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 Opposition's proposal to raise the taxation on cigarettes would save A$3.297 billion less over 10 years than the previously calculated, according to the Rudd government. The Coalition proposed the tax increase as an alternative to the Government's private health insurance rebate. However, the Government claims that modelling used for Coalition's proposal did not take into account the expected decline in smoking by Australians over the next decade. Page 1.
--The Australian Taxation Office (ATO) has launched an investigation into the administration of trusts, which are seen as complicated and arcane, according to tax experts.
Discretionary trusts will be the main focus of the review, with the ATO to look at whether capital gains should be taxed at the highest marginal rate or be subject to a 50 percent capital gains concession. 'We need a circuit breaker in terms of a fresh rewrite in a simplified form on the way trust income is taxed,' says Paul Brassil, of law firm PricewaterhouseCoopers. Page 1.
--Agribusiness investment manager Great Southern has collapsed with debts totalling almost A$700 million. The West-Australian company was placed into voluntary administration yesterday and is considered a major blow to the agribusiness sector following last month's collapse of rival Timbercorp . The board had been attempting to raise funds and sell assets prior to its collapse, according to Martin Jones, of administrators Ferrier Hodgson, maintaining that the 'decision was not taken lightly,' Page 1.
--Greens candidate Adele Carles has ousted Labor from its long-held seat of Fremantle, in Western Australia (WA), putting further pressure on Labor leader Eric Ripper to resign. Ms Carles won the seat, which has been in Labor hands since 1924, with 44 percent of the primary vote. Mr Ripper maintained that he had 'the overwhelming support of my caucus colleagues.'
However, speculation is mounting that Mr Ripper, who lead Labor to a shock state election loss last year, will now be replaced, according to commentators. Page 4.
THE AUSTRALIAN (www.theaustralian.news.com.au)
--West Australians have rejected the permanent introduction of daylight savings for the fourth time in 34 years. The state held the referendum on Saturday, following a three year trial, with rural voters making up the vast majority of the 55 percent who voted against the change. Premier Colin Barnett, who voted in favour of the change, conceded that the issue was not 'life-or-death,' saying that 'for this generation there will be no daylight saving.' Page 2.
--Australian National University (ANU) and University of Sydney researchers have found a correlation between men's height and income, with every two inches of height worth A$950 per annum. 'The wage gain from another 2 inches of height is approximately equal to wage gain from one more year of labour market experience,' says ANU professor Andrew Leigh. The correlation is also constant across other wage-influencing factors such as education, experience, race and age. Page 3.
--One-quarter of middle-aged Australian men who snore when they sleep are at risk of brain damage, according to a report by the University of New South Wales Brain Sciences. The study found that those men who suffer from apnoea, a condition that causes people to stop breathing while they sleep, produces changes in the brain similar to those that occur just before dying, or after a stroke. Report author Caroline Rae says that the brain is 'a lot more vulnerable during sleep.' Page 3.
--Charity group the Red Cross is to cut its workforce by almost 20 percent and overhaul its fundraising operations following a decrease in donations brought on by the economic downturn. Twenty jobs are expected to be cut from the charity's 110 staff, with a further 50 positions to be redefined and readvertised, according to spokeswoman Vivian Schenker. 'We are moving away from myriad one-off events towards regular and online donations,' says Ms Schenker. Page 5.
THE SYDNEY MORNING HERALD (www.smh.com.au)
--National Rugby League chief executive David Gallop is to hold crisis talks with the major sponsor of embattled rugby league club the Cronulla Sharks following recent revelations of a group sex scandal from 2002. Cronulla, which has debts of over A$12 million, is facing collapse after the loss of A$150,000 in sponsorship over the last few days. Mr Gallop will meet with electronics manufacturer LG in an effort to save an estimated seven-figure sponsorship deal. Page 1.
--A report into the clean-up after Victoria's Black Saturday bushfires says that only one-third of the 3000 properties earmarked have been cleared. The clean-up, which is being carried out by construction company Grocon, has been underway for 100 days and has until September to finish the job. Nicola Roxon, of the Victorian Bushfire Reconstruction and Recovery Authority, says that the clean-up rate was within 'world's best practice' and had picked up after a slow start. Page 2.
--New South Wales residents are ill-prepared for a recession, with 29 percent admitting they have no savings, according to a new BankWest survey. The report also shows that 40 percent of the 1144 people surveyed did not save any of their pay. However, BankWest's Ian Corfield says that those born between 1980 and 1999, known as generation Ys, are 'carefully insulating themselves against the downturn,' with 25 percent saving over 15 percent of their pay. Page 3.
