Chairman David Murray calls tax a sovereign risk

Future Fund is the latest company to enter into the Australian Mining Super Tax debate, and its Chairman David Murray recently called the super tax “significantly flawed” and also that it poses a threat to “Australia’s investment reputation”. Murray’s comment comes alongside dozens of other major Australian players.

Australian bank shares dumped by U.S. hedge funds

Australia’s biggest banks are now the victims of aggressive international hedge fund dumps, which have been shorting Australian bank stocks after some concern about the country’s domestic property market. Australia’s top four banks have endured a continued selldown since April.

Australia’s deficit tightens to $16.55 billion

Corporate profits rose more quickly than expected in April, and Australia’s current account deficit tightened to $16.55 billion in the last quarter. Economists expected a smaller deficit originally, but then the number was revised and widened, showing a possible impact on GDP growth.

Conditions for small businesses gets worse

Conditions for SMEs in Australia fell in the first quarter, according to a survey put out by an Australian industry group. National Australia Bank’s SME conditions index fell a whopping 8 points – eliminating a surge in the index in Q4—however, business confidence remains the same, according to reports.

Xstrata announced $6 billion Wandoal coal project in dire straits

Xstrata’s $6 billion coal Queensland project is jeopardised because of the dividing super profit tax.

Global mining giant Xstrata announced in June it went ahead and froze $91 million in spending on the thermal coal project and another $400 million on the Ernest Henry copper mine expansion. Xstrata believes the RSPT would impose significant risk to the total $6.4 billion capital investment, and has halted spending.

National Seniors Australia working for grandparent-friendly workplaces

National Seniors Australia have been working with government agencies such as Centrelink to create more “grandparent friendly” policies. The Federal Government has got the ball rolling, last month announcing grandparents who provide primary care for a chile would get the 18-week parental-leave payment in exceptional circumstances. Australian Bureau of Statistics figures show up to two thirds of grandparents caring for grandchildren rely on government pensions, benefits and allowances as their main income source.

BP tragedy forces US President Obama to postpone Australia visit

American President Barack Obama has postponed his June visit to Australia and Indonesia in the wake of the worst oil spill in U.S. history. A spokesperson for the President said Obama looked forward to rescheduling, and has arranged to meet with Prime Minister Rudd on the sidelines of this month’s G20 summit in Toronto, Canada.

Australia takes on Japanese whaling

The Australian government announced plans to take legal action against Japan to finally cease the Southern Ocean scientific whaling. Whaling has been a trickly issue between the two trading partners, though both governments have publicly said it would not affect ties.