O75 Public Administration

Resources rent tax will face a ‘sober’ review

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Original article by Joanna Mather, Angela Macdonald-Smith
The Australian Financial Review – Page: 3 : 1-Dec-16

Treasurer Scott Morrison has revealed plans for an inquiry into Australia’s Petroleum Resources Rent Tax. Government revenue from the tax has fallen sharply in the wake of a downturn in the crude oil price, which has made oil and gas projects less profitable. Shell Australia chairman Andrew Smith argues that revenue from the "super profits"-based tax naturally fluctuates with commodity price changes, and lower government revenue does not mean the PRRT is flawed.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, SHELL COMPANY OF AUSTRALIA LIMITED, EXXONMOBIL CORPORATION, WOODSIDE PETROLEUM LIMITED – ASX WPL, BHP BILLITON LIMITED – ASX BHP, AUSTRALIAN PETROLEUM PRODUCTION AND EXPLORATION ASSOCIATION LIMITED

Resources rent tax will face a ‘sober’ review

roymorgansocial Leave a comment

Original article by Joanna Mather, Angela Macdonald-Smith
The Australian Financial Review – Page: 3 : 1-Dec-16

Treasurer Scott Morrison has revealed plans for an inquiry into Australia’s Petroleum Resources Rent Tax. Government revenue from the tax has fallen sharply in the wake of a downturn in the crude oil price, which has made oil and gas projects less profitable. Shell Australia chairman Andrew Smith argues that revenue from the "super profits"-based tax naturally fluctuates with commodity price changes, and lower government revenue does not mean the PRRT is flawed.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, SHELL COMPANY OF AUSTRALIA LIMITED, EXXONMOBIL CORPORATION, WOODSIDE PETROLEUM LIMITED – ASX WPL, BHP BILLITON LIMITED – ASX BHP, AUSTRALIAN PETROLEUM PRODUCTION AND EXPLORATION ASSOCIATION LIMITED

ANZ-Roy Morgan Australian Consumer Confidence stabilises at 115.4

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Original article by Roy Morgan Research
Market Research Update – Page: Online : 30-Nov-16

ANZ-Roy Morgan Australian Consumer Confidence edged 0.1% lower to 115.4 in the week ended 28 November 2016, with the decline driven by a deterioration in households’ view of their finances. Providing some offset was an improvement in households’ views of the economic outlook. Households’ views of their finances compared to a year ago fell 1.5%, largely reversing the gain over the previous week. Meanwhile, households’ view of their future finances dropped 0.9%. In contrast, after a sharp drop the previous week, households’ views on economic conditions over the next 12 months edged 0.7% higher, while households’ view on the economic outlook in the next five years bounced a solid 3.1%.

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

State threats to Turnbull agenda

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Original article by Phillip Coorey, Joanna Mather
The Australian Financial Review – Page: 1 & 4 : 30-Nov-16

The Federal Government’s competition reform plan will be discussed at a meeting of federal and state treasurers on 2 December 2016. The Victorian Government has warned that it may withdraw from an intergovernmental agreement that would provide the states with financial incentives for implementing reforms that increase competition and productivity. Treasurer Tim Pallas argues that the draft agreement provides limited information on funding arrangements.

CORPORATES
VICTORIA. DEPT OF TREASURY AND FINANCE, AUSTRALIA. DEPT OF THE TREASURY, NEW SOUTH WALES. DEPT OF PREMIER AND CABINET, NEW SOUTH WALES. DEPT OF PLANNING AND ENVIRONMENT, AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET

Australia Post workers compo ‘rort’

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Original article by Aaron Patrick
The Australian Financial Review – Page: 1 & 8 : 30-Nov-16

A former Australian Post workers’ compensation manager has alleged that some 38 per cent of its 36,743 employees have claimed such compensation. The ex-manager says workers’ compensation fraud is rife within the postal service, and that the company would be profitable if it cracked down on such practices. The former manager also claims that Communications, Electrical & Plumbing Union official Jim Metcher was responsible for Australia Post abandoning a proposed push to reduce the cost of its workers’ compensation scheme.

CORPORATES
AUSTRALIA POST, COMMUNICATIONS, ELECTRICAL, ELECTRONIC, ENERGY, INFORMATION, POSTAL, PLUMBING AND ALLIED SERVICES UNION OF AUSTRALIA, COMCARE AUSTRALIA, AUSTRALIA. SAFETY, REHABILITATION AND COMPENSATION COMMISSION, CARROLL AND O’DEA

Turnbull seals ABCC return with water deal

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Original article by David Crowe
The Australian – Page: Online : 30-Nov-16

The Senate seems set to pass the Federal Government’s bill to reinstate the Australian Building & Construction Commission. Senator Nick Xenophon will support the bill after the Government agreed to meet with state premiers regularly to increase water flows to the Murray-Darling river system. However, the Government has yielded to lobbying by organisations such as the Australian Industry Group and will introduce a two-year transition period for enterprise bargaining agreements to comply with the new building code.

