O75 Public Administration

PM to give Snowy 2.0 a $1.4b green light

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Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 8 : 26-Feb-19

Prime Minister Scott Morrison has announced that the federal government will contribute $1.38bn to the cost of the Snowy Hydro expansion project. Morrison says the government has reviewed the business case, which shows that the pumped hydro project is viable. Snowy Hydro Limited, which is owned by the federal government, will finance the balance of the project’s cost. Morrison has also committed the government to investing $56m in the Marinus Link project to build a second electricity interconnector between Tasmania and Victoria.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, SNOWY HYDRO LIMITED, AUSTRALIAN LABOR PARTY, BUSINESS COUNCIL OF AUSTRALIA

Winnable seats for women still PM’s challenge

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Original article by Andrew Tillett
The Australian Financial Review – Page: 9 : 26-Feb-19

The federal government is already under criticism for the lack of female MPs within its ranks. However, it is possible that it could suffer from an even greater gender imbalance after the upcoming election. It has been suggested that just four of the 21 female Coalition candidates who have been endorsed for either the House of Representatives or the Senate since Scott Morrison became Prime Minister in August are considered to be guaranteed of winning their seat.

CORPORATES
LIBERAL PARTY OF AUSTRALIA, AUSTRALIAN LABOR PARTY, AUSTRALIAN GREENS, NATIONAL PARTY OF AUSTRALIA

Morrison slams Labor’s proposal for bank tax

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Original article by James Frost, John Kehoe
The Australian Financial Review – Page: 4 : 26-Feb-19

Prime Minister Scott Morrison says Labor’s plan to impose a new levy on banks raises the question of what sector it will target next, while Greens senator Peter Whish-Wilson says it should not apply to smaller banks as it will affect their competitiveness. Consumer Action Law Centre CEO Gerard Brody has welcomed Labor’s plan to use some of the proceeds from the levy to finance additional financial counsellors but argues that it should be broadened to include sectors such as telcos and utilities. Labor’s tax is slated to raise $640m over four years.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIAN GREENS, CONSUMER ACTION LAW CENTRE, LAW COUNCIL OF AUSTRALIA, STANDARD AND POOR’S ASX 100 INDEX, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, WESTPAC BANKING CORPORATION – ASX WBC, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AMP LIMITED – ASX AMP, BANK OF QUEENSLAND LIMITED – ASX BOQ, BENDIGO AND ADELAIDE BANK LIMITED – ASX BEN, SUNCORP GROUP LIMITED – ASX SUN, MACQUARIE GROUP LIMITED – ASX MQG

Incomes to be weak for years: IMF

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Original article by John Kehoe
The Australian Financial Review – Page: 1 & 4 : 26-Feb-19

The International Monetary Fund expects the Australian economy to grow by just 2.6 per cent in 2020, compared with the federal government’s forecast of three per cent growth. The IMF’s forecasts also show that growth in real incomes will average 0.3 per cent annually over the next six years, when adjusted for inflation. This compares with a long-term average of 1.8 per cent since the 1960s. Industry Super Australia’s chief economist Stephen Anthony says the IMF’s forecasts demonstrate the need for both sides of politics to put economic reform on their policy agenda.

CORPORATES
INTERNATIONAL MONETARY FUND, INDUSTRY SUPER AUSTRALIA PTY LTD, AUSTRALIA. DEPT OF THE TREASURY, DELOITTE ACCESS ECONOMICS PTY LTD, OUTLOOK ECONOMICS, RESERVE BANK OF AUSTRALIA, AUSTRALIAN LABOR PARTY, LIBERAL PARTY OF AUSTRALIA, NATIONAL PARTY OF AUSTRALIA

No conspiracy as coal delays double

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Original article by John Kehoe, Michael Smith
The Australian Financial Review – Page: 8 : 25-Feb-19

It is now taking around 40 days for Australian coal to be cleared through five ports in northern China, up from around 25 days. The ports in question receive around eight per cent of the Australian coal exported to China, and less than two per cent of Australia’s total coal exports. Trade Minister Simon Birmingham says protection of local coal miners and environmental checks seem to be the main reasons for the delays, while he has rejected any "conspiracy theories" regarding the possible reasons for the delays.

