O75 Public Administration

ALP’s $2000 handout in battery plan

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Original article by Simon Benson
The Australian – Page: 1 & 4 : 22-Nov-18

Federal Opposition Leader Bill Shorten will announce key details of Labor’s energy policy on 22 November. Amongst other things, Labor will provide households with annual income of less than $180,000 with a rebate of up to $2,000 to install electricity storage batteries. Labor’s aim is for one million households to have storage batteries by 2025, as part of its commitment to a 50 per cent renewable energy target. Labor will also flag plans to implement the federal government’s national energy guarantee if it wins the next election.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIA. CLEAN ENERGY FINANCE CORPORATION, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION

Labor’s franking policy would cost economy

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Original article by Michael Roddan
The Australian – Page: 4 : 22-Nov-18

Liberal MP Tim Wilson has warned that many retirees would lose up to a third of their income under Labor’s plan to abolish cash refunds for excess dividend imputation credits. Meanwhile, the Grattan Institute has noted in its submission to a parliamentary inquiry that there would be some cost to the economy if Labor’s policy is implemented. However, the think tank has concluded that the policy may be the best option.

CORPORATES
LIBERAL PARTY OF AUSTRALIA, GRATTAN INSTITUTE

Employer bid to decouple union

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Original article by Dana McCauley
The Age – Page: 15 : 21-Nov-18

A legal challenge to the merger between the Construction, Forestry, Mining & Energy Union and the Maritime Union of Australia will commence in the Federal Court on 21 November. The Australian Mines & Metals Association is seeking to have the merger declared invalid on the grounds that the two unions were subject to "quasi-criminal" legal proceedings when the merger was approved.

CORPORATES
CONSTRUCTION, FORESTRY, MARITIME, MINING AND ENERGY UNION OF AUSTRALIA, MARITIME UNION OF AUSTRALIA, AUSTRALIAN MINES AND METALS ASSOCIATION (INCORPORATED), FEDERAL COURT OF AUSTRALIA, MASTER BUILDERS AUSTRALIA INCORPORATED, AUSTRALIA. FAIR WORK COMMISSION, AUSTRALIAN BUILDING AND CONSTRUCTION COMMISSION

Trust key to Australian economy: RBA boss

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Original article by Marnie Banger
News.com.au – Page: Online : 21-Nov-18

Reserve Bank governor Philip Lowe has stressed the importance of trust to the Australian economy and society. Lowe noted that the level of trust in banks has been damaged by the revelations of the financial services royal commission; he added that to restore trust, banks must take action of resolve conflict of interest issues, abolish poorly-designed incentive systems and ensure that there is accountability for misconduct. Lowe also said consumers need to be able to trust that their living standards will improve over time. In recent years, wages have increased in line with the inflation rate.

CORPORATES
RESERVE BANK OF AUSTRALIA, COMMITTEE FOR ECONOMIC DEVELOPMENT OF AUSTRALIA

Labor open to backing lower migrant intake

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Original article by Greg Brown
The Australian – Page: 4 : 21-Nov-18

Deputy Opposition leader Tanya Plibersek has indicated that Labor is prepared to consider the federal government’s proposal to reduce Australia’s overall migrant intake and give the states more input into the issue of immigration. However, she has criticised a proposal by Prime Minister Scott Morrison to reduce the annual cap on permanent migrants by up to 30,000. Cities Minister Alan Tudge has conceded that government revenue would be affected by any reduction in the migrant intake.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF HOME AFFAIRS

ANZ-Roy Morgan Australian Consumer Confidence consolidates to 117.8

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Original article by Roy Morgan
Market Research Update – Page: Online : 21-Nov-18

ANZ-Roy Morgan Australian Consumer Confidence fell 1.7% to 117.8 in the week ended 18 November, despite generally positive local economic data. Households’ views towards current financial conditions fell 7.4%, unwinds the index’s upturn since it plunged following the Wentworth by-election. Households’ views towards future financial conditions fell by 1.8%. The economic conditions readings were mixed, with current economic conditions falling by 1.6% while future economic conditions rose by 1.3%. The "time to buy a household item" sub-index was up 0.9%.

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

Labor wants anti-corruption watchdog

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Original article by Oliver Caffrey
News.com.au – Page: Online : 21-Nov-18

Opposition Leader Bill Shorten has urged Prime Minister Scott Morrison to support Labor’s push to establish a National Integrity Commission. Labor had flagged plans for a national anti-corruption agency in early 2018, and Shorten says he will seek the support of crossbenchers for the proposal when Parliament resumes in late November. A survey by Roy Morgan in September found strong support for a national anti-corruption watchdog. The SMS Morgan Poll showed that 90% of Australians support establishing a National Crimes Authority to investigate federal government, union and private sector corruption.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, ROY MORGAN LIMITED, MORGAN POLL, AUSTRALIA. ATTORNEY-GENERAL’S DEPT

Treasury warns on Australia’s debt

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Original article by John Kehoe
The Australian Financial Review – Page: 9 : 20-Nov-18

The federal government’s net debt was $342bn at the end of 2017-18, which equates to 18.6 per cent of GDP. Although this is relatively low compared with many nations, Treasury secretary Philip Gaetjens says debt needs to be reduced to ensure that Australia is prepared for potential economic shocks in the future. He notes that Australia’s healthy fiscal position in 2007 helped the economy to ride out the global financial crisis. Gaetjens has also expressed concern about a blowout in global debt in the wake of the GFC.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN LABOR PARTY

BHP to pay $529m bill after taxman wins trading hub case

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Original article by Paul Garvey
The Australian – Page: 17 & 20 : 20-Nov-18

BHP Billiton has agreed to pay $529 million in back taxes as part of a settlement with the Australian Taxation Office concerning its Singapore trading hub. There had been claims that BHP was using the hub to reduce its tax payments in Australia, with the settlement relating to its earnings between 2013 and 2018. Previously, 42 per cent of the hub had been owned by BHP’s UK arm, but its Australian arm will now assume 100 per cent ownership. BHP CFO Peter Beaven said he is pleased that the issue has been resolved, while he noted that BHP had already paid over $75 billion in Australian taxes and royalties between 2013 and 2018.

CORPORATES
BHP BILLITON LIMITED – ASX BHP, AUSTRALIAN TAXATION OFFICE, RIO TINTO LIMITED – ASX RIO, GLENCORE PLC

CommBank CEO Matt Comyn fronts banking royal commission

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Original article by Alexis Carey
News.com.au – Page: Online : 20-Nov-18

Commonwealth Bank CEO Matt Comyn has told the financial services royal commission that the major bank has tended to react to misconduct rather than taking action to prevent it in the first place. Comyn also conceded that there are "inherent risks" associated with a staff bonus scheme. However, he struggled to explain why a fixed salary would not be sufficient for the majority of the bank’s employees. The royal commission’s interim report noted that variable pay can encourage a culture of misconduct in the banking sector.

CORPORATES
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, MACQUARIE GROUP LIMITED – ASX MQG, AMP LIMITED – ASX AMP, BENDIGO AND ADELAIDE BANK LIMITED – ASX BEN, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION