O75 Public Administration

Headline jobless rate hits lowest in nearly six years

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Original article by Patrick Commins
The Australian Financial Review – Page: 7 : 17-Aug-18

Official data shows that Australia’s unemployment rate fell from 5.4 per cent to 5.3 per cent in July, to its lowest level since late 2012. More than 19,000 full-time jobs were created in July, offsetting the loss of 23,200 part-time positions, and the labour force participation rate eased from 65.7 per cent to 65.5 per cent. The official unemployment rate has been consistently around the 5.5 per cent level for much of the last year, but the Reserve Bank recently forecast that it will fall to five per cent in 2020.

CORPORATES
AUSTRALIAN BUREAU OF STATISTICS, RESERVE BANK OF AUSTRALIA, AUSTRALIA. DEPT OF JOBS AND SMALL BUSINESS, AUSTRALIAN LABOR PARTY, JP MORGAN AUSTRALIA LIMITED

Pay gap at lowest in 20 years as employers react

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Original article by Ewin Hannan
The Australian – Page: 2 : 17-Aug-18

The Workplace Gender Equality Agency estimates that the national gender pay gap for full-time employees fell to 14.6 per cent in 2017-18, compared with 15.3 per cent in the previous financial year. The full-time average weekly earnings of men was $1,678.40, compared with $1,433.60 for women. The agency’s director Libby Lyons says the national gender pay gap could be eliminated if all employers undertook a pay audit and took appropriate action.

CORPORATES
AUSTRALIA. WORKPLACE GENDER EQUALITY AGENCY, AUSTRALIAN BUREAU OF STATISTICS

Turnbull in bid to quash rebellion

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Original article by Simon Benson, Joe Kelly
The Australian – Page: 1 & 6 : 17-Aug-18

The national energy guarantee continues to divide the federal government, amid revelations that Labor has been given a copy of the legislation while Coalition MPs have yet to see it. George Christensen and Andrew Hastie are the latest Coalition MPs to signal their opposition to the inclusion of the Paris agreement’s carbon emissions reduction target in the NEG. Meanwhile, Prime Minister Malcolm Turnbull has sought to quell dissent by flagging government intervention to prevent the three largest energy generators and retailers from manipulating electricity prices.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, LIBERAL PARTY OF AUSTRALIA, NATIONAL PARTY OF AUSTRALIA, AUSTRALIAN LABOR PARTY, LIBERAL-NATIONAL PARTY OF QUEENSLAND, AGL ENERGY LIMITED – ASX AGL, ORIGIN ENERGY LIMITED – ASX ORG, ENERGYAUSTRALIA PTY LTD, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, AUSTRALIA. DEPT OF HOME AFFAIRS, AUSTRALIA. DEPT OF THE ENVIRONMENT AND ENERGY

Doubts over crackdown on black economy

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Original article by Tom McIlroy
The Australian Financial Review – Page: 12 : 16-Aug-18

Keith Swan of KPMG has questioned whether a Federal Government initiative will be effective in combatting the black economy. From mid-2019, companies that tender for federal contracts worth more than $4m will have to provide a statement of tax record from the Australian Taxation Office. Swan says that amongst other things, this requirement could potentially bar companies from tendering if they have had tax disputes with the ATO in the past. He adds that newly-formed companies with no tax history may have a competitive advantage over established rivals.

CORPORATES
KPMG AUSTRALIA PTY LTD, AUSTRALIAN TAXATION OFFICE, THOMSON REUTERS PLC

Court blow for ABCC crusade on union fines

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Original article by Ewin Hannan
The Australian – Page: 2 : 16-Aug-18

The Australian Building & Construction Commission has failed in its bid to have construction union official Alex Tadic personally pay a $7,500 fine for breaching workplace laws. Justice Richard Tracey said that courts can take into account whether a union official has consistently breached workplace laws in the past. He ruled that the Construction, Forestry, Maritime, Mining & Energy Union should pay the fines of Tadic and another official. The union itself was fined $245,000.

CORPORATES
CONSTRUCTION, FORESTRY, MARITIME, MINING AND ENERGY UNION OF AUSTRALIA, FEDERAL COURT OF AUSTRALIA

Wage growth at zero puts lid on rate hikes

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Original article by Adam Creighton
The Australian – Page: 2 : 16-Aug-18

Data from the Australian Bureau of Statistics shows that the national wage price index ­increased by 2.1 per in the year to June, in line with the inflation rate. Wages in the private sector increased by two per cent, compared with 2.4 per cent growth in public sector wages. Shane Oliver of AMP Capital notes that annual wage growth would have been around 1.9 per cent without the increase in the minimum wage. The latest wage data is likely to ensure that official interest rates remain on hold for some time.

CORPORATES
AUSTRALIAN BUREAU OF STATISTICS, AMP CAPITAL INVESTORS LIMITED, JP MORGAN AUSTRALIA LIMITED, MACQUARIE BANK LIMITED – ASX MBL, CAPITAL ECONOMICS LIMITED, RESERVE BANK OF AUSTRALIA, AUSTRALIA. DEPT OF THE TREASURY

Anning’s speech unites Parliament

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Original article by Tom McIlroy
The Australian Financial Review – Page: 6 : 16-Aug-18

The maiden speech of senator Fraser Anning has been widely denounced by fellow parliamentarians, particularly his call to ban Muslims from migrating to Australia and his use of the phase "final solution" with regard to immigration policy. The Katter’s Australian Party senator has refused to apologise for his comments, stating that he was exercising his right to free speech. Party leader Bob Katter has praised Anning’s speech, describing it as "solid gold", but One Nation leader Pauline Hanson says his remarks were "appalling".

CORPORATES
KATTER’S AUSTRALIAN PARTY, ONE NATION PARTY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF THE ENVIRONMENT AND ENERGY, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN LABOR PARTY, AUSTRALIAN GREENS

NEG rebels try to force walkouts

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Original article by Simon Benson, Dennis Shanahan, Joe Kelly
The Australian – Page: 1 & 4 : 16-Aug-18

The Federal Government is becoming increasingly divided over the national energy guarantee. Some ministers who are believed to have reservations about the NEG are under pressure from backbench colleagues to quit their portfolios and vote against the policy. They are said to include Keith Pitt, the assistant minister to Deputy Prime Minister Michael McCormack. Meanwhile, Treasurer Scott Morrison has rejected a push to include a price guarantee in the NEG, stating that it is inconsistent with "Liberal values".

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

Coalition, business keen on overseas company tax model

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Original article by Tom McIlroy
The Australian Financial Review – Page: 5 : 15-Aug-18

The Senate is expected to reject the Federal Government’s bill to reduce the tax rate for companies with turnover of at least $50m. Foreign Minister Julie Bishop has told parliament of the need for Australia to have a globally competitive company tax rate, while BlueScope Steel CEO Mark Vassella has called for the introduction of similar tax reforms to those implemented in the US. He has stressed the importance of lower operating costs for businesses in stimulating economic growth.

CORPORATES
AUSTRALIA. DEPT OF FOREIGN AFFAIRS AND TRADE, BLUESCOPE STEEL LIMITED – ASX BSL, UNITED STATES. EXECUTIVE OFFICE OF THE PRESIDENT, AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF FINANCE

Senator demands extension to the Hayne inquiry to hear all claims

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Original article by Andrew Tillett
The Australian Financial Review – Page: 6 : 15-Aug-18

The banking royal commission is slated to deliver its final report by 1 February. However, Katter’s Australia Party senator Fraser Anning wants the inquiry to be extended, noting that just six farmers have been given the opportunity to provide evidence about misconduct in the financial services industry. Anning has also called for the inquiry’s terms of reference to be broadened to include the conduct of receivers, liquidators and valuers. He has raised the possibility of voting against government bills if the inquiry is not extended.

CORPORATES
AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, KATTER’S AUSTRALIAN PARTY, LIBERAL PARTY OF AUSTRALIA, ONE NATION PARTY