No relief on jobs penalty
The tourism and restaurant industries have called on the Abbott government to relieve the penalty rate burden on employers after the Fair Work Commission rejected a push to cut pay loadings of up to 250 per cent for staff working weekends and public holidays. The Fin
Rio aims high with ore plans
Rio Tinto iron ore boss Andrew Harding says emotion and ego will not affect any decision to proceed with the miner’s massive Pilbara expansion plans, amid ongoing calls by big investors for excess cash to be returned to shareholders instead. The Fin
Palmer no enthusiast for sharing alliance details
Clive Palmer has tightened his grip on the balance of power in the Senate by signing a deal with lone senator-elect Ricky Muir but the details of the pact that could determine the fate of key legislation have not been exposed to public scrutiny. The Aus
‘Show plan to win back AAA’
The Chamber of Commerce and Industry WA has urged the Barnett Government to chart a credible course back to a AAA credit rating to avoid further denting fragile business confidence. The West
NBN directors spent $113,000 to save skins
Former directors of NBN Co paid more than $110,000 in consulting fees to Coalition-linked lobby group Bespoke Approach in a failed bid to retain their jobs past the federal election. The Fin
Recount delivers Ludlam a lifeline
The Greens are hoping the Australian Electoral Commission’s decision to order a recount of about 1.2 million Senate votes in Western Australia will deliver the party an extra seat in the upper house and temper the rising political influence of Queensland mining magnate Clive Palmer. The Aus
UGL exec goes to war over claims of pay-offs
A top UGL executive caught up in the Leighton kickbacks scandal has proclaimed his innocence and refused to follow others by stepping down. The West
It’s Bianca v Ginia in rivalry’s latest round
The Hancock family feud descended into claims of bullying and sibling rivalry yesterday has Gina Rinehart’s youngest daughter Ginia fought to knock her eldest sister out of contention for control of the multibillion-dollar family trust. The West
The Australian Financial Review
Page 1: The tourism and restaurant industries have called on the Abbott government to relieve the penalty rate burden on employers after the Fair Work Commission rejected a push to cut pay loadings of up to 250 per cent for staff working weekends and public holidays.
The Abbott government has asked Treasury and the Australian Securities and Investment Commission for advice on whether the Labor law designed to minimise financial planners’ conflict of interest should be watered down more than promised during the election.
Page 3: Former directors of NBN Co paid more than $110,000 in consulting fees to Coalition-linked lobby group Bespoke Approach in a failed bid to retain their jobs past the federal election.
Anthony Albanese will need to win at least 60 per cent of the party membership vote to become Labor leader after the caucus divided largely along factional lines on Thursday and soundly endorsed Bill Shorten.
Page 4: Companies increased hours worked by staff over the past six months at the fastest pace in 14 years, a tentative sign employers may soon be forced to boost hiring if the economy strengthens.
Page 5: The Transport Workers’ Union has admitted it used money from a political slush fund controlled by its leadership to support favoured candidates in internal elections for at least three other unions that have a strategic presence in the aviation industry.
Page 6: The mining company owned by billionaire politician Clive Palmer has been accused of blackmailing and bullying his Chinese investment partners, after threatening to suspend operations at a $7 billion Pilbara mine over a disputed sum of less than $300,000.
Prime Minister Tony Abbott rejected a request from Clive Palmer that his party and Senate ally be given extra resources, saying there would be no change to existing entitlements and he expects the Senate to accept his political mandate.
Page 9: Prime Minister Tony Abbott has emerged from talks with regional leaders at the East Asia summit in Brunei to declare all Australia’s North Asian free-trade deals must be sealed within 12 months.
Page 11: The bitter feud between mining magnate Gina Rinehart and her two eldest children has morphed into a high stakes sibling battle, after youngest daughter Ginia successfully argued her older sister Bianca should not be considered as trustee.
Russell Waugh, one of several former Leighton Holdings executives accused of being aware of corporate kickbacks, has denied any knowledge of corruption.
Page 13: Rio Tinto iron ore boss Andrew Harding says emotion and ego will not affect any decision to proceed with the miner’s massive Pilbara expansion plans, amid ongoing calls by big investors for excess cash to be returned to shareholders instead.
Page 15: Telstra has warned investors of new risks to its business model caused by the Coalition government’s changes to the national broadband network.
Page 20: Bank of Queensland chief Stuart Grimshaw has called on the federal government to boost competition in the home loan market, claiming “inequities” in the system give the big four banks an unfair advantage over smaller lenders.
Page 22: Australian share are slowly erasing their September grains with the market finishing lower on Thursday, as sentiment suffered under a disappointing jobs report and the continuation of the Unites States government shutdown.
Page 32: Company directors will face uncertainty and have little guidance on how to prioritise their duties when a company is in financial distress, after the mammoth Bell Group litigation was settled rather than determined by the High Court.
The Australian
Page 1: Clive Palmer has tightened his grip on the balance of power in the Senate by signing a deal with lone senator-elect Ricky Muir but the details of the pact that could determine the fate of key legislation have not been exposed to public scrutiny.
More than 100,000 people have left the workforce in the past three months in the biggest exodus since the 1992 recession, prompting the Abbott government to concede it has inherited a ‘‘clearly soft’’ labour market.
Page 2: The Greens are hoping the Australian Electoral Commission’s decision to order a recount of about 1.2 million Senate votes in Western Australia will deliver the party an extra seat in the upper house and temper the rising political influence of Queensland mining magnate Clive Palmer.
Page 4: Environment Minister Greg Hunt has set a December deadline to update the nation’s carbon emission forecasts as he fends off doubts that his policies will do enough to tackle climate change. Mr Hunt has asked his department to revise the figures in the wake of official projections in August that greenhouse gas emissions would be cut by 5 per cent by 2020 — but only with heavy spending on international carbon permits.
Page 5: The attempt by Bianca Rinehart to resolve her mining family’s two-year dispute has been thwarted after her sister Ginia tendered a sealed affidavit containing allegations about her sibling’s personal life.
Page 6: The Nationals have sent Tony Abbott a message they will not support any relaxation of foreign investment limits, despite mounting calls for the Coalition to change its position in a bid to secure a free trade deal with Beijing.
Page 7: Tony Abbott has set a ‘‘working target’’ of 12 months to sign free trade agreements with Australia’s three biggest export markets. Speaking at yesterday’s East Asia Summit in Brunei — on the back of the APEC summit in Bali — the Prime Minister said, ‘‘there is a real momentum for freer trade’’.
Page 8: The ACT has promised a ‘‘vigorous’’ defence of its same-sex marriage laws after federal Attorney-General George Brandis confirmed the Abbott government would launch a High Court challenge against them on the grounds they were inconsistent with the Commonwealth Marriage Act.
Page 19: Central Australia’s shale gas potential is drawing growing international interest and could lead US energy giants to sharpen their focus on the country after presiding over an extraordinary gas boom in North America.
Page 20: Rio Tinto’s listed uranium subsidiary Energy Resources of Australia has kicked off the September quarter reporting period for the group on the sour note widely expected by investors.
Analysts have warned that the pending departures of chairman Don Mercer and chief executive Greg Robinson from Newcrest are not a cure-all for the gold producer.
Page 21: Booze giant Diageo is attempting to lure drinkers back to pre-mixed products with a range of upmarket tipples featuring fruit infusions, premium spirits and even childhood favourite creaming soda.
Page 22: Litigation: Cash Converters will fight a $40 million legal battle launched by customers claiming they were charged illegal levels of interest on personal loans.
Page 27: Local shares were mixed yesterday, with gold stocks down on weaker gold prices and Bank of Queensland rising after an encouraging earnings report.
Page 29: Without accepting one cent of government funding, the Salvation Army’s wholly owned law firm has provided $8 million worth of free legal work for the poor in the past year.
Page 31: Qantas will take a more flexible approach to fleet planning that will allow it to better cope with volatile economic conditions.
The West Australian
Page 1: Main Roads WA is planning to test a series of radical ideas to combat congestion over the next five years including the use of freeway emergency lanes for general traffic.
Page 8: The Hancock family feud descended into claims of bullying and sibling rivalry yesterday has Gina Rinehart’s youngest daughter Ginia fought to knock her eldest sister out of contention for control of the multibillion-dollar family trust.
Page 9: The State Government is over-hauling disability services, with plans to outsource most accommodation places to non-government groups as it prepares to join the National Disability Insurance Scheme next year.
Page 12: The Chamber of Commerce and Industry WA has urged the Barnett Government to chart a credible course back to a AAA credit rating to avoid further denting fragile business confidence.
Page 14: Trade routes vital to Australia’s prosperity could be drawn into armed conflict unless new lines of communication are devised, Tony Abbott says.
Greens scrutineers need to find an extra 14 votes to save the career of WA Senator Scott Ludlam after the Australian Electoral Commission ordered a shock re-count of 1.25 million ballot papers.
Page 32: Landlords are being forced to drop rents in the Perth metropolitan area as tenants abandon the city’s stretched rental market to buy properties of their own, according to WA’s main real estate body.
Business: A top UGL executive caught up in the Leighton kickbacks scandal has proclaimed his innocence and refused to follow others by stepping down.
The National Farmers’ Federation has taken a swipe at moves by key Asian trading partners to introduce trade restrictions and urged the Federal Government to break down marked barriers.
Empire Oil & Gas, under fire from its biggest shareholder ERM Power, is refusing to bow to demands from its dissident investor to fast-track the release of information about Empire managing director Craig Marshall’s employment contract.
Paladin Energy boosted performance at its flagship Langer Heinrich uranium mine in Namibia in the September quarter, but low uranium prices and concerns about its debt levels have kept its shares under pressure.
Virgin boss Richard Branson has further cut his stake in Virgin Australia Holdings, declaring yesterday his slice of the country’s second biggest airline had dropped to 10 per cent.
Volatile gold miners were crunched again yesterday as the global dash for cash knocked bullion to near two-month lows.
