O75 Public Administration

Divestment powers put on fast track

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Original article by Phillip Coorey
The Australian Financial Review – Page: 4 : 6-Dec-18

Australia Energy Council CEO Sarah McNamara has flagged a possible legal challenge to the federal government’s legislation to force the divestment of energy assets. McNamara says there is still uncertainty regarding the constitutional validity of the bill, despite a compromise which will require the Federal Court to approve any application for asset sales. The bill is expected to be passed by the lower house after four crossbenchers backed a motion for it to be debated and voted upon before parliament rises for the year.

CORPORATES
AUSTRALIAN ENERGY COUNCIL, FEDERAL COURT OF AUSTRALIA, ORIGIN ENERGY LIMITED – ASX ORG, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIAN LABOR PARTY

With numbers like these, the only way is down for RBA

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Original article by Adam Creighton
The Australian – Page: 2 : 6-Dec-18

The lower-than-expected GDP growth for both the September quarter and the year to September should be sufficient to ensure further easing of monetary policy. The Reserve Bank has consistently maintained that the cash rate is more likely to rise rather than fall, but a rate cut now seems more probable. However, the record level of household debt means a rate cut may have little impact on the economy or put much downward pressure on mortgage interest rates.

CORPORATES
RESERVE BANK OF AUSTRALIA, UNITED STATES. FEDERAL RESERVE BOARD

Weak wages a threat to Xmas sales

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Original article by John Kehoe, Sue Mitchell
The Australian Financial Review – Page: 1 & 8 : 6-Dec-18

The latest GDP data shows that the Australian economy expanded by just 0.3 per cent in the September quarter, compared with economists’ expectations of 0.6 per cent growth. Economists have attributed the fall in consumer spending to low wages growth and raised concerns about the outlook for retail sales during the Christmas trading period. Recent research by the Australian Retailers Association and Roy Morgan found that Christmas spending will increase by 2.9 per cent in 2018. The GDP data may affect the timing of any change in official interest rates, but the federal government still expects to post a Budget surplus in 2019-20.

CORPORATES
AUSTRALIAN RETAILERS ASSOCIATION, ROY MORGAN LIMITED, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, MJ BALE, HSBC AUSTRALIA HOLDINGS PTY LTD, RESERVE BANK OF AUSTRALIA, AUSTRALIAN BUREAU OF STATISTICS, RETAIL APPAREL GROUP PTY LTD, CITIBANK PTY LTD

Barnaby backs unions on casuals

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Original article by Ewin Hannan
The Australian – Page: 2 : 5-Dec-18

A parliamentary committee has expressed concern about the growing use of casual labour in Australia’s mining industry. The committee has supported the union movement’s proposal to allow casual mining workers to become permanent employees after a certain period of employment. Industrial Relations Minister Kelly O’Dwyer says the federal government will consider the committee’s recommendations. Australian Mines & Metals Association CEO Steve Knott argues that many employees prefer the increased flexibility and higher wages offered by casual work.

CORPORATES
AUSTRALIA. HOUSE OF REPRESENTATIVES STANDING COMMITTEE ON INDUSTRY, INNOVATION, SCIENCE AND RESOURCES, AUSTRALIA. DEPT OF JOBS AND SMALL BUSINESS, AUSTRALIAN MINES AND METALS ASSOCIATION (INCORPORATED), LIBERAL PARTY OF AUSTRALIA, NATIONAL PARTY OF AUSTRALIA, AUSTRALIAN LABOR PARTY, ACTU

Upbeat RBA welcomes higher wages

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Original article by William McInnes, Tim Boyd
The Australian Financial Review – Page: 7 : 5-Dec-18

Reserve Bank of Australia governor Philip Lowe notes that the outlook for the labour market is positive and the unemployment rate likely to fall further. In a statement accompanying the central bank’s monetary policy decision, Lowe also welcomed signs of wages growth. The RBA left official interest rates on hold at 1.5 per cent for a record 28th month on 4 December, and Sally Auld of JP Morgan says the timing of a rate rise will depend on the outlook for wages. The consensus of economists polled by Bloomberg is that the cash rate will remain unchanged until at least the December 2019 quarter.

