O75 Public Administration

Government’s anti-union bill retrospective

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Original article by David Marin-Guzman
The Australian Financial Review – Page: 15 : 25-Sep-19

ACTU president Michele O’Neil has told a Senate inquiry that some provisions of the federal government’s Ensuring Integrity Bill are retrospective. She says the requirement that a court must be satisfied that the deregistration of a union or the disqualification of an official is unjust would allow the court to take into account industrial breaches that occurred before the legislation took effect. This would have implications for the Construction, Forestry, Maritime, Mining & Energy Union, which has a long history of breaching workplace laws.

CORPORATES
ACTU, CONSTRUCTION, FORESTRY, MARITIME, MINING AND ENERGY UNION OF AUSTRALIA, THE AUSTRALIAN INDUSTRY GROUP

Low rates to push older people into casual work

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Original article by Robert Gottliebsen
The Australian – Page: 25 : 25-Sep-19

Record low interest rates are having a direct impact on the Australian labour market, by forcing older people to delay retirement and remain in full-time work for longer than they had intended. This is in turn reducing the employment opportunities for younger Australians, forcing many of them to take up casual roles or jobs in the ‘gig’ economy. Economist Callam Pickering notes that the proportion of younger workers who are underemployed has increased from about 11 per cent in 2008 to nearly 18 per cent. The trend for older people to continue working full-time is also dampening wages growth, as their priority is continuity of income rather than pay rises.

CORPORATES
RESERVE BANK OF AUSTRALIA

RBA chief ready to cut rates again

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Original article by Adam Creighton
The Australian – Page: 1 & 6 : 25-Sep-19

Reserve Bank of Australia governor Philip Lowe has signalled that the central bank is prepared to further reduce the cash rate if necessary. He has cited factors such as the downward trend in global interest rates and a ‘surprise’ slowdown in the domestic economy, which grew by just 1.4 per cent in the year to June. Lowe’s speech in regional New South Wales has heightened speculation that the RBA will reduce the cash rate to a new low of 0.75 per cent in October. George Tharenou of UBS expects the cash rate to fall to just 0.25 per cent by May.

CORPORATES
RESERVE BANK OF AUSTRALIA, UBS HOLDINGS PTY LTD, ARMIDALE BUSINESS CHAMBER, UNITED STATES. FEDERAL RESERVE BOARD, EUROPEAN CENTRAL BANK, AUSTRALIAN LABOR PARTY

Major household item buying index slumps

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Original article by Michael Mehr
News.com.au – Page: Online : 25-Sep-19

The latest ANZ-Roy Morgan Australian Consumer Confidence data shows that the number of consumers who think now is a good time to buy a major household item has fallen to its lowest level since 2009. ANZ economist Felicity Emmett says this is disappointing given the federal government’s income tax cuts. ANZ-Roy Morgan consumer confidence index data is closely monitored by the Reserve Bank, which is widely tipped to reduce the cash rate again in October.

CORPORATES
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, ROY MORGAN LIMITED, RESERVE BANK OF AUSTRALIA, WESTPAC BANKING CORPORATION – ASX WBC, UNIVERSITY OF MELBOURNE. INSTITUTE OF APPLIED ECONOMIC AND SOCIAL RESEARCH

ANZ-Roy Morgan Consumer Confidence consolidates to 110.1

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Original article by Roy Morgan
Market Research Update – Page: Online : 25-Sep-19

ANZ-Roy Morgan Australian Consumer Confidence rose 0.7% to 110.1 in the week ended 22 September, after losing 3.5% in the previous reading. Households’ views towards current financial conditions rose 1.9% and remain above the long-run average, while views towards future financial conditions gained 1.6%. Consumers’ views toward current economic conditions rose 3.6%, and views towards future economic conditions gained 1.0%; both subindices remain well below their long-run averages. The ‘time to buy a major household item’ index dropped 3.8% and is now at its lowest level in 10 years, and the four-week moving average for inflation expectations was stable at 4.1%.

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

PM push to wind back China’s trade benefits

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Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 4 : 24-Sep-19

Prime Minister Scott Morrison has called for an overhaul of the global trading system in response to the economic rise of China. He said China should now be recognised as a newly-developed economy and it should no longer be entitled to concessions under World Trade Organization rules for developing nations. Speaking in Chicago during his official visit to the US, Morrison stressed that global trade rules are outdated and are no longer "fit for purpose", particularly with regard to digital trade. He also emphasised the importance of Australia’s alliance with the US, and said Australia will never take it for granted.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, WORLD TRADE ORGANIZATION, CHICAGO INSTITUTE FOR GLOBAL AFFAIRS, UNITED STATES. EXECUTIVE OFFICE OF THE PRESIDENT, UNITED NATIONS. GENERAL ASSEMBLY

Tax cuts, not surpluses, key to growth

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Original article by Adam Creighton
The Australian – Page: 5 : 24-Sep-19

Returning the Budget to surplus has been a priority for the federal government since it won office in 2013, and it is on track for a surplus in 2019-20 after posting a deficit of less than $700m for 2018-19. However, documents released under Freedom of Information laws show that the Treasury is of the view that tax cuts may be the best way to stimulate the economy. The Treasury papers note that the government’s income tax cuts package will boost household disposable income by 0.75 per cent over three years, while delaying or reversing future tax cuts would reduce the efficiency of the economy and the tax system.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY

Dodgy claims are declining, says Tax Office

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Original article by Tom McIlroy
The Australian Financial Review – Page: 8 : 23-Sep-19

Increases to the low- and middle-income tax offset and the federal government’s $158 million income tax cuts package have prompted a jump in the early lodgement of tax returns. However, despite the rush by taxpayers to get their tax refunds as soon as possible, the Australian Taxation Office has noticed a fall in the number of incorrect claims for tax deductions. The ATO issued over 5.4 million tax refunds in the first nine weeks of the 2019-20 financial year, worth a total of $14.5 billion.

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AUSTRALIAN TAXATION OFFICE

Solitude warning for Australia

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Original article by Michael Smith
The Australian Financial Review – Page: 10 : 23-Sep-19

Prime Minister Scott Morrison has stated that his visit to Washington will lay the foundation for another century of friendship between Australia and the US. However, Chinese academic Yu Lei has stated in ‘The Global Times’ that Australia risks straining its relationship with Asian nations if it boosts military ties with the US, and that this could leave it in solitude. US President Donald Trump stated during Morrison’s visit that the trade war with China could run until the presidential election in November 2020, while he stated during a joint news conference with Morrison that China represents a "threat to the world".

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, UNITED STATES. EXECUTIVE OFFICE OF THE PRESIDENT

PM urges China to settle

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Original article by Dennis Shanahan
The Australian – Page: 1 & 4 : 23-Sep-19

Prime Minister Scott Morrison has urged the US and China to take action to resolve their trade dispute as quickly as possible. Following a meeting with President Donald Trump, Morrison stated that he had a "clear sense" that Trump is also keen for a resolution to the trade war. He added that any deal must be sustainable and address issues such as breaches of intellectual property and forced technology transfer. Morrison has downplayed recent comments by former prime minister Kevin Rudd, who suggested that the G20 leaders’ summit in November will be the last opportunity for the US and China to resolve the trade war.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, UNITED STATES. EXECUTIVE OFFICE OF THE PRESIDENT, GROUP OF TWENTY (G-20), AUSTRALIAN LABOR PARTY