O75 Public Administration

Tax cuts no handout to the rich

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Original article by Phillip Coorey, Tom McIlroy
The Australian Financial Review – Page: 1 & 4 : 18-Jun-19

Finance Minister Mathias Cormann contends that the third stage of the federal government’s income tax package will merely address the issue of bracket creep, rather than benefiting people on high incomes. Analysis of the impact of the tax cuts supports his view; it suggests that high-income earners’ tax liability in 2024-25 will increase by roughly the same percentage as growth in their wages if the full tax package is passed. However, their tax liability would significantly exceed wages growth if the reforms do not proceed. The Coalition is likely to require the support of Senate crossbenchers to pass the tax bill.

CORPORATES
AUSTRALIA. DEPT OF FINANCE, AUSTRALIAN LABOR PARTY, CENTRE ALLIANCE, ONE NATION PARTY, THE CENTRE FOR INDEPENDENT STUDIES LIMITED

Warning of reform or forgo $1.5 trillion windfall

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Original article by Sid Maher
The Australian – Page: 1 & 2 : 18-Jun-19

The 2019 Australian National Outlook report highlights the economic benefits from pursuing economic, social and environmental reform over coming decades, and the likely cost of failing to undertake reform. The two-year study concludes that a wide-ranging reform agenda could see the Australian economy grow to between $5.5trn and $5.6trn by 2060; conversely, the economy would grow to just $4.1trn without such reform. The report also warns that in a worst-case scenario, the digital divide could see the unemployment rate could peak at 20 per cent by 2040 and then average 10 per cent in future years.

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CSIRO, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB

More unions demanding Setka’s head

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Original article by Ewin Hannan
The Australian – Page: 2 : 17-Jun-19

Twelve unions have now publicly backed the ACTU’s call for John Setka to quit as Victorian secretary of the Construction, Forestry, Maritime, Mining & Energy Union over harassment charges. They include the Australian Nursing & Midwifery Federation, the Australian Workers’ Union and the Independent Education Union. Federal Labor leader Anthony Albanese will seek to have Setka expelled from the party when its national executive meets on 5 July.

CORPORATES
CONSTRUCTION, FORESTRY, MARITIME, MINING AND ENERGY UNION OF AUSTRALIA, AUSTRALIAN NURSING AND MIDWIFERY FEDERATION, AUSTRALIAN WORKERS’ UNION-FEDERATION OF INDUSTRIAL, MANUFACTURING AND ENGINEERING EMPLOYEES, INDEPENDENT EDUCATION UNION, ACTU, AUSTRALIAN LABOR PARTY

Labor calls for more detail on tax cuts

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Original article by Tom McIlroy
The Australian Financial Review – Page: 5 : 17-Jun-19

Shadow treasurer Jim Chalmers will ask the federal government to disclose the costings for its three-stage income tax cuts package. In particular, Labor will seek details of how much of the third stage of the tax cuts will flow through to people on the highest incomes. Chalmers has written to Treasurer Josh Frydenberg, stating that while Labor is prepared to back the first stage of the tax package, it requires costings information in order to make a final decision on its support for the second and third stages.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. DEPT OF FINANCE, THE AUSTRALIA INSTITUTE LIMITED, GRATTAN INSTITUTE, AUSTRALIAN NATIONAL UNIVERSITY. CENTRE FOR SOCIAL RESEARCH AND METHODS, CENTRE ALLIANCE, ONE NATION PARTY

Inflation Expectations rebound to 4.1% in May as L-NP re-elected

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

Australians aged +14 expect inflation of 4.1% per year over the next two years, according to the Roy Morgan Inflation Expectations Index for May 2019. This is a significant rebound from the record low of 3.7% in April, and down 0.2% on May 2018. Despite the increase in May, Inflation Expectations have decreased around Australia compared to a year ago, although the decline has been concentrated in Capital Cities, with Inflation Expectations in Country Areas unchanged on a year ago. Analysis by voting intentions shows that Inflation Expectations for ALP supporters increased 0.2% to 4% in May, while Inflation Expectations for L-NP supporters were unchanged at 3.4%. Inflation Expectations for Greens supporters declined by 0.2%, to 3.6%. May Inflation Expectations are based on personally interviewing a nationwide sample of 4,011 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

Rethink press inquiry and act, PM urged

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Original article by Greg Brown
The Australian – Page: 2 : 13-Jun-19

Communications Minister Paul Fletcher says the federal government has made no decision on a parliamentary inquiry into press freedom in the wake of the Australian Federal Police’s recent media raids. However, some Coalition MPS have expressed concern that the issue may become politicised if there is a parliamentary inquiry. Liberal MP Craig Kelly argues that a special inquiry into the actions of the AFP is not necessary as parliament has oversight of the law enforcement agency.

CORPORATES
AUSTRALIA. DEPT OF COMMUNICATIONS AND THE ARTS, AUSTRALIAN FEDERAL POLICE, LIBERAL PARTY OF AUSTRALIA, NATIONAL PARTY OF AUSTRALIA, AUSTRALIAN LABOR PARTY, AUSTRALIAN BROADCASTING CORPORATION, NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS

Coalition to strike amid Setka strife

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Original article by Ewin Hannan
The Australian – Page: 1 & 6 : 13-Jun-19

Labor has been urged to support the federal government’s Ensuring ­Integrity Bill in the wake of the controversy surrounding Construction, Forestry, Maritime, Mining & ­Energy Union official John Setka. Labor opposed the bill – which amongst other things would allow courts to disqualify union officials for repeated breaches of civil law – in the previous parliament. Setka has refused to stand down as the CFMMEU’s Victorian secretary in the wake of comments he allegedly made about domestic violence campaigner Rosie Batty, while Labor leader Anthony Albanese is seeking to have him expelled from the party.

CORPORATES
CONSTRUCTION, FORESTRY, MARITIME, MINING AND ENERGY UNION OF AUSTRALIA, AUSTRALIAN LABOR PARTY, ACTU, MARITIME UNION OF AUSTRALIA, ELECTRICAL TRADES UNION, UNITED VOICE

RBA warns rates may go lower to drive jobs

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Original article by Michael Roddan
The Australian – Page: 2 : 13-Jun-19

The Reserve Bank of Australia recently downwardly revised its estimate of full employment from 5.25 per cent to 4.5 per cent. Assistant governor Luci Ellis has indicated that the non-accelerating inflation rate of unemployment may in fact be as low as 3.5 per cent, adding that the central bank may have to keep reducing the cash rate until the unemployment rate reaches this level. Australia’s official unemployment rate is currently about five per cent.

CORPORATES
RESERVE BANK OF AUSTRALIA

US-Australia to secure rare earths

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Original article by Angus Grigg, Phillip Coorey
The Australian Financial Review – Page: 1 & 2 : 13-Jun-19

The US, Canada and Australia will co-operate in developing a strategy to reduce reliance on China for key minerals such as rare earths and lithium. Rare earths in particular are crucial in a range of technology, including defence systems, wind turbines and electric vehicle batteries. Meanwhile, Austrade has identified a list of Australia’s ‘critical’ mineral resources that could potentially be developed using offshore capital. The Northern Australia Infrastructure Facility is also considering an investment in Arafura Resources’ proposed rare earths mine in the Northern Territory.

CORPORATES
AUSTRADE, NORTHERN AUSTRALIA INFRASTRUCTURE FACILITY, ARAFURA RESOURCES LIMITED – ASX ARU, AUSTRALIA. DEPT OF INDUSTRY, INNOVATION AND SCIENCE, GEOSCIENCE AUSTRALIA, AUSTRALIAN NUCLEAR SCIENCE AND TECHNOLOGY ORGANISATION, AUSTRALIA. DEPT OF DEFENCE, AUSTRALIA. NATIONAL SECURITY COMMITTEE, UNITED STATES. DEPT OF COMMERCE, CHINA. NATIONAL DEVELOPMENT AND REFORM COMMISSION, UNITED STATES. EXECUTIVE OFFICE OF THE PRESIDENT

ANZ-Roy Morgan Consumer Confidence falls again to 114.6

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Original article by Roy Morgan
Market Research Update – Page: Online : 13-Jun-19

ANZ-Roy Morgan Australian Consumer Confidence fell 2.0% to 114.6 in the week ended 9 June, although it remains above the long-term average. Households’ views towards current financial conditions fell 2.7%, while views towards future financial conditions were down 2.2%. This weekly decline has resulted in the subindices closing below their long-term averages. Meanwhile, consumers’ views toward current economic conditions fell 7.8%, after rising for three consecutive weeks; future economic conditions were down 2.8%, resulting in the subindex falling below the long-term average. The ‘time to buy a household item’ index rose 4.9%.

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