O75 Public Administration

Construction the drag on productivity

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Original article by David Marin-Guzman, Matthew Cranston
The Australian Financial Review – Page: 6 : 4-Dec-19

The Reserve Bank of Australia’s analysis shows that the construction sector was the biggest contributor to the decline in the nation’s labour productivity in 2018-19. The central bank’s Statement on Monetary Policy notes that this may be due to construction firms retaining idled workers in the hope that the residential development sector will rebound. However, the RBA’s analysis could weaken the CFMMEU’s recent proposal for annual pay rises of five per cent for New South Wales building workers.

CORPORATES
RESERVE BANK OF AUSTRALIA, CONSTRUCTION, FORESTRY, MARITIME, MINING AND ENERGY UNION OF AUSTRALIA, MASTER BUILDERS AUSTRALIA INCORPORATED, AUSTRALIAN BUREAU OF STATISTICS

Stimulus calls to ease as mine exports surge

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Original article by Patrick Commins
The Australian – Page: 2 : 4-Dec-19

Kristina Clifton of the Commonwealth Bank says high commodity prices were a big contributor to Australia’s $7.9bn current account surplus for the September quarter. Official data shows that government spending was also higher than forecast during the quarter. The figures have strengthened expectations that the latest national accounts data will show that the economy grew by at least 0.5 per cent in the quarter, and 1.7 per cent year-on-year. This would in turn reduce pressure on the federal government to pursue stimulus measures.

CORPORATES
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIA. DEPT OF THE TREASURY, RESERVE BANK OF AUSTRALIA, AUSTRALIAN BUREAU OF STATISTICS

ANZ-Roy Morgan Consumer Confidence up to 108.1

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Original article by Roy Morgan
Market Research Update – Page: Online : 4-Dec-19

ANZ-Roy Morgan Australian Consumer Confidence rose 1.2% to 108.1 in the week ended 1 December, its first gain in four weeks. Households’ views towards current financial conditions fell 1.6%, while views towards future financial conditions gained 4.2%. Consumers’ views toward current economic conditions declined 4.1% to its lowest point in four years; views towards future economic conditions gained 1%, although this comes after a cumulative loss of almost 10% over the prior two weeks. The ‘time to buy a household item’ index jumped 5.3%, albeit from a 10-year low in the previous reading. The four-week moving average of inflation expectations was up 0.1ppt to 4.0%, and the weekly reading jumped from 3.8% to 4.1%.

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

Spending forecasts raise GDP fears

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Original article by Matthew Cranston
The Australian Financial Review – Page: 7 : 29-Nov-19

Data from the Australian Bureau of Statistics shows that business investment fell by 0.2 per cent in the September quarter and by 1.3 per cent year-on-year. Mining investment increased by 1.2 per cent in the year to September, while investment in equipment, plant and machinery was down 3.5 per cent. Josh Williamson of Citigroup says the latter figure is likely to reduce GDP growth in the September quarter by 0.15 percentage points.

CORPORATES
AUSTRALIAN BUREAU OF STATISTICS, CITIGROUP PTY LTD

Hastie helped spy find an ASIO haven

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Original article by Ben Packham
The Australian – Page: 1 & 2 : 29-Nov-19

Liberal MP Andrew Hastie has been linked to Wang Liqiang, who claims to have been a Chinese spy and is now seeking asylum in Australia. It has been revealed that Hastie was contacted by an associate of Wang via an encrypted telephone app in early October. Hastie, who chairs the parliamentary joint committee on intelligence and security, then contacted ASIO about Wang’s allegations regarding Chinese intelligence operations in Australia. The Chinese government maintains that Wang is a fraudster rather than a spy.

