O75 Public Administration

CFMEU boss wants Shorten to restore rights of workers

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Original article by David Marin-Guzman
The Australian Financial Review – Page: 10 : 20-Apr-18

John Setka says that Labor has been criticised in the past for being a party that does not really stand for anything. However, the Construction, Forestry, Maritime, Mining & Energy Union’s Victorian secretary says this seems to have changed under Bill Shorten. Setka says he is happy to endorse Shorten as an alternative prime minister, despite the fact that he used to represent the Australian Workers’ Union, with which Setka’s union has traditionally been at odds. Setka hopes Shorten takes action to restore the rights of workers if Labor wins the next federal election.

CORPORATES
AUSTRALIAN LABOR PARTY, CONSTRUCTION, FORESTRY, MARITIME, MINING AND ENERGY UNION OF AUSTRALIA, AUSTRALIAN WORKERS’ UNION-FEDERATION OF INDUSTRIAL, MANUFACTURING AND ENGINEERING EMPLOYEES, AUSTRALIAN RAIL, TRAM AND BUS INDUSTRY UNION

Banks face fines up to $210m

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Original article by Simon Benson, Ben Butler, Richard Gluyas
The Australian – Page: 1 & 2 : 20-Apr-18

The Federal Government has responded to scandals exposed by the banking royal commission by flagging plans for harsher civil and criminal penalties for misconduct in the financial services sector. Individuals will face fines of up to $A1.05m and companies could be fined up to $A210m in changes to civil penalties. Individuals will also risk maximum jail terms of 10 years and fines of up to $A945,000 for criminal convictions, with companies to be fined up to $A9.45m or 10 per cent of their turnover. The Australian Securities & Investments Commission will also be given more power to investigate and prosecute misconduct in the sector.

CORPORATES
AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALIA. DEPT OF FINANCE, AUSTRALIA. DEPT OF THE TREASURY, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, COUNT FINANCIAL LIMITED, WESTPAC BANKING CORPORATION – ASX WBC, AMP LIMITED – ASX AMP, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, COLONIAL LIMITED, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION

Shorten defends super cash grab

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Original article by Greg Brown
The Australian – Page: 4 : 19-Apr-18

Opposition Leader Bill Shorten has responded to criticism of a proposal to abolish cash refunds for excess dividend imputation credits. He says claims that the policy could cost retail superannuation funds more than $3.75bn over 10 years are "rubbish", and he has refuted suggestions that the policy will hit pensioners. Shorten adds that taxpayers’ funds should be spend on infrastructure rather than giving cash refunds to people who do not pay tax.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE TREASURY

While Melbourne is still preferred to Sydney, the gap amongst young people is falling as young Australians increasingly choose Sydney & Canberra for a holiday

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Original article by Roy Morgan
Market Research Update – Page: Online : 19-Apr-18

Melbourne is still Australia’s preferred holiday destination for young Australians with 320,000 14-24 year olds nominating Melbourne as their preferred capital city holiday destination over the next two years, it is up only 11,000 (+3.6%), on a decade ago. In comparison young Australians are increasingly choosing Sydney – now preferred by 180,000 Australians under 25, up 48,000 (+36.4%) in a decade, and Canberra – by 79,000 Australians aged under 25 and nearly double the 41,000 that chose Canberra as a holiday destination in 2007. The results from Roy Morgan’s latest Roy Morgan Holiday Tracking Survey show that Melbourne risks losing its position as Australia’s preferred holiday destination in the future as other cities increasingly find ways to appeal to young up and coming Australians. Roy Morgan holiday preference figures for 14-24 year olds 2007 v 2017: Melbourne 2007 (309,000) cf. 2017 (320,000). + 11,000 (+3.6%). Sydney 2007 (132,000) cf. 2017 (180,000). +48,000 (+36.4%). Canberra 2007 (41,000) cf. 2017 (79,000). +38,000 (+92.7%). See here for full release.

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ROY MORGAN LIMITED

China delivers trade warning amid strain on ties

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Original article by Glenda Korporaal
The Australian – Page: 1 & 2 : 19-Apr-18

Cheng Jingye, China’s ambassador to Australia, says relations between the two nation have become increasingly strained since mid-2017. The Federal Government’s proposed foreign interference laws have been a particular concern for China, even though no specific country has been identified as a target for the laws. Cheng has urged action to improve relations and mutual trust between the two nations, arguing that China presents a massive trade opportunity for Australia. He adds that failure to improve relations could have trade implications for Australia.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, ASSOCIATION OF SOUTH-EAST ASIAN NATIONS, BOAO FORUM FOR ASIA, FORTESCUE METALS GROUP LIMITED – ASX FMG, GROUP OF TWENTY (G-20)

Pay boost could create 57,000 jobs

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Original article by Anna Patty
The Age – Page: 23 : 19-Apr-18

Economic modelling undertaken by the ACTU suggests that increasing the minimum wage by $A50 a week would result in up to 57,000 jobs being created in the first year, and 30,000 in the following year. The ACTU’s modelling, which was included in its submission to the Fair Work Commission’s annual review of the minimum wage, is based on the assumption that much of the increase would be returned to the economy the in form of higher consumer spending. Independent economist Saul Eslake and the Australian Industry Group have questioned the ACTU’s modelling.

CORPORATES
ACTU, AUSTRALIA. FAIR WORK COMMISSION, THE AUSTRALIAN INDUSTRY GROUP, UNIVERSITY OF TASMANIA

Aussie debt surges as world pares back

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Original article by David Uren
The Australian – Page: 1 & 4 : 19-Apr-18

Data from the International Monetary Fund shows that the combined debt of Australian governments is expected to peak at 41.7 per cent of GDP in 2018, compared with just 16.7 per cent in 2009. Japan and Spain are the only major advanced countries to have recorded faster growth in government debt over the last decade. However, the IMF has forecast that Australia’s gross debt will fall to 32.2 per cent over the next five years. Meanwhile, nearly $A60bn worth of Australian government debt is due to mature in the next two years, which is equivalent to 3.1 per cent of GDP.

CORPORATES
INTERNATIONAL MONETARY FUND, AUSTRALIA. DEPT OF THE TREASURY, UNITED STATES. EXECUTIVE OFFICE OF THE PRESIDENT, AUSTRALIA. FUTURE FUND MANAGEMENT AGENCY

Lord mayoral candidates round on developer lobbyist frontrunner Sally Capp

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Original article by Clay Lucas
The Age – Page: Online : 18-Apr-18

Rohan Leppert and Jennifer Yang are among the candidates for the role of Melbourne’s lord mayor who will instruct voters to direct their preferences away from Sally Capp in the upcoming by-election. Capp is the executive director of the Property Council, which lobbies on behalf of developers. Rival candidate Gary Morgan says the by-election has become a referendum on the proposed redevelopment of the Queen Victoria Market, which Capp supports. Morgan opposes the redevelopment.

CORPORATES
MELBOURNE CITY COUNCIL, PROPERTY COUNCIL OF VICTORIA, QUEEN VICTORIA MARKET, ROY MORGAN LIMITED

We’re sticking to full tax cut plan: Morrison

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

Treasurer Scott Morrison has ruled out seeking a deal with crossbench senator Derryn Hinch to secure passage of its corporate tax package. Hinch has indicated that he may be open to supporting tax cuts for companies with turnover of up to $A500m, but Morrison has stressed that the Federal Government will persist with its policy of progressively reducing the tax rate for all companies. Meanwhile, Morrison says the May 2018 Budget will be "responsible", and he has rejected suggestions by National Party leader Michael McCormack that it will include some "goodies" for taxpayers.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, NATIONAL PARTY OF AUSTRALIA, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIAN LABOR PARTY, COMMONWEALTH HEADS OF GOVERNMENT MEETING, AUSTRALIA. DEPT OF FINANCE

Labor’s $3.75bn savings grab

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

New data suggests that the Federal Opposition’s plan to abolish cash refunds for excess dividend imputation credits would affect about 2.6 million accounts of superannuation funds that are regulated by the Australian Prudential Regulation Authority. The Australian Taxation Office data shows that some 2,013 of the 2,603 APRA-regulated funds claimed such refunds in 2015-16, which totalled almost $A309m. This implies that Labor’s policy would cost such funds around $A3.75b over 10 years. Labor has claimed that only 10 per cent of APRA-regulated funds would be affected by the policy.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, AUSTRALIAN TAXATION OFFICE, AUSTRALIA. DEPT OF THE TREASURY, THE ASSOCIATION OF SUPERANNUATION FUNDS OF AUSTRALIA LIMITED, INDUSTRY SUPER AUSTRALIA PTY LTD