O75 Public Administration

Labor’s wage bargaining plans a risk to exports

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Original article by David Marin-Guzman
The Australian Financial Review – Page: 1 & 4 : 20-Dec-18

Tom Reid of the Australian Mines & Metals Association has warned that a shift to industry-wide enterprise bargaining could undermine the competitiveness and sustainability of the nation’s resources sector. Labor proposes to restrict industry-wide bargaining to sectors that have low wages, although unions advocate extending it to other sectors of the economy. Meanwhile, Australian Retailers Association CEO Russell Zimmerman says industry-wide bargaining may be a viable alternative to the costly enterprise bargaining process for small retailers.

CORPORATES
AUSTRALIAN MINES AND METALS ASSOCIATION (INCORPORATED), AUSTRALIAN LABOR PARTY, AUSTRALIAN RETAILERS ASSOCIATION, ACTU, ESSO AUSTRALIA PTY LTD, AUSTRALIAN WORKERS’ UNION-FEDERATION OF INDUSTRIAL, MANUFACTURING AND ENGINEERING EMPLOYEES, MARITIME UNION OF AUSTRALIA, BUSINESS COUNCIL OF AUSTRALIA

RBA to cut its 3.25pc growth forecast, economists say

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Original article by Tim Boyd
The Australian Financial Review – Page: 6 : 20-Dec-18

Janu Chan of St George Bank is among the economists who expect the Reserve Bank of Australia to scale back its economic growth forecast of 3.25 per cent for 2018-19 at its first board meeting in 2019. This follows lower-than-expected GDP growth for the September quarter. The central bank’s monetary policy meeting in February will take into account the latest inflation and employment data.

CORPORATES
RESERVE BANK OF AUSTRALIA, ST GEORGE BANK LIMITED, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ

State surpluses on the slide as spending lifts

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Original article by Anthony Klan, Brad Norington
The Australian – Page: 5 : 19-Dec-18

The New South Wales government’s mid-year budget review shows that it now expects to post a surplus of $1.1bn for 2018-19, compared with a forecast surplus of $1.4bn in the June 2018 Budget. The government has also scaled back the projected surpluses for the following three financial years. A $4.04bn increase in government spending over the next four years is the major contributor to the lower surplus forecasts. The downturn in Sydney’s property market is expected to result in stamp duty revenue falling $2.5 billion over four years.

CORPORATES
NEW SOUTH WALES. THE TREASURY

Labor’s boost to union power alarms business

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Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 4 : 19-Dec-18

Federal Opposition Leader Bill Shorten has told Labor’s national conference that the enterprise bargaining system is not working. The national conference has endorsed a new industrial relations policy platform which includes the reinstatement of industry-wide enterprise bargaining. Shorten has also committed to reversing penalty rate cuts and abolishing the Australian Building & Construction Commission and the Registered Organisations Commission if Labor wins the 2019 election. Employer groups have urged Labor to clarify whether pattern bargaining will be restricted to low-paid workers or if it will apply across the economy.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIAN BUILDING AND CONSTRUCTION COMMISSION, AUSTRALIA. REGISTERED ORGANISATIONS COMMISSION, THE AUSTRALIAN INDUSTRY GROUP, AUSTRALIAN CHAMBER OF COMMERCE AND INDUSTRY, AUSTRALIA. FAIR WORK COMMISSION, ACTU, AUSTRALIA. DEPT OF JOBS AND SMALL BUSINESS, AUSTRALIAN WORKERS’ UNION-FEDERATION OF INDUSTRIAL, MANUFACTURING AND ENGINEERING EMPLOYEES

ANZ-Roy Morgan Australian Consumer Confidence levels to 117.8

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Original article by Roy Morgan
Market Research Update – Page: Online : 19-Dec-18

ANZ-Roy Morgan Australian Consumer Confidence rose 0.1% to 117.8 in the week ended 16 December, essentially unchanged from the previous week. Households’ views towards current financial conditions fell 2%, while future financial condition were flat. Consumers’ views toward current economic conditions rose 0.2%, but future economic conditions fell 0.9%. The ‘time to buy a household item’ sub-index rose 2.7%.

