Palmer puts WA project on hold due to resource tax

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 braces for four-day heatwave

A FOUR-DAY heatwave is forecast to hit the Perth metropolitan area in the coming days, with authorities warning of a high bushfire danger.

Today the mercury is set to rise to 38C, followed by 41C on Sunday and Monday, then dropping back to 38C on Tuesday.

Bureau of Meteorology duty forecaster Andrew Mostyn said the searing conditions could prompt extreme danger on Sunday and Monday.

“It doesn’t appear as though it will be catastrophic for the fires but with the hot dry weather, it will probably be extreme,” Mr Mostyn said.

“On Sunday and Monday northeasterly winds will drag hot air from the inland Pilbara region down towards Perth.                                                                                                

“However, along the coast, there will be an afternoon sea breeze but it won’t penetrate enough inland to really affect the Perth temperature in the afternoon.”

Local swimming pools and metropolitan beaches are expected to be packed on Sunday as people seek relief from the heat.

The hottest January day ever recorded in Perth was 45.8C on January 31, 1991.

Source  :  www.news.com.au

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Worst bushfire conditions of the season forecast

Extreme temperatures over the next two days are expected to bring Western Australia’s most severe bushfire conditions for the season, authorities say.

The Bureau of Meteorology forecasts “very hot” conditions for Monday with temperatures of about 40 degrees in Perth city, paired with east to north-east winds.

“Fire danger ratings of extreme to catastrophic are possible over most of the south-west land division as well as the south-west Goldfields on Tuesday,” said a Fire and Emergency Services Authority statement issued today.

“If you live in an area with a catastrophic fire danger rating you should put your survival first and leave early. That is hours before a fire starts.

“Under no circumstances will it be safe to stay and defend your home.”

FESA suggests that residents from at-risk areas spend Monday “at the beach, shopping in the closest major town or with family and friends away from bushland”.

Total fire bans are yet to be issued but may be later today.

Emergency service crews say they are well prepared for the fire threat.

On Tuesday, Perth is expected to reach 36 degrees, with the chance of a shower.

Temperatures are then forecast to plummet, with showers bringing a maximum of 23 degrees on Wednesday, warming to 26 on Thursday and heading back into the high 20s by next weekend.

Source  :  www.watoday.com.au

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The Reserve Bank of Australia expected to leave rates on hold

The Reserve Bank of Australia (RBA)  is due to announce its decision on interest rates at 2.30pm (AEST) on Tuesday.

The economists surveyed by AAP said the cash rate will remain at a 49 year low of three per cent after the central bank’s board meeting on August 4.

“The RBA appears to have no intention of reducing the cash rate any further,” said Matt Robinson, an economist with Moody’s Economy.com.

“I think a housing market bubble is starting to form, and given the sentiment that governor Stevens expressed in his speech to the Australian Business Economists, that is something that the RBA is watching and that would be a reason for them to maybe hike interest rates earlier.”

There were doubts about whether the RBA would be deterred from raising rates if unemployment continued to rise.

The RBA has kept the cash rate at 3 per cent for three consecutive months.

Michael Turner, an economist with financial markets research group 4Cast, said the prospect of rising unemployment would mean the cental bank could keep rates steady until well into 2010.

“We’re still of the opinion the worse is yet to come and things look better now than they did a couple of months ago, which is why we’re now calling it on hold (in August) rather than going lower,” he said.

“But we still think there’s enough of a story in the lack of utilisation in the economy at the moment that price pressure might be moderate enough at 3 per cent.

“We’re currently chewing on a rate rise in 2010 at the moment. It’s possible, but not until late 2010.”

If you look at the split in the market or the way the debate was being conducted it was very much the idea that the RBA isn’t going to hike because they never have while the jobless rate has been rising.

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Oz Lotto jackpots to record $90 million next Tuesday

EXCLUSIVE: SUPER 7s Oz Lotto has jackpotted to a staggering $90 million next week.

The new, all-time record lottery draw will take place next Tuesday after there were no first division winners in last night’s $50 million draw.

A rush for tickets for last night’s game saw the division one prize pool boosted to a massive $59 million.

Tattersall’s Lotteries PR manager Karen Anning said next week’s Super 7s Oz Lotto
draw will shatter all existing records for lotto games in Australia.

“We were expecting the game to jackpot to $60 million next week if there were no first division winners but, due to the unprecedented level of interest in last nights draw, the decision has been made to offer a minimum guaranteed jackpot level of $90 million, Ms Anning said.

“The lotto frenzy we have already experienced over the past week is expected reach epic proportions in the lead up to next Tuesday nights draw.”

source  :  www.news.com.au

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Flights ‘cheaper than a carton of beer’

TRAVELLERS can fly to destinations around Australia for less than the price of carton of beer thanks to cut-price airline Tiger Airways. 

As part of its latest discount assault on rivals Qantas, Jetstar and Virgin Blue, Tiger Airways has aggressively cut the cost of some of its airfares.

For a limited time some of Tiger’s one-way flights from Sydney to Melbourne cost as little as $25.51, the Gold Coast to Melbourne from $23.33, or Adelaide to Perth costs $22.78, including taxes, The Advertiser reports.

But there is a catch. While there are 30,000 seats available for various destinations, the price is for a one-way flight which must be taken on a Tuesday or a Wednesday between August 4 and March 24.

The discount flights aren’t available during the summer school holidays, from December 15 to January 27, or on March 9 and 10.

Tiger Airways says the fares include all fees and taxes, so in essence, it is giving away the seat on the plane.

The fares include up to 7kg of carry-on luggage, but passengers are charged $10 for up to 15kg and $35 for up to 25kg of check-in luggage. The one-way discount fares include Adelaide to Sydney for $28.76 and to Melbourne for $25.14.

“For the price of a couple of movie tickets or a few beers you can travel some of Tiger Airways’ most popular routes midweek,” Tiger commercial director Steve Burns said.

“While everyone’s tightening their belts in the current economic climate, it’s nice to know you can still take a short break or get that work-life balance back on track with incredible deals like this.”

Comparable airfares from Adelaide to Perth aboard Jetstar during the same period currently cost $79, with Virgin Blue’s from $89 and Qantas’s from $129.

King William Travel manager Sandra Cosic said people needed to be wary of what they received for a low fare, taking into account extra charges for luggage and other services.

“But there are some great deals out there,” she said.

Tiger’s 30,000-seat “Just Pay Taxes and Charges” sale is on until midnight tomorrow.

HOW TO PAY FOR YOUR FARE

Don’t buy that carton of Platinum Pure Blonde for the weekend. SAVE $37.98.

Instead of heading out for dinner, stay at home and eat in. SAVE $20-$30.

Wait for that new movie to hit the DVD shelves instead of catching it on opening night. SAVE $34.

Give up that manicure. Your nails can wait a little longer. SAVE $40.

Bring instant coffee to work for a week instead of buying two a day. SAVE $35.

Catch public transport to work for a week instead of driving. SAVE $40.

Source  :  www.news.com.au

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Teenage boy,17, charged over Hills arson-spree

POLICE have charged a 17-year-old boy – a former volunteer firefighter – after a spate of more than 20 deliberately lit fires in the Perth Hills this week.

The teenager has been charged with four counts of arson after he was arrested by detectives from the arson squad this afternoon.

Police say they expect more charges to be laid over the outstanding fires in the Shire of Mundaring on Tuesday and Wednesday.

The arrest comes after a six-month operation between FESA, the Department of Environment and Conservation and the police arson squad targeting arsonists in the Perth foothills

Detective Sergeant David Gorton said police had focused their attention on the teenager since mid-March.

“We will allege that this young man lit two fires (Wednesday) – one in Hovea and one in Parkerville – in the space of about 15 minutes,” Det-Sgt Gorton said.

“The previous charges relate to February this year in Glen Forrest and then March in Parkerville again.”

It is understood the teenager was a volunteer firefighter when he allegedly lit the Glen Forrest and first Parkerville fires, but he resigned from the position two weeks ago.

“No property was damaged in relation to these fires however, some of the fires were lit in close proximity to houses so there was always a danger that given a wind direction change or other circumstances that property could have been damaged,” he said.

“Certainly there was the potential for property and lives to be lost in relation to what he was doing.”
The teenager has also been charged with five counts of making malicious phone calls to 000 earlier this year.

The maximum penalty for bushfire arson convictions is a $250,000 fine and/or 14 years in jail.

www.news.com.au

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Australian share market opens higher

THE 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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