WA Labor denies Libs request for rail cost

WEST Australian Labor has rejected Liberal-requested Public Transport Authority (PTA) costings for its Metronet project, saying they compare apples with pears.

The Mark McGowan-led party also refuses to commit to seeking its own PTA report, which would be submitted to the Department of Treasury for validation, or even getting independent engineers to prove its $3.8 billion price tag is correct.

The Liberals insist the rail plan will cost almost $6.4 billion.

Mr McGowan said the Liberal-requested PTA assessment used different assumptions, added an extra rail line and overestimated the length of "cut and cover" tunnelling work needed for the airport section of the proposed network by around five-fold.

He also, along with opposition treasury spokesman Ben Wyatt, provided reporters with an email that indicated Treasurer Troy Buswell had held back a document about Metronet, despite Premier Colin Barnett promising all of the paperwork would be released.

This suggested political interference, Mr McGowan alleged.

Asked repeatedly whether Labor would clear the matter up for once and for all by requesting its own costings from the PTA, he said: "It may wind up that's what happens.

"It may well be that we end up submitting to Treasury or independent engineers."

But first, he wanted to see the document he claimed Mr Buswell had withheld.

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Lower rates boosting housing/equities, RBA

LOWER interest rates are helping to boost the Australian housing market and have a positive effect on the equity market, the central bank says.

Reserve Bank of Australia (RBA) Assistant Governor Christopher Kent says the most recent readings show consumers are feeling better than average on a number of indicators.

"If you look at the surveys they've been showing quite positive trends around the end of last year," Dr Kent told a business lunch in Perth on Friday.

"And at least at the margin interest rates are relatively low so I think that's helping.

"One thing it's doing is helping the housing market."

He told the Committee for Economic Development of Australia (CEDA) forum that firmer asset prices were helping to buoy the equity market while inflation remained pretty well contained.

"We'd like to see inflation stay in the target."

Dr Kent said wages growth should follow from productivity, an area on which the central bank will focus its attention.

"We can get more wage growth without jeopardising inflation if there's productivity there to back it up," Dr Kent said.

In a wide ranging speech, Dr Kent also said the mining investment boom would peak sooner and at a lower level than previously expected.

While commodity prices were likely to drift lower over the next few years, Australia would continue to benefit from China's economic expansion.

Export volumes for resources are set to rise steadily as new mines come into operation.

Dr Kent said that the boom in mining investment was expected to peak this year, with the sector accounting for around eight per cent of gross domestic product at its high point.

But he warned that commodity prices were likely to fall over the next few years as more mines came on line to meet demand from China.

"This reflects the extra supply generated by the substantial amount of mining investment underway in Australia and elsewhere."

Coal and iron ore prices slumped in mid to late 2012 as growth in China slowed, causing miners to shelve or ditch a number of planned resource projects.

Still, the rebound in prices since December had not affected investment plans in the industry.

Dr Kent said Australia was still well placed to benefit from China's continued growth, with production from new mines to help boost export volumes.

Further strong growth is anticipated, particularly for liquefied natural gas (LNG), which is expected to grow much more rapidly from around 2015, he said.

15.02 | 0 komentar | Read More

Many injured in New Zealand head-on crash

MORE than 10 people have been injured in a head-on crash between two vans in New Zealand.

There were 21 people in the vans, which crashed near Taumarunui in the central North Island on Friday.

One van was a rental with tourists on board and the other had local workers, police said.

"Preliminary findings show that one van has been on the wrong side of the road around a corner and crashed head-on with the other van," Senior Sergeant Grant Alabaster of Taumarunui police said.

"We believe that alcohol is not a factor in the crash."

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PepsiCo 4Q results top expectations

Drink and snack maker PepsiCo has reported earnings and revenue that beat Wall Street estimates. Source: AAP

PEPSICO'S net income rose 17 per cent in the fourth quarter on higher prices and strength in Latin America.

The US-based drink and snack maker's earnings and revenue beat analysts' estimates.

It also provided a 2013 adjusted earnings forecast in line with Wall Street expectations and raised its quarterly dividend by 5.6 per cent.

The results mark the end of what CEO Indra Nooyi said would be a "transitional year", with the company embarking on a cost-cutting program and stepping up investment in its flagship brands. PepsiCo's brands include Frito-Lay, Gatorade and Quaker.

For the period ending December 29, PepsiCo Inc earned $US1.66 billion ($A1.61 billion), or $US1.06 per share. That's compared with $US1.42 billion, or 89 cents per share, a year ago.

Excluding a pension charge and other items, earnings were $US1.09 per share. Analysts surveyed by FactSet expected $US1.05 per share.

Revenue dipped one per cent to $US20 billion from $US20.2 billion, hurt in part by the stronger dollar and an extra week in last year's quarter. Still, the performance topped Wall Street's estimate of $US19.8 billion.

