PRESS DIGEST: Australian General News: March 8 06:42, Thursday, March 08, 2007
(Compiled for Reuters by Media Monitors)
THE AUSTRALIAN FINANCIAL REVIEW (www.afr.com)
Industry Funds Management (IFS) will establish A$500 million affordable housing fund to try and ease pressure on home owners and renters crippled by rising prices. IFS, a A$10 billion fund owned by 40 industry funds, will aim at delivering 10 per cent of any development as affordable housing (normally defined as rented or sold at 75 per cent of the standard market value or rate). The Australian Housing and Urban Research Institute says lower income families are foregoing basic necessities to pay rising rents and mortgages. Page 1.
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Economic growth figures released yesterday point to a prospering national economy fuelled by strong household consumption, housing spending and the resources boom. Benign inflation numbers calmed the market, however overall growth in gross domestic product, 2.8 per cent, was restrained due to the continuing drought. Treasurer, Peter Costello, welcomed the "strong bounce back," particularly in relation to stronger-than-expected productivity figures. Annual productivity growth rose from one per cent to 1.6 per cent in 2006. Page 1.
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At least three Australians have died in a plane crash on the Indonesian island of Java. A Garuda Boeing 737-400, flying from Jakarta yesterday, was carrying 133 passengers and seven crew when it overshot the runway and burst into flames at Yogyakarta. The death toll currently stands at 22. One of the missing Australians, Fairfax journalist, Morgan Mellish, is among those missing and feared dead. Australian Prime Minister, John Howard, said that because of the severity of the crash and the following fire, "we should be prepared for bad news." Page 1.
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The Australian Taxation Office (ATO) will issue superannuation rulings in response to demands by investors establishing their own self-managed funds. Tax commissioner, Michael D'Ascenzo, said the ATO would increase its compliance checks of the funds to establish "positive compliance behaviour early in the fund?s life cycle." Mr D'Ascenzo said the ATO would also consult professionals and community members to try and better understand how to implement the Federal Government's superannuation tax changes, which start in July. Page 3.
THE AUSTRALIAN (www.theaustralian.news.com.au)
As part of a new "get tough" approach to road infrastructure, the Federal Government will require the states to contribute to the cost of all new road projects. At present, the Government pays the full amount for most big national highway projects. Angered by "poor state management" of crucial transport links, Deputy Prime Minister and Transport Minister, Mark Vaile, said new controls were needed to stop new road project costs from "blowing out.? He said if the cost of a project blows out in future, the responsible state will have to carry the cost. Page 2.
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Prime Minister, John Howard, says Australians should use the 40th anniversary of the referendum on indigenous rights to recapture its spirit of support for Aborigines. The May, 1967 referendum removed the constitutional impediment to the Commonwealth making laws with respect to Aborigines, and ensured Aborigines would be included in the census. The referendum was passed by 90.7 per cent of voters, and was a "moment that spoke of the need to remedy the disadvantage of the first Australians," Mr Howard said in a speech last night. Page 2.
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The Australian Bureau of Agriculture and Resource Economics (ABARE) says growing demand from the biofuels sector has brightened the outlook for Australia's grain-growing industry. ABARE executive director, Phillip Glyde, said 2006-07 had been a tough year, with grain growers in eastern states hit hard because of the continuing drought. World wheat prices are currently at their highest level for 10 seasons, at A$242 a tonne, up from A$191 a tonne last year. ABARE is forecasting a 21 per cent rise in the value of wheat exports, to A$3.8 billion. Page 4.
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New figures pointing to a resurgent New South Wales (NSW) economy have been welcomed by NSW Premier, Morris Iemma. Data released by the Australian Bureau of Statistics shows growth in state final demand "a measure of spending in the economy" was above both the national average and Victoria, which has also not benefited significantly from the resources boom. However, Mr Iemma, under pressure for presiding over an economy on the brink of recession as the state election looms, said the growth was still not high enough. Page 8.
