O75 Public Administration

Treasury experts $290bn wide of the mark on budget forecasts

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Original article by David Uren
The Australian – Page: 1 : 18-Dec-14

Every single one of the Australian Treasury Department’s four-year forecasts in Budget estimates since 2010 has had to be downgraded later on. The total amount involved is $A290bn, and the poor track record casts doubt as well on the latest prediction, made in the December 2014 Mid-Year Economic and Fiscal Outlook, that a surplus will be restored in 2019-20. In the agency’s defence, Deloitte Access Economics’ Chris Richardson notes that reliable forecasts have become very hard to achieve due to the nation’s exposure to commodity export markets for coal, iron ore and LNG

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, DELOITTE ACCESS ECONOMICS PTY LTD, AUSTRALIAN LABOR PARTY, AUSTRALIA. PARLIAMENTARY BUDGET OFFICE

Bail decision probably same in WA: lawyers

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Original article by Amanda Banks, Tim Clarke
The West Australian – Page: 5 : 18-Dec-14

The New South Wales criminal justice system is under scrutiny after revelations that Muslim extremist Man Haron Monis had been released on bail despite being charged with being an accessory to murder. He was subsequently given bail after being charged with sex offences. Anthony Eyers, the president of the Criminal Lawyers Association of Western Australia, concedes that the Sydney siege gunman could have been granted bail on similar charges in the state

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CRIMINAL LAWYERS’ ASSOCIATION OF WESTERN AUSTRALIA, NEW SOUTH WALES POLICE FORCE, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, NEW SOUTH WALES. DEPT OF ATTORNEY GENERAL AND JUSTICE

Royalties leave deficit certain

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Original article by Gareth Parker
The West Australian – Page: 33 : 17-Dec-14

The Western Australian Government has warned that the Budget deficit for 2014-15 will be "significant". The Budget bottom line has been hit by factors such as a sharp fall in revenue from iron ore and petroleum royaties, due to the downturn in the price of both commodities. The Government’s revenue from royalties has risen by 127 per cent since Premier Colin Barnett took office. In contrast, revenue from all other sources has increased by just 31 per cent

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WESTERN AUSTRALIA. DEPT OF THE PREMIER AND CABINET

The brightest and the best

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Original article by Joanna Mather, Misa Han
The Australian Financial Review – Page: 7 : 17-Dec-14

Sydney barrister Katrina Dawson is one of two victims of the man who held 17 people hostage at the Lint Chocolate Cafe in the Sydney CBD. The cafe’s manager, Tori Johnson, also died in the siege at Martin Place. New South Wales Bar Association president Jane Needham has described Dawson as one of the legal profession’s "best and brightest". Muslim extremist Man Haron Monis was shot dead by police after a 17-hour standoff

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LINDT AND SPRUNGLI (AUSTRALIA) PTY LTD, NEW SOUTH WALES BAR ASSOCIATION, EIGHT SELBORNE CHAMBERS, TENTH FLOOR CHAMBERS, KING AND WOOD MALLESONS, ROYAL SYDNEY GOLF CLUB, ARNOTT’S BISCUITS LIMITED, BANCO CHAMBERS, NEW SOUTH WALES POLICE FORCE, ADRIA RYBAR AND GRILL, COCKLE BAY WHARF, RYDGES JAMIESON, LINKEDIN LIMITED, TWITTER INCORPORATED, AUSTRALIAN BROADCASTING CORPORATION

$500m yearly drop in tariffs on Japan goods

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Original article by Sid Maher
The Australian – Page: 21 : 16-Dec-14

The Australian Government’s mid-year Budget update shows that the free trade agreement with Japan will reduce revenue from tariffs by $A100m in 2014-15 and $A1.59bn over the next four years. The Budget update also forecasts that China’s economic growth will slow to 6.5 per cent in 2016, while India’s economy will grow by six per cent

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AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, JAPAN. OFFICE OF THE PRIME MINISTER, INDIA. PRIME MINISTER’S OFFICE

Business plea to fix budget mess

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Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 4 : 16-Dec-14

The Australian Government’s mid-year economic and fiscal outlook forecasts an increase in the Budget deficit and the unemployment rate. The deficit is expected to rise to $A40.4bn in 2014-15, compared with the May 2014 Budget forecast of $A29.8bn. The jobless rate is now expected to top 6.5 per cent in 2015. The Business Council of Australia and the Australian Industry Group say bipartisan support in Parliament is needed to ensure that necessary reforms are implemented

CORPORATES
BUSINESS COUNCIL OF AUSTRALIA, THE AUSTRALIAN INDUSTRY GROUP, AUSTRALIA. DEPT OF FOREIGN AFFAIRS AND TRADE, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET

Injured giving up on compo claims

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Original article by Anna Patty
The Sydney Morning Herald – Page: 4 : 15-Dec-14

New South Wales (NSW) Small Business Minister John Barilaro says the State Government’s workers’ compensation system changes have been a success, with a decline of 15% in claims. Insurance premiums are also down 17.5%. However Law Society of NSW president Ros Everett argues that the new rules, under which claimants can no longer seek the help of lawyers in appealing assessments, have simply shifted the burden to the federal Medicare and Centrelink services. This is as many injured workers are now unable to rely on court action

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NEW SOUTH WALES. WORKCOVER AUTHORITY, NEW SOUTH WALES. WORKERS’ COMPENSATION COMMISSION, THE LAW SOCIETY OF NEW SOUTH WALES, NEW SOUTH WALES. DEPT OF FINANCE AND SERVICES, NEW SOUTH WALES. DEPT OF COMMERCE, AUSTRALIA. DEPT OF HUMAN SERVICES. CENTRELINK, AUSTRALIA. DEPT OF HUMAN SERVICES. MEDICARE AUSTRALIA

Telstra win key role in NBN deal

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Original article by Annabel Hepworth
The Australian – Page: 15 : 15-Dec-14

Telstra has announced that the value of its new deal with NBN Co will be $A11bn, just as for the old one that was superseded after the Australian Government won the September 2013 federal election. Under the changed agreement Telstra will make its existing copper lines infrastructure available to the entity in charge of the national broadband network roll-out, and there may also be an added opportunity for the telco to supply construction services. According to Communications Minister Malcolm Turnbull this would be strictly on commercial terms

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TELSTRA CORPORATION LIMITED – ASX TLS, NBN CO LIMITED, AUSTRALIA. DEPT OF COMMUNICATIONS, SINGAPORE TELECOMMUNICATIONS LIMITED – ASX SGT, SINGTEL OPTUS PTY LTD, AUSTRALIAN LABOR PARTY

Softer China blows out the budget deficit

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Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 4 : 15-Dec-14

The Australian Government’s mid-year Budget update will scale back its forecast for 2014-15 revenue to $A379bn, compared with expectation of $A386bn in the May 2014 Budget. Treasurer Joe Hockey has attributed the revenue shortfall primarily to the decline in commodity prices. The update also forecasts that Australia’s terms of trade will fall by 13.5 per cent, compared with a previous forecast of a 6.75 per cent decline. The Government has also downgraded its forecast for China’s economic growth

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. DEPT OF FOREIGN AFFAIRS AND TRADE, AUSTRALIAN LABOR PARTY

Court dismisses Palmer’s attempts to thwart Citic

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Original article by Paul Garvey
The Australian – Page: 20 : 12-Dec-14

Supreme Court of Western Australia (WA) judge James Edelman has ruled in a matter that forms part of the wider and drawn-out legal battle between Chinese state enterprise Citic Pacific and the Mineralogy vehicle of federal MP Clive Palmer. The latter had sought to have declared invalid two environmental permits held by Citic for the Sino Iron joint venture in WA. This was rejected by the court, and Edelman also criticised Mineralogy for attempting to drag out the proceedings even further

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MINERALOGY PTY LTD, CITIC PACIFIC LIMITED, SINO IRON PTY LTD, SUPREME COURT OF WESTERN AUSTRALIA, WESTERN AUSTRALIA. DEPT OF ENVIRONMENT REGULATION