Eddy Groves to face trial in May

Political doubts spook business

MANUFACTURERS, small business operators and builders have shut-up shop and stopped hiring with growth flatlining.

Digital divide widens in business

AUSTRALIA'S small businesses are falling at the first hurdle of digital literacy, with more than half without even a website.

Construction can be fatal: Grocon boss

CONSTRUCTION sites are risky environments and incidents such as Melbourne's fatal wall collapse can occur, head of Grocon says.

Why bush towns are dying

ONCE thriving country towns across NSW are battling for survival as growing unemployment and rising costs turn many into ghost towns.

Sacked for 'not moving fast enough'

THE chairman and chief executive of French hotel group Accor Denis Hennequin has been sacked after a major rift with his executive board.

Rivals take a bite out of Apple profit

UPDATE: Apple's quarterly profit has dipped for the first time in nearly a decade despite a rise in revenue from the same period a year earlier.

• Stocks crash: Fake tweet shakes stocks

Aussie wine lovers, the Germans want you

AUSSIE wine lovers, we have been told - our stuff is good but as far as the Germans are concerned theirs is just that little bit more special.

The industries cashing in on your heartbreak

SPLITTING up is a huge, costly and emotional expense that's fast becoming big business. Find out which ones are benefiting from your divorce.

Cutting out online business threats

THE online world was a no-go zone for Betrina Hill - but then she realised her business wouldn't survive without it.

Retailers missing out on web hit

DESPITE all the hype, online retail sales grew only 19 per cent compared with the same period last year, according to the NAB's Online Retail Sales Index.

Consumer watchdog brought to heel

FRANCHISING abuses have been ignored by the competition watchdog for a lack of resources, submissions to the Federal Parliament claim.

Hubby helps flesh out online business

IT TOOK some wise words from her husband for Belinda Smith to start her online homewares and furniture store, White Coconut.

Sickies causing ill will

FRIDAY sickies are costing the nation up to $36 million a year, with small businesses copping the brunt of the the "three-day weekend".

View the original article here

Budget: Welfare 'could be targets'

TAX revenue will have collapsed by $12 billion by the end of June, according to Treasury forecasts of plummeting company profits.

The shrinking revenue confirms the May 14 Budget will include extensive spending cuts. The Government
promises the cuts will not be so harsh that they will cost jobs and stunt economic growth, which has raised
speculation welfare and tax concessions could be targets for cuts.

So far the Government has indicated that only plans for increased school funding and a national disability
insurance scheme will be protected.

The Treasury forecast means the money collected by the Federal Government will be $12 billion less - across a four-year period - than forecast just seven months ago in the October Budget update.

Treasurer Wayne Swan revealed a week ago a $7.5 billion "sledgehammer" had crashed through anticipated tax revenue.

Prime Minister Julia Gillard today reveals that a further $4.5 billion will be added to the shortfall by the
end of the financial year in just three months.

The Prime Minister's speech to an economic conference in Canberra today is set to promise a plan to respond to "the huge reductions in revenue growth over the next four years" caused in part by the high exchange rate of the Australian dollar which is making exports less competitive.

Outlining the problem, Ms Gillard is expected to say the profits and consequent tax revenue slump was caused by the fact "the prices for what Australian companies sell overseas are lower, imports are cheaper, local competition is fierce".

"Those things add up to business making less profit than planned," her speech says.

"That puts pressures on our stable and resilient economy and it is one reason businesses and workers still
need to work so hard to get ahead.

"When businesses make less profit than planned, it also means Government gets less money in tax than
expected.

"That's the big challenge for the nation in this Budget – and it defines the decisions the Government's
confronting as we put the Budget together."

Ms Gillard will say that while the Budget will be tough it will "make necessary investments in the nation's
future, to ensure that none of our people are left behind".

"We won't, during this time of reduced revenue, fail the future by not making the wise investments that will
make us a stronger and smarter nation," says her prepared speech.

"Better school funding and school improvement will not be jeopardised.

"Our nation cannot afford to leave children behind or to leave our nation's future economy limping behind
the pack, unable to attract the high wage, high skill jobs of the future.

"And we won't fail to make the wise investments that make us a fairer nation.

"DisabilityCare must not be jeopardised.

"A fragmented, unfair, inefficient system hurting 400,000 Australians with disability and their families and
carers – and putting at risk anyone who could acquire a disability – cannot be left in place."

View the original article here

Renters struggle as median cost hits $520/wk

Perth renters are struggling to pay the bills as median rental prices hit $520 a week.  Source: The Courier-Mail

LOW income earners in Perth are battling harder to find homes to rent, new research by Anglicare shows.

The median price of a rental property in Perth has jumped 16 per cent to $520 per week, up from $450 per week in 2012.

Anglicare's Rental Affordability Snapshot 2013, released today, shows only five per cent of Perth's rental market is affordable for people on the minimum wage.

Couples on the minimum wage with children can only afford 2.6 per cent of rental properties, down from 7.8 per cent last year.

The situation is even worse for people on benefits or pensions, who can access less than one per cent of the city's rentals.

For young people trying to move out of home, it's particularly tough, chief executive Ian Carter says.

``Whether they are studying, on a benefit or a minimum wage entry level job, the market is far beyond their price range,'' Mr Carter said.

``For some young people, this lack of affordable accommodation can lead to couch surfing and homelessness.''
Affordable rentals are already staggeringly low last year, but are even less accessible this year, Mr Carter says.

``This is a genuine crisis,'' he said.

``Many people are being forced to strike a terrible bargain and accept a rent price that is far above what they can afford.''

Mr Carter suggested raising unemployment benefits and rental assistance payments, and creating more public housing.

The Australian Greens suggested expanding the National Rental Affordability Scheme, as well as a convert-to-rent program to turn empty properties into affordable rentals.

``This program would see 15,000 rentals refurbished nationally for just $350 million,'' the party's housing spokesman Senator Scott Ludlam said.

``This is a modest investment that would make a difference to the shortfall of 500,000 affordable and available rental properties in Australia right now.''

View the original article here

Bankrupt showbiz mogul owes $7m

Political doubts spook business

MANUFACTURERS, small business operators and builders have shut-up shop and stopped hiring with growth flatlining.

Digital divide widens in business

AUSTRALIA'S small businesses are falling at the first hurdle of digital literacy, with more than half without even a website.

Construction can be fatal: Grocon boss

CONSTRUCTION sites are risky environments and incidents such as Melbourne's fatal wall collapse can occur, head of Grocon says.

Why bush towns are dying

ONCE thriving country towns across NSW are battling for survival as growing unemployment and rising costs turn many into ghost towns.

Sacked for 'not moving fast enough'

THE chairman and chief executive of French hotel group Accor Denis Hennequin has been sacked after a major rift with his executive board.

Rivals take a bite out of Apple profit

UPDATE: Apple's quarterly profit has dipped for the first time in nearly a decade despite a rise in revenue from the same period a year earlier.

• Stocks crash: Fake tweet shakes stocks

Aussie wine lovers, the Germans want you

AUSSIE wine lovers, we have been told - our stuff is good but as far as the Germans are concerned theirs is just that little bit more special.

The industries cashing in on your heartbreak

SPLITTING up is a huge, costly and emotional expense that's fast becoming big business. Find out which ones are benefiting from your divorce.

Cutting out online business threats

THE online world was a no-go zone for Betrina Hill - but then she realised her business wouldn't survive without it.

Retailers missing out on web hit

DESPITE all the hype, online retail sales grew only 19 per cent compared with the same period last year, according to the NAB's Online Retail Sales Index.

Consumer watchdog brought to heel

FRANCHISING abuses have been ignored by the competition watchdog for a lack of resources, submissions to the Federal Parliament claim.

Hubby helps flesh out online business

IT TOOK some wise words from her husband for Belinda Smith to start her online homewares and furniture store, White Coconut.

Sickies causing ill will

FRIDAY sickies are costing the nation up to $36 million a year, with small businesses copping the brunt of the the "three-day weekend".

View the original article here

Costco cleared to open Queensland store

The way has been cleared for Costco to open its first Queensland retail outlet in North Lakes. Source: News Limited

AMERICAN retail giant Costco has been given the green light by the Newman Government for its first Queensland store, dealing a huge blow to rival Westfield's attempt to lock the competitor out.

The decision, to be announced today, could see consumers shopping at the highly anticipated megastore as early as next year.

It is expected to open the door to other Costco centres around the state under plans for a "massive phase of expansion" and shake up the discount petrol market by taking on retail fuel schemes run by Coles and Woolworths.

The ruling is one of the few times the LNP administration has used its call-in powers to short-circuit a likely protracted court battle.

Deputy Premier and State Development Minister Jeff Seeney has cited the creation of jobs as a key factor in his decision to use his ministerial call-in powers to approve the $35 million Costco development at North Lakes, north of Brisbane.

After two extensions to the call-in decision deadline, his conditional approval of the project cannot be appealed in court.

"More than 500 jobs were riding on this outcome - the jobs of the 160 construction workers and the 350 retail staff and others who will be involved in building and operating this development," Mr Seeney said.

"We need to make sure that applications like this do not get bogged down in protracted legal proceedings."

Costco managing director Patrick Noone said the process involved in building its first Queensland store had been "long and arduous".

"We are looking at two or three more sites already as a follow-on," Mr Noone said.

"There is lots of land in Queensland and we haven't had too much difficulty finding sites, but the problem with the North Lakes site was the challenge from a third party on the council's decision.

"That's what has taken everyone's time and effort.

"I think we are a big box and it has always been contentious but we are happy to work through local councils and the State Government to get a resolution."

Costco, which operates more than 500 "membership warehouses" worldwide, gained approval from the Moreton Bay Regional Council last August for a 14,000sq m development at the North Lakes, which would include a Costco outlet and proposed petrol station.

Westfield retaliated by launching a legal challenge against the council and site developer Stockland in the Planning and Environment Court.

The scale of the proposed centre was beyond that allowed under local town plans and would "compete with similar development planned for the Town Centre Core," according to Westfield's court appeal.

Several other retailers lined up to join in the legal showdown, including owner of the nearby Supa IGA store, Drakes Supermarkets.

Mr Seeney revealed in November he intended to use his call-in powers to decide the Costco centre's fate amid fears a battle in the courts could stall the development for years and cost Moreton Bay Regional Council ratepayers millions of dollars in legal fees.

He argued the introduction of Costco would boost market competition and lower prices.

The North Lakes store is estimated to generate $160 million of turnover in its first year of trade.

Stockland state general manager Kingsley Andrew said the decision was great news for residents and small retailers because Costco would deliver more affordable groceries and other consumer lines.

View the original article here

CBA boss calls it quits: So long, Sir Ralph

Political doubts spook business

MANUFACTURERS, small business operators and builders have shut-up shop and stopped hiring with growth flatlining.

Digital divide widens in business

AUSTRALIA'S small businesses are falling at the first hurdle of digital literacy, with more than half without even a website.

Construction can be fatal: Grocon boss

CONSTRUCTION sites are risky environments and incidents such as Melbourne's fatal wall collapse can occur, head of Grocon says.

Why bush towns are dying

ONCE thriving country towns across NSW are battling for survival as growing unemployment and rising costs turn many into ghost towns.

Sacked for 'not moving fast enough'

THE chairman and chief executive of French hotel group Accor Denis Hennequin has been sacked after a major rift with his executive board.

Rivals take a bite out of Apple profit

UPDATE: Apple's quarterly profit has dipped for the first time in nearly a decade despite a rise in revenue from the same period a year earlier.

• Stocks crash: Fake tweet shakes stocks

Aussie wine lovers, the Germans want you

AUSSIE wine lovers, we have been told - our stuff is good but as far as the Germans are concerned theirs is just that little bit more special.

The industries cashing in on your heartbreak

SPLITTING up is a huge, costly and emotional expense that's fast becoming big business. Find out which ones are benefiting from your divorce.

Cutting out online business threats

THE online world was a no-go zone for Betrina Hill - but then she realised her business wouldn't survive without it.

Retailers missing out on web hit

DESPITE all the hype, online retail sales grew only 19 per cent compared with the same period last year, according to the NAB's Online Retail Sales Index.

Consumer watchdog brought to heel

FRANCHISING abuses have been ignored by the competition watchdog for a lack of resources, submissions to the Federal Parliament claim.

Hubby helps flesh out online business

IT TOOK some wise words from her husband for Belinda Smith to start her online homewares and furniture store, White Coconut.

Sickies causing ill will

FRIDAY sickies are costing the nation up to $36 million a year, with small businesses copping the brunt of the the "three-day weekend".

View the original article here

Australian share market opens higher

US markets ended mixed with weak economic growth in the first quarter of 2013.

THE Australian market has opened higher, led by gains for the four major banks.

IG markets strategist Stan Shamu said the local market has been dragged higher by the major financial stocks, and the mining giants did not fall as hard as expected after recent drops in commodity prices.

"It's all about the banks' upcoming earnings," he said.

"Everyone's starting to position themselves for what could be another round of increases in dividend growth from these banks.

"At the same time the miners haven't disappointed quite as much as expected at open."

Commonwealth Bank jumped 60 cents to $71.44, Westpac surged 37 cents to $32.94, ANZ gained 19 cents to $30.07 and National Australia Bank added 19 cents to $30.07.

ANZ and Westpac are due to post half-yearly results this week.

BHP Billiton fell 28 cents to $32.30, Rio Tinto dived 48 cents to $55.32 and Fortescue dropped two cents to $3.55.
Tabcorp shares gained five cents, or 1.5 per cent, to $3.39 after the betting firm reported a 2.6 per cent lift in third quarter revenue to $480.3 million.

OceanaGold March is expected to post its quarter financial and operational results later today.

In economic news, BHP Billiton, Rio Tinto, Xstrata and Minerals Council of Australia will appear before the Senate Economics Legislation Committee's public hearing into the development and operation of the Minerals Resource Rent Tax (MRRT).

View the original article here