$2 billion hit to State income forecast paints grim picture
WA Treasury has cut more than $2 billion from State revenue forecasts since February’s preelection financial update. The writedown over four years to 2016-17 is mostly from revised official State iron ore price and royalty forecasts and a smaller-than-expected national GST take. The West
Abbott backs $75bn in cuts
The Coalition has identified at least $75 billion in spending cuts and tax increases over four years that it considers necessary to balance the budget, including the abolition of any family payment for having a baby and a backflip on its long-held opposition to cutting the private health insurance rebate. The Fin
Leighton focuses on cost cutting as contracting sector deteriorates
Leighton Holdings deputy chief Peter Gregg will accelerate cost cutting in an attempt to maintain margins and earnings in a period of “stress” in the deteriorating mining contracting sector. The Fin
Labor base rejects Swan budget
Labor’s electoral base of low-income earners has turned against Wayne Swan’s pre-election budget on the grounds of economic management and being personally ‘‘worse off’’ as a result of measures announced last week. The Aus
Unions bury hatchet in Rio bid
Two of the nation’s biggest unions have signed a pact to re-unionise Rio Tinto’s iron ore operations, ending 30 years of bitter hostility that officials concede helped the mining giant create a non-union fortress in the Pilbara. The Aus
Top Resources Headlines
Unions bury hatchet in Rio bid
Two of the nation’s biggest unions have signed a pact to re-unionise Rio Tinto’s iron ore operations, ending 30 years of bitter hostility that officials concede helped the mining giant create a non-union fortress in the Pilbara. The Aus
Don’t give up on resources: new WA minister
New Western Australian Mines and Petroleum Minister Bill Marmion is adamant that the ‘activity level’ is still high – that is, that the mining boom is not over. The Fin
LNG risks rise as US approves gas terminal in Texas
The threat posed to future Australian liquefied natural gas projects by US shale gas has deepened with the Obama administration approving a terminal in Texas as the first allowed to send shipments to Japan. The Aus
Rio Tinto's head of global energy slams court ruling on coalmine
Rio Tinto’s head of its global energy business has warned that more than 150 major NSW projects, worth tens of billions of dollars, are at risk following a court decision to block the expansion of one of its coalmines. The Aus
Top Politics Headlines
$2 billion hit to State income forecast paints grim picture
WA Treasury has cut more than $2 billion from State revenue forecasts since February’s preelection financial update. The West
Abbott backs $75bn in cuts
The Coalition has identified at least $75 billion in spending cuts and tax increases over four years that it considers necessary to balance the budget, including the abolition of any family payment for having a baby and a backflip on its long-held opposition to cutting the private health insurance rebate. The Fin
Labor base rejects Swan budget
Labor’s electoral base of low-income earners has turned against Wayne Swan’s pre-election budget on the grounds of economic management and being personally ‘‘worse off’’ as a result of measures announced last week. The Aus
Top Property Headlines
Top live exporter charges on
Australia’s largest live cattle exporter and one of the country’s biggest landholders, Consolidated Pastoral, has taken a $34 million hit on the value of its property portfolio, tipping total property writedowns for the industry’s top cattle companies to more than $100 million in the last few months. The Fin
Real estate tops sovereign fund buying
Real estate topped the list of sovereign wealth fund buying last year, beating commodities and financial services, according to a report from Institutional Investor’s London-based Sovereign Wealth Centre. The Fin
Lend Lease project scoops awards
A flagship Lend Lease project, the $500 million Darling Quarter and Commonwealth Bank Place in Sydney, has been named Australian Development of the Year, at the Property Council/Rider Levett Bucknall Innovation and Excellence Awards. The Fin
The West Australian
Page 1: WA Treasury has cut more than $2 billion from State revenue forecasts since February’s preelection financial update.
Page 5: WA faces a “bumpy” landing from the mining slowdown that could mean more unemployment, slower growth and the State Government forced to either cut spending or raise taxes, economists warn.
Colin Barnett says companies that hired too many workers too quickly should shoulder some blame for the high cost of doing business in WA, which has contributed to the mining slowdown.
Page 6: Federal Infrastructure Minister Anthony Albanese has played down the significance of an “internal working document” from Infrastructure Australia that casts doubt on the viability of the Barnett Government’s airport rail and light rail plans.
Australia’s most prominent futurist says WA could one day have two-thirds of its resources workforce replaced by machines as falling commodity prices push miners to increase automation.
Page 7: The price of fruit and vegetables in Perth is rising faster than for snacks and confectionery, prompting warnings of a worsening nutrition crisis.
Police are investigating a sixth suspected murder in as many days after a woman’s body was found in Narrogin on Saturday.
Page 8: Patients are missing out on new medicines with the number of new drugs added to Australia’s taxpayer-subsidised scheme slumping to a 20-year low, drug makers claim.
Page 12: WA schools would get just $33,000 each a year in extra Commonwealth funding under Julia Gillard’s so-called Gonski reforms — a seventh of what an average Queensland school would get.
Page 13: Parliamentary elder and former Nationals leader Max Trenorden is refusing to set foot in the Legislative Council for his valedictory speech after a crisis of faith in the political process.
Business: Mystery surrounding Verve Energy’s troubled $250 million bid to resurrect the Muja coal-fired power station in Collie has deepened, with senior executives from its joint venture partner resigning en masse.
CBH has warned growers to carefully consider the risks in opting out of its integrated supply chain after moving to comply with an Australian Consumer and Competition Commission ruling that opens up the grain freight business to other players.
Apache, which is under pressure from investors for underperforming its oil and gas peers, said it had cut the remuneration for chief executive and chairman Steve Farris by 18 per cent compared with his 2012 pay.
The Australian Financial Review
Page 1: The Coalition has identified at least $75 billion in spending cuts and tax increases over four years that it considers necessary to balance the budget, including the abolition of any family payment for having a baby and a backflip on its long-held opposition to cutting the private health insurance rebate
The federal government has benefited from budget week with Labor enjoying a moderate boost to its primary vote and Julia Gillard’s personal ratings increasing sharply to the point she now matches Opposition Leader Tony Abbott as preferred prime minister.
Leighton Holdings deputy chief Peter Gregg will accelerate cost cutting in an attempt to maintain margins and earnings in a period of “stress” in the deteriorating mining contracting sector.
Page 2: The Australian dollar is overdue for a correction and is likely to settle around US90¢ this year as a continuing recovery in the world’s biggest economy pushes the US dollar higher, currency experts say.
Page 3: Airlines, retailers and transport companies will be forced to list billions of dollars of extra liabilities on their balance sheets, under proposed changes that will make them recognise operating leases as a liability for the first time.
Page 5: Tasmania has joined NSW in urging GST reform as the Coalition said the tax will be included in a broad review of the system if it wins the next election.
Page 7: The September 14 referendum on the constitutional recognition of local government stands a good chance of passing, according to a new poll which shows the proposal to have the majority support of voters nationally, as well as the states.
Prime Minister Julia Gillard says Australian schools will lose $16.2 billion in the next six years if the states do not sign up to Labor’s national plan for education.
Page 8: The head of one of Australia’s largest superannuation funds has questioned the Coalition’s decision to delay for two years increases to the super guarantee as industry leaders warn the Coalition that backing out of its promise to raise contributions to 12 per cent would “come back and hit them politically”.
Page 9: The pharmaceutical industry claims the government has saved five times more than forecast from changes to the Pharmaceutical Benefits Scheme over the past 10 years.
Page 10: New Western Australian Mines and Petroleum Minister Bill Marmion is adamant that the ‘activity level’ is still high – that is, that the mining boom is not over.
Page 15: A leading corporate governance adviser to some of Australia’s biggest companies has issued a blunt warning that many are failing to protect their businesses from serious reputational risks and called for an increase in female directors to reduce such dangers.
Virtus Health chief executive Sue Channon is eyeing expansion in Asia and considering local acquisitions as the fertility services business prepares for its public listing next month.
Former Billabong chief executive Matthew Perrin is planning a comeback.
Page 16: The $5 billion-plus purchase by China’s state power grid of Australian electricity and gas assets has triggered a credit rating downgrade of SP AusNet as ratings agencies express doubts the new owner can offer the same level of financial support if the assets are in distress.
Chevron has cut back staffing levels within its main engineering contractor on the $52-billion Gorgon liquefied natural gas project but says it is “continuing to make good progress” towards starting production at the plant in the first quarter of 2015.
An Australian technology start-up backed by prominent digital entrepreneurs including Google executive chairman Eric Schmidt has been enlisted as a weapon in the soft power arsenal of the US Department of State.
Page 17: Suncorp is examining ways to sell off the rump of its “non-core bank” – a move that would quickly free-up capital and increase the odds of another special dividend being paid to investors.
Page 22: HSBC Australia has left open the option of job cuts in Australia, after global chief executive Stuart Gulliver laid out a plan to axe up to 14,000 staff.
Page 23: Labor’s proposed $2000 cap on tax deductibility of self-education expenses could lead to a 30 per cent decline in student numbers, university leaders claim.
Page 27: Hopes that a meaningful economic recovery in the United States might prompt authorities to ease up on printing money is expected to provide support for Australian equities this week.
Global investment markets are on the mend but Australian investors are stubbornly gun shy and risk bypassing returns from growth assets, star stockpicker Kerr Neilson says.
Page 28: Gold tumbled for the seventh straight day to mark its longest losing streak since March 2009 as global equities continued to rally on expectations the pick-up in the US economy would continue.
Page 40: Australia’s largest live cattle exporter and one of the country’s biggest landholders, Consolidated Pastoral, has taken a $34 million hit on the value of its property portfolio, tipping total property writedowns for the industry’s top cattle companies to more than $100 million in the last few months.
Page 41: Real estate topped the list of sovereign wealth fund buying last year, beating commodities and financial services, according to a report from Institutional Investor’s London-based Sovereign Wealth Centre.
A flagship Lend Lease project, the $500 million Darling Quarter and Commonwealth Bank Place in Sydney, has been named Australian Development of the Year, at the Property Council/Rider Levett Bucknall Innovation and Excellence Awards.
The Australian
Page 1: Labor’s electoral base of low-income earners has turned against Wayne Swan’s pre-election budget on the grounds of economic management and being personally ‘‘worse off’’ as a result of measures announced last week.
Two of the nation’s biggest unions have signed a pact to re-unionise Rio Tinto’s iron ore operations, ending 30 years of bitter hostility that officials concede helped the mining giant create a non-union fortress in the Pilbara.
Page 3: The volume of freight moved through Australia’s busiest container port city is forecast to treble over the next 20 years, underscoring the need for the East West Link road and Melbourne Metro rail project to enable the passage of goods, a new government study has found.
Page 4: The Greens have sheepishly asked the Gillard government to reintroduce an amended migration regulation in parliament after they mistakenly helped to defeat it, leading to the ‘‘punishment’’ of hundreds of asylum seekers whose bridging visas expired without prompt renewal by the Immigration Minister.
A row over whether the Coalition’s planned axing of the government’s green loans scheme would generate significant budget savings threatens to embroil the Auditor-General.
Page 5: Corporate owners of GP clinics are slashing costs and are likely to expand their reach into other areas of primary care to maximise profits, a government review has found.
Page 17: Richard Branson’s Virgin Group is looking to break into the $65 billion Australian healthcare sector and expand its network of fitness centres here and in Asia as part of a strategy to ramp up the global operations of its burgeoning health and wellness business.
Rio Tinto’s head of its global energy business has warned that more than 150 major NSW projects, worth tens of billions of dollars, are at risk following a court decision to block the expansion of one of its coalmines.
Page 18: The threat posed to future Australian liquefied natural gas projects by US shale gas has deepened with the Obama administration approving a terminal in Texas as the first allowed to send shipments to Japan.
The struggling Australian coal industry, which generally ships better-quality thermal coal than its export competitors, could gain some momentum if China pushes ahead with plans to tighten its import standards.
Page 19: Corporate governance and director replenishment are expected to be among the major themes of today’s address by new Leighton Holdings chairman Bob Humphris as the construction giant prepares for an onslaught of questions about the independence of its board at its annual general meeting in Sydney.
