Author: roymorgansocial

Senate push for stronger BOOT test

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Original article by David Marin-Guzman
The Australian Financial Review – Page: 11 : 5-Oct-17

The Business Council of Australia has supported a Senate committee’s proposal to make changes to the "better off overall test" in the Fair Work Act to ensure that workers’ rights are protected. A BCA spokesman says addressing such deficiencies is necessary in order to enhance the enterprise bargaining system and address the issue of low growth in wages. The Labor-dominated Senate committee recommended some "fine-tuning" of the better off overall test.

CORPORATES
BUSINESS COUNCIL OF AUSTRALIA, AUSTRALIAN LABOR PARTY, SHOP, DISTRIBUTIVE AND ALLIED EMPLOYEES’ ASSOCIATION, COLES SUPERMARKETS AUSTRALIA PTY LTD, NICK XENOPHON TEAM

States to whack back over GST gas threat

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Original article by Phillip Coorey
The Australian Financial Review – Page: 4 : 5-Oct-17

The issue of anti-terrorism measures will be the focus of the Council of Australian Governments meeting on 5 October. However, New South Wales Premier Gladys Berejiklian intends to raise a number of issues, including the Federal Government’s proposal to reduce the share of goods and service tax revenue paid to states that maintain restrictions on gas exploration and production. Meanwhile, Victorian Premier Daniel Andrew continues to advocate the introduction of a domestic gas reserve, arguing that only gas that is surplus to households’ and businesses’ requirements should be exported.

CORPORATES
COUNCIL OF AUSTRALIAN GOVERNMENTS, NEW SOUTH WALES. DEPT OF PREMIER AND CABINET, VICTORIA. DEPT OF PREMIER AND CABINET, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. COMMONWEALTH GRANTS COMMISSION, AUSTRALIA. PRODUCTIVITY COMMISSION, AUSTRALIA. DEPT OF THE TREASURY

Get ready for a lost decade for shares

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Original article by Philip Baker
The Australian Financial Review – Page: 32 : 5-Oct-17

The key US sharemarket indices are trading at record highs, while Australia’s benchmark S&P/ASX 200 is now trading slightly below its level at the start of 2017. At 5,652 points, the local bourse remains well below its record high of 6,828 on 1 November 2007. Independent investment analyst Boris Pogos notes that there have been a number of other periods during which the Australian sharemarket has delivered a negative return over 10 years or more, and these trends suggest that the all-time record high may not be breached until at least 2020.

CORPORATES
STANDARD AND POOR’S ASX 200 INDEX, DOW JONES INDUSTRIAL AVERAGE INDEX, STANDARD AND POOR’S 500 INDEX, NASDAQ COMPOSITE INDEX, RUSSELL 2000 INDEX, UNITED STATES. FEDERAL RESERVE BOARD, CSL LIMITED – ASX CSL, RAMSAY HEALTH CARE LIMITED – ASX RHC, UBS HOLDINGS PTY LTD

Gun laws ‘drifting’ as critics fight deal

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Original article by David Crowe
The Australian Financial Review – Page: 6 : 5-Oct-17

Gun Control Australia CEO Sam Lee says the Federal Government should put pressure on its state and territory counterparts to implement changes to the National Firearms Agreement. The reforms were agreed upon earlier in 2017 after extensive negotiations, but none of the states and territories have fully implemented the changes. The Sporting Shooters Association of Australia opposes the introduction of stricter gun control laws.

CORPORATES
GUN CONTROL AUSTRALIA, SPORTING SHOOTERS’ ASSOCIATION OF AUSTRALIA INCORPORATED, THE ALANNAH AND MADELINE FOUNDATION LIMITED, THE GREENS NSW INCORPORATED, NEW SOUTH WALES POLICE FORCE, ONE NATION PARTY

Interest-only loans a timebomb for banks

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Original article by Michael Roddan
The Australian – Page: 3 : 5-Oct-17

According to official figures, interest-only loans account for about 35 per cent of all mortgages issued in Australia. However, research by UBS has found that just 24 per cent of home loans are interest-only. Jonathan Mott of UBS says the discrepancy could be because many of these borrowers are unaware that they are not paying off the principal of their loan. The UBS survey also found that 70 per cent of people with interest-only loans reported having "moderate" or "high" levels of financial stress.

CORPORATES
UBS HOLDINGS PTY LTD

Gold royalty hike would ‘wipe profits’

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Original article by Tess Ingram
The Australian Financial Review – Page: 17 & 22 : 5-Oct-17

Newcrest Mining CEO Sandeep Biwas says the Western Australian Government’s proposed increase in the gold royalty has already affected the state’s reputation as an investment destination. He says companies such as Newcrest may opt to redirect investment elsewhere if the royalty hike makes their WA operations uneconomic. Northern Star Resources chairman Bill Beament, Gold Fields CEO Nick Holland and AngloGold Ashanti Australia executive Mike Erickson have expressed similar concerns.

