O75 Public Administration

Rudd cautions Shorten over CFMEU

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Original article by David Marin-Guzman
The Australian Financial Review – Page: 8 : 24-Apr-18

Opposition Leader Bill Shorten has dismissed suggestions that he is too close to the Construction, Forestry, Mining & Energy Union. Former prime minister Kevin Rudd says Shorten should distance himself from the militant union, as he did when he was in office. Meanwhile, Workplace Relations Minister Craig Laundy says Labor’s industrial relations policy is being driven by unions and will result in job losses. Labor intends to scrap the Australian Building & Construction Commission if it wins the next election.

CORPORATES
AUSTRALIAN LABOR PARTY, CONSTRUCTION, FORESTRY, MINING AND ENERGY UNION OF AUSTRALIA, AUSTRALIA. DEPT OF JOBS AND SMALL BUSINESS, AUSTRALIAN BUILDING AND CONSTRUCTION COMMISSION

ASIC a cash cow gouging millions in excessive fees

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Original article by Anthony Klan
The Australian – Page: 2 : 24-Apr-18

Data shows that the Australian Securities & Investments Commission generated revenue of $A801.7m in fees during 2016-17, while it issued $A118.5m worth of fines. ASIC received a total of $A341.6m in federal government funding for the financial year, down from $A350m in 2012-13. However, the government has since ended taxpayer funding of ASIC in favour of an industry-funded system. The government had previously announced in 2014 that ASIC’s funding would be reduced by $A120m over four years.

CORPORATES
AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALIA. DEPT OF FINANCE, AUSTRALIAN LABOR PARTY

Turnbull vows to go harder on the banks

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Original article by Phillip Coorey
The Australian Financial Review – Page: 5 : 24-Apr-18

Prime Minister Malcolm Turnbull concedes that it was a "political error" not to have set up a banking royal commission in 2016. However, he states that the inquiry now has much wider terms of reference than it would have had at that time. The Federal Government has cracked down on the sector in recent years, with reforms such as the Banking Executive Accountability Regime and a requirement that bank executives appear before a parliamentary committee on a regular basis. Turnbull has committed to implementing any additional reforms that are recommended by the royal commission.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, AUSTRALIAN LABOR PARTY, NATIONAL PARTY OF AUSTRALIA

Fuel and education could flatter CPI result

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Original article by Vesna Poljak
The Australian Financial Review – Page: 9 : 24-Apr-18

Analysts are expecting Australia’s consumer price index for the March quarter to be up 0.5 per cent when official figures are released on 1 May. This figure would mean an annual CPI increase of 1.9 per cent. Andrew Ticehurst of Nomura, who has proven to be the most accurate forecaster taking part in Bloomberg’s survey, is tipping a headline figure of 0.6 per cent. Ticehurst thinks increases in education, fuel, electricity and tobacco costs will have the most impact on the CPI result.

CORPORATES
NOMURA AUSTRALIA LIMITED, BLOOMBERG LP, RESERVE BANK OF AUSTRALIA

Emergency key to $1bn costs shift

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Original article by Sean Parnell
The Australian – Page: 1 & 4 : 24-Apr-18

Health insurers claim that they are being billed more $A1 billion a year for treatments in public hospitals that patients are otherwise entitled to receive for free. Much of the problem appears to lie with emergency admissions, with a 144 per cent increase in private emergency admissions over the past decade. The number of public patient admissions in the same period has only risen by 26 per cent. Federal Health Minister Greg Hunt has made it known that he wants changes to the way that emergency departments operate.

CORPORATES
AUSTRALIA. DEPT OF HEALTH, QUEENSLAND HEALTH

Convert bank tax cuts into compo for victims: Hanson

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Original article by Ben Packham
The Australian – Page: 2 : 23-Apr-18

Financial Services Minister Kelly O’Dwyer has rejected a proposal by One Nation leader Pauline Hanson to shelve a proposed tax cut for banks and divert the revenue into a compensation fund for victims of misconduct in the financial services sector. Hanson says the fund should also be used to pay the costs of the banking royal commission and to bail out banks in the event of a financial crisis. Opposition leader Bill Shorten has also advocated a compensation fund for victims of misconduct in the banking sector.

CORPORATES
AUSTRALIA. DEPT OF FINANCE, ONE NATION PARTY, AUSTRALIAN LABOR PARTY, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY

Shorten CFMEU links hurt ALP

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Original article by Brad Norington
The Australian – Page: 4 : 23-Apr-18

There are concerns that Opposition Leader Bill Shorten’s efforts to boost his number within the Labor party through deals with the Construction, Forestry, Mining & Energy Union have the potential to harm its prospects at the next federal election. His leadership is said to be safe at the moment, but there are a number of potential candidates in the wings should dissatisfaction with his ties to the CFMEU grow, including Chris Bowen, Tony Burke and Tanya Plibersek.

CORPORATES
AUSTRALIAN LABOR PARTY, CONSTRUCTION, FORESTRY, MINING AND ENERGY UNION OF AUSTRALIA

Massive fines for corporate misconduct

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Original article by Richard Gluyas
The Australian – Page: 1 & 2 : 23-Apr-18

Australian Competition & Consumer Commission chairman Rod Sims says the banking royal commission’s revelations of misconduct in the financial services sector highlights the need for harsher penalties for corporate wrongdoing. He argues that such penalties should act as a real deterrent rather than merely being regarded by management and directors as the cost of doing business. A recent report by the OECD found that penalties for corporate misconduct in Australia are generally much lower than those of comparable countries. Treasurer Scott Morrison has also flagged tougher penalties for companies in response to scandals exposed by the royal commission.

CORPORATES
AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT, AUSTRALIA. DEPT OF THE TREASURY, AMP LIMITED – ASX AMP, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, VISY INDUSTRIES AUSTRALIA PTY LTD, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB

Jobs market hits wall after record surge

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Original article by David Uren
The Australian – Page: 4 : 20-Apr-18

Official data shows that the number of full-time jobs in Australia fell by 7,500 in the March quarter, although 43,000 part-time jobs were created. The economy added 4,900 jobs in March, compared with market expectations of 20,000. Despite the economy’s failure to sustain the momentum that saw more than 430,000 jobs created in the year to January, Employment Minister Michaelia Cash argues that growth in both full and part-time employment is higher than a year ago. She adds that 996,800 jobs have been created since the Coalition won the 2013 federal election.

CORPORATES
AUSTRALIAN BUREAU OF STATISTICS, AUSTRALIA. DEPT OF JOBS AND SMALL BUSINESS, JP MORGAN AUSTRALIA LIMITED, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB

Frydenberg confident energy deal can be made

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Original article by Nicole Hasham
The Age – Page: 5 : 20-Apr-18

Federal Energy Minister Josh Frydenberg says he has held "constructive" discussions with his state counterparts regarding the proposed national energy guarantee ahead of a Council of Australian Governments meeting on 20 April. Frydenberg is optimistic that the states and territories will reach agreement on the final design stage of the NEG. The Victorian, Queensland and Australian Capital Territory governments have reservations about the NEG, particularly its carbon emission reduction targets. Frydenberg has ruled out any compromise to increase the reduction targets.

CORPORATES
AUSTRALIA. DEPT OF THE ENVIRONMENT AND ENERGY, COUNCIL OF AUSTRALIAN GOVERNMENTS, AUSTRALIAN LABOR PARTY