Tax change blows hole in budget – The Aus; Global funds fear politics, $A, China – The Fin; Japan concerned by labour costs and lack of key infrastructure – The Aus; BHP keeps China faith despite 'speed bumps' - The West; Ripper up, but Barnett still in control – The West
Tax change blows hole in budget
The federal government is racing to plug a massive hole in its revenues caused by botched tax changes last year that are allowing companies involved in takeovers to claim tens of billions of dollars in losses dating back nearly a decade. The Aus
Global funds fear politics, $A, China
Political uncertainty, the fluctuating dollar and fears of a slowdown in China are the biggest barriers to investment in Australian shares, international fund managers have told the heads of Australia's biggest companies. The Fin
Japan concerned by labour costs and lack of key infrastructure
Japan's industrial conglomerates have flagged concerns over spiralling labour costs in Australia and the lack of key infrastructure to facilitate resource projects in Western Australia. The Aus
BHP keeps China faith despite 'speed bumps'
Slowing global growth has not dented BHP Billiton's faith in Chinese demand for its steel-making commodities, with iron ore president Ian Ashby predicting China's steel sector would grow by a further 50 per cent. The West
Ripper up, but Barnett still in control
Liberal leader Colin Barnett remains firmly in control in the west, with primary support for his government strong at 48 per cent, the latest Newspoll shows. The Aus
THE WEST AUSTRALIAN:
Page 6: Mums and dads who struggle to put dinner on the table could be in line for help at today's tax forum as the states get told to stop whingeing and cut their taxes.
WA Labor frontbencher Mark McGowan says state politicians do not deserve their pay packets to almost double just because counterparts in Canberra are in line for a wages windfall.
The Reserve Bank is under pressure to deliver homeowners an emergency cut in interest rates today as Europe's debt crisis weighs on the global economy and domestic inflation pressures evaporate.
Page 19: Magellan Metals may have to contend with tougher environmental conditions if it resumes its troubled transportation of lead from Wiluna to Fremantle after recommendations by WA's environmental watchdog yesterday.
Page 23: Prime Minister David Cameron has defended Britain's membership of the crisis-hit European Union and his government's austerity drive as criticism grows in his own party and in the country.
Business: China Inc has injected some much needed confidence into WA's mining sector after agreeing to increase its cash offer for iron ore hopeful Sundance Resources by 14 per cent to $1.65 billion.
October's history of delivering poor returns for investors became a self-fulfilling prophecy yesterday, with an ominous start to the month – local shares plummeted almost 3 per cent, metal prices came off sharply, and the Australian dollar tumbled to a 10-month low after the latest European economic data reinforced the gloomy global outlook.
Elders' shares went for another swim yesterday, with long-suffering shareholders sending the stock to a new low as the once-great rural services giant coughed up another earnings downgrade and more asset write-downs.
Crescent Gold's auditors have questioned the loss-making miner's ability to “continue as a going concern” at a time of near-record gold prices, highlighting the challenge awaiting takeover suitor Focus Minerals.
Slowing global growth has not dented BHP Billiton's faith in Chinese demand for its steel-making commodities, with iron ore president Ian Ashby predicting China's steel sector would grow by a further 50 per cent.
Two of Little World Beverages' founding directors have taken advantage of the froth surrounding the sector to offload stock valued at almost $12 million.
THE AUSTRALIAN FINANCIAL REVIEW:
Page 1: Federal Treasury is preparing a major overhaul of business tax breaks aimed at helping struggling industries outside the mining sector.
Political uncertainty, the fluctuating dollar and fears of a slowdown in China are the biggest barriers to investment in Australian shares, international fund managers have told the heads of Australia's biggest companies.
Page 3: Inflation has eased, giving the Reserve Bank of Australia room on monetary policy and reducing cost of living pressure on households, data released yesterday shows.
The hearing of a landmark class action that could force banks to refund hundreds of millions of dollars in fees began in earnest yesterday and Australia and New Zealand Banking Group struggled to convince the judge that all of its evidence was admissable.
Page 4: The opposition is calling on the government to immediately deliver simpler and lower taxes, especially for small business, in today's tax forum.
Page 9: An ageing workforce will make the challenge of maintaining Australian manufacturing more difficult, analysis of the sector says.
Page 18: Seven West Media has enlisted the help of management consultants to help cut costs as the Kerry Stokes-controlled group looks to maintain profit margins amid weak advertising conditions.
Privately-owned Chinese company Hanlong Mining is on the brink of securing Africa-focused iron ore junior Sundance Resources with a sweetened bid worth $1.7 billion.
Page 21: International fund managers see little investment opportunity in Australia outside the mining-related sectors and are concerned about the exposure of domestic bank stocks to an overheated property market.
Page 22: BHP Billiton's head of iron ore, Ian Ashby, says the company is happy with monthly pricing and the market may never move to daily fixing of prices.
Rio Tinto has set the goal of producing 25 million tonnes of coking coal a year by 2020 from its new assets in Mozambique – more than double its current coking coal production from Queensland.
THE AUSTRALIAN:
Page 1: The federal government is racing to plug a massive hole in its revenues caused by botched tax changes last year that are allowing companies involved in takeovers to claim tens of billions of dollars in losses dating back nearly a decade.
West Australian Labor has joined its federal, NSW, Queensland and Victorian counterparts in the doldrums, with the latest Newspoll putting its primary support below 30 per cent.
Page 2: Business is at loggerheads over key Henry tax reforms, threatening consensus at the tax forum before it even starts.
Canberra is under pressure to embrace a Henry review recommendation to widen its tax definition of small business as it struggles to woo back its ‘‘middle Australia’’ constituency.
