O75 Public Administration

Bushfire toll tops 1000 homes; PM rejects reckless response

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Original article by Bo Seo
The Australian Financial Review – Page: Online : 24-Dec-19

Prime Minister Scott Morrison toured bushfire-affected areas of New South Wales on 23 December, as the Rural Fire Service advised that 829 homes in the state have been destroyed and another 333 have been damaged since the current bushfire season began. The RFS has warned that more homes are likely to be lost. The RFS adds that some 3.41 million hectares across the state have been burnt so far in the bushfire season. At least 86 homes have also been lost in South Australia’s Adelaide Hills. Morrison contends that stricter carbon emissions reduction targets would not have prevented the bushfires.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, NEW SOUTH WALES RURAL FIRE SERVICE, AUSTRALIAN LABOR PARTY

Bashing business damages economy

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Original article by Glenda Korporaal
The Australian – Page: 13 : 23-Dec-19

Former Business Council of Australia president Graham Bradley says that "anti-business rhetoric" within government is having a negative impact on the economy and deterring capital investment. He has also criticised the federal government for aligning itself with small and medium business and denigrating big business. Meanwhile, Australian Investment Council CEO Yasser El-Ansary says weak consumer confidence is deterring companies from investing, adding that the BCA’s proposal to include a business investment allowance in the May 2020 Budget would only provide a short-term economic stimulus.

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BUSINESS COUNCIL OF AUSTRALIA, AUSTRALIAN INVESTMENT COUNCIL

No justice for SMEs when the tax office smells blood

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Original article by Robert Gottliebsen
The Weekend Australian – Page: 31 : 21-Dec-19

The Administrative Appeals Tribunal’s landmark ruling in favour of the Australian Taxation Office against gold refiner EBS has significant implications for small and medium enterprises. The case – which centred on the tax treatment of bullion and scrap gold under the GST regime – had gone on for about six years, and the appeals process is likely to take another several years. The majority of SMEs simply cannot afford the cost of such lengthy legal proceedings. The small business appeals tribunal may provide some relief for SMEs, but government action is needed to make it easier for SMEs to conduct business in Australia.

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AUSTRALIAN TAXATION OFFICE, AUSTRALIA. ADMINISTRATIVE APPEALS TRIBUNAL, EBS

Fires to destroy 1000 homes

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Original article by Natasha Robinson, Adeshola Ore, Greg Brown
The Australian – Page: 1 & 5 : 23-Dec-19

Prime Minister Scott Morrison says the federal government will develop a nat­ional plan to prevent a repeat of the devastating bushfire season of 2019. Some 789 homes have been lost in New South Wales so far in the bushfire season, with Premier Gladys Berejiklian stating that the town of Balmoral has been largely destroyed in one of the latest fires. A bushfire has also destroyed 72 homes at Cudlee Creek in South Australia’s Adelaide Hills, with a 69-year-old man dying in the blaze. More than 200 fires are still burning across Australia, and NSW Rural Fire Service Commissioner Shane Fitzsimmons has warned that no significant rainfall has been forecast in the near-term.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, NEW SOUTH WALES. DEPT OF PREMIER AND CABINET, NEW SOUTH WALES RURAL FIRE SERVICE

Economy at risk of hit from flames

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Original article by Greg Brown
The Australian – Page: 1 & 4 : 23-Dec-19

Australian Industry Group CEO Innes Willox says the bushfire crisis could result in negative GDP growth for the December quarter, following weak growth in the three months to September. Willox adds that sectors such as tourism and retail in particular are likely to be hard hit. National Australia Bank’s chief economist Alan Oster warns that the bushfires will further adversely affect consumer sentiment, although he says growth in the public sector is likely to prevent the economy from contracting in the December quarter. Federal Treasurer Josh Frydenberg stresses that it is too soon to estimate the economic impact of the bushfires.

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THE AUSTRALIAN INDUSTRY GROUP, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN RETAILERS ASSOCIATION

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.

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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