NZ dollar falls from two-month high

THE New Zealand dollar has fallen from a two-month high amid speculation the European Central Bank will keep interest rates low for an extended period.

THE kiwi rose as high as 87.48 US cents overnight and was trading at 87.19 cents at 5pm in Wellington, from 87.12 cents at 8am and 87.32 cents at 5pm on Monday. The trade-weighted index was little changed at 81.08 from 81.16 yesterday.

ECB president Mario Draghi told Dutch newspaper Telegraaf the central bank will continue to stimulate the regional economy until at least the end of 2016.The prospect of low European rates for longer than previously anticipated sapped demand for currencies such as the kiwi, which had been fuelled by upbeat Chinese manufacturing data on Monday."Yesterday we had a China PMI report which was quite strong and that caused the Aussie and the kiwi to rise against the US, and that rise for New Zealand lasted until about 6pm yesterday and then it stopped as you had some negative news out of Europe," Imre Speizer, senior market strategist at Westpac Banking Corp said."The kiwi still looks quite strong in the near-term, so I'd be picking it to break above 87.50."The New Zealand dollar was little changed at 92.48 Australian cents at 5pm from 92.50 cents on Monday and at 64.14 euro cents from 64.17 cents, but slipped to 88.89 yen from 89.01 yen.

13.24 | 0 komentar | Read More

Qld bikies can fill out 'resignation' form

QUEENSLAND bikies and their associates can fill out a form to declare they are no longer part of an outlaw group.

THE Queensland Police Service website has a questionnaire asking people to describe the steps they have taken to "disassociate".

The form asks participants to circle yes or no boxes to indicate if they have returned or destroyed their club colours, if they have a club tattoo, and whether it's been removed.They are also asked to declare if they are an office holder, general member or associate of a bikie chapter.New laws are coming into effect from July 1 banning bikies from working as used car sellers, security guards, locksmiths, tow truck drivers, bookmakers, pawn brokers, tattoo artists and bar workers.More than a dozen lines on the form are set aside so people can describe their future intentions with an outlaw group and the steps their organisation has taken to disassociate from them.A declaration section asks participants to give an undertaking to provide documents to the police within 10 business days.Earlier this month, Attorney-General Jarrod Bleijie announced the government would delay a controversial plan to ban people with bikie links from working in the building industry.This means plumbers and electricians with suspected bikie links won't be banned from having a trades licence until July 2015, after a federal royal commission into unions.But new licensing requirements will apply to other industries under the Tattoo Parlours Act 2013.Bikies can call a police hotline for help on filling out the form, which is subject to the Information Privacy Act.The Queensland police website promises that applications to disown bike membership would be assessed "in a timely manner".But participants are advised that delaying a response to a letter could jeopardise their ability to hold an industry licence.The form has to be witnessed by another signature.

13.24 | 0 komentar | Read More

Abbott vows to keep intervening for Greste

Tony Abbott (pic) says he is bewildered by an Egyptian court's decision to jail Peter Greste. Source: AAP

PRIME Minister Tony Abbott has vowed to keep lobbying Egypt's government to free jailed Australian journalist Peter Greste.

THE federal government on Tuesday summoned a senior Egyptian diplomat to express outrage over the seven-year sentence handed to the Al Jazeera reporter in Cairo.

It was the latest diplomatic overture from the government to Egyptian authorities about the case, including from Mr Abbott who twice contacted the country's leadership to lobby for Mr Greste."The Australian government will continue to make intercessions at every level with the Egyptian government and elsewhere to try and ensure that Peter Greste and his colleagues are swiftly released," the prime minister told parliament on Tuesday.He said the government understood and supported the Egyptian government's crackdown on extremist groups, including the Muslim Brotherhood, but couldn't comprehend why those reporting on the group were jailed.Opposition Leader Bill Shorten said Mr Greste's harsh treatment as a journalist stirred "something elemental in the spirit of all free people".But he supported the prime minister's call for cool heads to prevail."These are the times when passions run high but the best interests of Peter and his two colleagues will not be served by inflammatory rhetoric," Mr Shorten told parliament.The government sought to summon Egypt's ambassador to the meeting at the Department of Foreign Affairs and Trade, but discovered Hassan El-Laithy is in Cairo.Egyptian Charge d'Affaires Sherif Bedeir Hussein was called instead, and he refused to speak to journalists after leaving the half-hour meeting in Canberra.Attorney-General George Brandis said the government would make a formal request to President Abdel Fattah al-Sisi seeking his intervention.

