Election result will lift economy, says Wesfarmers

Wesfarmers boss Richard Goyder is hoping the federal election will usher in a new era of pro-business policy that recognises it is companies that create wealth and jobs, according to The Australian.

Speaking after the parent company of Coles supermarkets reported a net profit of $2.26 billion for the 12 months to the end of June,

Goyder said he was hopeful that an end to political uncertainty would help buoy consumer spending after the election next month.

2500 down tools at BHP’s Escondida mine

The world’s largest copper mine, Escondida, which is majority owned and operated by BHP Billiton, is facing ongoing worker unrest and strike action over pay, according to the Australian Financial Review.

About 2500 workers stopped work when the mine’s management declined an annual bonus. News reports said the strike was planned to last 24 hours, but could be extended.

Union representative Marcelo Tapia said all operations had been halted, according to media reports.

According to sources, it is illegal in Chile to strike outside a wage negotiation period.

BHP declined to comment and Rio Tinto – which owns 30% of the mine – also had no comment. JECO Corporation owns 10% and JECO 2 holds 2.5%.

Westpac cautious on China as economic growth tapers

China’s economic slowdown is starting to impact global commodities markets, which are becoming oversupplied from a build-up in key mining inventories, according to a new report, says The Australian.

Westpac and the Bureau of Resources and Energy Economics found that China's slower economic performance was likely to extend into next year.