Original article by James Madden The Australian – Page: 19 : 12-Oct-20
The coronavirus pandemic has prompted key sports codes such as the AFL and NRL to renegotiate their current broadcasting rights deals. However, horse racing coverage has attracted a growing audience during the pandemic, which is likely to result in a significant increase in the cost of the sport’s next broadcasting rights deals. Meanwhile, the fourth running of ‘The Everest’ is expected to attract record TV ratings on 17 October.
CORPORATES AUSTRALIAN FOOTBALL LEAGUE, NATIONAL RUGBY LEAGUE, RACING NSW
by Marcus L’Estrange, The Sensible Centrist No 44, 9th October 2020
“I believe around two million Australians are unemployed, or around 15 per cent, with 1.3 million underemployed. All up, around 25 per cent plus.
The dramatic understatement of Australia’s unemployment and underemployment figures by the ABS causes major distortions in handling covid19, economic planning and general policy making.”
“The Australian Bureau of Statistics ‘Labour Force’ unemployment figures of 6.7 per cent must be taken with a massive grain of salt. They are merely a political definition of unemployment, not an actuarial one.
Terry McCrann has attacked the ABS’ official unemployment figures, effectively calling them “fake” and claiming the real figure is more like 30 per cent in the private sector: “The ABS has to ditch its ludicrous methods of measuring joblessness if it wants to be taken seriously again” (Sunday Herald Sun, May 10, 2020).
He claimed that the ABS unemployment estimates were already ridiculous 30 years ago, and are beyond ridicule now. The only jobs data that now have any meaning come from Roy Morgan Research.
Back in 2017, Adam Creighton wrote in The Australian: “The definition of unemployment certainly doesn’t satisfy the ‘pub test’. It actually includes only a minority of people without work who want it. Imagine if a group of rogue statisticians, hellbent on issuing numbers that reflect reality, seized control of the Australian Bureau of Statistics. Their first decision would be to release an unemployment rate above 15 per cent — almost triple the official figure”.
There are many reasons for this but the following examples should suffice:
The ABS regard you as unemployed only if you are “actively looking for work” in the week prior to the survey period. But just what work is there to look for right now and indeed for many years, particularly since the global financial crisis? Not only are businesses not hiring now, many are being forced to not operate at all. Persons who only looked in newspapers or at job advertisements on the internet are seen as passively, rather than actively, looking for work and so are not considered unemployed. How job seekers are supposed to apply for a job that they are unqualified for or simply doesn’t exist, in order to be regarded as an “active” job seeker, is beyond me. Similarly, just checking noticeboards is not considered an active job search.
JobSeeker/Youth Training Allowance (dole) recipients, due to covid19 restrictions, do not at the moment have any mutual obligation requirements, (e.g. “actively looking for work”) because the requirements have been suspended until June 1, 2020. So, no one on JobSeeker allowance (1.6 million mid May) and no one on the JobKeeper allowance will be counted as unemployed. As of mid May, 835,000 employers, with six million employees, are covered by JobKeeper. The ANZ Job Vacancy survey for April showed that there were 64,000 vacancies, down from 136,000 in March and 62 per cent lower than a year ago.
Commentator Alan Kohler asked on April 25: “Six million people are budgeted to get it (JobKeeper), which is 46 per cent of the workforce. Would they have been unemployed without it? Does that mean unemployment would have been 56 per cent, not 15 per cent, without the Job Keeper Allowance?”
If you work one hour in the week before the survey period you are regarded as being employed. The ABS gives the same status to people who work one hour as those who work 40 hours plus! A more objective measure would be the average number of hours worked per month per adult. Apart from being more objective, it incorporates the impact of unemployment, participation, underemployment and population ageing.
If you are not ready to start work during the week after the survey you are not counted as being unemployed. For example, if you have short-term health problems, are moving house or you cannot immediately obtain childcare, you don’t count. You are not unemployed.
People stood down who receive even a week or two of annual/long service leave will also be counted as employed. Additionally, people who have been laid off are not counted as unemployed if they believe they have a job to go back to within four weeks.
A falling rate of participation in the labour market. If people simply give up looking for work, that reduces the actual number of officially unemployed Australians. Half a million workers dropped out of the workforce in April and were not counted as unemployed. Hence the nonsensical ABS figure of 6.2 per cent for April.
Youth Allowance (youth dole) recipients who are studying part time as a requirement of receiving the dole are not counted as being unemployed.
If you receive JobSeeker (dole) but are allowed to engage in volunteering, work part time or are homeless, you are not counted as being unemployed.
If you have worked without pay in a family business during the survey week you are counted as being employed.
When you allow for these factors, the real figure is, well, certainly not 6.7 per cent. I believe it is at least around two million unemployed, or around 15 per cent, with 1.3 million underemployed. All up, around 25 per cent plus.
The dramatic understatement of Australia’s unemployment and underemployment figures by the ABS causes major distortions in handling covid19, economic planning and general policy making.”
Original article by Sally Patten The Australian Financial Review – Page: 2 : 28-Sep-20
Telstra chairman John Mullen has welcomed the federal government’s decision to upgrade the national broadband network by rolling out fibre-to-the-premises to more households and businesses. He says the NBN will be easier to maintain than the current hybrid system, which includes fibre-to-the-node and the existing copper network. Amid speculation that the NBN will eventually be sold, Mullen says the upgraded network will be more attractive to potential investors, including Telstra’s own infrastructure division. However, InfraCo would need to be demerged in order to buy the NBN.
CORPORATES TELSTRA CORPORATION LIMITED – ASX TLS,INFRACO,NBN CO LIMITED
Original article by Adam Creighton,Geoff Chambers The Australian – Page: 4 : 28-Sep-20
Deloitte Access Economics expects the federal government to announce a 2020-21 Budget deficit of $198.5bn on 6 October. This is just $14bn higher than the government had forecast in June. Chris Richardson of Deloitte says personal and corporate income tax receipts will exceed the government’s low expectations, while commodity prices have been more resilient than anticipated. He notes that the iron ore price in particular is still well above the Treasury’s projections. However, Deloitte expects federal debt to be about $401bn higher than the government’s pre-pandemic forecasts in 2023.
CORPORATES DELOITTE ACCESS ECONOMICS PTY LTD,AUSTRALIA. DEPT OF THE TREASURY
Original article by Killian Plastow The New Daily – Page: Online : 28-Sep-20
The federal government has flagged bringing forward tax cuts planned for 2024-25 when it hands down the budget on 6 October. There have been claims that doing so would increase inequality in Australia, but Chris Richardson from Deloitte Access Economics contends that the tax cuts are "fair". However, he suggests that while the tax cuts will help to stimulate the economy, other measures such as spending on infrastructure or social housing could be more effective, as the cuts will generally benefit high-income earners who are more likely to save the extra money than spend it.
Original article by Rosie Lewis The Australian – Page: 3 : 28-Sep-20
The federal government may intervene to end an industrial dispute at the Port Botany terminal of stevedoring firm Patrick. Attorney-General Christian Porter has indicated that he would be open to supporting Patrick if it applies to the Fair Work Commission to halt the Maritime Union of Australia’s industrial action. The MUA’s national secretary Paddy Crumlin says it is negotiating with stevedoring companies in good faith. He rejects suggestions that the legal industrial action has caused the massive delays at Port Botany that have been alleged by Patrick.
CORPORATES PATRICK CORPORATION LIMITED,MARITIME UNION OF AUSTRALIA,AUSTRALIA. FAIR WORK COMMISSION,AUSTRALIA. ATTORNEY-GENERAL’S DEPT
Original article by Rebecca Urban,Remy Varga The Australian – Page: 1 & 4 : 28-Sep-20
Premier Daniel Andrews says further easing of COVID-19 lockdown restrictions in Victoria will depend solely on case numbers rather than the timetable outlined in his government’s ‘roadmap’. Andrews announced a number of changes to lockdown rules on 27 September, including the abolition of Melbourne’s controversial nightly curfew. In addition, the next date for easing of restrictions has been brought forward by one week, to 19 October, while Andrews has again urged the need to "stay the course" in coming weeks. Victoria reported 16 new coronavirus cases on 27 September, following 12 on 26 September and 14 on the previous day. There are currently 399 active cases across Victoria, and the state’s COVID-19 death toll has risen to 784.
Original article by Alex White,Kieran Rooney,Sharon McGowan Herald Sun – Page: 10 : 28-Sep-20
Victorian Premier Daniel Andrews has been criticised by some members of his own government over his treatment of former health minister Jenny Mikakos. One state Labor MP has described Daniels as a "tyrant" and a "dictator", after Mikakos resigned from both the health portfolio and parliament on 26 September. Mikakos said she cannot continue to serve in Andrews’ cabinet following his comments to the inquiry into the state’s hotel quarantine program. Amongst other things, Andrews said Mikakos was ‘accountable’ for the botched program. Martin Foley will take over the health portfolio.
CORPORATES VICTORIA. DEPT OF PREMIER AND CABINET,VICTORIA. DEPT OF HEALTH AND HUMAN SERVICES,AUSTRALIAN LABOR PARTY
Original article by Michael Pelly The Australian Financial Review – Page: 9 : 28-Sep-20
High Court judge Patrick Keane criticised the ‘old media’ in a recent speech titled ‘Too Much Information: civilisation and the problems of privacy’. Justice Keane claimed that media owners had a degree of self-interest in their push to have existing defamation laws changed, and that when it comes to choosing between the right to privacy and the right to know, they are likely to favour the right "with the dollar signs attached". The states recently agreed to introduce reforms to defamation laws which they argue in part will better protect public interest journalism, but so far New South Wales is the only state to have passed the uniform legislation.
Original article by Cliona O’Dowd The Australian – Page: 15 : 28-Sep-20
Investors Mutual founder Anton Tagliaferro does not expect the federal government’s proposal to scrap responsible lending laws to make a "material difference" to Australia’s banks. He says banks tend to be very cautious during a recession, adding that this is likely to continue going into 2021. Tagliaferro adds that banks are likely to be focused on existing loans in the near-term, as repayment deferral periods come to an end. Meanwhile, he expects the federal Budget on 6 October to include tax cuts and measures aimed at boosting jobs.
