ASX puts heat on resource stocks - The Fin; Wesfarmers to lower performance hurdle – The Aus; Swan urged to act on tax talk - The Aus; Barnett walks into firestorm - The Fin; Vics told to follow SA on mining - The Advertiser
ASX puts heat on resource stocks
Australia’s $450 billion resources industry faces a crackdown on its internal rules for reporting reserves in a move that could limit companies’ ability to raise fresh capital. The Fin
Wesfarmers to lower performance hurdle
Shareholder groups fear boards of major companies faced with weak share prices and volatile earnings forecasts are looking to lower performance hurdles for their executive bonus schemes. The Aus
Swan urged to act on tax talk
Wayne Swan has flagged a rise in the tax-free threshold to $21,000 and a more generous treatment of business losses. The Aus
Barnett walks into firestorm
Premier Colin Barnett says he would be negligent if he did not support a proposed $30 billion gas processing hub in the north of Western Australia. The Fin
Vics told to follow SA on mining
Mining company executives have branded South Australia as the nation's "poster child" for future mining exploration and government support. The Advertiser
Today’s Business Headlines
THE WEST AUSTRALIAN
Workers on an average income stand to get a $100 tax cut under a surprise announcement by Wayne Swan at the end of the tax forum yesterday.
Premier Colin Barnett has rejected claims that the $30 billion gas hub project at James price Point could damage Broome’s tourism or significantly affect the Kimberley region, saying cane toads presented a far bigger threat.
Construction unionist Joe McDonald came head-to-head yesterday with union-buster Len Buckeridge, who was a witness against him in a trespass case.
Local mining and oil and gas companies could face tougher disclosure requirements as the sharemarket operator seeks to protect investors from confusing and misleading information.
The WA developer behind a $30 million investment fund targeting luxury homes around the world says the time is right to launch the venture.
Analysts say incoming Target managing director Dene Rogers has a formidable task awaiting him.
Influential investment bank UBS has provided a sobering update for aspiring gold miners, releasing research that shows that the average capital cost of new developments worldwide has more than doubled to US$2690 per ounce over the past five years.
THE AUSTRALIAN FINANCIAL REVIEW
Australia’s $450 billion resources industry faces a crackdown on its internal rules for reporting reserves in a move that could limit companies’ ability to raise fresh capital.
Financial advisers are ramping up their real estate advice services as a growing number of investors, particularly trustees in the $430 billion DIY super fund sector, flag plans to purchase more property.
Treasurer Wayne Swan has foreshadowed a further lift in the tax-free threshold to $21,000 a year – taking more than 1 million low income earners out of the tax system – as he used the tax forum to launch a new agenda also covering business, state tax, annuities and the not-for-profit sector.
With the embattled euro zone’s economy heading towards a contraction in the final three months of this calendar year, the outlook for the global economy has turned yet bleaker.
Global uncertainty has cast doubt on whether ambitious growth forecasts predicted in the recent round of state budgets will be achieved.
Former federal Labor minister Graham Richardson has named Victorian MP Alan Griffin and WA senator Mark Bishop as behind a push for Kevin Rudd to unseat Julia Gillard.
Barnett walks into firestorm
Premier Colin Barnett says he would be negligent if he did not support a proposed $30 billion gas processing hub in the north of Western Australia.
WA strike stokes wage fears
An impending strike at a key port in Western Australia has raised fears that the resources-rich state is headed for a period of industrial unrest, centred on wage disputes.
National Australia Bank has appointed Ken Henry as a non-executive director in a move that will not affect his roles as an adviser to the Prime Minister.
WA business park sells
A private investor has paid $12 million for a large commercial property, including an office warehouse, at Herdsman Business Park in Perth.
THE AUSTRALIAN:
Page 1: Wayne Swan has flagged a rise in the tax-free threshold to $21,000 and a more generous treatment of business losses.
Page 2: A revival of consumer spending is lifting the economy.
Page 3: Top medical organisations have warned Immigration Minister Chris Bowen that using X-rays to determine the age of crewmen from asylum-seeker boats is "unethical" and "unreliable".
World: The field of candidates competing for the Republican presidential nomination looks to be set after high-profile New Jersey Governor Chris Christie ruled out entering the race.
Finance: Shareholder groups fear boards of major companies faced with weak share prices and volatile earnings forecasts are looking to lower performance hurdles for their executive bonus schemes.
Sport: Kurtley Beale and Quade Cooper have embraced kick-dominated rugby as the Wallabies' best hope of winning the World Cup.
THE SYDNEY MORNING HERALD:
Page 1: Rail services on a number of Sydney's lines would operate as single-deck, high frequency metros under a plan being drawn up by Transport NSW.
Page 2: A plan to resolve its financial problems, the Cronulla Leagues club has submitted plans to redevelop its Woolooware site.
Page 3: The development of a major coal seam gas industry side-by-side with agriculture is essential in NSW, the state government says.
World: A week after announcing he will return to the presidency next year, Russia's PM has has laid out a plan to bring the country's former Soviet neighbours back into the fold.
Finance: The rush of foreign investors to buy Australia's coal assets continues unabated, with New Hope Corp the latest miner to be at the receiving end of bidder interest.
Sport: Wests Tigers and St George Illawarra are headed for a showdown over fullback Tim Moltzen.
THE DAILY TELEGRAPH:
Page 1: Teachers could be forced to play the role of police and warn students about their legal rights before counselling them following a court decision.
Page 2: Treasurer Wayne Swan has promised tax cuts of up to $500 a year with a commitment to lift the tax-free threshold to $21,000.
Page 3: A number of multi speed zones are set to be axed to make NSW's roads less confusing for drivers.
World: A tearful Amanda Knox has arrived home in the US and offered an emotional thank you to her supporters.
Sport: Sydney powerhouses West Tigers and St George Illawarra are at war over Tim Moltzen because the star signed signed official NRL contracts to play for both clubs next season.
THE AGE:
Page 1: One of Victoria's busiest emergency departments is so overwhelmed, its doctors fear they will be sued for inadequate care; Treasurer Wayne Swan promises to lift the tax-free income threshold to $21,000, which would deliver a tax cut for most workers.
Page 3: Victoria Police command castigated by lawyers after an extraordinary disclosure during a hearing that it was apparently common for police to simply sign rather than swear or affirm affidavits when seeking search warrants, as required by criminal law.
World: There are growing fears that Israel's increasing isolation in the region has led it to consider a pre-emptive strike against Iran's nuclear facilities, prompting a flurry of diplomatic activity.
Finance: The rush by foreign investors to buy up Australia's coal assets continues unabated, with NewHope Corp the latest miner to be at the receiving end of bidder interest.
Sport: Melbourne Heart coach John van't Schip hopes his club can crack a spot in the finals and make a run for the A-League title in its second season.
THE HERALD SUN:
Page 1: Closed-circuit TV footage has captured a policeman kicking a woman inside a police cell before she is abandoned in pain from capsicum spray.
Page 3: Political correctness could stamp its place in the Australian passport in a bid to be more inclusive of same-sex parents.
Page 5: Several critically ill children's lives will be saved as a lasting legacy of the tragic death of a three-year-old killed by a train.
World: A tearful Amanda Knox has arrived home in the US just a day after being acquitted of murder and sexual assault charges, ending a four year ordeal in an Italian jail.
Finance: The discounting war engulfing the mortgage market is likely to end as Europe's debt crisis raises the banks funding costs, industry experts say.
Sport: Nathan Buckley says he is ready to take charge of Collingwood.
THE ADVERTISER
Page 1: South Australia's best public school teachers and leaders have been honoured for their contribution to the state's education system. Political correctness might stamp its place in the Australian passport in an attempt to be more inclusive of same-sex parents.
Page 1: Mining company executives have branded South Australia as the nation's "poster child" for future mining exploration and government support.
World: Al-Qaeda linked militants launched their deadliest single bombing in Somalia, killing 70 people and demonstrating how the group that blocked aid to famine victims can still mount devastating violence.
Finance: Soft drink-maker Coca Cola Amatil has high expectations of buying the spirits, ready-to-drink mixed spirits and non-alcoholic brands of brewers Foster's Group.
Sport: Coleman medallist Brendan Fevola could make a shock SANFL appearance next year, with West Adelaide considering an audacious bid for the former Carlton spearhead.