For the full year, PepsiCo earned $US6.18 billion, or $US3.92 per share. In the previous year the company earned $US6.44 billion, or $US4.03 per share.

Adjusted earnings were $US4.10 per share.

Annual revenue fell two per cent to $US65.49 billion from $US66.5 billion.

Looking ahead, the company said it foresees 2013 earnings rising seven per cent from 2012's adjusted earnings of $US4.10 per share. This implies $US4.39 per share, which is what analysts had predicted for the year.

PepsiCo said the quarterly dividend increase will begin in June.

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Patel surgery was unnecessary: doctor

Jayant Patel's operation to remove part of a man's colon was unnecessary, a doctor has told a court. Source: AAP

JAYANT Patel's operation to remove part of a man's colon was unnecessary and highly risky, a doctor has told a court.

Mervyn John Morris, 75, died of complications including heart and lung failure and septicaemia after surgery at the Bundaberg Base Hospital in 2003, the Supreme Court in Brisbane has heard.

The crown alleges the operation should not have been done because of Mr Morris's lengthy medical history, which included heart problems, prostate cancer and possible liver cancer.

Patel has pleaded not guilty to his manslaughter.

Giving evidence on Thursday, Dr Emma Igras said she believed the operation should not have been done at all.

Dr Igras, who was Patel's junior doctor during the surgery, said it was impossible to manage Mr Morris's treatment and care properly because they had never determined what was causing his rectal bleeding.

"Is there any justification for this operation at this point?" asked prosecutor David Meredith.

"No. This was an elderly patient who had a lot of other problems," Dr Igras said.

"There was an urgency to investigate the source of the bleeding."

The court heard Patel operated on Mr Morris on May 23, and he had needed corrective surgery one week later because part of his bowel was poking out through the wound.

His condition then deteriorated and he died.

The trial continues.

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Young inmates 'not at risk in adult jail'

CLAIMS that juveniles detained at an adult prison in Perth are being threatened by older inmates and have had their rehabilitation programs suspended have been rubbished by the state government department responsible for their care.

More than 100 young offenders were moved out of Banksia Hill detention centre in the southern suburb of Canning Vale last month after a violent armed mob went on a rampage.

They were moved to the nearby Hakea remand facility for adults, where the WA Prison Officers Union expects them to remain for up to nine months, in two new units originally built for the adult inmates.

Deaths In Custody Watch Committee spokesman Marc Newhouse said the juveniles should be immediately released into alternative care such as close supervision, intensive care, at home or with family, for their own safety.

"We are extremely concerned about juveniles being held in Hakea," he said on Thursday.

"It is a prison already under pressure due to overcrowding and poor conditions."

Mr Newhouse said placing juveniles in an overloaded adult prison meant they did not have the appropriate facilities and programs needed for their rehabilitation.

He said the committee had received reports of young detainees being threatened and intimidated by adult prisoners.

There have also been reports of young people being detained in isolation, he said.

But the Department of Corrective Services has denied all the suggestions, claiming "all is quiet" at the prison.

A spokesman said the transition of young male offenders from Banksia Hill to the Hakea facility was now complete.

"The task was conducted over a two-day period without issue and the facility is now functioning on a standard regime and all is quiet," he said.

"Education services have recommenced and programs and visits are in place."

The department said there were now 140 young offenders at Hakea, of which 50 were on remand, while 12 females remained at Banksia Hill.

"While having detainees anywhere other than at Banksia is not ideal, the department has looked at all of the options from a number of angles and this solution is the best in the short to medium term," the spokesman said.

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Macklin rejects new land council proposal

FEDERAL Indigenous Affairs Minister Jenny Macklin is rejecting an application from Aboriginal groups seeking to create their own breakaway land council.

"I am not satisfied that the applicants could satisfactorily perform land council functions," Ms Macklin said in a statement on Thursday.

A group of 24 Aboriginal clans from the NT's Top End had argued that the Northern Land Council (NLC) was failing to properly look after their needs.

Land councils acquire and manage traditional Aboriginal lands and are involved in negotiating with miners and other groups who want to use those areas.

About 30,000 Aboriginal people live in the NLC's region, which covers 563,000 square kilometres of land.

But groups associated with the Jawoyn Association Aboriginal Corporation had been seeking to create their own group, to be called the Katherine Regional Land Council, which would have covered about 80 per cent of that land.

Nobody from the Jawoyn Association, which has recently had key members linked to corruption allegations, could be reached for comment on Thursday.

Ms Macklin said she wanted her department and the NLC to discuss the concerns from those wanting the new land council.

"The applicants believe their expectations are not being met under the current arrangements," she said.

NLC chairman Wali Wunungmurra welcomed Ms Macklin's decision to reject the proposed land council.

Mr Wunungmurra said the move would pave the way for a major project to pipe natural gas to power an alumina refinery in Gove to go ahead.

"Minister Macklin's decision was (a) show of confidence in the NLC's capacity to perform its functions and deliver economic outcomes for all traditional owners," Mr Wunungmurra said.

NT Country Liberals senator Nigel Scullion said the Gillard government should leave it to Aboriginal people to determine if they want a new land council.

"That is the problem with the Gillard government, they just don't listen to the Aboriginal people," Mr Scullion said.

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GPT commits to another Australand bid

PROPERTY group GPT is continuing to pursue rival Australand in a bid to diversify its asset mix.

GPT made a $3 billion takeover offer for two thirds of rival Australand's businesses last December, but was rebuffed.

Unveiling GPT's full-year earnings, chief executive Michael Cameron said the company was committed to putting forward a new offer as part of a strategy to grow its logistics and business park portfolio from 12 per cent to 15 per cent of the business.

"Without Australand, we'd go about it in a more orderly way, one by one, instead of all in one go," Mr Cameron told AAP on Thursday.

"We've committed to advancing our proposal with them.

"We think we can create value for their security holders and our security holders."

Australand managing director Bob Johnston last week downplayed the prospect of a successful takeover bid, either from GPT or rival Mirvac.

GPT more than doubled its full year net profit and believes further earnings growth is on the way but at a slower pace.

Its net profit for the year to December 31 rose to $594.5 million, from $246.2 in 2011, thanks to a rise in the value of its property portfolio.

Revenue rose to $587.4 million from $573.8 million, while earnings per share (EPS) rose eight per cent.

Morningstar property analyst Tony Sherlock said GPT would be unlikely to pursue Australand at all costs, as its chief shareholder the Singapore-based Capitaland reviews its stake.

"If anything, the Australand assets are inferior to GPT," Mr Sherlock told AAP, adding GPT had Australia's best office portfolio.

This includes a premium $700 million waterfront office on Brisbane's Eagle Street, which opened in August last year.

GPT, which also owns shopping centres, forecast earnings per security growth of at least five per cent this financial year.

Mr Cameron said GPT was committed to its medium-term strategy of reducing the retail assets share of the business by value, from 56 per cent to 50 per cent, and increasing the office space proportion from 32 per cent to 35 per cent.

The 2012 result was driven by a $221.3 million increase in the value of the group's property assets, which offset a $40.4 million loss on derivatives.

GPT lifted its full year distribution to 19.3 cents per security, from 17.8 cents.

Securities in GPT closed down one cent at $3.79.

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Ex-cop gets one year jail over tip-offs

A FORMER NSW crime command detective has been sentenced to at least 12 months jail for leaking confidential police information to his mate.

Anthony Farrell, 42, was working at Coffs Harbour police station in 2011 when he accessed confidential "intel" on his friend - Andrew Macleod - who was under investigation for the alleged importation of steroids.

Phone taps revealed Farrell had told McLeod he would give him the "heads up" if he was on notice in the police database, the Downing Centre Local Court heard on Wednesday.

Farrell accessed the police database system seven times and tipped off Mcleod about police investigations, even instructing him to use a land line phone to discuss sensitive matters, the court was told.

The intercepted calls indicated Farrell was using steroids while Macleod was supplying illicit drugs.

Additionally, the court heard Farrell had been disclosing personal information about people on the police database to other friends in May and June 2011.

Acting judge Colin Phegan acknowledged the former police officer pleaded guilty to a charge of misconduct in common office when he was arrested in June 2011.

"I am satisfied that the offender has shown remorse," he said.

"However, the offender appears to have acquired an irresponsible and overconfident approach to his responsibilities as a police officer."

Farrell was sentenced to two years imprisonment, with a 12-month non-parole period, meaning he could be eligible for release on February 12, 2014.

Acting judge Phegan recommended Farrell be placed in protective custody due to his previous profession.

Last year, MacLeod was found guilty of making a collusive agreement with Farrell.

His suspended jail sentence is currently the subject of an appeal.

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Perth woman sexually assaulted in her home

A PERTH woman has been sexually assaulted during a burglary at her home.

Police say the offender forced open a window and entered the 22-year-old woman's Highgate home some time after 3am (WST) on Sunday.

Between 3.30am and 5.45am (WST), the woman was woken by the man covering her mouth with his hand.

He then sexually assaulted her before fleeing, police say.

The man is described as being aged 30 to 35, about 183cm tall and fair skinned.

He was wearing dark cargo pants and a dark hooded jacket.

Anyone with information about the attack is asked to call Crime Stoppers on 1800 333 000.

Police said the incident was another reminder for people to be mindful of their surroundings and keep their homes secured.

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