THE SYDNEY MORNING HERALD (www.smh.com.au)
An in-character Rowan Atkinson visited Bondi Beach yesterday to promote the latest film version of the British actor's much-loved comic creation, Mr Bean. Ten years after the success of Bean, Atkinson is launching a sequel, Mr Bean's Holiday, that has him travelling chaotically through France on the way to the Cannes beachfront. After changing out of the character's trademark suit and tie, Atkinson described Mr Bean as a child trapped in a man's body, something which he said cultures all over the world were able to understand. Page 3.
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The Australian National Audit Office has found that airlines at Sydney Airport are breaching a cap on aircraft movements. The Federal Government introduced laws in 1998 to cap aircraft movements at 80 an hour, limit the hours aircraft can land at the airport and spread aircraft noise impact across Sydney's suburbs. In the past nine years there have been approximately two million aircraft movements, but the audit found "evidence of a high number of unauthorised movements" without any infringement notices being issued. Page 3.
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A survey by accounting firm, Grant Thornton, has found that less than a quarter of senior management positions in Australian businesses are held by women. In the past two years, Australia has dropped seven places to 16th in the world when comparing the number of women in senior roles, with the Philippines, China and Malaysia reporting the best results. Grant Thornton said the statistics may reflect the fact that many women are taking the lead and opting out of 60-hour-plus weeks in a bid to achieve a better work-life balance. Page 5.
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The new chairman of the Federal Government's peak nuclear scientific body believes alternative energy sources, including nuclear power, will become "the only real alternative" to coal-fired power stations. Ziggy Switkowski, of the Australian Nuclear Science and Technology Organisation, said nuclear power would become competitive in Australia if the Prime Minister, John Howard, agreed to put a price on greenhouse gas emissions by energy producers. Mr Switkowski said Australia would put a cost on greenhouse gases within the next decade. Page 11.
THE AGE (www.theage.com.au)
Several Australian cricketers are under investigation for offshore tax avoidance as part of Project Wickenby. Former Test captain, Allan Border, has been questioned by the Australian Taxation Office (ATO) about money earned in England and banked in tax havens by tax haven expert, Philip Egglishaw. Mr Egglishaw's accounting business is under investigation by the ATO for allegedly depriving the Commonwealth of A$300 million. Mr Border said he had always declared his income and that his involvement in the investigation is "just guilt by association." Page 1.
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Additional Federal Government Members of Parliament (MPs) have been linked to disgraced former West Australian (WA) premier and lobbyist, Brian Burke. WA Liberal Party senator, Ross Lightfoot, has denied any wrongdoing in his investments in two companies linked to Mr Burke and Mr Burke's business partner, Julian Grill. Meanwhile, the chief Government whip in the House of Representatives, MP Kerry Bartlett, has denied any wrongdoing in his own dealings with Mr Burke, as has Australian Labor Party backbencher, Graham Edwards. Page 6.
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Federal Liberal Party Member of Parliament, Andrew Laming, is under investigation for allegedly rorting taxpayer-funded allowances. Mr Laming is the sitting member for the Brisbane seat of Bowman and "really believes he has done nothing wrong." Federal police are believed to be investigating allegations that Mr Laming claimed funds for an electorate staff position which wasn't filled. However, Liberal Party sources said yesterday that Mr Laming had "lent" a staff member to the office of fellow federal MP, Gary Hardgrave. Page 6.
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The United States (US) military defence lawyer defending Australian terror suspect, David Hicks, refused to comment yesterday after US claims that he had breached military rules. Major Michael Mori has been accused of breaching the US Military Code for remarks he made criticising US Government leaders, claims he said left him with a significant conflict of interest. Meanwhile, the Law Council of Australia has attacked the Federal Government's legal justification for allowing Mr Hicks to be tried by the US' "ad hoc military tribunal." Page 9. --
Looking for more information from local sources? Factiva.com has 112 Australian sources including The Australian, Sydney Morning Herald and The Age.
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