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)
Workplace Relations Minister Julia Gillard is planning to water down industrial relations policing of the building sector. The changes propose to reverse the former government?s procurement rules, thus, removing restrictions 'on union promotional activities and endorse more generous union right-of-entry rules to building sites.? The proposed changes have angered business groups, which warning that construction costs will rise and billion of dollars of government-funded stimulus infrastructure projects could be lost. Page 1.
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The Business council of Australia (BCA) has proposed a plan to embrace radical tax reforms in order to discourage the use of debt and boost national savings. The BCA has urged the Henry tax review to cut company tax rate to 15 percent, in a bid to, accelerate economic growth and help the Australian budget achieve balance and pay off debt. 'The abolition of inefficient state taxes such as stamp duties and the harmonisation of other imposts such as payroll tax,? the BCA says. Page 1.
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Major blue-chip companies in Australia are changing their funding strategies as local banks and traditional US and Europe lenders become more stringent. Australian companies like Telstra , Woolworths, Woodside Petroleum and Foster?s Group have sought more than A$2.5 billion in loans from Asian lending institutions. Credit Suisse analyst Michael Tierney stated US and European lenders had become less competitive than Asian lenders after global economic crisis and local companies seeking expand their funding base in Asia.
Page 1.
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The Federal Government has helped launch Australia?s bid to host the FIFAWorld Cup for 2018 or 2022. The Government believes holding an event like the World Cup would pump another A$5 billion in to the economy. Prime Minister Rudd, Football Federation Australia chairman Frank Lowy and Opposition Leader Malcolm Turnbull where present at the launch. 'The great doubters, the great naysayers will say why, even if you have no passion for this game or sport at all, look simply at the economics of it,? Mr Rudd said. Page 2.
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THE AUSTRALIAN (www.theaustralian.news.com.au)
The Federal Government will continue to support the Aboriginal intervention despite the reintroduction of the Racial Discrimination Act. Indigenous Affairs Minister Jenny Macklin has endorsed continuing with income quarantining of welfare payments where 50 percent of an individual?s payments must be spent on essential items, such as food and clothing. 'My personal view is that these (income quarantine) measures have been beneficial to the Aboriginal people living in these remote communities,? Ms Macklin said. Page 1.
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According to a new industry forecast, Australia?s property prices are set to rise over the next three years. New research by BIS Shrapnel has found that Sydney, Melbourne and Adelaide will be the first Australian capitals to see a rise in growth of 19 percent by 2012. Brisbane?s housing market will rise by 16 percent as interstate and overseas migration will help prices grow. 'From here, the recovery in housing demand is expected to broaden and deepen,? Angie Zigonmanis from BIS Shrapnel said.
Page 3.
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Australian?s favourite spread, Vegemite, is about to a get makeover after 85 years on the market. The spread will still contain the original secret ingredients but will be blended with cream cheese in order to broaden Vegemite?s appeal. 'It?s made to use with dips, carrot sticks, celery sticks - very much the Vegemite for snacking,? Simon Talbot head of corporate affairs Kraft Foods. News leaked out about the new product last week forcing Kraft Foods to launch the unnamed spread three weeks ahead of schedule. Page 3.
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The Reserve Bank of Australia (RBA) may be under pressure to cut interest rates again, maybe as soon as next month. In tomorrow?s minutes the RBA will outline that there is still a strong case for a further rate cute. 'To the extend that key lending rates keep rising while unemployment is trending higher, pressure will build on the Reserve Bank over time to cut it policy rate below 3 per cent,? Rory Robertson, interest rate strategist at Macquarie Bank, said. Page 3.
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THE SYDNEY MORNING HERALD (www.smh.com.au)
The Federal Government is furious with the Commonwealth Bank of Australia (CBA) for lifting interest rates by as much at 10 basis points. The Government believes the bank?s decision to lift its variable and fixed rates will harm Australia?s economic recovery. Deputy Prime Minister Julia Gillard said 'the bank is acting in a selfish way?, and has advised other lenders not to follow the bank?s lead. The banks decision to lift its variable home loan rate to 5.4 per cent was made on Friday.
Page 1.
