Author: roymorgansocial

Legal privilege claims in 20pc of ATO multinational cases

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Original article by Tim Pallas
The Australian Financial Review – Page: 10 : 27-Jun-19

The Australian Taxation Office has revealed that its push to crack down on tax avoidance by multinationals is being stymied by excessive claims that requested documents are protected by legal professional privilege. Deputy commissioner Mark Konza says that of the 122 audits of large multinationals that the ATO is currently undertaking, 24 companies have sought a blanket claim for legal professional privilege. This includes about 19,000 documents in one instance.

CORPORATES
AUSTRALIAN TAXATION OFFICE

Trump chatter, low rates fuel gold boom

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Original article by William McInnes
The Australian Financial Review – Page: 27 : 27-Jun-19

The US spot gold price has gained more than per cent so far in June, amid falling bond yields, expectations of global monetary policy easing and ongoing trade tensions. Jasper Lawler of London Capital Group expects the price of gold to continue to rise, with the firm lifting its medium-term target for the precious metal to $US1,680 an ounce. Shares in Australian-listed gold producers have also rallied in June, but Morgan Stanley says the sector is now too expensive.

CORPORATES
LONDON CAPITAL GROUP, MORGAN STANLEY AUSTRALIA LIMITED, ST BARBARA LIMITED – ASX SBM, SARACEN MINERAL HOLDINGS LIMITED – ASX SAR, NEWCREST MINING LIMITED – ASX NCM, NORTHERN STAR RESOURCES LIMITED – ASX NST, REGIS RESOURCES LIMITED – ASX RRL, TF GLOBAL MARKETS, OANDA AUSTRALIA PTY LTD

Follow the UK on press freedom, PM urged

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Original article by Zoe Samios
The Australian – Page: 4 : 27-Jun-19

A court ruling that media companies can be regarded as the publisher of comments posted on Facebook has prompted industry leaders to call for legislative action. News Corp Australasia executive chairman Michael Miller says the federal government should adopt similar laws to those in the UK, whereby publishers are not legally responsible for comments that their readers post on their social media pages. ABC MD David Anderson also expressed concern about the ruling, while Nine Entertainment CEO Hugh Marks said Facebook should be subject to the same regulations as traditional media.

CORPORATES
NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS, AUSTRALIAN BROADCASTING CORPORATION, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, FACEBOOK INCORPORATED, NATIONAL PRESS CLUB (AUSTRALIA), SUPREME COURT OF NEW SOUTH WALES

Security laws used to avoid scrutiny, say media bosses

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Original article by Max Mason
The Australian Financial Review – Page: 5 : 27-Jun-19

News Corp Australasia chairman Michael Miller, Nine Entertainment CEO Hugh Marks and ABC MD David Anderson jointly addressed the National Press Club on 26 June. They discussed issues such as the Australian Federal Police’s recent media raids, the impact of national security laws on freedom of the press and the public’s right to know, and the need for an overhaul of defamation laws. Miller suggested that the AFP raids on the ABC’s Sydney office and the home of News Corp journalist Annika Smethurst constituted intimidation rather than investigation.

CORPORATES
AUSTRALIAN BROADCASTING CORPORATION, NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, AUSTRALIAN BROADCASTING CORPORATION, AUSTRALIAN FEDERAL POLICE, NATIONAL PRESS CLUB (AUSTRALIA), AUSTRALIA. ATTORNEY-GENERAL’S DEPT, FACEBOOK INCORPORATED, SUPREME COURT OF NEW SOUTH WALES

Sydney house prices forecast to grow 7pc

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Original article by Ingrid Fuary-Wagner
The Australian Financial Review – Page: 3 : 27-Jun-19

Domain Group is upbeat about the outlook for Australia’s residential property market, forecasting that prices will rebound by the end of 2019. Domain economist Trent Wiltshire says the Coalition’s federal election win, official interest rate cuts and the prospect of changes to mortgage serviceability tests bode well for housing prices. Domain forecasts that house prices in Sydney will rise two per cent in the second half of 2019 and up to five per cent in 2020, while prices in Melbourne will rise by one per cent by year’s end and 1-3 per cent in 2020.

