Author: roymorgansocial

OECD’s blue-sky outlook supports budget’s growth projections

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Original article by David Uren
The Australian – Page: 5 : 31-May-18

The OECD has forecast that the Reserve Bank will be able to commence tightening monetary policy by the end of 2018 due the outlook for the Australian economy. The OECD expects economic growth of 2.9 per cent in 2018 and three per cent in 2019, while further strong growth in the employment market is forecast to have a flow-on effect for wages by the end of 2018. However, the OECD warned that the risks associated with high house prices require "continued vigilance".

CORPORATES
ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT, AUSTRALIA. DEPT OF THE TREASURY

GST stoush looms ahead of byelections

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Original article by Andrew Tillett
The Australian Financial Review – Page: 11 : 31-May-18

Federal Treasurer Scott Morrison recently received the Productivity Commission’s final report on changes to the distribution of goods and services tax revenue. Prime Minister Malcolm Turnbull has told parliament that the report will be released prior to the five upcoming by-elections in late July. He also said the government will take its time in formulating a response to the report’s recommendations, and stressed that no state or territory will be disadvantaged by any changes to the GST system.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. PRODUCTIVITY COMMISSION, AUSTRALIAN LABOR PARTY, LIBERAL PARTY OF WESTERN AUSTRALIA, CENTRE ALLIANCE

Woodside vows to defend SNE oil site

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Original article by Matt Chambers
The Australian – Page: 20 : 31-May-18

The legal dispute over a stake in the SNE oilfield in Senegal was a key issue on the agenda at FAR Limited’s 2018 AGM. Chairman Nic Limb told shareholders that the company will have the right to buy a 35 per cent stake in the oilfield at the same price that Woodside Petroleum paid for it if an arbitration court rules in FAR’s favour. He has also not ruled out seeking a partner to buy the stake if Woodside’s deal with ConocoPhillips is overturned. A Woodside spokeswoman has described the arbitration as "frivolous" and without merit.

CORPORATES
FAR LIMITED – ASX FAR, WOODSIDE PETROLEUM LIMITED – ASX WPL, CONOCOPHILLIPS, INTERNATIONAL COURT OF ARBITRATION

Cash to fight subpoena over union raid tip-off

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Original article by Phillip Coorey
The Australian Financial Review – Page: 6 : 31-May-18

Shadow workplace relations minister Brendan O’Connor has repeated his call for Jobs Minister Michaelia Cash to resign over police raids on the offices of the Australian Workers’ Union in 2017. Cash has been issued with a subpoena to give evidence in the AWU’s legal action over the raids, which were undertaken as part of an investigation into the union’s political donations. Cash has described the subpoena as a "stunt" that is aimed at protecting Opposition Leader Bill Shorten, who was the AWU’s national secretary when the donations were made.

CORPORATES
AUSTRALIA. DEPT OF JOBS AND SMALL BUSINESS, AUSTRALIAN WORKERS’ UNION-FEDERATION OF INDUSTRIAL, MANUFACTURING AND ENGINEERING EMPLOYEES, AUSTRALIAN LABOR PARTY, FEDERAL COURT OF AUSTRALIA, AUSTRALIA. REGISTERED ORGANISATIONS COMMISSION, AUSTRALIAN FEDERAL POLICE, GETUP LIMITED

Premier pledges coal supply to wary Japan

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Original article by Jared Owens
The Australian – Page: 6 : 31-May-18

The Queensland Government has assured Japanese steel mills that a dispute between Aurizon Holdings and coal producers will not affect the state’s coal shipments. Premier Annastacia Palaszczuk has held talks with Japan’s Foreign Minister, Taro Kono, after warnings from some coal buyers that the dispute could prompt them to seek alternative suppliers. Palaszczuk and Queensland Resources Council CEO Ian Macfarlane have both urged Aurizon to engage with the Queensland Competition Authority to resolve the impasse.

CORPORATES
QUEENSLAND. DEPT OF THE PREMIER AND CABINET, AURIZON HOLDINGS LIMITED – ASX AZJ, JAPAN. MINISTRY OF FOREIGN AFFAIRS, QUEENSLAND. COMPETITION AUTHORITY, QUEENSLAND RESOURCES COUNCIL LIMITED, NIPPON STEEL AND SUMITOMO METAL CORPORATION

New Hope mined area outside its Acland parameters

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Original article by Jared Owens
The Australian – Page: 6 : 31-May-18

The Queensland Government will investigate claims that New Hope Group has expanded production at its New Acland coal mine beyond the mine pit footprint which had been approved by the Department of the Environment, The allegations, which were made by the Oakey Coal Action Alliance, have been disputed by New Hope. Meanwhile, anti-coal activists have appealed against the Supreme Court’s decision to overturn a Land Court ruling with regard to the mine’s proposed stage three expansion.

CORPORATES
NEW HOPE CORPORATION LIMITED – ASX NHC, NEW HOPE GROUP, QUEENSLAND. DEPT OF ENVIRONMENT AND HERITAGE PROTECTION, OAKEY COAL ACTION ALLIANCE, SUPREME COURT OF QUEENSLAND, LAND COURT OF QUEENSLAND, ENVIRONMENTAL DEFENDERS OFFICE

MP deserts Hanson to back tax cut

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Original article by Joe Kelly
The Australian – Page: 1 & 4 : 31-May-18

The Federal Government’s hopes of passing its company tax cuts in the Senate have been bolstered after One Nation’s Brian Burston indicated that he will support the package in defiance of party leader Pauline Hanson. Burston suggests that the upcoming by-election in the seat of Longman in Queensland may have influenced Hanson’s decision to withdraw her party’s support for the tax cuts. Burston also says he only became aware of Hanson’s decision when he read about it in the media. The Government requires the support of eight crossbenchers to pass the legislation.

CORPORATES
ONE NATION PARTY, AUSTRALIA. DEPT OF FINANCE, NATIONAL PARTY OF AUSTRALIA, LIBERAL PARTY OF AUSTRALIA, CENTRE ALLIANCE, AUSTRALIAN CONSERVATIVES, LIBERAL DEMOCRATIC PARTY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET

Labor open to strip super from Fair Work

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Original article by Joanna Mather, Phillip Coorey
The Australian Financial Review – Page: 1 & 4 : 31-May-18

Sources have suggested that the Australian Labor Party will continue to oppose a move to require the majority of superannuation funds’ board members to be independent. However, shadow treasurer Chris Bowen is said to be willing to support the Productivity Commission’s recommendation to shift responsibility for selecting default super funds from the Fair Work Commission to an expert panel. Meanwhile, the PC’s deputy chair Karen Chester has downplayed concerns that the super industry would be dominated by the 10 funds on the expert panel’s list.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIA. FAIR WORK COMMISSION, AUSTRALIA. PRODUCTIVITY COMMISSION, ACTU, INDUSTRY SUPER AUSTRALIA PTY LTD, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, FINANCIAL SERVICES COUNCIL

Labor faces motion to bring back compulsory unionism

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Original article by Troy Bramston
The Australian – Page: 6 : 31-May-18

Members of the New South Wales branch of the Australian Labor Party will vote on a number of motions to be put forward by unions at its upcoming state conference. Amongst other things, Labor-affiliated unions will push for the reinstatement of compulsory union membership for all party members, a policy that was abandoned in 2015. Meanwhile, some Labor branches will propose that people be offered free membership of the party when they join an affiliated union.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIAN MANUFACTURING WORKERS’ UNION, UNITED SERVICES UNION, MARITIME UNION OF AUSTRALIA, CONSTRUCTION, FORESTRY, MINING AND ENERGY UNION OF AUSTRALIA, COMMUNITY AND PUBLIC SECTOR UNION, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA

CBA shock that Bankwest wasn’t up to scratch

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Original article by James Frost
The Australian Financial Review – Page: 7 : 30-May-18

The business loans portfolio of Bankwest came under scrutiny by the banking royal commission on 29 May. The Commonwealth Bank’s chief risk officer David Cohen told the inquiry that the loan book was reviewed after Bankwest’s acquisition in 2009, and concerns were raised about the quality of the loan book and the procedures used for granting loans. Bankwest CEO Jon Sutton also expressed concern about the quality of its business loan book in April 2009 and again in March 2010.

CORPORATES
BANKWEST, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY