TODAY'S NEWS

 

The Rudd government is likely to deliver a tight budget this year. Labor has reported a $7 billion improvement to the budget bottom line, raising the possibility that the full-year deficit would fall short of Treasury estimates. December statements from the Department of Finance and Deregulation show that national revenue was $2.8 billion higher than predicted in the six months to December, bringing the budget deficit to $32.9 billion. Page 1. Australian Financial Review.

International law firm Allen & Overy is preparing to set up new operations in Sydney and Perth. The firm lured 14 senior partners from top-tier firm Clayton Utz, including Perth partner in charge Geoff Simpson, corporate managing partner Michael Reede and national real estate head David Wilkie. A&O global managing partner Wim Dejonghe yesterday said that Australia’s economic role is beginning to "play on the international field." Page 1. Australian Financial Review.

The Australian Security Intelligence Organisation has accelerated security checks on 78 Sri Lankan asylum seekers, who are currently held in Indonesia, following a standoff on the Customs vessel known as Oceanic Viking. ASIO director general David Irvine says his organisation was asked to prioritise the cases. However, the Coalition has indicated that it would like to restore some aspects of the former Howard government’s Pacific Solution, if it wins this year’s election. Page 1. The Australian.

The Australian Broadcasting Corporation may have cancelled a controversial film about Uighur leader Rebiya Kadeer in order to promote ABC managing director Mark Scott’s "soft diplomacy" vision. Producer John Lewis yesterday said the broadcaster had scheduled The 10 Conditions of Love for broadcast on 17 December, but the film was never shown. "It would be most regrettable if it were to be instead ‘the film that China and the ABC don’t want Australia to see,’" Mr Lewis added. Page 1. The Australian.

The Federal Opposition is rumoured to be developing a family and childcare policy based on a six-month scheme of paid parental leave. The policy would outdo the Rudd government’s scheme, which will provide 18 weeks of paid leave from next January. Opposition Leader Tony Abbott - who previously described the Government’s parental leave scheme as "Mickey Mouse" - has promised to remove the means test on the baby bonus. Page 1. Sydney Morning Herald.

Federal Treasurer Wayne Swan praised his immediate predecessor, Peter Costello, at a dinner celebrating the Reserve Bank of Australia’s 50^th anniversary. Mr Swan said that both Mr Costello and former prime minister John Howard had continued the economic reforms put in place by the previous Labor government, which was initiated by the Fraser Coalition government. Page 1. Sydney Morning Herald.

Victorian Opposition Leader Ted Baillieu yesterday said the state is experiencing a rise in racially motivated attacks on Indian students, but the Victorian Government is still in denial. Mr Baillieu criticised Premier John Brumby for his failure to address the matter, and condemned police chief commissioner Simon Overland’s remark that students should hide expensive items. A spokeswoman for Mr Brumby said that Mr Baillieu’s comments had only made matters worse. Page 1. The Age.

Victorian Roads Minister Tim Pallas and his department, VicRoads, yesterday revealed that a processing error made by workers during 2008 might be partly to blame for last month’s fatal car accident in Mill Park. The mistake had meant that a total of 1,837 P-plate drivers - who breached Victorian laws that limit how many passengers can be carried - each received a $350 fine but no loss of demerit points. Page 1. The Age.

Fertiliser and explosives manufacturer Incitec Pivot yesterday announced that it would resume construction of its Queensland ammonium nitrate plant in May, following a 12 month delay. Chief executive James Fazzino said increased demand for explosives from mining companies in the nearby Bowen Basin had made the project viable. Production at the $935 million plant is scheduled to start in the first quarter of 2012. Page 19. Australian Financial Review.

Mining company BHP Billiton yesterday announced that Chris Campbell has been appointed president of the company’s iron ore division, overseeing all iron ore assets outside Western Australia. Mr Campbell will replace Ian Ashby, who loses responsibility for iron ore marketing, and will instead focus on managing the operational aspects of BHP’s joint-venture with Rio Tinto in Western Australia’s Pilbara region. Page 19. Australian Financial Review.

Mining company BHP Billiton yesterday reduced its forecast for the proposed Yeelirrie uranium mine in Western Australia, from 5000 tonnes a year to 3500 tonnes. "Acid heap leach was discounted due to the high acid consumption, which made this option uneconomic," BHP commented in the mine’s study. The Yeelirrie mine is still to receive environmental and board approval, but the company hopes to start construction in 2012 and aim for production by 2014. Page 20. The Australian.

Concerns have been raised in the media and financial industries about the use of financial company representatives as market commentators on television news programs. Sources in the financial sector say a bank or stockbroker may pay up to $10 million over three years to provide such commentaries, which prominently feature the company’s logo in the background. Page 1. Sydney Morning Herald.

The chief executive of the Federal Government’s National Broadband Network Company, Mike Quigley, yesterday said the company’s head of government relations had been appointed after a personal recommendation from Communications Minister Stephen Conroy. Mike Kaiser, a former Labor politician, was appointed without other candidates being considered. The Opposition communications spokesman, Tony Smith, said the revelation raised concerns about political interference at NBN Co. Page 3. Sydney Morning Herald.

The physiotherapist for the Australian Cricket Team, Alex Kountouris, says that the only way to reduce the number of injuries sustained by fast bowlers is to rest them from Test matches. However, injuries were to be expected in successful teams, he said. "That’s part and parcel of being a fast bowler, particularly over 30." At least six of Australia’s fast bowlers — including Bret Lee, Stuart Clark, Peter Siddle and Ben Hilfenhaus — have missed matches due to injury this summer. Page 34. Australian.