PRESS DIGEST-Australian General News - May 25

THE AUSTRALIAN FINANCIAL REVIEW (www.afr.com)

--The Rudd government's controversial crackdown on employee share option schemes has been abandoned following criticism from business and unions. Assistant Treasurer Chris Bowen revealed the backdown yesterday, but maintained that the Government would still overhaul the tax system following a review. However, the Institute of Chartered Accountants said it would be a "challenge" for companies to complete their employees share ownership schemes before the end of the financial year without any clear guidelines in place. Page 1.

--The 18,000 investors of collapsed agribusiness investment company Timbercorp (TIM.AX) have been warned that the viability of a number of schemes is in doubt due to funding shortfalls. Administrators KordaMentha has delayed a creditors meeting for 30 days, saying over the weekend that Timbercorp was one of Australia's "most complex administrations," with over A$2 billion invested in 50 projects. Timbercorp collapsed four weeks ago with debts totalling A$903. Page 1.

--Representatives of the indigenous people from Western Australia's Kimberly region are demanding up to A$1 billion from the expected A$65 billion in royalties the Rudd government expects to receive from a Woodside-led natural gas processing hub. The Kimberley Land Council and the Australian Conservation Foundation describe the compensation demands, aimed at improving the living standards of Aboriginal people in the region over the next 30 years, as a "showstopper." Page 3.

--Import charges into Australia are set to rise by up to 50 percent following a 6.8 percent fall in import volumes in the December quarter. The Australian Quarantine and Inspection Service is set to announce the increased charges for all air and sea cargo import declarations and inspections fees in an effort to make up a A$30.4 million shortfall over fiscal 2008 and 2009. Minister for Agriculture, Fisheries and Forestry, Tony Burke, said yesterday that it was not "the job of this government to subsidise farmers in Europe and the United States." Page 3.

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