O75 Public Administration

Monetary policy beats fiscal stimulus

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Original article by Matthew Cranston
The Australian Financial Review – Page: 4 : 24-Oct-19

Treasury secretary Steven Kennedy is upbeat about the outlook for the Australian economy. He has told the Senate estimates committee that the economy is growing ‘modestly’ and it should continue to strengthen. Kennedy also contended that monetary policy is still a better option for boosting economic growth than fiscal stimulus. He also stressed the need for structural reform and an increase in labour productivity.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. SENATE STANDING COMMITTEE ON ECONOMICS, RESERVE BANK OF AUSTRALIA

Setka exit deepens Labor rift

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Original article by Phillip Coorey, David Marin-Guzman
The Australian Financial Review – Page: 1 & 6 : 24-Oct-19

The federal government’s hopes of passing the Ensuring Integrity Bill have been boosted by John Setka’s refusal to step down as Victorian secretary of the Construction, Forestry, Maritime, Mining & Energy Union. Setka’s resignation from the Labor party on 23 October has pre-empted an upcoming meeting of its national executive, which had been expected to expel him from the party. However, independent senator Jacqui Lambie maintains that she will back the legislation unless Setka also resigns from his CFMMEU role. Setka’s resignation has been welcomed by Labor leader Anthony Albanese, who led the push to have him expelled.

CORPORATES
CONSTRUCTION, FORESTRY, MARITIME, MINING AND ENERGY UNION OF AUSTRALIA, AUSTRALIAN LABOR PARTY

Union role expected in new IR laws

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Original article by Phillip Coorey, David Marin-Guzman
The Australian Financial Review – Page: 9 : 23-Oct-19

Industrial Relations Minister Christian Porter has confirmed that lifetime workplace agreements for greenfield projects will be part of the federal government’s proposed overhaul of workplace laws. Labor is likely to support the move, given that Porter is expected to endorse lifetime agreements that are negotiated between unions and employers. However, unions have reservations about the proposal.

CORPORATES
AUSTRALIA. DEPT OF EMPLOYMENT, SKILLS, SMALL AND FAMILY BUSINESS, AUSTRALIAN LABOR PARTY

Business splits on 12pc super

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Original article by Joanna Mather
The Australian Financial Review – Page: 1 & 6 : 23-Oct-19

The Australian Chamber of Commerce & Industry’s chief economist Ross Lambie says any further increase in the superannuation guarantee should be dependent on an increase in productivity. Australian Industry Group CEO Innes Willox supports the long-term goal of lifting the super guarantee to 12 per cent; however, he is open to further delaying the rise, citing factors such as the cost to businesses and the need for real wages to increase. AustralianSuper CEO Ian Silk argues that the increase in the super guarantee has been legislated, and it has already been delayed twice.

CORPORATES
AUSTRALIAN CHAMBER OF COMMERCE AND INDUSTRY, THE AUSTRALIAN INDUSTRY GROUP, AUSTRALIANSUPER PTY LTD, AUSTRALIA. PRODUCTIVITY COMMISSION, AUSTRALIAN LABOR PARTY, ACTU, MASTER BUILDERS AUSTRALIA INCORPORATED, CONSTRUCTION AND BUILDING UNIONS’ SUPERANNUATION FUND, AUSTRALIAN HOTELS ASSOCIATION, HOST-PLUS, AUSTRALIAN MINES AND METALS ASSOCIATION (INCORPORATED), GRATTAN INSTITUTE, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIAN RETAILERS ASSOCIATION, MASTER ELECTRICIANS AUSTRALIA PTY LTD

Labor draws link to press freedom fight

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Original article by Andrew Tillett
The Australian Financial Review – Page: 4 : 23-Oct-19

The issue of press freedom continued to attract scrutiny in federal parliament on 22 October, with Prime Minister Scott Morrison stating that people should only be prosecuted if they have broken the law. It followed his previous statement that journalists should not be prosecuted on the whim of a politician. Meanwhile, Labor leader Anthony Albanese has sought to link the government’s refusal to answer questions about Senate estimates hearings to the media industry’s Right to Know campaign.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIAN LABOR PARTY, RIGHT TO KNOW COALITION, NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS

ANZ-Roy Morgan Consumer Confidence recovering to 111.6

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Original article by Roy Morgan
Market Research Update – Page: Online : 23-Oct-19

ANZ-Roy Morgan Australian Consumer Confidence rose 0.6% to 111.6 in the week ended 20 October, after the previous week’s 1.2% drop. Households’ views towards current financial conditions fell 2.4%, and this component is now down nearly 10% from its August high; views towards future financial conditions gained 0.4%, taking this subindex back above its long-term average. Consumers’ views toward current economic conditions gained 0.3%, and views towards future economic conditions declined by 1.1%; both subindices are below their long-term average. The ‘time to buy a major household item’ gained 5.1%, and inflation expectations remained stable at 4.1%.

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

Federal super blowout at $50bn

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Original article by Geoff Chambers
The Australian – Page: 1 & 4 : 22-Oct-19

The Department of Finance has released data showing that the federal government’s unfunded superannuation liability topped $233.1bn at the end of 2018-19, compared with $183.1bn at the start of the financial year. Meanwhile, the Future Fund’s assets rose to $165.7bn in the year to September. The Future Fund Act allows the government to begin withdrawing money from the sovereign wealth fund in 2020 to meet unfunded super liabilities, although the Coalition has renewed a 2017 commitment to not do so.

CORPORATES
AUSTRALIA. DEPT OF FINANCE, AUSTRALIA. FUTURE FUND MANAGEMENT AGENCY, AUSTRALIA. OFFICE OF THE AUDITOR-GENERAL

Labor waves through FTAs

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Original article by Phillip Coorey
The Australian Financial Review – Page: 8 : 22-Oct-19

ACTU president Michele O’Neil has criticised Labor’s decision to support legislation to establish free trade agreements with Indonesia, Hong Kong and Peru. She says the trade deals breach Labor’s national policy platform. Unions’ concerns about the trade deals include the clauses regarding investor-state dispute settlement and labour market testing. The legislation was passed by the lower house on 21 October after the federal government agreed to a number of concessions. It is expected to be passed by the Senate in November.

CORPORATES
ACTU, AUSTRALIAN LABOR PARTY

Big projects to get strike protection

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Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 4 : 22-Oct-19

Industrial Relations Minister Christian Porter has urged Labor to support legislation to allow workplace agreements to apply for the entire construction phase of greenfields projects. The move is aimed at preventing unions and workers from disrupting a resources, energy or infrastructure project by seeking improved wages and conditions if an enterprise agreement expires in the middle of the construction phase. The Construction, Forestry, Maritime, Mining & Energy Union’s Dave Noonan contends that it is unfair to lock in terms and conditions that could last for 5-10 years.

CORPORATES
AUSTRALIA. DEPT OF EMPLOYMENT, SKILLS, SMALL AND FAMILY BUSINESS, AUSTRALIAN LABOR PARTY, CONSTRUCTION, FORESTRY, MARITIME, MINING AND ENERGY UNION OF AUSTRALIA, MINERALS COUNCIL OF AUSTRALIA, THE AUSTRALIAN INDUSTRY GROUP, CHEVRON CORPORATION, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET

Australians don’t want the new ACT cannabis law overturned

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Original article by Roy Morgan
Market Research Update – Page: Online : 22-Oct-19

A special Roy Morgan online survey shows that 62% of Australians do not want the Federal Government to overturn the new ACT law decriminalising cannabis for personal use, which is set to come into effect in 2020. Just 27% say they do want the Federal Government to step in, while 11% can’t say either way. Clear majorities of all age groups are against the Federal Government stepping in and overturning the law, led by 66% of 35-49 year olds and 63% of 14-24 year olds. The smallest majority is in the 65+ age group, but even here 58% do not want the law overturned. These are the latest findings from a special Roy Morgan online survey conducted with a representative cross-section of 1,054 Australians aged 14+ in mid-October.

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ROY MORGAN LIMITED