Matt Mckenzie

The state government’s asset sales program has taken a step forward today, with Gresham Advisory Partners appointed as lead adviser for the partial sale of Keystart’s loan book.

SPECIAL REPORT: Amid controversy surrounding Roe 8 and the privatisation of Fremantle Port, a shift to an outer harbour in Cockburn Sound is a question of when, not if, according to proponents.

Deals and capital raisings in the mining and metals sector fell in 2015, according to EY, although asset sales from distressed parties coming onto the market could lead to an uptick in volumes in the year ahead.

Despite some green shoots, 2016 isn’t expected to provide miners with much good news after a tough 2015.

One industry to benefit from reduced mining activity is agriculture, particularly sheep meat production.

A strong end to the year in the national market for initial public offerings could be a harbinger for the year ahead, according to the annual IPO Watch Australia report.

Fortescue Metals Group reduced cash production costs around 45 per cent in the 12 months to the December quarter and has plans to further buy back debt in the months ahead, chief executive Nev Power said today.

Despite falling oil prices, projections are showing that local consumers and industry could be paying much more for gas in 10 years’ time.

Lower exploration and construction activity in the energy sector has led Canada-based contractor Enerflex to exit the Australian engineering, procurement and construction market, with most of its Perth operations to be made redundant, Business News understands.

Western Australian businesses borrowed more in the 12 months to the end of November while consumers borrowed much less, according to the latest lending figures from the Australian Bureau of Statistics.

Many small businesses may be unaware they already have access to a major tax incentive to fund research, in addition to the federal government’s new innovation package.

One of the state’s largest mining services companies has received a boost, with BGC Contracting securing a five-year contract extension worth $520 million at Cliffs Natural Resources' Koolyanobbing iron ore mine.

Chevron Australia has moved another step closer to completion of the Gorgon gas project, with a commissioning LNG cargo arriving at Barrow Island to cool down the storage and loading facilities prior to commencement of exports.

WA chief executives are hoping a federal election year and a new direction from Malcolm Turnbull will ignite reforms needed to get the state moving again, according to the latest CEO survey by Business News.

A recent addition to the Business News offering is keeping track of WA’s performance on the markets this year. The opening weeks have not been good.

Grain handler CBH Group has revealed an $82.7 million net profit for the 2014-15 year, although its storage and handling business performed much better than the larger trading arm.

Western Australia’s unemployment rate fell 0.3 points, to 6.3 per cent, in seasonally adjusted terms in December, as 8,000 people took on new employment.

Nearly 100 Western Australian companies entered external administration last November, giving the state its highest share of the national total in nearly a decade.

South Australian Senator Nick Xenophon has renewed his call for an inquiry into the cause of the dramatic recent fall in the iron ore price while in Perth today, as shares in the state’s biggest miners continued to fall.

More than 30 parties have shown interest in the assets of the collapsed Dick Smith retail business in Australia and New Zealand.

Merchandise exports were down more than 16.7 per cent for Western Australia in the 12 months to November 2015, compared to the corresponding previous period, despite a reduction in the national trade deficit.

Graphite players have had a soft 18 months, although some WA companies are developing new production techniques that might give them a leg up in the industry.

The Spud King’s battle with potato regulators is a flagship fight for those who want to cut red tape.

Acrimony and finger pointing continue at a political level as the state government faces a ‘horrible’ mid-year budget review, with latest figures suggesting the recent dramatic increase in state debt has been fuelled by a spending push that has outpaced revenue growth.

An industry consortium led by members of the Chamber of Fruit and Vegetable Industries in WA has been selected as the preferred bidder for Market City, putting the state government a step closer to its first major asset sale.

Mining and technology don’t have to be in competition when it comes to capital, Assistant Minister for Innovation Wyatt Roy said today, with the extractive industry in a prime position to export its knowledge in addition to hard commodities.

Growth forecasts have been cut and deficits are higher across the next four years in the federal government’s budget update released in Perth today, with Treasurer Scott Morrison touting a reduction in spending growth as revenue continues to plummet.

German shipbuilder ThyssenKrupp is continuing to advance its case for the federal government’s upcoming submarine contract, worth around $20 billion, partnering with Civmec to build a small demonstration hull in Perth.

The federal government’s National Innovation and Science Agenda, released last week, has been well received by Western Australia’s business community, despite mixed evidence that publicly funded incentives for research affect growth.

THE innovation and diversification of Californian businesses, and the rapid growth they have driven, hold valuable lessons for Western Australia’s economic development, according to some of the state’s leading policy minds.

NAB chief economist Alan Oster predicts the start of production at the swag of new LNG facilities under construction, and good performance in the services sector, will help Australia avoid a recession next year.

State governments have agreed taxes they control such as payroll and stamp duty could be targets as part of the federal government’s tax reform agenda next year, which many tip will involve an increase in the GST.