State governments should speed up the privatisation of assets to pay down debt and invest in much-needed infrastructure or risk missing out on the strong appetite from Canada’s major $800 billion pension funds for deals in Australia, according to Canada’s largest bank.
Page 24: Southern Cross Media has begun aggressively bundling and discounting its television and radio advertising rates to drive its market share as its revenues come under pressure and its mooted $4 billion merger with Nine waits on regulatory changes.
The Daily Telegraph
Page 1: A string of western Sydney federal Labor heavyweights will be urged to enter NSW politics if they are defeated at September's election.
Page 2: Front page story continues.
Page 3: Prime Minister Julia Gillard has postponed her plan to tackle gun violence particularly in western Sydney until after the election.
World: Rolf Harris has been seen in public for the first time since his arrest by police investigating allegations of sexual abuse, wowing an audience at a concert in Bristol, England.
Business: The Australian sharemarket is expected to start strongly this week after Wall Street reached record highs.
Sport: Six amateur Queensland rugby league players will on Monday be banned for two years for testing positive to an illegal stimulant.
Herald Sun
Page 1: Victoria Police want harsher penalties for hate crimes. An experienced paraglider has died and his student missing after a accident in southwest Victoria.
Page 2: A new poll shows voters prefer Joe Hockey to Wayne Swan as Treasurer. Prime Minister Julia Gillard says schools will be losers if coalition wins the federal election.
Page 3: A former maths teacher builds his own house, the smallest in Victoria with just 10 square metres and only three metres at its widest point. Melbourne Airport's proposed third runway will put 3000 homes under the flight path.
World: Bashar al-Assad says he welcomes US-Russian peace initiatives to end Syria's bloody civil war moves but says he won't resign.
Finance: Billabong's drawn out take-over process has damaged its reputation sending it tumbling 24 places to No.43 of Australia's most valuable brands.
Sport: ASADA could question Essendon players on the use of more than 35 drugs and supplements in the football doping probe.
The Age
Page 1: Prime Minister Julia Gillard arrests a three-month slide and her standing with voters to be back level with Tony Abbott as preferred prime minister, according to the latest Fairfax/Neilsen poll. More than half of Australia's parents are worried about the safety of childhood vaccines, a survey has revealed.
Page 2: An economist urges Treasurer Wayne Swan to soften the ending of the baby bonus, which is due to slump from $5900 to $500 on March 1, believing it could have an impact on new born babies. A poll shows majority approve ending of the baby bonus.
Page 3: People who need the $5000 baby bonus will miss it, says mother-of-three Vikkie Chrisoulis.
World: Bashar al-Assad doesn't think much will come of a proposed peace initiative planned for next month saying the West doesn't really want a solution to Syria's civil war.
Finance: Westpac heats up the battle for new borrowers dropping its one-year fixed-rate home loans to 4.79 per cent.
Sport: Melbourne put up a fight in going down 34 points to Richmond giving Demons coach Mark Neeld fresh hope.
The Sydney Morning Herald
Page 1: Julia Gillard has arrested a three-month decline in her standing with voters to be back level with Tony Abbott as preferred prime minister, although Labor would still be defeated if a federal election were held now.
Page 2: Australian actress Penne Hackforth-Jones died on Saturday aged 64, months after being diagnosed with lung cancer.
Page 3: Eddie Obeid is trying to head off expulsion from Labor by threatening legal action if the party moves against him over allegations he corruptly made tens of millions of dollars from a rigged tender for coal mining licences.
World: US officials say President Barack Obama will use the name Myanmar when describing the south-east Asian nation ahead of its President Thein Sein's arrival in the US.
Business: Investment bank Morgan Stanley Smith Barney is being sued after losing more than $5 million from the super accounts of two private clients with a series of "aggressive, highly speculative and high-risk" trades using derivatives and share options.
Sport: An alarming increase in the use, seizure and arrests for illicit drugs is the central finding of the Australian Crime Commission's annual report released on Monday, with significant implications for sport, especially the professional football codes.
