+++ TREASURY Challenges and opportunities for the Australian economy. Before I begin my address to you today, I would like to show my respect and acknowledge the traditional custodians of this land, of elders past and present, on which this event takes place.
Let me also acknowledge the Member for Victoria Park, Mr Ben Wyatt MLA, and Mr Bill Johnston MLA, the Member for Cannington. I thank them both for being here today. My subject this morning is the challenges and opportunities for Australia presented by global developments. These developments contribute to pressures in our economy, and they require an informed and considered national debate about how best to respond, in the short term and in the decades to come. The world is undergoing tremendous structural change. Longer-term drivers include the rapid pace of technological change, which has already revolutionised our lives. Global volatility and emerging Asia To illustrate this, in the 1950s only around 15 per cent of the world's economic output was located within 10,000 km of Australia.
Only 33% of businesses will upgrade to Windows 8, according to survey. Not liking Windows 8?
You aren’t the only one. And it seems individual consumers aren’t the only ones unhappy with Windows 8. According to the Wall Street Journal, a survey by Forrester Research shows that only 33% of businesses plan on upgrading to Windows 8, either soon or in the more distant future. Swan cuts projected surplus to $1.1bn. Jacob Greber, Laura Tingle and James Massola Infographic | MYEFO at a glance A shift to monthly company tax payments will shuffle $8.3 billion into the budget in a mid-year review which pledges surpluses that the Gillard government says will give the Reserve Bank of Australia more room to cut official interest rates.
The Mid-Year Economic and Fiscal Outlook [MYEFO] will pull back middle-class welfare benefits introduced by the Howard government, including the baby bonus and a rebate on private health insurance. The changes will force the Coalition, which is sticking to its tough fiscal discipline rhetoric, to declare whether it will support government spending cuts ahead of next year’s federal election.
The spending cuts and shift to monthly company tax payments will have to be voted on in Parliament. NSW, WA triple-A ratings under threat. Www.afr.com/rw/2009-2014/AFR/2012/10/25/Photos/aeaedebe-1e6c-11e2-b733-809d348cd356_NSW RU Oct2012.pdf. Business slugged for surplus. Jacob Greber, Laura Tingle and James Massola Infographic | MYEFO at a glance A shift to monthly company tax payments will shuffle $8.3 billion into the budget in a mid-year review which pledges surpluses that the Gillard government says will give the Reserve Bank of Australia more room to cut official interest rates.
The Mid-Year Economic and Fiscal Outlook [MYEFO] will pull back middle-class welfare benefits introduced by the Howard government, including the baby bonus and a rebate on private health insurance. The changes will force the Coalition, which is sticking to its tough fiscal discipline rhetoric, to declare whether it will support government spending cuts ahead of next year’s federal election. The spending cuts and shift to monthly company tax payments will have to be voted on in Parliament.
“We haven’t taken any of the saves that we’ve made today lightly, but we’ve made sure that they don’t hurt the economy and don’t hurt the most vulnerable,’’ he said. The FACT IS... Business tax reform hits the wall. Treasurer Wayne Swan said it was disappointing that agreement could not be reached within the business community about how a company tax cut could be funded .
Climate Change Minister reacts to carbon tax inflation claims - Business. Inflation consistent with carbon price: Treasurer - Business. Tsunami hit Geneva in AD 563 › News in Science (ABC Science) News in Science Monday, 29 October 2012 AFP Inland tsunami Nearly 1500 years ago a tsunami triggered by a rockfall swept Lake Geneva, engulfing its shores with a wall of water, Swiss scientists report.
Lake Geneva at risk of tsunami. New research backs historical records that a devastating tsunami at Lake Geneva (pictured) inundated the Swiss city in 563 AD, and a similar event could happen in the future, scientists say.
Credit: Veer Images SYDNEY: A giant tsunami at Lake Geneva devastated villages and inundated large areas of the inner city almost 1,500 years ago – and a similar disaster could hit the Swiss metropolis in the future, scientists say. Researchers analysed sediment at the bottom of Lake Geneva and uncovered “one big mass of sediment that was deposited in one event,” said Katrina Kremer, an environmental scientist at the University of Geneva who co-authored the study, published in Nature Geoscience. Queensland to lift uranium mining ban. BREAKFAST DEALS: GrainCorp grab. GrainCorp is reportedly not interested in talking to American suitor Archer Daniel Midlands for anything less than $13-$14 a share.
While the directors have a solid case, they’ll have to keep the many GrainCorp institutional shareholders onside and remain aware of the potential for another discussion on agricultural protectionism to break out. GrainCorp investors hold out for more. GrainCorp bid raises monopoly fears. AGRIBUSINESS giant Archer Daniels Midland, the world's largest corn processor, has confirmed a friendly cash bid for GrainCorp as it lifts its exposure outside the US.
ADM already owns 14.9 per cent of GrainCorp after buying 10 per cent of the company on Thursday night for $11.75 a share - a 33 per cent premium to the previous close of $8.85 - valuing the company at $2.7 billion. If ADM wishes to increase its stake above 15 per cent, it will need approval from the Foreign Investment Review Board. Suncorp says brighter outlook ahead. NAB takes safeguard against downturn. NAB's two UK lenders in hedging probe. National Australia Bank's two British lenders are under review by the UK financial watchdog as part of its probe into the alleged mis-selling of interest rate hedging products.
NAB said its Clydesdale and Yorkshire banks held talks with the UK Financial Services Authority (FSA) in relation to its review of the sale of interest rate hedging products to small- and medium-sized business. NAB's shares were three cents higher at $23.73 in early afternoon trading. The FSA has already completed a review with Britain's four biggest banks - Barclays, HSBC, Lloyds and Royal Bank of Scotland - after they admitted in June to mis-selling interest rate hedges to small and medium-sized businesses. NAB’s British banks flag hedging product probe. BoQ toughens up on bad debts. IAG bounces back after run of disasters. ANZ chief warns of increase in bad debts. Defaults, $A to rise next year: ANZ.
Westfield and AMP in $1.7bn asset swap. +++ Bendigo CEO paints ‘gloomy’ outlook for banks. Www.afr.com/rw/Wires/Stories/2012-10-29/ASXAnnouncements/BEN_01349038.pdf. Www.afr.com/rw/Wires/Stories/2012-10-29/ASXAnnouncements/BEN_01349033.pdf.