13.24 | 0 komentar | Read More

Jodhi Meares charged with DUI

Jodhi Meares is heading to court after allegedly being caught drink driving in Sydney's east. Source: AAP

JAMES Packer's ex-wife Jodhi Meares will face court in August on drink driving charges after crashing into three parked cars in Sydney's eastern suburbs.

THE 43-year-old had to be rescued from her Range Rover, which rolled after the smash in upmarket Bellevue Hill on Saturday night.

The fashion designer, who is engaged to rocker Jon Stevens, was given a roadside breath test before being taken to the local police station.Police say she recorded a 0.181 blood alcohol reading, almost four times the legal limit.She was charged with drink driving and driving while suspended and is due to appear at Waverley Local Court on August 5.It's reported Meares could face the possibility of 18 months in jail and a fine of $3300.After a long engagement, Meares and Stevens were reportedly planning to tie the knot in September.

13.23 | 0 komentar | Read More

Jobs could go, Qld health minister says

Queensland's health minister concedes jobs could be lost as local health boards take over staffing. Source: AAP

QUEENSLAND'S health minister has conceded jobs could be lost as local health boards gain control of staffing from a centralised bureaucracy.

FROM July 1, eight of the state's 16 regional Hospital and Health Services (HHS) boards will take control of staffing from Queensland Health.

The other eight HHS boards will gain staffing control in July 2015.Health Minister Lawrence Springborg said the transfer of staffing power from Queensland Health to local health and hospital boards could lead to job losses in the department."That's the simple reality. I think everyone understands those sorts of things," he told ABC Radio on Monday."As you put more of the focus into efficient management at a local level, there's ultimately going to be transfer of some of those resources as well, and positions may not ultimately be needed."The government established the HHS boards in July 2012 in a bid to decentralise the health bureaucracy.From July, three HHS boards take ownership of land and buildings.Another six boards will own these assets in December, with the remaining seven HHS boards taking control of infrastructure from July 2015.Opposition health spokeswoman Jo-Ann Miller said Mr Springborg was shirking his portfolio responsibilities by offloading them to health boards."Make no mistake, the Newman government is trying to dodge responsibility for cuts to the health service, responsibility for its management and the possible future sale of assets," she said."We see a health minister who is running scared from the health portfolio and becoming the minister for buck passing."The state's public sector union estimates thousands more jobs could go in health."All that will change is how the government defines the jobs it cuts - not that jobs will be cut," Together Union secretary Alex Scott said."They cut jobs in health and then redefine them to say they weren't frontline services."

13.23 | 0 komentar | Read More

Vic firies will be paid for mine fire: MFB

Victorian firefighters have begun legal action to recover wages owed since the Hazelwood mine fire. Source: AAP

FIREFIGHTERS involved in battling Victoria's mine fire will be paid outstanding entitlements for their efforts this week, the Metropolitan Fire Brigade (MFB) says.

THE United Firefighters Union (UFU) has started Federal Court action against the brigade to recover wages owing since the 45-day fire at the Hazelwood coal mine began on February 9.

The legal action concerns 240 MFB firefighters, who are each owed an average $4000 out of a total overtime bill of more than $6 million.The MFB says all outstanding payments it is aware of will be paid this week."We have provided assurances to staff that everyone will be paid all of their entitlements," acting deputy chief officer David Bruce said in a statement on Monday.The UFU says firefighters worked up to 20-hour days on their days off during the Hazelwood coal mine fire but that the MFB is unable to account for who was there.However, Mr Bruce said it had taken considerable time and effort to recognise and verify attendance records, given the size and nature of the incident.The summer's fire season involved the largest deployment of firefighters outside the MFB's immediate area of responsibility, he said."Understandably, the MFB's focus at that time was to provide assistance to the community through efficient and effective deployment of resources across the state," he said.The UFU's Peter Marshall said the legal action for firefighters' entitlements would continue despite the MFB's assurances they would be paid this week."They've been saying that every week. Show me the money is the response to that," he said."If in the interim period they pay, that's good. but to date we ain't see the money despite many assurances."Firefighters shouldn't have to wait that long and the MFB should meet their legal requirements."

13.23 | 0 komentar | Read More

'Smart glasses' hope for blind

BRITISH-DESIGNED "smart glasses" that provide a new set of eyes for the visually impaired are being tested in public for the first time.

THE devices, which use a pair of video cameras to enhance residual vision, have the potential to transform the lives of thousands of registered blind people in the UK.

The glasses are being trialled by 30 visually impaired volunteers at testing venues in Oxford and Cambridge.Dr Stephen Hicks, of the Nuffield Department of Clinical Neurosciences at Oxford University, who led development of the glasses, said: "The idea of the smart glasses is to give people with poor vision an aid that boosts their awareness of what's around them - allowing greater freedom, independence and confidence to get about, and a much improved quality of life."We eventually want to have a product that will look like a regular pair of glasses and cost no more than a few hundred pounds - about the same as a smart phone."The device consists of a pair of video cameras mounted in a headset, a pocket-sized computer processor, and software that projects images of close-by objects onto displays in the see-through eye pieces.The software interprets nearby surroundings to make important objects such as kerbs, tables, chairs or groups of people stand out more clearly.In some cases, details such as facial features can become easier to see.Of the more than 300,000 severely sight impaired people in the UK, it is believed about a third could benefit from the technology.Twenty volunteers with a range of eye conditions and levels of vision took part in preliminary tests of an earlier version of the glasses conducted last year by the Oxford team.The new trials are being conducted with support from the Royal National Institute of Blind People (RNIB).

13.24 | 0 komentar | Read More

Carbon tax revisited in final Senate week

IT may by the current Senate's final hurrah, as its sits for one last week before the new senators take their place.

BUT even before it begins what amounts to a farewell lap, attention is focused squarely on the Senate that will replace it.

The Abbott government will on Monday reintroduce its carbon tax repeal laws into the parliament, in readiness for the new, more conservative upper house that take effect on July 7.The legislation has already been knocked back once by Labor and Greens in the Senate, but the host of conservative crossbenchers are expected to pass the legislation."This week the government will bring the carbon tax repeal bills back to Parliament to get rid of this dodgy tax once and for all," Environment Minister Greg Hunt says.While signature policies such as the carbon tax are expected to be waved through by the likes of the Palmer United Party, others such as the GP co-payment face continued resistance.Assistant infrastructure minister Jamie Briggs is confident the new senators can be talked into supporting the co-payment and reform of universities fees - two changes opposed by the PUP."I'm not at all sure that the positions some of the new senators have outlined will necessarily be their position in a month's time," Mr Briggs told Sky News on Sunday."When they're in Canberra and they've had the discussions with the relevant ministers ... I'm very confident people will understand this is the right direction."Environmentalists also had their minds turned to July 7, with the Climate Institute bringing two life-size dinosaur replicas to Parliament House in a last-ditch attempt to save the carbon tax."There are dinosaurs in politics and business who want to hold back progress," chief executive John Connor told reporters."This is an appeal to all parliamentarians, particularly the new senators, not to be rushed into a vote literally when they haven't even got their feet under their desks in parliament."

13.23 | 0 komentar | Read More

Political blame game over childcare costs

Childcare costs have rocketed 150 per cent in the past decade, a report shows. Source: AAP

WORKING mothers are losing 60 cents of each dollar they earn to rising childcare costs but Australia's politicians haven't found a way to ease the situation for now.

INSTEAD they're blaming each other for the worsening crisis in childcare affordability.

Childcare costs have skyrocketed 150 per cent in the past decade, with only electricity and tobacco prices rising at a faster rate, a new report claims.Parents returning to full-time work after having a child can now expect to lose up to 60 per cent of their gross income to childcare fees, loss of benefits and higher income tax rates.Mums from low income families who return to full-time work may take home as little as $4.55 an hour, the research from financial services firm AMP and the National Centre for Social and Economic Modelling found.Assistant education minister Sussan Ley regularly meets women juggling childcare with returning to work."There is crisis and struggle and desperation when you talk to mums who just don't know what to do with the work-family balance," she told reporters in Melbourne."It's not fair for families to have to live within a system that is as unsustainable as the one that Labor has left us with."The Productivity Commission is due to deliver its initial report on childcare to the government next month and the final version in October.Ms Ley expects the government will have some solutions for parents in early 2015.But the opposition says the government can do one thing to help right now: abandon plans to freeze childcare payments."They cannot justify standing up and attacking low and middle income families time and time again and this report shows that Australia can't afford it," opposition childcare spokeswoman Kate Ellis said.Labor was worried many women wouldn't return to the workforce after having children because of the difficulty of finding and paying for childcare.The AMP-NATSEM report said 630,000 Australian families pay for "long day" childcare, which can cost up to $170 a day per child.The national average childcare fee has risen 150 per cent since 2004. Childcare generally costs more in cities compared to regional areas and more in wealthier suburbs than less affluent areas.Fees have risen faster than petrol, education and healthcare costs.While the number of children in childcare has risen steadily over the past decade, about 60 per cent of children from working families are still cared for by grandparents, relatives or friends.

13.23 | 0 komentar | Read More

GM could face another fine

AN old email from a General Motors employee warning of a "serious safety problem" could help trigger another government fine against the automaker.

THE email, dated August 30, 2005, surfaced Wednesday during a House subcommittee hearing on GM's delayed recall of 2.6 million small cars with ignition switch problem. This email outlined a similar issue with a larger car.

Employee Laura Andres wrote that she was driving a 2006 Chevrolet Impala home from work when she hit a bump and the engine stalled on a busy road near Detroit. The car behind her had to swerve to avoid a crash. A GM mechanic told her the cause was likely a faulty ignition switch."I think this is a serious safety problem ... I'm thinking big recall," Andres wrote in an email to 11 GM colleagues.Yet it wasn't until Monday that GM recalled the Impalas, Buick LaCrosses and other models with the same switch, almost nine years after Andres' email. Safety regulators received dozens of similar complaints about the cars during that time.GM said that excess weight on a keychain could cause the ignition switch to move out of the "run" position if the car is jarred, like when it hits a pothole. The engine stalls, and the drivers loses power steering and power brakes.Under federal law, automakers must notify the National Highway Traffic Safety Administration within five business days of determining a safety defect exists. A maximum $35 million fine is possible if the agency finds an automaker took too long to report a problem.GM paid a $35 million fine last month for its 11-year delay in reporting defective ignition switches in the Chevrolet Cobalt and other small cars.Multiple fines are not without precedent. From 2010 through 2012, NHTSA fined Toyota Motor Corp. four times for a total of $66 million due to safety-related violations.GM wouldn't comment Thursday on the possibility of another fine. NHTSA also wouldn't comment on the Impala case, but said it reviews all recalls to make sure they comply with the notification law and it takes "appropriate action" when it finds problems.Andres's e-mail alone isn't enough to trigger the five-day rule, because it only suggests the ignitions are unsafe. But it's proof that some GM employees knew about a potential problem for almost a decade. GM has not yet submitted a required timeline to NHTSA that will say when it officially determined the Impala switches were defective.Andres, who still works for GM in design and engineering, could not be reached for comment. But in her 2005 email, she urged engineers to build a "stronger" switch.Andres' warning was brushed off by GM engineer Ray DeGiorgio, who replied that he had recently driven a 2006 Impala and "did not experience this condition." He also noted that the Impala had "a completely different column/ignition switch" than the one that was causing problems in GM's small cars.DeGiorgio is a central figure in the small-car recall saga. GM says he approved using the switches even though they failed to meet company specifications, and then took actions that hid the defect for years.Andres's email wasn't the only indication of problems. NHTSA's Web site lists more than 100 complaints about stalling for 2006-2009 Impalas alone. Those are complaints GM would have had access to.In one 2012 complaint, an Impala stalled in the middle of a large intersection. The owner took it to a dealer four times but couldn't get it repaired."I'm fearful I will be the one causing a fatal pile-up," the driver wrote.

