O75 Public Administration

Canberra cans plan to privatise ASIC Registry

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Original article by Joanna Mather
The Australian Financial Review – Page: 8 : 20-Dec-16

The Federal Government has decided against privatising the Australian Securities & Investments Commission (ASIC)’s registry business. The Government informed on 19 December 2016 that final bids for the business were not high enough to justify the change in the status of the registry. ASIC collected $A768 million in fees in 2015-16.

CORPORATES
AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, GETUP LIMITED, COMPUTERSHARE LIMITED – ASX CPU, BOREALIS INFRASTRUCTURE MANAGEMENT INCORPORATED, TERANET, LAZARD AUSTRALIA PRIVATE EQUITY PTY LTD, VEDA GROUP LIMITED, INFORMATION SERVICES GROUP, BROOKFIELD ASSET MANAGEMENT INCORPORATED

Tax take smashed and getting worse

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Original article by Joanna Mather
The Australian Financial Review – Page: 9 : 20-Dec-16

The Mid-Year Economic and Fiscal Outlook, released by Federal Treasurer Scott Morrison on 19 December 2016, shows that government revenue will be $A30 billion lower than forecast in the May 2016 budget. A positive effect of higher commodity prices will not be strong enough to compensate for lower tax revenue resulting from weak wages growth and lower than projected corporate tax collection in non-mining sectors.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, DELOITTE ACCESS ECONOMICS PTY LTD, AUSTRALIAN CHAMBER OF COMMERCE AND INDUSTRY

ANZ-Roy Morgan New Zealand Consumer Confidence – Boxing On in December at 124.5

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Original article by Roy Morgan Research
Market Research Update – Page: Online : 19-Dec-16

The ANZ-Roy Morgan New Zealand Consumer Confidence Index has eased from 127.2 to 124.5 in December 2016, with the seasonally adjusted series showing a similar pull-back. The Current Conditions and Future Conditions Indexes fell 2 and 3 points respectively. The levels for both (Current Conditions 125.1; Future Conditions 124.1) remain very buoyant. Meanwhile, net optimism towards the economy in 1 and 5 years’ time fell to a net 22% (down 1) and 18% (down 10) respectively.

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

Shepherd’s banana republic warning

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Original article by Jacob Greber
The Australian Financial Review – Page: 1 & 4 : 19-Dec-16

Business leader Tony Shepherd says "serious reform" is necessary to reduce Australia’s national debt, warning that it will be hard to achieve any progress until Australians fully appreciate the extent of the problem. Shepherd, who says the nation is in danger of becoming a banana republic, is heading a seven-person expert panel which plans to release a series of discussion papers on key issues, as well as recommendations for further action. Shepherd chaired the Federal Government’s National Commission of Audit in 2014.

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AUSTRALIA. NATIONAL COMMISSION OF AUDIT, THE MENZIES RESEARCH CENTRE LIMITED, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, COUNCIL OF SMALL BUSINESS ORGANISATIONS OF AUSTRALIA LIMITED, BUILDCORP COMMERCIAL PTY LTD, H2 VENTURES, GETUP LIMITED

New whistleblower protections could hit senior CFMEU officials

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Original article by David Marin-Guzman
The Australian Financial Review – Page: 2 : 19-Dec-16

Former Construction, Forestry, Mining & Energy Union organisers Andrew Quirk and Brian Miller are continuing to challenge their sacking after revealing in 2014 that the union’s New South Wales branch had links to an underworld figure. They are being represented by lawyer Chris McArdle, who argues that they would have had much greater protection if the Federal Government’s new whistleblower laws had been in place at the time of their dismissal.

CORPORATES
CONSTRUCTION, FORESTRY, MINING AND ENERGY UNION OF AUSTRALIA, SEYFARTH SHAW LLP

Western Australian Senator Rod Culleton resigns from One Nation

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Original article by Primrose Riordan
The Australian Financial Review – Page: Online : 19-Dec-16

Senator Rod Culleton has accused One Nation leader Pauline Hanson and her chief of staff James Ashby of "disunity and distrust" in a statement in which he announced his resignation from the party. He has also alleged that Hanson and Ashby tried to force him to resign, and claimed that One Nation policies were devised without any consultation with the party room.