CORPORATES
LIBERAL PARTY OF AUSTRALIA, AUSTRALIAN SECURITY INTELLIGENCE ORGANISATION, AUSTRALIAN STRATEGIC POLICY INSTITUTE LIMITED

Be ready for sanctions on China: Abbott

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Original article by Bo Seo, Angus Grigg
The Australian Financial Review – Page: 6 : 29-Nov-19

Former prime minister Tony Abbott has used a Lowy Institute speech to warn that the crisis in Hong Kong may require targeted sanctions to be imposed on China. He also argued that Australia’s strategy to deal with the growing power of China should include an increase in military spending, which is currently set at two per cent of GDP. Abbott also said Australia needs to establish closer relations with India. He added that it might be time for Australia to undertake freedom of navigation exercises in the South China Sea.

CORPORATES
LOWY INSTITUTE FOR INTERNATIONAL POLICY

Hanson blindside kills anti-thug law

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Original article by Ewin Hannan
The Australian – Page: 1 & 4 : 29-Nov-19

The federal government will put its Ensuring Integrity Bill before the Senate again in 2020 after a vote was tied at 34 votes apiece on 28 November. The bill was defeated after One Nation joined with Labor and the Greens to vote against it, even though the government had agreed to the minor party’s proposed amendments. Independent senator Jacqui Lambie also voted against the bill. Labor leader Anthony Albanese has described the bill’s defea­t as a "win for workers", but Australian Industry Group CEO Innes Willox says it is a "win for union thug­gery".

CORPORATES
ONE NATION PARTY, CENTRE ALLIANCE, AUSTRALIAN LABOR PARTY, AUSTRALIAN GREENS, THE AUSTRALIAN INDUSTRY GROUP, MASTER BUILDERS AUSTRALIA INCORPORATED, AUSTRALIA. ATTORNEY-GENERAL’S DEPT, ACTU, WESTPAC BANKING CORPORATION – ASX WBC, CONSTRUCTION, FORESTRY, MARITIME, MINING AND ENERGY UNION OF AUSTRALIA, AUSTRALIAN MINES AND METALS ASSOCIATION (INCORPORATED)

Porter rejects Lambie’s call to alter union bill

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Original article by Ewin Hannan
The Australian – Page: 2 : 28-Nov-19

The federal government remains hopeful that One Nation will support its Ensuring Integrity Bill, with the minor party’s two votes being crucial to its passage through the Senate. Meanwhile, independent senator Jacqui Lambie has proposed a number of last-minute amendments to the bill in return for her support; they include a provision that unprotected industrial action cannot be used as grounds for disqualifying a union official. Attorney-General Christian Porter has ruled out supporting the amendments, arguing that they are unworkable.

CORPORATES
ONE NATION PARTY, AUSTRALIA. ATTORNEY-GENERAL’S DEPT, CENTRE ALLIANCE, CONSTRUCTION, FORESTRY, MARITIME, MINING AND ENERGY UNION OF AUSTRALIA

Infrastructure spending set to take a dive

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Original article by Adam Creighton
The Australian – Page: 6 : 28-Nov-19

The Parliamentary Budget Office has forecast that Australia’s net infrastructure investment will peak at $38bn in 2019-20, before falling over the next three years. This is primarily due to expectations that the net debt of the state governments will blow out to around $156bn by 2022. This would constitute the states’ highest share of public debt in two decades.

CORPORATES
AUSTRALIA. PARLIAMENTARY BUDGET OFFICE

PM wins an AAA-rating for his responsible approach to stimulus

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Original article by Patrick Commins
The Australian – Page: 6 : 28-Nov-19

S&P Global Ratings has praised the federal government’s commitment to a balanced Budget rather than pursuing stimulus measures. The ratings agency has warned that any fiscal stimulus that led to a change in the trajectory of the Budget could jeopardise Australia’s coveted triple-A credit rating. Anthony Walker, S&P’s director of sovereign ratings, has also warned that fiscal stimulus is likely to affect the nation’s ability to respond to future unforeseen economic shocks.

CORPORATES
S&P GLOBAL RATINGS, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, RESERVE BANK OF AUSTRALIA