SYDNEY, Oct 20 (Reuters) - Compiled for Reuters by Media Monitors. Reuters has not verified these stories and does not vouch for their accuracy.
THE AUSTRALIAN FINANCIAL REVIEW (www.afr.com)
--The Federal Government may soon do away with a 10 percent interest withholding tax on overseas investors buying state government bonds. Treasurer Wayne Swan yesterday flagged the move, promised earlier this year, following pressure from some state governments concerned that the delay has cut demand for their bonds. Mr Swan said the legislation would add to the attractiveness of these bonds and allow them to make a greater contribution to financial market stability. The tax break is expected to boost state spending by A$80 billion. Page 1.
--Federal Treasurer Wayne Swan has welcomed a plan unveiled by United States President George Bush for a series of summits to co-ordinate a global response to the financial crisis. The idea for meetings of the Group of Eight leading industrialised economies plus India, China and possibly Australia, Saudi Arabia and other nations was supported by French President Nicolas Sarkozy and European Commission president Jose Barroso after a weekend meeting with Mr Bush. 'We have been calling for global action,' Mr Swan said yesterday. Page 1.
--The Rudd Government is planning to lift infrastructure spending to avert the possibility of a recession in the domestic economy. Independent advisory body Infrastructure Australia will present to the Government an infrastructure priority list within weeks, with a decision expected to be made for a 2009 start to the projects. Upgrades of major national highways and a boost to general health services are among the measures on the table. The move comes amid concerns that New South Wales has fallen behind in infrastructure spending. Page 1.
--Federal Labor has over the past two weeks secretly discussed concessions to unions in its planned industrial relations legislation, it emerged yesterday. The measures include putting in place a drop-dead date for all old workplace agreements, forcing businesses to renegotiate existing arrangements with employees, and requiring workers to advise their union in writing if they do not want the union to represent them in workplace negotiations. One employer representative called the Government move 'a big Christmas present for unions. Page 3.
THE AUSTRALIAN (www.theaustralian.news.com.au)
--A global economic slowdown could cause a reduction in carbon emissions because of a decline in manufacturing activity and weaker car sales, according to climate change experts. The managing director of carbon offsets and abatement credits trading platform operator Australian Climate Exchange, Tim Hanlin, yesterday cited the freeze in Australia's carbon emissions for many years following the last recession. Mr Hanlin's comments came in the wake of a report that last week predicted a significant fall in emissions in Europe. Page 1.
--The New South Wales (NSW) Labor Government suffered a serious electoral setback at three Sydney by-elections on Saturday, raising the prospect of a rout at the next state election in 2011. The Liberals scored an impressive win in the northern Sydney seat of Ryde while making deep cuts into Labors vote in Cabramatta and Lakemba in the city's west. NSW Premier Nathan Rees, who is putting together a mini-budget for November 11 to plug a budget deficit, described the results as a shellacking and a very clear message from voters. Page 1.
--The Australian Greens have secured three of the 17 seats in Saturday's elections for the Australian Capital Territory (ACT) Legislative Assembly, helping boost their national profile. Federal Greens leader Bob Brown said the ACT election result had confirmed the party, which recorded 13 percent national support in the latest federal Newspoll, as 'sensible, optimistic and mainstream.' The Greens' strong showing in the ACT will push Labor Chief Minister John Stanhope's government into a minority. Page 1.
--National Australia Bank (NAB) yesterday cut its standard variable mortgage rate by 20 basis points to 8.36 percent and hinted at more reductions. NAB's cut was smaller than the 25-basis-point reduction to 8.32 percent announced by Australia and New Zealand Banking Group on Friday. Announcing the decision, NAB chief executive for Australia, Ahmed Fahour, cited the 'positive impact on the credit market' of the policy measures announced by the Federal Government earlier this month. Page 2.
THE SYDNEY MORNING HERALD (www.smh.com.au)
--Prime Minister Kevin Rudd and Federal Labor have recorded a significant surge in their support, according to the latest national Herald/Nielsen poll taken in the wake of the Government's measures to combat the global financial crisis. Mr Rudd's personal popularity rating jumped to 71 percent, up 10 percentage points from the previous month, while his disapproval rating dropped 11 points to 20 percent. Page 1.
--Sydney's population will rise to 6 million by 2036, up from 4.3 million at present, straining the city's transport infrastructure and housing sector. According to projections to be released today by the New South Wales Planning Department, 69 percent of the population increase will be accounted for by births while 31 percent will come from net migration. Page 1.
--An Australian Conservation Foundation (ACF) report released yesterday estimates some of the nation's richest companies could receive A$3 billion in free carbon pollution permits when Federal Labor's emissions trading scheme begins in 2010. The Government has promised to protect industries such as steel, aluminium and cement by handing them 30 percent of permits free. Alumina Ltd, CITIC, BHP Billiton, Xstrata and Mitsubishi. Page 2.
--A rich Indonesian businessman has announced plans for a jihadi memorial for the Bali bombers and other members of the country's radical Islamist movement. Cecep Hermawan yesterday offered a site near Cianjur in West Java to create a memorial for 'those who fought for the existence of Islamic sharia, those that paid with their life.' Page 3.
THE AGE (www.theage.com.au)
--A prominent Melbourne doctor has claimed most organ donors in Australia are not technically dead when their organs are removed. In an article published in the Journal of Law and Medicine this month, Royal Children's Hospital paediatric specialist James Tibballs has controversially questioned clinical guidelines commonly used to establish brain death, and labelled the concept of brain death as a 'convenient fiction.' Dr Tibballs' claims have sparked sharp criticism from critics who argue they could deter potential organ donors. Page 1.
--National petrol prices commissioner-designate Joe Dimasi yesterday said it was too simplistic to conclude that oil firms have been greatly widening their margins despite figures that indicate fuel retailers and oil companies have lowered petrol prices by less than 14 cents a litre while the international oil price has slid by more than half. Mr Dimasi said an analysis based on the Singapore benchmark used to determine the Australian oil price suggests the domestic price has 'fallen by about 2 to 3 cents per litre less.' Page 3.
--Telecommunications company Optus is expected to cut about 400 jobs this week at its Sydney office. Optus is also believed to have sacked several senior executives as the global economic downturn begins to grip Australia. The move by the Singapore-controlled group comes after recent job cuts at other major Australian companies including Qantas Airways, Holden, Ford and Fairfax Media. Page 3.
--The Business Council of Australia (BCA) has warned that the Federal Government should not ignore rigorous assessment processes as it prepares to fund multi-billion dollar infrastructure projects in a bid to shield the Australian economy from the global economic malaise. 'Infrastructure proposals should receive tough scrutiny, to make sure that they are efficient and that Australia gets the most economic growth for its infrastructure dollar,' the BCA said yesterday in a submission to the Government's infrastructure policy advisory body. Page 4. -- . ng COPYRIGHT Copyright Thomson Financial News Limited 2008. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
THE AUSTRALIAN FINANCIAL REVIEW (www.afr.com)
--The Federal Government may soon do away with a 10 percent interest withholding tax on overseas investors buying state government bonds. Treasurer Wayne Swan yesterday flagged the move, promised earlier this year, following pressure from some state governments concerned that the delay has cut demand for their bonds. Mr Swan said the legislation would add to the attractiveness of these bonds and allow them to make a greater contribution to financial market stability. The tax break is expected to boost state spending by A$80 billion. Page 1.
--Federal Treasurer Wayne Swan has welcomed a plan unveiled by United States President George Bush for a series of summits to co-ordinate a global response to the financial crisis. The idea for meetings of the Group of Eight leading industrialised economies plus India, China and possibly Australia, Saudi Arabia and other nations was supported by French President Nicolas Sarkozy and European Commission president Jose Barroso after a weekend meeting with Mr Bush. 'We have been calling for global action,' Mr Swan said yesterday. Page 1.
--The Rudd Government is planning to lift infrastructure spending to avert the possibility of a recession in the domestic economy. Independent advisory body Infrastructure Australia will present to the Government an infrastructure priority list within weeks, with a decision expected to be made for a 2009 start to the projects. Upgrades of major national highways and a boost to general health services are among the measures on the table. The move comes amid concerns that New South Wales has fallen behind in infrastructure spending. Page 1.
--Federal Labor has over the past two weeks secretly discussed concessions to unions in its planned industrial relations legislation, it emerged yesterday. The measures include putting in place a drop-dead date for all old workplace agreements, forcing businesses to renegotiate existing arrangements with employees, and requiring workers to advise their union in writing if they do not want the union to represent them in workplace negotiations. One employer representative called the Government move 'a big Christmas present for unions. Page 3.
THE AUSTRALIAN (www.theaustralian.news.com.au)
--A global economic slowdown could cause a reduction in carbon emissions because of a decline in manufacturing activity and weaker car sales, according to climate change experts. The managing director of carbon offsets and abatement credits trading platform operator Australian Climate Exchange, Tim Hanlin, yesterday cited the freeze in Australia's carbon emissions for many years following the last recession. Mr Hanlin's comments came in the wake of a report that last week predicted a significant fall in emissions in Europe. Page 1.
--The New South Wales (NSW) Labor Government suffered a serious electoral setback at three Sydney by-elections on Saturday, raising the prospect of a rout at the next state election in 2011. The Liberals scored an impressive win in the northern Sydney seat of Ryde while making deep cuts into Labors vote in Cabramatta and Lakemba in the city's west. NSW Premier Nathan Rees, who is putting together a mini-budget for November 11 to plug a budget deficit, described the results as a shellacking and a very clear message from voters. Page 1.
--The Australian Greens have secured three of the 17 seats in Saturday's elections for the Australian Capital Territory (ACT) Legislative Assembly, helping boost their national profile. Federal Greens leader Bob Brown said the ACT election result had confirmed the party, which recorded 13 percent national support in the latest federal Newspoll, as 'sensible, optimistic and mainstream.' The Greens' strong showing in the ACT will push Labor Chief Minister John Stanhope's government into a minority. Page 1.
--National Australia Bank (NAB) yesterday cut its standard variable mortgage rate by 20 basis points to 8.36 percent and hinted at more reductions. NAB's cut was smaller than the 25-basis-point reduction to 8.32 percent announced by Australia and New Zealand Banking Group on Friday. Announcing the decision, NAB chief executive for Australia, Ahmed Fahour, cited the 'positive impact on the credit market' of the policy measures announced by the Federal Government earlier this month. Page 2.
THE SYDNEY MORNING HERALD (www.smh.com.au)
--Prime Minister Kevin Rudd and Federal Labor have recorded a significant surge in their support, according to the latest national Herald/Nielsen poll taken in the wake of the Government's measures to combat the global financial crisis. Mr Rudd's personal popularity rating jumped to 71 percent, up 10 percentage points from the previous month, while his disapproval rating dropped 11 points to 20 percent. Page 1.
--Sydney's population will rise to 6 million by 2036, up from 4.3 million at present, straining the city's transport infrastructure and housing sector. According to projections to be released today by the New South Wales Planning Department, 69 percent of the population increase will be accounted for by births while 31 percent will come from net migration. Page 1.
--An Australian Conservation Foundation (ACF) report released yesterday estimates some of the nation's richest companies could receive A$3 billion in free carbon pollution permits when Federal Labor's emissions trading scheme begins in 2010. The Government has promised to protect industries such as steel, aluminium and cement by handing them 30 percent of permits free. Alumina Ltd, CITIC, BHP Billiton, Xstrata and Mitsubishi. Page 2.
--A rich Indonesian businessman has announced plans for a jihadi memorial for the Bali bombers and other members of the country's radical Islamist movement. Cecep Hermawan yesterday offered a site near Cianjur in West Java to create a memorial for 'those who fought for the existence of Islamic sharia, those that paid with their life.' Page 3.
THE AGE (www.theage.com.au)
--A prominent Melbourne doctor has claimed most organ donors in Australia are not technically dead when their organs are removed. In an article published in the Journal of Law and Medicine this month, Royal Children's Hospital paediatric specialist James Tibballs has controversially questioned clinical guidelines commonly used to establish brain death, and labelled the concept of brain death as a 'convenient fiction.' Dr Tibballs' claims have sparked sharp criticism from critics who argue they could deter potential organ donors. Page 1.
--National petrol prices commissioner-designate Joe Dimasi yesterday said it was too simplistic to conclude that oil firms have been greatly widening their margins despite figures that indicate fuel retailers and oil companies have lowered petrol prices by less than 14 cents a litre while the international oil price has slid by more than half. Mr Dimasi said an analysis based on the Singapore benchmark used to determine the Australian oil price suggests the domestic price has 'fallen by about 2 to 3 cents per litre less.' Page 3.
--Telecommunications company Optus is expected to cut about 400 jobs this week at its Sydney office. Optus is also believed to have sacked several senior executives as the global economic downturn begins to grip Australia. The move by the Singapore-controlled group comes after recent job cuts at other major Australian companies including Qantas Airways, Holden, Ford and Fairfax Media. Page 3.
--The Business Council of Australia (BCA) has warned that the Federal Government should not ignore rigorous assessment processes as it prepares to fund multi-billion dollar infrastructure projects in a bid to shield the Australian economy from the global economic malaise. 'Infrastructure proposals should receive tough scrutiny, to make sure that they are efficient and that Australia gets the most economic growth for its infrastructure dollar,' the BCA said yesterday in a submission to the Government's infrastructure policy advisory body. Page 4. -- . ng COPYRIGHT Copyright Thomson Financial News Limited 2008. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.