O75 Public Administration

Coalition win as ALP backs big stick laws on energy

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Original article by Rosie Lewis
The Australian – Page: 4 : 16-Oct-19

Labor has agreed to support the federal government’s bill to force energy companies to divest assets if they fail to reduce electricity prices. However, Opposition Leader Anthony Albanese says the policy shift is not a backdown, as the proposed legislation has been changed significantly since it was rejected by the previous parliament. The government has agreed to some concessions sought by Labor in return for supporting the bill.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, FEDERAL COURT OF AUSTRALIA

IMF: global growth at decade low

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Original article by Adam Creighton
The Australian – Page: 1 & 6 : 16-Oct-19

The International Monetary Fund now expects global economic growth of three per cent in 2019, and has warned of a synchronised global slowdown. The IMF also expects the US-China trade war to reduce global growth by 0.8 per cent over the next two years. Australia’s economic growth forecast for 2019 has been downgraded from 2.1 per cent to 1.7 per cent, prompting shadow treasurer Jim Chalmers to urge the federal government to bring forward its mid-year Budget update. However, Prime Minister Scott Morrison says the domestic economy is still growing faster than all G7 nations except the US.

CORPORATES
INTERNATIONAL MONETARY FUND, AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF THE TREASURY, RESERVE BANK OF AUSTRALIA

ANZ-Roy Morgan Consumer Confidence down to 110.9

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Original article by Roy Morgan
Market Research Update – Page: Online : 16-Oct-19

ANZ-Roy Morgan Australian Consumer Confidence fell 1.2% to 110.9 in the week ended 13 October, its second straight weekly loss; confidence remains below its long-run average. Households’ views towards current financial conditions gained 0.2%, while views towards future financial conditions were up 0.7%. However. consumers’ views toward current economic conditions fell 1% and views towards future economic conditions lost 1.7%. The ‘time to buy a major household item’ fell 3.9% after two successive gains. Inflation expectations remained stable at 4.1%.

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

CFMEU branded a serial offender

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Original article by Ewin Hannan
The Australian – Page: 2 : 15-Oct-19

The Construction, Forestry, Maritime, Mining & Energy Union and Victorian shop steward Kevin Pattinson have been fined $69,000 in total for preventing an apprentice and an electrician from working on a Melbourne construction site. The court was told that Pattinson had barred the two workers from the site because they were not members of the CFMMEU. The Federal Court’s Justice John Snaden noted that the union is a "serial ­offender" with regard to its lack of compliance with workplace laws.

CORPORATES
CONSTRUCTION, FORESTRY, MARITIME, MINING AND ENERGY UNION OF AUSTRALIA, FEDERAL COURT OF AUSTRALIA

Low-carbon future will arrive within a decade: APRA exec

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Original article by Joanna Mather
The Australian Financial Review – Page: 6 : 15-Oct-19

Australian Prudential Regulation Authority executive board member Geoff Summerhayes says the transition to low-carbon energy will occur more quickly than has been forecast, most likely by 2030. Summerhayes has told a conference organised by the Investor Group on Climate Change that there needs to be more honest discussions about the ‘existential nature’ of climate change, and that the transition to a low-carbon future will have impacts that will not be equal across the Australian economy.

CORPORATES
AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, INVESTOR GROUP ON CLIMATE CHANGE

Labor climate policy put fear of God in people and alienated blue-collar base

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Original article by Greg Brown
The Australian – Page: 7 : 15-Oct-19

Cathy O’Toole lost the Queensland seat of Herbert at the 18 May federal election; it was the only seat in central and north Queensland that Labor lost in a dismal performance in the state. O’Toole says Labor must rethink its climate change policy in the wake of the election loss, arguing that the policy had alienated Labor’s traditional blue-collar voter base. She has ruled out contesting the seat at the next election.

CORPORATES
AUSTRALIAN LABOR PARTY, ADANI MINING PTY LTD, AUSTRALIAN GREENS

Tools down if workers hot, sticky

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Original article by Ewin Hannan
The Australian – Page: 1 & 4 : 11-Oct-19

The Queen’s Wharf project in Brisbane is among the construction sites in southeast Queensland that will be subject to a new hot weather policy. The agreement between the Construction, Forestry, Maritime, Mining & Energy Union and Multiplex will allow building workers to stop work temporarily when the temperature reaches 28C and humidity tops 75 per cent at least three hours before the start of a shift. Master Builders Queensland CEO Grant Galvin says the policy will be an occupational health and safety nightmare, and he warns that it could be exploited by the CFMMEU.

CORPORATES
CONSTRUCTION, FORESTRY, MARITIME, MINING AND ENERGY UNION OF AUSTRALIA, BROOKFIELD MULTIPLEX LIMITED, MASTER BUILDERS’ ASSOCIATION OF QUEENSLAND, AUSTRALIAN MANUFACTURING WORKERS’ UNION, ELECTRICAL TRADES UNION

Joint strategy with US on rare earths

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Original article by Geoff Chambers
The Australian – Page: 7 : 11-Oct-19

Resources Minister Matt Canavan has indicated that a joint strategy with the US regarding critical minerals such as rare earths will be finalised in coming weeks. He has stressed the need for co-operation between governments to ensure that new rare earths projects go ahead. US Commerce Secretary Wilbur Ross, who is visiting Australia, has emphasised the importance of processing rather than merely mining rare earths. Trade Minister Simon Birmingham says the federal government wants processing of critical minerals to be undertaken in Australia.

CORPORATES
AUSTRALIA. DEPT OF INDUSTRY, INNOVATION AND SCIENCE, UNITED STATES. DEPT OF COMMERCE, AUSTRALIA. DEPT OF FOREIGN AFFAIRS AND TRADE, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, LYNAS CORPORATION LIMITED – ASX LYC

Big energy: big-stick rules hamper firm investment

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Original article by Angela Macdonald-Smith, Simon Evans, Mark Ludlow
The Australian Financial Review – Page: S1 & S2 : 10-Oct-19

Origin Energy CEO Frank Calabria has told an energy summit that the federal government’s proposed legislation to force energy companies to divest assets is deterring investment in the sector at a time when it is urgently needed. The issue of government intervention in the energy market attracted criticism from some of the summit’s delegates, but Energy Minister Angus Taylor says such action is justified given the rise in electricity prices in recent years as renewable energy generation has increased.

CORPORATES
ORIGIN ENERGY LIMITED – ASX ORG, AUSTRALIA. DEPT OF THE ENVIRONMENT AND ENERGY, ENERGYAUSTRALIA PTY LTD, AGL ENERGY LIMITED – ASX AGL, AUSTRALIA. ENERGY SECURITY BOARD, AUSTRALIAN ENERGY MARKET OPERATOR LIMITED

Strict best interest duty needed: Harris

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Original article by John Kehoe
The Australian Financial Review – Page: 6 : 10-Oct-19

Former Productivity Commission chairman Peter Harris has stressed the need for a strong ‘best interest duty’ that applies equally across the banking, mortgage broking, financial advice and superannuation industry. He is concerned that industry lobbying could result in a proposed best interest duty for mortgage brokers being watered down. Harris has also downplayed the need for a mortgage pricing inquiry, arguing that the federal government’s priority should be to implement the recommendations made by the commission in its 2018 report on competition in the financial services sector.

CORPORATES
AUSTRALIA. PRODUCTIVITY COMMISSION, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, AUSTRALIAN FINANCE GROUP LIMITED – ASX AFG