Author: roymorgansocial

Feds should lead the charge on payroll tax reform: ACCI

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Original article by Ronald Mizen
The Australian Financial Review – Page: 9 : 6-Jul-21

Payroll tax is consistently one of the most pressing issues for business, according to a survey by the Australian Chamber of Commerce & Industry, and is viewed as an impediment to employment and economic growth. The ACCI has called the federal government to lead the way in its abolition by making up some of the revenue that would be lost by the states and territories if it was scrapped, with the states having levied almost $27 billion in payroll taxes in 2018-19. One possible option to replace money lost by scrapping payroll tax would be for the federal government to increase the GST and diverting the extra money raised back to the states.

CORPORATES
AUSTRALIAN CHAMBER OF COMMERCE AND INDUSTRY

ANZ-Roy Morgan New Zealand Consumer Confidence virtually unchanged at 114.1 in June

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Original article by Roy Morgan
Market Research Update – Page: Online : 5-Jul-21

ANZ-Roy Morgan New Zealand Consumer Confidence was virtually unchanged at 114.1 in June, a little under its historical average of 120. Consumers’ perceptions of their current financial situation rose 7 points to +14%, by far its strongest post-COVID level; meanwhile, a net 22% of consumers expect to be better off financially this time next year, down 5 points. In addition, a net 22% of consumers think it is a good time to buy a major household item, up 3 points to a post-COVID high. Perceptions regarding the next year’s economic outlook rose 4 points to +3%, and the five-year outlook fell 8 points to +10%. CPI inflation expectations jumped 0.7%pts to 5.1%, a record high in data that starts in 2010.

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ROY MORGAN LIMITED, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ

Miners, LNG insulated from tax

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Original article by Glenda Korporaal
The Weekend Australian – Page: 21 & 25 : 3-Jul-21

The OECD estimates that the new minimum corporate tax rate of 15 per cent could generate up to $US150bn ($201bn) in additional global tax revenue. The global tax regime has been backed by 130 countries and jurisdictions, including Australia; they have agreed to exclude ‘extractive industries’ such as mining and energy from the regime, which will make Australian companies in these sectors more attractive to international investors. Jones Day tax partner Niv Tadmore says large global companies will no longer be able to shelter their profits in other jurisdictions to avoid paying tax. This will include digital giants such as Google and Facebook, which have been widely criticised over the amount of tax they pay.

CORPORATES
ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT, JONES DAY, GOOGLE INCORPORATED, FACEBOOK INCORPORATED

ABC lashed over call to fund Milligan case

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Original article by Sophie Elsworth
The Australian – Page: 18 : 5-Jul-21

The ABC’s policy on employees’ usage of social media is under renewed scrutiny after the public broadcaster advised that it will pay the legal costs of investigative reporter Louise Milligan in a defamation case. Federal MP Andrew Laming alleges that his personal and professional reputation were "irrevocably" damaged after Milligan posted a series of tweets regarding claims that Laming had taken a photo of a woman while she was bending over. Liberal senator Sarah Henderson has questioned the ABC’s decision to fund Milligan’s legal defence, adding that taxpayers have the right to know whether it would also pay up if damages are awarded against her.

CORPORATES
AUSTRALIAN BROADCASTING CORPORATION, LIBERAL PARTY OF AUSTRALIA

Virus exit plan leaves us behind: business

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Original article by Hannah Wootton, Mark Ludlow
The Australian Financial Review – Page: 1 & 4 : 5-Jul-21

Business leaders have generally welcomed the federal government’s four-step plan to reopen Australia in the wake of the COVID-19 pandemic. However, they have called for greater clarity regarding the timeframe for reopening the economy, as well as the vaccination targets that will be required for each step of the plan. The four-point plan aims to phase out snap lockdowns and state border closures in early 2022, while the nation’s international borders will re-open later in that year. Business Council of Australia CEO Jennifer Westacott says the success of the exit strategy will depend on co-operation from the state and territory governments.

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BUSINESS COUNCIL OF AUSTRALIA

International airlines may be forced to suspend flights to Australia after arrival cap halved

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Original article by Matilda Boseley, Royce Kurmelovs
The Guardian Australia – Page: Online : 5-Jul-21

National cabinet recently agreed to reduce the number of international arrivals from 6,070 to 3,035 a week, with the cuts to take effect as from 14 July. Board of Airline Representatives executive director Barry Abrams says the cuts will make it hard for international airlines to maintain their current frequency of flights to Australia, while he has rejected suggestions airlines are trying to take advantage of the cut in arrivals by price gouging.

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BOARD OF AIRLINE REPRESENTATIVES OF AUSTRALIA INCORPORATED

Sims welcomes Facebook deals with two outlets

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Original article by Miranda Ward
The Australian Financial Review – Page: 29 : 5-Jul-21

Facebook has secured a content deal with online news website Guardian Australia under the federal government’s news media bargaining code. Guardian Australia content will be featured on the Facebook News platform, which has yet to be launched. Country Press Australia has also secured a content deal with the social media giant. Australian Competition & Consumer Commission chairman Rod Sims says the majority of local media companies have now secured such deals, adding that they would not have been achieved without the media bargaining code.

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FACEBOOK INCORPORATED, FACEBOOK AUSTRALIA PTY LTD, THE GUARDIAN AUSTRALIA, COUNTRY PRESS AUSTRALIA INCORPORATED, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION

Credit cards, home loans lead bank disputes lodged with ombudsman

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Original article by David Ross
The Australian – Page: Online : 5-Jul-21

Preliminary data from the Australian Financial Complaints Authority shows that it handled fewer disputes with financial services providers in 2020-21. The AFCA received more than 70,000 complaints during the financial year, compared with 80,500 in 2019-20. Credit cards accounted for 14 per cent of disputes in the last financial year, ahead of home loans (nine per cent) and personal transaction accounts (eight per cent). The AFCA also received 8,303 coronavirus-related complaints in 2020-21, compared with 5,013 in the last four months of 2019-20.

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AUSTRALIAN FINANCIAL COMPLAINTS AUTHORITY

China’s new front in the trade war with Australia – Africa

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Original article by Ian Verrender
abc.net au – Page: Online : 5-Jul-21

China is by far the biggest lender to Africa, with one of its more controversial strategies involving handouts being given in exchange for stakes in long-term mining projects where Chinese-government-owned firms take all the profits. It is estimated that China struck $US164 billion ($218 billion) worth of such deals across Africa in the four years to 2018, with the Natural Resource Governance Institute finding they deliver much more benefit to China than the host country. By increasing its influence in potentially iron ore-rich countries like Guinea and the Republic of Congo, China can reduce its reliance on Australia for iron ore.

CORPORATES
NATIONAL RESOURCE GOVERNANCE INSTITUTE, RIO TINTO LIMITED – ASX RIO

Forrest joins Gates’ climate venture fund

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Original article by Brad Thompson
The Australian Financial Review – Page: 15 : 5-Jul-21

Andrew Forrest has joined a number of well-known billionaires in investing in Breakthrough Energy Venture, a venture capital fund chaired by Microsoft’s co-founder Bill Gates. BEV will focus on emerging greenhouse gas-reducing technologies, and it has made initial investments in 46 companies across sectors such as electricity, transport and construction. The billionaires who have initially invested in BEV all made a minimum investment of at least US50 million ($66 million).

CORPORATES
MICROSOFT CORPORATION, BREAKTHROUGH ENERGY VENTURES