O75 Public Administration

Hockey sees progress on G20 growth target

roymorgansocial Leave a comment

Original article by Laura Tingle
The Australian Financial Review – Page: 1 & 10 : 18-Jul-14

Australian Prime Minister Tony Abbott on 17 July 2014 addressed a meeting of the Business 20 (B20) forum that is helping the Government prepare for the Group of 20 (G20) summit in November. Australia is pushing the G20 member nations to adopt an economic growth target of 2% by 2019, and Australian Treasurer Joe Hockey has reportedly been given assurances by EU finance ministers that they will commit to the goal. A major focus of the advice by B20 will be investment in infrastructure. Hockey will speak to the delegates on 18 July

CORPORATES
BUSINESS 20 (B20), GROUP OF TWENTY (G-20), AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF THE TREASURY, UNITED STATES. DEPT OF THE TREASURY, ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT, GENERAL ELECTRIC COMPANY, SEB ASSET MANAGEMENT AG, RIO TINTO LIMITED – ASX RIO

Budget is dead, says Palmer

roymorgansocial Leave a comment

Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 4 : 18-Jul-14

The Australian Government has succeeded in scrapping the carbon tax, although the Senate is expected to block legislation to repeal the mining tax. Meanwhile, many of the key measures in the May 2014 Budget remain in doubt due to resistance in the Senate. Crossbench MP Clive Palmer believes that the Government’s only options are a mini-budget or a new election. Palmer and Australians Greens leader Christine Milne both say the Government had not sought to negotiate with them regarding Budget measures

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIAN GREENS, PALMER UNITED PARTY, McKELL INSTITUTE, AUSTRALIAN LABOR PARTY, LIBERAL PARTY OF AUSTRALIA

GE urges certainty on RET

roymorgansocial Leave a comment

Original article by Geoff Elliott
The Australian – Page: 17 & 23 : 17-Jul-14

Business leader Dick Warburton has been asked by the Australian Government to review the renewable energy target (RET), currently set at 20% of electricity in 2020 to come from sources such as wind and solar power. However ministers such as Treasurer Joe Hockey have already made unfavourable comments about the RET, and the industry is concerned. Some $A3.5bn worth of investment in renewable sources by global group GE may be in jeopardy according to vice-chair John Rice, unless clarity is offered soon

CORPORATES
GENERAL ELECTRIC COMPANY, AUSTRALIA. DEPT OF THE TREASURY, REPUBLICAN PARTY (UNITED STATES), IFM INVESTORS PTY LTD, ACCIONA SA, ACCIONA ENERGY OCEANIA PTY LTD, GE AUSTRALIA AND NEW ZEALAND

Post-budget worries hard to shake off

roymorgansocial Leave a comment

Original article by Bianca Hartge-Hazelman
The Australian Financial Review – Page: 27 : 17-Jul-14

New data shows that Australian consumers remain concerned about the impact of the Federal Government’s May 2014 Budget. The consumer anxiety index, which is produced by National Australia Bank, rose to a new high of 64.5 points in the June quarter. This compares with 61.7 points in the March quarter. The level of anxiety is highest among people whose annual income is less than $A35,000, while women are more anxious than men

CORPORATES
NATIONAL AUSTRALIA BANK LIMITED – ASX NAB

Hockey’s budget hole heading to $41b

roymorgansocial Leave a comment

Original article by Phillip Coorey
The Australian Financial Review – Page: 1-Apr : 17-Jul-14

The Australian Government may face resistance in the Senate to its plans to abolish some $A4bn worth of tax breaks as part of its proposal to repeal the mining tax. Two independent senators intend to vote against scrapping the tax breaks, and the defeat of this measure would be another blow for the Government, which has already faced opposition from Palmer United Party senators to several other measures that are linked to the mining tax

CORPORATES
PALMER UNITED PARTY, AUSTRALIAN LABOR PARTY, AUSTRALIAN GREENS, AUSTRALIA. DEPT OF THE TREASURY, LIBERAL DEMOCRATIC PARTY

Retirees left to flounder after they leave work

roymorgansocial Leave a comment

Original article by Karen Maley, Ruth Liew
The Australian Financial Review – Page: 6 : 16-Jul-14

The financial system inquiry has found that retirees are not given sufficient guidance by the superannuation sector. It is argued in the interim inquiry report that the sector does not offer sufficient risk management options to retirees in the draw-down phase. For instance, few income stream products with longevity risk cover are available in Australia. A new round of submissions on how to cope with an ageing population is sought by the inquiry

CORPORATES
FINANCIAL SERVICES COUNCIL, AUSTRALIAN LABOR PARTY, CHALLENGER FINANCE PTY LTD, THE ASSOCIATION OF SUPERANNUATION FUNDS OF AUSTRALIA LIMITED

Time for discussion over the meaning of ‘too big to fail’

roymorgansocial Leave a comment

Original article by James Eyers
The Australian Financial Review – Page: 10 : 16-Jul-14

David Murray, head of the new financial system review for the Australian Government, has raised the issue of banks being deemed "too big to fail". He noted that the "moral hazard" created by the Government guaranteeing deposits should be addressed, and that one solution could be to lift the fees charged to the banks in return for the support. The Australian Bankers’ Association concedes that a debate on the issue is needed, while the Customer Owned Banking Association believes Murray should have gone even further

CORPORATES
MACQUARIE BANK LIMITED – ASX MBL, AUSTRALIAN BANKERS’ ASSOCIATION, CUSTOMER OWNED BANKING ASSOCIATION, MOODY’S INVESTORS SERVICE INCORPORATED, STANDARD AND POOR’S (AUSTRALIA) PTY LTD, NATIONAL PRESS CLUB (AUSTRALIA), GROUP OF TWENTY (G-20)

‘Murky’ barriers must be cleared

roymorgansocial Leave a comment

Original article by Annabel Hepworth
The Australian – Page: 19 : 16-Jul-14

Andrew Mackenzie, CEO of BHP Billiton, is also the co-ordinating chair of the trade taskforce at the Business 20 (B20) forum that flanks the Group of 20 (G20) summit later in 2014. He has called on the Australian Government to put trade barriers on the agenda for the G20, during its presidency of the body. A B20 gathering is being held in Sydney in mid-July 2014, ahead of a G20 trade ministers’ meeting. Mackenzie has commented that in the last seven years, 1,500-plus new trade impediments that are not tariffs have been created

CORPORATES
BHP BILLITON LIMITED – ASX BHP, BUSINESS 20 (B20), GROUP OF TWENTY (G-20), AUSTRALIA. DEPT OF FOREIGN AFFAIRS AND TRADE, AUSTRALIA. DEPT OF AGRICULTURE, AUSTRALIA. DEPT OF INDUSTRY, AUSTRALIA. DEPT OF INFRASTRUCTURE AND REGIONAL DEVELOPMENT

PwC chairman punches hole in G20 tax agenda

roymorgansocial Leave a comment

Original article by Agnes King
The Australian Financial Review – Page: 5 : 16-Jul-14

It is futile for Australian Prime Minister Tony Abbott to pursue the policy of preventing multinational corporations from shifting profits between tax jurisdictions. Dennis Nally, global chairman of PricewaterhouseCoopers, says resistance to a global tax treaty, in the US in particular, is strong enough to defeat the OECD proposal. Governments have different tax and economic policies and it is impossible to harmonise them

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT, GROUP OF TWENTY (G-20), PRICEWATERHOUSECOOPERS

Royal Adelaide to give birth to high school

roymorgansocial Leave a comment

Original article by Michael Bleby
The Australian Financial Review – Page: 38 : 16-Jul-14

The South Australian Government will shortly commence a tender process for the redevelopment of the old Royal Adelaide Hospital site. The Government proposes to build a high school on part of the site, and while the existing hospital buildings will be demolished, there have been suggestions that the seven-storey east wing be retained and used by the school. Future uses for 85 per cent of the site have yet to be determined

CORPORATES
ROYAL ADELAIDE HOSPITAL, SOUTH AUSTRALIA. DEPT FOR EDUCATION AND CHILD DEVELOPMENT, SLASH, PHILLIPS/PILKINGTON ARCHITECTS PTY LTD, LIBERAL PARTY OF SOUTH AUSTRALIA, ADELAIDE HIGH SCHOOL, UNIVERSITY OF ADELAIDE