Author: roymorgansocial

‘China’s a sovereign country’: PM unfazed by ABC censoring

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Original article by
The New Daily – Page: Online : 3-Sep-18

China has cut off access to the ABC’s website and its apps, claiming that they have breached its internet rules and regulations. Access to the website and apps was cut off on 22 August, the day after the federal government announced it would prevent two Chinese firms from taking part in the roll-out of Australia’s 5G mobile network. However, sources within the Chinese government suggest it is unlikely the two events are linked. Prime Minister Scott Morrison said he was not bothered by China’s censorship of the ABC.

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AUSTRALIAN BROADCASTING CORPORATION, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, HUAWEI TECHNOLOGIES COMPANY LIMITED

Forster withdraws from Wentworth race

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Original article by Tom McIlroy
The Australian Financial Review – Page: 5 : 4-Sep-18

The Liberal Party will conduct a pre-selection ballot for the seat of Wentworth on 11 September. The seat has become vacant following Malcolm Turnbull’s decision to resign from federal parliament. Christine Forster, who is the sister of former Prime Minister Tony Abbott and a City of Sydney councillor, has announced she will not contest the ballot, citing concerns it could cause division within the Liberal Party. House of Representatives speaker Tony Smith is yet to announce a date for the Wentworth by-election.

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LIBERAL PARTY OF AUSTRALIA, CITY OF SYDNEY, BUSINESS COUNCIL OF AUSTRALIA, AUSTRALIAN LABOR PARTY, BRONTE CAPITAL MANAGEMENT PTY LTD, AUSTRALIAN GREENS

Big gas buyers welcome Labor’s tough new stick on LNG exports

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Original article by Mark Ludlow, Angela Macdonald-Smith
The Australian Financial Review – Page: Online : 4-Sep-18

Opposition leader Bill Shorten said on 3 September that Labor would introduce a permanent gas export control trigger if it wins the next election. He said the trigger would be used if gas prices were getting too high, rather than just when shortages were being predicted. Saul Kavonic from Credit Suisse says such controls are a "blunt and ineffective tool" in terms of lowering gas prices, although Energy Users Association of Australia head Andrew Richards said Labor’s federal gas plan was "worth serious consideration".

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AUSTRALIAN LABOR PARTY, CREDIT SUISSE (AUSTRALIA) LIMITED, ENERGY USERS ASSOCIATION OF AUSTRALIA, AUSTRALIA. DEPT OF THE ENVIRONMENT AND ENERGY, AUSTRALIAN PETROLEUM PRODUCTION AND EXPLORATION ASSOCIATION LIMITED, SANTOS LIMITED – ASX STO, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION

CFMMEU’s John Setka deletes tweet after Scott Morrison’s threat to abolish union

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Original article by Fergus Hunter
The Sydney Morning Herald – Page: Online : 4-Sep-18

Construction, Maritime, Mining & Energy Union official John Setka has deleted a tweet that had prompted Prime Minister Scott Morrison to threaten the CFFMEU with deregistration. The highly inappropriate tweet showed a picture of Setka’s children holding a poster with profanities on it that targeted the Australian Building & Construction Commission. Morrison said the tweet was "the straw that breaks the camel’s back", and that the CFMMEU has acted like a bunch of thugs under Setka. He called on Bill Shorten to sever Labor’s ties with the CFMMEU.

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AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, CONSTRUCTION, FORESTRY, MARITIME, MINING AND ENERGY UNION OF AUSTRALIA, AUSTRALIAN BUILDING AND CONSTRUCTION COMMISSION, AUSTRALIAN LABOR PARTY

PM’s threat riles energy industry

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Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 4 : 4-Sep-18

Prime Minister Scott Morrison warned energy companies on 3 September that he may impose a royal commission on them if they do not react favourably to measures aimed at reducing electricity prices. Australian Energy Council CEO Sarah McNamara said she does not believe a royal commission into the sector is needed, given the number of inquiries that it has been subject to, including the Australian Competition & Consumer Commission’s recent major review. Morrison said he was putting the big power companies "on notice".

