Author: roymorgansocial

Funding cut setback for enforcing wage laws

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Original article by Anna Patty
The Sydney Morning Herald – Page: 13 : 10-May-18

The May 2018 Budget has allocated $A110.009m in funding to the Fair Work Ombudsman in 2018-19, down from $A110.46m in 2017-18. However, the Registered Organisations Commission’s funding has been increased by $A8.1m. Labor’s workplace relations spokesman Brendan O’Connor has criticised the Federal Government for providing additional funding for the "disgraced" ROC rather than addressing the issue of rampant wage theft. The University of Adelaide’s Professor Andrew Stewart has expressed similar concerns.

CORPORATES
AUSTRALIA. FAIR WORK OMBUDSMAN, AUSTRALIA. REGISTERED ORGANISATIONS COMMISSION, AUSTRALIAN LABOR PARTY, UNIVERSITY OF ADELAIDE, AUSTRALIA. DEPT OF JOBS AND SMALL BUSINESS, UNIVERSITY OF SYDNEY, 7-ELEVEN STORES PTY LTD, DOMINO’S PIZZA ENTERPRISES LIMITED – ASX DMP, CALTEX AUSTRALIA LIMITED – ASX CTX

AAA outlook remains negative: S&P

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Original article by Jacob Greber
The Australian Financial Review – Page: 6 : 10-May-18

Credit ratings agency Standard & Poor’s has welcomed the Federal Government’s "fiscal prudence" in its May 2018 Budget. However, the firm has retained its negative outlook for Australia’s sovereign rating due to global factors such as the potential for an international trade war. Meanwhile, Jeremy Zook of Fitch Ratings says the Government’s revenue forecasts are "optimistic" and may affect its ability to deliver a surplus ahead of schedule.

CORPORATES
STANDARD AND POOR’S FINANCIAL SERVICES LLC, FITCH RATINGS LIMITED, ERNST AND YOUNG, AUSTRALIA. DEPT OF THE TREASURY, MORGAN STANLEY AUSTRALIA LIMITED

CBA falls as legal costs take toll on profit

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Original article by Michael Roddan
The Australian – Page: 19 & 24 : 10-May-18

The Commonwealth Bank of Australia has posted an underlying cash net profit of $A2.35bn for the March quarter, which is nine per cent lower than previously. CBA has advised of an increase in home loan, personal loan and credit card arrears during the period, while its expenses rose by three per cent. Meanwhile, CBA has agreed to pay fines totalling $A25m to settle allegations that it manipulated the bank bill swap rate.

CORPORATES
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALIA. ATTORNEY-GENERAL’S DEPT. AUSTRALIAN TRANSACTION REPORTS AND ANALYSIS CENTRE, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, WESTPAC BANKING CORPORATION – ASX WBC, DIGITAL FINANCE ANALYTICS, FEDERAL COURT OF AUSTRALIA

AMP faces $2b class action

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Original article by Misa Han
The Australian Financial Review – Page: 23 : 10-May-18

AMP has declined to comment on a move by law firm Quinn Emanuel to launch a class action against the embattled financial services group. The class action is open to investors who bought AMP shares between 4 May 2013 and 18 April 2018. Several other law firms may also pursue class actions against AMP following the banking royal commission’s revelations that the group had charged fees for services that were not provided and had lied to the Australian Securities & Investments Commission.

CORPORATES
AMP LIMITED – ASX AMP, QUINN EMANUEL URQUHART AND SULLIVAN LP, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, SLATER AND GORDON LIMITED – ASX SGH, PHI FINNEY McDONALD PTY LTD, SHINE LAWYERS

Budget won’t curb expansion: Credit Suisse

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Original article by David Rogers
The Australian – Page: 30 : 10-May-18

Hasan Tevfik of Credit Suisse says the Federal Government’s May 2018 Budget is unlikely to have a negative impact on corporate profits. He adds that the proposed tax cuts for people on low and middle incomes are relatively modest in comparison to Australia’s record level of household debt, and the tax cuts will result in only a small decline in the debt-to-disposable-income ratio in the next several years. Tevfik still expects the benchmark S&P/ASX 200 to reach 6,500 points by the end of 2018.

