Author: roymorgansocial

Senator wants end to unions’ tax-free status

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Original article by Tom McIlroy
The Australian Financial Review – Page: 9 : 18-Jun-18

Coalition senator Amanda Stoker says unions should no longer be exempt from paying tax, as they have a competitive advantage in business areas where they operate. She adds that about two million workers do not have choice of superannuation fund because they are required to join a union-backed industry fund. Stoker also notes that many workers are also restricted to joining one union, and unions often exploit this monopoly in enterprise bargaining negotiations. Stoker will use her maiden speech in Parliament to advocate reform.

CORPORATES
LIBERAL-NATIONAL PARTY OF QUEENSLAND, CONSTRUCTION, FORESTRY, MARITIME, MINING AND ENERGY UNION OF AUSTRALIA, HIGH COURT OF AUSTRALIA, AUSTRALIA. PRODUCTIVITY COMMISSION, AUSTRALIAN LABOR PARTY

Spotlight on iron ore about to shift to Rio Tinto

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Original article by Peter Ker
The Australian Financial Review – Page: 15 & 23 : 18-Jun-18

Recent announcements from BHP Billiton and Fortescue Metals Group that they will develop new iron ore mines in the Pilbara has prompted speculation as to when Rio Tinto will make a similar announcement. Koodaideri is widely tipped to be Rio’s next iron ore mine, and the project was first discussed by the resources giant’s board in late 2013. Rio Tinto’s head of iron ore, Chris Salisbury, is scheduled to hold a series of briefings and site visits for investors over the next week, although an announcement on Koodaideri is not expected to be made until later in the year.

CORPORATES
RIO TINTO LIMITED – ASX RIO, BHP BILLITON LIMITED – ASX BHP, FORTESCUE METALS GROUP LIMITED – ASX FMG, SHAW AND PARTNERS LIMITED, DEUTSCHE BANK AG, HANCOCK PROSPECTING PTY LTD

PM’s scheme an EIS by stealth

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Original article by Simon Benson, Joe Kelly
The Australian – Page: 1 & 2 : 18-Jun-18

The Federal Government’s national energy guarantee is under scrutiny after a draft final report revealed that it will be similar to an emissions intensity scheme. The Coalition’s partyroom had rejected a proposal for an EIS when it was put forward by Energy Minister Josh Frydenberg in 2016. A member of the Energy Security Board has also conceded that the NEG will effectively be an EIS "by stealth" and that it will favour companies which invest in renewable energy. Finance Minister Mathias Cormann says the partyroom had fully endorsed the NEG.

CORPORATES
AUSTRALIA. DEPT OF THE ENVIRONMENT AND ENERGY, AUSTRALIA. DEPT OF FINANCE, AUSTRALIA. ENERGY SECURITY BOARD, LIBERAL PARTY OF AUSTRALIA, AGL ENERGY LIMITED – ASX AGL

Trade talks aim to crack Europe

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Original article by Joe Kelly
The Australian – Page: 4 : 18-Jun-18

Australia’s Trade Minister Steven Ciobo will meet with European Union trade commissioner Cecilia Malmstrom on 18 June, ahead of commencing formal negotiations for a free trade agreement in July. The Federal Government expects a wide range of industries to benefit from a trade deal, including farmers, car and aircraft parts makers, silicon producers, education providers and professional services firms. Ciobo says a trade deal will also boost two-way investment between Australia and the EU.

CORPORATES
AUSTRALIA. DEPT OF FOREIGN AFFAIRS AND TRADE, ALMONDCO AUSTRALIA LIMITED, AIRBUS SAS, FERRARI SPA

Huawei hits back over security ban

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Original article by Andrew Tillett, Jennifer Hewett
The Australian Financial Review – Page: 1 & 2 : 18-Jun-18

Huawei Australia directors have refuted suggestions that the Chinese telco’s participation in the construction of a 5G wireless network raises national security concerns. They have written to federal MPs arguing that Huawei supplies equipment for the mobile networks of Optus, Vodafone and TPG, and they have warned that the company could potentially withdraw from Australia if it is excluded from the 5G project. Huawei has also dismissed concerns about its links to the Chinese government, stressing that it is a privately-owned company.

