O75 Public Administration

Renewables well short of the electricity target

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Original article by Adam Creighton
The Australian – Page: 2 : 12-Jul-19

Tony Wood from the Grattan Institute expects Australia’s Renewable Energy Target of 33GWh by 2020 to be met, despite the release of data showing that solar and wind power accounted for just 15 gigawatt hours of total electricity generation in 2018-19. Wood notes that uncertainty surrounding the RET has caused investment in renewables to be delayed, but he says separate data shows that such investment in renewables is slated to increase during 2019-20.

CORPORATES
GRATTAN INSTITUTE, AUSTRALIAN BUREAU OF STATISTICS, AUSTRALIAN ENERGY REGULATOR, AUSTRALIAN ENERGY COUNCIL

Inflation sentiment defies Reserve Bank projections

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Original article by Adam Creighton
The Australian – Page: 2 : 12-Jul-19

Roy Morgan’s monthly inflation expectations survey shows that consumers expect inflation of 3.8 per cent for each of the next two years. This compares with the official inflation rate of 1.3 per cent for the year to March, and the Reserve Bank’s inflation target of 2-3 per cent. Julian McCrann of Roy Morgan says the decline in the housing market has been a big driver of lower inflation expectations in 2019.

CORPORATES
ROY MORGAN LIMITED, RESERVE BANK OF AUSTRALIA

Fiscal policy needs to play bigger role

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Original article by David Rogers
The Australian – Page: 27 : 12-Jul-19

HSBC Australia’s chief economist Paul Bloxham says the federal government’s tax cuts are likely to have a similar short-term economic impact as an 0.5 per cent reduction in the cash rate. Bloxham adds that there is plenty of scope for the government to stimulate the economy via fiscal policy, particularly given that there is limited capacity for monetary policy to provide further stimulus. He has also flagged the possibility of establishing an independent fiscal authority to co-ordinate fiscal and monetary policy.

CORPORATES
HSBC AUSTRALIA HOLDINGS PTY LTD, RESERVE BANK OF AUSTRALIA

RBA chief backs Frydenberg plan

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Original article by Richard Ferguson, Rachel Baxendale
The Australian – Page: 1 & 2 : 12-Jul-19

Reserve Bank of Australia governor Philip Lowe says he is in full agreement with Treasurer Josh Frydenberg’s view that the Australian economy remains sound. Lowe and Frydenberg met for two hours in Melbourne on 11 July. Lowe said after the meeting that it was a "remarkable achievement" that more Australians have a job now than at any previous time in the country’s history, while shadow treasurer Jim Chalmers claimed that Frydenberg is letting the RBA do nearly all of the heavy lifting.

CORPORATES
RESERVE BANK OF AUSTRALIA, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN LABOR PARTY, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, WESTPAC BANKING CORPORATION – ASX WBC

Hanson flirts with Labor, warns PM

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Original article by Rosie Lewis
The Australian – Page: 2 : 11-Jul-19

One Nation leader Pauline Hanson says she has a much better working relationship with Anthony Albanese than she had with former Labor leader Bill Shorten. Hanson says she is "cautious" of all major political parties, but adds that it is important talk to all sides of politics to ensure the best legislative outcomes. Hanson also says she has had no "meaningful engagement" with Prime Minister Scott Morrison since the federal election, but adds that he should not disregard her as she intends to contest the next election.

