$41,000 tax win for small business – The West; Carbon price uncertainty – The Fin; Cottesloe height limit fight heads to court – The West; BHP salvo on IR, tax – The Fin; ALP, business slate 'wrong' power merger – The West
$41,000 tax win for small business
Almost 7,000 businesses will pocket a one-off payroll tax rebate of up to $41,000 each from today's state budget as the Barnett government attempts to bolster the non-mining parts of the economy. The West
Carbon price uncertainty
Effects of the government's Renewable Energy Target and uncertainty about the future of the carbon price could delay investment and lead to volatility in power supply, its key energy market adviser has warned. The Fin
Cottesloe height limit fight heads to court
The Town of Cottesloe will launch legal action against the state government over its decision to raise height limits on the iconic beachfront. The West
BHP salvo on IR, tax
BHP Billiton chairman Jac Nasser has launched a broadside at the Gillard government, calling for a halt to tax changes that have unsettled investors, and for an industrial relations system that balances the needs of companies and employees to stem a fall in competitiveness. The Fin
ALP, business slate 'wrong' power merger
WA's business community and the opposition are in open revolt against Premier Colin Barnett's plan to merge state-owned electricity generator Verve and retailer Synergy. The West
THE WEST AUSTRALIAN:
Page 1: Almost 7,000 businesses will pocket a one-off payroll tax rebate of up to $41,000 each from today's state budget as the Barnett government attempts to bolster the non-mining parts of the economy.
Page 3: Western Power plans for a lavish $40,000 taxpayer funded send-off for retiring chief Doug Aberle were torpedoed when Energy Minister Peter Collier deemed it excessive.
Page 4: WA's business community and the opposition are in open revolt against Premier Colin Barnett's plan to merge state-owned electricity generator Verve and retailer Synergy.
Federal Treasurer Wayne Swan says Colin Barnett has a responsibility to share the benefits of the boom in today's state budget as he dismissed suggestions the Commonwealth was not investing enough in WA.
A mauling of mining stocks yesterday dragged the Australian sharemarket to its biggest one-day loss since December 19 after Greece abandoned its attempts to form a coalition government, stoking fears it would soon be forced into a disorderly exit from the eurozone.
Page 6: BHP Billiton's chairman has attacked the Gillard government, warning that unless industrial relations and tax settings are improved, Australia will lose out on long-term investment.
Page 14: The Town of Cottesloe will launch legal action against the state government over its decision to raise height limits on the iconic beachfront.
Page 17: Oil giant BP was unable to say how much oil spilt into Fremantle Harbour in a “regrettable” accident yesterday at its North Quay terminal.
Page 18: Toxic heavy metals and sulphuric acid have developed at Perth wetlands because of decades of drought, over-extraction of groundwater and drainage for housing, according to a leading environmental scientist.
Business: The two men in charge of the world's biggest mining company have stoked fears that the resources super cycle has peaked, confirming yesterday that BHP Billiton's expansion program would go under the knife and identifying the sunset year for the sector's runaway growth.
Japanese trading house Mitsui & Co says iron ore miners BHP Billiton and Rio Tinto could be falling behind their expansion plans due to continued tightening of the Australian labour market and a shortage of equipment and materials.
Just days after a ¥1 trillion ($12.6 billion) bailout by the Japanese government, stricken Tokyo Electric Power appears poised to become one of the biggest investors in Australian LNG.
The great Indian expansion into Australian coal has hit another hurdle, with the resignation of energy giant Adani Group's local chief executive.
Ian MacFarlane, the federal opposition's resources spokesman, yesterday reopened an old WA wound by claiming it was the state's domestic gas reservation policy that sufficiently spooked Inpex and Total to move their $34 billion Ichthys LNG project to the Northern Territory.
Queensland mining equipment supplier Industrea was one of the few bright spots amid a dismal day on the market yesterday, after global giant GE lodged a $470 million takeover offer for the company.
THE AUSTRALIAN FINANCIAL REVIEW:
Page 1: BHP Billiton chairman Jac Nasser has launched a broadside at the Gillard government, calling for a halt to tax changes that have unsettled investors, and for an industrial relations system that balances the needs of companies and employees to stem a fall in competitiveness.
