O75 Public Administration

Feds should lead the charge on payroll tax reform: ACCI

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Original article by Ronald Mizen
The Australian Financial Review – Page: 9 : 6-Jul-21

Payroll tax is consistently one of the most pressing issues for business, according to a survey by the Australian Chamber of Commerce & Industry, and is viewed as an impediment to employment and economic growth. The ACCI has called the federal government to lead the way in its abolition by making up some of the revenue that would be lost by the states and territories if it was scrapped, with the states having levied almost $27 billion in payroll taxes in 2018-19. One possible option to replace money lost by scrapping payroll tax would be for the federal government to increase the GST and diverting the extra money raised back to the states.

CORPORATES
AUSTRALIAN CHAMBER OF COMMERCE AND INDUSTRY

ANZ-Roy Morgan New Zealand Consumer Confidence virtually unchanged at 114.1 in June

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Original article by Roy Morgan
Market Research Update – Page: Online : 5-Jul-21

ANZ-Roy Morgan New Zealand Consumer Confidence was virtually unchanged at 114.1 in June, a little under its historical average of 120. Consumers’ perceptions of their current financial situation rose 7 points to +14%, by far its strongest post-COVID level; meanwhile, a net 22% of consumers expect to be better off financially this time next year, down 5 points. In addition, a net 22% of consumers think it is a good time to buy a major household item, up 3 points to a post-COVID high. Perceptions regarding the next year’s economic outlook rose 4 points to +3%, and the five-year outlook fell 8 points to +10%. CPI inflation expectations jumped 0.7%pts to 5.1%, a record high in data that starts in 2010.

CORPORATES
ROY MORGAN LIMITED, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ

Miners, LNG insulated from tax

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Original article by Glenda Korporaal
The Weekend Australian – Page: 21 & 25 : 3-Jul-21

The OECD estimates that the new minimum corporate tax rate of 15 per cent could generate up to $US150bn ($201bn) in additional global tax revenue. The global tax regime has been backed by 130 countries and jurisdictions, including Australia; they have agreed to exclude ‘extractive industries’ such as mining and energy from the regime, which will make Australian companies in these sectors more attractive to international investors. Jones Day tax partner Niv Tadmore says large global companies will no longer be able to shelter their profits in other jurisdictions to avoid paying tax. This will include digital giants such as Google and Facebook, which have been widely criticised over the amount of tax they pay.

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ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT, JONES DAY, GOOGLE INCORPORATED, FACEBOOK INCORPORATED

Virus exit plan leaves us behind: business

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Original article by Hannah Wootton, Mark Ludlow
The Australian Financial Review – Page: 1 & 4 : 5-Jul-21

Business leaders have generally welcomed the federal government’s four-step plan to reopen Australia in the wake of the COVID-19 pandemic. However, they have called for greater clarity regarding the timeframe for reopening the economy, as well as the vaccination targets that will be required for each step of the plan. The four-point plan aims to phase out snap lockdowns and state border closures in early 2022, while the nation’s international borders will re-open later in that year. Business Council of Australia CEO Jennifer Westacott says the success of the exit strategy will depend on co-operation from the state and territory governments.

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BUSINESS COUNCIL OF AUSTRALIA

Australian unemployment drops to 9.4% in June – before three States enforce COVID lockdowns

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Original article by Roy Morgan
Market Research Update – Page: Online : 5-Jul-21

The latest Roy Morgan employment series data shows that 1.39 million Australians were unemployed in June, down 99,000 on May, for an unemployment rate of 9.4%. The workforce in June was 14,768,000 – comprised of 13,374,000 employed Australians (an increase of 305,000) and 1,394,000 unemployed Australians looking for work (up 99,000). In addition to those who were unemployed, 1.26 million Australians (8.5% of the workforce) were underemployed – working part-time but looking for more work. This was unchanged from May. In total, 2.65 million Australians (17.9% of the workforce) were either unemployed or underemployed in June, a drop of 98,000 on May. The decrease was driven by the fall in unemployment. Roy Morgan’s unemployment figure of 9.4% for June is more than 4% points higher than the current ABS estimate for May 2021 of 5.1%.

