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Thornlie’s tree man Richard Pennicuik has ended his 110 day protest and climbed down from the 20m-high eucalyptus melliodorain on the front verge of his home.

Mr Pennicuik has been living in the tree outside his Hume Road home since early December, including during Monday’s devastating hail storm that swept across Perth and caused more than $200 million damage.

The City of Gosnells wants to remove the tree, claiming it poses a danger.                                                                                                                

Mr Pennicuik claimed he won the moral battle before doing a lap around the tree and heading inside his home to have a shower.

He initially released a four paragraph statement, but re-emerged to speak to reporters, saying he felt great.

“The tree weathered the worst storm to hit Perth ever and it’s in good condition, it has proven itself,” Mr Pennicuik said.

“It is worth it because we have shown the people of Australia they need the constitution, they can’t do without it.

“I think I have (proven my point) I think the tree has.”

City of Gosnells Mayor Olwen Searle today welcomed the Mr Pennicuik’s decision to come down from the tree, but confirmed the council would go ahead with plans to chop it down.

Source  :  www.thewest.com.au

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WESTERN Australia’s Liberal Government has handed down its first Budget, delivering a $647 million surplus but warning the state will be in deficit by 2012.

Treasurer Troy Buswell today delivered his first Budget since the Liberal Government came to power last year.

He said the 2008/09 surplus of $647 million would shrink to $409 million in 2009/10, and just $23 million the following year.

By 2011/12 the state will be in deficit to the tune of $513 million.

“Over the past months, as the global economy has been in decline, the state has been hit by large downward revisions to projected taxation revenue, GST grants from the Commonwealth and mining royalties,” Mr Buswell told parliament.

“Since the mid-year review, the Budget has lost a massive $4 billion in forecast revenue from these sources.”

Last year, then treasurer Eric Ripper delivered a surplus of more than $2 billion on the back of a booming commodities sector.

Economic growth remained high at 8 per cent for the 2008/09 financial year.

But forecasts predicted growth would fall into negative territory in 2009/10, with unemployment expected to peak, and business investment to fall by 17.5 per cent.

Mr Buswell said the Government would provide a one-year payroll tax rebate to small businesses with payrolls of up to $3.2 million to help protect jobs.

“Some 6,700 small businesses will be eligible for this payroll tax rebate, which will fully offset payroll tax for around 68,000 employees,” he said.

“The cost of this rebate is estimated at $100 million.”

A $47 million jobs training and skills package, and a $8.3 billion spend on infrastructure in the next financial year are key components of the Budget.
Mr Buswell said law and order were also strong focuses, in line with the Government’s election promises to boost funding for police and pump more money into prisons

Mr Buswell said the Government’s election promise to toughen up sentencing laws and introduce mandatory sentencing for people who assault police was underpinned in the Budget by a significant investment in prison capacity.

 

A total of $655 million will be invested in 2012/13 to create an extra 1657 prison beds across the state.

A record $5.1 billion spend on health services in the next year – rising 5.9 per cent, or $282 million from last year – will include the fast tracking of forward works for a new children’s hospital, the construction stage of the Fiona Stanley Hospital, and new hospitals in two regional centres.

Mr Buswell said the Government would push ahead with public sector reforms in a bid to achieve improved performance and efficiency.

The first stage of the economic audit committee promised by the Government during the last election was complete and a range of hard decisions had delivered $7.6 billion over the forward estimates, Mr Buswell said.

“I am looking forward to the second stage of the economic audit to identify strategies for broader reform over the longer term, so we can ensure the budget stays in surplus,” he said.

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WESTERN Areas NL has successfully raised $35.35 million through it’s institutional share placement.

Seven million shares were issued at a discount of 3.6 per cent at $5.05 each.

The placement was significantly oversubscribed, with strong demand from both domestic and international institutions, most of which were existing shareholders.

Western Areas’ managing director Julian Hanna said: “The success of this placement will support Western Areas’ rapidly expanding nickel production and help underpin the Company’s growth strategy to achieve its goal to become Australia’s second largest and lowest cost nickel miner.”

Western Areas shares last traded down 44 cents, or 8.4 per cent, at $4.80.

www.news.com.au

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Wall StreetTHE share market has opened marginally stronger the morning after the federal budget was handed down, and following a mixed lead from Wall Street.
At 10.15am (AEST), the benchmark S&P/ASX200 was up 12.1 points, or 0.31 per cent, at 3889.3, while the broader All Ordinaries gained 8.7 points, or 0.23 per cent, to 3872.3.

The four major banks were mostly higher at the open.

ANZ gained 4cents to $16.01, NAB was up 14 cents at $22.00 and Westpac was up 10 cents at $20.48.

The Commonwealth Bank, which reported cash earnings for the March quarter of about $1.15 billion, generating a cash return on equity of over 15 per cent, was down 20 cents at $36.40.

Resources weren’t as lucky, opening lower in morning trade.

Mining giant BHP was down five cents at $34.26, while rival Rio Tinto lost 4.41 per cent to $65.46.

Wall Street wobbled to a mixed finish on Tuesday as investors paused to assess gains from a long rally and mulled the new efforts to raise capital by banks and other firms.

The markets also digested better-than-expected data on the US trade deficit and reassuring comments from Federal Reserve chairman, Ben Bernanke, about the health of the banking system.

The Dow Jones Industrial Average was up 50.34 points, or 0.60 per cent, to settle at 8,469.11.
The tech-dominated Nasdaq dropped 15.32 points, or 0.88 per cent, to 1715.92 while the broad-market Standard & Poor’s 500 index lost 0.89 point, or 0.1 per cent, to settle at 908.35.

On the Sydney Futures Exchange, the June share price index contract was trading 17 points higher at 3885 on volume of 4900 contracts.
www.news.com.au

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Phil Spencer, star of Location, Location, Location, is heading to Australia.

He’ll be followed around the country for a new TV show – Phil Down Under – which will air in the UK in 2010. The idea of the show is to help families to make the move down under and to look at the Australian property market, which is bouyant compared to the UK.

www.australiamagazine.co.uk

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