News archive from 17 December 2013

Warrnambool Cheese and Butter shares in trading halt

Warrnambool Cheese and Butter shares in trading halt

Shares in the dairy processor Warrnambool Cheese and Butter have been put in a trading halt for at least 24 hours, pending the outcome of the Takeover Panels investigation.A bidding war for the Victorian company has been waging for three months....

ABC News, 11:07 in Business
 
Reserve Bank hints at more interest rate cuts to come, says Australian dollar remains uncomfortably high

Reserve Bank hints at more interest rate cuts to come, says Australian dollar remains uncomfortably high

The Reserve Bank has left open the possibility of another interest rate cut, but has given few hints about what would be required to trigger it.In the minutes from its most recent meeting on December 3, released today, the bank says it continues to be...

ABC News, 11:50 in Business
 
Concern Cape York roads commitment will not go far enough

Concern Cape York roads commitment will not go far enough

Queensland's Member for Cook David Kempton says he is worried that federal road funding will not improve Cape York's wet weather access.Federal Regional Development Minister Warren Truss has announced the Commonwealth will honour Labor's $210 million...

ABC News, 11:50 in Business
 
Housing crunch sees rents cost more than mortgage payments in Darwin: NTCOSS report

Housing crunch sees rents cost more than mortgage payments in Darwin: NTCOSS report

A new report shows people living in rental accommodation in Darwin are paying more for housing than people who have mortgages.The report shows the average cost of rental housing in Darwin this year has risen by 7.9 per cent, compared with a national...

ABC News, 12:17 in Business
 
WACA project not pulled due to World Cup issues but to financing as presales fail to reach target

WACA project not pulled due to World Cup issues but to financing as presales fail to reach target

The Western Australian Cricket Association has denied reports it is scrapping a $500 million project because it could have threatened World Cup hosting rights. It was announced yesterday the WACA was abandoning its plans to upgrade the ground in Perth...

ABC News, 12:25 in Business
 
NBN speeds promised by Coalition cannot be guaranteed: Ziggy Switkowski

NBN speeds promised by Coalition cannot be guaranteed: Ziggy Switkowski

The head of the National Broadband Network has told a Senate committee that speed guarantees have "lost currency".NBN Co chief executive Ziggy Switkowski has faced a grilling at the Sydney hearing, which is focusing on the Government's...

ABC News, 12:33 in Business
 
MYEFO reveals deficit of $123b over forward estimates, Joe Hockey warns wasteful spending will be 'eliminated'

MYEFO reveals deficit of $123b over forward estimates, Joe Hockey warns wasteful spending will be 'eliminated'

The Abbott Government's first budget statement has revealed an economy in dire trouble with historically deep deficits, more people out of work, slower wage growth and massive revenue write-downs.Treasurer Joe Hockey has unveiled the Mid-Year Economic...

ABC News, 12:40 in Business
 
Qld Ombudsman finds liquor licensing poorly enforced

Qld Ombudsman finds liquor licensing poorly enforced

Queensland Ombudsman Phil Clarke has called for urgent talks between police and the liquor licensing regulator.He says the regulation of licensed venues is being undermined by problems with investigations and enforcement. In a report released today,...

ABC News, 12:44 in Business
 
Freeze on taxi fares recommended by NSW pricing regulator

Freeze on taxi fares recommended by NSW pricing regulator

The New South Wales Independent Pricing and Regulatory Tribunal (IPART) is recommending a freeze on taxi fares in Sydney and country areas next year.In a draft report, IPART is also proposing that around 200 extra licences be issued to lower waiting...

ABC News, 12:59 in Business
 
High wages for foreign ship workers pushing up Tasmanian freight costs: ACCC

High wages for foreign ship workers pushing up Tasmanian freight costs: ACCC

Australia's competition watchdog believes high wages for foreign ship workers might be contributing to Tasmania's freight problems.The Federal Government has asked the Productivity Commission to look into ways to drive down the cost of shipping to and...

ABC News, 12:59 in Business
 
BHP shuts down Leinster nickel mine affecting 200 jobs

BHP shuts down Leinster nickel mine affecting 200 jobs

BHP Billiton is shutting down its underground nickel mine at Leinster in Western Australia's Goldfields, affecting 200 jobs. The miner says it is no longer safe to mine in the sub-level cave of the Perseverance mine, following a seismic event in...

ABC News, 13:15 in Business
 
Foreign aid spending benefiting Australian farmers

Foreign aid spending benefiting Australian farmers

Australian farmers are reaping big benefits from Australian foreign aid spending in agriculture, a new study has revealed.A report completed for the non-government organisation The Crawford Fund has highlighted the value of foreign aid projects to...

ABC News, 14:48 in Business
 
An Aboriginal medical service in the Pilbara in administration due to compliance issues

An Aboriginal medical service in the Pilbara in administration due to compliance issues

An Aboriginal medical service in the Pilbara has been placed into administration.In August, the Registrar of Indigenous Corporations examined the books of the Puntukurnu Aboriginal Corporation. The audit raised concerns about governance and a...

ABC News, 15:14 in Business
 
No more pretend surpluses: budget pain is coming

No more pretend surpluses: budget pain is coming

Australia's growth forecast has been slashed, and if Joe Hockey responds with deep spending cuts in May as flagged, it will take a second hit, writes David Llewellyn-Smith.Well, well, don't let Joe Hockey fool you. He is a big, growling, grizzly bear;...

ABC News, 15:48 in Business
 
Fact Check

Fact Check

Holden confirmed the Australian car manufacturing industry's worst fears when it announced on December 11 it would close its operations in South Australia and Victoria by 2017. Before the announcement, Independent Senator Nick Xenophon and his...

ABC News, 15:48 in Business
 
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