NSW authorities thought of cancelling metro station amid potential $2bn blowout
Penry Buckley
The NSW premier, Chris Minns, says the federal government thought of – however determined towards – cancelling one of many stations on Sydney’s largest metro line amid a possible multibillion-dollar value blowout.
The Sydney Morning Herald has reported that confidential estimates present the price of the Metro West line, set to open in 2032, might be a minimum of $2bn increased than official forecasts. The blowout is reportedly due the price of constructing underground stations following delays to awarding contracts, which might convey the full spend to greater than $27bn.
Talking right now, Minns characterised the $2bn determine as being “on the higher finish of a possible value overrun”. He stated:
A number of the ways in which we’ve checked out, to be trustworthy with you, lowering that invoice and conserving it inside its unique envelope … is to cancel a station that we’d already introduced.
And we’ve checked out all other ways of making certain that that may are available in on time and on price range, however that was a choice that we felt was too far.
However that’s what it might take to cut back the price of that Metro.
Minns didn’t say which station the federal government was contemplating cancelling on the road, which can run from Hunter Avenue within the CBD to Westmead through Olympic Park and Parramatta, however stated there have been “a couple of choices”.
NSW premier, Chris Minns. {Photograph}: Bianca de Marchi/AAPShare
Up to date at 22.59 EDT
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Luca Ittimani
Seven will get larger enhance than Southern Cross after merger information
Seven West Media’s shareholders loved a a lot bigger enhance in worth than Southern Cross Austereo’s after information of a proposed merger between the 2.
Seven has jumped $15m in worth to $230m, whereas the radio steady’s worth is simply $6m increased than it was yesterday, at $207.5m.
The businesses instructed buyers this morning they anticipated to eliminate as much as $30m in annual prices by linking their belongings, together with combining their digital platforms, Seven Plus and Listnr.
Listnr has grown revenues by almost a 3rd yearly, offsetting declining radio audiences and serving to Southern Cross recuperate from its lows final yr, when it was price simply $120m.
{Photograph}: AAP
Southern Cross buyers will see increased earnings per share below the merger, implying larger earnings and dividends, E&P Capital’s media analyst Entcho Raykovski stated.
Seven West Media, in the meantime, reported a $61m drop in income within the yr to June and after-tax revenue almost 20 instances smaller than it recorded in 2021, with promoting income sliding all over the place besides Seven Plus.
SWM’s share value has risen as buyers weigh up the advantages of the deal to Seven towards the prospect they must promote their shares at a reduction. The proposal asks Seven buyers to commerce their shares for lower than one-sixth of a share in Southern Cross, or could be lower than their market worth at present costs, Raykovski described as “uncommon”.
ShareKrishani Dhanji
Hanson-Younger says fee didn’t seek the advice of sufficient with inventive industries
Following from our final publish, Sarah Hanson-Younger additionally stated the fee had “misinterpret the worth of the inventive business”.
You consulted with Mastercard, you consulted with Microsoft, you consulted with Meta, you consulted with OpenAI … you consulted with a whole lot of different gamers however you didn’t seek the advice of with all of the inventive industries.
I’m actually to know who these many events are who instructed you this was an issue that there wanted to be an exemption, or that copyright was a difficulty. I’m assuming you didn’t write this report with AI itself.
Sarah Hanson-Younger. {Photograph}: Mick Tsikas/AAP
Commissioner Julie Abramson, stated the fee was doing “vast session” and had acquired greater than 400 submissions for the ultimate report.
She stated there wasn’t a “agency view” on what strategy must be taken on copyright laws.
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Up to date at 22.46 EDT
Krishani Dhanji
Senators grill productiveness fee throughout listening to on copyright and AI
The productiveness fee was hounded by senators this morning throughout an inquiry listening to into copyright legal guidelines, artists and AI.
Senators accused the fee of “waving the white flag” on artists of their interim report on harnessing the advantages of AI in Australia.
A key factor of the report was a proposal to implement a textual content and knowledge mining exemption to the Copyright Act, which might enable tech corporations to make use of copyrighted work to coach AI.
Sarah Henderson. {Photograph}: Lukas Coch/AAP
In a considerably uncommon scene, Liberal senator Sarah Henderson and Greens senator Sarah Hanson-Younger have been on a unity ticket, attacking the fee for not modelling the impression of a textual content and knowledge mining exemption within the copyright legislation on the inventive business and for failing seek the advice of with the inventive business forward of releasing their interim report.
Henderson “condemned” the fee for “not having regard to our inventive industries”. She stated:
Why is it not reasonable that we’d not take a look at methods to guard the work of Australian creatives that’s being stolen by large tech abroad?
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Up to date at 22.38 EDT
NSW authorities thought of cancelling metro station amid potential $2bn blowout
Penry Buckley
The NSW premier, Chris Minns, says the federal government thought of – however determined towards – cancelling one of many stations on Sydney’s largest metro line amid a possible multibillion-dollar value blowout.
