AUSTRALIA – POLITICS AND GOVERNMENT

Recovery funds to hit budget

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Original article by Geoff Chambers, Rosie Lewis, Patrick Commins, Ean Higgins
The Australian – Page: 1 & 4 : 15-Jan-20

Prime Minister Scott Morrison has confirmed that the Budget bottom line will be impacted by the federal government’s disaster relief measures. However, Morrison has stressed that his priority is to provide bushfire victims with the support they need, now and over the next several years. The government has announced an initial $100m funding package to support farmers, fishers and foresters who have been affected by the bushfires. Details of a $50m funding package for charities and financial counsellors to assist bushfire victims will be announced on 15 January.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET

Technology is the key to climate policy

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Original article by John Kehoe, Andrew Tillett
The Australian Financial Review – Page: 3 : 14-Jan-20

Prime Minister Scott Morrison has indicated a slight shift in the federal government’s approach to climate change in the wake of the bushfires crisis. This follows community angst about the apparent link between climate change and the hotter and drier summer weather that contributed to the crisis. The government sees investments in low-emissions technology as the best way to cut carbon emissions and meet its 2030 carbon emissions targets, and it may not need to use Kyoto carryover credits to reach these targets.

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AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET

Climate threatens ratings: Moody’s

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Original article by David Rogers
The Australian – Page: 13 & 16 : 14-Jan-20

A report from Moody’s Investors Service has concluded that the bushfire crisis will reduce GDP growth by less than 0.1 per cent. The ratings agency adds that the federal and state governments have sufficient fiscal buffers to cope with the current crisis, but it warns that an increase in climate change-related natural disasters in the future could negatively affect their credit ratings. Meanwhile, Anthony Walker of S&P says the federal government’s return to a Budget surplus may be delayed by the bushfire emergency, although he adds that this would be unlikely to have any effect on Australia’s credit rating.

CORPORATES
MOODY’S INVESTORS SERVICE INCORPORATED, S&P GLOBAL RATINGS

PM courts states for fire inquiry

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Original article by Ben Packham
The Australian – Page: 1 & 4 : 10-Jan-20

Prime Minister Scott Morrison has emphasised that a national inquiry into the bushfire crisis will only go ahead if it has the support of state governments. He has also told Coalition MPs that it could take the form of a royal commission or a judicial inquiry. Meanwhile, some Liberal backbenchers contend that the Coalition will need to revise its climate change policy in the wake of the bushfire disaster. Morrison has defended the government’s record on climate change, stating that carbon emissions have fallen by 50 million tonnes a year on average since the Coalition took office in 2013.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, LIBERAL PARTY OF AUSTRALIA, AUSTRALIAN GREENS, AUSTRALIA. DEPT OF THE ENVIRONMENT AND ENERGY

No tax on disaster payments for fire-stricken Aussies

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Original article by David Crowe
The Age – Page: Online : 9-Jan-20

The federal government has advised that the one-off Disaster Recovery Allowance for bushfire victims will be exempt from income tax. The government will introduce legislation to this effect when Parliament resumes in early February, and it is expected to be supported by Labor. Meanwhile, Prime Minister Scott Morrison says accommodation operators in fire-affected areas have been hard hit by the disaster, and he has urged people to support them by not cancelling their bookings and seeking a refund.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIAN LABOR PARTY

PM’s $2bn recovery vow

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Original article by Ben Packham, Olivia Caisley
The Australian – Page: 1 & 4 : 7-Jan-20

The federal government will provide the National Bushfire Recovery Agency with initial funding of $2bn, which will be used to support communities that have been devastated by the bushfires. The funding will be used to rebuild critical infrastructure, provide grants to small businesses and farmers, and to offer mental health support for people who have been affected by the disaster. Prime Minister Scott Morrison has emphasised that recovering from the bushfires is a greater priority for the government than a Budget surplus. He adds that the government’s climate change policies will not be reviewed as a result of the disaster.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF THE TREASURY

PM stumps up for fire crisis

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Original article by Rosie Lewis
The Australian – Page: 1 & 2 : 6-Jan-20

The federal government has appointed former Australian Federal Police commissioner Andrew ­Colvin to head its national bushfire recovery agency. It will finance the reconstruction of critical infrastructure that has been damaged or destroyed, as well as providing income and mental health support for people who have been affected by the disaster. Prime Minister Scott Morrison has ruled out asking the states to match the federal government’s funding. Natural Disaster and Emergency Management Minister David Littleproud has stressed the need to ensure that government support is tailored to each community that has been affected by the bushfires.

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AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, VICTORIA. DEPT OF TREASURY AND FINANCE, NEW SOUTH WALES. DEPT OF PREMIER AND CABINET, AUSTRALIAN FEDERAL POLICE

Morrison won’t rule out bushfires royal commission

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Original article by Rosie Lewis
The Australian – Page: 1 & 2 : 6-Jan-20

Prime Minister Scott Morrison says the federal government is open to holding a royal commission into the bushfire crisis. Morrison says there is broad agreement on the need for a review of factors that contributed to the devastating bushfire season and the response to the disaster, but he stresses that now is not the right time to apportion blame for the crisis. Issues such as land clearing and hazard reduction will be on the agenda for the next Council of Australian Governments meeting in March.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, COUNCIL OF AUSTRALIAN GOVERNMENTS, AUSTRALIAN LABOR PARTY, NEW SOUTH WALES RURAL FIRE SERVICE

Pumped hydro next on Morrison’s energy list

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Original article by Greg Brown, Joe Kelly
The Australian – Page: 4 : 24-Dec-19

The federal government has given in-principle approval for the construction of two new gas-fired power plants under its Underwriting New Generation Investments. APA Group will build a 220MW gas plant in the Melbourne suburb of Dandenong; the government will also underwrite a 132MW gas plant in the Queensland town of Gatton. The government is also expected to underwrite at least one of three proposed pumped-hydro projects in South Australia that were short-listed for the scheme.

CORPORATES
APA GROUP – ASX APA, AUSTRALIA. DEPT OF THE ENVIRONMENT AND ENERGY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIAN LABOR PARTY

Bushfire toll tops 1000 homes; PM rejects reckless response

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Original article by Bo Seo
The Australian Financial Review – Page: Online : 24-Dec-19

Prime Minister Scott Morrison toured bushfire-affected areas of New South Wales on 23 December, as the Rural Fire Service advised that 829 homes in the state have been destroyed and another 333 have been damaged since the current bushfire season began. The RFS has warned that more homes are likely to be lost. The RFS adds that some 3.41 million hectares across the state have been burnt so far in the bushfire season. At least 86 homes have also been lost in South Australia’s Adelaide Hills. Morrison contends that stricter carbon emissions reduction targets would not have prevented the bushfires.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, NEW SOUTH WALES RURAL FIRE SERVICE, AUSTRALIAN LABOR PARTY