O75 Public Administration

Australia fails to export its ideas and innovations

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Original article by Yolanda Redrup
The Australian Financial Review – Page: 3 : 16-Aug-16

Australia has fallen two places on the Global Innovation Index since 2015. Nigel Andrade, global lead partner at AT Kearney, says Australia’s 19th place in 2016 could be improved via greater emphasis on exporting innovation. Australia is among global leaders in tertiary education participation, infrastructure and IT, but it lags behind in spending on secondary education and the number of graduates in science and engineering.

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AT KEARNEY AUSTRALIA PTY LTD

Turnbull’s GST plan stirs party rebels

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

There is dissent within the Coalition’s ranks over a new proposal for the distribution of GST revenue. Prime Minister Malcolm Turnbull has proposed the introduction of a "floor price" to ensure that no state is disadvantaged in the allocation of GST revenue. Each state would be guaranteed at least 70-75 per cent of their per capita share of GST revenue. However, Tasmanian Liberal senators have cautioned against changing the current revenue-sharing arrangement.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, LIBERAL PARTY OF AUSTRALIA, NATIONAL PARTY OF AUSTRALIA, AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF SOCIAL SERVICES, AUSTRALIA. DEPT OF THE TREASURY

Coalition MPs rally against bank ‘bastardry’

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Original article by Sarah Martin, David Crowe
The Australian – Page: 1 & 4 : 16-Aug-16

There is a growing push among Federal Government MPs for action to crack down on the banking sector, which is enjoying massive profits and paying its top executives huge salaries. Liberal MP Warren Entsch favours the establishment of a tribunal to assist the victims of what he calls the "bastard acts" of banks. Entsch says this would be preferable to holding a royal commission into the sector. Fellow Liberal MP Craig Kelly has proposed the introduction of laws prohibiting banks from charging late fees on credit card payments.

CORPORATES
LIBERAL PARTY OF AUSTRALIA, NATIONAL PARTY OF AUSTRALIA, AUSTRALIAN LABOR PARTY, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, HIGH COURT OF AUSTRALIA, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. HOUSE OF REPRESENTATIVES STANDING COMMITTEE ON ECONOMICS, FINANCE AND PUBLIC ADMINISTRATION, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, MACQUARIE GROUP LIMITED – ASX MQG, AUSTRALIA. OFFICE OF THE AUSTRALIAN SMALL BUSINESS AND FAMILY ENTERPRISE OMBUDSMAN

Innovation for all: Hunt

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Original article by Paul Kelly
The Australian – Page: 1 & 2 : 15-Aug-16

Australia’s Industry, Innovation and Science Minister, Greg Hunt, will emphasis that innovation is relevant to businesses of all sizes and sectors, rather than just technology start-ups. Hunt adds that his aim is to increase the proportion of businesses that are involved in innovation from the current level of around 45 per cent. Meanwhile, He has stressed that the $A49m worth of financial assistance that the Federal Government will provide to steel-maker Arrium is a loan rather than a grant.

CORPORATES
AUSTRALIA. DEPT OF INDUSTRY, INNOVATION AND SCIENCE, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, ARRIUM LIMITED – ASX ARI, DULUXGROUP LIMITED – ASX DLX, YATES GARDEN CARE (AUSTRALIA) PTY LTD, B&D AUSTRALIA PTY LTD, PRICEWATERHOUSECOOPERS AUSTRALIA (INTERNATIONAL) PTY LTD, McKINSEY AND COMPANY

Turnbull’s GST pledge sparks row

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Original article by David Uren, Andrew Burrell
The Australian – Page: 1 & 2 : 15-Aug-16

Prime Minister Malcolm Turnbull has told the state conference of the Liberal Party of Western Australia that the system for distributing GST revenue will be revamped. Some 70 per cent of WA’s share of GST revenue is allocated to other states, but Premier Colin Barnett argues that each state should receive at least 75 per cent of their per capita share of revenue. Turnbull has proposed changing the system to ensure that each state receives a minimum share of their largest source of GST revenue. Tasmanian Premier Will Hodgman says Turnbull has not consulted the states and territories, adding that he will oppose any change to the system.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, WESTERN AUSTRALIA. DEPT OF THE PREMIER AND CABINET, TASMANIA. DEPT OF PREMIER AND CABINET, QUEENSLAND. TREASURY, WESTERN AUSTRALIA. DEPT OF TREASURY AND FINANCE, SOUTH AUSTRALIA. DEPT OF THE PREMIER AND CABINET, AUSTRALIA. COMMONWEALTH GRANTS COMMISSION, LIBERAL PARTY OF WESTERN AUSTRALIA, VICTORIA. DEPT OF TREASURY AND FINANCE, NEW SOUTH WALES. THE TREASURY, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN LABOR PARTY

Shorten to PM: rethink banks inquiry

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Original article by Laura Tingle
The Australian Financial Review – Page: 4 : 15-Aug-16

Opposition Leader Bill Shorten has urged Prime Minister Malcolm Turnbull to support the Australian Labor Party’s proposal for a royal commission into the nation’s banks. Shorten has argued that a series of scandals in the financial services sector has significantly affected the finances of many people and undermined the public’s trust in banks. Meanwhile, Labor’s Sam Dastyari says the Opposition may have sufficient support in the Senate for a royal commission.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, LIBERAL PARTY OF AUSTRALIA, NATIONAL PARTY OF AUSTRALIA, AUSTRALIA. DEPT OF THE TREASURY, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIAN BROADCASTING CORPORATION

Major builder faces ban

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Original article by Ewin Hannan
The Australian Financial Review – Page: 10 : 12-Aug-16

The Federal Circuit Court has imposed $A25,575 in penalties on Hutchinson Builders. The court found that the company did not want to award a contract to a business whose enterprise agreement lacked approval from the Construction, Forestry, Mining & Energy Union. The case is now being considered by Fair Work Building & Construction, and Hutchinson Builders may be subject to other sanctions.

CORPORATES
FAIR WORK BUILDING AND CONSTRUCTION, HUTCHINSON BUILDERS, FEDERAL CIRCUIT COURT OF AUSTRALIA, AUSTRALIA. DEPT OF EMPLOYMENT, CONSTRUCTION, FORESTRY, MINING AND ENERGY UNION OF AUSTRALIA

Ausgrid HK bidder asks, ‘why us?’

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Original article by Phillip Coorey, Lisa Murray
The Australian Financial Review – Page: 1 & 4 : 12-Aug-16

Federal Treasurer Scott Morrison’s preliminary decision to block bids by Hong Kong’s Cheung Kong Infrastructure and China’s State Grid for a 50.4 per cent stake in Ausgrid is likely to antagonise the Chinese Government. Morrison justified his decision by citing national security concerns. Former ambassador to China Geoff Raby has spoken about new populism in Australia while Bob Carr, the former premier of New South Wales and now director of the Australia-China Relations Institute, has accused the Federal Government of xenophobia.

CORPORATES
AUSGRID PTY LTD, STATE GRID CORPORATION OF CHINA, CHEUNG KONG INFRASTRUCTURE HOLDINGS LIMITED, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN LABOR PARTY, NEW SOUTH WALES. THE TREASURY, ONE NATION PARTY, KATTER’S AUSTRALIAN PARTY, PORT OF DARWIN, AUSTRALIAN SECURITY INTELLIGENCE ORGANISATION, LIBERAL PARTY OF AUSTRALIA, AUSTRALIA. FOREIGN INVESTMENT REVIEW BOARD, NEW SOUTH WALES. DEPT OF PREMIER AND CABINET, UNIVERSITY OF TECHNOLOGY, SYDNEY. AUSTRALIA-CHINA RELATIONS INSTITUTE

Census battle to convince millions

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Original article by Primrose Riordan
The Australian Financial Review – Page: 8 : 12-Aug-16

The Australian Bureau of Statistics’ census website was accessible again on 11 August 2016, after being shut down for 40 hours due to a denial of service attack. It is estimated that about 2.3 million households have completed the census form to date, but the Federal Government requires at least 10 million households to do so in order for the census to be "statistically significant". Prime Minister Malcolm Turnbull has blamed the ABS and IT giant IBM for the census website’s failure.

CORPORATES
AUSTRALIAN BUREAU OF STATISTICS, IBM AUSTRALIA LIMITED, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. DEPT OF FOREIGN AFFAIRS AND TRADE, AUSTRALIAN LABOR PARTY

Stevens: we’re kidding ourselves

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Original article by Jacob Greber
The Australian Financial Review – Page: 1 & 6 : 11-Aug-16

Glenn Stevens has warned that more investment is needed to stimulate economic growth. The departing governor of the Reserve Bank of Australia (RBA) said on 10 August 2016 that monetary policy cannot revive economic growth on its own, and fiscal reforms are also needed. It is also necessary to curb demand for debt among companies and households. Stevens will leave the RBA in September, and will be succeeded by deputy governor Philip Lowe.

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RESERVE BANK OF AUSTRALIA