Richest in the state lost $ 1.5 billion

Richest in the state lost $ 1.5 billion

richest people in the state are feeling the impact of the softening real estate market and the negative global economy.

And with a high impact on the Australian market, some of the richest feel the pain of negative sentiment in the market According to AMP chief economist Shane Oliver.

“It is a reflection of the public,” Dr Oliver said. “Most Australians have seen their money go down in the past few years.” Richest businessmen

WA and women lost an average 8.84 percent of their wealth in the past 12 months, depending on the BRW Rich 200 list this week.

It showed the 27 richest men in the combined wealth of $ 23.6 billion, but 19 of them lost part of their fate.

This is, of course, is richer woman in the world and the richest person Gina Rinehart Australia, a 183 percent growth in money received to $ 29.17 billion, according to the BRW Rich 200 list.

Includes iron ore miner and the state’s richest wealth increased by $ 17400000000 $ 52800000000 in, but when she is excluded, a total of $ 1480000000 lost.

Commerce and Industry WA chief economist John Nicolao said because the majority of the wealthiest people the state was linked to the resources sector, the wealth of their rise and fall of commodity prices.

“This is a pretty good game due to the long term is certainly positive because demand is generated for our main products abroad,” he said.

Both economists said a high impact on the housing market would also work against the richest of stagnating prices of Perth.

“What we have seen in Western Australia is more orderly deflation A (active) call and certainly brought many riches you just have not seen the growth that many had hoped,” Mr Nicolao said.

Some of the largest state-owned players such as Stan Perron, had ridden out the storm by having most of their investments in commercial and retail markets, he said. Mr. Perron rose 9.04 percent to 2.05 billion U.S. dollars.

Together with Ms Rinehart, resources investor Frank Timis, the wealth g rew 22 percent to $ 1.33 billion, was the only Western Australian in the list to experience double-digit growth for 12 months.

The biggest loser was the businessman Peter Bartlett, established mining services provider Barminco in 1989.

Mr. Bartlett only a scrape on the list, at number 198, after his wealth dropped from $ 369 million to $ 210 million in 2012.

Porter provides relief for WA businesses

Porter provides relief for WA businesses

Treasurer Christian Porter provide the budget in parliament. Photo: Kerri Berrington Source: PerthNow

Payroll tax and the contribution of mining sector to the future state are part of a strategy WA Government to jumpstart the suffering of the economy and secure nest egg for future generations.

Treasurer Christian Porter delivered his final budget today for the state elections next year, said the budget was committed to helping families and businesses that were difficult.

He also expressed a surplus of $ 196 million, said it was “safe” compared to the economic environment in which the state was a

According to the 2008 elections promised to providing assistance to struggling companies, Mr. Porter today announced $ 135 million in wage tax over four years

Part of the assistance is aimed at companies that new employees or Indigenous People with disabilities to rent -. with which companies are exempt from income tax for the first two years of relevant work experience.

And as previously announced today, $ 128000000 go to the payroll tax rebate applies to the 6700 small businesses to hoard up to $ 41,250 per 2,013 to 14.

Mr. Porter also introduced the budget centerpiece, the future of the fund that will be untouched for 20 years and will only be used for expenditure on infrastructure.

The Foundation will be launched in 2015-16 with approximately $ 1.1 billion in seed money, deducted from royalties for regions program efficiency dividend (223 million) and the benefits by fine iron ore (820 million dollars).

Following that 1 percent of the royalties received from the WA mining – or $ 65 – $ 70 million -. the future of the fund, expected to grow to $ 4700000000 in 20 years

The State Government has also commissioned an analysis of existing national land prices in the next three years in consultation with industry. are

OK, the government wants to know if it would be the part of the national land equal to one tenth of the total value of my head to adjust.

In accordance with the mining theme, the state announced that the government would be $ 443 million commitment to the electricity transmission line in the Midwest, Mr. Porter said that it would Tite magnesium iron ore opportunities in the area Opening.

“The entire nation will benefit by opening a major investment in the Mid West region, such as Kara microwave Tite project,” Mr. Porter said in his budget speech.

The expenditure is part of the total 1.4 billion investment in energy infrastructure in 2012-13, that $ 315 million in the expansion of capacity and includes $ 295 million to upgrade and maintain existing networks.

The government will spend a tot al of $ 26400000000 for four years in the capital works program, $ 7600000000 to spend in 2012-13 alone.

About $ 3600000000 coming years will be spent to upgrade and build the necessary new water / wastewater infrastructure is $ 167 million issued in fiscal year 2013 the Perth Waterfront project and ISK 183 million in Perth City Link project.

Mr. Porter said that the directory structure expenditure was necessary for the growing population of WA requirements, such as the 1000′s to the state every week.

The Government’s assessment of the economy will grow 4.75 percent in 2013-14, with unemployment reaching 4.25 percent and the CPI (inflation) to reach 3.5 percent.

For more information about the budget, click here

America paves the way for the Commodore

America paves the way for the Commodore

The Adelaide made Commodore V8 looks like the streets of America and hit race in NASCAR stock car racing series. Holden Vision Australia

humble Holden Commodore set to star in the United States, Cars Guide reports. File:. File

Holden will announce today that the transition program for Commodore, Adelaide motor race that will see and become a star galleries in the United States

while the sale of Elizabeth produced sedan continues to flow in Australia, the Commodore V8 will be shipped to America, where it will be sold by Performance Chevrolet SS badge.

In this form it would also star in Heartland brand in NASCAR stock car racing series, which is next to the Formula One international popularity.

Holden is to test the left-hand drive cars on the roads in Victoria in recent weeks and run it head-to-head with one of the strongest potential rival, the Dodge Charger, as it rounds the end of his major new contract.

motorsports sources in the U.S. indicate that the notification of the Chevrolet SS program is imminent, including Holden connection. The arrival of the VF Commodore donor car for the program ticking boxes for the American Muscle Car fans, and NASCAR stock car racing and, thanks to its V8 engine, a great body and rear wheel drive.

dollars on this historic deal is expected to be announced today.

The Chevrolet connection wake of the major export markets deal that saw the Commodore sold in the U.S. as a Pontiac G8 with American brand was suspended when General Motors was forced into bankruptcy in the global financial crisis.

This time, the number is probably much lower than the data much more by the NASCAR connection.

former GM Holden-president Mark Giant, now head of GM in the U.S. and called on the fan and supporter of the Commodore, was yesterday dodging questions Cars Guide is the link between strategy and SS Commodore.

Holden chairman Mike Devereux also declined to comment on the promotion of rumors in the U.S., which was caused by the announcement.

It is the key to the deal, and the timing of notices, where Chevrolet has already confirmed he will compete in stock car series next year with a whole new kind of do not like to go. It has also entered the SS nameplate performance.

large-scale testing of the racer is likely to start and elements will reveal at once.

“The smart money is betting on the civilian version of the V8-powered, rear-wheel drive Chevrolet Caprice PPV, which GM imports for police fleets from the Holden unit in Australia,” Automotive News American journalist Mark said Colias Cars Guide.

ANZ cuts home, business rates

ANZ cuts home, business rates

photo available Source: The Australian

ANZ has become the latest big four banks to pass on some of the Central Bank of improvements) Australia cutting interest rates.

ANZ today cut the standard variable home loan and business lending rates by 37 basis points – just months after the growth started

The decline was the bank’s standard variable home loan rate at 7 : 05. per cent, ANZ said the move would save customers a $ 280,000 home loan about $ 20 per week.

small businesses with an average loan of $ 130,000 default on $ 9.25 per week to save.

The move follows a decision improvements in the May 1 to cut the funds rate by an unexpected 50 basis points to 3.75 percent.

None of the big four banks, who have long complained about higher borrowing costs of the financial crisis in Europe, decided to move to the lower house full.

ANZ decision came four weeks after the launch of his house and business lending rates by six percentage points.

Head of the Australian arm of the bank, said Philip chronic determine improvements in reducing the flow of influence on national funding that ANZ gives room to reduce its importance.

“ We continue to work hard to ensure we are competitive despite ongoing financial pressures driven by high we p ay up to 2.9 million in deposits with the Central Bank cash rate and continued volatility in wholesale money markets, ” he said.

Morningstar equity research head Peter Warner said, despite speculation that improvements would continue to reduce the cash rate in 2012, the big four banks would be a conservative approach to trimming their lending rates.

“ further reduction of taxes will not be fully reflected as banks try increasing pressure on the margins of the liability side of the balance sheet to minimize,” he said.

“ perverse banks are lucky credit growth has slowed significantly after the GFC (global financial crisis) that businesses and households, finishing with more and more resources available to the bank deposits are safe havens from the ravages of volatile equity markets and the like. ‘

Mr. Warner said while Australia had the big banks have pretty well recovered from the GFC, when the profits and dividends took a dive , they were not out of trouble yet.

He expects the banks to suffer continued pressure on the margins of a few years ago.

Carbon price checks, get ready to retire

Carbon price checks, get ready to retire

list of companies set to a carbon pricing system due

steel, aluminum bodies, as listed

Coming amid warnings “Australian industry could be in danger”

Giant steel and aluminum members will be among nearly 250 companies pay a carbon price of July, and distributors of electricity and even the regional NSW hired.

They have to pay $ 23 for each tonne of carbon dioxide emissions and will continue to pay until they reduce their emissions.

The Government today announced the names of the 248 ‘lot” (see complete list) who will be responsible for carbon penalty because they are responsible for 70 percent of emissions in the country.

Responsible organizations names LEPID Public Information Database) contains an appeal from the large coal project -. of Anglo Coal on coal Yarrabee

They automaker Toyota paper manufacturer Visy, South Australia Water Company, the Teys Meat Group Snowy Hydro Ltd and Wagga Wagga City Council.

and it seems that the high rollers are also major polluters of the Crown Casino in the list.

Other companies will be added to the list and it will go to expected to total nearly 500 in July.

Law Energy Regulator must clean up a list of people who probably are responsible under the price of carbon-publishing systems.

“We have written a total of 330 party consultants we think they are more likely to be the party responsible for the financial year 2012-13,” said the chairman of supervisor Chloe Munro.

“These members account for more than 95 percent of the emissions under the carbon pricing system.

” After the consultations that we have today the 248 units that we are happy are more likely to cast the responsible party. These entities account for about 70 percent of the emissions under the carbon pricing system.”

The price of carbon will be fixed until 2015 when the market will lead to a fine, as long as it does in T under the floor by the government.

Government today forced to defend his system by independent Rob Oakeshott said after the 2015 floor price should be abolished because it would keep prices high w ell above those of foreign competitors.

Mr Oakeshott will also remember that multi-party group that proposed the system to a new call for changes to consider.

Government regulations would clearly not on the floor price change would be introduced. But Mr Oakeshott said the Australian industry could be at risk

“Anyone who follows the international carbon market price can be seen that the floor price in 2015 stands a fair chance in the game -. At the risk of investment in Australia and stop taxpayer in Australia,” he said

“Hopefully in a sensible way, policy makers -. either through multi-party committee on climate change or otherwise – can really think about whether to the advantage of the program is … and the country’s best.”

Climate Change Minister Greg Combe aims to discuss the matter with the independent MP, but made clear today, Mr Oakeshott would keep signed his contract to the system to support its current form.

“We all agree that the agreement, we love to, but we have not bought the policy at this stage to implement a floor price and I have had some discussions with Mr Oakeshott and others around them develop, “Mr Combe said.