‘Fluff and fail’: shameful report card for banks

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Original article by James Frost
The Australian Financial Review – Page: 19 : 19-Oct-18

Research by UK-based Lafferty Global has concluded that Australia’s major banks are underperforming their international peers when assessed using a range of qualitative and quantitative measures. The Commonwealth Bank had a rating of three stars out of five, while its three main rivals all had a two-star rating. Bendigo Bank and the Bank of Queensland also had three-star ratings. Lafferty Global founder Michael Lafferty says all of the "big four" banks had a zero rating for culture and digital dependability.

CORPORATES
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, WESTPAC BANKING CORPORATION – ASX WBC, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, LAFFERTY GROUP LIMITED, BENDIGO BANK, BANK OF QUEENSLAND LIMITED – ASX BOQ

Woodside offers fix on Sunrise deadlock

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Original article by Angela Macdonald-Smith
The Australian Financial Review – Page: 17 : 19-Oct-18

ConocoPhillips advised in late September that it had entered into an agreement to sell its stake in the Greater Sunrise venture to the Timor-Leste government for $US350 million. Woodside Petroleum and the other members of the venture have pre-emption rights over the stake, and Woodside CFO Sherry Duhe says a decision on whether to do so will be made soon. Timor-Leste is insisting that gas from Greater Sunrise is processed onshore, but Woodside CEO Peter Coleman has reaffirmed that an onshore plant would not meet its investment hurdles. He said a way around this dilemma would be for Woodside to only invest in the offshore part of the project. Woodside has reported a 25.4 per cent increase in sales for the September quarter.

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WOODSIDE PETROLEUM LIMITED – ASX WPL, CONOCOPHILLIPS, ROYAL DUTCH SHELL PLC, OSAKA GAS COMPANY, TOKYO GAS COMPANY LIMITED, KANSAI ELECTRIC POWER COMPANY INCORPORATED

Ex-union boss backs govt on casual pay

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Original article by Dana McCauley, Anna Patty
The Age – Page: 24 : 19-Oct-18

Industrial Relations Minister Kelly O’Dwyer will make an application to join the Commonwealth as a party to a Federal Court test case on the paid leave entitlements of casual workers. The WorkPac case has prompted concern that casual employees would be entitled to both a casual loading and paid leave. The ACTU has warned that the test case presents a risk to the job security of every permanent employee, but the peak union body’s former president Martin Ferguson says that allowing casuals to "double dip" is contrary to long-established industrial relations rules.

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AUSTRALIA. DEPT OF JOBS AND SMALL BUSINESS, FEDERAL COURT OF AUSTRALIA, WORKPAC PTY LTD, ACTU, RIO TINTO LIMITED – ASX RIO

Warburton looks for next challenge

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Original article by Max Mason
The Australian Financial Review – Page: 20 : 19-Oct-18

APN Outdoor Group will be delisted after the Federal Court approved the scheme of arrangement for its $1.2bn acquisition by JCDecaux. James Warburton has resigned as CEO APN Outdoor after 10 months in the role, and he will leave the outdoor advertising group on 31 October. He intends to seek another executive role, and says he has already received several approaches. APN Outdoor shareholders will receive $6.70 per share, including a special dividend of $0.30 per share.

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APN OUTDOOR GROUP LIMITED – ASX APO, JC DECAUX SA, OOH!MEDIA LIMITED – ASX OML, ADSHEL PTY LTD, HT&E LIMITED – ASX HT1, FEDERAL COURT OF AUSTRALIA, SYDNEY TRAINS, NEW SOUTH WALES. ROADS AND MARITIME SERVICES, TRANSPORT FOR BRISBANE, SYDNEY AIRPORT – ASX SYD

Jobless rate at lowest in seven years

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Original article by Michael Roddan, Geoff Chambers
The Australian – Page: 1 & 2 : 19-Oct-18

Australia’s headline unemployment rate fell from 5.3 per cent to five per cent in September, while the trend rate was steady at 5.2 per cent. The Reserve Bank had forecast that the jobless rate would fall to five per cent by the end of 2020, and the latest figures have prompted speculation that it may begin tightening monetary policy sooner than expected. However, Craig James of the Commonwealth Bank does not expect it to take action while the official underemployment rate is 8.3 per cent. Meanwhile, Paul Dales of Capital Economics says a significant increase in wages may be dependent on the jobless rate falling to around four per cent.

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RESERVE BANK OF AUSTRALIA, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, CAPITAL ECONOMICS LIMITED, AMP CAPITAL INVESTORS LIMITED, AUSTRALIA. DEPT OF JOBS AND SMALL BUSINESS, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, NOMURA AUSTRALIA LIMITED

New piracy laws plug illegal download loophole

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Original article by Darren Davidson
The Australian – Page: 6 : 19-Oct-18

The federal government will seek to expand the list of websites that can be blocked by ISPs for featuring pirated content such as films and TV shows. The proposed legislation will also enable copyright holders to seek a court order requiring companies such as Google to remove sites that feature pirated content from their search results. The move has been welcomed by industry players such as Foxtel, Free TV Australia and Village Roadshow.

