O75 Public Administration

Growth to accelerate despite pressures

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Original article by Jacob Greber
The Australian Financial Review – Page: 6 : 6-Jun-18

The consensus of economists is that the Australian economy expanded by 0.9 per cent in the March quarter, compared with growth of just 0.4 per cent in the last quarter of 2017. The Reserve Bank and the Treasury have previously flagged growth of 0.7 per cent to 0.8 per cent for the March quarter. Meanwhile, economists expect the economy to have expanded by 2.8 per cent year-on-year in the March quarter, up from 2.4 per cent growth in the December quarter. The quarterly GDP data will be released on 6 June.

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BLOOMBERG LP, RESERVE BANK OF AUSTRALIA, AUSTRALIA. DEPT OF THE TREASURY, WESTPAC BANKING CORPORATION – ASX WBC, AMP CAPITAL INVESTORS LIMITED, AUSTRALIAN BUREAU OF STATISTICS

Tough laws to put terror heat on tech titans

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Original article by Simon Benson
The Australian – Page: 1 & 4 : 6-Jun-18

The Federal Government has proposed legislation that would require telcos and technology companies to provide law enforcement and intelligence agencies with access to the encrypted data of suspected terrorists and cyber-criminals. Cyber Security Minister Angus Taylor notes that at present telcos are not required to co-operate in providing access to such data. He stresses that the legislation – which will also apply to digital companies such as Google and Facebook – will not result in the creation of so-called "backdoor keys" that would allow law enforcement agencies to decrypt such data.

CORPORATES
AUSTRALIA. DEPT OF HOME AFFAIRS, GOOGLE INCORPORATED, FACEBOOK INCORPORATED, WHATSAPP INCORPORATED, APPLE INCORPORATED, TELSTRA CORPORATION LIMITED – ASX TLS, SINGTEL OPTUS PTY LTD, VODAFONE AUSTRALIA LIMITED, AUSTRALIAN SECURITY INTELLIGENCE ORGANISATION, AUSTRALIAN FEDERAL POLICE, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, GROUP OF TWENTY (G-20)

ANZ, Citigroup and Deutsche Bank executives charged with criminal cartel offences

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Original article by Stephen Letts
abc.net.au – Page: Online : 6-Jun-18

The ANZ Bank’s global head of treasury, Rick Moscati, is among six senior banking industry executives who will face criminal cartel charges arising from ANZ’s institutional share placement in 2015. Citigroup MD John McLean and the investment bank’s global head of foreign exchange trading, Itay Tuchman, have also been charged, as has Citi’s former Australian head, Stephen Roberts. Two former Deutsche Bank executives, Michael Ormaechea and Michael Richardson, also face charges following a two-year investigation by the Australian Competition & Consumer Commission. The three banks will also be prosecuted for allegedly engaging in a cartel.

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AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, CITIGROUP PTY LTD, DEUTSCHE BANK AG, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, JP MORGAN AUSTRALIA LIMITED, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY

ANZ-Roy Morgan Consumer Confidence slips down to 116.5

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Original article by Roy Morgan
Market Research Update – Page: Online : 6 June May 2018

ANZ-Roy Morgan Australian Consumer Confidence fell 1.0% to 116.5 in the week ended 3 June, following a 3.2% decline in the previous week. Consumers’ views towards current financial conditions fell 2.0% to 105.0, the lowest in eight weeks. However, consumers were more optimistic about future financial conditions, which were up 3.3% following a 4.1% decline previously. Views towards current economic conditions fell 4.2% to 105.9, although this subindex remains above its long-term average of 102.0. Similarly, sentiment around future economic conditions fell for the third straight week, down 3.4% to 108.6 and the lowest in eight weeks.

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

Former US official warns on digital tax

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Original article by Nassim Khadem
The Age – Page: 23 : 5-Jun-18

The federal government is examining ways of taxing the billions in advertising revenue that digital companies Google and Facebook are generating. One option under consideration is a three per cent tax on turnover. Bob Stack, who was previously an official with the US Treasury under the administration of Barack Obama, does not think such a tax is a good idea. He says it could result in double taxation and might spark retaliation from the US government, which could increase taxes on Australian companies.

CORPORATES
GOOGLE INCORPORATED, FACEBOOK INCORPORATED, DELOITTE LLP, UNITED STATES. DEPT OF THE TREASURY, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN TAXATION OFFICE, APPLE INCORPORATED, AMAZON.COM INCORPORATED, ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT

Union’s Eureka flag victory flies in the face of regulator

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Original article by Ewin Hannan
The Australian – Page: 6 : 5-Jun-18

The Fair Work Commission has ruled that displaying union logos or the Eureka flag on construction sites does not breach the building industry code. Commissioner Bernie Riordan ruled that workers would not get the impression that membership of the construction industry union is compulsory. The Australian Building & Construction Commission warned earlier in 2018 that construction firms could face bans if employees displayed the Eureka flag. ACTU secretary Sally McManus has welcomed the FWC’s ruling and called for the ABCC to be abolished.

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AUSTRALIA. FAIR WORK COMMISSION, CONSTRUCTION, FORESTRY, MARITIME, MINING AND ENERGY UNION OF AUSTRALIA, AUSTRALIAN BUILDING AND CONSTRUCTION COMMISSION, ACTU, WATPAC LIMITED – ASX WTP, PROBUILD PTY LTD, ELECTRICAL TRADES UNION

Hanson will have a party of one: Anning

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Original article by Joe Kelly
The Australian – Page: 4 : 5-Jun-18

One Nation senator Peter Georgiou says he voted against the Ensuring Integrity Bill because its public interest test was intended to block a merger between the construction and maritime unions that had already been approved. The bill failed to pass the upper house after dissent among the three One Nation senators prompted the party to vote against it. Meanwhile, former One Nation senator Fraser Anning says he had forecast in late 2017 that Georgiou and senator Brian Burston will leave One Nation within 12 months. Anning has joined Katter’s Australian Party, after sitting as an independent since November.

CORPORATES
ONE NATION PARTY, CONSTRUCTION, FORESTRY, MINING AND ENERGY UNION OF AUSTRALIA, MARITIME UNION OF AUSTRALIA, KATTER’S AUSTRALIAN PARTY, AUSTRALIA. DEPT OF JOBS AND SMALL BUSINESS, AUSTRALIAN LABOR PARTY

Small firms get cuts, but big business creates jobs

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Original article by Adam Creighton
The Australian – Page: 4 : 5-Jun-18

The proportion of Australian workers who are employed by small businesses fell from 44.4 per cent to 43.8 per cent in 2016-17. The first phase of the Federal Government’s tax cuts for small businesses took effect on 1 July 2015, but the sector has accounted for just 18 per cent of jobs that have been created since then. University of Tasmania economist Saul Eslake says the figures demonstrate that taxing small businesses at a lower rate than large companies does not generate more jobs.

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UNIVERSITY OF TASMANIA, ALPHABETA, XERO LIMITED – ASX XRO

Senior Nationals move to oust Joyce from parliament

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Original article by Ben Packham, Simon Benson
The Australian – Page: 1 & 5 : 5-Jun-18

Former deputy prime minister John Anderson says Barnaby Joyce should consider resigning from Parliament for the sake of his new son. Anderson adds that he has not contemplated contesting Joyce’s seat of New England, despite being approached to do so by some National Party insiders. Sources within the party have suggested that Anderson would most likely gain pre-selection for the seat in the wake of revelations about Joyce’s relationship with a former staffer. Former prime minister Tony Abbott says Joyce still has a future in federal politics.

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NATIONAL PARTY OF AUSTRALIA, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF HOME AFFAIRS, AUSTRALIA. DEPT OF AGRICULTURE AND WATER RESOURCES, SEVEN NETWORK LIMITED

One Nation split boosts union clout

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Original article by Joe Kelly
The Australian – Page: 1 & 2 : 4-Jun-18

Further dissent within One Nation has emerged amid allegations concerning the Federal Government’s failure to pass legislation to subject union mergers to a public interest test. One Nation senator Brian Burston claims that his colleague Peter Georgiou opposed the Ensuring Integrity Bill in defiance of Burston and party leader Pauline Hanson. Burston says the latter then agreed to oppose the bill to ensure that the party was not viewed as being divided. A government source has backed Burston’s claim, stating that the government would have had sufficient support for the bill if Georgiou had voted for it.

CORPORATES
ONE NATION PARTY, CONSTRUCTION, FORESTRY, MINING AND ENERGY UNION OF AUSTRALIA, MARITIME UNION OF AUSTRALIA, AUSTRALIA. DEPT OF JOBS AND SMALL BUSINESS, THE AUSTRALIAN INDUSTRY GROUP