CORPORATES
CREDIT SUISSE (AUSTRALIA) LIMITED, STANDARD AND POOR’S ASX 200 INDEX, DOMINO’S PIZZA ENTERPRISES LIMITED – ASX DMP, HARVEY NORMAN HOLDINGS LIMITED – ASX HVN, JB HI-FI LIMITED – ASX JBH, TABCORP HOLDINGS LIMITED – ASX TAH, WAGNERS HOLDING COMPANY LIMITED – ASX WGN, WESFARMERS LIMITED – ASX WES, WOOLWORTHS GROUP LIMITED – ASX WOW, MACQUARIE GROUP LIMITED – ASX MQG, CSL LIMITED – ASX CSL, TREASURY WINE ESTATES LIMITED – ASX TWE, TRANSURBAN GROUP LIMITED – ASX TCL, CHALLENGER LIMITED – ASX CGF, AMP LIMITED – ASX AMP, SUNCORP GROUP LIMITED – ASX SUN, LINK ADMINISTRATION HOLDINGS LIMITED – ASX LNK, IOOF HOLDINGS LIMITED – ASX IFL, HEALTHSCOPE LIMITED – ASX HSO, PRIMARY HEALTH CARE LIMITED – ASX PRY, RAMSAY HEALTH CARE LIMITED – ASX RHC, SONIC HEALTHCARE LIMITED – ASX SHL, UNITED STATES. EXECUTIVE OFFICE OF THE PRESIDENT

One Nation holds key to tax-cut deal

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Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 6 : 10-May-18

The Federal Government has ruled out legislating only the first stage of the tax cuts package outlined in the May 2018 Budget. Labor and the Greens have signalled that they will only support the first part of the package, which will provide tax relief in three stages over seven years. Independent Senator Tim Storer also opposes all but the first stage of the package, arguing that it does not constitute the sweeping tax reforms that he is seeking. One Nation may support the tax package in the senate, but it says this would be conditional on a reduction in the annual migrant intake.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIAN GREENS, ONE NATION PARTY, CENTRE ALLIANCE, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF THE TREASURY

ABC determined to fight $84m funding cut

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Original article by Max Mason
The Australian Financial Review – Page: 8 : 10-May-18

ABC MD Michelle Guthrie has told the public broadcaster’s staff that a funding freeze in the May 2018 Budget will affect its ability to comply with the requirements of its charter. The ABCs budget will be unchanged at $A3.16bn over the three years from July 2019, effectively reducing its funding by $A83.7m over this period. Guthrie says the ABC’s management will "seek every opportunity" to have the funding cuts scrapped before they take effect. Funding for SBS will be increased by $A14.6m over two years.

CORPORATES
AUSTRALIAN BROADCASTING CORPORATION, SPECIAL BROADCASTING SERVICE (SBS), AUSTRALIA. DEPT OF THE TREASURY, FOXTEL MANAGEMENT PTY LTD, NEWS CORPORATION – ASX NWS

Call for referendum on dual citizenship

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Original article by Andrew Tillett
The Australian Financial Review – Page: 5 : 10-May-18

Professor Kim Rubenstein of the Australian National University says the High Court’s latest ruling on dual citizenship demonstrates the need for a referendum on section 44 of the Constitution. She says that only a "small pool" of Australians will be eligible to be in parliament unless section 44 is amended. A parliamentary inquiry is examining the question of whether changes to the Constitution are necessary, and it is slated to report its findings in coming days.

CORPORATES
AUSTRALIAN NATIONAL UNIVERSITY, HIGH COURT OF AUSTRALIA, AUSTRALIA. ATTORNEY-GENERAL’S DEPT, AUSTRALIAN LABOR PARTY, GREAT BRITAIN. HOME OFFICE

Shorten to face leadership test

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Original article by Simon Benson, Ben Packham
The Australian – Page: 1 & 6 : 10-May-18

Labor MPs Susan Lamb, Justine Keay and Josh Wilson have resigned from parliament after the High Court ruled that Labor senator Katy Gallagher is disqualified due to dual citizenship. The eligibility of the three MPs, as well as Centre Alliance MP Rebekha Sharkie – who has also resigned – had also been uncertain. Senior officials of both the Liberal and Labor parties concede that the outcome of the resulting by-elections could put pressure on the leadership of both Prime Minister Malcolm Turnbull and Opposition Leader Bill Shorten. The four lower house by-elections are expected to be held on the same day.

CORPORATES
AUSTRALIAN LABOR PARTY, CENTRE ALLIANCE, LIBERAL PARTY OF AUSTRALIA, HIGH COURT OF AUSTRALIA, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, ONE NATION PARTY, AUSTRALIA. DEPT OF THE TREASURY

Fromelles exhumation can guide market plan over city’s first cemetery

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Original article by Ian Royall
Herald Sun – Page: Online : 9-May-18

Pollster and Melbourne lord mayoral candidate Gary Morgan has proposed the construction of an underground car park at the Queen Victoria Market. This would entail exhuming and relocating several hundred of the 6,000-plus bodies that are interred at the site. Morgan stresses that exhumation would occur only where "absolutely necessary", and he says the procedures used for exhuming and DNA-testing bodies from the battlefields of Fromelles could be used at the Queen Victoria Market site.

CORPORATES
CITY OF MELBOURNE, QUEEN VICTORIA MARKET, ROY MORGAN LIMITED