CORPORATES
ROY MORGAN LIMITED, AUSTRALIAN BUREAU OF STATISTICS

Global tax reform: 130 countries commit to minimum corporate rate

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Original article by Richard Partington
The Guardian – Page: Online : 2-Jul-21

The OECD has advised that 130 countries and jurisdictions have agreed to plans for a global minimum corporate tax rate. The principle of the agreement is that multinationals would be compelled to pay a minimum of 15 per cent tax in each country in which they operate, with the global minimum tax rate expected to raise around $US150 billion. The agreement also looks to curtail profit shifting, with over $US100 billion (Stg73 billion) expected to be raised by curbing this activity.

CORPORATES
ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT

Australia ranks last for climate action among UN member countries

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Original article by Lisa Cox
The Guardian – Page: Online : 2-Jul-21

Australia Institute climate expert Richie Merzian says he is not surprised that Australia has been ranked last in a survey of 193 members of the United Nations in terms of action taken to reduce greenhouse gas emissions. He says the federal government has no climate and energy policy, instead preferring to cherry-pick technologies, many of which support the fossil fuel industry. Australia’s last-place ranking on climate action was contained in a report on progress towards global sustainable development goals, with Australia ranking 35th in that area.

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THE AUSTRALIA INSTITUTE LIMITED, UNITED NATIONS

Fewer than 8% of Australian adults fully vaccinated four months into Covid rollout

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Original article by Christopher Knaus
The Guardian Australia – Page: Online : 2-Jul-21

New data from the federal government shows that just 1.63 million Australians aged 16+ (7.92 per cent) have received both doses of the Pfizer or AstraZeneca COVID-19 vaccine to date. Some 6.11 million (about 30%) have had their first dose since the vaccine rollout began in late February. The figures also show that despite being a priority in the rollout, the proportion of older Australians who are fully vaccinated remains low. This varies from 38.4 per cent of people in the 95+ age group to 5.7 per cent of those aged 65-69. Epidemiologist Hassan Vally says the number of people aged 60+ who are fully vaccinated should rise sharply in coming weeks, due to the 12-week delay in receiving the second AstraZeneca dose.

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ASTRAZENECA PLC, PFIZER INCORPORATED

Current account surplus gives Australian economy breathing room, says Bank of America

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Original article by Michael Janda
abc.net.au – Page: Online : 2-Jul-21

Data from the Australian Bureau of Statistics shows that the nation has posted a trade surplus of $9.68bn for May, slightly below the record $9.87bn surplus in January. Exports rose by 6.1 per cent in May, amid continued strong demand for commodities such as iron ore. The steel input has been a key driver of Australia’s trade surpluses. Tony Morriss from Bank of America notes that while the iron ore price is widely tipped to fall, the decline may not be as sharp as anticipated, as the massive infrastructure program in the US will help to offset any fall in demand from China as that nation’s stimulus measures are wound back.

CORPORATES
AUSTRALIAN BUREAU OF STATISTICS, BANK OF AMERICA AUSTRALIA LIMITED

PM seeks deal to end lockdowns

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Original article by Greg Brown, Simon Benson
The Australian – Page: 1 & 4 : 2-Jul-21

Prime Minister Scott Morrison will try to get an agreement from the premiers and chief ministers on the vaccination threshold that needs to be met in order to end COVID-19 lockdowns when national cabinet meets on 2 July. Morrison says the "magic number" for this threshold will be determined by medical science. The national cabinet has already been given modelling for a vaccination threshold based on the Alpha variant, while modelling for one based on the more contagious Delta variant is understood to be nearly finished. Meanwhile, some premiers have called for a big reduction in the number of international arrivals until the majority of Australians have been vaccinated.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET