AUSTRALIA – ECONOMIC POLICY

Nation’s economic success little more than good luck

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Original article by David Uren, Joe Kelly
The Australian – Page: 1 & 2 : 8-Oct-18

Business Council of Australia CEO Jennifer Westacott argues that the nation’s GDP growth is primarily due to factors such as population growth, consumption and government spending, rather than productivity gains. She notes that productivity growth has fallen to its lowest levels since the 1970s, and she has stressed the risks facing the domestic economy. Westacott and Australian Chamber of Commerce & Industry CEO James Pearson have both highlighted the federal government’s failure to deliver on policies such as the national energy guarantee and company tax cuts.

CORPORATES
BUSINESS COUNCIL OF AUSTRALIA, AUSTRALIAN CHAMBER OF COMMERCE AND INDUSTRY, UNIVERSITY OF MELBOURNE. INSTITUTE OF APPLIED ECONOMIC AND SOCIAL RESEARCH, AUSTRALIAN LABOR PARTY, DELOITTE ACCESS ECONOMICS PTY LTD

Debt binge stifles jobs and growth: IMF

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Original article by Jacob Greber
The Australian Financial Review – Page: 3 : 4-Oct-17

The International Monetary Fund has warned that policies which encourage consumers to increase their debt in the near-term have a negative effect on economic growth in the longer term. The IMF’s modelling concludes that a five per cent increase in the household debt-to-GDP ratio results in a 1.25 per cent fall in real GDP three years later. Australia’s household debt-to-income ratio now exceeds 190 per cent.

CORPORATES
INTERNATIONAL MONETARY FUND, RESERVE BANK OF AUSTRALIA

Fix it and get back to economy, says BCA

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Original article by Andrew White
The Australian – Page: 4 : 30-Aug-17

Business Council of Australia CEO Jennifer Westacott has urged Parliament to resolve the standoff over marriage equality quickly in order to focus on economic policy. Westacott says the Federal Government must agree to a conscience vote if the majority of Australians support legalising same-sex marriage in the postal plebiscite. She has also criticised the "anti-business agenda" of Opposition Leader Bill Shorten regarding tax cuts for smaller companies and the taxation of trusts.

CORPORATES
BUSINESS COUNCIL OF AUSTRALIA, AUSTRALIAN LABOR PARTY, QANTAS AIRWAYS LIMITED – ASX QAN

Labor left to embrace Corbyn, torpedo neoliberal economics

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Original article by Troy Bramston
The Australian – Page: 1 & 7 : 28-Jul-17

The Australian Labor Party’s left faction will use its New South Wales state conference to ramp up its push to make inequality a key policy agenda. The left faction intends to formally repudiate the neoliberalism policies of the Bob Hawke and Paul Keating-led Labor governments in favour of the socialist agenda of the UK Labour Party’s leader, Jeremy Corbyn. Labor’s national ­assistant secretary, Paul Erickson, has praised Corbyn and believes that Australians are just as disillusioned about mainstream politics as people in the UK.

CORPORATES
AUSTRALIAN LABOR PARTY, LABOUR PARTY (GREAT BRITAIN)

Reform or fail: BHP’s Nasser

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Original article by Matt Chambers
The Australian – Page: 1 & 4 : 30-Jun-17

BHP Billiton chairman Jac Nasser has told the Competitive Advantage Forum that Australia needs bipartisan political support for reform in areas such as taxation, energy policy and education. He warned that Australia is approaching a "tipping point" and without strong leadership on key issues it risks ceasing to be a "great country" socially and economically. Amongst other things, Nasser says a national policy on energy security is required, while he has criticised proposals for bank levies by the federal and South Australian governments. Nasser will step down as chairman of BHP in August.

