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Australian Business News

The world mourns the passing of Nelson Mandela.

TheAUBJ–7 December–The Hon. Tony Abbott MP Prime Minister released the following statement. The world mourns the passing of Nelson Mandela. Nelson Mandela will forever be remembered as more than a political leader, he was a moral leader. He spent much of his life standing against the inj... Read More

“The Australian international market is the toughest anywhere in the world,” says Quantas CEO as it cuts 1,000 jobs.

TheAUBJ—Dec 6—Quantas Group announced plans to cut over 1,000 jobs in response to “fundamentally changed market conditions”. The outlook for the second half of FY14 remains volatile and, given the uncertainty in global economic conditions, fuel prices and foreign exchange rates, it is not po... Read More

Australian economy shows slight growth

TheAUBJ–5 December–Latest Australian Bureau of Statistics (ABS) figures show that GDP, in seasonally adjusted volume terms, grew 0.6 per cent in the September quarter 2013. Growth for the quarter was driven by a 0.7 per cent contribution from Net Exports and a 0.4 per cent contribution f... Read More

Kaldor brings larger-than-life art to Sydney

TheAUBJ—3 December–Three major new artworks by Kaldor Public Art Projects will delight Sydneysiders over the next three years. The City of Sydney will support the Kaldor Foundation – known for attracting major overseas artists to create large-scale, groundbreaking art projects around Aust... Read More

Pact Group named one of Australia’s Most Innovative Companies by BRW

TheAUBJ–1 December– Pact Group named one of Australia’s Most Innovative Companies by BRW. The Awards measure “change that adds value” within organisations. Pact’s nomination was for its internal Reward and Recognition; Applause. Applause is designed to promote work place integrat... Read More

Property Index Cools in November

AuBJ – 2 Dec. – Capital city home prices lost momentum in November compared with recent months, but nonetheless there was still a slight increase during the 30-day period. After months of strong gains in several big cities, the average across the eight capital cities was a monthly gain of 0.1... Read More

Watkins Resigns as GrainCorp CEO

AuBJ – 2 Dec. – GrainCorp CEO Alison Watkins has handed in her resignation just days after Federal Treasurer Joe Hockey vetoed a $3.4 billion takeover bid for the company by US agribusiness leader Archer Daniels Midland. Watkins will stay on until the end of January during a succession period ... Read More

GrainCorp reacts to “extremely disappointing” takeover ruling

TheAUBJ—29 November–GrainCorp notes the announcement made today by Australian Federal Treasurer the Hon Joe Hockey MP that he has made an order under the Foreign Acquisition & Takeovers Act prohibiting Archer Daniels Midland Company’s (“ADM”) acquisition of GrainCorp. GrainCorp’s... Read More

Rio Tinto unveils breakthrough pathway for iron ore expansion in Australia

TheAUBJ—28 November–Rio Tinto has set out its breakthrough plan to optimise the growth of its world-class iron ore business in Western Australia. Mine production capacity will rapidly increase towards 360 million tonnes a year (Mt/a) at a significantly lower capital cost per tonne than origi... Read More

BHP Billiton invests heavily to expand iron ore export

TheAUBJ–25 November–BHP Billiton has approved US$301 million in execution capital (BHP Billiton share) to replace two shiploaders at our Nelson Point port operations in Port Hedland. The two new shiploaders will increase the reliability of our inner harbour port facilities.  Each shiplo... Read More

SEEK co-founder crowned Australia’s top entrepreneur for 2013

SEEK co-founder crowned Australia’s top entrepreneur for 2013 Andrew Bassat, Chief Executive Officer and co-founder of pioneering online job marketplace SEEK, is the 2013 Australian EY Entrepreneur Of The YearTM, taking out the top accolade ahead of 27 other national finalists at a gala awards cer... Read More

Australia’s Middle Island remains focused on acquiring Niger gold mine

TheAUBJ–20 November–The acquisition of a majority interest in the Samira Hill gold mine and mill in Niger remains a priority and is being pursued, according to the Australian owner of the highly prospective gold exploration permits surrounding the mine, Perth-based Middle Island Resource... Read More

Singapore Funds Key to Australia-African Mining Investment

TheAUBJ–18 November–Top-tier Singaporean investment funds are being targeted today as potential frontline drivers of a new growth era in Australia’s current and committed $65 billion investment to date in developing Africa’s mineral wealth. The push comes as Singapore continues to sh... Read More

Cafe owners should “wake up and smell the coffee” before renewing bid to end penalty rates

TheAUBJ—15 November–An end to weekend penalty rates for restaurant and catering workers would add to an already severe skills shortage and significantly lower standards in the hospitality sector, according to a leading workplace relations expert at the University of Sydney Business School. T... Read More

Mining boom set to continue: BIS Shrapnel

TheAUBJ–14 November– Despite a predicted sharp fall in mining investment, the mining sector will continue to be a positive driver of economic growth in Australia over the next five years,according to a new report from leading independent economic forecaster and industry analyst, BIS Shra... Read More

Former PM Kevin Rudd quits federal politics

TheAUBJ—13 November—Former Prime Minister Kevin Rudd has announced his retirement from politics. “I will not be continuing as a member of this parliament beyond this week,” he told parliament, noticeably holding back tears. “This has been the product of much soul-searching for us as ... Read More