--The future of health infrastructure projects in New South Wales (NSW) is in jeopardy due to the state's failure to attract substantial federal funding, according to the state Opposition.
NSW received less than 10 percent of the A$1.45 billion needed for projects, including the proposed 'super hospital' in Sydney's northern beaches and the redevelopment of a number of regional hospitals. Brian Morton, of the Australian Medical Association, says the state needs an infrastructure plan that is 'not dependent on one-off Federal Government handouts.' Page 6.
THE AGE (www.theage.com.au)
--Prime Minister Kevin Rudd has seen his approval rating fall 10 points to 64 percent following last week's budget, according to a new Age/Nielsen poll. Mr Rudd has also fallen to 64 percent in the preferred prime-minister stakes, while Opposition Leader Malcolm Turnbull stayed the same with 43 percent of the vote.
The Rudd government's proposed increase of the pension age to 67 is seen as the main reason for the decline in the polls, with only 40 percent backing the move. Page 1.
--Victoria's Shadow Attorney-General is calling on the Brumby government to explain why a proposal by electricity retailers to reduce the likelihood of bushfires caused by power lines was rejected by the Essential Services Commission (ESC) in 2005.
Electricity retailers SPAusNet and Powercor put in a A$100 million submission to the ESC that included clearing vegetation around above-ground power lines and moving others underground.
Power lines are believed to have caused five separate fires during the recent fatal Black Saturday bushfires. Page 3.
--Melbourne's Electoral Education Centre is to be shutdown at the end of the financial year following a 31 percent decrease in attendance over the last two years, according to Special Minister of State John Faulkner. The centre, which has an annual budget of A$400,000, holds free classes on Australia's electoral system for primary and secondary school students. Victorian Liberal senator Michael Ronaldson says the closure will deny children 'the opportunity to learn about the workings of our democracy.'
Page 5.
--Australian feature film Samson and Delilah, the uncompromising love story of two Aboriginal teenagers, has received a five-minute standing ovation after its screening at the prestigious Cannes International Film Festival. The film is screening in the festival's Un Certain Regard section. Director Warwick Thornton says the audience reaction to the screening is 'a complete validation of the film's ability to cross oceans and transcend language barriers.' Page 5.
Keywords: DIGEST AUSTRALIA GENERAL (Sydney Newsroom +61-2 9373 1800; sydney.newsroom@reuters.com) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
THE AUSTRALIAN FINANCIAL REVIEW (www.afr.com)
--The Federal Opposition's proposal to raise the taxation on cigarettes would save A$3.297 billion less over 10 years than the previously calculated, according to the Rudd government. The Coalition proposed the tax increase as an alternative to the Government's private health insurance rebate. However, the Government claims that modelling used for Coalition's proposal did not take into account the expected decline in smoking by Australians over the next decade. Page 1.
--The Australian Taxation Office (ATO) has launched an investigation into the administration of trusts, which are seen as complicated and arcane, according to tax experts.
Discretionary trusts will be the main focus of the review, with the ATO to look at whether capital gains should be taxed at the highest marginal rate or be subject to a 50 percent capital gains concession. 'We need a circuit breaker in terms of a fresh rewrite in a simplified form on the way trust income is taxed,' says Paul Brassil, of law firm PricewaterhouseCoopers. Page 1.
--Agribusiness investment manager Great Southern has collapsed with debts totalling almost A$700 million. The West-Australian company was placed into voluntary administration yesterday and is considered a major blow to the agribusiness sector following last month's collapse of rival Timbercorp . The board had been attempting to raise funds and sell assets prior to its collapse, according to Martin Jones, of administrators Ferrier Hodgson, maintaining that the 'decision was not taken lightly,' Page 1.
--Greens candidate Adele Carles has ousted Labor from its long-held seat of Fremantle, in Western Australia (WA), putting further pressure on Labor leader Eric Ripper to resign. Ms Carles won the seat, which has been in Labor hands since 1924, with 44 percent of the primary vote. Mr Ripper maintained that he had 'the overwhelming support of my caucus colleagues.'
However, speculation is mounting that Mr Ripper, who lead Labor to a shock state election loss last year, will now be replaced, according to commentators. Page 4.
THE AUSTRALIAN (www.theaustralian.news.com.au)
--West Australians have rejected the permanent introduction of daylight savings for the fourth time in 34 years. The state held the referendum on Saturday, following a three year trial, with rural voters making up the vast majority of the 55 percent who voted against the change. Premier Colin Barnett, who voted in favour of the change, conceded that the issue was not 'life-or-death,' saying that 'for this generation there will be no daylight saving.' Page 2.
