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Libs deny Barnett faces coup

In this Business News podcast Mark Pownall and Mark Beyer discuss state budget, asset sales, Newspoll, the Lord Mayor and hotels and apartments.

Eleven Western Australian arts groups have secured four-year funding deals under a long-awaited announcement from the Australia Council for the Arts, leaving four WA arts groups that have been getting government funding with an uncertain future.

Spanish infrastructure giant Ferrovial has begun overhauling the Broadspectrum board as its takeover of the detention centre operator nears completion, with Diane Smith-Gander to remain as chair.

The share market has fallen as the major banks gave up early gains and weaker commodity prices weighed on the resources sector.

In the first of a series of interviews with top WA business figures for Business News, Leadership WA chief executive officer Robin McClellan spent 10 minutes with Rio Tinto chief executive, iron ore, Andrew Harding, who said he looked to hire smart, reflective and curious people, and revealed mindfulness meditation had helped him be a better leader.

The state government will cover an outstanding $67 million owed by mining companies through the Port Enhancement Project at Geraldton Port, with the charge to be removed from July.

Some of the state’s biggest employers have made significant progress lately in terms of workplace gender equality.

Subiaco-based Lithex Resources will make a second attempt at a backdoor listing, announcing plans to acquire an Israel-based battery technology company in a deal worth $28.7 million.

A new global ranking says Sydney is the top city in Australasia for the ultra-wealthy, but despite being home to Australia’s richest woman, Perth failed to rate a mention.

The state government will invest $10 million into the redevelopment of Lathlain Park in the Town of Victoria Park, which will also be the new training home for the West Coast Eagles.

Premier Colin Barnett has denied his leadership is in jeopardy following recent poor polling and insists if anyone was dissatisfied with his performance they would tell him.

Treasurer Mike Nahan appears to have lost any hope his calls to change the GST carve-up will be heeded, declaring "we're on our own" after handing down the state budget yesterday.

Shares in North Fremantle-based Kingston Resources have surged on news the company plans to raise $6.8 million to fund the purchase and exploration of several lithium tenements in Western Australia and the Northern Territory.

The Australian share market has opened slightly higher after a mixed overnight session on Wall Street.

Western Australia's peak business group has welcomed the state government's budget, but other business groups believed more could have been done for their respective sectors. 

 US stocks have ended mixed, with gains in telecommunications and consumer staples helping make up for a tumble in Apple to a two-year low.

Gold has fallen as a strengthening US dollar prompted some buyers to cash in gains after its biggest daily rise this month, briefly paring losses after downbeat US jobs data.

The Australian dollar is flat amid conflicting pressures from oil and iron ore prices.

Biggest deficit yet with little light in sight

Diploma Group chief executive Nick Di Latte has strongly denied claims by subcontractors that the ASX-listed company was behind on paying its bills, saying recent activity by the company had placed

The state government expects lower contracting and construction rates will deliver savings of more than $1 billion on its asset investment program over the next four years, but has not committed to any major new infrastructure projects.

The financial sector has driven the Australian share market lower after Westpac's shares traded ex-dividend.

The state budget assumes iron ore prices will average about $US47.70 a tonne in the coming financial year, substantially higher that what most forecasters have been tipping, and also includes a $41 million royalty concession for magnetite producers.

Treasurer Mike Nahan hopes to raise $16 billion from an expanded asset sales program, with Western Power and Horizon Power’s Pilbara transmission lines now targeted but two other assets unexpectedly removed from the government's sell-off list.

The Barnett government expects to deliver Western Australia’s largest budget deficit of $3.9 billion next financial year as it continues to grapple with shrinking revenue and higher spending.

The Australian Securities Exchange has confirmed plans to toughen its listing requirements to maintain the integrity of the market, including changes that will address what it says are emerging issues with backdoor listings.

Reiwa members reported a decrease in weekly sales to 549 this week. The overall 19 per cent decrease in sales over the week is attributed to an 18 per cent decrease in sales for houses, 15 per cent for units and 33 per cent for land.

A local company using high-tech camouflage to protect swimmers from shark attacks has made a strong debut on the ASX.

Embattled Perth Lord Mayor Lisa Scaffidi has lost the support of her deputy, with James Limnios calling for her to step aside following the release of another report into her conduct.

Newly appointed Labor candidate for Fremantle, Josh Wilson, says he sympathises with the man he has replaced in what he has described as extraordinary circumstances.

Junior gold miners Dynasty Resources and Orinoco Gold have announced plans to raise a combined $2.6 million to fund ongoing work at their respective projects.