O75 Public Administration

Treasurer’s $1bn in sweeteners for voters

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Original article by Andrew Clennell, Sam Buckingham-Jones
The Australian – Page: 1 & 6 : 20-Jun-18

The New South Wales Government’s June 2018 Budget has forecast a surplus of $A3.9bn in 2017-18, and surpluses of at least $A1.4bn in each of the next four financial years. However, spending on transport infrastructure projects will see the state’s net debt blow out to $A28.6bn in 2021-22. The government has also announced a raft of spending measures aimed at families, while it has unveiled plans for a sovereign wealth fund that will own a 49 per cent stake in WestConnex after the balance of the toll road is privatised.

CORPORATES
NEW SOUTH WALES. THE TREASURY, NEW SOUTH WALES. DEPT OF PREMIER AND CABINET, NEW SOUTH WALES. DEPT OF TOURISM, SPORT AND RECREATION, AUSTRALIAN LABOR PARTY, AUSTRALIA. FUTURE FUND MANAGEMENT AGENCY

Labor to ditch $120b of tax cuts

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Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 4 : 20-Jun-18

Opposition Leader Bill Shorten says Labor will only support the first stage of the Federal Government’s personal income tax package, which is slated to take effect on 1 July. The government has ruled out legislating the first stage separately, and it requires the support of eight crossbenchers to pass its bill in the Senate. At present it has the support of seven crossbenchers, with One Nation still opposing the third stage of the tax cuts. Shorten has indicated that a future Labor government would scrap the second and third stages of the tax package if the bill is passed.

CORPORATES
AUSTRALIAN LABOR PARTY, ONE NATION PARTY, CENTRE ALLIANCE, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIAN GREENS

ANZ-Roy Morgan Australian Consumer Confidence consolidates at 122.1

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Original article by Roy Morgan
Market Research Update – Page: Online : 20-Jun-18

ANZ-Roy Morgan Australian Consumer Confidence fell 0.7% to 122.1 in the week ended 17 June, following a 5.6% jump the previous week and leaving the index comfortably above its long-term average. Consumers’ views towards current financial conditions fell 4.9%, but remain above the long-term average. Consumers’ views towards future financial conditions rose 3.1%, building on the 1.6% gain in the previous week. Consumers’ views towards current economic conditions fell 3.8% to 110.9, reversing some of the 8.9% gain posted in the previous week, while views towards future economic conditions fell 0.8%. The "time to buy a household item" sub-index rose 1.6% to 146.3, the highest since January 2016 and well above its long-term average of 134.0.

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

Ratio of casual workers steady for 20 years

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Original article by Ewin Hannan
The Australian – Page: 8 : 19-Jun-18

The Australian Industry Group’s analysis of official labour market data suggests that contrary to unions’ claims, the proportion of casual workers has remained steady at about 25 per cent of all employees since 1998. This is despite the fact that the number of casual employees rose from 1.7 million in August 1998 to 2.6 million in February 2018. Ai Group’s chief economist Julie Toth notes that there has been 53 per cent growth in the number of casual employees over this period, and 56 per cent growth in permanent employee numbers.

CORPORATES
THE AUSTRALIAN INDUSTRY GROUP, AUSTRALIAN BUREAU OF STATISTICS, ACTU, THE AUSTRALIA INSTITUTE LIMITED

Tax lost as $16bn profits go offshore

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Original article by Adam Creighton
The Australian – Page: 19 : 19-Jun-18

Profit-shifting by multinationals is estimated to cost Australia about $A5.4bn a year in foregone corporate tax revenue, according to international research. Economists from the University of California, Berkeley and the University of Copenhagen concluded that Australia loses about seven per cent of its corporate tax revenue due to the practice of shifting profits to tax havens. The research is based on data from 2015, which precedes Federal Government initiatives such as its Diverted Profits Tax and the Multinational Anti-Avoidance Law.

