Author: roymorgansocial

PM’s tax cut ultimatum to senators

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Original article by Simon Benson, Joe Kelly
The Australian – Page: 1 & 2 : 25-Jun-19

The federal government will push for the Senate to pass its full income tax cuts package after Labor advised that it will not support the third stage of the tax cuts. A meeting of Labor’s frontbench endorsed the first stage of the tax package on 24 June, while Opposition Leader Anthony Albanese has urged the government to bring forward the second stage of the tax cuts to stimulate the economy. The government will require the support of four crossbench Senators if Labor votes against the full tax package.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF FINANCE, CENTRE ALLIANCE, AUSTRALIAN GREENS, THE AUSTRALIAN INDUSTRY GROUP, AUSTRALIAN CHAMBER OF COMMERCE AND INDUSTRY

News takes AFP raid fight to High Court

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Original article by Leo Shanahan
The Australian – Page: 6 : 25-Jun-19

The ABC and News Corp Australia will both challenge the constitutional validity of the Australian Federal Police’s recent media raids. The ABC will ask the Federal Court to rule that the AFP’s warrant was invalid on a number of grounds, including that it infringed the public broadcaster’s implied right of political communication. News Corp Australia will use similar arguments in the High Court; it will also seek confirmation from the AFP that it is no longer investigating the media group itself or journalist Annika Smethurst.

CORPORATES
AUSTRALIAN BROADCASTING CORPORATION, NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS, AUSTRALIAN FEDERAL POLICE, FEDERAL COURT OF AUSTRALIA, HIGH COURT OF AUSTRALIA, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, AUSTRALIAN DEFENCE FORCE, AUSTRALIAN SIGNALS DIRECTORATE

Business urges new work rules

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Original article by David Marin-Guzman
The Australian Financial Review – Page: 1 & 4 : 25-Jun-19

Prime Minister Scott Morrison discussed the federal government’s industrial relations policy in a speech to the Chamber of Commerce & Industry of Western Australia on 24 June. Business leaders have outlined the workplace reforms they would like to see during the Coalition’s third term in office. Australian Mines & Metals Association CEO Steve Knott says an overhaul of the enterprise bargaining system should be a priority, as well as changes to the ‘better off overall test’. Australian Chamber of Commerce & Industry CEO James Pearson in turn has called for changes to small business dismissal laws.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, CHAMBER OF COMMERCE AND INDUSTRY OF WESTERN AUSTRALIA (INCORPORATED), AUSTRALIAN MINES AND METALS ASSOCIATION (INCORPORATED), AUSTRALIAN CHAMBER OF COMMERCE AND INDUSTRY, THE AUSTRALIAN INDUSTRY GROUP, ACTU, AUSTRALIA. DEPT OF JOBS AND SMALL BUSINESS, WOOLWORTHS GROUP LIMITED – ASX WOW, AUSTRALIA. FAIR WORK COMMISSION, THE AUSTRALIA INSTITUTE LIMITED. CENTRE FOR FUTURE WORK

Westpac admits to being less mature on non-financial risks

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Original article by Richard Gluyas
The Australian – Page: 21 : 25-Jun-19

Westpac has begun to implement the recommendations arising from a self-assessment of its culture and governance, while it will also take on board any feedback from the Australian Prudential Regulation Authority. APRA requested the major banks to undertake a self-assessment in the wake of governance scandals at the Commonwealth Bank. Westpac has not released the full report of its self-assessment, but shareholders have been told that the review showed that its management of non-financial risks can be improved.

CORPORATES
WESTPAC BANKING CORPORATION – ASX WBC, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ

RBNZ orders independent reviews of ANZ

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Original article by Joyce Moullakis
The Australian – Page: 21 : 25-Jun-19

The Reserve Bank of New Zealand has commissioned reviews of the ANZ Bank’s compliance with capital requirements and governance standards. The independent reviews follow the recent departure of the bank’s New Zealand CEO David Hisco after a review of his personal expense claims. Meanwhile, Mark Nathan of Regal Funds Management expects the central bank to make changes to its proposed overhaul of Australian banks’ capital requirements in response to feedback from the industry.

