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 Rudd government's controversial crackdown on employee share option schemes has been abandoned following criticism from business and unions. Assistant Treasurer Chris Bowen revealed the backdown yesterday, but maintained that the Government would still overhaul the tax system following a review. However, the Institute of Chartered Accountants said it would be a 'challenge' for companies to complete their employees share ownership schemes before the end of the financial year without any clear guidelines in place. Page 1.
--The 18,000 investors of collapsed agribusiness investment company Timbercorp have been warned that the viability of a number of schemes is in doubt due to funding shortfalls.
Administrators KordaMentha has delayed a creditors meeting for 30 days, saying over the weekend that Timbercorp was one of Australia's 'most complex administrations,' with over A$2 billion invested in 50 projects. Timbercorp collapsed four weeks ago with debts totalling A$903. Page 1.
--Representatives of the indigenous people from Western Australia's Kimberly region are demanding up to A$1 billion from the expected A$65 billion in royalties the Rudd government expects to receive from a Woodside-led natural gas processing hub. The Kimberley Land Council and the Australian Conservation Foundation describe the compensation demands, aimed at improving the living standards of Aboriginal people in the region over the next 30 years, as a 'showstopper.' Page 3.
--Import charges into Australia are set to rise by up to 50 percent following a 6.8 percent fall in import volumes in the December quarter. The Australian Quarantine and Inspection Service is set to announce the increased charges for all air and sea cargo import declarations and inspections fees in an effort to make up a A$30.4 million shortfall over fiscal 2008 and 2009.
Minister for Agriculture, Fisheries and Forestry, Tony Burke, said yesterday that it was not 'the job of this government to subsidise farmers in Europe and the United States.' Page 3.
THE AUSTRALIAN (www.theaustralian.news.com.au)
--The average size of a loan for Australian first-home buyers has increased by 23 percent to A$280,600 in the two years to February, according to market research firm Brandmanagement. However, analysts warn that government funded first-home owner incentives may be fuelling a housing bubble. The federally funded First Home Owners Boost, which provides up to A$21,000 for new-home buyers, is going directly 'into the pockets of those who are selling at a more attractive price,' Brandmanagement's Andrew Inglewood says. Page 1.
--Balkanu Cape York Development Corp chief executive Gerhardt Pearson has supported the World Heritage listing of Queensland's Cape York and the protection of wild rivers, in opposition to his brother's campaign to stop the environmental protection measures.
Land rights activist Noel Pearson has previously said that the listing, along with the state legislation to protect wild rivers, would deny development opportunities to indigenous communities.
Page 4.
--The impact of climate change is expected to push water prices in Australia up by 50 percent to 100 percent within five years, according to the Water Services Association. Prices are expected to vary between cities depending on their respective rainfall. 'The new sources of water, whether they be desalination or recycled water schemes, are a lot more expensive than the traditional sources were,' says Ross Young, the association's executive director. Page 5.
--Clean energy projects worth A$31 billion are under construction or planned in connection with the Rudd government's proposed emissions trading scheme (ETS), according to a new study by the Climate Institute. The report says the projects will create 26,000 jobs and 'help put Australia at the front of a global energy boom which already employs more people worldwide than those employed in oil and gas.' However, the Minerals Council of Australia warns that the ETS could cost the mining sector 24,000 jobs over the next decade. Page 6.
THE SYDNEY MORNING HERALD (www.smh.com.au)
--Former High Court judge Ian Callinan warns that an Australian bill of rights would not be good for governance and may corrupt the judiciary. A Father Frank Brennan-chaired committee, set up by the Rudd government late last year, is currently examining possible avenues to better ensure the human rights of Australian citizens. Mr Callinan says the move would outsource political power to the courts, warning that 'judges are not immune to the narcotic of power.' Page 1.
--A 25 percent increase in land taxes on property valued at A$2.25 million and above has resulted in New South Wales (NSW) taxpayers owing over A$227 million in unpaid taxes at the end of February, according to figures released by the Office of State Revenue. The tax increase, announced last November as part of the Rees government's mini-budget, in combination with the recession means that businesses state-wide will 'find it even harder to pay their bills,' warns Ken Morrison, of the NSW Property Council. Page 3.
--Mouth swabs will replace urine samples as the random drug test method for staff of energy company Shell, following a ruling by the Australian Industrial Relations Commission. Under the ruling Shell cannot take urine samples due to the intrusiveness of the method. 'This is a very important decision for rolling back and giving that extra privacy that an employee should have,' said Edward Wray-Bliss, a lecturer at the Sydney's University of Technology. Page 3.
--Around 21,500 residents in New South Wales (NSW) remain isolated despite torrential rain easing across the state's north.
Thousands of residents of the small townships of Yamba and Iluka had been isolated over the last few days, with nine flood warnings yesterday issued for rivers in the northern coastal region. The State Emergency Services said that 'the worst should be over,' but warned there may be the need for further evacuations. Page 5.
THE AGE (www.theage.com.au) --Victorian Health Minister Daniel Andrews yesterday announced that Melbourne's Thornbury High School would close for one week following a 15-year-old student being diagnosed with swine flu. The new case of swine flu followed a positive test result from a year nine student last week after he returned from a holiday in the United States. Parents have criticised the delayed action, however, the minister maintained that the first case 'posed no risk to his classmates and therefore no action was taken.' Page 1.
--The Federal Government is to forcibly takeover the troubled Aboriginal townships around Alice Springs following a breakdown in negotiations with the local council over a A$125 million assistance package. Indigenous Affairs Minister Jenny Macklin announced the compulsory acquisition using powers under the Northern Territory Emergency Intervention Responsible Act, describing the camp conditions as 'horrific.' Tangentyere Council spokesman David Donald described the move as a lost opportunity 'to rid us of welfare dependence.' Page 1.
--A survey by conservationists has found that almost 40 percent of land described by the Victorian Government as old-growth forest actually comprises young regrowth and cleared paddocks. Around 15,000 hectares of land earmarked for protection had little environmental value and was of no use to the timber industry, according to the report. Page 3.
--A boat carrying 73 asylum seekers has been intercepted off Ashmore Island near the West Australian coast. It is the 16th people-smuggling boat to be caught in Australia waters this year, bringing the total number of boat people to 621, and is expected to increase the pressure on the Christmas Island processing centre. The latest arrival is set to hamper the Rudd government's proposal to remove a law that requires asylum seekers to pay the cost of their detention, with shadow immigration minister Sharman Stone describing the bill as a 'marketing measure' for people smugglers. Page 6.
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 Rudd government's controversial crackdown on employee share option schemes has been abandoned following criticism from business and unions. Assistant Treasurer Chris Bowen revealed the backdown yesterday, but maintained that the Government would still overhaul the tax system following a review. However, the Institute of Chartered Accountants said it would be a 'challenge' for companies to complete their employees share ownership schemes before the end of the financial year without any clear guidelines in place. Page 1.
--The 18,000 investors of collapsed agribusiness investment company Timbercorp have been warned that the viability of a number of schemes is in doubt due to funding shortfalls.
Administrators KordaMentha has delayed a creditors meeting for 30 days, saying over the weekend that Timbercorp was one of Australia's 'most complex administrations,' with over A$2 billion invested in 50 projects. Timbercorp collapsed four weeks ago with debts totalling A$903. Page 1.
--Representatives of the indigenous people from Western Australia's Kimberly region are demanding up to A$1 billion from the expected A$65 billion in royalties the Rudd government expects to receive from a Woodside-led natural gas processing hub. The Kimberley Land Council and the Australian Conservation Foundation describe the compensation demands, aimed at improving the living standards of Aboriginal people in the region over the next 30 years, as a 'showstopper.' Page 3.
--Import charges into Australia are set to rise by up to 50 percent following a 6.8 percent fall in import volumes in the December quarter. The Australian Quarantine and Inspection Service is set to announce the increased charges for all air and sea cargo import declarations and inspections fees in an effort to make up a A$30.4 million shortfall over fiscal 2008 and 2009.
Minister for Agriculture, Fisheries and Forestry, Tony Burke, said yesterday that it was not 'the job of this government to subsidise farmers in Europe and the United States.' Page 3.
THE AUSTRALIAN (www.theaustralian.news.com.au)
--The average size of a loan for Australian first-home buyers has increased by 23 percent to A$280,600 in the two years to February, according to market research firm Brandmanagement. However, analysts warn that government funded first-home owner incentives may be fuelling a housing bubble. The federally funded First Home Owners Boost, which provides up to A$21,000 for new-home buyers, is going directly 'into the pockets of those who are selling at a more attractive price,' Brandmanagement's Andrew Inglewood says. Page 1.
--Balkanu Cape York Development Corp chief executive Gerhardt Pearson has supported the World Heritage listing of Queensland's Cape York and the protection of wild rivers, in opposition to his brother's campaign to stop the environmental protection measures.
Land rights activist Noel Pearson has previously said that the listing, along with the state legislation to protect wild rivers, would deny development opportunities to indigenous communities.
Page 4.
--The impact of climate change is expected to push water prices in Australia up by 50 percent to 100 percent within five years, according to the Water Services Association. Prices are expected to vary between cities depending on their respective rainfall. 'The new sources of water, whether they be desalination or recycled water schemes, are a lot more expensive than the traditional sources were,' says Ross Young, the association's executive director. Page 5.
--Clean energy projects worth A$31 billion are under construction or planned in connection with the Rudd government's proposed emissions trading scheme (ETS), according to a new study by the Climate Institute. The report says the projects will create 26,000 jobs and 'help put Australia at the front of a global energy boom which already employs more people worldwide than those employed in oil and gas.' However, the Minerals Council of Australia warns that the ETS could cost the mining sector 24,000 jobs over the next decade. Page 6.
THE SYDNEY MORNING HERALD (www.smh.com.au)
--Former High Court judge Ian Callinan warns that an Australian bill of rights would not be good for governance and may corrupt the judiciary. A Father Frank Brennan-chaired committee, set up by the Rudd government late last year, is currently examining possible avenues to better ensure the human rights of Australian citizens. Mr Callinan says the move would outsource political power to the courts, warning that 'judges are not immune to the narcotic of power.' Page 1.
--A 25 percent increase in land taxes on property valued at A$2.25 million and above has resulted in New South Wales (NSW) taxpayers owing over A$227 million in unpaid taxes at the end of February, according to figures released by the Office of State Revenue. The tax increase, announced last November as part of the Rees government's mini-budget, in combination with the recession means that businesses state-wide will 'find it even harder to pay their bills,' warns Ken Morrison, of the NSW Property Council. Page 3.
--Mouth swabs will replace urine samples as the random drug test method for staff of energy company Shell, following a ruling by the Australian Industrial Relations Commission. Under the ruling Shell cannot take urine samples due to the intrusiveness of the method. 'This is a very important decision for rolling back and giving that extra privacy that an employee should have,' said Edward Wray-Bliss, a lecturer at the Sydney's University of Technology. Page 3.
--Around 21,500 residents in New South Wales (NSW) remain isolated despite torrential rain easing across the state's north.
Thousands of residents of the small townships of Yamba and Iluka had been isolated over the last few days, with nine flood warnings yesterday issued for rivers in the northern coastal region. The State Emergency Services said that 'the worst should be over,' but warned there may be the need for further evacuations. Page 5.
THE AGE (www.theage.com.au) --Victorian Health Minister Daniel Andrews yesterday announced that Melbourne's Thornbury High School would close for one week following a 15-year-old student being diagnosed with swine flu. The new case of swine flu followed a positive test result from a year nine student last week after he returned from a holiday in the United States. Parents have criticised the delayed action, however, the minister maintained that the first case 'posed no risk to his classmates and therefore no action was taken.' Page 1.
--The Federal Government is to forcibly takeover the troubled Aboriginal townships around Alice Springs following a breakdown in negotiations with the local council over a A$125 million assistance package. Indigenous Affairs Minister Jenny Macklin announced the compulsory acquisition using powers under the Northern Territory Emergency Intervention Responsible Act, describing the camp conditions as 'horrific.' Tangentyere Council spokesman David Donald described the move as a lost opportunity 'to rid us of welfare dependence.' Page 1.
--A survey by conservationists has found that almost 40 percent of land described by the Victorian Government as old-growth forest actually comprises young regrowth and cleared paddocks. Around 15,000 hectares of land earmarked for protection had little environmental value and was of no use to the timber industry, according to the report. Page 3.
--A boat carrying 73 asylum seekers has been intercepted off Ashmore Island near the West Australian coast. It is the 16th people-smuggling boat to be caught in Australia waters this year, bringing the total number of boat people to 621, and is expected to increase the pressure on the Christmas Island processing centre. The latest arrival is set to hamper the Rudd government's proposal to remove a law that requires asylum seekers to pay the cost of their detention, with shadow immigration minister Sharman Stone describing the bill as a 'marketing measure' for people smugglers. Page 6.
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.