The Sydney Morning Herald has reported that confidential estimates present the price of the Metro West line, set to open in 2032, might be a minimum of $2bn increased than official forecasts. The blowout is reportedly due the price of constructing underground stations following delays to awarding contracts, which might convey the full spend to greater than $27bn.
Talking right now, Minns characterised the $2bn determine as being “on the higher finish of a possible value overrun”. He stated:
A number of the ways in which we’ve checked out, to be trustworthy with you, lowering that invoice and conserving it inside its unique envelope … is to cancel a station that we’d already introduced.
And we’ve checked out all other ways of making certain that that may are available in on time and on price range, however that was a choice that we felt was too far.
However that’s what it might take to cut back the price of that Metro.
Minns didn’t say which station the federal government was contemplating cancelling on the road, which can run from Hunter Avenue within the CBD to Westmead through Olympic Park and Parramatta, however stated there have been “a couple of choices”.
NSW premier, Chris Minns. {Photograph}: Bianca de Marchi/AAPShare
Up to date at 22.59 EDT
Josh Taylor
Ombudsman fields a whole lot of complaints of social media customers locked out
The telecommunications business ombudsman (TIO) has acquired a whole lot of complaints from social media customers and companies locked out of their accounts, regardless of the workplace not having a task in mediating disputes between shoppers and social media corporations.
Guardian Australia reported in August a spate of customers discovering themselves locked out of their accounts on Meta platforms after they have been incorrectly flagged as breaching neighborhood requirements.
The Tio reported right now that, in knowledge masking earlier than the newest spike in studies of customers being blocked, for 2023 and 2024, there have been 500 complaints to the TIO about being minimize off from social media platforms, with 70% of those complaints linked to Meta and Google platforms.
The TIO is answerable for mediating complaints between shoppers and telecommunications corporations, however is now arguing that there must be a digital platforms ombudsman to take care of complaints made about social media corporations, and it’s a function the Tio desires to tackle.
Freyja McCarthy, the TIO’s govt common supervisor for authorized, coverage and
regulatory affairs, stated:
The TIO already hears from shoppers and small companies falling via the cracks.
They’re unable to get truthful outcomes when inner dispute decision provided by social media corporations falls brief.
We’d like an ombudsman to play a significant function in rising belief and confidence within the digital financial system and offering particular person redress to shoppers when issues go mistaken.
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Up to date at 22.12 EDT
Victorian Liberals prolong timeline to appoint for preselection to attempt to discover extra candidates
Benita Kolovos
The Victorian Liberals have prolonged the timeline for nominations for preselection in 4 seats the place sitting MPs have signalled their plans to retire on the subsequent election.
Whereas nominations for Liberal-held decrease home seats shut at 12pm right now, Guardian Australia understands the social gathering has left open nominations for the seats of Benambra, Croydon, Malvern and Rowville till a date to be mounted to permit for extra candidates to come back ahead.
One Liberal supply says there “hasn’t been a flood of nominations”, with a number of robust potential candidates involved in regards to the impression nominating would have on their careers.
One other barrier may be the $5,000 software price for potential candidates.
In early 2024, Benambra MP Invoice Tilley introduced he wouldn’t be contesting the election on account of his ongoing most cancers battle. This month David Hodgett, Michael O’Brien and Kim Wells introduced they wouldn’t run once more in Croydon, Malvern and Rowville, respectively.
Each Croydon and Rowville are thought of goal seats by Labor, on margins of 1.2% and three.7%.
Liberal MP Kim Wells. {Photograph}: Joel Carrett/AAPShare
Up to date at 22.59 EDT
Communications minister meets with Optus proprietor Singtel, says triple-zero outage ‘must not ever occur once more’
The communications minister, Anika Wells, says she has instructed Optus proprietor Singtel that the troubled telco should take full duty for its obligations to the neighborhood.
Wells met with Singtel group CEO, Yuen Kuan Moon, earlier right now after two Optus outages in lower than a fortnight, together with one which blocked emergency requires telco clients in South Australia, Western Australia, the Northern Territory and components of NSW.
The deaths of two individuals in South Australia and one in Western Australia have been linked to the outages (a fourth dying – an toddler in SA – was discovered to have been probably unrelated).
In a press release, Wells restated that the federal government had ordered an Australian Communications and Media Authority (Acma) investigation and stated she had used right now’s assembly to convey the federal government’s “severe concern” over the triple-zero outage and “reinforce that it must not ever occur once more”.
Wells added:
Optus and all telecommunications suppliers have authorized obligations below Australian legislation to verify calls to emergency companies undergo. Because the mother or father firm of Optus, Singtel can be accountable.
I’ve requested Optus employs exterior advisers to independently assess the corporate’s community plans to offer confidence to the Australian Communications and Media Authority [Acma] and the Australian authorities that these issues is not going to recur.