CORPORATES
HUAWEI TECHNOLOGIES COMPANY LIMITED, HUAWEI TECHNOLOGIES (AUSTRALIA) PTY LTD, SINGTEL OPTUS PTY LTD, VODAFONE AUSTRALIA LIMITED, TPG TELECOM LIMITED – ASX TPM, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA CHINA BUSINESS COUNCIL, ZTE CORPORATION, AUSTRALIA. DEPT OF FOREIGN AFFAIRS AND TRADE, AUSTRALIAN LABOR PARTY

Optus takes aim at more Euro football

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Original article by Max Mason
The Australian Financial Review – Page: 30 : 18-Jun-18

Optus aims to expand its soccer coverage by seeking to gain the Australian broadcasting rights to a number of domestic competitions in Europe. Optus will broadcast every match of the 2018 World Cup in Russia, while it has held the English Premier League rights since 2015. There is also speculation that it is set to gain the EUFA Champions League broadcasting rights, which are currently held by Al Jazeera-owned BeIN Sports Australia.

CORPORATES
SINGTEL OPTUS PTY LTD, WORLD CUP, ENGLISH PREMIER LEAGUE, BEIN SPORTS AUSTRALIA, AL JAZEERA, TELSTRA CORPORATION LIMITED – ASX TLS, THE A LEAGUE PTY LTD, THE W LEAGUE, SOCCEROOS, MATILDAS, AUSTRALIAN FOOTBALL LEAGUE, NATIONAL RUGBY LEAGUE

IR laws a disaster hurting millions

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Original article by Ewin Hannan
The Australian – Page: 4 : 18-Jun-18

The national secretary of United Voice, Jo Schofield, has called for an overhaul of the industrial relations system, arguing that enterprise bargaining at the workplace level has been a failure and industry-level bargaining should be permitted. She will also tell the Evatt Foundation on 18 June that the industry award system has resulted in wages and conditions being capped for nearly 25 per cent of workers. The ACTU recently proposed industry-wide enterprise bargaining, although the Coalition and employers have warned that it would result in job losses and make businesses less competitive.

CORPORATES
UNITED VOICE, ACTU, AUSTRALIAN LABOR PARTY, EVATT FOUNDATION

Hanson last barrier to full tax cuts

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Original article by Andrew Tillett
The Australian Financial Review – Page: 1 & 4 : 18-Jun-18

Five of the Senate crossbenchers will support all three stages of the federal government’s income tax cuts package, while the two Centre Alliance senators will back the first two stages and are open to negotiation on the third. The stance of One Nation’s two remaining senators is likely to be crucial, given that the government requires the support of eight crossbenchers. Finance Minister Mathias Cormann says the government will not split the bill.

CORPORATES
CENTRE ALLIANCE, ONE NATION PARTY, AUSTRALIA. DEPT OF FINANCE, AUSTRALIAN GREENS, AUSTRALIAN GREENS

$10bn hole in Shorten’s retirees plan

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Original article by Simon Benson
The Australian – Page: 1 & 2 : 18-Jun-18

Modelling by the Treasury has found that Labor’s proposal to scrap franking credit refunds would prompt individuals and self-managed superannuation funds to redirect their investment portfolios away from franked shares that pay dividends. This in turn would reduce the savings generated by the measure by nearly $A10bn over 10 years. Labor had estimated that the policy would save $A55.7bn over a decade, but the modelling suggests that the figure would be just $A45.8bn. Labor has already been forced to scale back its initial savings estimate of $A59bn.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN LABOR PARTY, AUSTRALIA. PARLIAMENTARY BUDGET OFFICE

Jobless rate supertanker heads lower

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Original article by Jacob Greber
The Australian Financial Review – Page: 4 : 15-Jun-18

Data from the Australian Bureau of Statistics shows that 12,000 jobs were created in May, although economists had forecast that the economy added 19,000 jobs. An additional 32,600 part-time jobs partially offset the loss of 20,600 full-time positions. The official unemployment rate fell by 0.2 per cent to 5.4 per cent, which is its lowest level since November 2012. Meanwhile, the underemployment rate rose by 0.1 per cent to 8.5 per cent and the proportion of people who are employed but looking for more work was steady at 13.9 per cent.

CORPORATES
AUSTRALIAN BUREAU OF STATISTICS, IFM INVESTORS PTY LTD, CAPITAL ECONOMICS LIMITED, AUSTRALIAN CHAMBER OF COMMERCE AND INDUSTRY, AUSTRALIAN INSTITUTE OF COMPANY DIRECTORS, RESERVE BANK OF AUSTRALIA