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AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIAN ENERGY COUNCIL, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION

Mallesons in conflict over Capilano Honey takeover

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Original article by Joyce Moullakis
The Australian Financial Review – Page: 21 : 4-Sep-18

Law firm Mallesons was understood to be advising Wattle Hill and ROC Partners on their agreed $190 million takeover bid for Capilano Honey, announced in August. However, it removed itself from that process after revealing it had been involved in the commissioning of a report that was highly critical of Capilano’s products, with the report alleging it and a number of other honey producers had products that had tested as "adulterated". Capilano has denied the claims, while it is believed Minter Ellison has replaced Mallesons as the law firm adviser on the Capilano bid.

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MALLESONS STEPHEN JAQUES, WATTLE HILL, ROC PARTNERS PTY LTD, CAPILANO HONEY LIMITED – ASX CZZ, MINTER ELLISON, MACQUARIE CAPITAL PTY LTD, PRICEWATERHOUSECOOPERS, HERBERT SMITH FREEHILLS PTY LTD, BEGA CHEESE LIMITED – ASX BGA, KPMG AUSTRALIA PTY LTD

Sydney property prices fall the fastest in nine years: CoreLogic

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Original article by Michael Bleby
The Australian Financial Review – Page: Online : 4-Sep-18

CoreLogic reported on 3 September that Sydney house prices had fallen by 5.6 per cent over the year to August. This represented the biggest decline of any capital city for that period, while it was the biggest fall recorded for Sydney house prices since early 2009. Sydney was the location of nine of the 10 worst performing sub-regions over the year to August, with Ryde the worst hit. Melbourne house prices fell by two per cent in the three months to August, making it the worst performing capital city over that period.

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CORELOGIC AUSTRALIA PTY LTD

Australians’ alcohol consumption lowest since the 1960s

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Original article by Alex Gluyas
The Australian Financial Review – Page: Online : 4-Sep-18

The average amount of total pure alcohol consumed by Australians over the age of 15 in 2016-17 was 9.4 litres, according to figures released by the Australian Bureau of Statistics on 3 September. This represents the equivalent of 224 stubbies of beer, but Louise Gates from the ABS notes the comparable figure in 1974-75 was over 500 stubbies. With alcohol consumption in Australia now at its lowest since the 1960s, Melbourne bottle shop owner Ross Smith says consumers are choosing quality over quantity

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AUSTRALIAN BUREAU OF STATISTICS, ALCOHOL BEVERAGES AUSTRALIA

Foxtel increases prices as sports and technology investment rises

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Original article by Max Mason
The Australian Financial Review – Page: Online : 4-Sep-18

Pay television provider Foxtel has advised that its basic service will increase by 11.5 per cent to $A29 per month as from 1 October. The increase, which is the first in two years, is more than five times Australia’s inflation rate. Its sports package will remain at $29 per month, while Foxtel’s platinum packages will increase by $2 to $139 per month. Foxtel had 2.8 million subscribers as of 30 June, while rising programming costs and increased investment in new technology were cited as the reason for its subscription increase.

CORPORATES
FOXTEL MANAGEMENT PTY LTD, NEWS CORPORATION – ASX NWS, TELSTRA CORPORATION LIMITED – ASX TLS, NATIONAL RUGBY LEAGUE, STAN ENTERTAINMENT PTY LTD, NETFLIX INCORPORATED, SEVEN WEST MEDIA LIMITED – ASX SWM, AUSTRALIAN FOOTBALL LEAGUE, CRICKET AUSTRALIA

Supercharge economy, not giant vampire squid

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Original article by Terry McCrann
The Weekend Australian – Page: 38 : 1-Sep-18

When it was introduced in the early 1990s, it was hoped that compulsory superannuation would mean an end to people needing the old-aged pension. However, that ideal is no longer practical, due to a combination of low investment returns and the reduction of permanent and secure jobs. It has been suggested that it is now time to make Australia’s superannuation system a voluntary one instead. This would deliver a number of benefits, including an increase in real wages and a big jump in personal income tax revenues.

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RESERVE BANK OF AUSTRALIA, AUSTRALIA. FUTURE FUND MANAGEMENT AGENCY