O75 Public Administration

Trump defies Congress

roymorgansocial Leave a comment

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.

CORPORATES
UNITED STATES. EXECUTIVE OFFICE OF THE PRESIDENT

Stagnant wages and rising debt point to weak Christmas spending

roymorgansocial Leave a comment

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

roymorgansocial Leave a comment

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.

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

Legendary corporate tycoon’s 207,000 child porn images

roymorgansocial Leave a comment

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.

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

Kyoto credits may not be needed

roymorgansocial Leave a comment

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.

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

Employers drop bid for new permaflexi work category

roymorgansocial Leave a comment

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.

CORPORATES
NSW BUSINESS CHAMBER LIMITED

Asia’s coal hunger to lift exports

roymorgansocial Leave a comment

Original article by Greg Brown, Perry Williams
The Australian – Page: 1 & 2 : 18-Dec-19

Australia’s coal production will grow by 1.4 per cent annually over the next five years, according to a report from the International Energy Agency. The nation’s coal output is forecast to top 444 million tonnes in 2024, compared with 409 million tonnes in 2018. Thermal coal exports are forecast to increase from 203 million tonnes to 223 million tonnes over this period, with coking coal shipments to rise from 179 million tonnes to 196 million tonnes. Demand for Australian coal is expected to be driven by nations such as India, Vietnam and Indonesia. Greens MP Adam Bandt has called for legislation to phase out coal exports by 2030, claiming that "coal will kill us".

CORPORATES
INTERNATIONAL ENERGY AGENCY, AUSTRALIAN GREENS, AUSTRALIA. DEPT OF INDUSTRY, INNOVATION AND SCIENCE, AUSTRALIAN LABOR PARTY, MINERALS COUNCIL OF AUSTRALIA, ADANI MINING PTY LTD, SIEMENS AG

Fast-tracked income tax cuts unlikely

roymorgansocial Leave a comment

Original article by Phillip Coorey
The Australian Financial Review – Page: 5 : 18-Dec-19

Treasurer Josh Frydenberg has not ruled out bringing forward the next stage of the federal government’s income tax cuts package, which is due to take effect in mid-2022. However, sources have indicated that this is unlikely given the reduction in projected Budget surpluses over the next four years. Meanwhile, Chris Richardson of Deloitte Access Economics argues that bringing forward the second stage of the tax cuts to 2020-21 would require the iron ore price to remain about $US15 per tonne higher throughout that financial year.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, DELOITTE ACCESS ECONOMICS PTY LTD, WESTPAC BANKING CORPORATION – ASX WBC, BUSINESS COUNCIL OF AUSTRALIA, SOUTH AUSTRALIA. DEPT OF TREASURY AND FINANCE

ANZ-Roy Morgan Consumer Confidence down to 108.0

roymorgansocial Leave a comment

Original article by Roy Morgan
Market Research Update – Page: Online : 18-Dec-19

ANZ-Roy Morgan Australian Consumer Confidence fell 0.9% to 108.0 in the week ended 15 December. Current financial conditions fell 1.5%, while future financial conditions gained 3.7%. Current economic conditions rose 1.6%, while future economic conditions were down 1.2%. The ‘time to buy a household item’ sub-index fell 6.4% and the four-week moving average of inflation expectations was up 0.1ppt to 4.0%.

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

Christmas pain as Jetstar faces further strikes

roymorgansocial Leave a comment

Original article by Ewin Hannan
The Australian – Page: 2 : 16-Dec-19

The Transport Workers’ Union’s national secretary Michael Kaine says passengers of budget airline Jetstar can expect further industrial action in the lead-up to Christmas. Jetstar pilots walked off the job on the weekend of 14-15 December, resulting in nearly 100 flights being cancelled. Jetstar is offering an annual pay rise of three per cent, but CEO Gareth Evans says the wage claim equates to an increase of 15 per cent. Jetstar’s ground crew and baggage handlers will impose work stoppages on 19 December.

CORPORATES
JETSTAR AIRLINES PTY LTD, TRANSPORT WORKERS’ UNION, AUSTRALIAN FEDERATION OF AIR PILOTS