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ONE NATION PARTY, HIGH COURT OF AUSTRALIA, FEDERAL COURT OF AUSTRALIA, WESFARMERS LIMITED – ASX WES

Budget’s $100bn reality check

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Original article by David Crowe, David Uren
The Australian – Page: 1 & 6 : 19-Dec-16

The Australian Government’s Mid-Year Economic and Fiscal Outlook is expected to show that the combined Budget deficit for the next four years will be close to $A100bn. Finance Minister Mathias ­Cormann has warned that the rally in the price of iron ore and coal will not be sufficient to offset falling revenue from corporate and income tax. The MYEFO is tipped to scale back the May 2016 Budget forecasts for growth in wages and employment.

CORPORATES
AUSTRALIA. DEPT OF FINANCE, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN LABOR PARTY, AUSTRALIA. NATIONAL COMMISSION OF AUDIT, DELOITTE ACCESS ECONOMICS PTY LTD, S&P GLOBAL RATINGS, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB

Union’s law-breaking ‘knows no bounds’

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Original article by Ewin Hannan
The Australian – Page: 6 : 16-Dec-16

The Construction, Forestry, Mining & Energy Union has been fined for failing to comply with the Fair Work Act in its dealings with Hindmarsh Construction Australia. The company was the head contractor on a $105m apartment project in Brisbane, and the court upheld claims that the CFMEU had used a threat of industrial action to force Hindmarsh to accede to its demands. The CFMEU and its former national president Dave Hanna have been fined $A37,500.

CORPORATES
CONSTRUCTION, FORESTRY, MINING AND ENERGY UNION OF AUSTRALIA, HINDMARSH CONSTRUCTION AUSTRALIA, FEDERAL CIRCUIT COURT OF AUSTRALIA, AUSTRALIAN BUILDING AND CONSTRUCTION COMMISSION

Schwartz to replace Ridout on RBA board

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Original article by David Crowe
The Australian – Page: 19 : 16-Dec-16

Businesswoman and philanthropist Carol Schwartz will take up a five-year appointment on the Reserve Bank of Australia’s board in February 2017. Schwartz owns a property development company and is a director of the listed Stockland. Heather Ridout will step down from the RBA board after five years. The Federal Government has also appointed new members to agencies such as the Productivity Commission and the Administrative Appeals Tribunal.

CORPORATES
RESERVE BANK OF AUSTRALIA, STOCKLAND – ASX SGP, QUALITAS PROPERTY PARTNERS PTY LTD, AUSTRALIA. PRODUCTIVITY COMMISSION, AUSTRALIA. ADMINISTRATIVE APPEALS TRIBUNAL, AUDITING AND ASSURANCE STANDARDS BOARD, PAYMENTS SYSTEM BOARD, SUSSAN CORPORATION (AUST) PTY LTD, BANK OF MELBOURNE LIMITED, WOMEN’S LEADERSHIP INSTITUTE AUSTRALIA, AUSTRALIA. DEPT OF THE TREASURY, THE AUSTRALIAN INDUSTRY GROUP, AUSTRALIANSUPER PTY LTD, ASX LIMITED – ASX ASX, AUSTRALIAN LABOR PARTY, HIGGINS 200 CLUB

Cash upbeat as job figures defy gloom

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Original article by David Uren
The Australian – Page: 4 : 16-Dec-16

Australia’s official unemployment rate rose from 5.6 per cent in October 2016 to 5.7 per cent in November. It has increased by 0.7 per cent in the last 12 months, although the Budget had forecast a 1.75 per cent increase. The figures show that some 39,300 full-time jobs were created in November, but the number of full-time positions fell by more than 45,000 overall in the first 11 months of the year. The youth unemployment rate has risen from 12.5 per cent to 14.6 per cent.

CORPORATES
AUSTRALIA. DEPT OF EMPLOYMENT, AUSTRALIAN LABOR PARTY, WESTPAC BANKING CORPORATION – ASX WBC, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB