SYDNEY, Oct 23 (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)
Embattled property trust GPT Group will this week announce a deeply discounted equity raising of between A$1.6 billion and A$1.9 billion. It is understood the A$2.5 billion trust will also announce the exit of chief executive Nic Lyons and substantially write down its A$2 billion investment in a property joint venture with investment bank Babcock & Brown. Observers said the latter move is expected to put considerable pressure on the troubled Babcock & Brown, which is in takeover talks with private equity interests. Page 1.
The annual headline inflation rate jumped to 5 percent in the September quarter while underlying inflation touched a 17-year high of 4.7 percent, according to official figures released yesterday. Federal Treasurer Wayne Swan said the current level of inflation 'is expected to be its peak, and we would hope to see it moderate over the year ahead.' Economists said it was increasingly likely that the inflation data would force the Reserve Bank of Australia to make a smaller than expected interest rate cut next month. Page 1.
Wool prices have slumped in the past week on the expectation that the global financial crisis will diminish demand for fine woollens. The price of standard 21 micron wool has fallen by about US$3 to US$5 a kilogram. In Australia, the world's largest wool producer and exporter, the eastern market indicator (EMI) dropped 62 cents a kilogram to A$7.77 on Tuesday, and slipped 6 cents again yesterday. Elders northern region wool manager Maurie McNeil said the price decline was the biggest 'since the demise of the floor price in 1991.' Page 3.
Ferrari and Maserati importers and dealers remain optimistic that demand for luxury automobiles will survive despite the economic slowdown. Neville Crichton of Sydney-based European Automotive Imports said yesterday 'we dont an awful lot' of customers to buy the limited number of cars they import, although he acknowledged affluent buyers were at present 'reluctant to show wealth'. Meanwhile, in Melbourne, local businessman Bobby Zagame has just opened a new A$30 million Ferrari and Maserati dealership. Page 3.
THE AUSTRALIAN (www.theaustralian.news.com.au)
Reserve Bank of Australia governor Glenn Stevens warned the Rudd Government of potential disruption in the financial markets because of the Government's bank deposit guarantee, it emerged yesterday. In secret advice to the Treasury, Mr Stevens said 'the more the guarantee is used, the bigger the problem,' and proposed a fee for deposits above A$1 million. The revelation comes after heated scenes in Parliament yesterday as the Opposition questioned Treasury secretary Ken Henry over the existence of the advice. Page 1. '
Federal Liberal frontbencher George Brandis has described former prime minister John Howard as a 'bundle of contradictions' who was responsible for policies that aggravated social discord. The critical comments are contained in Liberals and Power: The Road Ahead, a new book by Senator Brandis, the Opposition legal affairs spokesman. Mr Howard said last night he had read part of the book, 'but...I do not regard myself as a bundle of contradictions.' Page 1.
A Federal Government-backed report to be released today has found evidence of the disruptive social impact of the drought. A member of the seven-member panel, Lesley Young, said women in farming families were being forced to find employment far from home, taking their children with them. Ms Young, national president of the Country Women's Association of Australia, said the findings overturned the misconception that the drought mainly affected men. Page 1.
The Federal Government's comprehensive new website for parents with young children has been found to contain errors about fees charged by childcare centres. Parents in the Sydney suburb of Kellyville were surprised to learn that the local ABC Developmental Learning Centre was listed as charging A$671 per week per child, making it the most expensive childcare centre in the country, when it actually charged A$355. ABC Learning Centres said yesterday that it had informed the Government wrong data may have been provided. Page 2.
THE SYDNEY MORNING HERALD (www.smh.com.au)
The New South Wales Government has ordered 'detailed investigations' into high carriage noise levels on its new A$2.3 billion Epping to Chatswood rail line. Noise levels reached 90 decibels during recent tests on the 12.5 kilometre tunnel. A RailCorp spokesman said they had found 'potential ways the issue could be addressed,' which included noise absorption panels or the installation of rail vibration dampers. The tunnel is scheduled to open in February next year. Page 1.
Women wanting to check for genetic mutations that cause breast cancer will be forced to use private clinics charging A$2100 per test, after the company that holds the gene patents set a deadline of November 6 for cessation of testing at public hospitals. Genetic Technologies said public laboratories were 'sub-scale' and that critics of the move were motivated by 'an ideological objection to the private sector'. Medical advisor Graeme Suthers said 'it is essential that Australian families can access testing of genes.' Page 1.
