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NewsMail Morning Edition
Tue 28 Oct, 2014

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Cattle industry takes Government to court over live export ban

Industries involved in the live cattle trade have launched a class action against the Federal Government that will likely seek hundreds of millions of dollars in compensation.

The class action filed in the Federal Court will be open to anyone who suffered losses because of the Government's suspension of live cattle exports to Indonesia that occurred almost three-and-a-half years ago.

The industry said the suit, which will be fought by law firm Minter Ellison, was being launched after three years of trying unsuccessfully to negotiate its claim with the Federal Government.

Australia's largest cattle company, Australian Agricultural Company, has already put its damages from the live export ban at more than $50 million.

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The Drum

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Why is Abbott considering a GST hike?

The Prime Minister's recent consideration of GST hikes is more about covering his costly policy priorities than plugging a revenue hole in the budget over the next decade.

The revenue base and the desire to hike the GST would not enter into the current political debate if these spending measures either didn't exist or were smaller in scale.

Any review of Australia's tax system must include the GST - its level and coverage - but this in turn needs to feed into the shape of the budget and issues of fairness and equity.

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Just In

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Suicide bomber kills 27 militiamen south of Baghdad

A suicide bomber has killed at least 27 Shiite militiamen outside the Iraqi town of Jurf al-Sakhar, army and police sources say.

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World

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Suicide bomber kills 27 militiamen south of Baghdad

A suicide bomber has killed at least 27 Shiite militiamen outside the Iraqi town of Jurf al-Sakhar, army and police sources say.

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Business

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Medibank Private offer turns retail buyers into 'cannon fodder'

Medibank Private's float will open to the public tomorrow, but analysts say retail investors are being kept in the dark.

From tomorrow on, small investors will be able to apply for a dollar amount of shares.

But investors will not know how many shares they will get, or how much each share will cost, until the final pricing is announced on November 25, after the final price has been set by large institutional investors.

A leading equities analyst says that leaves investors being treated like mushrooms - kept in the dark and fed manure - and cannon fodder for big financial institutions.

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Politics

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Cameron in security scare after brush with jogger

British prime minister David Cameron has been bundled into his car by bodyguards after being confronted by a jogger.

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Sport

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Paul Gallen to fight $50,000 NRL fine

Paul Gallen said his abusive tweet did not warrant a $50,000 fine considering how the NRL has treated other indiscretions.

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Science and Technology

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Bitcoin 'on brink of going mainstream' as exchange launched in Sydney

Bitcoin company Independent Reserve has launched a new exchange in Sydney touting a robust, secure and faster way to use the crypto-currency.

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Environment

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Nearly 700 sharks killed in Queensland this year

Nearly 700 sharks have been killed in the last year in Queensland's shark control program, but a conservation group says there is no evidence it actually works.

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