O75 Public Administration

ACTU boss opposes tax cut for workers

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Original article by Greg Brown
The Australian – Page: 1 & 2 : 10-Jul-20

ACTU secretary Sally McManus has urged the federal government to extend the JobKeeper wage subsidy scheme for an additional six months. It is slated to end in late September, but McManus says the union movement will not support an extension of temporary changes to workplace laws unless the scheme is extended for all eligible workers. McManus also opposes bringing forward personal income tax cuts, arguing that it will lead to less money being spent on essential services. She adds that company tax cuts should not be considered until tax loopholes and rorts have been addressed.

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ACTU

Virus slowdown: call to waive penalty rates

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Original article by David Marin-Guzman
The Australian Financial Review – Page: 7 : 9-Jul-20

The Master Builders Association and the Housing Industry Association want the Fair Work Commission to make temporary changes to the construction industry award in response to the coronavirus pandemic. The Construction, Forestry, Maritime, Mining & Energy Union opposes any move to vary the award so construction workers do not receive penalty rates for working outside their regular hours. Richard Crookes Constructions is among the building firms that have expressed support for temporary changes to the award.

CORPORATES
MASTER BUILDERS AUSTRALIA INCORPORATED, HOUSING INDUSTRY ASSOCIATION LIMITED, CONSTRUCTION, FORESTRY, MARITIME, MINING AND ENERGY UNION OF AUSTRALIA, AUSTRALIA. FAIR WORK COMMISSION, RICHARD CROOKES CONSTRUCTIONS PTY LTD

Australia among highest corporate tax collectors: OECD

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Original article by Matthew Cranston, Tom McIlroy
The Australian Financial Review – Page: 7 : 9-Jul-20

A report from the Organisation for Economic Co-operation & Development shows that corporate tax accounted for about 5.5 per cent of Australia’s GDP in 2017. This compares with an average of three per cent across all OECD member nations. The US and the Bahamas are among 15 jurisdictions whose corporate tax rates comprise less than two per cent of GDP. Treasurer Josh Frydenberg contends that Australia’s lower value add tax is a key reason for the nation’s personal and corporate income tax rates being higher than the OECD average.

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

Community transmission makes Victoria coronavirus outbreak more precarious and challenging

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Original article by Tegan Taylor
abc.net.au – Page: Online : 9-Jul-20

Federal MP Katie Allen notes that people returning from overseas accounted for 90 per cent of coronavirus cases in Australia’s first wave. However, the former medical researcher says the majority of cases now being recorded in Victoria are due to community transmission. La Trobe University epidemiologist Hassan Vally says the state government has taken appropriate action to curb the virus’s spread via community transmission, but he stresses that individuals must accept responsibility and comply with lockdown rules. Vally has also cautioned against complacency, warning that a similar coronavirus surge could occur elsewhere in Australia.

CORPORATES
LA TROBE UNIVERSITY

PM vows to break Victoria’s fall

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Original article by Matthew Cranston, Andrew Tillett
The Australian Financial Review – Page: 1 & 6 : 9-Jul-20

Victoria recorded 134 new coronavirus cases on 8 July, as metropolitan Melbourne prepared to go into lockdown for six weeks. The virus outbreak in Victoria is set to dominate the national cabinet’s agenda when it meets on 10 July, while Prime Minister Scott Morrison has flagged extending the JobKeeper wage subsidy beyond late September. Treasurer Josh Frydenberg in turn says the federal government will look at bringing forward legislated personal income tax cuts in order to stimulate the economy. The government is also considering measures such as providing greater incentives for business investment.

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AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF THE TREASURY

Beware Beijing’s ‘arbitrary detention’: DFAT

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Original article by Olivia Caisley, Geoff Chambers
The Australian – Page: 1 & 2 : 8-Jul-20

The growing tensions between Australia and China have prompted the federal government to upgrade its travel advice. The Department of Foreign Affairs & Trade has warned that Chinese authorities have detailed foreign travellers on the grounds of ‘endangering national security’, adding that Australians may be at risk of detention. DFAT also recently advised caution about travelling to Hong Kong after China introduced new national security laws for the former British colony. DFAT recommends that Australian defer all overseas travel due to the coronavirus.

CORPORATES
AUSTRALIA. DEPT OF FOREIGN AFFAIRS AND TRADE

Melbourne locked down: Premier pleads for help

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Original article by Patrick Durkin
The Australian Financial Review – Page: 1 & 4 : 8-Jul-20

The Victorian government has extended stage-three lockdown restrictions to the 31 local government areas across metropolitan Melbourne after a record 191 new coronavirus cases were reported in the state on 7 July. The six-week lockdown also includes the Mitchell Shire, which is located north of Melbourne. Premier Daniel Andrews says the growth in new cases is unsustainably high and failure to take action would have seen the virus get out of control. There are currently 772 active cases in Victoria, including 438 that have been attributed to community transmission.

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VICTORIA. DEPT OF PREMIER AND CABINET

Victoria’s $12b economic hit from new lockdown

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Original article by Andrew Tillett, Matthew Cranston
The Australian Financial Review – Page: 4 : 8-Jul-20

Commonwealth Bank economist Gareth Aird says the six-week coronavirus lockdown in Melbourne is likely to reduce Australia’s GDP growth by about one per cent in the September quarter. While the economic cost of the lockdown to the Victorian economy is uncertain, estimates range from $1bn to $2.3bn per week. IFM Investors’ chief economist Alex Joiner says the federal government will have to take the new lockdown into account when finalising its forecasts for the economic statement to be released on 23 July. Victoria accounts for about 25 per cent of the national economy.

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COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, IFM INVESTORS PTY LTD, AUSTRALIA. DEPT OF THE TREASURY

ANZ-Roy Morgan Consumer Confidence drops 0.9 pts to 92.1 after Melbourne COVID-19 cases surge – forcing Melbourne back into six weeks lockdown

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Original article by Roy Morgan
Market Research Update – Page: Online : 8-Jul-20

ANZ-Roy Morgan Australian Consumer Confidence fell 0.9pts to 92.1 in the week to 4/5 July, to its lowest level since May 9/10 (90.3). Consumer Confidence is now 25.5pts lower than a year ago (117.6) and 2.9pts below the 2020 weekly average of 95.0. Now 23% (up 2ppts) of Australians say their families are ‘better off’ financially than this time last year, while 37% (up 2ppts) say their families are ‘worse off’ financially. Meanwhile, 35% (up 1ppt) of Australians expect their family to be ‘better off’ financially this time next year, and 18% (down 1ppt) expect to be ‘worse off’ financially. Just 7% (unchanged) expect ‘good times’ for the Australian economy over the next 12 months, while 46% (up 1ppt) expect ‘bad times’. In addition, 35% (down 1ppt) of Australians say now is a ‘good time to buy’ major household items, while 36% (up 2ppts) say now is a ‘bad time to buy’. The four-week moving average for ‘inflation expectations’ was stable at 3.2%.

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

Women twice as likely as men to be discouraged workers after Covid-19 job loss

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Original article by Paul Karp
The Guardian Australia – Page: Online : 7-Jul-20

A report by the Australian National University has noted an increase in the number of people who are unemployed but not actively looking for work. The report was based on a survey by the ANU Centre for Social Research and Methods, and report co-author Nicholas Biddle says the increase fits in with the notion of the ‘discouraged’ worker, namely someone who would like to work but does not believe there are any suitable jobs available. The ANU found that women who have lost their job because of COVID-19 are much more likely to be ‘discouraged workers’ than men.

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AUSTRALIAN NATIONAL UNIVERSITY