CORPORATES
ONE NATION PARTY, AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET

Road map for recognition

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Original article by Greg Brown
The Australian – Page: 1 & 6 : 11-Jul-19

Ken Wyatt, Minister for Indigenous Australians, has told the National Press Club that the federal government intends to establish an indigenous voice to parliament. Wyatt also said he will push ahead with separate plans for a referendum to recognise indigenous people in the Constitution, and that he will seek to develop a model that will have the support of all sides of politics and the general public. Linda Burney, the shadow minister for indigenous Australians, says Labor is of the view that the indigenous voice should be enshrined in the Constitution.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIAN LABOR PARTY

Inflation Expectations down to 3.8% in June as RBA cuts rates

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Original article by Roy Morgan
Market Research Update – Page: Online : 11-Jul-19

Australians aged +14 expect inflation of 3.8% per year over the next two years, according to the Roy Morgan Inflation Expectations Index for June 2019. This is down 0.3% on May and down 0.7% on June 2018. Inflation Expectations have decreased around Australia in June, and are down compared to a year ago, led by declines for both employed and unemployed Australians as well as across different occupations and employment categories. Analysis by voting intentions shows that Inflation Expectations for L-NP supporters fell 0.1% to 3.3% in June, while Inflation Expectations for ALP supporters dropped by 0.3% to 3.7%. Inflation Expectations for Greens supporters were unchanged at 3.6%. June Inflation Expectations are based on personally interviewing a nationwide representative sample of 3,984 Australians aged 14+ face-to -face in their own homes.

CORPORATES
ROY MORGAN LIMITED, LIBERAL PARTY OF AUSTRALIA, NATIONAL PARTY OF AUSTRALIA, AUSTRALIAN LABOR PARTY, AUSTRALIAN GREENS

Retailers hope tax-cut cheques will fuel spending spree

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Original article by Rosie Lewis, Eli Greenblat
The Australian – Page: 2 : 11-Jul-19

More than 970,000 people have lodged their annual tax return with the Australian Taxation Office since 1 July. Retailers are optimistic that the federal government’s tax cuts will have a similar stimulatory effect on the sector as the one-off payment made by Labor in 2009. Russell Zimmerman of the Australian Retailers Association says the tax cuts will allow struggling consumers to buy items such as new electrical appliances and clothing.

CORPORATES
AUSTRALIAN TAXATION OFFICE, AUSTRALIAN RETAILERS ASSOCIATION, NATIONAL RETAIL ASSOCIATION LIMITED, AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE TREASURY, WESTPAC BANKING CORPORATION – ASX WBC, UNIVERSITY OF MELBOURNE. INSTITUTE OF APPLIED ECONOMIC AND SOCIAL RESEARCH, CITIGROUP PTY LTD

Labor urged to speed up dud policy review

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Original article by Greg Brown, Rachel Baxendale
The Australian – Page: 2 : 11-Jul-19

Labor has come under scrutiny for delaying a decision on key policies – including changes to the negative gearing and franking credits regimes – until a review of its 2019 federal election campaign is completed. Property Council of Australia CEO Ken Morrison argues that Labor should ditch these policies, as voters have rejected them at two elections. Wilson Asset Management chairman Geoff Wilson says the franking credits policy is flawed and inequitable, and was a key factor in Labor’s election defeat.

CORPORATES
AUSTRALIAN LABOR PARTY, PROPERTY COUNCIL OF AUSTRALIA LIMITED, WILSON ASSET MANAGEMENT, AUSTRALIA. DEPT OF THE TREASURY

Data retention compliance costs snowball past $200m

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Original article by Lilly Vitorovich
The Australian – Page: 4 : 10-Jul-19

The Australian Communications & Media Authority has told a parliamentary committee that the cost of complying with the nation’s data retention laws was $35.3m in 2018-19. This compares with $119.8m in the previous financial year, and $211.5m in total since the laws were introduced in 2015. The data retention laws are being reviewed by the Parliamentary Joint Committee on Intelligence & Security.

CORPORATES
AUSTRALIAN COMMUNICATIONS AND MEDIA AUTHORITY, AUSTRALIA. PARLIAMENTARY JOINT COMMITTEE ON INTELLIGENCE AND SECURITY, AUSTRALIAN FEDERAL POLICE, NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS, AUSTRALIAN BROADCASTING CORPORATION, TELSTRA CORPORATION LIMITED – ASX TLS, SINGTEL OPTUS PTY LTD, TPG TELECOM LIMITED – ASX TPM