CORPORATES
BHP BILLITON LIMITED – ASX BHP, AUSTRALIA. DEPT OF THE TREASURY, UNITED STATES. EXECUTIVE OFFICE OF THE PRESIDENT, FORD MOTOR COMPANY

Morrison needs to go micro if he wants big results

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Original article by Stephen Anthony
The Australian Financial Review – Page: 39 : 3-Jan-17

Federal Treasurer Scott Morrison needs to focus on stimulating growth in Australia’s productivity which can be achieved by more rigorous commitment to budget repair and taxation reform. Government spending must be curtailed and more attention must be paid to waste reduction. It would be desirable to establish an independent parliamentary infrastructure office whose role would be to coordinate infrastructure projects. More competition is needed in sectors which still use restrictive business and labour practices.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, INDUSTRY SUPER AUSTRALIA PTY LTD

Shepherd’s banana republic warning

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Original article by Jacob Greber
The Australian Financial Review – Page: 1 & 4 : 19-Dec-16

Business leader Tony Shepherd says "serious reform" is necessary to reduce Australia’s national debt, warning that it will be hard to achieve any progress until Australians fully appreciate the extent of the problem. Shepherd, who says the nation is in danger of becoming a banana republic, is heading a seven-person expert panel which plans to release a series of discussion papers on key issues, as well as recommendations for further action. Shepherd chaired the Federal Government’s National Commission of Audit in 2014.

CORPORATES
AUSTRALIA. NATIONAL COMMISSION OF AUDIT, THE MENZIES RESEARCH CENTRE LIMITED, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, COUNCIL OF SMALL BUSINESS ORGANISATIONS OF AUSTRALIA LIMITED, BUILDCORP COMMERCIAL PTY LTD, H2 VENTURES, GETUP LIMITED

Crisis looms unless leaders grasp economic reforms

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Original article by David Crowe
The Australian – Page: 1 & 4 : 9-Dec-16

The Council of Australian Governments meeting on 9 December 2016 coincides with the release of data showing that GDP growth fell by 0.5 per cent in the September quarter. Australian Institute of Company Directors chair Elizabeth Proust and former Business Council of Australia president Tony Shepherd have urged federal and state leaders to pursue measures aimed at boosting economic growth and investment. Former Victorian premier Jeff Kennett adds that the COAG meeting should focus on economic reform.

CORPORATES
COUNCIL OF AUSTRALIAN GOVERNMENTS, AUSTRALIAN INSTITUTE OF COMPANY DIRECTORS, BUSINESS COUNCIL OF AUSTRALIA, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF THE TREASURY, NESTLE AUSTRALIA LIMITED, BANK OF MELBOURNE LIMITED, ORIGIN ENERGY LIMITED – ASX ORG, THE AUSTRALIAN INDUSTRY GROUP

No more rate cuts: Morrison

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Original article by John Kehoe
The Australian Financial Review – Page: 1 & 6 : 10-Oct-16

Federal Treasurer Scott Morrison believes that the Reserve Bank of Australia should cease reducing the cash rate, arguing that monetary policy has reached the limit of its effectiveness in stimulating the economy. He says the focus should now shift to fiscal policy. The central bank has reduced the cash rate twice in 2016 but left it on hold at 1.5 per cent in October. Morrison notes that the heads of other central banks have acknowledged the declining effectiveness of monetary policy.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, RESERVE BANK OF AUSTRALIA, BANK OF ENGLAND, GREAT BRITAIN. OFFICE OF THE PRIME MINISTER, GROUP OF TWENTY (G-20), INTERNATIONAL MONETARY FUND, PEOPLE’S BANK OF CHINA, UNITED STATES. FEDERAL RESERVE BOARD

Super done, next task is growth

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

Federal Treasurer Scott Morrison will use a speech on 16 September 2016 to call for structural economic reforms. He will argue that action is needed to boost the earnings of the nation, individuals and businesses, citing the environment of low inflation, interest rates, wages growth and economic growth. Meanwhile, Morrison has urged the Opposition to support superannuation reforms after the Coalition agreed to abandon its proposed lifetime cap on non-concessional contributions. This had been a key sticking point for the Australian Labor Party.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN LABOR PARTY, AUSTRALIA. PRODUCTIVITY COMMISSION, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, LIBERAL PARTY OF AUSTRALIA