Author: roymorgansocial

Health impacts of bushfires won’t be known for years, experts say

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Original article by Dana McCauley
The Age – Page: Online : 7-Jan-20

The bushfire smoke that has shrouded major cities such as Sydney, Melbourne and Canberra has raised concerns about the long-term health impact of the disaster. Professor Bin Jalaludin from the University of New South Wales says research shows that all parts of the body are affected by air pollution, noting that it can trigger neurological conditions. He adds that people with pre-existing medical conditions such as heart disease and high blood pressure may be at greater risk of a heart attack due to exposure to air pollution.

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UNIVERSITY OF NEW SOUTH WALES

More hazard-reduction burns not the answer, experts warn

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Original article by Mike Foley
The Sydney Morning Herald – Page: Online : 7-Jan-20

Prime Minister Scott Morrison says the issue of hazard management in national parks will be on the agenda for the next Council of Australian Governments meeting in March. Morrison has called for more emphasis on hazard-reduction burns in response to the bushfire crisis. Associate Professor Philip Zylstra from the University of Wollongong argues that more prescribed burning has been undertaken in the last decade than in many years. He adds that a large increase in hazard reduction burns would heighten fire risks and affect air quality in cities and towns during the winter months.

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AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, COUNCIL OF AUSTRALIAN GOVERNMENTS, UNIVERSITY OF WOLLONGONG

PM’s $2bn recovery vow

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Original article by Ben Packham, Olivia Caisley
The Australian – Page: 1 & 4 : 7-Jan-20

The federal government will provide the National Bushfire Recovery Agency with initial funding of $2bn, which will be used to support communities that have been devastated by the bushfires. The funding will be used to rebuild critical infrastructure, provide grants to small businesses and farmers, and to offer mental health support for people who have been affected by the disaster. Prime Minister Scott Morrison has emphasised that recovering from the bushfires is a greater priority for the government than a Budget surplus. He adds that the government’s climate change policies will not be reviewed as a result of the disaster.

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AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF THE TREASURY

ASX could hit 7000, but don’t get too excited

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Original article by Luke Housego
The Australian Financial Review – Page: 13 & 26 : 7-Jan-20

Market strategists are generally upbeat about the outlook for Australian equities in 2020, with the majority forecasting that the S&P/ASX 200 will reach 7,000 points. However, Chris Nicol of Morgan Stanley expects the benchmark to end the year at just 6,700 points, while Hasan Tevfik of MST Marquee has a year-end target of 7,100. Meanwhile, Damien Boey of Credit Suisse has forecast earnings-per-share growth of seven per cent.

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STANDARD AND POOR’S ASX 200 INDEX, MORGAN STANLEY AUSTRALIA LIMITED, MST MARQUEE, CREDIT SUISSE (AUSTRALIA) LIMITED

Japan tipped to lead inbound M&A

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Original article by Lucas Baird
The Australian Financial Review – Page: 14 : 6-Jan-20

Alex Cartel of Deutsche Bank expects Japanese companies to pursue more takeover deals in Australia during 2020, following bids for Carlton & United Breweries and DuluxGroup in 2019. He notes that Japan has replaced China as a key driver of inbound mergers and acquisitions deals in the last several years. Simon Ranson of JP Morgan adds that offshore private equity firms are cashed up, noting that factors such as the low Australian dollar will make the nation attractive to them.

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DEUTSCHE BANK AG, JP MORGAN AUSTRALIA LIMITED, CARLTON AND UNITED BREWERIES, DULUXGROUP LIMITED, ASAHI GROUP, NIPPON PAINT, HERBERT SMITH FREEHILLS PTY LTD, BELLAMY’S AUSTRALIA LIMITED, AUSTRALIA. FOREIGN INVESTMENT REVIEW BOARD, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION

Barty to donate winnings to bushfire fund

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Original article by Courtney Walsh
The Australian – Page: 22 : 6-Jan-20

Australian tennis star Ash Barty has pledged to donate her entire earnings from the upcoming Brisbane International tournament to bushfire relief. Barty could potentially earn up to $382,000 if she wins the tournament. Meanwhile, the Australian Open’s defending champion Novak Djokovic says organisers may have to postpone the Grand Slam event if air quality in Melbourne worsens due to the bushfires. Barty is not concerned about delaying the Open, arguing that tennis is trivial compared with the ongoing crisis.

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AUSTRALIAN OPEN TENNIS

Will Australia win from new tax rules?

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Original article by Tom McIlroy
The Australian Financial Review – Page: 3 : 6-Jan-20

The OECD and the Group of 20 are heading an initiative to re-write international tax laws to cope with the digital age. The proposed system could include an effective minimum rate of global tax and the adoption of new global allocation rules. Some countries have sought to act unilaterally in the adoption of digital services taxes on US digital companies like Google and Facebook, but the Trump administration has sought to ‘punish’ such countries by the imposition of tariffs. There are hopes a new international tax system could be in place by the end of 2020, but some tax experts have their doubts.

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ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT, GROUP OF TWENTY (G-20), FACEBOOK INCORPORATED, GOOGLE INCORPORATED

$15b small business tax debt in sights

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Original article by Tom McIlroy
The Australian Financial Review – Page: 7 : 6-Jan-20

Inspector-General of Taxation and Taxation Ombudsman Karen Payne is conducting a probe into the Australian Taxation Office’s $45 billion debt book. Payne’s examination includes the investigation of around $15 billion in small business debt to the ATO, with Payne saying her review will help to identify which areas of the economy are seeing increases in undisputed debt collections. As well as her review of the ATO’s debt book, Payne’s office is also investigating the tax administration of deceased estates.

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AUSTRALIAN TAXATION OFFICE

Glencore considered Fortescue takeover in 2016, but Forrest wasn’t keen

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Original article by Perry Williams
The Australian – Page: 13 & 15 : 6-Jan-20

Sources have indicated that Anglo-Swiss mining giant Glencore held internal talks regarding a potential bid for Fortescue Metals Group in 2016. It is believed that Glencore looked at a possible approach to Fortescue in order to diversify into iron ore and to capitalise on a sharp fall in the price of the steel input at the time. Glencore has declined to comment, while Fortescue CEO Elizabeth Gaines says the company is focused on growing its business. Glencore had previously sought to expand into iron ore in 2014, via a $190bn merger proposal with Rio Tinto.

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FORTESCUE METALS GROUP LIMITED – ASX FMG, GLENCORE PLC, RIO TINTO LIMITED – ASX RIO, BHP GROUP LIMITED – ASX BHP, COAL AND ALLIED INDUSTRIES LIMITED

Priceless artworks in the bush firing line

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Original article by Matthew Westwood
The Australian – Page: 19 : 6-Jan-20

Some of the major artworks at the historic Bundanon property and art centre near Nowra in New South Wales have been moved to a safer location due to the bushfire threat. The Bundanon Trust has indicated that more artworks may be moved after the Currowan bushfire came close to the property, which was gifted to the nation by artist Arthur Boyd and his wife in 1993. Bundanon’s $43m art collection include works by Boyd, Sidney Nolan and Charles Blackman. Meanwhile, poor air quality due to smoke from bushfires prompted the closure of art museums in Canberra on 5 January.

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BUNDANON TRUST, NATIONAL GALLERY OF AUSTRALIA, NATIONAL PORTRAIT GALLERY (AUSTRALIA), MUSEUM OF AUSTRALIAN DEMOCRACY