The Australian authorities has directed Acma to analyze, and I reiterated to Optus and Singtel they should be totally clear as a part of this course of.
We have now made clear that Optus is accountable for what occurred, and Optus must take full duty for its obligations to the neighborhood.
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Up to date at 21.52 EDT
Andrew Messenger
Plan for troubled Brisbane childcare centre
College students at a troubled Brisbane childcare centre can be relocated to a disused classroom at a close-by faculty, whereas a dispute over its funds and administration is investigated.
The community-run Craigslea kindergarten, in Brisbane’s north, made worldwide headlines final Monday, after its administration committee requested mother and father for $2,200 for his or her youngsters’s personal art work to repay money owed. It has since been returned and the centre has gone into administration.
Training minister John-Paul Langbroek introduced on Monday that every one 44 youngsters could be accommodated on the Craigslea state faculty till the centre might be re-established subsequent yr.
He stated the division’s regulator would examine allegations that the centre had been run by a single particular person, and whether or not any crime had been dedicated:
It’s a really uncommon scenario the place you’ve a voluntary administration committee that leads to the scenario this one did …
What we’ll take from that is, following the completion of the investigation, we’ll take a look on the scenario to attempt to strengthen procedures that occur early childhood is a totally completely different scenario for education, as you’ve already talked about. It’s the one a part of our training system that has a component of personal involvement in it as properly, and so it’s fairly sophisticated.
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Up to date at 21.42 EDT
Stokes to step down from Seven if merger succeeds
Luca Ittimani
Kerry Stokes, Seven’s billionaire chair, will step down from the media enterprise in February if its merger with Southern Cross Media goes forward.
As we reported earlier, Seven West’s proposed merge with Southern Cross Media would mix the previous’s TV and information steady with the latter’s radio networks.
Stokes, the 85-year-old Western Australian businessman, took a serious stake within the Seven Community in 1995 and has chaired the media firm since 2008.
He stepped down as chair of his industrial and supplies firm, Seven Group Holdings, in 2021. SGH held two-fifths of the shares within the media enterprise and can now management one-fifth of the merger.
Kerry Stokes. {Photograph}: Mick Tsikas/AAP
Stokes can be succeeded as chair of the merged corporations by the sitting chair of Southern Cross, Heith Mackay-Cruise. Stokes stated:
I’ve each confidence Heith will proceed to information the mixed group efficiently. Following my retirement from the Board in February 2026 I intend to proceed to assist the Chair and Board wherever I can add worth.
Becoming a member of Mackay-Cruise on the brand new board can be Stokes’ son, Ryan Stokes, who has sat on the board of Seven West since 2012 and has served as chief govt of SGH since 2010.
The Seven West chief govt, Jeff Howard, will stay CEO within the merged firm and also will sit on the board, together with two extra Seven West administrators plus two others from Southern Cross.
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Up to date at 22.42 EDT
Henry Belot
Australia’s Future Fund discloses large earnings from weapons producers regardless of fierce criticisms of assist for business
Australia’s $250bn sovereign wealth fund has secured large returns on funding in weapons and defence corporations in lower than two years, regardless of long-running criticism of its assist for the business.
The worth of shares held in eight corporations elevated by $76m between October 2023 and June 2025 amid wars within the Center East and Ukraine and the sharpest enhance in navy spending for the reason that chilly conflict.
What’s Australia’s function in making the F-35s Israel is utilizing to strike Gaza? – video
The fund’s investments in Israel’s largest non-public defence contractor, Elbit, which is a serious provider to the Israeli Protection Forces, elevated from $489,000 to $2.69m as of 30 June, in response to the fund’s newest disclosures.
Elbit Methods describes itself because the “spine” of the IDF’s drone fleet, which has been used extensively within the assault on Gaza. Its portfolio additionally contains methods for command and management, navy plane and helicopters, armed distant management boats, and land autos.
Learn extra:
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Up to date at 21.35 EDT
Singtel and Optus executives defend Optus CEO after triple-zero outages
Yuen Kuan Moon, the CEO of Singtel, simply spoke to reporters and stated a assessment of the Optus triple-zero outage could be carried out “completely to verify this is not going to occur sooner or later”. The telco appointed Dr Kerry Schott to steer an impartial assessment into the outages final week.
Yuen instructed reporters the Optus CEO, Stephen Rue, had solely been within the function for 11 months and was introduced on to “rework” the telco, however it was nonetheless “very early days”:
It takes time to remodel an organization.
An Optus retailer. {Photograph}: William West/AFP/Getty Photographs
John Arthur, the chair of the Optus board, stated the corporate was “dedicated to working with the federal government to do no matter must be achieved right here”:
We’re going to get the entire experience and assist that we want to verify we make issues proper right here.
Arthur went on to say the board was “glad” with Rue’s work:
He has been within the job 11 months, the board is glad that he’s making progress. However it’s a work in progress.
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Up to date at 21.39 EDT