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FOXTEL MANAGEMENT PTY LTD, FREE TV AUSTRALIA LIMITED, VILLAGE ROADSHOW LIMITED – ASX VRL, CREATIVE CONTENT AUSTRALIA, AUSTRALIAN INDEPENDENT DISTRIBUTORS’ ASSOCIATION, AUSTRALIAN SCREEN ASSOCIATION LIMITED, GOOGLE INCORPORATED, NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS, SEVEN NETWORK LIMITED, NINE NETWORK AUSTRALIA LIMITED, TEN NETWORK HOLDINGS LIMITED, FEDERAL COURT OF AUSTRALIA

Guthrie turns to Fair Work with complaint against ABC

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Original article by Max Mason, David Marin-Guzman
The Australian Financial Review – Page: 2 : 19-Oct-18

The Fair Work Commission has received an adverse action claim against the ABC from Michelle Guthrie following her dismissal as MD in late September. Should the case proceed to the Federal Court, Guthrie could potentially seek unlimited compensation for lost remuneration, given that she was sacked only halfway through her five-year contract. Guthrie could also seek compensation for hurt and suffering. Her annual salary of around $900,000 at the ABC is above the threshold for an unfair dismissal claim.

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AUSTRALIAN BROADCASTING CORPORATION, AUSTRALIA. FAIR WORK COMMISSION, FEDERAL COURT OF AUSTRALIA, MAURICE BLACKBURN PTY LTD, JOHNSON WINTER AND SLATTERY

Satisfaction with banks declines during Finance Royal Commission – Big four hit hardest

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Original article by Roy Morgan
Market Research Update – Page: Online : 19-Oct-18

New results from Roy Morgan shows that bank customer satisfaction has declined from 81.2% in the six months to January 2018, prior to the Finance Royal Commission, to 78.5% in the six months to September 2018. This decline of 2.7% points was mainly due to a drop in satisfaction of 3.6% points (to 75.6%) for the big four banks, compared to an overall decline of only 0.7% points for all other banks (to 84.2%). Among the 10 largest consumer banks, Bendigo Bank has the highest satisfaction with 88.8%, followed by ING (88.0%) and Bank of Queensland (87.2%). The best of the big four is the CBA on 77.1%, followed by NAB (75.3%). The most positive movers in satisfaction ratings since the Royal Commission are ING (up 2.8%) and Bank of Queensland (up 1.4%). All of the big four banks have shown declines in satisfaction over the period, with Westpac showing the greatest decline, down by 5.0% to 72.9%. Roy Morgan’s "Customer Satisfaction-Consumer Banking in Australia September Report" is based on in-depth interviews conducted face-to-face with over 50,000 consumers per annum in their homes, including over 4,000 bank customers per month.

CORPORATES
ROY MORGAN LIMITED, BENDIGO BANK, ING BANK (AUSTRALIA) LIMITED, BANK OF QUEENSLAND LIMITED – ASX BOQ, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, WESTPAC BANKING CORPORATION – ASX WBC, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ

Job market dries up for low-skilled employees

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Original article by Anna Patty
The Sydney Morning Herald – Page: 18 : 18-Oct-18

Anglicare has released a report which notes that low-skilled entry-level jobs accounted for just 26,000 of the 185,662 vacancies that were advertised across Australia in May. The report adds that almost 111,000 people are competing for the limited number of entry-level jobs. This equates to an average of four people nationwide, although Anglicare notes that it is much higher in South Australia and Tasmania. Anglicare’s executive director Kasy Chambers says low-skilled, entry-level jobs are "slowly disappearing".

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ANGLICARE AUSTRALIA

Companies told they need to report protesting workers within 24 hours

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Original article by Ewin Hannan
The Australian – Page: 8 : 18-Oct-18

With unions set to commence a month of rallies on 18 October, Industrial Relations Minister Kelly O’Dwyer has warned that it is a prelude to the workplace turmoil that can be expected if Labor wins the next federal election. Meanwhile, the Australian Building & Construction Commission has told employers that they are required to advise it of any workers who participate in the rallies without authorisation within 24 hours. The ABCC has again stressed that employees could be prosecuted, prompting the construction union to accuse it of attempting to intimidate workers.

CORPORATES
AUSTRALIA. DEPT OF JOBS AND SMALL BUSINESS, AUSTRALIAN BUILDING AND CONSTRUCTION COMMISSION, CONSTRUCTION, FORESTRY, MARITIME, MINING AND ENERGY UNION OF AUSTRALIA, AUSTRALIAN LABOR PARTY, ACTU, AUSTRALIA. FAIR WORK OMBUDSMAN