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'Prices immediately reduced': ACCC digs teeth into energy crisis - Gladstone Observer

Chairman of the Australian Competition and Consumer Commission, Rod Sims.

Chairman of the Australian Competition and Consumer Commission, Rod Sims. AAP Image/Dean Lewins

THE nation's consumer watchdog has confirmed the power price fears felt by Gladstone's major industries and warned without action it will be "dire".

In an update to its power price review the Australian Competition and Consumer commission said this week rising network costs and market concentration contributed to the current electricity crisis.

"Generator market power was clearly seen in Queensland with two generators having two thirds of capacity and prices spiking," Chairman Rod Sims said.

"When the Queensland Government directed its generators to tone down their bidding, prices immediately reduced significantly."

Mr Sims, who said they were a third of the way into their inquiry, said the solution was multi-faceted.

"We know we have an energy affordability problem and we have some...


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Read more: 'Prices immediately reduced': ACCC digs teeth into energy crisis - Gladstone Observer

Solar Batteries: Australians see energy storage as the future, poll finds - ABC Online

Murray Green and his children Aaron and Madeline pose next to their Tesla solar battery
Related Story: Solar batteries 'exploding' in popularity with uptake tipped to triple: audit
Related Story: How battery storage could solve our energy problems

As power prices continue to surge, Australians believe household solar storage batteries are the key to cheaper and more reliable energy, according to a new poll of 2,000 households.

Key points:

  • A survey found almost three-quarters of people believe solar batteries will become commonplace
  • 68 per cent of households with solar panels are considering purchasing a battery
  • The price of storage batteries in the first half of 2017 only dropped by 5 per cent

The Climate Council found nearly three-quarters of those surveyed believe batteries, coupled with solar systems, would become...


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Read more: Solar Batteries: Australians see energy storage as the future, poll finds - ABC Online

Solar Batteries: Australians see energy storage as the future, poll finds - ABC Online

Murray Green and his children Aaron and Madeline pose next to their Tesla solar battery
Related Story: Solar batteries 'exploding' in popularity with uptake tipped to triple: audit
Related Story: How battery storage could solve our energy problems

As power prices continue to surge, Australians believe household solar storage batteries are the key to cheaper and more reliable energy, according to a new poll of 2,000 households.

Key points:

  • A survey found almost three-quarters of people believe solar batteries will become commonplace
  • 68 per cent of households with solar panels are considering purchasing a battery
  • The price of storage batteries in the first half of 2017 only dropped by 5 per cent

The Climate Council found nearly three-quarters of those surveyed believe batteries, coupled with solar systems, would become...


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Read more: Solar Batteries: Australians see energy storage as the future, poll finds - ABC Online

Fuel shortage: Finally some good news for flyers - New Zealand Herald

Air New Zealand believes it won't have to cancel any flights today because of fuel issues and expects its planes should run according to schedule.

Thousands of passengers were disrupted this week after a pipeline carrying jet fuel from Refining NZ's Marsden Point ruptured.

But the national carrier says its domestic network has "operated largely as normal for the past two days".

"Air New Zealand is expecting to operate its regular schedule tomorrow with no fuel-related cancellations," it said.

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"The airline is continuing to implement a range of measures to reduce fuel uplift in Auckland, including some long-haul international services making refuelling stops at either Australian or Pacific Island airports."

Meanwhile the travel restrictions on civil servants have been lifted.

Public sector workers were asked earlier this week to avoid non-essential flights.

However,...


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Read more: Fuel shortage: Finally some good news for flyers - New Zealand Herald

Tony Abbott declares war on everything - Echonetdaily

Greg Foyster cartoon

Greg Foyster cartoon

Giles Parkinson, RenewEconomy

Well, that turned out well didn’t it. Despite prime minister Malcolm Turnbull’s desperate attempts to appease the conservative faction of his Coalition government by compromising everything he ever stood for on climate and clean energy, it’s clearly not enough.

His predecessor Tony Abbott effectively dialled back the climate and energy debate to 2009 by announcing that he would cross the floor and vote against anything that looked remotely like a climate change policy, or represented even the smallest subsidy for renewable energy.

In doing so, Abbott has done what Turnbull dared not in the past two years: jettison Abbott-era policies. While Turnbull was too afraid to make those policies more ambitious, Abbott has now come out and effectively dumped the very policies he put in place: its Paris climate commitment, and the...


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Read more: Tony Abbott declares war on everything - Echonetdaily

8@eight: Miners set to struggle; $A slumps - The Sydney Morning Herald

It promises to be a tough day at the office for Aussie miners today and the commodity story is clearly front and centre.

1. ASX: Interestingly, we can see Aussie SPI futures sitting up 19 points (+0.34%), suggesting the ASX 200 cash market should unwind at 5675 and holding the bottom of the multi month range for dear life. Could today be the day we see a more convincing break of this trading range and to establish a new range of say 5600 to 5400? Or are we set to see the bulls come alive and support prices with the prospect of holding through the weekend? My best guess is there are downside risks to the opening call, although the market will tell us exactly how they are feeling from around 10:15 aest.

ASX winners and losers - a snapshot

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Read more: 8@eight: Miners set to struggle; $A slumps - The Sydney Morning Herald
Tags: sydney,morning,herald,slumps,miners,set,struggle,8@eight

Iron ore is getting smashed - Business Insider Australia

The iron ore rout resumed with a vengeance on Thursday with spot and futures markets tumbling across the board.

The price for benchmark 62% fines slumped 5.1% to $66.09 a tonne, according to Metal Bulletin, leaving it at the lowest level since July 17.

At 5.1%, the percentage decline was also the largest since May 5, extending the drop over the last six sessions to 13.7%.

The weakness in the benchmark was mirrored across both higher and lower grade ores.

58% fines were smacked, sliding 6.8% to $39.58 a tonne. Ore with 65% Fe content also came under pressure, falling 4.9% to $88.50 a tonne. Like the benchmark, they too sit at multi-month lows.

The slide in spot markets coincided with another late plunge in Chinese rebar and iron ore futures.

Rebar futures in Shanghai lost 2.4%, finishing trade at 3,655 yuan a tonne. Iron ore futures in Dalian fell by an even greater margin, losing...


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Read more: Iron ore is getting smashed - Business Insider Australia
Tags: insider,australia,business,ore,smashed,iron

Crown Resort bosses lose $7.5m in bonuses, ex-CEO Rowen Craigie to walk away with $9m - The Sydney Morning Herald

Executives at James Packer's casino operator, Crown Resorts, have found out the hard way that the house doesn't always win. 

The top five executives, including executive chairman John Alexander, lost $7.5 million of incentive payments for the 2017 financial year, according to Crown's annual report released on Thursday.

Crown executive chairman John Alexander: "It has been a challenging period". Crown executive chairman John Alexander: "It has been a challenging period". Photo: James Alcock

But it was only indirectly related to the company's disaster in China, where 19 employees were detained last October and then jailed for promoting gambling. 

The executives' cardinal sin was not hitting the earnings per share (EPS) target that was the sole performance hurdle required by the long-term incentive plan they were given in 2014.

James Packer. James Packer. Photo: Sahlan Hayes

"In financial year 2017, Crown did not meet the relevant EPS hurdle and accordingly, no entitlement...


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Read more: Crown Resort bosses lose $7.5m in bonuses, ex-CEO Rowen Craigie to walk away with $9m - The...
Tags: $9m,walk,craigie,sydney,herald,morning,rowen,ex-ceo,bosses,resort,lose,bonuses,crown

Crown Resort bosses lose $7.5m in bonuses, ex-CEO Rowen Craigie to walk away with $9m - The Sydney Morning Herald

Executives at James Packer's casino operator, Crown Resorts, have found out the hard way that the house doesn't always win. 

The top five executives, including executive chairman John Alexander, lost $7.5 million of incentive payments for the 2017 financial year, according to Crown's annual report released on Thursday.

Crown executive chairman John Alexander: "It has been a challenging period". Crown executive chairman John Alexander: "It has been a challenging period". Photo: James Alcock

But it was only indirectly related to the company's disaster in China, where 19 employees were detained last October and then jailed for promoting gambling. 

The executives' cardinal sin was not hitting the earnings per share (EPS) target that was the sole performance hurdle required by the long-term incentive plan they were given in 2014.

James Packer. James Packer. Photo: Sahlan Hayes

"In financial year 2017, Crown did not meet the relevant EPS hurdle and accordingly, no entitlement...


Read full article on News GN Business


Read more: Crown Resort bosses lose $7.5m in bonuses, ex-CEO Rowen Craigie to walk away with $9m - The...
Tags: $9m,walk,craigie,sydney,herald,morning,rowen,ex-ceo,bosses,resort,lose,bonuses,crown

Crown Resort bosses lose $7.5m in bonuses, ex-CEO Rowen Craigie to walk away with $9m - The Sydney Morning Herald

Executives at James Packer's casino operator, Crown Resorts, have found out the hard way that the house doesn't always win. 

The top five executives, including executive chairman John Alexander, lost $7.5 million of incentive payments for the 2017 financial year, according to Crown's annual report released on Thursday.

Crown executive chairman John Alexander: "It has been a challenging period". Crown executive chairman John Alexander: "It has been a challenging period". Photo: James Alcock

But it was only indirectly related to the company's disaster in China, where 19 employees were detained last October and then jailed for promoting gambling. 

The executives' cardinal sin was not hitting the earnings per share (EPS) target that was the sole performance hurdle required by the long-term incentive plan they were given in 2014.

James Packer. James Packer. Photo: Sahlan Hayes

"In financial year 2017, Crown did not meet the relevant EPS hurdle and accordingly, no entitlement...


Read full article on News GN Business


Read more: Crown Resort bosses lose $7.5m in bonuses, ex-CEO Rowen Craigie to walk away with $9m - The...
Tags: $9m,walk,craigie,sydney,herald,morning,rowen,ex-ceo,bosses,resort,lose,bonuses,crown

Crown Resort bosses lose $7.5m in bonuses, ex-CEO Rowen Craigie to walk away with $9m - The Sydney Morning Herald

Executives at James Packer's casino operator, Crown Resorts, have found out the hard way that the house doesn't always win. 

The top five executives, including executive chairman John Alexander, lost $7.5 million of incentive payments for the 2017 financial year, according to Crown's annual report released on Thursday.

Crown executive chairman John Alexander: "It has been a challenging period". Crown executive chairman John Alexander: "It has been a challenging period". Photo: James Alcock

But it was only indirectly related to the company's disaster in China, where 19 employees were detained last October and then jailed for promoting gambling. 

The executives' cardinal sin was not hitting the earnings per share (EPS) target that was the sole performance hurdle required by the long-term incentive plan they were given in 2014.

James Packer. James Packer. Photo: Sahlan Hayes

"In financial year 2017, Crown did not meet the relevant EPS hurdle and accordingly, no entitlement...


Read full article on News GN Business


Read more: Crown Resort bosses lose $7.5m in bonuses, ex-CEO Rowen Craigie to walk away with $9m - The...
Tags: $9m,walk,craigie,sydney,herald,morning,rowen,ex-ceo,bosses,resort,lose,bonuses,crown

Inland rail consultation process a complete farce, Queensland farmers say - ABC Online

A rail line moving into the distance.
Related Story: Inland railway to go across Queensland floodplain despite deadly warning

The consultation process for deciding which route the Melbourne-to-Brisbane inland railway would take in southern Queensland was "a complete farce", according to local farmers.

Key points:

  • Selection process for inland rail route lacked transparency, locals say
  • Farmers concerned chosen path could be "catastrophic" in event of flood
  • Infrastructure Minister Darren Chester stands by the process

Federal Infrastructure Minister Darren Chester today announced the railway's path would go across floodplains north of the New South Wales border.

The chosen route is similar to the alignment known as the "base case" proposed by the Australian Rail and Track Corporation (ARTC) in...


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Read more: Inland rail consultation process a complete farce, Queensland farmers say - ABC Online
Tags: farmers,abc,online,queensland,farce,rail,consultation,process,complete,inland

Inland rail consultation process a complete farce, Queensland farmers say - ABC Online

A rail line moving into the distance.
Related Story: Inland railway to go across Queensland floodplain despite deadly warning

The consultation process for deciding which route the Melbourne-to-Brisbane inland railway would take in southern Queensland was "a complete farce", according to local farmers.

Key points:

  • Selection process for inland rail route lacked transparency, locals say
  • Farmers concerned chosen path could be "catastrophic" in event of flood
  • Infrastructure Minister Darren Chester stands by the process

Federal Infrastructure Minister Darren Chester today announced the railway's path would go across floodplains north of the New South Wales border.

The chosen route is similar to the alignment known as the "base case" proposed by the Australian Rail and Track Corporation (ARTC) in...


Read full article on News GN Business


Read more: Inland rail consultation process a complete farce, Queensland farmers say - ABC Online
Tags: farmers,abc,online,queensland,farce,rail,consultation,process,complete,inland

Inland rail consultation process a complete farce, Queensland farmers say - ABC Online

A rail line moving into the distance.
Related Story: Inland railway to go across Queensland floodplain despite deadly warning

The consultation process for deciding which route the Melbourne-to-Brisbane inland railway would take in southern Queensland was "a complete farce", according to local farmers.

Key points:

  • Selection process for inland rail route lacked transparency, locals say
  • Farmers concerned chosen path could be "catastrophic" in event of flood
  • Infrastructure Minister Darren Chester stands by the process

Federal Infrastructure Minister Darren Chester today announced the railway's path would go across floodplains north of the New South Wales border.

The chosen route is similar to the alignment known as the "base case" proposed by the Australian Rail and Track Corporation (ARTC) in...


Read full article on News GN Business


Read more: Inland rail consultation process a complete farce, Queensland farmers say - ABC Online
Tags: farmers,abc,online,queensland,farce,rail,consultation,process,complete,inland

Inland rail consultation process a complete farce, Queensland farmers say - ABC Online

A rail line moving into the distance.
Related Story: Inland railway to go across Queensland floodplain despite deadly warning

The consultation process for deciding which route the Melbourne-to-Brisbane inland railway would take in southern Queensland was "a complete farce", according to local farmers.

Key points:

  • Selection process for inland rail route lacked transparency, locals say
  • Farmers concerned chosen path could be "catastrophic" in event of flood
  • Infrastructure Minister Darren Chester stands by the process

Federal Infrastructure Minister Darren Chester today announced the railway's path would go across floodplains north of the New South Wales border.

The chosen route is similar to the alignment known as the "base case" proposed by the Australian Rail and Track Corporation (ARTC) in...


Read full article on News GN Business


Read more: Inland rail consultation process a complete farce, Queensland farmers say - ABC Online
Tags: farmers,abc,online,queensland,farce,rail,consultation,process,complete,inland

Reserve Bank governor optimistic, despite slow wage growth, growing debt and rising rates - ABC Online

Reserve Bank governor Philip Lowe is optimistic Australia's economy is on the path to a new post-mining growth phase, despite the challenges of weak wages growth, record-and-still-rising debt, and looming interest rate increases.

Speaking in Perth about "the next chapter" in Australia's economic development, Dr Lowe said the mining investment downturn was almost over, but Australia would need to look for new innovate industries to compete globally.

"If we are to take advantage of the opportunities that are offered by technology and growth in Asia, we need a flexible workforce with strong skills in the areas of problem solving, critical thinking and communication," he advised.

"Investment in human capital will be one of the keys to success."

The most positive sign is that investment in non-human capital — that is equipment, machinery,...


Read full article on News GN Business


Read more: Reserve Bank governor optimistic, despite slow wage growth, growing debt and rising rates - ABC...
Tags: rising,debt,rates,online,abc,growing,growth,governor,bank,optimistic,slow,wage,reserve

Reserve Bank governor optimistic, despite slow wage growth, growing debt and rising rates - ABC Online

Reserve Bank governor Philip Lowe is optimistic Australia's economy is on the path to a new post-mining growth phase, despite the challenges of weak wages growth, record-and-still-rising debt, and looming interest rate increases.

Speaking in Perth about "the next chapter" in Australia's economic development, Dr Lowe said the mining investment downturn was almost over, but Australia would need to look for new innovate industries to compete globally.

"If we are to take advantage of the opportunities that are offered by technology and growth in Asia, we need a flexible workforce with strong skills in the areas of problem solving, critical thinking and communication," he advised.

"Investment in human capital will be one of the keys to success."

The most positive sign is that investment in non-human capital — that is equipment, machinery,...


Read full article on News GN Business


Read more: Reserve Bank governor optimistic, despite slow wage growth, growing debt and rising rates - ABC...
Tags: rising,debt,rates,online,abc,growing,growth,governor,bank,optimistic,slow,wage,reserve

Reserve Bank governor optimistic, despite slow wage growth, growing debt and rising rates - ABC Online

Reserve Bank governor Philip Lowe is optimistic Australia's economy is on the path to a new post-mining growth phase, despite the challenges of weak wages growth, record-and-still-rising debt, and looming interest rate increases.

Speaking in Perth about "the next chapter" in Australia's economic development, Dr Lowe said the mining investment downturn was almost over, but Australia would need to look for new innovate industries to compete globally.

"If we are to take advantage of the opportunities that are offered by technology and growth in Asia, we need a flexible workforce with strong skills in the areas of problem solving, critical thinking and communication," he advised.

"Investment in human capital will be one of the keys to success."

The most positive sign is that investment in non-human capital — that is equipment, machinery,...


Read full article on News GN Business


Read more: Reserve Bank governor optimistic, despite slow wage growth, growing debt and rising rates - ABC...
Tags: rising,debt,rates,online,abc,growing,growth,governor,bank,optimistic,slow,wage,reserve

Reserve Bank governor optimistic, despite slow wage growth, growing debt and rising rates - ABC Online

Reserve Bank governor Philip Lowe is optimistic Australia's economy is on the path to a new post-mining growth phase, despite the challenges of weak wages growth, record-and-still-rising debt, and looming interest rate increases.

Speaking in Perth about "the next chapter" in Australia's economic development, Dr Lowe said the mining investment downturn was almost over, but Australia would need to look for new innovate industries to compete globally.

"If we are to take advantage of the opportunities that are offered by technology and growth in Asia, we need a flexible workforce with strong skills in the areas of problem solving, critical thinking and communication," he advised.

"Investment in human capital will be one of the keys to success."

The most positive sign is that investment in non-human capital — that is equipment, machinery,...


Read full article on News GN Business


Read more: Reserve Bank governor optimistic, despite slow wage growth, growing debt and rising rates - ABC...
Tags: rising,debt,rates,online,abc,growing,growth,governor,bank,optimistic,slow,wage,reserve

Cashless welfare card recipient fears for family when new Centrelink scheme starts - ABC Online

Matthew Biggin, 31, of Bundaberg, is among those in the Wide Bay region who will be expected to use a cashless welfare card next year in the place of Centrelink payments.

The Federal Government has chosen the region as the first urban area in the country to get the scheme.

According to government data, 90 per cent of under 30s on unemployment benefits in Wide Bay had a parent who was also on welfare during the past 15 years.

Under the program, 80 per cent of a person's welfare income will be quarantined on a debit-style card that cannot be used on alcohol, gambling or to withdraw cash.

As a father of three, Mr Biggin said he was worried how cutting access to cash would affect his family.

"It makes me feel really down and out, and like I can't support my family properly," he said.

"I'm just really stressed out. I don't like the idea of...


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Read more: Cashless welfare card recipient fears for family when new Centrelink scheme starts - ABC Online
Tags: starts,scheme,abc,online,centrelink,family,welfare,card,recipient,fears,cashless

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