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

Shorten at Chinese fundraiser behind ICAC’s raid

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Original article by Brad Norington
The Australian – Page: 1 & 2 : 19-Dec-18

The Independent Commission Against Corruption raided the Sydney headquarter of Labor’s New South Wales branch on 18 December. The raid is believed to relate to a Chinese Friends of Labor fundraising dinner that was held prior to the 2015 state election. Several federal Labor MPs were at the function, including Opposition Leader Bill Shorten. Chinese property developer Huang Xiangmo was also present at the dinner. He later attracted scrutiny over his links to former Labor senator Sam Dastyari. Property developers were banned from making donations to NSW political parties at the time of the dinner.

CORPORATES
AUSTRALIAN LABOR PARTY, CHINESE FRIENDS OF LABOR, NEW SOUTH WALES. INDEPENDENT COMMISSION AGAINST CORRUPTION, ELECTORAL COMMISSION OF NEW SOUTH WALES, AUSTRALIAN ELECTORAL COMMISSION, AUSTRALIAN SECURITY INTELLIGENCE ORGANISATION

Shorten government would introduce Fair Work pay equity rules

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Original article by Tom McIlroy
The Australian Financial Review – Page: 9 : 18-Dec-18

Measures aimed at reducing the gender pay gap will be unveiled at Labor’s national conference on 18 December. Amongst other things, a Labor government would give the Fair Work Commission greater power to undertake pay equity reviews and increase wages in sectors where the majority of workers are women. Deputy Opposition Leader Tanya Plibersek says the existing laws on pay equity have proven to be inadequate.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIA. FAIR WORK COMMISSION, AUSTRALIA. WORKPLACE GENDER EQUALITY AGENCY

Slower wages growth pushes out RBA hike

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Original article by Matthew Cranston
The Australian Financial Review – Page: 4 : 18-Dec-18

The May 2018 Budget had forecast wages growth of 2.75 per cent in 2018-19, but this has been pared back to 2.5 per cent in the mid-year budget update. Wages are also expected to increase by three per cent in 2019-20, compared with previous expectations of 3.25 per cent growth. Meanwhile, growth in household consumption is also expected to be lower than projected in 2018-19, while the unemployment rate is tipped to fall further than forecast. The lower wages growth outlook may affect the timing of any change in monetary policy.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, RESERVE BANK OF AUSTRALIA, DELOITTE ACCESS ECONOMICS PTY LTD, KPMG AUSTRALIA PTY LTD

Paris target in sight eight years early

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Original article by Joe Kelly
The Australian – Page: 5 : 18-Dec-18

Emissions from power generation in the National Electricity Market are tipped to fall to 26 per cent below 2005 levels by 2022. This is according to the Emissions Projections 2018 Report, and would mean Australia will meet its Paris targets eight years ahead of schedule. Energy Minister Angus Taylor says the projections show that there is no need to revive the failed National Energy Guarantee, nor is there a need for a mechanism to reduce emissions, as called for by Labor and business groups.

CORPORATES
AUSTRALIA. DEPT OF THE ENVIRONMENT AND ENERGY, AUSTRALIAN LABOR PARTY

Miners drive corporate profit surge

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Original article by Matthew Cranston
The Australian Financial Review – Page: 5 : 18-Dec-18

The federal government expects total revenue for 2018-19 to be $8.3bn higher than forecast in the May 2018 Budget, and $12.4bn higher over the forward estimates period. The revenue windfall has been driven by rising corporate profits, particularly in the mining sector as a result of higher commodity prices. Corporate tax revenue is expected to be about $495bn in 2018-19, compared with $460bn in 2017-18. However, economists say a sustained increase in company tax receipts cannot be taken for granted.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, PRICEWATERHOUSECOOPERS AUSTRALIA (INTERNATIONAL) PTY LTD, AMP CAPITAL INVESTORS LIMITED