13.23 | 0 komentar | Read More

Man charged over NSW south coast death

FURTHER charges could be laid against a man accused of assaulting another man who was found dead in a NSW south coast home a day after he was attacked.

THE 41-year-old's body was on Thursday found in a Moruya unit and "officers were told the deceased man had been assaulted at the location the previous day," police said.

The man accused of assaulting the dead man and his 60-year-old male housemate was on Friday arrested and charged with two counts of assault occasioning actual bodily harm.But more serious charges could be laid against him."We're waiting on the results of the post mortem," a police spokeswoman told AAP.Police wouldn't say if the death was suspicious, whether the men were known to officers or if they were related.The accused was denied bail in Batemans Bay Local Court on Saturday and is due to reappear on Monday.Forensic officers are continuing their investigation and a report is being prepared for the coroner.

13.23 | 0 komentar | Read More

Man bashed at Sydney motel

A man has serious head injuries after being assaulted at a motel west of Sydney. Source: AAP

A MAN has serious head injuries after being assaulted at a NSW motel.

POLICE found the 28-year-old man at a motel reception at Warwick Farm, west of Sydney, on Friday night.

The man had serious head and limb injuries and was taken to hospital.Police say the man was assaulted but officers have not yet been able to speak to him.A crime scene has been established in one of the motel rooms.

13.23 | 0 komentar | Read More

Westfield gets restructure gets go-ahead

Westfield's shareholders are set to approve a $70 billion restructure of the company. Source: AAP

WESTFIELD will leave its Australian shopping centres behind in search of growth opportunities overseas after winning a tough shareholder battle over its $70 billion restructure.

THE restructure got the green light on Friday after shareholders in Westfield Retail Trust, which owns half of the shopping centre giant's Australian and New Zealand assets voted in favour of the controversial plan.

Westfield Group will be split in two from June 25, pending final approval from the NSW Supreme Court, with the new Westfield Corporation taking on the company's international business and the Australian and New Zealand shopping centres transferred to a new company called Scentre.Both companies will be chaired by Westfield founder Frank Lowy and the Lowy family will maintain holdings in both businesses.But Australian shoppers won't notice any difference, with the Westfield brand to be maintained under Scentre Group.The move gives Westfield greater freedom to focus solely on growth opportunities overseas, without the distraction of its Australian shopping centre business, which has little room left to expand."The strategy of Westfield Corporation is to own, develop and operate iconic shopping centres in some of the world's great cities," co-chief executive Steven Lowy told reporters on Friday.That includes the massive Westfield World Trade Centre development, a planned development in Milan which the company is billing as "the best shopping centre in Europe" and major centres in the UK.But the move almost didn't go ahead.Westfield Group shareholders overwhelmingly backed the move at a meeting last month, but WRT investors looked set to vote down the proposal, with only 74.1 per cent of proxy votes cast in favour of the restructure.On Friday, the total vote was 76 per cent in favour.A significant minority of shareholders in WRT, which was itself spun off from Westfield in 2010, opposed the move on the grounds it would create a higher risk business with more debt than the passive property trust they bought into.Australian Shareholders Association spokesman Stephen Mayne said Westfield had run a well orchestrated campaign to win over institutional investors in the past few weeks."Ultimately they ran a very successful lobbying campaign against those institutions that voted against it or didn't vote," he told AAP."The question is, who flipped?"Steven Lowy downplayed concerns about debt levels, noting credit ratings agencies S&P and Moody's had already given Scentre A ratings."We felt that debate was well overplayed," he said on Friday.Fellow co-chief executive Peter Lowy said Westfield Corp would maintain its listing on the Australian stock exchange but is looking at the possibility of a dual listing overseas.

13.23 | 0 komentar | Read More

Vic building workers face drug tests

BUILDING workers on Victorian government projects will face random drug and alcohol testing from July 1.

VICTORIAN Finance Minister Robert Clark said requiring all building companies that tender for taxpayer-funded projects worth $10 million or more to test workers for drug and alcohol use among measures he said would cut substance abuse, intoxication and drug dealing on building sites.

