O75 Public Administration

Gas tax hike: Treasurer sparks energy backlash

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Original article by Jamie Walker, Sarah Elks
The Australian Financial Review – Page: 1 & 6 : 12-Jun-19

Queensland Treasurer Jackie Trad has defended the state government’s decision to increase the royalty on gas production from 10 per cent to 12.5 per cent, arguing that the state’s LNG royalty has been frozen for 10 years. She describes the increase as a "modest measure" given than some countries have LNG royalties of up to 30 per cent. The Budget measure has been criticised by Queensland Resources Council CEO Ian Macfarlane and former federal resources minister Martin Ferguson, who warn of the impact of the move on gas supply and prices.

CORPORATES
QUEENSLAND. TREASURY, QUEENSLAND RESOURCES COUNCIL LIMITED, AUSTRALIAN PETROLEUM PRODUCTION AND EXPLORATION ASSOCIATION LIMITED, AUSTRALIAN LABOR PARTY, ACTU

Cormann says power price drops on the way

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Original article by Phillip Coorey
The Australian Financial Review – Page: 6 : 12-Jun-19

Finance Minister Mathias Cormann has reiterated the federal government’s commitment to reducing electricity prices by 25-30 per cent by the end of 2021. He notes that the Coalition has a range of policy initiatives aimed at achieving this goal, including its so-called "big stick" legislation and its proposal to underwrite baseload generation projects. Action to reduce power prices is among the key demands of Senate crossbenchers in return for backing the Coalition’s income tax cuts package.

CORPORATES
AUSTRALIA. DEPT OF FINANCE, ONE NATION PARTY, CENTRE ALLIANCE, AUSTRALIAN CONSERVATIVES, AUSTRALIA. DEPT OF THE ENVIRONMENT AND ENERGY, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, AUSTRALIAN LABOR PARTY

Senator in no hurry for deal on tax cuts

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Original article by Rosie Lewis
The Australian – Page: 2 : 12-Jun-19

The federal government will make its income tax cuts package a top priority when parliament resumes on 2 July. However, Centre Alliance senator Rex Patrick says his party will take its time over negotiations with the government to ensure that it achieves the best outcome. Patrick has signalled that in addition to its previously stated demands in return for supporting the tax package, Centre Alliance will seek additional assistance for pensioners who will not benefit from the tax cuts.

CORPORATES
CENTRE ALLIANCE, ONE NATION PARTY, AUSTRALIAN CONSERVATIVES, AUSTRALIAN LABOR PARTY, AUSTRALIAN GREENS, AUSTRALIA. DEPT OF FINANCE, AUSTRALIA. DEPT OF INDUSTRY, INNOVATION AND SCIENCE

Power, gas costs key to tax cut win

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Original article by Rosie Lewis, Michael Roddan
The Australian – Page: 1 & 4 : 11-Jun-19

The Australian Conservatives’ Cory Bernardi is currently the only Senate crossbencher who supports the Coalition’s full income tax cuts package. Other crossbenchers have outlined their key demands in return for supporting the tax cuts. One Nation leader Pauline Hanson will push for the construction of at least one high-efficiency, low-emissions coal-fired power station, a royal commission into the family law system and the implementation of the Bradfield water-diversion scheme. Centre Alliance has also identified the high cost of gas and electricity as a key issue that needs to be addressed in return for its support.

CORPORATES
AUSTRALIAN CONSERVATIVES, ONE NATION PARTY, CENTRE ALLIANCE, AUSTRALIA. DEPT OF FINANCE, AUSTRALIAN LABOR PARTY, AUSTRALIAN GREENS, AUSTRALIA. DEPT OF THE TREASURY, RESERVE BANK OF AUSTRALIA, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION

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

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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

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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

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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.

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UNIVERSITY OF MELBOURNE. MELBOURNE SUSTAINABLE SOCIETY INSTITUTE

Frydenberg to flesh out growth plan

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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

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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%.

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

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

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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