AUSTRALIA – POLITICS AND GOVERNMENT

Cancer of complacency puts economy at risk, says Chalmers

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Original article by Andrew Tillett
The Australian Financial Review – Page: 4 : 11-Nov-19

Shadow treasurer Jim Chalmers will use a speech on 11 November to tell Labor think-tank the John Curtin Research Centre that the Australian economy is "running on fumes". Chalmers will accuse the federal government of a "cancer of complacency" when it comes to economic management, while he will state that he has identified four key elements required for an economic strategy as a result of consultations with business. These include the introduction of an investment allowance and a ‘responsible’ increase in unemployment benefits.

CORPORATES
AUSTRALIAN LABOR PARTY, JOHN CURTIN RESEARCH CENTRE

Fast-track personal tax cuts: banks

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Original article by John Kehoe
The Australian Financial Review – Page: 5 : 7-Nov-19

The second stage of the federal government’s income tax package is slated to take effect in mid-2022. However, Westpac’s chief economist Bill Evans has urged the government to begin phasing in the tax cuts from July 2020 to boost consumer spending and stimulate the economy. Commonwealth Bank economist Gareth Aird also argues that the government should bring forward some of the legislated tax cuts. Shadow treasurer Jim Chalmers says Labor has been advocating this for months.

CORPORATES
WESTPAC BANKING CORPORATION – ASX WBC, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE TREASURY

Underpay bosses face bans

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Original article by Ewin Hannan
The Australian – Page: 1 & 4 : 7-Nov-19

Industrial Relations Minister Christian Porter says the first responsibility of an employer is to ensure that their staff are being paid fairly. Porter has flagged the possibility of making company directors liable for wage theft by banning them from future directorships, although he adds that such legislation is unlikely to be retrospective. Porter also says there is merit in a proposal to allow the Fair Work Commission to hear claims for underpayment by individual workers, as suggested by ACTU secretary Sally McManus.

CORPORATES
AUSTRALIA. DEPT OF EMPLOYMENT, SKILLS, SMALL AND FAMILY BUSINESS, AUSTRALIA. ATTORNEY-GENERAL’S DEPT, ACTU, AUSTRALIA. FAIR WORK COMMISSION, AUSTRALIA. FAIR WORK OMBUDSMAN

$1bn for business, farms to beat dry

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Original article by Simon Benson
The Australian – Page: 1 & 6 : 7-Nov-19

The federal government will release details of a drought assistance package on 7 November. Small businesses in drought-affected areas will be offered concessional loans of up to $500,000, while farmers who qualify for an existing concessional loan scheme will be offered a two-year interest-free period. Meanwhile, shadow agriculture minister Joel Fitzgibbon has called for a national drought strategy and urged the government to release the full report of the drought taskforce review that was undertaken by Major General Stephen Day.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIAN LABOR PARTY, NATIONAL PARTY OF AUSTRALIA, AUSTRALIA. DEPT OF AGRICULTURE AND WATER RESOURCES

Senator dubs Morrison plan attack on democracy

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Original article by Andrew Tillett
The Australian Financial Review – Page: 7 : 6-Nov-19

The federal government requires the support of four Senate crossbenchers for its legislative crackdown on protestors who engage in secondary boycotts that target mining companies. However, the proposed legislation has been criticised by Centre Alliance senator Rex Patrick, who has expressed concern about the increasing erosion of civil liberties under the Coalition. Labor and the Greens also oppose the legislation.

CORPORATES
CENTRE ALLIANCE, AUSTRALIAN LABOR PARTY, AUSTRALIAN GREENS, LIBERAL PARTY OF AUSTRALIA, FOREST PRODUCTS ASSOCIATION, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET

Make states raise own revenue, say Liberal MPs

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Original article by Phillip Coorey
The Australian Financial Review – Page: 5 : 6-Nov-19

Prime Minister Scott Morrison recently ruled out any increase in the goods and services tax. However, there is growing support within the Coalition’s ranks for an overhaul of fiscal relations between the federal and state governments. Some Liberal MPs have proposed giving the states more power to raise their own revenue. Former prime minister Malcolm Turnbull proposed such a move in 2016, whereby federal income tax rates would be reduced and the states would impose their own income tax to make up for the revenue shortfall.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, LIBERAL PARTY OF AUSTRALIA, NEW SOUTH WALES. THE TREASURY

World’s largest trade pact an enormous victory: Morrison

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Original article by Simon Benson
The Australian – Page: 1 & 2 : 5-Nov-19

The Regional Comprehensive Economic Partnership will come into effect in 2020, after the leaders of the 15 participating nations agreed to the terms of the trade deal at the East Asia Summit in Bangkok. The RCEP will comprise members of the Association of Southeast Asian Nations plus Japan, China, South Korea, New Zealand and Australia. Prime Minister Scott Morrison has welcomed finalisation of the trade deal and indicated that India could still join the RCEP at a later date. The trade deal will comprise about 30 per cent of global GDP.

CORPORATES
REGIONAL COMPREHENSIVE ECONOMIC PARTNERSHIP, EAST ASIA SUMMIT, ASSOCIATION OF SOUTH-EAST ASIAN NATIONS, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET

Treasurer’s push to ease SME squeeze

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Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 9 : 1-Nov-19

The federal government will seek to make it easier for small and medium enterprises to access credit by urging banks to waive responsible lending standards for the sector. Treasurer Josh Frydenberg notes that the distinction between a small business loan and a personal loan is often a grey area, given that small business owners often use their family home as security when taking out a loan. Council of Small Business of Australia CEO Peter Strong says banks often advise small business owners to take out a personal loan instead, as they are cheaper and less complicated.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, COUNCIL OF SMALL BUSINESS ORGANISATIONS OF AUSTRALIA LIMITED, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION

Call to include clean coal in PM power push

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Original article by Olivia Caisley, Joe Kelly
The Australian – Page: 5 : 31-Oct-19

Shine Energy CEO Ashley Dodd says the Clean Energy Finance Corporation’s mandate should be expanded to include replacing Australia’s existing coal-fired power plants with high-efficiency, low-emissions plants. The federal government will inject an additional $1bn into the CEFC, but it has specifically ruled out using the extra funding to invest in new coal-fired plants or to upgrade existing plants. National Party MP Keith Pitt supports expanding the CEFC’s mandate to embrace all energy sources.

CORPORATES
SHINE ENERGY, AUSTRALIA. CLEAN ENERGY FINANCE CORPORATION, NATIONAL PARTY OF AUSTRALIA, AUSTRALIAN CONSERVATION FOUNDATION INCORPORATED, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET

PM’s $1bn clean energy bet

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Original article by Geoff Chambers
The Australian – Page: 1 & 4 : 30-Oct-19

The federal government will establish a Grid Reliability Fund, which will be administered by the Clean Energy Finance ­Corporation. The new fund will invest in projects that increase the reliability of energy supplies and transmission infrastructure, and help to reduce electricity prices. Such projects include the ones that are on the short-list for the Underwriting New Generation Investments scheme. The government will also inject an additional $1bn into the CEFC.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF THE ENVIRONMENT AND ENERGY, AUSTRALIA. CLEAN ENERGY FINANCE CORPORATION, AUSTRALIA. DEPT OF FINANCE, AUSTRALIAN LABOR PARTY, TRANSGRID, AUSTRALIAN ENERGY REGULATOR, AUSTRALIAN ENERGY MARKET COMMISSION