A recent peak water body report has warned of the overuse and pollution of the country's groundwater supply, which currently accounts for up to 30 percent of the nation's water consumption. The increase in water consumption from underground aquifers was being driven by farmers and rural communities blighted by drought affected river systems. 'Concerted action must be taken to return overallocated systems to sustainable levels,' said the National Water Commission. Page 3.
THE AGE (www.theage.com.au)
A top Victorian bureaucrat has suggested that the State Government's A$4.9 billion water plan may be inadequate to meet Melbourne's long-term drinking water requirements. Melbourne Water chairwoman Cheryl Batagol said yesterday that new recycling projects would need to be taken up soon after the completion of the desalination plant and the north-south pipeline. Ms Batagol's comments came as the Federal Government received a report warning of pressures on the social life of farming communities because of the drought. Page 1.
Federal Treasury secretary Ken Henry has vehemently rejected insinuations by Opposition senators that he may not have been truthful about the Government's bank deposit guarantee scheme. Appearing before a Senate committee yesterday, Dr Henry dismissed suggestions of a disagreement over the issue between himself and Reserve Bank of Australia governor Glenn Stevens, and insisted the central bank had supported the deposit guarantee plan announced by the Government on October 12. Page 1.
Proposed legislation that would force private schools to disclose their fees and finance has provoked criticism from the Association of Independent Schools of Victoria. 'Were concerned that the information could be used to develop a punitive funding model,' the association's chief executive, Michelle Green, said yesterday. In a letter to state Education Minister Bronwyn Pike, the association has raised concerns that the bill may override the independent statutory body, Victorian Regulations and Qualifications Authority. Page 2.
A prominent human rights lawyer has warned that a proposed Victorian law to ban people who have made a submission on an issue to vote on the same issue if they are elected to the local council may be undemocratic. Julian Burnside, QC, said yesterday that making a submission should not be interpreted as having an 'indirect interest'. The state's Opposition is expected to reconsider its previous support for the bill, which will be tabled in the upper house on Tuesday. Elections for Victoria's 79 councils are due to be held next month. Page 3. -- . 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)
Embattled property trust GPT Group will this week announce a deeply discounted equity raising of between A$1.6 billion and A$1.9 billion. It is understood the A$2.5 billion trust will also announce the exit of chief executive Nic Lyons and substantially write down its A$2 billion investment in a property joint venture with investment bank Babcock & Brown. Observers said the latter move is expected to put considerable pressure on the troubled Babcock & Brown, which is in takeover talks with private equity interests. Page 1.
The annual headline inflation rate jumped to 5 percent in the September quarter while underlying inflation touched a 17-year high of 4.7 percent, according to official figures released yesterday. Federal Treasurer Wayne Swan said the current level of inflation 'is expected to be its peak, and we would hope to see it moderate over the year ahead.' Economists said it was increasingly likely that the inflation data would force the Reserve Bank of Australia to make a smaller than expected interest rate cut next month. Page 1.
Wool prices have slumped in the past week on the expectation that the global financial crisis will diminish demand for fine woollens. The price of standard 21 micron wool has fallen by about US$3 to US$5 a kilogram. In Australia, the world's largest wool producer and exporter, the eastern market indicator (EMI) dropped 62 cents a kilogram to A$7.77 on Tuesday, and slipped 6 cents again yesterday. Elders northern region wool manager Maurie McNeil said the price decline was the biggest 'since the demise of the floor price in 1991.' Page 3.
Ferrari and Maserati importers and dealers remain optimistic that demand for luxury automobiles will survive despite the economic slowdown. Neville Crichton of Sydney-based European Automotive Imports said yesterday 'we dont an awful lot' of customers to buy the limited number of cars they import, although he acknowledged affluent buyers were at present 'reluctant to show wealth'. Meanwhile, in Melbourne, local businessman Bobby Zagame has just opened a new A$30 million Ferrari and Maserati dealership. Page 3.
