Upgraded NBN a more attractive takeover target

Original article by Sally Patten
The Australian Financial Review – Page: 2 : 28-Sep-20

Telstra chairman John Mullen has welcomed the federal government’s decision to upgrade the national broadband network by rolling out fibre-to-the-premises to more households and businesses. He says the NBN will be easier to maintain than the current hybrid system, which includes fibre-to-the-node and the existing copper network. Amid speculation that the NBN will eventually be sold, Mullen says the upgraded network will be more attractive to potential investors, including Telstra’s own infrastructure division. However, InfraCo would need to be demerged in order to buy the NBN.

CORPORATES
TELSTRA CORPORATION LIMITED – ASX TLS,INFRACO,NBN CO LIMITED

Deficit high but less than predicted

Original article by Adam Creighton,Geoff Chambers
The Australian – Page: 4 : 28-Sep-20

Deloitte Access Economics expects the federal government to announce a 2020-21 Budget deficit of $198.5bn on 6 October. This is just $14bn higher than the government had forecast in June. Chris Richardson of Deloitte says personal and corporate income tax receipts will exceed the government’s low expectations, while commodity prices have been more resilient than anticipated. He notes that the iron ore price in particular is still well above the Treasury’s projections. However, Deloitte expects federal debt to be about $401bn higher than the government’s pre-pandemic forecasts in 2023.

CORPORATES
DELOITTE ACCESS ECONOMICS PTY LTD,AUSTRALIA. DEPT OF THE TREASURY

Bringing forward tax cuts in federal budget fair, but not very effective: Deloitte

Original article by Killian Plastow
The New Daily – Page: Online : 28-Sep-20

The federal government has flagged bringing forward tax cuts planned for 2024-25 when it hands down the budget on 6 October. There have been claims that doing so would increase inequality in Australia, but Chris Richardson from Deloitte Access Economics contends that the tax cuts are "fair". However, he suggests that while the tax cuts will help to stimulate the economy, other measures such as spending on infrastructure or social housing could be more effective, as the cuts will generally benefit high-income earners who are more likely to save the extra money than spend it.

CORPORATES
DELOITTE TOUCHE TOHMATSU LIMITED

A-G slams wharfies holding state to ransom

Original article by Rosie Lewis
The Australian – Page: 3 : 28-Sep-20

The federal government may intervene to end an industrial dispute at the Port Botany terminal of stevedoring firm Patrick. Attorney-General Christian Porter has indicated that he would be open to supporting Patrick if it applies to the Fair Work Commission to halt the Maritime Union of Australia’s industrial action. The MUA’s national secretary Paddy Crumlin says it is negotiating with stevedoring companies in good faith. He rejects suggestions that the legal industrial action has caused the massive delays at Port Botany that have been alleged by Patrick.

CORPORATES
PATRICK CORPORATION LIMITED,MARITIME UNION OF AUSTRALIA,AUSTRALIA. FAIR WORK COMMISSION,AUSTRALIA. ATTORNEY-GENERAL’S DEPT

Victoria must wait for freedom

Original article by Rebecca Urban,Remy Varga
The Australian – Page: 1 & 4 : 28-Sep-20

Premier Daniel Andrews says further easing of COVID-19 lockdown restrictions in Victoria will depend solely on case numbers rather than the timetable outlined in his government’s ‘roadmap’. Andrews announced a number of changes to lockdown rules on 27 September, including the abolition of Melbourne’s controversial nightly curfew. In addition, the next date for easing of restrictions has been brought forward by one week, to 19 October, while Andrews has again urged the need to "stay the course" in coming weeks. Victoria reported 16 new coronavirus cases on 27 September, following 12 on 26 September and 14 on the previous day. There are currently 399 active cases across Victoria, and the state’s COVID-19 death toll has risen to 784.

CORPORATES
VICTORIA. DEPT OF PREMIER AND CABINET

Labor MPs disgusted by treatment of Mikakos

Original article by Alex White,Kieran Rooney,Sharon McGowan
Herald Sun – Page: 10 : 28-Sep-20

Victorian Premier Daniel Andrews has been criticised by some members of his own government over his treatment of former health minister Jenny Mikakos. One state Labor MP has described Daniels as a "tyrant" and a "dictator", after Mikakos resigned from both the health portfolio and parliament on 26 September. Mikakos said she cannot continue to serve in Andrews’ cabinet following his comments to the inquiry into the state’s hotel quarantine program. Amongst other things, Andrews said Mikakos was ‘accountable’ for the botched program. Martin Foley will take over the health portfolio.

CORPORATES
VICTORIA. DEPT OF PREMIER AND CABINET,VICTORIA. DEPT OF HEALTH AND HUMAN SERVICES,AUSTRALIAN LABOR PARTY

Manufacturing vision drives blueprint for future

Original article by Geoff Chambers,Simon Benson,Rosie Lewis
The Australian – Page: 1 & 4 : 28-Sep-20

Sectors such as defence, medical technology, biotechnology, agriculture and resources are expected to be the focus of the federal government’s strategy to boost Australia’s manufacturing capacity in the wake of the coronavirus pandemic. Prime Minister Scott Morrison will reveal details of the manufacturing strategy ahead of the federal Budget on 6 October. The push to increase local manufacturing is part of the government’s five-year plan to revive the economy and increase jobs.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET

Shock and awe budget rate cut to cushion bumpy recovery

Original article by Patrick Commins
The Australian – Page: 1 & 4 : 23-Sep-20

The Reserve Bank of Australia’s deputy governor Guy Debelle has signalled that there could be a further reduction in the cash rate, which fell to a record low of 0.25 per cent in March. The next scheduled meeting of the central bank’s board is on 6 October, when the federal government will also hand down the Budget. National Australia Bank’s chief economist Alan Oster says the cash rate is likely to be reduced to 0.1 per cent on this day or in November. He adds that further cutting the cash rate may not do much to stimulate the economy or create jobs,

CORPORATES
RESERVE BANK OF AUSTRALIA, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB

Citizens detaining fellow citizens a bridge too far: jurists

Original article by Damon Johnson, Rachel Baxendale
The Australian – Page: 1 & 5 : 23-Sep-20

A group of barristers and retired judges have written an open letter to the Victorian government expressing concern about the COVID-19 Omnibus (Emergency Measures) and Other Acts Amendment Bill. They have urged the state’s upper house to reject the bill outright or push for changes to it, warning that the powers that would be given to ‘authorised officers’ to arrest and detain people would be "unprecedented, excessive and open to abuse". Amongst other things, the bill would allow people to be detained indefinitely if it is suspected that they could potentially breach COVID-19 restrictions. Key crossbenchers have signalled that they will reject the bill, which has already passed the lower house.

CORPORATES
REASON PARTY

NBN push for fibre to the home

Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 11 : 23-Sep-20

The federal government has forecast that a major upgrade of the national broadband network will boost GDP by $6.4bn a year by 2024. The $4.5bn upgrade project is also expected to generate about 25,000 jobs over coming years as more businesses and households gain fast internet access. NBN Co will allocate $3.5bn to rolling out high-speed fibre cables to nearly 10 million households and businesses, which will be given the option of taking up a fibre-to-the-premises connection. Communications Minister Paul Fletcher says it was always the Coalition’s intention to upgrade the NBN to full fibre when the initial rollout was completed.

CORPORATES
NBN CO LIMITED, AUSTRALIA. DEPT OF INFRASTRUCTURE, TRANSPORT, REGIONAL DEVELOPMENT AND COMMUNICATIONS