Head contractors must perform a minimum number of random tests on workers each month and identify what methods they will use, Mr Clark said on Friday.Contractors will determine the level of intoxication they deem unsafe and how workers will be sanctioned if drugs or alcohol are detected in their systems, he said.Tenderers will have to list site security measures, which may include CCTV, a swipe card access system and photographic or biometric security systems in a bid to stamp out criminal activity."We believe this will save taxpayers' money and it will help ensure law-abiding workplaces," Mr Clark said."We are introducing these guidelines to ensure that every contractor that tenders for Victorian government construction projects needs to commit to have processes in place to guard against drug and alcohol abuse in their workplaces and also to ensure site security."When the guidelines were first announced, Construction Forestry Mining and Energy Union (CFMEU) Victorian secretary John Setka said the guidelines would unfairly single out construction workers."There is no epidemic of drug taking on construction sites," he said.

13.23 | 0 komentar | Read More

Troops off to Iraq to protect Aussie staff

The Australian government is continuing to monitor the situation in Iraq. Source: AAP

AUSTRALIA has sent soldiers to protect embassy staff in Baghdad as Prime Minister Tony Abbott warns that nobody should underestimate the threat posed by terrorists bearing down on the Iraqi capital.

DEFENCE on Friday confirmed a small unit of Australian Defence Force personnel had been sent to Baghdad to bolster security at the embassy, where a skeleton staff of diplomats remains.

The situation in Iraq has deteriorated significantly since jihadists from the Islamic State of Iraq and the Levant (ISIL) routed government forces from two major cities a week ago.Up to 100 Australians are believed to have left the country to fight alongside jihadists in Iraq and Syria - including with ISIL - and some have been accused of committing atrocities.In his strongest warning yet, Mr Abbott vowed that "murderous potential terrorists" trying to return to Australia would be locked up to protect the community."These people should have no place in our country, and we will do our best to keep them out," he told reporters in Sydney on Friday."If they can't be kept out, they will be taken into detention because we are not going to allow people who are an obvious threat to our safety and security to roam loose in Australia."Australia has not received calls for assistance from the United States or other parties, but Mr Abbott said if any such request was made, it would be taken seriously.For now the safety of Australia's remaining diplomatic personnel in Baghdad remained a top priority, as ISIL - also known as ISIS - militants continue their push south towards the capital.Australia began withdrawing its officials from the strife-torn country this week, leaving an "essential core" of embassy staff in place.The federal government has warned there is little they can do to assist those Australians in Iraq, estimated at possibly more than 2000.The terrorist group stunned the world last week when it seized the major Iraqi cities of Mosul and Tikrit in a lightning offensive, sending government forces and civilians fleeing for safety.Shadow minister for defence Stephen Conroy said Labor supports the decision to send an ADF liaison unit to Baghdad to provide additional security for Australian embassy officials."Given the unstable security situation in Iraq, this is an appropriate course of action to take," he said in a statement.

13.23 | 0 komentar | Read More

$A at the mercy of two central banks

DOVES are meant to symbolise peace, but the Australian dollar is getting caught in a tug of war between two of them.

IN financial jargon, a dove is a central banker who prefers interest rates to stay low.

Record low interest rates in Australia should be helping Reserve Bank governor Glenn Stevens guide the stubbornly high Australian dollar lower to help the local economy.However his aim is being frustrated by interest rates in the US that are even lower, with Federal Reserve boss Janet Yellen signalling they will remain low for a "considerable time".The Aussie fell to a two-week low of 93.22 US cents on Tuesday after minutes of the RBA's June board meeting showed it wants to keep the cash rate at a record low of 2.5 per cent "for some time yet", and included a downbeat assessment on Australia's economic growth prospects.But the dollar bounced back up through 94 US cents early Thursday morning after Dr Yellen wound up the Fed's two-day policy meeting saying she would keep the federal funds rate steady despite a recent spike in inflation."There were some expectations that they would hint that they were concerned about inflation, but they didn't, and they reiterated they are maintaining their dovish stance," Easy Forex currency dealer Tony Darvall said.Mr Darvall said it was unclear if the Aussie dollar will rise to 94.60 US cents, its highest level this year, or fall towards 92 US cents if commodity prices remain under pressure."You'd think that the RBA at the next meeting would continue with the dovish talk," he said."The June minutes were crafted to try and stop the Aussie from rallying and if we get above 95 US cents it will probably be more explicit about the concern."BK Asset Management managing director Kathy Lien said investors were disappointed by Dr Yellen's policy announcement."When pressed for a definition of `considerable time' she refused to provide any details, saying only that there is no formula for what considerable time means," Ms Lien said."In other words, unlike other central banks that have recently expressed their desire to become more active, the Fed remains comfortable with their current course and has no desire to alter the market's expectations."

13.24 | 0 komentar | Read More

House prices tipped to continue to rise

ONE of the country's largest property developers believes house prices will continue to rise for years to come, with the Sydney market set for a "golden decade".

STOCKLAND chief executive Mark Steinert expects nationwide house prices to rise by four to five per cent on average for the foreseeable future, with Sydney leading the charge.

Despite a sharp rise in house prices in the past 12 months, an undersupply of property and improving confidence meant the growth was set to continue, he said."At the moment it is fair to say there is at least three years of undersupply in every major capital city," Mr Steinert said."Because of this demand-supply fundamental, we anticipate at least four to five per cent compound growth in new house prices for the foreseeable future."Mr Steinert said the NSW government's efforts to increase housing supply and infrastructure plans would boost Sydney's new property market."We are particularly bullish on Sydney," he said."I think it's fair to say that we are going to see Sydney and to a certain extent NSW have a golden decade."Mr Steinert's optimism contrasts with warnings from economists and analysts that house prices are likely to flatten or slide over the next few years.Credit Suisse analyst James Ellis has said a collapse in prices was unlikely, but he expects prices to remain flat for several years, which would amount to a decrease in prices in real terms, relative to incomes."Our base case scenario is one of real erosion of house prices," he said.Recent figures from the bureau of statistics suggest the housing market boom is cooling, with no growth in home loan approvals in April.Meanwhile, house prices suffered their biggest monthly fall in five years in May, dropping 3.6 per cent across capital cities, according to research from RP Data.But prices remain substantially higher than a year ago, especially in Sydney, were prices have risen 16.6 per cent in the past 12 months.

13.24 | 0 komentar | Read More

JB Hi-Fi weathers the retail storm

Entertainment retail chain JB Hi-Fi expects its sales will be up by 5.3% for the year. Source: AAP

JB Hi-Fi is proving more resilient to slumping consumer confidence than other retailers.

THE electronics retailer remains on track to lift annual profit by about 10 per cent, despite winding back its sales expectations since the end of March.

Analysts say JB Hi-Fi is performing better than other retailers as it is not exposed to seasonal factors such as unusually warm weather, and due to its expansion into new product areas.The company said on Thursday it expects a 5.3 per cent rise in annual sales for 2013/14, weaker than its previous forecast of six to eight per cent growth.But it is sticking to its previous forecast of a $126-$129 million net profit for the year, a rise of between 8.3 and 10.8 per cent.That is in contrast to several other major retailers, who in recent weeks have warned of a sales slump amid consumer worries about spending cuts announced in May's federal budget.Shares in JB Hi-Fi soared in early trade, but fell back during afternoon trade, and closed 22 cents higher, up 1.2 per cent, at $18.95.CBA retail analyst Andrew McLennan said JB Hi-Fi was performing well during a period of disastrous consumer sentiment, continuing with store expansions and branching out into new categories such as coffee machines and other household appliances."For them to have held to a positive sales growth number in the fourth quarter is actually a good outcome," Mr McLennan said."More recently JB Hi-Fi have expanded into their JB Home category of household electronics products, including whitegoods and small appliances, and that appears to be enhancing their underlying sales growth off a relatively small base."This strategy had differentiated JB Hi-Fi from some of its competitors as CD and DVD sales continued to slide, Mr McLennan said.JB Hi-Fi was also not as exposed to seasonal factors as apparel retailers, who were experiencing difficult sales conditions due to warm weather in the lead-up to winter, he said.Meanwhile, JB Hi-Fi chief executive Terry Smart has confirmed he will retire on June 30.Mr Smart announced his plans to step down in April, and will hand over the reins to chief financial officer Richard Murray.

13.24 | 0 komentar | Read More

Vic Nats upset by Liberal bid for Euroa

THE Liberals' decision to run against the Nationals in the Victorian seat of Euroa is "most unfortunate", state Nationals leader Peter Ryan says.

THE Nationals asked the Liberal Party not to field a candidate in the new seat, created after a redrawing of the Benalla electorate being vacated by retiring Nationals MP Bill Sykes, Mr Ryan said.

"The Liberal Party has apparently chosen to stand, although they have not spoken formally to me about it. We think that is a most unfortunate decision," Mr Ryan told reporters in Ballarat on Wednesday.The deputy premier said the Nationals believe the Liberal move is a breach of their coalition agreement."The very basis and foundation for having a coalition agreement is to ensure we don't see this sort of waste of resources occur," he said."We saw this all happen in the recent federal election in the seat of Mallee and here we go again."The Liberals ran a candidate in Mallee at last year's federal election, which was being vacated by National John Forrest.The Nationals' Andrew Broad won the seat.Stephanie Ryan will run as a Nationals candidate for Euroa at the November 29 state election."We are very confident of being able to win the seat," Mr Ryan said."We have not asked the Liberal Party to stand, indeed we have asked the Liberal Party not to stand."Premier Denis Napthine says decisions about running candidates are up to the party's administrative wing, which is in regular contact with the National Party administration."Peter Ryan and I work well professionally, we're also personally good friends. The coalition is a great working team," he told reporters.Dr Napthine said running Liberal and National candidates in the same seat gives voters a choice, but also maximises the Liberal-National vote."With regard to this seat, I think the National Party has selected a very, very good candidate and I'm sure Stephanie Ryan will do very well."

13.24 | 0 komentar | Read More

Newcrest hit with $1.2m fine by ASIC

ASIC has fined Newcrest Mining $1.2 million for breaching continuous disclosure obligations in 2013. Source: AAP

GOLD miner Newcrest Mining has been fined $1.2 million in Australia's largest ever penalty for selectively providing market sensitive information.

NEWCREST, the nation's largest gold miner, admitted withholding the information from the wider investment market for at least a week in 2013.

In a settlement with the Australian Securities and Investments Commission (ASIC), it admitted to two contraventions of continuous disclosure rules, which dictate companies make available any information than can impact its share price.The Federal Court will now decide whether to approve the settlement.It is more than double the country's previous largest disclosure rules penalty of $500,000, and only the fifth such litigation by ASIC in a decade.The Newcrest penalty relates to selective briefings given by the company's then investor relations manager Spencer Cole to analysts from investment banks, alerting them to large cuts in gold production and capital expenditure.That sparked a suspicious raft of broker downgrades of the stock, and a 15 per cent slump in Newcrest's share price in the three days before the market was informed of production and spending cuts.Newcrest also announced on June 7 more than $6 billion in impairments, partly related to its struggling PNG operations at Lihir.ASIC said Newcrest's selective disclosures had generated confusion, speculation, media attention and a loss of confidence in market integrity and the company's shares.Anyone who traded in Newcrest shares between May 28 and June 7 when analysts were informed and the public was not had been materially prejudiced, it said.ASIC acknowledged Newcrest's budgeting process at the time was difficult, with its cash flow under threat in the wake of gold's most dramatic price fall in 30 years.Commercial law expert Ian Ramsay, from the University of Melbourne law school, described the judgment as rare and significant.While Newcrest has not admitted knowingly or intentionally breaching its corporate obligations, it has still admitted liability, he said."What's got ASIC excited is not just the fact that Newcrest is one of the world's biggest mining companies, it is the seriousness of it," Professor Ramsay told AAP."He (Mr Cole) wasn't off on a frolic, it looks as though what he was doing was run past senior management."Newcrest may now also want to settle a shareholder class action related to its announcement of writedowns and the resulting share price falls.Slater & Gordon lawyers, representing Newcrest shareholders, are reviewing the ASIC settlement.Newcrest chairman Peter Hay said the company regretted the contraventions, and pointed out it had since revised and tightened its governance structure.Newcrest shares were up 20 cents to $10.17 at 1530 AEST.

13.24 | 0 komentar | Read More