The fierce TV battle between Kerry Packer and Kerry Stokes has claimed
its first high-profile victim, reports Neil Shoebridge in the Fin Review.
And although David Gyngell said yesterday he resigned as Nine’s CEO,
most analysts believe he jumped before he was pushed. Kerry Packer has
rolled back the clock 20 years, installing past performers as he takes
formal control of the revival of the Nine Network, says the AFR’s
Chanticleer. The appointment of Sam Chisholm may be an interim move
until a replacement for outgoing CEO David Gyngell can be found, but
no-one expects him to hold back on making the changes he believes are
necessary for Nine to cling to its leadership in Australian television,
says Mark Day in The Australian.

On more macro issues, the Sydney Morning Herald
says the economy is slowing rapidly and experts predict unemployment is
likely to rise before the end of the year, after more disappointing
economic data was released yesterday.

The Fin Review
reports that the federal government will use tonight’s budget to reveal
a comprehensive review of the venture capital sector. The review will
consider whether additional tax concessions are needed to make it
easier for Australian start-ups and private companies to raise capital.
The Fin also reports that the National Australia Bank will be
forced to repay millions of dollars in compensation to almost 100,000
customers after it discovered it has been overcharging fees and charges
for at least the past five years.

In the SMHStephen
Dabkowski reports that phase two of Jetstar is about to begin. Having
established itself as a profitable cut-price airline, Jetstar is now
going upmarket, with a major marketing campaign to coincide with its
first birthday that will emphasise the introduction of hot meals and
onboard entertainment.

Millionaire Liberal backbencher Malcolm
Turnbull was right when he declared that rich people could organise
their affairs to pay low tax. But that situation is about to change,
dramatically, says Robert Gottliebsen in The Australian.
Tax commissioner Michael Carmody can now threaten the tax partners of
the big accounting firms with jail if they go too far with tax schemes
and he’s subtly underlining this power by attacking the trusts that
accounting firms use to reduce their own tax.