O75 Public Administration

Economic socialism cost Labor

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Original article by Phillip Coorey
The Australian Financial Review – Page: 4 : 28-Aug-19

Labor has come under intense scrutiny following its federal election loss on 18 May. Finance Minister Mathias Cormann has attributed the election defeat to Labor’s adoption of socialist economics, which prompted voters to overlook the Coalition’s own shortcomings. Cormann has also used a Sydney Institute speech to argue that Labor won the 2007 election because Kevin Rudd persuaded voters that he was an economic conservative in the same mould as John Howard, but Labor subsequently re-embraced the socialist left under treasurer Wayne Swan.

CORPORATES
AUSTRALIA. DEPT OF FINANCE, AUSTRALIAN LABOR PARTY, SYDNEY INSTITUTE

Tensions over China need global solution: Morrison

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Original article by Simon Benson
The Australian – Page: 4 : 28-Aug-19

Prime Minister Scott Morrison says the growing tensions between the US and China are an "inevitable consequence" of the latter’s success. He adds that it had been the intention to lift China out of poverty via a reconstruction plan after the Second World War, but the world is now confronted with the question of what to do now that China has become a success. Morrison also says the rise of China requires a new "global architecture", which must include China.

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

ANZ-Roy Morgan Consumer Confidence up to 114.1

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Original article by Roy Morgan
Market Research Update – Page: Online : 28-Aug-19

ANZ-Roy Morgan Australian Consumer Confidence rose 1.2% to 114.1 in the week ended 25 August, pushing the index above its long-term average. Households’ views towards current financial conditions rose 5.9%, taking this measure of sentiment to its highest level since the weekly survey began in 2008; however, views towards future financial conditions fell 3%, reversing the gains of the past two weeks but remaining above average. Consumers’ views toward current economic conditions fell 1.4%, the fourth consecutive decline, while future economic conditions had a marginal gain of 0.2%; both indices are below average. The ‘time to buy a major household item’ index gained 4%, after falling for three consecutive weeks, and the four-week moving average for inflation expectations was stable at 3.9%.

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

Boris fast-tracks Aussie deal

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Original article by Simon Benson
The Australian – Page: 1 & 7 : 27-Aug-19

Prime Minister Scott Morrison has met with his British counterpart Boris Johnson during the G7 leaders’ summit in France. They discussed issues such as the US-China trade war, Brexit and the UK’s plans to increase its presence in the Asia-Pacific region. Morrison has also indicated that the two nations will act quickly to secure a free-trade agreement when Britain leaves the European Union. Britain is currently Australia’s eighth-largest trading partner and the second-largest source of direct foreign investment.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, GREAT BRITAIN. OFFICE OF THE PRIME MINISTER, GROUP OF SEVEN (G-7), UNITED STATES. EXECUTIVE OFFICE OF THE PRESIDENT

China plea to end trade war

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Original article by Glenda Korporaal, Simon Benson
The Australian – Page: 1 : 27-Aug-19

Prime Minister Scott Morrison has welcomed indications that the US and China are open to resolving their trade dispute, but cautions that there have been similar overtures before. Morrison adds that the US has some "legitimate" grievances, and notes that the trade war has had an impact on both the Australian and global economies. President Donald Trump says the Chinese government has asked US trade officials to resume negotiations, adding that the US will begin "talking very ­seriously" with China.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, UNITED STATES. EXECUTIVE OFFICE OF THE PRESIDENT, GROUP OF SEVEN (G-7), RESERVE BANK OF AUSTRALIA, STANDARD AND POOR’S ASX 200 INDEX, DOW JONES INDUSTRIAL AVERAGE INDEX, HANG SENG INDEX, SHANGHAI COMPOSITE INDEX

Battle builds over penalty rates for hair stylists, beauticians

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Original article by Ewin Hannan
The Australian – Page: 4 : 26-Aug-19

Unions will oppose a bid by employers in the hair and beauty industry to reduce Sunday and public holiday penalty rates. The push, which would reduce wages in the sector by up to $91 a week, has been described as "disgraceful" by Hair Stylists Australia spokeswoman Vanessa Watt; she says hairdressers already receive modest pay and are often victims of wage theft. However, Australian Industry Group CEO Innes Willox contends that the sector has many similarities to the retail and pharmacy industries, whose penalty rates were cut in 2017.

CORPORATES
HAIR STYLISTS AUSTRALIA, THE AUSTRALIAN INDUSTRY GROUP, AUSTRALIA. FAIR WORK COMMISSION, AUSTRALIAN WORKERS’ UNION-FEDERATION OF INDUSTRIAL, MANUFACTURING AND ENGINEERING EMPLOYEES

Red flags for deal that underpaid workers ignored

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Original article by David Marin-Guzman
The Australian Financial Review – Page: 11 : 26-Aug-19

The Construction, Forestry, Maritime, Mining & Energy Union has successfully challenged the Fair Work Commission’s decision to approve an enterprise agreement at A1 Earthworx Mining & Civil. The full bench of the FWC overturned the agreement after ruling that some staff would have been paid at 3.8 per cent below the award rates and it would have limited the employees’ access to Sunday penalty rates. The agreement had been approved by deputy president Geoff Bull, who has been ordered to reconsider the agreement.

CORPORATES
AUSTRALIA. FAIR WORK COMMISSION, CONSTRUCTION, FORESTRY, MARITIME, MINING AND ENERGY UNION OF AUSTRALIA, A1 EARTHWORX MINING AND CIVIL

Federal debt boss: why borrowing isn’t easy

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Original article by Adam Creighton
The Australian – Page: 4 : 26-Aug-19

Australian Office of Financial Management CEO Rob Nicholl has rejected suggestions that the federal government’s capacity to increase its borrowings has been boosted by the downturn in bond yields. The yield on 10-year government bonds fell below the cash rate of one per cent earlier in August, and Nicholls argues that demand for government debt has not risen despite a global downturn in bond yields. The federal government is resisting pressure to ramp up its infrastructure spending instead of prioritising a return to a Budget surplus.

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AUSTRALIA. DEPT OF THE TREASURY. OFFICE OF FINANCIAL MANAGEMENT

‘Political shocks turn into economic shocks’: RBA chief

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Original article by Michael Roddan
The Australian – Page: 1 & 4 : 26-Aug-19

Reserve Bank of Australia governor Philip Lowe has told the global monetary policy conference at Jackson Hole in Wyoming that the world is experiencing a period of major political shocks that are turning into economic shocks. Lowe also reiterated the need for governments to provide economic stimulus via infrastructure investment and structural reform, arguing that monetary policy alone is insufficient. Shadow treasurer Jim Chalmers says the federal government lacks a plan to turn around the Australian economy.

CORPORATES
RESERVE BANK OF AUSTRALIA, AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE TREASURY, BANK OF ENGLAND, UNITED STATES. EXECUTIVE OFFICE OF THE PRESIDENT

Treasurer tells CEOs: get positive

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Original article by Michael Roddan
The Australian – Page: 1 & 4 : 26-Aug-19

Treasurer Josh Frydenberg will use a Business Council of Australia speech on 26 August to stress the need for the corporate sector to take action to boost productivity and wages. He will argue that lifting the nation’s average annual rate of productivity growth from about 1.1 per cent at present to 1.5 per cent would boost the economy by $70bn over the next decade and increase real wages by four per cent. Frydenberg will also urge business leaders to increase capital investment, including in new technologies, rather than focusing on returning capital to investors via share buybacks and special dividends.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, BUSINESS COUNCIL OF AUSTRALIA