Effects of the government's Renewable Energy Target and uncertainty about the future of the carbon price could delay investment and lead to volatility in power supply, its key energy market adviser has warned.
The Australian Council of Trade Unions plans to establish a panel headed by a former Federal Court judge to set corporate-like standards for the management of unions, a step designed to avoid a repeat of the Health Services Union scandal that has tarred the labour movement.
Page 5: The federal opposition has passed up another chance to spell out how it will meet its commitments to debt and deficit reduction.
Page 7: Ford Australia hopes expanded choices and a strategy to re-educate large-car buyers can save the Falcon sedan.
Page 9: Wages grew at a faster pace than economists estimated in the first quarter, led by miners' pay as the resources boom continued.
Page 23: About $24 billion was wiped off the sharemarket as traders joined offshore investors in widespread selling after days of speculation on the future of Greece in the euro zone.
Page 25: Industrea has been given approval to seek buyers for its contracting business and potentially create more value for shareholders after agreeing to a $470 million takeover offer from giant US conglomerate General Electric.
Page 26: BHP Billiton chief executive Marius Kloppers has warned that commodity prices are set to fall as demand slows, forcing the company to scrutinise investment decisions more closely.
Page 27: Thailand's PTTEP may scrap its plan to develop a floating liquefied natural gas project at its Cash and Maple fields in the Timor Sea and seek instead to process the gas through another company's LNG infrastructure.
US oil major Chevron is set to sell an additional stake in its $29 billion Wheatstone liquefied natural gas project in Western Australia to a group of Japanese companies, including struggling Tokyo Electric Power Co.
THE AUSTRALIAN:
Page 1: BHP Billiton chairman Jac Nasser has launched a scathing attack on Australia’s restrictive labour regulations, declaring that a more difficult industrial relations climate has quickly become one of the biggest problems of doing business here.
More than $30 billion was wiped off the Australian stockmarket in the biggest one-day sell-off since December, amid heightened worries that China’s economy is flagging and political turmoil in Greece will cause global financial instability.
Page 2: Opposition Treasury spokesman Joe Hockey has weakened the Coalition’s support for Labor’s National Disability Insurance Scheme, saying he is not prepared to commit to a program he cannot fund.
Julia Gillard’s top energy adviser has warned that uncertainty still surrounds Australia’s carbon pricing plans, and this will make it a ‘‘major challenge’’ to fund crucial power infrastructure.
Page 4: The union movement has vowed to run a political campaign to overhaul industrial laws to cut casual employment, describing insecure work as ‘‘the biggest workplace challenge of our times’’.
Page 6: The private-sector consortium building the stalled $400 million expansion of Victoria’s newest prison will be made to meet any liabilities from the collapse of one of its partners.
The wing cracks first uncovered in a Qantas A380 super jumbo under repair in Singapore have cost manufacturer Airbus more than $200 million.
Page 7: Aboriginal job services would be overhauled under a Coalition plan to demand that training be linked to individually identified jobs, in a major departure from the current regime and a challenge to the Gillard government, which has been reluctant to make the same commitment.
Business: Australian share prices suffered their biggest one-day fall since December, wiping $30 billion off the value of stocks amid heightened fears that China’s economy is flagging and the political turmoil in Greece is a threat to global financial stability.
The chairman of the world’s largest miner, BHP Billiton’s Jac Nasser, has warned of increasing global volatility and uncertainty while ditching plans to invest $80 billion on growth projects over the next five years.
BHP Billiton chief executive Marius Kloppers has a more bearish forecast on iron ore demand than arch-rival Rio Tinto, and warns that the window is closing for new investment in the nation’s most valuable export.
The federal Coalition has warned the Gillard government that it would be irresponsible for the newly created $10 billion Clean Energy Finance Corporation to begin distributing funds for green projects ahead of the next federal election.
Paladin Energy says its operation in Malawi is expected to resume production as striking employees return to work.
The chief executive of building products company CSR says the housing industry is in its worst state in 15 years and is unlikely to recover in the short term.
Grocery wholesaler Metcash and retail giant Woolworths have both flagged deals with regional hardware store operators as they square off against Wesfarmers-owned market leader Bunnings.
THE SYDNEY MORNING HERALD:
Page 1: Infrastructure NSW chief Paul Broad says the state needs more motorways to make the movement of goods easier. Australian cricket captain Michael Clarke has been married in a secret ceremony in the Blue Mountains. Embattled MP Craig Thomson refuses to tell Victorian police the names of those he claims set him up, saying he will do so in parliament on Monday. BHP Billiton chief Jac Nasser says the Gillard government's policies could push BHP Billiton offshore due to their unpredictable nature.
Page 2: Private health insurance memberships have continued to rise, despite warnings that the government's plan to means test would cause people to leave.
Page 3: Agencies charged with fighting fraud in Australia have been asked to account for failing to pursue parties responsible for perpetrating a $176 million theft from superannuation funds.
World: Anti-piracy forces from Europe have blow up boats, fuel supplies and a weapons cache in an air attack on a Somalian beach.
Business: Concerns about a slowing Chinese economy and worries over the eurozone have led to the biggest fall on the local sharemarket this year.
Sport: Steve Roach and Glenn Lazarus will lend their weight to the NSW origin camp.
THE DAILY TELEGRAPH:
Page 1: Australian cricket captain Michael Clarke has married Kyly Boldy in the Blue Mountains.
Page 2: Australian cricket Captain Michael Clarke tied the knot in a secret ceremony with friends and close family present.
Page 3: British American Tobacco Company will sell a new brand of cheap cigarettes to remain competitive. Jarryd Hayne bought 30 burgers for the NSW origin team at Castle Hill MacDonalds.
World: A man trying to make the world's fastest amphibious vehicle has built a contraption that can travel at 200km/h on roads and 97km/h on the water. The trial of Ratko Mladic, who is accused of genocide and other war crimes during the Bosnian war, has begun at the UN's International Criminal Tribunal.
Sport: NSW origin halfback Mitchell Pearce says he needs to step-up and start winning big games.
THE AGE:
Page 1: Investors nervous about Europe and the slowing global economy have wiped $27 billion from the value of Australian shares, as the chairman of BHP Billiton warns that the nation's mining boom is winding down. Opposition powerbroker Christopher Pyne made direct email contact with Peter Slipper staffer James Ashby within minutes of leaving late-night drinks in the Speakers office earlier this year. Accusations of bullying have surfaced at Melbourne City Council in a series of fiery letters between Lord Mayor Robert Doyle and a councillor.
Page 2: The future of Victoria's newest jail at Ararat - needed to cope with soaring rates of imprisonment - is in limbo after the project builder collapsed, freezing work on construction sites across the country.
Page 3: Victoria urgently needs to plan and fund a major infrastructure pipeline for new projects to stimulate and invigorate Victoria's economy, according to a new report. The Victoria Police officers who controversially ordered motorists to form a blockade to trap a high-speed fugitive on the Hume Freeway last weekend will continue working until the completion of a review.
World: Twenty years after the opening shots of the Bosnian War, former Bosnian Serb military commander Ratko Mladic has gone on trial at a United Nations tribunal on 11 charges of genocide, crimes against humanity and war crimes.
Business: BHP Billiton chairman Jac Nasser backs away from the company's commitment to spend $80 billion on growth projects over the next five years - the strongest sign yet the company is pulling back in response to recent falls in commodity prices and the negative outlook for Chinese demand.
Sport: Michael Long, the hero of Essendon's 1993 grand final victory, says there are flashes of those Baby Bombers in the 2012 Essendon team, and today's team has the chance to swoop in September in the absence of an outright favourite, just as his Bombers did 19 years ago.
THE HERALD SUN:
Page 1: Older mums have hit back at claims they are a growing social and medical burden.
Page 2: Super funds have taken a battering in the past two weeks with almost all gains for this financial year swept away in a sea of red ink.
Page 3: A man who set a house on fire after falling behind in his rent has walked from court.
World: Greece will hold new elections, possibly on June 17, after political leaders failed to find an agreement on a coalition government, extending a political crisis that threatens to finally push the country out of the eurozone.
Business: Stock markets around the globe have spiralled into a deeper tailspin amid fears Greece will be thrust out of the eurozone, dragging Europe into depression.
Sport: Geelong midfielder James Kelly concedes the reigning premier is losing respect.
WA's business community and the opposition are in open revolt against Premier Colin Barnett's plan to merge state-owned electricity generator Verve and retailer Synergy.