THE AUSTRALIAN (www.theaustralian.news.com.au)
Reserve Bank of Australia governor Glenn Stevens warned the Rudd Government of potential disruption in the financial markets because of the Government's bank deposit guarantee, it emerged yesterday. In secret advice to the Treasury, Mr Stevens said 'the more the guarantee is used, the bigger the problem,' and proposed a fee for deposits above A$1 million. The revelation comes after heated scenes in Parliament yesterday as the Opposition questioned Treasury secretary Ken Henry over the existence of the advice. Page 1. '
Federal Liberal frontbencher George Brandis has described former prime minister John Howard as a 'bundle of contradictions' who was responsible for policies that aggravated social discord. The critical comments are contained in Liberals and Power: The Road Ahead, a new book by Senator Brandis, the Opposition legal affairs spokesman. Mr Howard said last night he had read part of the book, 'but...I do not regard myself as a bundle of contradictions.' Page 1.
A Federal Government-backed report to be released today has found evidence of the disruptive social impact of the drought. A member of the seven-member panel, Lesley Young, said women in farming families were being forced to find employment far from home, taking their children with them. Ms Young, national president of the Country Women's Association of Australia, said the findings overturned the misconception that the drought mainly affected men. Page 1.
The Federal Government's comprehensive new website for parents with young children has been found to contain errors about fees charged by childcare centres. Parents in the Sydney suburb of Kellyville were surprised to learn that the local ABC Developmental Learning Centre was listed as charging A$671 per week per child, making it the most expensive childcare centre in the country, when it actually charged A$355. ABC Learning Centres said yesterday that it had informed the Government wrong data may have been provided. Page 2.
THE SYDNEY MORNING HERALD (www.smh.com.au)
The New South Wales Government has ordered 'detailed investigations' into high carriage noise levels on its new A$2.3 billion Epping to Chatswood rail line. Noise levels reached 90 decibels during recent tests on the 12.5 kilometre tunnel. A RailCorp spokesman said they had found 'potential ways the issue could be addressed,' which included noise absorption panels or the installation of rail vibration dampers. The tunnel is scheduled to open in February next year. Page 1.
Women wanting to check for genetic mutations that cause breast cancer will be forced to use private clinics charging A$2100 per test, after the company that holds the gene patents set a deadline of November 6 for cessation of testing at public hospitals. Genetic Technologies said public laboratories were 'sub-scale' and that critics of the move were motivated by 'an ideological objection to the private sector'. Medical advisor Graeme Suthers said 'it is essential that Australian families can access testing of genes.' Page 1.
A recent peak water body report has warned of the overuse and pollution of the country's groundwater supply, which currently accounts for up to 30 percent of the nation's water consumption. The increase in water consumption from underground aquifers was being driven by farmers and rural communities blighted by drought affected river systems. 'Concerted action must be taken to return overallocated systems to sustainable levels,' said the National Water Commission. Page 3.
THE AGE (www.theage.com.au)
A top Victorian bureaucrat has suggested that the State Government's A$4.9 billion water plan may be inadequate to meet Melbourne's long-term drinking water requirements. Melbourne Water chairwoman Cheryl Batagol said yesterday that new recycling projects would need to be taken up soon after the completion of the desalination plant and the north-south pipeline. Ms Batagol's comments came as the Federal Government received a report warning of pressures on the social life of farming communities because of the drought. Page 1.
Federal Treasury secretary Ken Henry has vehemently rejected insinuations by Opposition senators that he may not have been truthful about the Government's bank deposit guarantee scheme. Appearing before a Senate committee yesterday, Dr Henry dismissed suggestions of a disagreement over the issue between himself and Reserve Bank of Australia governor Glenn Stevens, and insisted the central bank had supported the deposit guarantee plan announced by the Government on October 12. Page 1.
Proposed legislation that would force private schools to disclose their fees and finance has provoked criticism from the Association of Independent Schools of Victoria. 'Were concerned that the information could be used to develop a punitive funding model,' the association's chief executive, Michelle Green, said yesterday. In a letter to state Education Minister Bronwyn Pike, the association has raised concerns that the bill may override the independent statutory body, Victorian Regulations and Qualifications Authority. Page 2.
A prominent human rights lawyer has warned that a proposed Victorian law to ban people who have made a submission on an issue to vote on the same issue if they are elected to the local council may be undemocratic. Julian Burnside, QC, said yesterday that making a submission should not be interpreted as having an 'indirect interest'. The state's Opposition is expected to reconsider its previous support for the bill, which will be tabled in the upper house on Tuesday. Elections for Victoria's 79 councils are due to be held next month. Page 3. -- . 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.