O75 Public Administration

We’ve ourselves to blame for paying banks too much

roymorgansocial Leave a comment

Original article by Adam Creighton
The Australian – Page: 12 : 8-Oct-19

Australia’s banks have attracted widespread criticism for reducing their mortgate rates by about half of the 0.25 per cent official interest rate cut on 1 October. However, banks are entitled to pass on as much or as little of the cash rate cut as they like, and customers can easily switch to another lender if they are dissatisfied. Consumers effectively pay a loyalty tax for remaining with their existing lender; this may be more appropriately called a stupidity tax, as it raises some $6.3bn each year for mortgage lenders. While banks are the biggest beneficiary of the stupidity tax, it is paid across the economy.

CORPORATES
RESERVE BANK OF AUSTRALIA, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION

Coalition faces Senate battle to pass big reforms

roymorgansocial Leave a comment

Original article by Rosie Lewis
The Australian – Page: 2 : 8-Oct-19

The federal government has identified a number of legislative priorities when Parliament resumes on 14 October. However, analysis suggests that the Coalition may lack the numbers to pass up to seven bills in the Senate, including the Ensuring Integrity Bill and a religious discrimination bill. The proposed first-home loan deposit scheme is the only government initiative that appears to have sufficient support in both houses at present, after Labor agreed to back the bill.

CORPORATES
AUSTRALIAN LABOR PARTY, CENTRE ALLIANCE, AUSTRALIAN GREENS, AUSTRALIA. DEPT OF FINANCE

Australia: rich, but getting dumber

roymorgansocial Leave a comment

Original article by Aaron Patrick
The Australian Financial Review – Page: 7 : 8-Oct-19

The Harvard Kennedy School’s Center for International Development has developed an Atlas of Economic Complexity, with Australia being ranked as having one of the least complex economies. The Atlas measures the diversity and sophistication of national exports, with almost all of Australia’s exports not requiring a degree to make. The Center for International Development contends that for countries to get richer that they need to develop more sophisticated products, but Australia has been very tardy when it comes to innovation.

CORPORATES
HARVARD UNIVERSITY. HARVARD KENNEDY SCHOOL. CENTER FOR INTERNATIONAL DEVELOPMENT

Denialists are to blame for high power bills: Turnbull

roymorgansocial Leave a comment

Original article by Troy Bramston
The Australian – Page: 1 & 2 : 8-Oct-19

Former prime minister Malcolm Turnbull says the federal government’s lack of a ‘­coherent’ national energy policy has resulted in higher electricity prices in Australia and higher greenhouse gas emissions. He has also accused the Liberal Party of having been influenced by a group that is "denialist and reactionary" on the issue of climate change. Turnbull contends that Robert Menzies regarded the Liberal Party as being ‘genuinely progressive’ rather than a ‘conventional conservative party’. He argues that the term ‘conservative’ has lost its true meaning.

CORPORATES
LIBERAL PARTY OF AUSTRALIA

A narrow majority of Australians want to develop nuclear power to reduce carbon dioxide emissions

roymorgansocial Leave a comment

Original article by Roy Morgan
Market Research Update – Page: Online : 8-Oct-19

A special online Roy Morgan survey conducted in mid-September shows that 51% (up 16% since July 2011) of respondents say Australia should develop nuclear power to reduce the nation’s carbon dioxide emissions. Some 34% (down 24%) say Australia should not do so, while 15% (up 8%) can’t say. However, without the reference to reducing carbon dioxide emissions, only 45% (up 11% since March 2011) of respondents say Australia should develop nuclear power plants to supply electricity, while 40% (down 21%) say Australia should not, and 15% (up 10%) can’t say. This special online survey on Australian attitudes to Global Warming was conducted from September 11-15, 2019 with an Australia-wide sample of 1,006 Australians aged 18-64 years old.

CORPORATES
ROY MORGAN LIMITED

A $31.9 million election bill leaves Labor in the red

roymorgansocial Leave a comment

Original article by Samantha Maiden
The New Daily – Page: Online : 7-Oct-19

Labor is facing a budget deficit of about $900,000 after its primary vote in the 18 May federal election was lower than expected. Labor had anticipated a primary vote of 36 per cent, but it was about 33 per cent. As a result, Labor will receive $24.6m from taxpayers under public funding rules, which is around $2m lower than expected. The Liberal Party will receive around $27.8m and the Greens in turn will receive about $7.67m. Meanwhile, Labor’s financial documents show that the party spend $31.9m on its election campaign.

CORPORATES
AUSTRALIAN LABOR PARTY, LIBERAL PARTY OF AUSTRALIA, AUSTRALIAN GREENS

I lost workers’ trust, admits Shorten

roymorgansocial Leave a comment

Original article by Rosie Lewis
The Australian – Page: 1 & 4 : 7-Oct-19

Former Labor leader Bill Shorten has accepted responsibility for the party’s 18 May federal election loss. He has conceded that Labor’s proposal to abolish cash refunds for excess franking credits caused much anxiety among some electors, while there was a widespread perception that Labor’s election policies were not focused on creating jobs. Shorten intends to remain in politics, although he has ruled out becoming Labor leader again. Labor will shortly complete a review of its election campaign.

CORPORATES
AUSTRALIAN LABOR PARTY

Real power, not just position

roymorgansocial Leave a comment

Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 8 : 4-Oct-19

The Coalition’s unexpected federal election win has seen Prime Minister Scott Morrison retain top ranking in AFR Magazine’s 2019 Power List. Morrison had been ranked first in 2018 by virtue of the fact that he succeeded Malcolm Turnbull shortly before the list was finalised. Labor leader Anthony Albanese is ranked fifth in the 2019 Power List, behind Treasurer Josh Frydenberg, New South Wales Premier Gladys Berejiklian and Reserve Bank governor Philip Lowe.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE TREASURY, NEW SOUTH WALES. DEPT OF PREMIER AND CABINET, RESERVE BANK OF AUSTRALIA

Trade surplus declines on lower iron ore price

roymorgansocial Leave a comment

Original article by Matthew Cranston
The Australian Financial Review – Page: 10 : 4-Oct-19

Official figures show that Australia recorded a trade surplus of $5.9bn in August, compared with a record $8bn in June. The total value of exports of goods and services fell by $1.4bn in August, and imports fell by $137m. A downturn in the price of iron and coal was the major contributor to the lower trade surplus. The value of iron ore exports declined by 12 per cent during the month, with the price of the steel input falling from a peak of $US120 per tonne to $US91. However, iron ore export volumes increased by 15 per cent.

CORPORATES
AUSTRALIAN BUREAU OF STATISTICS, COMMONWEALTH SECURITIES LIMITED, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB

PM slap for UN in new world order

roymorgansocial Leave a comment

Original article by Ben Packham
The Australian – Page: 1 & 4 : 4-Oct-19

Prime Minister Scott Morrison has spoken of his concern regarding a new order that seeks to give global institutions authority over individual countries in terms of dictating their national policies. Morrison was speaking at the Lowy Institute on 3 October, saying that he needs to focus more on international forces that are shaping Australia’s future. Morrison also said he will visit Indonesia in November for the inauguration of President Joko Widodo, and that he will visit India and Japan in early 2020.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, LOWY INSTITUTE FOR INTERNATIONAL POLICY, UNITED NATIONS