CORPORATES
AUSTRALIA. DEPT OF FOREIGN AFFAIRS AND TRADE

Industry pushback on casuals’ double dip

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Original article by Anna Patty
The Sydney Morning Herald – Page: 15 : 25-Feb-19

Labor is seeking to disallow a regulation that aims to protect companies from so-called "double dipping" of entitlements by casual workers. The Australian Industry Group (AI Group) contends Victoria and New South Wales could face claims of over $3.5 billion from casual workers seeking to "double dip". Both the AI Group and the Australian Chamber of Commerce & Industry have called on crossbench senators to oppose Labor’s move to disallow the regulation, but employment law professor Andrew Stewart notes the regulation does nothing to change existing laws.

CORPORATES
AUSTRALIAN LABOR PARTY, THE AUSTRALIAN INDUSTRY GROUP, AUSTRALIAN CHAMBER OF COMMERCE AND INDUSTRY, UNIVERSITY OF ADELAIDE, FEDERAL COURT OF AUSTRALIA, WORKPAC PTY LTD

Labor plans to slug banks $640m to pay for fairness fund

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Original article by John Kehoe
The Australian Financial Review – Page: 1 & 4 : 25-Feb-19

Labor proposes to establish a Financial Rights Fund if it wins the 2019 federal election, which will assist victims of misconduct in the financial services sector. The so-called ‘fairness’ fund will be financed via a new levy on Australia’s largest financial institutions, and is slated to raise $160m annually over four years. This is in addition to the federal government’s bank levy. Amongst other things, Labor’s levy would be used to provide consumers with free financial counselling and significantly increase the number of government-funded financial counsellors.

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

Tax rules in limbo leave expats on a knife-edge

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Original article by Ingrid Fuary-Wagner, Tom McIlroy
The Australian Financial Review – Page: 6 : 25-Feb-19

The federal government announced in the May 2017 Budget that it would remove a capital gains tax exemption for non-resident Australians who sell their main home while overseas. The government has given non-resident Australians until 30 June to sell their home under existing rules, although legislation to enact the measure is yet to pass into law, while Labor has indicated that it may amend the measures if it wins the 2019 election. Expatriates are in a dilemma, not knowing whether the new laws will come into effect, but many are selling their property anyway, at a time when the housing market is in decline.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF FINANCE, SOTHEBY’S AUSTRALIA PTY LTD

Lawyer X to be unmasked

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Original article by Anthony Dowsley, Patrick Carlyon
Herald Sun – Page: 1 & 4 : 22-Feb-19

Victoria’s Court of Appeal has upheld the High Court’s ruling that the media can disclose the identity of a gangland defence lawyer who became a police informant. The court has ruled that the ‘Herald Sun’ can publish the name of the woman dubbed ‘Lawyer X’ on 1 March, ending a five-year legal battle to reveal her identity. Lawyer X claims that information she has supplied to police has helped to arrest and charge 386 people, including her own clients in the underworld.

CORPORATES
COURT OF APPEAL (VICTORIA), HIGH COURT OF AUSTRALIA, VICTORIA POLICE, VICTORIA. DIRECTOR OF PUBLIC PROSECUTIONS

Bishop bows out of politics, saying Coalition will win

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Original article by Phillip Coorey
The Australian Financial Review – Page: 9 : 22-Feb-19

Former foreign minister Julie Bishop is confident that the Coalition will win the upcoming federal election, citing its strong credentials regarding border protection and economic management. Bishop has ended speculation about her political future by confirming that she will not recontest the safe seat of Curtin in Western Australia. Bishop has been in federal parliament since 1998, and she served as deputy leader of the Liberal Party from 2007 to 2018.

CORPORATES
LIBERAL PARTY OF AUSTRALIA, AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF FOREIGN AFFAIRS AND TRADE, AUSTRALIA. DEPT OF JOBS AND SMALL BUSINESS, UNITED NATIONS. SECURITY COUNCIL