CORPORATES
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, ANZ NATIONAL BANK LIMITED, RESERVE BANK OF NEW ZEALAND, REGAL FUNDS MANAGEMENT PTY LTD, NEW ZEALAND. FINANCIAL MARKETS AUTHORITY

ACTU goes after Qantas over bonus

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Original article by David Marin-Guzman
The Australian Financial Review – Page: 8 : 24-Jun-19

The ACTU will lodge legal action against Qantas in the Fair Work Commission on 24 June over its payment of employee bonuses. The ACTU will allege that the airline is discriminating against employees on collective agreements, in that it will only pay a $2,000 bonus once employees sign on to Qantas-endorsed enterprise agreements; the ACTU notes that some collective agreements do not expire until late 2020. Former Qantas chairman Leigh Clifford noted at its 2018 AGM that the same conditions applied to its last three bonuses.

CORPORATES
ACTU, QANTAS AIRWAYS LIMITED – ASX QAN, AUSTRALIA. FAIR WORK COMMISSION

Albanese’s letter details the Setka sins hurting Labor

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Original article by Ewin Hannan
The Australian – Page: 1 & 2 : 24-Jun-19

Federal Labor leader Anthony Albanese wants its national executive to expel CFMMEU Victorian secretary John Setka from the party when it meets on 5 July. Albanese has written to Labor’s national secretary Noah Carroll outlining the reasons why he thinks Setka should be expelled. Albanese says that Setka’s conduct in recent years has caused harm to Labor, as has the negative media coverage of his actions. Albanese says that Labor has "critical work" to do on behalf of Australians, and that it cannot be distracted from its goals.

CORPORATES
AUSTRALIAN LABOR PARTY, CONSTRUCTION, FORESTRY, MARITIME, MINING AND ENERGY UNION OF AUSTRALIA

Thrones and Monty take Lions’ share

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Original article by Stephen Drill
The Australian – Page: 26 : 24-Jun-19

DDB Sydney has won a Gold Lion at the annual Cannes Lions Festival of Creativity for its Grave of Thrones: Final Resting Place advertising campaign for pay-TV group Foxtel. Meanwhile, Mindshare Sydney won a silver Lion for a Foxtel cricket app which used artificial intelligence to forecast when a wicket was likely to fall. TBWA Melbourne, Naked Communications and VML&R are among the other Australia ad agencies that won awards at Cannes.

CORPORATES
DDB SYDNEY PTY LTD, MINDSHARE, FOXTEL MANAGEMENT PTY LTD, CANNES LIONS INTERNATIONAL FESTIVAL OF CREATIVITY, TBWA, NAKED COMMUNICATIONS AUSTRALIA PTY LTD, VML&R

Rivals unite on law reform

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Original article by Leo Shanahan
The Australian – Page: 24 : 24-Jun-19

News Corp Australasia executive chairman Michael Miller, ABC MD David Anderson and Nine Entertainment Company CEO Hugh Marks will jointly address the National Press Club on 26 June. They will call for legislative reforms to ensure freedom of the press and the public’s right to know. The joint speech follows the recent police raids on the ABC’s Sydney offices and the home of a News Corp journalist. The ABC is set to launch a legal challenge to the Australian Federal Police raids, while News Corp is still considering its legal options.

CORPORATES
NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS, AUSTRALIAN BROADCASTING CORPORATION, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, NATIONAL PRESS CLUB (AUSTRALIA), AUSTRALIAN FEDERAL POLICE

Retail the weakest part of the economy, RBA warns

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Original article by Eli Greenblat
The Australian – Page: 17 & 20 : 24-Jun-19

The Reserve Bank of Australia has released a report which highlights the tough trading environment for the retail sector. The central bank’s June bulletin notes that retailers’ profit margins are being hit by price competition, while profitability in the sector may be at risk if retailers seek to boost market share by selling products at a loss. The net margins of food retailers have fallen below five per cent, compared with more than seven per cent in 2009. There has also been a sharp decline in the net margins of non-food retailers over this period.

CORPORATES
RESERVE BANK OF AUSTRALIA, COLES GROUP LIMITED – ASX COL, WOOLWORTHS GROUP LIMITED – ASX WOW, ALDI STORES SUPERMARKETS PTY LTD, COSTCO WHOLESALE AUSTRALIA PTY LTD, ZARA, UNIQLO AUSTRALIA PTY LTD