CORPORATES
RESERVE BANK OF AUSTRALIA, JP MORGAN AUSTRALIA LIMITED, BLOOMBERG LP, BIS OXFORD ECONOMICS PTY LTD, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, CAPITAL ECONOMICS LIMITED

Ignore Trump tweetfest, says US envoy

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Original article by Lisa Murray, Angus Grigg, Andrew Tillett
The Australian Financial Review – Page: 1 & 8 : 5-Dec-18

James Carouso, the acting US ambassador to Australia, has told a national security summit that relations between the two countries are still strong, including their military alliance. He added that Australian policymakers should look at the "facts on the ground" rather than unduly focusing on President Donald Trump’s tweets regarding alliances with countries such as Australia. Carouso also emphasised that the US remains committed to retaining a presence in the Asia-Pacific, noting that bilateral trade with the region has increased by 10 per cent under Trump.

CORPORATES
UNITED STATES. EXECUTIVE OFFICE OF THE PRESIDENT, LA TROBE UNIVERSITY, REPUBLICAN PARTY (UNITED STATES), AUSTRALIAN LABOR PARTY, TRANS-PACIFIC PARTNERSHIP, HUAWEI TECHNOLOGIES COMPANY LIMITED, DEMOCRATIC PARTY (UNITED STATES), AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIAN NATIONAL UNIVERSITY

Labor backs down over encryption laws

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Original article by Primrose Riordan
The Australian – Page: 1 & 4 : 5-Dec-18

The federal government aims to pass its encryption legislation before parliament rises for the year after reaching a compromise with Labor. The Opposition has reached agreement with the government that only state anti-corruption commissions will not be given new powers to access encrypted data and devices. Labor had also sought to have state police excluded from the legislation, which is intended to target terrorists, paedophiles and organised crime.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. ATTORNEY-GENERAL’S DEPT, ATLASSIAN CORPORATION PLC

Morrison’s energy big stick cut down to size

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Original article by Ben Packham
The Australian – Page: 4 : 5-Dec-18

The federal government has agreed to a compromise on its proposal to intervene in the electricity market. Following a Coalition joint partyroom meeting, the government has advised that the Federal Court will be required to approve any application for the divestment of energy assets if a power company is found to have manipulated electricity prices. Shadow treasurer Chris Bowen says the policy would deter investment in the energy sector and have no impact on electricity prices. Several Liberal backbenchers have also expressed concern about the policy.

CORPORATES
AUSTRALIAN LABOR PARTY, LIBERAL PARTY OF AUSTRALIA, FEDERAL COURT OF AUSTRALIA, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN ENERGY COUNCIL

Avalanche of renewables may threaten power grid

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Original article by Perry Williams
The Australian – Page: 1 & 8 : 5-Dec-18

Bloomberg New Energy Finance estimates that clean energy will account for the bulk of investment in Australia’s electric power generation capacity in the next two decades or so. However, the International Energy Agency’s executive director Fatih Birol says the stability of Australia’s energy grid may be jeopardised if measures are not in place to ensure that it can cope with a big influx of renewables. Birol adds that increasing renewables’ share of the energy mix is not the sole solution to global warming. Labor proposes to implement the national energy guarantee as part of its climate change policy.

CORPORATES
INTERNATIONAL ENERGY AGENCY, AUSTRALIAN LABOR PARTY, BLOOMBERG NEW ENERGY FINANCE, LIBERAL PARTY OF AUSTRALIA, AUSTRALIAN ENERGY MARKET OPERATOR LIMITED

Sparks fly in ex-PM’s energy war

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Original article by Simon Benson, Joe Kelly
The Australian – Page: 1 & 4 : 5-Dec-18

Former prime minister Malcolm Turnbull says the federal government should implement his signature national energy policy, noting that it had been strongly supported by his successor Scott Morrison. Turnbull has also rejected suggestions that the government had shelved the NEG shortly before he was ousted, stating that Cabinet had agreed to put it on hold until there was sufficient support in parliament to pass the legislation. A spokesman for Turnbull has also denied claims that he has discussed the NEG with Opposition Leader Bill Shorten since the leadership spill.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF THE TREASURY, LIBERAL PARTY OF AUSTRALIA, SMART ENERGY COUNCIL