CORPORATES
AUSTRALIAN BUILDING AND CONSTRUCTION COMMISSION, NICK XENOPHON TEAM, THE AUSTRALIAN INDUSTRY GROUP, AUSTRALIAN MINES AND METALS ASSOCIATION (INCORPORATED), CONSTRUCTION, FORESTRY, MINING AND ENERGY UNION OF AUSTRALIA, LEND LEASE GROUP LIMITED – ASX LLC, PROBUILD PTY LTD, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, KANE CONSTRUCTIONS PTY LTD, CIMIC GROUP LIMITED – ASX CIM, NATIONAL PARTY OF AUSTRALIA, AUSTRALIA. DEPT OF AGRICULTURE AND WATER RESOURCES

OECD urges interest rate hikes in 2017

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Original article by Jacob Greber
The Australian Financial Review – Page: 1 & 4 : 29-Nov-16

The OECD states in its latest global economic outlook that the Reserve Bank of Australia is likely to begin increasing official interest rates in late 2017. It also argues that the prospect of rate rises in the US will allow the RBA to act without any concern about putting upward pressure on the Australian dollar. Meanwhile, the OECD forecasts that Australia’s economic growth will rise toward three per cent in 2018, while it concludes that there is still scope for the Federal Government to increase spending on infrastructure projects.

CORPORATES
ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT, RESERVE BANK OF AUSTRALIA, AUSTRALIA. DEPT OF THE TREASURY

Unions run riot to kill workplace relations deal

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Original article by David Crowe
The Australian – Page: 1 & 4 : 29-Nov-16

The Federal Government is said to be close to securing a deal with Nick Xenophon regarding water reform in return for his support for its bill to reinstate the Australian Building & Construction Commission. However, the Construction, Forestry, Mining & Energy Union is launching a series of rolling stoppages at building sites in a campaign against the ABCC bill. The protected industrial ­action is aimed at putting pressure on construction firms to endorse enterprise bargaining agreements that do not comply with the new building code.

CORPORATES
AUSTRALIAN BUILDING AND CONSTRUCTION COMMISSION, CONSTRUCTION, FORESTRY, MINING AND ENERGY UNION OF AUSTRALIA, KANE CONSTRUCTIONS PTY LTD, CIMIC GROUP LIMITED – ASX CIM, LEND LEASE GROUP LIMITED – ASX LLC, AUSTRALIA. DEPT OF EMPLOYMENT, MASTER BUILDERS AUSTRALIA INCORPORATED, THE AUSTRALIAN INDUSTRY GROUP, AUSTRALIAN BROADCASTING CORPORATION, SPECIAL BROADCASTING SERVICE (SBS)

Morrison says no to Greens death tax proposal

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Original article by Phillip Coorey
The Australian Financial Review – Page: 7 : 28-Nov-16

Australian Greens leader Richard Di Natale has proposed the introduction of an inheritance tax on residential properties, arguing that it would help to combat housing inequality. However, Treasurer Scott Morrison says the Opposition and the Greens should cease advocating higher taxes and support the Federal Government’s Budget repair measures.

CORPORATES
AUSTRALIAN GREENS, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF FINANCE

Turnbull in race to save IR agenda

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Original article by David Crowe
The Australian – Page: 1 & 4 : 28-Nov-16

The Australian Government has agreed to introduce a proposed "security of payments" regime for subcontractors in order to gain Senate crossbenchers’ support for a bill to reinstate the Australian Building & Construction Commission. However, the increased protection for subcontractors will be conditional on the passage of the ABCC bill through the upper house. Meanwhile, Senator Nick Xenophon will continue to push for increased water flows in the Murray-Darling river system.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, NICK XENOPHON TEAM, AUSTRALIAN BUILDING AND CONSTRUCTION COMMISSION, AUSTRALIA. ATTORNEY-GENERAL’S DEPT, AUSTRALIA. DEPT OF AGRICULTURE AND WATER RESOURCES, NATIONAL PARTY OF AUSTRALIA, LIBERAL PARTY OF AUSTRALIA, SOUTH AUSTRALIA. DEPT OF ENVIRONMENT, WATER AND NATURAL RESOURCES, LIBERAL DEMOCRATIC PARTY, NEW SOUTH WALES. DEPT OF NATURAL RESOURCES, QUEENSLAND. DEPT OF NATURAL RESOURCES AND MINES, AUSTRALIAN LABOR PARTY