CORPORATES
NEWCREST MINING LIMITED – ASX NCM, NORTHERN STAR RESOURCES LIMITED – ASX NST, GOLD FIELDS LIMITED, ANGLOGOLD ASHANTI LIMITED – ASX AGG, WESTERN AUSTRALIA. DEPT OF TREASURY AND FINANCE, THE CHAMBER OF MINERALS AND ENERGY OF WESTERN AUSTRALIA INCORPORATED, AUSTRALIAN LABOR PARTY, LIBERAL PARTY OF WESTERN AUSTRALIA

Roy Hill close to achieving lender’s target

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Original article by Brad Thompson
The Australian Financial Review – Page: 19 : 5-Oct-17

Roy Hill Holdings CEO Barry Fitzgerald says the company’s iron ore project reached its full capacity of 55 million tonnes a year in September. He adds that the mine is on track to meet its 90-day lender’s completion requirements by late 2017. He has downplayed concerns about the Roy Hill mine’s ore grades and purity levels, noting that some initial problems have been overcome. Fitzgerald has also indicated that Roy Hill could introduce driverless trains and autonomous drilling technology to achieve further efficiency gains.

CORPORATES
ROY HILL HOLDINGS PTY LTD, WESTERN AUSTRALIAN MINING CLUB

Ten to give A-League ‘maximum exposure’

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Original article by John Stensholt
The Australian Financial Review – Page: 27 : 5-Oct-17

Ten Network hopes its coverage of A-League soccer will be as successful as its broadcasts of the Big Bash League domestic Twenty20 competition in recent years. Ten has committed to providing live coverage of one A-League match each week, beginning on 7 October, while it will also broadcast the A-League finals and grand final. The two-year deal to simulcast Fox Sports’ coverage will be the first the time that A-League matches have been broadcast on a commercial free-to-air network.

CORPORATES
TEN NETWORK HOLDINGS LIMITED – ASX TEN, THE A LEAGUE PTY LTD, BIG BASH LEAGUE, FOX SPORTS AUSTRALIA PTY LTD, CRICKET AUSTRALIA, CBS CORPORATION, MELBOURNE VICTORY FOOTBALL CLUB PTY LTD, SYDNEY FOOTBALL CLUB

Workers’ safety net tightened

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Original article by Sarah Elks
The Australian – Page: 4 : 5-Oct-17

Employees of failed companies have been paid more than $A1bn in total from the Federal Government’s Fair Entitlements Guarantee scheme in the last five years. However, Employment Minister Michaelia Cash has announced plans for reforms which will target directors of failed companies who attempt to avoid liability for employees’ redundancy entitlements. The reforms will not apply retrospectively to companies such as Clive Palmer’s Queensland Nickel, which collapsed owing some $A70m to its workers.

CORPORATES
AUSTRALIA. DEPT OF EMPLOYMENT, QUEENSLAND NICKEL PTY LTD, PPB ADVISORY, WARATAH COAL INCORPORATED, CHINA FIRST PTY LTD, ANSETT AUSTRALIA HOLDINGS LIMITED, NATIONAL TEXTILES LIMITED

Gas controls raise world LNG prices

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Original article by Angela Macdonald-Smith, Phillip Coorey
The Australian Financial Review – Page: 1 & 4 : 4-Oct-17

The Federal Government has signed a heads of agreement with Origin Energy, Santo and Shell that will avoid the need for it to impose LNG export controls. The LNG producers have committed to supplying sufficient gas to the domestic market to meet expected shortfalls in 2018 and 2019. The agreement also makes provision for any gas that is surplus to their contractual requirements to be offered to the domestic market first. Meanwhile, speculation that Australia’s LNG exports will be curbed has prompted a sharp rise in spot prices in North Asia in recent weeks.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF THE ENVIRONMENT AND ENERGY, ORIGIN ENERGY LIMITED – ASX ORG, SANTOS LIMITED – ASX STO, SHELL COMPANY OF AUSTRALIA LIMITED, AUSTRALIAN PETROLEUM PRODUCTION AND EXPLORATION ASSOCIATION LIMITED, AUSTRALIAN LABOR PARTY, AUSTRALIA PACIFIC LNG LIMITED, GLADSTONE LNG PTY LTD, WOOD MACKENZIE, JP MORGAN AUSTRALIA LIMITED