--Australian National University (ANU) and University of Sydney researchers have found a correlation between men's height and income, with every two inches of height worth A$950 per annum. 'The wage gain from another 2 inches of height is approximately equal to wage gain from one more year of labour market experience,' says ANU professor Andrew Leigh. The correlation is also constant across other wage-influencing factors such as education, experience, race and age. Page 3.
--One-quarter of middle-aged Australian men who snore when they sleep are at risk of brain damage, according to a report by the University of New South Wales Brain Sciences. The study found that those men who suffer from apnoea, a condition that causes people to stop breathing while they sleep, produces changes in the brain similar to those that occur just before dying, or after a stroke. Report author Caroline Rae says that the brain is 'a lot more vulnerable during sleep.' Page 3.
--Charity group the Red Cross is to cut its workforce by almost 20 percent and overhaul its fundraising operations following a decrease in donations brought on by the economic downturn. Twenty jobs are expected to be cut from the charity's 110 staff, with a further 50 positions to be redefined and readvertised, according to spokeswoman Vivian Schenker. 'We are moving away from myriad one-off events towards regular and online donations,' says Ms Schenker. Page 5.
THE SYDNEY MORNING HERALD (www.smh.com.au)
--National Rugby League chief executive David Gallop is to hold crisis talks with the major sponsor of embattled rugby league club the Cronulla Sharks following recent revelations of a group sex scandal from 2002. Cronulla, which has debts of over A$12 million, is facing collapse after the loss of A$150,000 in sponsorship over the last few days. Mr Gallop will meet with electronics manufacturer LG in an effort to save an estimated seven-figure sponsorship deal. Page 1.
--A report into the clean-up after Victoria's Black Saturday bushfires says that only one-third of the 3000 properties earmarked have been cleared. The clean-up, which is being carried out by construction company Grocon, has been underway for 100 days and has until September to finish the job. Nicola Roxon, of the Victorian Bushfire Reconstruction and Recovery Authority, says that the clean-up rate was within 'world's best practice' and had picked up after a slow start. Page 2.
--New South Wales residents are ill-prepared for a recession, with 29 percent admitting they have no savings, according to a new BankWest survey. The report also shows that 40 percent of the 1144 people surveyed did not save any of their pay. However, BankWest's Ian Corfield says that those born between 1980 and 1999, known as generation Ys, are 'carefully insulating themselves against the downturn,' with 25 percent saving over 15 percent of their pay. Page 3.
--The future of health infrastructure projects in New South Wales (NSW) is in jeopardy due to the state's failure to attract substantial federal funding, according to the state Opposition.
NSW received less than 10 percent of the A$1.45 billion needed for projects, including the proposed 'super hospital' in Sydney's northern beaches and the redevelopment of a number of regional hospitals. Brian Morton, of the Australian Medical Association, says the state needs an infrastructure plan that is 'not dependent on one-off Federal Government handouts.' Page 6.
THE AGE (www.theage.com.au)
--Prime Minister Kevin Rudd has seen his approval rating fall 10 points to 64 percent following last week's budget, according to a new Age/Nielsen poll. Mr Rudd has also fallen to 64 percent in the preferred prime-minister stakes, while Opposition Leader Malcolm Turnbull stayed the same with 43 percent of the vote.
The Rudd government's proposed increase of the pension age to 67 is seen as the main reason for the decline in the polls, with only 40 percent backing the move. Page 1.
--Victoria's Shadow Attorney-General is calling on the Brumby government to explain why a proposal by electricity retailers to reduce the likelihood of bushfires caused by power lines was rejected by the Essential Services Commission (ESC) in 2005.
Electricity retailers SPAusNet and Powercor put in a A$100 million submission to the ESC that included clearing vegetation around above-ground power lines and moving others underground.
Power lines are believed to have caused five separate fires during the recent fatal Black Saturday bushfires. Page 3.
--Melbourne's Electoral Education Centre is to be shutdown at the end of the financial year following a 31 percent decrease in attendance over the last two years, according to Special Minister of State John Faulkner. The centre, which has an annual budget of A$400,000, holds free classes on Australia's electoral system for primary and secondary school students. Victorian Liberal senator Michael Ronaldson says the closure will deny children 'the opportunity to learn about the workings of our democracy.'
Page 5.
--Australian feature film Samson and Delilah, the uncompromising love story of two Aboriginal teenagers, has received a five-minute standing ovation after its screening at the prestigious Cannes International Film Festival. The film is screening in the festival's Un Certain Regard section. Director Warwick Thornton says the audience reaction to the screening is 'a complete validation of the film's ability to cross oceans and transcend language barriers.' Page 5.
Keywords: DIGEST AUSTRALIA GENERAL (Sydney Newsroom +61-2 9373 1800; sydney.newsroom@reuters.com) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.