Fix the financial rot, Rio tells federal government

One of Australia’s top mining executives says reform of federal taxes and spending is urgently needed to fix the “slowly rotting platform” of the federal government’s finances, according to the Australian Financial Review.

Backing the thrust of the white paper on tax, Rio Tinto Australia managing director Phil Edmands said the tax base was too narrow, unstable and un­competitive.

Spending is growing “out of kilter” with receipts, and budget deficits – or “future taxes” – being used for consumption rather than income-enhancing infrastructure, he said.

Rio Tinto expected to reveal sales are up

Rio Tinto is tipped to reveal it has sold more stockpiled iron ore than expected today, to bolster its balance sheet ahead of a highly anticipated round of cash returns next month, according to the Sydney Morning Herald.

It comes as Rio chief Sam Walsh sent an email to staff last week urging them not to be “distracted” during what was set to be a “tough” 2015, a thinly veiled reference to unwelcome suitor Glencore.

AGL unable to monitor CSG fraccing chemical in Gloucester project

The Baird government has been accused by Labor of trashing environmental safeguards by granting AGL permission to frac coal seam gas wells even before the company's monitoring for pollutants had been approved, according to the Sydney Morning Herald.

AGL began hydraulic fracturing of four CSG wells at its pilot Waukivory project near Gloucester, New South Wales, in late October. According its licence, the company must sample and analyse the concentration of certain pollutants.