Lendlease slashes dividend as revenue falls

Original article by Michael Bleby
The Australian Financial Review – Page: 36 : 26-Feb-19

Lendlease has posted a 2018-19 interim net profit of $15.7m, compared with $425.7m previously. The result was marred by a $500m writedown in the value of its engineering and services division in late 2018. Lendlease’s revenue for the half-year was $7.7bn, down from $8.7bn previously. Its Australian arm has reported an EBITDA loss of $139.5m, while construction and development revenue also fell. Lendlease’s interim dividend has been reduced from $0.34 per share to just $0.12.

CORPORATES
LEND LEASE GROUP LIMITED – ASX LLC, TRANSURBAN GROUP LIMITED – ASX TCL

Incomes to be weak for years: IMF

Original article by John Kehoe
The Australian Financial Review – Page: 1 & 4 : 26-Feb-19

The International Monetary Fund expects the Australian economy to grow by just 2.6 per cent in 2020, compared with the federal government’s forecast of three per cent growth. The IMF’s forecasts also show that growth in real incomes will average 0.3 per cent annually over the next six years, when adjusted for inflation. This compares with a long-term average of 1.8 per cent since the 1960s. Industry Super Australia’s chief economist Stephen Anthony says the IMF’s forecasts demonstrate the need for both sides of politics to put economic reform on their policy agenda.

CORPORATES
INTERNATIONAL MONETARY FUND, INDUSTRY SUPER AUSTRALIA PTY LTD, AUSTRALIA. DEPT OF THE TREASURY, DELOITTE ACCESS ECONOMICS PTY LTD, OUTLOOK ECONOMICS, RESERVE BANK OF AUSTRALIA, AUSTRALIAN LABOR PARTY, LIBERAL PARTY OF AUSTRALIA, NATIONAL PARTY OF AUSTRALIA

Industry Superannuation Funds increase lead in satisfaction with performance

Original article by Roy Morgan
Market Research Update – Page: Online : 26-Feb-19

New research by Roy Morgan shows that members’ satisfaction with the financial performance of industry superannuation funds was 62.1% in the six months to January 2019, compared with 57.3% for retail super funds. Satisfaction with retail funds was 1.6% below that of industry funds in 2018, and this gap has now increased to 4.8%. Eight of the top 10 performing super funds, based on satisfaction with their financial performance, were industry funds in January 2019. The highest rating was for Catholic Super (72.1%), followed by Unisuper (70.8%). The only two retail funds to make it to the top 10 were Macquarie (65.9%) and Colonial First State (60.4%). These results are from the newly released Roy Morgan ‘Satisfaction with Financial Performance of Superannuation in Australia January 2019’ report. The data in this latest report represents some of the findings from Roy Morgan’s Single Source survey, which is based on in-depth interviews conducted face-to-face with over 50,000 consumers per annum in their homes, including over 30,000 with superannuation. Results presented here are based on interviews conducted in the six months to January 2019.

CORPORATES
ROY MORGAN LIMITED, CATHOLIC SUPER, UNISUPER LIMITED, MACQUARIE SUPERANNUATION, COLONIAL FIRST STATE SUPER

Letter in response to ‘Tribal warfare saps our energy’ by Paul Kelly

Paul Kelly writes of middle-class climate moralism (Weekend Australian 23/2/10). I am a geologist and therefore a scientist; I am on a pension supplemented by a reverse mortgage. I am a conservative voter and might be ‘middle-class’.

My messages to the ‘middle class’ are these. Assuming that many of you are not scientists, do not trust the words of every scientist. Some say what they say because their continued salary and status depends on the support of global catastrophism.

Skeptical scientists are sacked because of their views, which is why many are self-employed or choose not to speak the real truth until they retire. You can believe that carbon dioxide is your friend, not your enemy, and is a non-polluting gas that is essential to all life on this planet.

It exists in our atmosphere in very small quantities, together with much larger quantities of water vapour, which is also a so-called ‘greenhouse gas’ that has zero negative consequences for our well-being.

Hundreds of factual data graphs from Antarctica to Iceland to Japan and to buoys in a channel in San Francisco Bay show NO global warming whatsoever for the past 50 years or more, so the push for emissions control and renewables is nothing more than a feel-good fad, albeit one which has the potential to crucify this nation economically.

If you want a grand future for your children, then do everything possible to return this country to what it once possessed – the lowest cost energy in the world, based on the blessings of fossil fuels.

Geoff Derrick
February 25, 2019

No conspiracy as coal delays double

Original article by John Kehoe, Michael Smith
The Australian Financial Review – Page: 8 : 25-Feb-19

It is now taking around 40 days for Australian coal to be cleared through five ports in northern China, up from around 25 days. The ports in question receive around eight per cent of the Australian coal exported to China, and less than two per cent of Australia’s total coal exports. Trade Minister Simon Birmingham says protection of local coal miners and environmental checks seem to be the main reasons for the delays, while he has rejected any "conspiracy theories" regarding the possible reasons for the delays.

CORPORATES
AUSTRALIA. DEPT OF FOREIGN AFFAIRS AND TRADE

Industry pushback on casuals’ double dip

Original article by Anna Patty
The Sydney Morning Herald – Page: 15 : 25-Feb-19

Labor is seeking to disallow a regulation that aims to protect companies from so-called "double dipping" of entitlements by casual workers. The Australian Industry Group (AI Group) contends Victoria and New South Wales could face claims of over $3.5 billion from casual workers seeking to "double dip". Both the AI Group and the Australian Chamber of Commerce & Industry have called on crossbench senators to oppose Labor’s move to disallow the regulation, but employment law professor Andrew Stewart notes the regulation does nothing to change existing laws.

CORPORATES
AUSTRALIAN LABOR PARTY, THE AUSTRALIAN INDUSTRY GROUP, AUSTRALIAN CHAMBER OF COMMERCE AND INDUSTRY, UNIVERSITY OF ADELAIDE, FEDERAL COURT OF AUSTRALIA, WORKPAC PTY LTD

Labor plans to slug banks $640m to pay for fairness fund

Original article by John Kehoe
The Australian Financial Review – Page: 1 & 4 : 25-Feb-19

Labor proposes to establish a Financial Rights Fund if it wins the 2019 federal election, which will assist victims of misconduct in the financial services sector. The so-called ‘fairness’ fund will be financed via a new levy on Australia’s largest financial institutions, and is slated to raise $160m annually over four years. This is in addition to the federal government’s bank levy. Amongst other things, Labor’s levy would be used to provide consumers with free financial counselling and significantly increase the number of government-funded financial counsellors.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, AUSTRALIAN FINANCIAL COMPLAINTS AUTHORITY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET

Tax rules in limbo leave expats on a knife-edge

Original article by Ingrid Fuary-Wagner, Tom McIlroy
The Australian Financial Review – Page: 6 : 25-Feb-19

The federal government announced in the May 2017 Budget that it would remove a capital gains tax exemption for non-resident Australians who sell their main home while overseas. The government has given non-resident Australians until 30 June to sell their home under existing rules, although legislation to enact the measure is yet to pass into law, while Labor has indicated that it may amend the measures if it wins the 2019 election. Expatriates are in a dilemma, not knowing whether the new laws will come into effect, but many are selling their property anyway, at a time when the housing market is in decline.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF FINANCE, SOTHEBY’S AUSTRALIA PTY LTD

Banks on right track with open banking, says APRA chairman Byres

Original article by James Eyers
The Australian Financial Review – Page: 17 : 25-Feb-19

Australian Prudential Regulation Authority chairman Wayne Byres says the nation’s banks are working hard to meet the schedule for implementing the open banking regime. The first phase of open banking, part of the federal government’s consumer data right program, takes effect on 1 July. Byres told a Senate committee hearing on 21 February that the banks are concerned about greater information security risks as a result of open banking being introduced, as well as the use of derived data, which he says they regard as their intellectual property.

CORPORATES
AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, AUSTRALIAN LABOR PARTY, AUSTRALIAN BANKING ASSOCIATION

Buttrose poised to head the ABC

Original article by Kylar Loussikian, Bevan Shields, Jennifer Duke
The Age – Page: 1 : 25-Feb-19

Media industry veteran Ita Buttrose is tipped to succeed Justin Milne as the ABC’s chair. Communications Minister Mitch Fifield is expected to seek cabinet approval for her appointment in coming days, although a government spokesman has indicated that a decision has not yet been made. Buttrose has extensive experience in print and broadcast media, and she has held several directorships in the sector. She did not feature on an independent panel’s shortlist of candidates for the ABC role.

CORPORATES
AUSTRALIAN BROADCASTING CORPORATION, AUSTRALIA. DEPT OF COMMUNICATIONS AND THE ARTS, AUSTRALIAN LABOR PARTY, FAIRFAX MEDIA LIMITED, NEWS CORP AUSTRALIA PTY LTD, GILBERT AND TOBIN LAWYERS, FILM VICTORIA, NINE NETWORK AUSTRALIA LIMITED, TEN NETWORK HOLDINGS LIMITED, AUSTRALIAN CONSOLIDATED PRESS, CHIEF EXECUTIVE WOMEN, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF FINANCE