O75 Public Administration

Union fines hit $4m as boss put workers ‘in harm’s way’

roymorgansocial Leave a comment

Original article by David Marin-Guzman
The Australian Financial Review – Page: 10 : 7-Jun-19

The Construction, Forestry, Maritime, Mining & Energy Union has been fined $137,000 over the conduct of Richard Hassett, the head of its Tasmanian branch. The Federal Court ruled that he had unlawfully entered a Devonport building site and repeatedly attempted to disrupt the operation of a crane. Hassett was fined $22,000, while the CFMMEU has now been fined $4.1m in total for breaching workplace laws so far in 2018-19.

CORPORATES
CONSTRUCTION, FORESTRY, MARITIME, MINING AND ENERGY UNION OF AUSTRALIA, FEDERAL COURT OF AUSTRALIA, AUSTRALIAN BUILDING AND CONSTRUCTION COMMISSION

US-China war may cost $652bn

roymorgansocial Leave a comment

Original article by James Dean
The Australian – Page: 26 : 7-Jun-19

International Monetary Fund MD Christine Lagarde says a worsening of the trade dispute between the US and China will cause "self-inflicted wounds". The IMF has estimated that the global economy will take a $US455 billion ($652 billion) hit in 2020 if the trade war escalates further. Lagarde notes that protectionist measures make traded consumer goods more expensive and cause disproportionate harm to low-income households.

CORPORATES
INTERNATIONAL MONETARY FUND

Emissions cut would save economy $550b

roymorgansocial Leave a comment

Original article by Tom McIlroy
The Australian Financial Review – Page: 11 : 7-Jun-19

The Melbourne Sustainable Societies Institute contends that the cost to the economy of carbon emissions reduction are far less than the damage caused by inaction on climate change. In a report released a day after federal government data revealed that Australia’s greenhouse gas emissions rose by 0.8 per cent in the December 2018 quarter, the Institute claims that the Australian economy would be $550 billion better off by 2030 by reducing carbon emissions to curb the impact of climate change.

CORPORATES
UNIVERSITY OF MELBOURNE. MELBOURNE SUSTAINABLE SOCIETY INSTITUTE

Frydenberg to flesh out growth plan

roymorgansocial Leave a comment

Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 4 : 7-Jun-19

Treasurer Josh Frydenberg says he is prepared to look at new measures that might boost the economy, so long as they do not represent a breach of election commitments. Frydenberg says his first task is to implement the measures in the Coalition’s pre-election Budget. Frydenberg is about to attend the G20 Finance Meeting in Japan, and he says he will hold talks with his overseas counterparts about reforms to boost productivity that they might be embracing in their economies.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. PRODUCTIVITY COMMISSION, RESERVE BANK OF AUSTRALIA, BUSINESS COUNCIL OF AUSTRALIA

ANZ-Roy Morgan Consumer Confidence breaks to 116.9

roymorgansocial Leave a comment

Original article by Roy Morgan
Market Research Update – Page: Online : 6-Jun-19

ANZ-Roy Morgan Australian Consumer Confidence fell 1.4% to 116.9 in the week ended 2 June, after two weekly gains. Households’ views towards current financial conditions fell 4.7% after four consecutive increases, while views towards future financial conditions were down 2.8%. Consumers’ views toward current economic conditions rose by 2.1% (up for a third consecutive week), but future economic conditions were down 0.3% after rising 4.5% in the previous reading. The ‘time to buy a household item’ index fell 1.3%.

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

Australia’s economy slows to levels last seen during the GFC

roymorgansocial Leave a comment

Original article by Stephen Letts, Michael Janda
abc.net au – Page: Online : 6-Jun-19

Official data shows that Australia’s GDP growth was just 0.4 per cent in the March 2019 quarter, and 1.8 per cent in the year to March. Annual growth was the lowest in almost a decade, heightening concerns about a GDP per capita recession. The national accounts data also shows that household spending grew by just 1.8 per cent in the year to March, although government spending increased by 5.1 per cent. Shane Oliver of AMP Capital says the near-term outlook for the economy remains positive, but he cautions that the outlook for 2020 is "challenging".

CORPORATES
AMP CAPITAL INVESTORS LIMITED, CITIGROUP PTY LTD, IFM INVESTORS PTY LTD, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN LABOR PARTY, RESERVE BANK OF AUSTRALIA

Real unemployment at 10.3% as L-NP starts new term in Government

roymorgansocial Leave a comment

Original article by Roy Morgan
Market Research Update – Page: Online : 6-Jun-19

The latest data for the Roy Morgan employment series shows that 11,926,000 Australians were employed in May 2019, down 219,0000 over the past year. The fall in employment was driven by a significant decrease in part-time employment of 375,000 over the past year (to 3,911,000); full-time employment was up by 156,000 (to 8,015,000). The figures also show that 1,369,000 Australians (10.3% of the workforce) were unemployed in May, up 53,000 on a year ago, and the unemployment rate was up by 0.5%. An additional 1,223,000 Australians (9.2% of the workforce) were under-employed, working part-time and looking for more work, a decrease of 28,000 in a year (down 0.1%). In total, 2,592,000 Australians (19.5% of the workforce) were either unemployed or under-employed in May, an increase of 25,000 in a year (up 0.4%). Roy Morgan’s real unemployment figure of 10.3% for May is significantly higher than the current ABS estimate for April 2019 of 5.2%. Roy Morgan CEO Michele Levine says the first priority for the re-elected Coalition government is to pass the promised income tax cuts as soon as Parliament resumes. Other legislative priorities should include tackling the ‘cash economy’ which undermines law-abiding businesses, reducing the penalty rates for businesses opening on weekends and public holidays, and cutting the regulatory ‘red tape’ that discourages businesses from hiring new workers.

CORPORATES
ROY MORGAN LIMITED, AUSTRALIAN BUREAU OF STATISTICS

Odds of trade accord ‘less than 50pc’: Rudd

roymorgansocial Leave a comment

Original article by Mark Ludlow
The Australian Financial Review – Page: 12 : 5-Jun-19

Asia Society Policy Institute president and former Australian prime minister Kevin Rudd says the US and China still have a strategic and economic interest in securing a trade deal. However, Rudd estimates that there is now less than a 50 per cent chance of a trade deal, down from 90 per cent earlier in the year. Rudd added that the US-China trade dispute will be a "particularly challenging time" for Australia’s relationship with China.

CORPORATES
ASIA SOCIETY POLICY INSTITUTE, UNITED STATES. EXECUTIVE OFFICE OF THE PRESIDENT, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, RESERVE BANK OF AUSTRALIA, UNITED STATES. FEDERAL RESERVE BOARD

Antitrust woes mount for tech giants

roymorgansocial Leave a comment

Original article by Cecilia Kang, David Streitfeld, Annie Karni
The Australian Financial Review – Page: 12 : 5-Jun-19

US lawmakers will investigate major digital platforms for possible breaches of anti-trust laws. The House of Representatives’ Judiciary Committee will undertake hearings on the issue over the next 18 months, which could lead to a formal investigation by regulators. The Federal Trade Commission would be given the task of investigating possible anti-competitive behaviour by Facebook and Amazon, while Google and Apple would be subject to scrutiny by the Department of Justice. The investigation could potentially result in changes to anti-trust laws.

CORPORATES
UNITED STATES. HOUSE OF REPRESENTATIVES COMMITTEE ON THE JUDICIARY, GOOGLE INCORPORATED, APPLE INCORPORATED, FACEBOOK INCORPORATED, AMAZON.COM INCORPORATED, UNITED STATES. FEDERAL TRADE COMMISSION, UNITED STATES. DEPT OF JUSTICE

GDP forecasts upgraded on record trade surplus

roymorgansocial Leave a comment

Original article by Matthew Cranston
The Australian Financial Review – Page: 8 : 5-Jun-19

Australia has posted a current account deficit of just $2.9bn for the March quarter, compared with $7.2bn in the previous three months. The trade surplus has risen to a record $13.6bn, with the value of goods and services exports rising by $4.24bn and imports falling by $514m. The trade surplus was bolstered by higher iron ore prices, although iron ore export volumes fell during the quarter. National Australia Bank and BIS Oxford Economics have upgraded their GDP growth forecasts for the March quarter.

CORPORATES
NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, BIS OXFORD ECONOMICS PTY LTD, AUSTRALIAN BUREAU OF STATISTICS, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