Glencore hopes for bid appeal
Glencore is hoping a lack of bidding tension for BHP Billiton’s local nickel assets, along with the global mining giant’s keen desire to offload the operation, will help push a lowball bid for Nickel West over the finishing line. The West
Mining tax deal delays 12pc super until 2025
The government’s deal with Clive Palmer to freeze the superannuation guarantee for seven years in return for abolishing the mining tax has delivered a badly needed budget breakthrough but will reduce retirement savings by $128 billion over the next decade. The Fin
Hockey blasts WA economy
Federal Treasurer Joe Hockey has launched a blistering attack on Colin Barnett’s economic stewardship after being tackled on WA’s diminishing share of the GST by former State treasurer Christian Porter. The West
Horizon goes it alone after Roc deal folds
Horizon Oil chief financial officer Michael Sheridan insists it is in no rush to seek a new partner after the collapse of a controversial $800 million merger plan with Roc Oil, despite the challenge of funding its share of a $US1.1 billion ($1.18 billion) gas liquids project in Papua New Guinea. The Fin
Coles takes axe to workers
Coles will announce large-scale job cuts at its Melbourne headquarters as early as today, with more than 300 jobs set to go in a bid to help lower grocery prices and cement its sales growth leadership over arch-rival Woolworths. The Aus
PM shuts down debate on wheat deregulation
Tony Abbott has shut down a potentially divisive internal coalition debate on wheat industry deregulation, frustrating efforts by WA Liberals to push their case. The West
Chinese agency calls iron ore pricing system into question
China’s powerful economic planning agency has called on Australia’s big iron ore producers to come up with a better pricing system for the commodity, following a meeting with BHP Billiton’s local chief. The Fin
The Australian Financial Review
Page 1: The government’s deal with Clive Palmer to freeze the superannuation guarantee for seven years in return for abolishing the mining tax has delivered a badly needed budget breakthrough but will reduce retirement savings by $128 billion over the next decade.
Page 3: Medibank Private’s 4 million policyholders are likely to receive special treatment in the most hotly anticipated privatisation in a decade under plans being considered by the government.
Industry groups said the freeze on superannuation increases would destroy future living standards of Australians and reduce national savings by up to $150 billion.
Page 6: The Reserve Bank of Australia has ditched suggestions house prices have levelled off but opted against bringing forward rate rises to support economic growth, which is expected to have slowed sharply in the June quarter.
Page 7: The Business Council says the Abbott government needs to re-engineer key aspects of its welfare changes, including plans to make all jobseekers work for the dole and for those under 30 to wait six months for benefits.
Page 15: Supermarket chain Coles plans to cut between 500 and 600 jobs from its head office in Melbourne as part of a renewed efficiency drive aimed at freeing up funds to reinvest in reducing food and liquor prices.
Page 17: Mrs Rinehart has hinted that her major iron ore project in Western Australia, Roy Hill, could begin exporting earlier than expected.
Surging demand for Apple’s iPhone 6 in September will grow Telstra’s domination of the mobile market and win it an extra $500 million in revenue, according to Morgan Stanley Research analysts.
Page 18: China’s powerful economic planning agency has called on Australia’s big iron ore producers to come up with a better pricing system for the commodity, following a meeting with BHP Billiton’s local chief.
Page 20: Horizon Oil chief financial officer Michael Sheridan insists it is in no rush to seek a new partner after the collapse of a controversial $800 million merger plan with Roc Oil, despite the challenge of funding its share of a $US1.1 billion ($1.18 billion) gas liquids project in Papua New Guinea.
Page 35: Nearly 600,000 business compliance reports are being electronically lodged with the Tax Office as it moves towards a system of “real-time” tax returns.
Page 40: Approvals for new dwellings rose in July, as more applications granted by local authorities in Western Australia and Queensland offset the continued slowdown in other markets, figures released on Tuesday showed.
The Australian
Page 1: Clive Palmer tried unsuccessfully to repay $11 million to China five days after revelations from a Federal Court hearing, bank statements and legal documents raised serious claims he had wrongfully siphoned huge sums to bankroll his political campaign.
Workers will take a $20,000 hit to their retirement savings from a shock deal in the Senate to repeal the mining tax, with the Abbott government blaming Labor for forcing it to agree to the change.
Page 3: Senior officials of the militant construction union have been warned they could face two years’ jail for subjecting building industry inspectors to repeated intimidation and abuse.
It has been 20 long years since the Yawuru people formally began their battle to regain the rights to their traditional lands in the Broome region.
Page 6: Labor has hit back at a central claim in Tony Abbott’s attack on the Rudd government and its failed roof insulation scheme, amid a new dispute over whether ministers were clearly warned of the risks to young workers.
Page 8: The employment gap between non-indigenous and indigenous Australians is higher than thought, growing by more than three percentage points in the past six years.
Page 19: Coles will announce large-scale job cuts at its Melbourne headquarters as early as today, with more than 300 jobs set to go in a bid to help lower grocery prices and cement its sales growth leadership over arch-rival Woolworths.
Page 20: BHP Billiton’s value has been boosted by up to $US9 billion ($9.7bn) by a cheap iron ore expansion quietly flagged by the miner two weeks ago and overlooked among news of BHP’s planned demerger and the absence of a share buyback, analysts say.
Page 21: ANZ chairman David Gonski has urged institutional investors to be more vocal with boards about focusing on long-term returns and declared himself “a proud supporter’’ of responsibly expanding offshore to pursue growth opportunities, especially in Asia.
Page 24: Theage of Australian gas exports is rapidly approaching. While the end of the investment boom has been well and truly called and is being felt in the construction sector, the fruits for those who have been doing the spending are about to appear.
Page 29: Snobbery, policy neglect and funding cuts are steadily eroding Australia’s vocational education and training sector, a leading academic has warned.
The West Australian
Page 3: Federal Treasurer Joe Hockey has launched a blistering attack on Colin Barnett’s economic stewardship after being tackled on WA’s diminishing share of the GST by former State treasurer Christian Porter.
Page 5: Perth’s picturesque coastline will soon become home to at least four new beach bars, with a range of food and drink venues planned for Scarborough, Hillarys, Trigg and Fremantle in the coming 12 months.
Page 6: The WA Government could face an extra $66 million a year in hospital costs if the Federal Government’s proposed $7 GP co-payment goes ahead, according to researchers.
Page 15: The face of the Perth train station, the grand dame of inner-city architecture, is about to get one of the biggest renovations in its history.
Page 26: Tony Abbott has shut down a potentially divisive internal coalition debate on wheat industry deregulation, frustrating efforts by WA Liberals to push their case.
Business: A jury deciding the fate of alleged tax cheats Ron Sayers and Peter Bartlett has been told that even highly regarded people with established reputations could have a secret side.
Glencore is hoping a lack of bidding tension for BHP Billiton’s local nickel assets, along with the global mining giant’s keen desire to offload the operation, will help push a lowball bid for Nickel West over the finishing line.
A private resources contractor which has been building major infrastructure at Chevron’s Gorgon project has suffered a financial collapse.
AWE and Origin Energy have sparked hope the onshore Perth Basin could be on the cusp of Australia’s next gas boom after a surprise discovery the partners believe should hold “substantially” more than 70 billion cubic feet.
An expert in Australia-China business relations has warned about the potential pitfalls of a live cattle trade being pushed by industry leaders and politicians.
