Author: roymorgansocial

McGowan drive cuts FIFO numbers

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Original article by Paul Garvey
The Australian – Page: 5 : 17-May-21

The number of east coast-based ‘fly-in fly-out’ workers in Western Australia’s mining sector was estimated at between 4,000 and 5,000 at the start of the COVID-19 pandemic. The Chamber of Minerals & Energy estimates that about 2,000 of these workers have relocated to WA since Premier Mark McGowan urged them to do so in May 2020. CME CEO Paul Everingham says the number of FIFO workers in the state’s mining sector could eventually fall to around 1,000. However, he believes that a labour shortage means that resources groups will need to continue to recruit workers from interstate.

CORPORATES
THE CHAMBER OF MINERALS AND ENERGY OF WESTERN AUSTRALIA INCORPORATED, WESTERN AUSTRALIA. DEPT OF THE PREMIER AND CABINET

Battle over high-income tax cuts

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Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 6 : 13-May-21

Treasurer Josh Frydenberg has defended the decision to extend the low and middle income tax offset for another year in the May 2021 Budget. He argues that the tax offset will support aggregate demand and job creation, while he has not ruled out extending it again if circumstances warrant such a move. However, Frydenberg contends that the tax offset was never intended to be permanent and must end before the legislated stage-three income tax cuts take effect in 2024. Labor has not yet committed to supporting the tax cuts, which will benefit people on high incomes in particular.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN LABOR PARTY

Revolving door – Thousands cleared to jet in and out of Australia multiple times during pandemic

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Original article by Tom Minear, Miles Proust
Herald Sun – Page: 1 & 6 : 13-May-21

The Budget papers show that the federal government does not expect the majority of Australians to be able to travel overseas until at least mid-2022. However, Australian Border Force data shows that 134,758 citizens and permanent residents have received exemptions to travel overseas since the pandemic began. This includes 37,456 people who received a travel exemption on compassionate or humanitarian grounds, while 13,762 were allowed to leave Australia and return on multiple occasions. An ABF spokeswoman says the latter includes Australian Defence Force members and airline staff. Home Affairs Minister Karen Andrews says the federal government will review the exemptions process.

CORPORATES
AUSTRALIAN BORDER FORCE, AUSTRALIAN DEFENCE FORCE, AUSTRALIA. DEPT OF HOME AFFAIRS

Federal public service boom

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Original article by John Rolfe
Herald Sun – Page: 8 : 13-May-21

The May 2021 Budget papers show that the ranks of the federal public service will swell to 174,300 in 2021-22, with almost 5,400 new staff to be recruited during the coming financial year. Government agencies that are taking on additional staff include the Australian Commission for Law Enforcement Integrity and the Productivity Commission. Public servant numbers peaked at 182,500 under the former Labor government, and the Coalition had reduced this to 165,600 by 2015-16. The public service’s operating expenses will rise from $76bn in 2020-21 to $78.1bn.

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Levy sparks alarm in energy industry

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Original article by Perry Williams
The Australian – Page: 19 : 13-May-21

Industry body APPEA has expressed concern about the federal government’s proposed levy on the nation’s offshore oil and gas industry. The Budget measure will help fund the cost of decommissioning the Northern Endeavour floating platform and the associated Laminaria and Corallina oil fields in the Timor Sea. APPEA Andrew McConville says other options should be considered, warning that the levy is a "terrible precedent" that could adversely affect the domestic economy and jobs in the oil and gas sector.

CORPORATES
AUSTRALIAN PETROLEUM PRODUCTION AND EXPLORATION ASSOCIATION LIMITED

AAA rating likely to be downgraded

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Original article by Michael Read
The Australian Financial Review – Page: 15 : 13-May-21

S&P Global Ratings placed Australia’s triple-A credit rating on negative outlook in April 2020, in response to the COVID-19 pandemic. The Commonwealth Bank has warned that Australia could potentially be downgraded to AA+ when S&P undertakes its annual review of the nation’s credit rating in September. Fixed income strategists Philip Brown and Martin Whetton attribute this to Australia’s rapidly growing net debt. However, ratings agencies are generally positive about Budget measures aimed at further stimulating the economy.

CORPORATES
S&P GLOBAL RATINGS, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA

Nursing home reforms set to raise standards

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Original article by Andrew Tillett
The Australian Financial Review – Page: 13 : 13-May-21

Changes announced in the May 2021 Budget will shift aged-care funding out of the hands of providers and give older Australians greater choice of nursing homes. Aged-care experts contend that this will increase competition in the sector and force poorly-performing aged-care facilities to lift their standards. Aged-care homes will also be required to provide each resident with a minimum of 200 minutes of care each day from October 2023. However, unions contend that the sector will continue to face staff shortages unless the government takes action to increase the wages of aged-care workers.

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‘Completely excluded’: budget delivers $58.6m to media but ABC misses out

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Original article by Amanda Meade
The Guardian Australia – Page: Online : 13-May-21

Former ABC bureaucrat Michael Ward has criticised the lack of funding for the public broadcaster in the federal government’s May 2021 Budget. He contends that the ABC is among the few media companies that are excluded from the $58.6m funding package. Amongst other things, SBS will receive a $30m funding boost, some $8m has been allocated to community broadcasting and the privately-owned AAP newswire service will receive $15m. The Australian Communications & Media Authority will receive an additional $4.2m to implement the news media bargaining code.

CORPORATES
AUSTRALIAN BROADCASTING CORPORATION, SPECIAL BROADCASTING SERVICE (SBS), AUSTRALIAN ASSOCIATED PRESS PTY LTD, AUSTRALIAN COMMUNICATIONS AND MEDIA AUTHORITY

Pfizer warns that a Covid vaccine patent waiver could harm supply and safety

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Original article by Paul Karp
The Guardian Australia – Page: Online : 13-May-21

Australia is continuing to resist a global push to waive intellectual property protections for COVID-19 vaccines. Pfizer has used its submission to a parliamentary inquiry into vaccine fraud to argue that rather than increasing global supply of vaccines, a waiver may in fact make it more difficult to manufacture vaccines due to increased competition for raw materials. Pfizer has also highlighted the increased risk of Australians being offered counterfeit vaccines by scammers. Meanwhile, Moderna has advised that the federal government has agreed to buy 25 million doses of its mRNA-based vaccine, including 10 million doses in 2021. It is also holding talks about manufacturing the two-dose vaccine in Australia.

CORPORATES
PFIZER AUSTRALIA PTY LTD, PFIZER INCORPORATED, MODERNA INCORPORATED

Budget 2021: Stock winners and losers

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Original article by David Rogers
The Australian – Page: 24 : 13-May-21

Macquarie Equities has identified stocks that are likely to benefit from measures in the federal government’s May 2021 Budget. The extension of the instant asset write-off for businesses should boost the sales of companies such as JB Hi-Fi and Wesfarmers, while CSR, CIMIC and Seven Group are among the stocks that should benefit from the government’s move to ramp up infrastructure investment and provide further stimulus for the housing sector. Meanwhile, travel-related stocks were sold down on 12 May after the government signalled that Australia’s international borders will not re-open for some time.

CORPORATES
JB HI-FI LIMITED – ASX JBH, WESFARMERS LIMITED – ASX WES, CSR LIMITED – ASX CSR, CIMIC GROUP LIMITED – ASX CIM, SEVEN GROUP HOLDINGS LIMITED – ASX SVW, MACQUARIE EQUITIES LIMITED