CORPORATES
UNIVERSITY OF CALIFORNIA, BERKELEY, UNIVERSITY OF COPENHAGEN, ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT, GOOGLE INCORPORATED

Game of chicken on tax cuts

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

A meeting of Labor MPs on 19 June is expected to endorse the first stage of the Federal Government’s personal income tax cuts package. However, Labor’s continued opposition to the rest of the tax package means the Government will require the support of One Nation and Centre Alliance to pass the full tax cuts in the Senate. Prime Minister Malcolm Turnbull and Treasurer Scott Morrison have again ruled out splitting the tax bill to enable the first stage of the tax cuts to proceed on 1 July.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF THE TREASURY, ONE NATION PARTY, CENTRE ALLIANCE, AUSTRALIA. PARLIAMENTARY BUDGET OFFICE

Senator wants end to unions’ tax-free status

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

Coalition senator Amanda Stoker says unions should no longer be exempt from paying tax, as they have a competitive advantage in business areas where they operate. She adds that about two million workers do not have choice of superannuation fund because they are required to join a union-backed industry fund. Stoker also notes that many workers are also restricted to joining one union, and unions often exploit this monopoly in enterprise bargaining negotiations. Stoker will use her maiden speech in Parliament to advocate reform.

CORPORATES
LIBERAL-NATIONAL PARTY OF QUEENSLAND, CONSTRUCTION, FORESTRY, MARITIME, MINING AND ENERGY UNION OF AUSTRALIA, HIGH COURT OF AUSTRALIA, AUSTRALIA. PRODUCTIVITY COMMISSION, AUSTRALIAN LABOR PARTY

PM’s scheme an EIS by stealth

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Original article by Simon Benson, Joe Kelly
The Australian – Page: 1 & 2 : 18-Jun-18

The Federal Government’s national energy guarantee is under scrutiny after a draft final report revealed that it will be similar to an emissions intensity scheme. The Coalition’s partyroom had rejected a proposal for an EIS when it was put forward by Energy Minister Josh Frydenberg in 2016. A member of the Energy Security Board has also conceded that the NEG will effectively be an EIS "by stealth" and that it will favour companies which invest in renewable energy. Finance Minister Mathias Cormann says the partyroom had fully endorsed the NEG.

CORPORATES
AUSTRALIA. DEPT OF THE ENVIRONMENT AND ENERGY, AUSTRALIA. DEPT OF FINANCE, AUSTRALIA. ENERGY SECURITY BOARD, LIBERAL PARTY OF AUSTRALIA, AGL ENERGY LIMITED – ASX AGL

Trade talks aim to crack Europe

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Original article by Joe Kelly
The Australian – Page: 4 : 18-Jun-18

Australia’s Trade Minister Steven Ciobo will meet with European Union trade commissioner Cecilia Malmstrom on 18 June, ahead of commencing formal negotiations for a free trade agreement in July. The Federal Government expects a wide range of industries to benefit from a trade deal, including farmers, car and aircraft parts makers, silicon producers, education providers and professional services firms. Ciobo says a trade deal will also boost two-way investment between Australia and the EU.

CORPORATES
AUSTRALIA. DEPT OF FOREIGN AFFAIRS AND TRADE, ALMONDCO AUSTRALIA LIMITED, AIRBUS SAS, FERRARI SPA

Huawei hits back over security ban

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Original article by Andrew Tillett, Jennifer Hewett
The Australian Financial Review – Page: 1 & 2 : 18-Jun-18

Huawei Australia directors have refuted suggestions that the Chinese telco’s participation in the construction of a 5G wireless network raises national security concerns. They have written to federal MPs arguing that Huawei supplies equipment for the mobile networks of Optus, Vodafone and TPG, and they have warned that the company could potentially withdraw from Australia if it is excluded from the 5G project. Huawei has also dismissed concerns about its links to the Chinese government, stressing that it is a privately-owned company.

CORPORATES
HUAWEI TECHNOLOGIES COMPANY LIMITED, HUAWEI TECHNOLOGIES (AUSTRALIA) PTY LTD, SINGTEL OPTUS PTY LTD, VODAFONE AUSTRALIA LIMITED, TPG TELECOM LIMITED – ASX TPM, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA CHINA BUSINESS COUNCIL, ZTE CORPORATION, AUSTRALIA. DEPT OF FOREIGN AFFAIRS AND TRADE, AUSTRALIAN LABOR PARTY