CORPORATES
DOMAIN HOLDINGS AUSTRALIA LIMITED – ASX DHA, MOODY’S ANALYTICS AUSTRALIA PTY LTD, CORELOGIC AUSTRALIA PTY LTD

Public service growth hurting the economy

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Original article by Adam Creighton
The Australian – Page: 2 : 26-Jun-19

The Commonwealth Bank of Australia has released a report which shows that the public sector accounted for 85 per cent of jobs that were created in the year to May 2019. CBA economist Gareth Aird notes that a rise in public sector employment tends to result in a short-term increase in demand in the economy, but it does little to boost productivity. Aird adds that the non-productive nature of most public sector work is a key reason why GDP growth is slowing while jobs growth is strong.

CORPORATES
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIAN BUREAU OF STATISTICS, RESERVE BANK OF AUSTRALIA

Fortescue says $2.3b trumps Aboriginal voice in Parliament

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Original article by Brad Thompson
The Australian Financial Review – Page: 21 : 26-Jun-19

Fortescue Metals Group CEO Elizabeth Gaines says the pure-play iron ore miner favours "practical" measures to address disadvantage in Aboriginal communities rather than supporting the proposal for an indigenous voice to Parliament. Fortescue announced on 25 June that it has awarded two contracts worth a combined $179m to Aboriginal-owned businesses; it has awarded $2.3bn worth of contracts to Aboriginal-owned business and joint ventures since 2011. BHP and Rio Tinto declared their support for an indigenous voice to Parliament in early 2019.

CORPORATES
FORTESCUE METALS GROUP LIMITED – ASX FMG, BHP GROUP LIMITED – ASX BHP, RIO TINTO LIMITED – ASX RIO

PM calls for US-China calm

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Original article by Simon Benson
The Australian – Page: 1 & 4 : 26-Jun-19

Prime Minister Scott Morrison will use his first foreign policy speech since the 18 May election to urge the US and China to resolve their trade dispute, stressing that they must act in the global interest rather than their own interests. Morrison’s speech on 26 June will also warn that the trade tensions are causing "collateral damage" in the Asia-Pacific region, and that Australia is prepared to act in its own economic and security interests if the dispute worsens.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, GROUP OF TWENTY (G-20), WORLD TRADE ORGANIZATION

IR law too complex to get pay right

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Original article by David Marin-Guzman
The Australian Financial Review – Page: 1 & 6 : 26-Jun-19

Former Fair Work Ombudsman Natalie James says the employee underpayment scandal demonstrates that Australia’s workplace relations system is too complex and needs to be reviewed. She argues that "fundamental misunderstandings" about industrial awards and enterprise agreements are causing workers to be underpaid. Employers’ groups have advocated changes to the procedures for approving enterprise bargaining agreements, amid a blowout in the average number of days the Fair Work Commission takes to approve them and a sharp increase in EBAs that are approved only after employers agree to additional undertakings.

CORPORATES
AUSTRALIA. FAIR WORK OMBUDSMAN, AUSTRALIA. FAIR WORK COMMISSION, SUPER RETAIL GROUP LIMITED – ASX SUL, BEAUREPAIRS, AUSTRALIAN BROADCASTING CORPORATION, THE AUSTRALIAN INDUSTRY GROUP, AUSTRALIAN MINES AND METALS ASSOCIATION (INCORPORATED), ACTU, DELOITTE TOUCHE TOHMATSU LIMITED, COLES SUPERMARKETS AUSTRALIA PTY LTD, THE AUSTRALIA INSTITUTE LIMITED. CENTRE FOR FUTURE WORK

Coalition slams Labor on tax cut rollback option

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Original article by Phillip Coorey
The Australian Financial Review – Page: 5 : 26-Jun-19

Shadow treasurer Jim Chalmers has indicated that Labor’s policy platform for the next federal election could potentially include scrapping the Coalition’s stage-three tax cuts that have already been legislated. He says the shadow cabinet continues to have reservations about both the legislated and unlegislated components of the third stage of the Coalition’s income tax cuts package. Chalmers’ comments have been criticised by Acting Treasurer Simon Birmingham, while Centre Alliance senator Rex Patrick remains open to supporting the full tax package.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE TREASURY, CENTRE ALLIANCE