it.
THE AGE
Page 1: Latest nuclear test by North Korea takes it a step closer attaining a credible nuclear weapon that could threaten US or Australia. Following Pope Benedict's abdication, the next pope likely to come from Latin America, Asia or Africa. Judge slams multi-million dollar cuts in legal aid saying it imperils the administration of justice.
Page 2: Court hears that industrial relations consultant Grace Collier hid a tape recorder in her bra to secretly tape a conversation with union organiser Tony Mavromatis during the protest outside $40 million Werribee project. Paramedics consider industrial action over pay offer. Teachers' strike to go ahead Thursday after another failure to reach an agreement.
Page 3: Corrupt cell of customs officers smuggled millions of dollars worth of drugs through Sydney Airport. Senate hearing hears that Future Fund has bought shares in a tobacco company which commissioned a report on the economic benefits of people dying prematurely from smoking-related illnesses. Report says an expanding Melbourne will need to spend $10 billion on education, transport and health services in the next 15 years or the risk creating divide between those with good access to services and job opportunities, and the rest. Planning goes ahead to find a site for third airport for Melbourne.
World: Assad remains defiant as 13 killed in car bomb explosion just inside Turkish border.
Business: Rio Tinto and BHP Billiton accumulate a a combined war chest of $1.7 billion in tax credits that can be offset against future mining tax liabilities.
Sport: AFL should punish Melbourne Demons who lost games deliberately in 2009 to get better draft picks.
THE HERALD SUN
Page 1: Ted Baillieu sacks a committee of MPs which has been managing the state's taxpayer-funded parliamentary pension scheme. Red is the colour for Valentine's Day.
Page 2: Paramedics threaten industrial action as teachers plan strike for Thursday.
Page 3: Consultant hid a tape recorder in her bra to tape union man. Woolies to test its home-brand meals in the wake of the horse meat scandal in Europe. World condemns North Korea after latest nuclear bomb test.
World: 13 dead in Syria after car bomb explodes inside Turkish border.
Business: All Ords touches 5000 for the first time in two years as investors flood back into the market.
Sport: Investigators to focus on Essendon's Anzac Day one point loss to Collingwood last season after its four day turnaround from playing Carlton.
THE CANBERRA TIMES
Page 1: Fears humble volunteer-run school canteen will become thing of past.
Page 2: Airport contractor caught up in corruption arrests.
Page 3: Centenary condoms released to celebrate Canberra's 100th anniversary.
World: Seal who shot bin Laden lives in fear of revenge attack.
Business: Big miners sit pretty on $1.7 billion tax credits.
Sport: Raiders to be investigated.
THE ADELAIDE ADVERTISER
Page 1: Discount supermarket chain Aldi will open up to 50 stores across SA, promising shoppers a new era of product choice and big grocery discounts.
Page 3: SA's powerful hotels lobby has handed almost $50,000 to the Liberal Party and withdrawn support to the state government amid disputes involving small bars and half-day pubic holidays.
World: US president Barack Obama's speech overnight on the condition of the US was likely to focus on cajoling recalcitrant lawmakers into bending to his second-term agenda on such issues as immigration reform, reducing gun violence and increasing taxes.
Business: Eyre Peninsula iron ore explorer IronClad Mining has successfully trialled a new offshore bulk commodity loading system off Adelaide, in what is believed to be a world first.
Sport: AFL clubs - including Port Adelaide - are being forced to put off lucrative sponsorship announcements as corporate Australia fears linking itself to the damaged AFL brand.