O75 Public Administration

Australians largely negative on prospects for 2020

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Original article by Roy Morgan
Market Research Update – Page: Online : 23-Dec-19

A special Roy Morgan web survey shows that two-fifths of Australians (40%) think 2020 will be ‘worse’ than 2019. This represents a significant increase of 26% points from a year ago and is the highest figure since 1990 – during the midst of Australia’s last recession. A record low 12% of Australians think 2020 will be ‘better’ than 2019, while 41% say 2020 will be about the same and 7% don’t know. The net negative rating of 28% points is the largest negative gap in the survey’s history going back nearly forty years. This exceeds the previous record gap of a net negative rating of 16% points in 1990, when 33% expected the next year (1991) would be better and 49% expected it to be worse. Slightly more men (41%) than women (40%) expect 2020 will be ‘worse’ than 2019, although more men (14%) also say that 2020 will be ‘better’ than 2019 than women (10%). Analysis by age group shows that younger people are the least pessimistic about 2020, although all age groups expect 2020 will be ‘worse’ than 2019.

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ROY MORGAN LIMITED

Business to PM: Get economy moving

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Original article by John Kehoe
The Australian Financial Review – Page: 3 : 20-Dec-19

The Business Council of Australia has called on the federal government to maintain its surplus goal as part of its Budget submission. The BCA has urged the government to help stimulate the economy through the adoption of an investment allowance, reducing red tape for infrastructure projects, and by making structural changes to the tax system over the longer-term. The BCA’s submission also calls for measures to boost workers’ skills, along with a new industry policy.

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BUSINESS COUNCIL OF AUSTRALIA, WOODSIDE PETROLEUM LIMITED – ASX WPL

Debt down; Australians have never been richer

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Original article by Matthew Cranston
The Australian Financial Review – Page: 3 : 20-Dec-19

Average household wealth increased by $10,698 in the September quarter, to a record $428,573.5 per person. The Australian Bureau of Statistics data also shows that the household debt to assets ratio eased from 18.9 times to 18.5 times during the quarter, which coincided with two interest rate cuts and income tax relief. Meanwhile, the household savings rate rose from 2.7 per cent to 4.8 per cent in the three months to September, but growth in consumption fell to 0.1 per cent, compared with 0.4 per cent in the June quarter.

CORPORATES
AUSTRALIAN BUREAU OF STATISTICS

Jobs surge slashes RBA rate cut odds

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Original article by Sarah Turner
The Australian Financial Review – Page: 2 : 20-Dec-19

The financial market’s expectations of an official interest rate cut in February have been reduced from 56.8 per cent to just 45.2 per cent, following the release of the latest jobs data. The Australian Bureau of Statistics has reported that 39,900 jobs were created in November, well above economists’ forecasts of 15,000. The unemployment rate eased from 5.3 per cent to 5.2 per cent, with 4,200 full-time and 35,700 part-time jobs being created during the month. The participation rate was steady at 66 per cent.

CORPORATES
AUSTRALIAN BUREAU OF STATISTICS, AUSTRALIA. DEPT OF THE TREASURY

Trump defies Congress

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Original article by Jacob Greber
The Australian Financial Review – Page: 1 & 12 : 20-Dec-19

US President Donald Trump maintains that he had done nothing wrong with regard to his dealings with the Ukrainian president, after the House of Representatives passed two articles of impeachment. The article on abuse of power was passed by 230 votes to 197, with just two Democrats voting against it; the article on obstruction of congress was passed 229 votes to 198, with three Democrats voting against it. Trump will now face a trial in the Senate; he is likely to be acquitted, as the Republicans control the upper house. However, the impeachment may have significant implications for the 2020 presidential election.

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UNITED STATES. EXECUTIVE OFFICE OF THE PRESIDENT

Stagnant wages and rising debt point to weak Christmas spending

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Original article by Euan Black
The New Daily – Page: Online : 19-Dec-19

Research by the Commonwealth Bank shows that 12 per cent of Australian adults will do most of their Christmas shopping at the last minute. Meanwhile, 26 per cent will look for discounts to save money on their Christmas shopping. The Commonwealth Bank’s chief economist Michael Blythe says growth in consumer spending is likely to be weak in 2019. Jim Stanford from the Centre for Future Work says factors such as small pay rises and high debt have prompted consumers to reduce their spending.

CORPORATES
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, THE AUSTRALIA INSTITUTE LIMITED. CENTRE FOR FUTURE WORK

Google settles $481m tax brawl

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Original article by David Swan
The Australian – Page: 3 : 19-Dec-19

The Australian Taxation Office’s deputy commissioner Mark Konza has welcomed Google’s decision to settle a long-running tax dispute. The technology company has agreed to pay $481m to resolve the dispute, which centred on tax audits covering the period from 2008 to 2018. A Google spokeswoman has emphasised that the settlement does not constitute an admission of liability. Google’s Australian earnings topped $1bn in 2018, but it paid just $25.6m in tax. Konza says the ATO will pursue at least one other technology company.

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GOOGLE INCORPORATED, GOOGLE AUSTRALIA PTY LTD, AUSTRALIAN TAXATION OFFICE, ATLASSIAN CORPORATION PLC, FACEBOOK INCORPORATED

Legendary corporate tycoon’s 207,000 child porn images

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Original article by Yoni Bashan, Emily Ritchie, Eli Greenblat
The Australian – Page: 1 & 4 : 19-Dec-19

Former corporate raider Sir Ron Brierley has been released on conditional bail after being charged with six counts of possessing child abuse material. The 82-year-old was arrested at Sydney airport prior to taking a flight to Fiji. Police will allege that his carry-on luggage contained a laptop computer and USB devices with a large quantity of pornographic photos and videos that featured young children. The police were acting on an anonymous Crime Stoppers tip-off. Sir Ron retired from corporate life in June.

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MERCANTILE INVESTMENT COMPANY LIMITED – ASX MVT, NEW SOUTH WALES POLICE FORCE

Kyoto credits may not be needed

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Original article by Mark Ludlow
The Australian Financial Review – Page: 1 & 8 : 18-Dec-19

Energy Minister Angus Taylor says Australia is on track to exceed its 2030 carbon emissions reduction target under the Paris climate agreement. He says the nation has consistently over-delivered with regard to reducing carbon emissions, and he is confident that it will do so with regard to the 2030 target. Matt Harris of Frontier Economics believes that Australia can meet its 2030 target without needing to use Kyoto carry-over credits.

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AUSTRALIA. DEPT OF THE ENVIRONMENT AND ENERGY, FRONTIER ECONOMICS PTY LTD, GRATTAN INSTITUTE

Employers drop bid for new permaflexi work category

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Original article by David Marin-Guzman
The Australian Financial Review – Page: 10 : 18-Dec-19

The NSW Business Chamber and its legal arm, Australian Business Industrial, have abandoned a push for the Fair Work Commission to recognise a new category of employment. So-called ‘permaflexi’ workers would have been paid a 10 per cent loading in exchange for flexible rostering. The proposal was put forward in response to the Workpac case, in which the Federal Court ruled that casual workers are entitled to annual leave in addition to a casual loading. The permaflexi proposal may be revived if the federal government does not take legislative action in response to the Workpac case.

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NSW BUSINESS CHAMBER LIMITED