Boom fuels high-growth nation

The mining boom is remaking Australia at a rate faster than the local population can handle, with Western Australia soaking up labour from all parts of the nation and immigration being ramped up to plug the gaps, The Australian reports.

New official figures released ahead of today's 2011 census data confirm Western Australia outgrew Queensland in absolute terms for the first time in history – even though the sunshine state has twice the population base to begin with.

Whitehaven Coal shares reach 50%

Whitehaven Coal says it has acquired 50% of its takeover target, Coalworks, and extended its bid until July 4, The Australian reports.

"Whitehaven's offer is free of all conditions and the price of $1 together with the Orpheus distribution is final and will not be increased except if there is a competing proposal," Whitehaven said.

The Orpheus distribution, announced by Coalworks on June 15, is an in-specie distribution to Coalworks shareholders, accounting for the takeover target's 33% stake in Australian-listed Indonesian mining hopeful Orpheus Energy.

An in-specie distribution is the allocation of assets rather than shares.

Combet rules out changes to carbon price package

Climate Change Minister Greg Combet has ruled out any changes to the carbon price package if problems arise after July 1 but predicted it would be business as usual for the “overwhelming majority of business”, according to the Australian Financial Review.

In a speech to the National Press Club in Canberra on Wednesday, Combet also tried to turn the tables on the Coalition’s campaign against the carbon tax, saying “the moment of truth was coming” for Opposition Leader Tony Abbott.

Facing a chorus of criticism over the starting price of $23 given the current international price of carbon and projections of $4.30 in 2020, Combet said the effective carbon price for trade-exposed emissions intensive industries was $1.30 a tonne, given the assistance provided to them by the federal government.

Combet said the carbon tax was the cheapest way to deal with reducing greenhouse emissions and Australia would only face higher costs if it didn’t act now.

“A carbon price is the cheapest approach and it provides powerful incentive for innovation, efficiency and cleaner technology,” he said.

Labor dithers on investment tax

Labor has caved to pressure from the Greens to delay a crucial budget measure to increase taxes on big investors, amid fears the change would stop funding for infrastructure, including clean energy projects, The Australian reports.

The Gillard government removed the tax measure yesterday morning in a surprise to industry groups already anxious at the impact of the changes on investment certainty and confidence.