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Mining magnate Clive Palmer says his iron ore company has put a West Australian project on hold because of the federal government’s resources super profits tax.

Mr Palmer continued his attack on the government today, saying he is prepared to put everything he has got into fighting the new tax.

He said the board of directors of his company Mineralogy decided to put the brakes on one of his planned Balmoral South iron ore projects in the Pilbara region on Tuesday due to growing uncertainty over the tax.

Source  :  www.watoday.com.au

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Perth tenants should brace themselves as rising house prices, improving economic conditions and more newcomers to the state combine to force up rents this year, a leading property researcher says.

The latest rental report by Australian Property Monitors shows asking rents in Perth have increased in the first three months of the year.

The median weekly asking rent for houses in the metropolitan area is now $370, a $10 increase on the previous quarter and the first rise in more than a year, while units increased $8, to $358.

But with rising house prices, increased rents have not led to increased yields. The gross yield for houses is now 4.06 per cent, while units are yielding 4.62 per cent.

That leaves Perth ahead of only Melbourne among all state capitals.

APM economist Matthew Bell said he expected Perth rentals to increase a further $10 a quarter for the rest of the year, with a strong resources sector and population growth the driving factors.

But this was unlikely to be fast enough to maintain yields, which would drop slightly as house prices rose further. The median Perth house price is believed to have passed $500,000.

Really, the outlook for both rents and house prices is pretty strong,” he said.

“Yields will probably soften again, but historically they are at pretty good levels.”

Houses were usually bought by investors for capital growth, with units offering better yields, Mr Bell said.

Meanwhile, the Urban Development Institute of Australia said its own research showed a six-month delay in planning approval could add 7 per cent to the price of an average block in the metropolitan area.

UDIA WA chief executive Debra Goostrey said developers were doing what they could to ensure “affordable” land was being made available during a time of increasing prices.

“We also need the support of a fast and efficient planning approvals process to avoid costs associated with delays,” she said.

Her comments follow those last week by property researcher Terry Ryder, who said claims of housing shortages were a beat-up by property industry lobby groups.

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PREMIER Colin Barnett may ask the Federal Government to relax foreign worker allowances to prevent labour shortages at major WA projects.

WA faces severe shortages of skilled workers in 2011, when there is expected to be peak activity in WA’s resources sector, Mr Barnett told a media conference in Perth yesterday.

The premier’s comments come as a large Chinese steel maker, Ansteel, contemplates the viability of developing WA’s first steel mill.

Other massive projects planned for the state include Woodside Petroleum Ltd’s Pluto Liquefied Natural Gas (LNG) project, Chevron’s Gorgon LNG project, a new deep water port at Oakajee and CITIC Pacific’s Sino Iron project.

“I expect we will face serious skills shortages if these projects go together at the same time,” Mr Barnett said.

“Hopefully,  we can build these projects with Australian labour but I expect there will be skill shortages, in particular trades areas.

“We need to be prepared to bring in some of their (Chinese) workers.”

Source  :  www.news.com.au

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G’dayUK 2009 is a series of events positioning Australia as an innovative and thriving economy. The aim is to encourage British companies and1201173161413australia-flag consumers alike to take another look at Australia as a great place to invest in, work, holiday, do business with and generally get to know.

By highlighting the unique range of skills, resources and opportunities offered by Australia, the heavy-weight burst of activity aims to reinforce business and consumer partnerships between the two nations by focusing on four main areas: trade & investment, food & wine, migration and tourism.

Whilst G’dayUK has a serious message, the week will also be a vibrant celebration of uniquely Australian products, people, places, businesses, skills and attitude and an invitation for the British to get involved. A stellar cast of well-known Australians, including politicians, business leaders, artists, winemakers and chefs will showcase Australia as a modern, energetic and desirable business and leisure destination.

G’dayUK 2009 is supported by the New South Wales, Queensland, South Australian, Victorian and Western Australian State Governments, Australian Trade Commission, Qantas and Tourism Australia in conjunction with the Department of Foreign Affairs and Trade, Wine Australia, Australian Business and kselfridgesey private sector sponsors.

G’Day UK 2009 is a chance for Australian celebrities, governments, businesses and agencies to show off the sunshine in Australia.

Two week’s worth of events will showcase Australia as a place of investment, tourism, business, and more importantly, as a prime destination for skilled migrants.

The G’Day UK Week will begin with a Manchester Migration Open Day on the 21 June, and will end with tasting premium Australian wines and Australian-themed food and wine menus cooked by Michelin-starred chefs on the 4 July in Selfridges, Oxford Street, London.

All information at http://www.gday-uk.co.uk/events

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With more people, not only in Australia but around the world becoming aware of our negative impact on the environment change is coming fast.

  • There are increasing responsibilities for governments and businesses on a global stage                                        Pemberton-Curved-Roof-Cedar2
  • Governments are changing legislations
  • Businesses are making changes
  • People may soon be responsible for their individual carbon footprint
  • Green build homes are no longer a dream of hippies

If you are building a new home, now is the time to make a difference and to be sure your new home is built to emit a low carbon footprint.
Making this choice now not only lessens the impact you have on the environment, it also saves your hip pocket.

Green built homes are solar passive in their design. They reduce heating and cooling costs, use less resources and save you money.
Alternative Living’s solar passive home designs encourage:

  • the sun’s natural light to comfortably heat and cool your home
  • cross ventilation though design layout and positioning
  • a naturally occurring comfortable living space through the use of a thermal mass in the slab of our home designs; reducing extremes in temperature
  • Use compact fluorescent lighting through our entire range of eco-friendly homes, using a staggering 1/5th of the electricity of normal lighting.
  • www.alternativeliving.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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