O75 Public Administration

Treasurer blocks BHP offshore move

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Original article by Emily Ritchie
The Australian – Page: 1 & 6 : 4-May-17

The Federal Government has signalled that it would intervene to thwart any attempt to shift BHP Billiton’s primary sharemarket listing to the UK. Treasurer Scott Morrison says retaining BHP’s dual listing is in the national interest, given the resources group’s economic contribution to Australia and BHP’s large domestic shareholder base. BHP itself has estimated that the proposal by activist hedge fund Elliott Management would cost around $US1.3bn ($A1.73bn). Morrison has also suggested that BHP directors could face criminal and civil action if the dual listing is abolished.

CORPORATES
BHP BILLITON LIMITED – ASX BHP, AUSTRALIA. DEPT OF THE TREASURY, ELLIOTT MANAGEMENT CORPORATION, MOODY’S INVESTORS SERVICE INCORPORATED, ARCONIC INCORPORATED, ALCOA INCORPORATED

PM steals Gonski away from Labor

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Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 4 : 3-May-17

The Australian Government has asked David Gonski to undertake a second review of school funding, after announcing that it will adopt the needs-based funding model that he had recommended in 2011. The Government had previously resisted the needs-based model, which had been backed by the former Australian Labor Party government. Education Minister Simon Birmingham has advised that government funding for schools will increase by $A18.6bn over the next decade.

CORPORATES
AUSTRALIA. DEPT OF EDUCATION AND TRAINING, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIAN LABOR PARTY, NEW SOUTH WALES. DEPT OF EDUCATION AND COMMUNITIES, VICTORIA. DEPT OF EDUCATION AND TRAINING, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, NATIONAL CATHOLIC EDUCATION COMMISSION

Badgerys airport plan: build, operate and sell

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Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 6 : 3-May-17

The Australian Government’s May 2017 Budget will include funding for the proposed Western Sydney Airport at Badgerys Creek, which is slated to cost between $A5bn and $A6bn. The Government has also signalled that it will seek a buyer for the new airport after it becomes operational. Prime Minister Malcolm Turnbull has emphasised the airport’s contribution to the economy and growth in jobs. Australian-listed Sydney Airport has ruled out developing the airport, citing the high level of risk associated with the project.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, SYDNEY AIRPORT – ASX SYD, KINGSFORD SMITH AIRPORT, AUSTRALIA. DEPT OF INFRASTRUCTURE AND REGIONAL DEVELOPMENT, AUSTRALIA. DEPT OF THE TREASURY, NEW SOUTH WALES. DEPT OF PREMIER AND CABINET, AUSTRALIA. DEPT OF FINANCE, NBN CO LIMITED

ANZ-Roy Morgan Australian Consumer Confidence unchanged ahead of the budget

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Original article by Roy Morgan Research
Market Research Update – Page: Online : 3-May-17

ANZ-Roy Morgan Australian Consumer Confidence was virtually unchanged in the week ending 29 April 2017, rising from 111.2 to 111.3. Consumer confidence is now just below its long-run average. The uptick in confidence was underpinned by some improvement in households’ views towards the economic outlook. After falling sharply the previous week, households’ expectations for economic conditions in the next 12 months rose 2.0%, while expectations for economic conditions over the next five years rose 0.7%. Households’ views towards their finances were mixed: sentiment about current finances rose 2.6%, while views about future finances fell 3.6%.

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

Coalition out for big uni savings

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Original article by Tim Dodd
The Australian Financial Review – Page: 5 : 1-May-17

Education Minister Simon Birmingham will reveal changes to the Federal Government’s policy on higher education on 1 May 2017. The changes, which are understood to include a tightening of the HELP loan system and a moderate increase in student fees, are expected to result in savings of around $A1 billion a year. Birmingham will then have the tough job of trying to persuade the Senate to pass the changes.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIAN LABOR PARTY, ONE NATION PARTY, UNITED STATES. EXECUTIVE OFFICE OF THE PRESIDENT

Deficit repair slips even with profit surge: Access

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Original article by Laura Tingle
The Australian Financial Review – Page: 1 & 5 : 1-May-17

Chris Richardson of Deloitte Access Economics is predicting a 2016-17 federal Budget deficit of more than $A38.3 billion, which is $A1.8 billion worse than predicted in the Government’s mid-year forecast. Richardson says that while a rise in company profits will eventually result in improved corporate tax collection, poor wages and jobs growth means that there will not be a comparable rise in personal tax collection. He forecasts that tax revenue will grow by 6.2 per cent in real terms in 2017-18.