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Senior New South Wales (NSW) Government sources have confirmed that the state?s budget will fall into deficit. The NSW Government will present its budget tomorrow with figures expected to see the state in the red by A$1.5 billion for the 2008-09 period and between A$1 billon and A$2 billion for the 2009-10 budget. The Government had expected to have a deficit of A$2.5 billion for the 2009-10 budget but through cost-cutting has reduced its estimates. 'The Government will claim it can restore the budget to surplus in 2011-12,? a senior source said. Page 1.
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Charity services in New South Wales regional areas have seen a surge in homeless people as many try to escape poverty in Sydney. According to a report by the Saint Vincent de Paul Society, regional areas like Katoomba, Nowra, Wollongong and Newcastle have seen a threefold surge of homelessness. 'Many people who might have found accommodation in caravan parks were now becoming homeless as more and more parks were being sold for housing developments,? author of the report Andy Marks said.
Page 3.
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THE AGE (www.theage.com.au)
Virologist professor Greg Tannock has estimated as many as one-third of Victorians could now be infected with swine flu. Professor Tannock conceded there was a lack of hard data to support his estimate but he said it was a reasonable guess. Meanwhile, Victorian Health Minister Daniel Andrews announced a free vaccination program yesterday for whooping cough after reported cases reached 946 by the end of May, more than double the amount reported to the same time last year. Page 1.
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Staff at the Royal Women?s Hospital are facing disciplinary action after they were discovered to have falsified elective surgery waiting lists. A report by the Auditor-General found some patients had been inappropriately listed as 'not ready for care? when they were still in emergency departments, sparking a review by the hospital?s management. Chief executive of the Royal Women?s Hospital, Dale Fisher, said the matter was being treated 'very seriously? and would result in disciplinary procedures being undertaken. Page 1.
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The driver of the truck that collided with a train at a level-crossing in the Victorian town of Kerang in 2007, has been acquitted of charges brought against him. Christiaan Scholl may now face a civil case in relation to the matter after some survivors of the crash revealed they were preparing a case against him. Their case is to be based on the fact Mr Scholl had been negligent by failing to keep lookout at the railway crossing or take evasive action as the train approached. Page 3.
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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)
Workplace Relations Minister Julia Gillard is planning to water down industrial relations policing of the building sector. The changes propose to reverse the former government?s procurement rules, thus, removing restrictions 'on union promotional activities and endorse more generous union right-of-entry rules to building sites.? The proposed changes have angered business groups, which warning that construction costs will rise and billion of dollars of government-funded stimulus infrastructure projects could be lost. Page 1.
- - - -
The Business council of Australia (BCA) has proposed a plan to embrace radical tax reforms in order to discourage the use of debt and boost national savings. The BCA has urged the Henry tax review to cut company tax rate to 15 percent, in a bid to, accelerate economic growth and help the Australian budget achieve balance and pay off debt. 'The abolition of inefficient state taxes such as stamp duties and the harmonisation of other imposts such as payroll tax,? the BCA says. Page 1.
- - - -
Major blue-chip companies in Australia are changing their funding strategies as local banks and traditional US and Europe lenders become more stringent. Australian companies like Telstra , Woolworths, Woodside Petroleum and Foster?s Group have sought more than A$2.5 billion in loans from Asian lending institutions. Credit Suisse analyst Michael Tierney stated US and European lenders had become less competitive than Asian lenders after global economic crisis and local companies seeking expand their funding base in Asia.
Page 1.
- - - -
The Federal Government has helped launch Australia?s bid to host the FIFAWorld Cup for 2018 or 2022. The Government believes holding an event like the World Cup would pump another A$5 billion in to the economy. Prime Minister Rudd, Football Federation Australia chairman Frank Lowy and Opposition Leader Malcolm Turnbull where present at the launch. 'The great doubters, the great naysayers will say why, even if you have no passion for this game or sport at all, look simply at the economics of it,? Mr Rudd said. Page 2.
- - - -
THE AUSTRALIAN (www.theaustralian.news.com.au)
The Federal Government will continue to support the Aboriginal intervention despite the reintroduction of the Racial Discrimination Act. Indigenous Affairs Minister Jenny Macklin has endorsed continuing with income quarantining of welfare payments where 50 percent of an individual?s payments must be spent on essential items, such as food and clothing. 'My personal view is that these (income quarantine) measures have been beneficial to the Aboriginal people living in these remote communities,? Ms Macklin said. Page 1.
- - - -
According to a new industry forecast, Australia?s property prices are set to rise over the next three years. New research by BIS Shrapnel has found that Sydney, Melbourne and Adelaide will be the first Australian capitals to see a rise in growth of 19 percent by 2012. Brisbane?s housing market will rise by 16 percent as interstate and overseas migration will help prices grow. 'From here, the recovery in housing demand is expected to broaden and deepen,? Angie Zigonmanis from BIS Shrapnel said.
Page 3.
- - - -
Australian?s favourite spread, Vegemite, is about to a get makeover after 85 years on the market. The spread will still contain the original secret ingredients but will be blended with cream cheese in order to broaden Vegemite?s appeal. 'It?s made to use with dips, carrot sticks, celery sticks - very much the Vegemite for snacking,? Simon Talbot head of corporate affairs Kraft Foods. News leaked out about the new product last week forcing Kraft Foods to launch the unnamed spread three weeks ahead of schedule. Page 3.
- - - -
The Reserve Bank of Australia (RBA) may be under pressure to cut interest rates again, maybe as soon as next month. In tomorrow?s minutes the RBA will outline that there is still a strong case for a further rate cute. 'To the extend that key lending rates keep rising while unemployment is trending higher, pressure will build on the Reserve Bank over time to cut it policy rate below 3 per cent,? Rory Robertson, interest rate strategist at Macquarie Bank, said. Page 3.
- - - -
THE SYDNEY MORNING HERALD (www.smh.com.au)
The Federal Government is furious with the Commonwealth Bank of Australia (CBA) for lifting interest rates by as much at 10 basis points. The Government believes the bank?s decision to lift its variable and fixed rates will harm Australia?s economic recovery. Deputy Prime Minister Julia Gillard said 'the bank is acting in a selfish way?, and has advised other lenders not to follow the bank?s lead. The banks decision to lift its variable home loan rate to 5.4 per cent was made on Friday.
Page 1.
- - - -
Senior New South Wales (NSW) Government sources have confirmed that the state?s budget will fall into deficit. The NSW Government will present its budget tomorrow with figures expected to see the state in the red by A$1.5 billion for the 2008-09 period and between A$1 billon and A$2 billion for the 2009-10 budget. The Government had expected to have a deficit of A$2.5 billion for the 2009-10 budget but through cost-cutting has reduced its estimates. 'The Government will claim it can restore the budget to surplus in 2011-12,? a senior source said. Page 1.
- - - -
Charity services in New South Wales regional areas have seen a surge in homeless people as many try to escape poverty in Sydney. According to a report by the Saint Vincent de Paul Society, regional areas like Katoomba, Nowra, Wollongong and Newcastle have seen a threefold surge of homelessness. 'Many people who might have found accommodation in caravan parks were now becoming homeless as more and more parks were being sold for housing developments,? author of the report Andy Marks said.
Page 3.
- - - -
THE AGE (www.theage.com.au)
Virologist professor Greg Tannock has estimated as many as one-third of Victorians could now be infected with swine flu. Professor Tannock conceded there was a lack of hard data to support his estimate but he said it was a reasonable guess. Meanwhile, Victorian Health Minister Daniel Andrews announced a free vaccination program yesterday for whooping cough after reported cases reached 946 by the end of May, more than double the amount reported to the same time last year. Page 1.
- - - -
Staff at the Royal Women?s Hospital are facing disciplinary action after they were discovered to have falsified elective surgery waiting lists. A report by the Auditor-General found some patients had been inappropriately listed as 'not ready for care? when they were still in emergency departments, sparking a review by the hospital?s management. Chief executive of the Royal Women?s Hospital, Dale Fisher, said the matter was being treated 'very seriously? and would result in disciplinary procedures being undertaken. Page 1.
- - - -
The driver of the truck that collided with a train at a level-crossing in the Victorian town of Kerang in 2007, has been acquitted of charges brought against him. Christiaan Scholl may now face a civil case in relation to the matter after some survivors of the crash revealed they were preparing a case against him. Their case is to be based on the fact Mr Scholl had been negligent by failing to keep lookout at the railway crossing or take evasive action as the train approached. Page 3.
- - - -
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.