O75 Public Administration

Buyers told to chance the market

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Original article by Rosie Lewis
The Australian – Page: 1 & 4 : 18-Jul-19

The federal government’s First Home Loan Deposit Scheme is slated to commence on 1 January, and it will initially be restricted to 10,000 borrowers. Housing Minister Michael Sukkar says the government may be open to expanding the scheme if it is popular. He adds that if possible, prospective buyers should step into the housing market now rather than waiting for the scheme to begin, as there are signs that the market is improving. Sukkar is confident that unlike first-home buyers’ grants, the scheme will not have a distortionary impact on the housing market.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. NATIONAL HOUSING FINANCE AND INVESTMENT CORPORATION, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA

Hues of Brazil dictatorship in anti-union bill

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Original article by David Marin-Guzman
The Australian Financial Review – Page: 5 : 18-Jul-19

The Ensuring Integrity Bill’s compliance with international conventions to which Australia is a signatory has been called into question. The International Centre for Trade Union Rights claims that the bill breaches international conventions regarding freedom of association and collective bargaining. Amongst other things, the bill is aimed at making it easier to deregister unions and to ban union officials. The federal government hopes the bill will be passed by the lower house within weeks.

CORPORATES
INTERNATIONAL CENTRE FOR TRADE UNION RIGHTS, ACTU, AUSTRALIA. REGISTERED ORGANISATIONS COMMISSION

Dragging the chain on Hayne

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Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 6 : 18-Jul-19

The Coalition began implementing some of the Hayne royal commission’s recommendations prior to the federal election. However, the government has warned that the bulk of the recommendations are unlikely to be implemented before the end of 2019, although Treasury has begun the consultation process and is drafting legislative reforms. Shadow treasurer Jim Chalmers says the government’s lack of action on Kenneth Hayne’s recommendations will reinforce the view that the Coalition tends to "go soft" on misconduct in the banking sector.

CORPORATES
AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALIAN FINANCIAL COMPLAINTS AUTHORITY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET

Energy fix for blackouts, big bills

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Original article by Angela Macdonald-Smith
The Australian Financial Review – Page: 1 & 18 : 18-Jul-19

The Australian Energy Market Commission will allow large industrial users of electricity to participate in the demand-response market directly rather than via an electricity retailer. The AEMC’s draft ruling has been welcomed by Federal Energy Minister Angus Taylor, while Australian Competition & Consumer Commission chairman Rod Sims says it will result in lower electricity prices for consumers. The AEMC will accept submissions on the draft ruling until 12 September, with a final ruling to be issued by mid-November.

CORPORATES
AUSTRALIAN ENERGY MARKET COMMISSION, AUSTRALIA. DEPT OF THE ENVIRONMENT AND ENERGY, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, TOTAL ENVIRONMENT CENTRE INCORPORATED, THE AUSTRALIA INSTITUTE LIMITED, THE AUSTRALIAN INDUSTRY GROUP, NATIONAL IRRIGATORS COUNCIL LIMITED, BLUESCOPE STEEL LIMITED – ASX BSL, CSR LIMITED – ASX CSR

More of us endure extended pay freeze

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Original article by Ewin Hannan, Greg Brown
The Australian – Page: 2 : 17-Jul-19

The Reserve Bank of Australia’s analysis of wage price index data shows that the size of wage increases and the frequency of pay rises has declined since 2013. The RBA’s Natasha Cassidy notes that there has also been a significant increase in the proportion of workers who have been subject to a wage freeze of at least 12 months. Meanwhile, ACTU secretary Sally McManus has criticised the Treasury over research which suggested that the reluctance of workers to change jobs has contributed to low wages growth.

CORPORATES
RESERVE BANK OF AUSTRALIA, ACTU, AUSTRALIA. DEPT OF THE TREASURY

Lawyer flags Frydenberg eligibility challenge

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Original article by Rosie Lewis
The Australian – Page: 4 : 17-Jul-19

Treasurer Josh Frydenberg says the Coalition is confident that all of its MPs are eligible to be in parliament. However, the Kooyong Independents Group is said to be planning to challenge the citizenship status of Frydenberg, arguing that he is a Hungarian citizen by descent. The Kooyong Independents Group is associated with Oliver Yates, who contested Frydenberg’s seat of Kooyong at the 18 May election.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, KOOYONG INDEPENDENTS GROUP, HIGH COURT OF AUSTRALIA, COURT OF DISPUTED RETURNS, AUSTRALIAN LABOR PARTY

Revamped bill to test ALP on forcing out rogue union bosses

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Original article by Phillip Coorey
The Australian Financial Review – Page: 4 : 17-Jul-19

The House of Representatives is slated to vote on the federal government’s amended Ensuring Integrity Bill within weeks. There have been significant changes to the bill in response to Labor’s concerns about the proposed legislation, but shadow industrial relations minister Tony Burke has warned that the amendments are insufficient and are also likely to be opposed by Labor. The bill is aimed at making it easier to deregister unions and ban union officials.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF JOBS AND SMALL BUSINESS, CONSTRUCTION, FORESTRY, MARITIME, MINING AND ENERGY UNION OF AUSTRALIA, MARITIME UNION OF AUSTRALIA

Lower taxes can lift growth and wages

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Original article by Michael Roddan
The Australian – Page: 2 : 17-Jul-19

The University of Melbourne’s John Freebairn argues that reducing the tax rate for larger companies would stimulate economic growth and help to increase wages. He adds that a tax cut for large companies with non-resident shareholders in particular would boost GDP growth. The federal government has ruled out further attempts to introduce tax cuts for businesses with annual turnover of more than $50m following the bill’s rejection by the Senate.

CORPORATES
UNIVERSITY OF MELBOURNE, AUSTRALIA. DEPT OF THE TREASURY, ECONOMICS SOCIETY OF AUSTRALIA

ANZ-Roy Morgan Consumer Confidence moderates to 115.9

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Original article by Roy Morgan
Market Research Update – Page: Online : 17-Jul-19

ANZ-Roy Morgan Australian Consumer Confidence fell 1.5% to 115.9 in the week ended 14 July, following a decline of 1.1% in the previous week. Households’ views towards current financial conditions fell 2.7%, while views towards future financial conditions fell 1.5%; this compares to up-ticks of 3.7% and 1.3% respectively for the previous week. Consumers’ views toward current economic conditions fell 1% and views toward future economic conditions fell 2.6%, after falls of 3.6% and 1.7% respectively in the previous week. The ‘time to buy a household item’ index was unchanged, and the four-week moving average for inflation expectations was flat at 4%.

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

Don’t expect pay rises, warn 40pc of CEOs

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Original article by Matthew Cranston, John Kehoe
The Australian Financial Review – Page: 5 : 16-Jul-19

The Executive Connection’s latest survey of CEOs shows that more than 37 per cent expect their employees to receive no pay rise in 2019, or at best an increase of no more than two per cent. A third of respondents expect pay rises of 2-3 per cent, and 14 per cent expect wages to increase by at least four per cent. Meanwhile, 66 per cent have indicated that they are either adopting or considering flexible working conditions to attract and retain top staff, while 30 per cent are seeking to reduce labour costs by investing in automation.

CORPORATES
THE EXECUTIVE CONNECTION PTY LTD, AUSTRALIA. DEPT OF THE TREASURY, WESTPAC BANKING CORPORATION – ASX WBC, McDONALD’S AUSTRALIA LIMITED, UNIVERSITY OF MELBOURNE, AUSTRALIA. FAIR WORK COMMISSION, HUNGRY JACK’S PTY LTD, BIG W DISCOUNT STORES, KMART AUSTRALIA LIMITED, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB