TREASURER Wayne Swan will reassure business the federal government is still on the case to reform the tax system, despite ditching a promised cut in the corporate tax rate in last week’s federal budget. In a speech he will make today, Mr Swan again blames the federal opposition and the Greens for rejecting a move […]
BHP Billiton’s petroleum chief, Michael Yeager, has moved to hose down investor concerns about the company’s $US20 billion ($20bn) move into US shale gas, saying a new move into shale oil production in the next six years could boost the company’s oil production by two-thirds, or $US9bn in additional revenue. However, the Houston-based oil boss […]
SAN FRANCISCO (MarketWatch) — The Australian dollar slipped below parity against the U.S. dollar on Monday for the first time since December as political turmoil in Greece led to a broad selloff in assets perceived as more risky. As of midday Monday in the U.S., the Australian dollar AUDUSD -0.47% fell to 99.88 U.S. cents, […]
This weeks Budget underlines the importance of getting bi-partisan support for business tax reform. Business is disappointed the Government is not proceeding with the reduction in the company tax rate to 29 per cent. The reduction would have helped boost investment, innovation and job creation. The disappointment is all the greater because this move, together with […]
LEIGHTON Contractors has secured two key contracts to supply gas and water infrastructure across rural and central Queensland for Australia Pacific LNG. A $450 million contract to construct a gas gathering system and a $350m contract to build water treatment facilities will see the Leighton Holdings subsidiary employ almost 1000 people across both projects. At […]
TWENTY staff will be cut from the payroll at Koroit’s Murray Goulburn factory as part of streamlining by the dairy co-operative, which yesterday announced a 12 per cent reduction of 301 jobs from its total workforce.Six of the Koroit staff have already accepted redundancies and a further 14 positions will cease by June 30. It […]
THE future of one of Caltex’s two Australian refineries appears bleak as losses at the group’s refining business mount. Caltex directors told shareholders at the group’s annual meeting yesterday they expected improved earnings after a positive result in April. The declining value of the Australian dollar was key to the stronger outlook, they said. But […]
AMP chairman Peter Mason has blasted the government for tapping in to Australia’s $1.3 trillion pool of retirement savings to shore up the budget surplus. Backed by key industry players, Mr Mason said the annual tweaks to superannuation unveiled in the federal budget were eroding confidence and affecting the ability of Australians to save for […]
NATIONAL Australia Bank is sticking with its commitment to have the lowest standard mortgage rate among major lenders this year despite a slide in profit margins on loans. The bank yesterday reported a 6 per cent rise in its first-half cash profit – stripping out “one-offs” – which clocked in at $2.83 billion. But its […]
THE odds of a June interest rate cut have dramatically weakened following a surprise jump in employment which has pushed Australia’s unemployment rate to 4.9 per cent. The dive below 5 per cent is in stark contrast to the budget forecasts released on Tuesday which had unemployment climbing to 5.25 per cent by June and […]