CORPORATES
DELOITTE ACCESS ECONOMICS PTY LTD, UNITED STATES. FEDERAL RESERVE BOARD, RESERVE BANK OF AUSTRALIA

Penalties hypocrisy storm for Bill’s bus

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Original article by Joe Kelly
The Australian – Page: 1 & 2 : 28-Apr-17

Employment Minister Michaelia Cash has accused Australian Labor Party leader Bill Shorten of hypocrisy over his opposition to Sunday penalty rate cuts. Cash was commenting on revelations that several enterprise agreements negotiated for retail workers in north Queensland by the Australian Workers’ Union during Shorten’s time as its leader left staff working on Sundays worse off than under previous agreements. A spokesperson for Shorten said he had no involvement in the negotiations that led to the agreements in question.

CORPORATES
AUSTRALIA. DEPT OF EMPLOYMENT, AUSTRALIAN LABOR PARTY, AUSTRALIA. FAIR WORK COMMISSION, AUSTRALIAN WORKERS’ UNION-FEDERATION OF INDUSTRIAL, MANUFACTURING AND ENGINEERING EMPLOYEES, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, TARGET AUSTRALIA PTY LTD, BIG W DISCOUNT STORES, JUST JEANS PTY LTD, RYDGES HOTELS – RESORTS, SHOP, DISTRIBUTIVE AND ALLIED EMPLOYEES’ ASSOCIATION

New Zealand First in the box seat to decide next NZ Government as National Party neck-and-neck with Labour/ Greens

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Original article by Roy Morgan Research
Morgan Poll Update – Page: Online : 28-Apr-17

A New Zealand Roy Morgan Poll on voting intention has found that support for the ruling National Party has fallen by 0.5 per cent to 43 per cent in April 2017. Support for the Labour Party was unchanged at 29.5 per cent, while support for a potential Labour/Greens alliance has fallen by 1.5 per cent to 43 per cent. Support for New Zealand First rose three per cent to 10.5 per cent. Roy Morgan Research executive chairman Gary Morgan says that if NZ First maintains this level of support in the lead-up to the election later in 2017 it will win up to 14 seats in the new Parliament and party leader Winston Peters is likely to return to the Government benches for the first time since 2008.

CORPORATES
MORGAN POLL, ROY MORGAN RESEARCH LIMITED, NATIONAL PARTY OF NEW ZEALAND, LABOUR PARTY (NEW ZEALAND), GREEN PARTY OF AOTEAROA NEW ZEALAND, CONSERVATIVE PARTY OF NEW ZEALAND, THE MAORI PARTY, UNITED FUTURE PARTY (NEW ZEALAND), NEW ZEALAND FIRST PARTY, ACT NEW ZEALAND, INTERNET PARTY, MANA PARTY

Trump’s bold tax plan spurs PM to try again

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Original article by Joanna Mather, Sue Mitchell
The Australian Financial Review – Page: 3 : 28-Apr-17

The Australian Goverment will renew its push to pass a bill for across-the-board company tax cuts in the Senate after US President Donald Trump unveiled his tax reforms. Treasurer Scott Morrison notes that most developed nations have a lower company tax rate than Australia, and failing to act will threaten investment and jobs. Business Council of Australia CEO Jennifer Westacott and Wesfarmers MD Richard Goyder warn that Trump’s proposal to reduce the US corporate tax rate to 15 per cent highlights the need for Australia to have a more competitive tax regime.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, UNITED STATES. EXECUTIVE OFFICE OF THE PRESIDENT, BUSINESS COUNCIL OF AUSTRALIA, WESFARMERS LIMITED – ASX WES, PRICEWATERHOUSECOOPERS AUSTRALIA (INTERNATIONAL) PTY LTD, WOODSIDE PETROLEUM LIMITED – ASX WPL

Protectionism hurts growth: BHP

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Original article by Peter Ker
The Australian Financial Review – Page: 3 : 28-Apr-17

BHP Billiton’s Huw McKay says global economic growth in 2017 is likely to be at the higher end of the group’s recent forecast of between three and 3.5 per cent. However, he warns that global growth is likely to slow over the rest of the current decade as some nations adopt protectionist policies. McKay adds that this will in turn affect global demand for resource commodities. BHP’s Vicky Binns says factors such as a looming increase in iron ore supply and lower demand for steel in China are likely to weigh on the iron ore price in coming months.

CORPORATES
BHP BILLITON LIMITED – ASX BHP, VALE SA, UNITED STATES. EXECUTIVE OFFICE OF THE PRESIDENT