PRESS DIGEST-Australian General News - Aug 28
Compiled for Reuters by Media Monitors. Reuters has not verified these stories and does not vouch for their accuracy.
THE AUSTRALIAN FINANCIAL REVIEW (www.afr.com)
Oil and gas producer Woodside Petroleum (WPL.AX) yesterday beat analysts' estimates to post a 67 percent increase in half-year profit, underpinned by surging oil prices and production expansion. Net profit climbed to A$1.02 billion in the six months ended June 30, up from A$608 million a year earlier, while sales rose from A$1.87 billion to A$2.57 billion. Chief executive Don Voelte welcomed the result, and said Woodside would pass on to customers the cost of a new A$2.5 billion tax on condensate production at its North-West Shelf gas project. Page 1.
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Prime Minister Kevin Rudd yesterday offered financial incentives for struggling schools in the latest tranche of his so-called "education revolution." Mr Rudd told the National Press Club in Canberra that he will seek agreement from the Council of Australian Governments to reveal the relative performance of schools from next year and provide individual school reports to parents within three years. The Prime Minister said "tough action is necessary and the tough action our reform demands will be rewarded." Page 1.
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Eddy Groves faces mounting pressure to step down as chief executive of ABC Learning Centres (ABS.AX) as the embattled child care group prepares to release annual results than many believe will be worse than forecast. Already depressed shares in the Brisbane-based company remained in a four-day trading halt yesterday ahead of tomorrow's results, and speculation increased that new asset write downs could be as high as A$200 million. Ernst & Young is checking ABC's accounts previously audited by Pitcher Partners. Page 1.
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The Federal Government said last night it was confident of concluding in the near future a free trade agreement with the 10-member Association of South-East Asian Nations (ASEAN). Trade Minister Simon Crean said discussions were going extremely well with ASEAN, which will also trade with New Zealand under the deal. Wine, beef and dairy producers are expected to win improved access to their closest Asian markets and reap the benefits of an additional US$48 billion in economic benefits over the next 11 years, observers said. Page 1.
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THE AUSTRALIAN (www.theaustralian.news.com.au)
The Master Builders Association has urged companies to bypass unions and sign non-union deals that provide more flexible arrangements for workers. Building industry workers voted yesterday at a meeting at Melbourne's Festival Hall to support a 15 percent pay rise over three years. The association's manager of industrial relations, Lawrie Cross, said "construction companies can still provide their employees with more flexible non-union arrangements." Page 2.
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The Australian Council of Trade Unions will today call on the Australian Industrial Relations Commission to let Telstra employees indicate, via secret ballot, their preference for either a union-negotiated collective bargaining agreement or the non-union alternative. In its bid to circumvent union intervention, the telecommunications group has begun offering its workers wage rises of up to 20 percent over three years. A Telstra spokesperson last night criticised the unions because "they know that this is a great offer for our employees." Page 2.
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An Australian Bureau of Statistics survey of building and construction has found the backlog of work among major engineering firms is currently A$51.3 billion -- 26 percent more than this time last year. Access Economics director Chris Richardson predicted the industry would be the last sector to display signs of an economic slowdown and thus provide a buffer for Australia's slowing economy. ABN Amro, however, said high mortgage rates would likely see the "outlook for construction…become increasingly polarised." Page 2. Continued...
