Combet calls for end to Labor 'fiasco'

Cabinet minister Greg Combet (R) has called on the federal party to prepare to fight the election. Source: AAP

CABINET minister Greg Combet agrees the leadership issue is at an end and has called on the federal party to drop internal divisions and prepare to fight the election.

Mr Combet said Thursday's "fiasco" topped off many months of destabilisation spurred by people backing Kevin Rudd's return as prime minister over Julia Gillard.

"Kevin Rudd didn't front up - that says it all," he told reporters in Sydney on Friday.

At a caucus meeting on Thursday afternoon, Ms Gillard was returned unopposed after Mr Rudd declined to nominate.

"It's imperative that the prime minister has a clear opportunity, with the authority that the Labor caucus has given her, to take the Labor party to the next election," Mr Combet said.

"This is a government with a great record of achievement, we've got great plans for the future and it's now time for everyone to stop internal divisions."

Asked if he thought Mr Rudd had been actively involved in destabilising the prime minister, Mr Combet said he doubted if Mr Rudd was an "unknown party".

Mr Combet also said Chris Bowen's decision on Friday to resign from the ministry was a matter for him.

"With the fiasco that was instigated yesterday by some of my colleagues, unfortunately, those who don't feel that they have all the confidence necessary in Julia Gillard as leader, I think it is time that they have a look at themselves," he said.

"This has got to be an end to it."

Mr Combet said Mr Rudd and others had to recognise that Ms Gillard needed clear air to take the party to election on September 14.

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Brickworks rejects restructure calls

BRICKWORKS has shut the door on those keen to end the company's decades old cross-shareholding with Washington H Soul Pattinson, vowing not to waste any more time on proposals with little substance.

Brickworks directors said in a letter to shareholders that the board would not waste resources on unsolicited short-term restructuring proposals.

The building products company had rejected calls from major shareholder Perpetual Investments and venture capitalist Mark Carnegie to break up the cross-shareholding.

Brickworks chairman Robert Millner said a restructure was not in the best interests of shareholders and the cost of the reviews during the past two years had placed a heavy burden on the company.

"In a lot of these proposals, people haven't done their homework and they don't stack up," he said.

"We have got limited resources so we had a lot of people spending time on this when they should have been running the businesses."

In a cross-shareholding arrangement in place since 1969, Brickworks holds 42.7 per cent of WHSP, while WHSP owned 45.5 per cent of Brickworks.

Both companies are chaired by Mr Millner.

Mr Millner said investors who buy shares in either Brickworks or WHSP know there is a cross-shareholding in place.

"Nothing has changed since 1969," Mr Millner said.

Brickworks said its annual shareholder return had outperformed the broader market over the past five, 10 and 15 years.

The letter said Brickworks would continue to consider alternatives for its business during the company's annual strategic planning sessions.

Perpetual did not respond to requests for comment.

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