AUSTRALIA – POLITICS AND GOVERNMENT

Cash softens blow for ousted MPs

roymorgansocial Leave a comment

Original article by Geoff Chambers, Richard Ferguson
The Australian – Page: 1 & 4 : 2-Sep-19

Analysis shows that at least 20 politicians who lost their seats at the 18 May federal election are entitled to receive a resettlement allowance. The amount of the lump sum payment varies depending on factors such as how long a politician has been in parliament, and it was designed to provide outgoing MPs and senators who do not have access to parliament’s superannuation scheme with re-skilling and re-employment assistance. Kerryn Phelps, Steve Martin and Sarah Henderson are amongst those who are entitled to receive the allowance, which is expected to cost about $1.3m in total.

CORPORATES
NATIONAL PARTY OF AUSTRALIA, AUSTRALIAN LABOR PARTY, LIBERAL DEMOCRATIC PARTY, AUSTRALIA. DEPT OF FINANCE

CEOs to PM: support long-term growth

roymorgansocial Leave a comment

Original article by Patrick Durkin, Simon Evans
The Australian Financial Review – Page: 1 & 4 : 2-Sep-19

Business leaders have put forward suggestions for boosting the Australian economy, amid expectations that upcoming GDP data will show that growth slowed to a 10-year low of 1.4 per cent in the year to June. JB Hi-Fi CEO Richard Murray has emphasised the need for policy initiatives that support long-term economic growth, rather than merely stimulating the economy. Woolworths CEO Brad Banducci and Flight Centre CEO Graham Turner agree that further easing monetary policy is unlikely to be sufficient to boost the economy, while Cardo CEO Ian Ball has called for increased investment in transport infrastructure.

CORPORATES
JB HI-FI LIMITED – ASX JBH, WOOLWORTHS GROUP LIMITED – ASX WOW, FLIGHT CENTRE TRAVEL GROUP LIMITED – ASX FLT, CARDNO LIMITED – ASX CDD, COLES GROUP LIMITED – ASX COL, VIRGIN AUSTRALIA HOLDINGS LIMITED – ASX VAH, CSL LIMITED – ASX CSL, BORAL LIMITED – ASX BLD, LINK ADMINISTRATION HOLDINGS LIMITED – ASX LNK, WORLEYPARSONS LIMITED – ASX WOR, COCA-COLA AMATIL LIMITED – ASX CCL, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF THE TREASURY, RESERVE BANK OF AUSTRALIA

Religion bill will make it harder to sack people

roymorgansocial Leave a comment

Original article by Phillip Coorey
The Australian Financial Review – Page: 4 : 30-Aug-19

Attorney-General Christian Porter released a draft of the federal government’s proposed Religious Discrimination Bill on 29 August. Porter says the legislation aims to protect people on the basis of their religion, but does not give them a "licence to discriminate against other people", or to engage in vilifying or harassing speech. Under the proposed legislation, a company with turnover of at least $50 million that sacks someone for expressing a religious view that breaches a condition of their employment will need to show that retaining the employee could cause it "unjustifiable financial hardship”.

CORPORATES
AUSTRALIA. ATTORNEY-GENERAL’S DEPT

Grow business or be swamped: SEEK boss

roymorgansocial Leave a comment

Original article by Damon Kitney, Joyce Moullakis
The Australian – Page: 2 : 29-Aug-19

SEEK CEO Andrew Bassat­ and Macquarie Group CEO Shemara Wikramanayak have backed a recent call by Treasurer Josh Frydenberg for Australian companies to lift productivity by reinvesting in their business rather than returning capital to shareholders. Bassat says Australian companies will be less competitive internationally if their level of capital investment continues to lag that of their global peers. However, Boral CEO Mike Kane is amongst the business leaders who have rejected Frydenberg’s comments.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, SEEK LIMITED – ASX SEK, MACQUARIE GROUP LIMITED – ASX MQG, BORAL LIMITED – ASX BLD, FORTESCUE METALS GROUP LIMITED – ASX FMG

Electric car transition unstoppable: Labor

roymorgansocial Leave a comment

Original article by Richard Ferguson
The Australian – Page: 2 : 28-Aug-19

The federal government will contribute $15m to the cost of building 48 electric vehicle charging stations in the eastern states. Meanwhile, shadow energy minister Mark Butler has doubled down on his recent comments regarding Labor’s election policy on electric vehicles, stating that the transition to electric cars is "unstoppable". Butler has maintained that Labor’s target for electric vehicles to account for 50 per cent of new car sales by 2030 was ambitious but "very sensible".

CORPORATES
AUSTRALIA. DEPT OF THE ENVIRONMENT AND ENERGY, AUSTRALIAN LABOR PARTY, ABMARC

Proposed tax reforms a betrayal of small business

roymorgansocial Leave a comment

Original article by Robert Gottliebsen
The Australian – Page: 25 : 28-Aug-19

Treasurer Josh Frydenberg has stressed the need for incentives for businesses to invest by reducing taxes and red tape. However, the federal government’s actions are in fact contrary to its stated intentions. Amongst other things, the Coalition proposes to make directors personally liable for their company’s GST payments and empower the Australian Taxation Office to freeze GST refunds. Likewise, the government wants to introduce criminal penalties for making cash payments of $10,000 or more to any company that has an Australian Business Number. While these measures have the worthy aim of cracking down on phoenix companies and the cash economy, the government’s approach to their implementation has been a complete disaster and could ensure its loss at the next election.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY

Economic socialism cost Labor

roymorgansocial Leave a comment

Original article by Phillip Coorey
The Australian Financial Review – Page: 4 : 28-Aug-19

Labor has come under intense scrutiny following its federal election loss on 18 May. Finance Minister Mathias Cormann has attributed the election defeat to Labor’s adoption of socialist economics, which prompted voters to overlook the Coalition’s own shortcomings. Cormann has also used a Sydney Institute speech to argue that Labor won the 2007 election because Kevin Rudd persuaded voters that he was an economic conservative in the same mould as John Howard, but Labor subsequently re-embraced the socialist left under treasurer Wayne Swan.

CORPORATES
AUSTRALIA. DEPT OF FINANCE, AUSTRALIAN LABOR PARTY, SYDNEY INSTITUTE

Boris fast-tracks Aussie deal

roymorgansocial Leave a comment

Original article by Simon Benson
The Australian – Page: 1 & 7 : 27-Aug-19

Prime Minister Scott Morrison has met with his British counterpart Boris Johnson during the G7 leaders’ summit in France. They discussed issues such as the US-China trade war, Brexit and the UK’s plans to increase its presence in the Asia-Pacific region. Morrison has also indicated that the two nations will act quickly to secure a free-trade agreement when Britain leaves the European Union. Britain is currently Australia’s eighth-largest trading partner and the second-largest source of direct foreign investment.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, GREAT BRITAIN. OFFICE OF THE PRIME MINISTER, GROUP OF SEVEN (G-7), UNITED STATES. EXECUTIVE OFFICE OF THE PRESIDENT

‘Political shocks turn into economic shocks’: RBA chief

roymorgansocial Leave a comment

Original article by Michael Roddan
The Australian – Page: 1 & 4 : 26-Aug-19

Reserve Bank of Australia governor Philip Lowe has told the global monetary policy conference at Jackson Hole in Wyoming that the world is experiencing a period of major political shocks that are turning into economic shocks. Lowe also reiterated the need for governments to provide economic stimulus via infrastructure investment and structural reform, arguing that monetary policy alone is insufficient. Shadow treasurer Jim Chalmers says the federal government lacks a plan to turn around the Australian economy.

CORPORATES
RESERVE BANK OF AUSTRALIA, AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE TREASURY, BANK OF ENGLAND, UNITED STATES. EXECUTIVE OFFICE OF THE PRESIDENT

Federal debt boss: why borrowing isn’t easy

roymorgansocial Leave a comment

Original article by Adam Creighton
The Australian – Page: 4 : 26-Aug-19

Australian Office of Financial Management CEO Rob Nicholl has rejected suggestions that the federal government’s capacity to increase its borrowings has been boosted by the downturn in bond yields. The yield on 10-year government bonds fell below the cash rate of one per cent earlier in August, and Nicholls argues that demand for government debt has not risen despite a global downturn in bond yields. The federal government is resisting pressure to ramp up its infrastructure spending instead of prioritising a return to a Budget surplus.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY. OFFICE OF FINANCIAL MANAGEMENT