Page 6: Tens of millions of solar panels made in Asia are being imported into Australia each month, prompting fears of a market glut that could limit the creation of ‘‘green jobs’’ under the Gillard government’s carbon policy.
Page 7: Julia Gillard has called her Malaysian counterpart Najib Razak to reassure him Australia remains committed to the controversial refugee swap, despite the debate raging about the morality of processing refugees in Malaysia.
Michael Hull believes that if the communications system during the disastrous Kimberley Ultramarathon had been working properly he and three other runners would probably not have been burned by a bushfire.
Business: The Australian and Asian sharemarkets tumbled amid widespread selling pressure yesterday on deepening debt worries in Europe and concerns about China’s slowing growth rate.
Japan's industrial conglomerates have flagged concerns over spiralling labour costs in Australia and the lack of key infrastructure to facilitate resource projects in Western Australia.
China is in the midst of an unprecedented credit crunch that is hitting the country’s private businesses and stoking fears of a sharp downturn in growth.
Privately-held Chinese conglomerate Hanlong Resources has increased its offer for Sundance Resources by 14 per cent to $1.7 billion to secure the target’s approval in a bid to become the world’s fifth-biggest iron ore miner.
BHP Billiton is close to kicking off spending on its huge Port Hedland capacity expansion, as it bets China’s steel mills will remain hungry enough to consume up to an extra 200 million tonnes of iron ore a year from BHP alone.
Home buyers rushed to lock in lower fixed-term interest rates last month amid increasing uncertainty about the economy.
The nation’s four big banks are expected to report a healthy, double-digit increase in 2011 cash profit to about $24 billion, mainly driven by lower bad debts.
Qantas management is under fire from shareholders as well as unions, as the airline’s shares dropped more than 3c yesterday to hit a new low of $1.375.
Tiger Airways Holdings is expecting a second-quarter net loss ‘‘markedly larger’’ that the $S20.6 million ($16.3m) it lost in the previous quarter after problems in Australia slashed group passenger numbers by up to a third.
ANZ Bank has been accused of charging fees for overdrawn accounts and late payments because it is ‘‘a nice little earner’’ during a landmark class action by 34,000 customers trying to claim back $50 million.
THE SYDNEY MORNING HERALD:
Page 1: Manufacturing unions ramp up claims for special consideration for struggling sector. A respected NRL commentator has admitted that ostensibly off-the-cuff remarks during a rugby league final attacking proposed poker machine reforms were provided to him by Channel Nine management.
Page 2: Federal and state government funding for schools should be pooled and the money distributed according to nationally agreed objectives, a report commissioned by the public school teachers union says.
Page 3: Local councils will enjoy a huge increase in their power to determine big residential, retail and commercial developments from today, as laws take effect curbing state government powers to declare projects of state significance.
World: British Prime Minister David Cameron has defended his country's membership of the European Union and his government's austerity drive, against critics in his own party.
Business: The dollar has continued its dramatic fall from grace, slumping to its lowest level in 10 months as the local sharemarket extended its poor run amid fears of a deepening debt crisis in Europe.
Sport: William Hopoate has played his final grand final for Manly, agreeing to play for Parramatta when he returns to the NRL from his two-year Mormon missionary work.
THE DAILY TELEGRAPH:
Page 1: Buying cigarettes and tobacco for immigration detainees is costing taxpayers more than $1.4 million a year.
Page 2: The federal government's 48-hour tax forum in Canberra will cost almost $1 million just to host, it has been revealed.
Page 3: Teenagers would be able to shoot guns during school hours under a secret plan hatched by the Education Department and powerful lobby groups.
World: Protesters who have been camping out in Manhattan's financial district say their movement has grown and they have no intention of stopping as they move into their third week.
Sport: William Hopoate is set to return from his two-year Mormon mission an Eel after agreeing to terms with Parramatta in the lead-up to the grand final.
THE CANBERRA TIMES:
Page 1: Call to raise age of consent to 18 years in ACT.
Page 2: Taxi driver avoids jail for punching 81-year-old passenger.
Page 3: ACT to get another 1500 low cost homes.
World: Greek civil service gets set for cuts.
Business: Market sheds another $35 billion.
Sport: Malthouse comes clean on what he really thinks about Buckley.
THE COURIER MAIL:
Page 1: Doctors are outnumbered by Queensland managers and clerks in all hospital districts.
Page 3: Treasurer Wayne Swan's brother Ian, who sits on the board of a surf living saving club on the Sunshine Coast, is campaigning against poker machine reforms.
Page 7: Television cooking shows have been blamed for sending vegetable imports soaring.
World: Union leaders in Manchester are threatening to hold protests against UK Government budget cuts.
Business: Australia's stock market took a $32 billion hit after sell-offs in the US and Europe.
Sport: South African skipper John Smit says they can end the Wallabies' World Cup campaign in New Zealand.
THE ADELAIDE ADVERTISER:
Page 1: A $60 million plan to revive Rundle Mall advocates balcony level bars, a rooftop cinema, free parking and a tram loop taking in North Terrace to bring shoppers back to the retail strip.
South Australians are blowing more than $2 million a day on poker machines as losses return to levels not seen since before smoking bans were introduced.
Page 3: An elderly man has drowned after a quad bike he was riding with his grandson plunged into the River Murray near Waikerie.
World: About 35,000 people turned out to protest against British government budget cuts as PM David Cameron's conservatives opened their annual conference.
Business: Elders will sell all its forestry assets and its grain trading business, having already sold its cattle export ship, the MV Torrens, for $4.1 million.
Sport: Port Adelaide AFL club has won its stand-off with Greater Western Sydney.
