Today's Headlines

Show me new plans, Minister tells state

Federal Environment Minister Tony Burke has stopped the clock on the Commonwealth's environmental approvals process for the James Price Point gas hub until he receives fresh details of any reworked state plans for the site. The West

Budget set to slash solar funding

The federal government is set to slash $100 million in funding for renewable energy projects to help cover the plunge in the price of carbon in three years time. The Fin

ASIC warning on rates

Australia’s top corporate regulator has warned investors and their lenders that a search for profits triggered by low interest rates could lead to another wave of failed financial investments. The Fin

Contractor happy with gas work

Prospects for construction work on LNG projects remain strong despite Woodside Petroleum abandoning plans to build a Browse onshore gas processing hub, according to contractor AusGroup. The West

Land clearing repels rain clouds

Government subsidies directed to Western Australia's struggling wheatbelt farmers may prove little more than a Band-Aid solution as regional experts warn of a long-term, man-made reduction in rainfall in the area. The Fin

 

Top Resources Headlines

Hancock executive payments double despite tough year

Payments to key management personnel at Gina Rinehart's Hancock Prospecting have more than doubled despite falling iron ore prices hitting the group's revenue. The West

Contractor happy with gas work

Prospects for construction work on LNG projects remain strong despite Woodside Petroleum abandoning plans to build a Browse onshore gas processing hub, according to contractor AusGroup. The West

Rio's 360 project proves unpopular in Britain

Rio Tinto is likely to face questions from retail investors at its AGM in Sydney on Thursday, with many still wondering if the company still intends to expand its annual iron ore production to 360 million tonnes. The Fin

Grange hit by double whammy

With its flagship project on ice and its share price hitting 10-year lows, Grange Resources managing director Richard Mehan has conceded its current situation is not one to promote, and it will continue a holding pattern until conditions improve. The West

BHP taps offshore bond market

BHP Billiton has again tapped low-yield overseas bond markets for cheap funding, pulling in $C750 million ($732m) from the Canadian market for the dual purpose of debt refinancing and diversifying its funding sources. The Aus

 

Top Politics Headlines

Show me new plans, Minister tells state

Federal Environment Minister Tony Burke has stopped the clock on the Commonwealth's environmental approvals process for the James Price Point gas hub until he receives fresh details of any reworked state plans for the site. The West

Budget set to slash solar funding

The federal government is set to slash $100 million in funding for renewable energy projects to help cover the plunge in the price of carbon in three years time. The Fin

Big increase in workers comp claims

The state government's bill for workers compensation insurance premiums soared 30 per cent in just two years, according to an investment by the Auditor General. The West

Qld signs up to NDIS

Prime Minister Julia Gillard is confident she will be able to cut a deal with Western Australia and the Northern Territory after Queensland became the latest conservative state to sign up for the national disability insurance scheme. The Fin

 

Top Property Headlines

Land clearing repels rain clouds

Government subsidies directed to Western Australia's struggling wheatbelt farmers may prove little more than a Band-Aid solution as regional experts warn of a long-term, man-made reduction in rainfall in the area. The Fin

Hawaiian nabs Perth plaza

Perth-based property group Hawaiian has paid $29 million for the Melville Plaza neighbourhood shopping centre in south Perth. The Fin

Taj-on-the-Swan to stay an eyesore

The unfinished Peppermint Grove mansion started at the height of Pankaj and Radhika Oswal's once-glamorous WA empire cannot be legally demolished, despite complaints from residents in the exclusive Perth suburb. The West

 

The West Australian

Page 1: WA's peak horse racing authority has been rocked by allegations of systematic race fixing involving eastern states betting syndicates, with up to 10 WA jockeys on their payroll.

Page 4: Official interest rates could be lowered to 2 per cent within months, one of the nation's big banks has warned, in a move that would financially cripple people living off their savings.

Page 5: The government was warned more than a year ago that a riot, violence and increased stress leave costing millions of dollars would likely result from widespread double-bunking at WA's amalgamated juvenile detention centre.

Page 9: The state government's bill for workers compensation insurance premiums soared 30 per cent in just two years, according to an investment by the Auditor General.

The unfinished Peppermint Grove mansion started at the height of Pankaj and Radhika Oswal's once-glamorous WA empire cannot be legally demolished, despite complaints from residents in the exclusive Perth suburb.

Page 11: The Barnett government has been accused of breaking a key election promise after Police Minister Liza Harvey confirmed a planned new Ballajura police station would not be open 24 hours a day.

Page 13: Farmers have lashed out as red tape and a stand-off between the state and federal governments stall multimillion-dollar aid packages announced with great fanfare last month.

Page 19: Julia Gillard insists carbon tax compensation already flowing to families is safe despite the government delaying indefinitely a second round of tax cuts planned for mid-2015.

Page 66: Colin Barnett has indicated he will sign up for the National Disability Insurance Scheme after the federal election in the hope of getting a more favourable deal from Canberra.

Colin Barnett says he would not do anything about renegade former police minister Rob Johnson's outbursts against him and the government, but warned he expected the Hillarys MLA to be a team player.

Business: Federal Environment Minister Tony Burke has stopped the clock on the Commonwealth's environmental approvals process for the James Price Point gas hub until he receives fresh details of any reworked state plans for the site.

Payments to key management personnel at Gina Rinehart's Hancock Prospecting have more than doubled despite falling iron ore prices hitting the group's revenue.

With its flagship project on ice and its share price hitting 10-year lows, Grange Resources managing director Richard Mehan has conceded its current situation is not one to promote, and it will continue a holding pattern until conditions improve.

Prospects for construction work on LNG projects remain strong despite Woodside Petroleum abandoning plans to build a Browse onshore gas processing hub, according to contractor AusGroup.

Seven West Media will accelerate its pursuit of new revenue streams as part of a strategic re-think aimed at taking better advantage of its unprecedented audience base in the new digital era.

Holden insists it will keep making cars in Australia despite reporting a $153 million loss as motorists steer away from locally-built cars.

Perth-based Orinoco Gold pounced on a spike in its share price following drilling results yesterday, with the company expected to come out of a trading halt to announce a capital raising of about $3.5 million.

 

 

The Australian Financial Review

Page 1: Australia’s top corporate regulator has warned investors and their lenders that a search for profits triggered by low interest rates could lead to another wave of failed financial investments.

There's not much the Reserve Bank of Australia can do to weaken the dollar, cutting interest rates to a record low could stir up trouble down the track and the federal budget has got out of control, say Australia's top money managers and strategists.

Page 3: An Ernst & Young analysis shows state governments could raise an extra $2.49 billion over the next three years if the federal government starts charging the goods and services tax on imports worth less than $1000.

Page 4: The federal government is set to slash $100 million in funding for renewable energy projects to help cover the plunge in the price of carbon in three years time.

Leaders of some of Australia's biggest energy suppliers have made a plea for more information on the Coalition’s direct action policy to help steer investment and cast doubt over the current high fixed carbon price, which was weighing on the economy.

Page 5: The Australian Chamber of Commerce and Industry's pre-election survey of 1,700 businesses has found an overwhelmingly negative response to Labor's industrial relations system.

Page 7: Prime Minister Julia Gillard is confident she will be able to cut a deal with Western Australia and the Northern Territory after Queensland became the latest conservative state to sign up for the national disability insurance scheme.

Page 8: The federal Coalition has rejected costings which show its paid parental leave policy could cost more than $5 billion a year and is believed to be examining options to keep the policy affordable.

Page 11: Car maker GM Holden crashed to a net loss of $152.8 million in 2012 as it slashed its manufacturing assets' value and lost money on the 82,172 cars it made in Australia.

Page 14: Government subsidies directed to Western Australia's struggling wheatbelt farmers may prove little more than a Band-Aid solution as regional experts warn of a long-term, man-made reduction in rainfall in the area.

Page 19: Prominent directors have slammed the “two strikes” rule that allows 25 per cent of shareholders to boot them out, warning that it will be used “mercilessly” in hostile takeovers when the economy bounces back.

Page 20: Fortescue Metals Group’s decision to soften the terms of its The Pilbara Infrastructure auction is believed to have brought coal carrier Aurizon back into the process.

Page 21: Seven West Media chief executive Don Voelte has flagged a fall in full-year earnings, citing a “stagnant” advertising market and ongoing structural issues in the company’s print media businesses.

Hancock Prospecting has continued to reap rewards from its 50 per cent interest in the Hope Downs iron ore joint venture.

ANZ Banking Group deputy chief Graham Hodges has hosed down concerns about a bubble in bank stocks after a strong rally that has lifted shares in the big four to record highs.

Page 23: Rio Tinto is likely to face questions from retail investors at its AGM in Sydney on Thursday, with many still wondering if the company still intends to expand its annual iron ore production to 360 million tonnes.

Page 42: Record low interest rates are expected to lead to strong price growth in the Australian housing market, as well as increased competition between buyers.

Page 49: Perth-based property group Hawaiian has paid $29 million for the Melville Plaza neighbourhood shopping centre in south Perth.

 

The Australian

Page 1: Thousands of asylum-seekers, including women and children, face being left without any financial support from the government and without any right to work, when Labor begins processing ‘‘no-advantage’’ claims.

The Reserve Bank’s latest salvo into the emerging Asian currency war has failed to dent demand for the Australian dollar, which has clawed back most of Tuesday’s losses following a surprise spike in China’s trade performance.

Page 2: More crowded cities and bigger regional centres will help build a sustainable Australia for future generations, a landmark report has found.

The Coalition has accused Labor of creating a $5 billion black hole in its asylum-seeker budget the next three years by forecasting a substantial slowdown of boats despite record-breaking arrival numbers.

Page 3: Experts on a panel responsible for handing out $200 million in government research funds have awarded so many grants to entities linked to each other or colleagues that independent MP Rob Oakeshott has referred them to the AuditorGeneral.

Page 4: Business is more concerned about the level of government spending, regulatory compliance and tax levels than the high Australian dollar, according to a survey conducted for a leading business organisation.

Labor caucus members are warning of a political ‘‘disaster’’ as cabinet ministers finalise drastic tax hikes and spending cuts in next week’s budget to prevent ever-widening deficits i n the years ahead.

Julia Gillard is set to extend to Papua New Guinea, during her visit starting today, online access to visas — answering one of the major irritants between the countries.

Page 5: The Australian Renewable Energy Agency (ARENA) is facing cuts of up to 10 per cent of its $2.2 billion of uncommitted funds as part of a carbon-price linked savings drive that has led the government to defer $1.4bn in tax cuts scheduled in 2015.

The nation’s independent budget authority is preparing to warn the major parties against misusing its work amid a row over how its estimates were used to challenge Tony Abbott’s parental leave plan.

The Gillard government will spend more than $5 million this financial year on paid advertising for the Schoolkids Bonus scheme, according to new figures provided to the Senate.

Page 6: Staff are refusing to return to duty at Western Australia’s only youth detention centre unless they are issued batons and pepper spray to defend themselves against attack from young offenders they claim are violent, mentally ill or have special needs because of fetal alcohol spectrum disorder.

Business: Shares in Kerry Stokes’s Seven West Media soared 10 per cent yesterday as chief executive Don Voelte declared the worst was over for the media company this year, giving some cheer to a sector hit with technological change and one of the worst advertising recessions in a generation.

China's Bank of Communications plans to let clients convert the Aussie dollar directly into yuan in Australia from next year, the head of its Sydney-based subsidiary says.

News Limited chief executive officer Kim Williams has announced a ‘‘landmark’’ metered digital subscription model for Sydney’s The Daily Telegraph and Melbourne’s Herald Sun news brands to launch on May 16, as well as integration of content from Fox Sports.

BHP Billiton has again tapped low-yield overseas bond markets for cheap funding, pulling in $C750 million ($732m) from the Canadian market for the dual purpose of debt refinancing and diversifying its funding sources.

Companies behind some of the best-known global brands sold in Australia are paying very low or negligible rates of income tax, according to an independent analysis of 10 multinationals.

Hundreds of millions of dollars in public hospital costs could be shifted to private health insurers under a controversial plan to relieve pressure on state budgets.

 

The Sydney Morning Herald

Page 1:Former NSW MP Richard Torbay received a $100,000 donation, one of the largest ever recorded, after arranging a meeting between then planning minister Tony Kelly and a Sydney accountant who wanted a heritage order removed from a mansion he owned. Some child sex abuse victims may not be able to claim compensation after the government altered the statute of limitation on claim applications to within ten years of the the act.

Page 2: Former policeman and now state MP Troy Grant says he never used the term "Catholic mafia" and was never interfered with by police while investigating accusation of paedophilia by priests.

Page 3: The Bowral home where cricket legend Don Bradman honed his batting skills has won a state heritage award.

World: Pakistani cricket great turned politician Imran Khan has from his hospital bed implored followers to vote, saying they have the power to change their lives.

Business: Coal miner Nathan Tinkler and wife Rebecca may be bankrupted by a $440,000 debt to a corporate adviser who has launched a suit against Ms Tinkler - the trustee of the family trust.

Sport: Disgraced former Canberra Raiders player Josh Dugan could have a contract allowing him to join the St George Illawarra Dragons registered by the NRL on Thursday.

 

The Daily Telegraph

Page 1 A $3 billion, eight-kilometre tunnel linking the F3 and M2 in Sydney will be built under a federal and state agreement set to be announced in next Tuesday's budget.

Page 2: Police have spoken about bullying and violence to a group of students from the school attended by Madeline Milne, thought to be the youngest person in NSW to commit suicide.

Page 3: The High Court has invalidated a backdated fix to social security laws, jeopardising the convictions of up to 15,000 benefit scammers.

World: Three people have died and seven are missing after a container ship smashed into a control tower in the port of Genoa in Italy.

Business: A Hungarian-American billionaire made almost $56 million short-selling $1 billion worth of Australian currency ahead of the Reserve Bank's 25 basis point cut to its cash rate.

Sport: NRL chief Dave Smith has called on anti-doping investigators to get on with their job.