AUSTRALIA – POLITICS AND GOVERNMENT

LNG Asia price slump irks east coast manufacturers

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Original article by Angela Macdonald-Smith
The Australian Financial Review – Page: 20 : 28-Mar-19

The Asian spot price of LNG has fallen to a three-year low of around $US4.50 per million British thermal units, which equates to about $6.30 per gigajoule. In contrast, the spot price in Sydney is trading at around $11.25/GJ. Some gas buyers have urged the federal government to intervene by imposing restrictions on Queensland’s LNG exporters, but Resources Minister Matthew Canavan says the best way to put downward pressure on domestic prices is to find new sources of supply.

CORPORATES
AUSTRALIA. DEPT OF INDUSTRY, INNOVATION AND SCIENCE, SANTOS LIMITED – ASX STO, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, WESTON ENERGY, INCITEC PIVOT LIMITED – ASX IPL, CLAYPAVE PTY LTD, REMAPAK PTY LTD, WORRELLS SOLVENCY AND FORENSIC ACCOUNTANTS

PM’s war chest to reach $70bn

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Original article by Simon Benson, David Uren
The Australian – Page: 1 & 4 : 28-Mar-19

The Commonwealth Bank of Australia estimates that the federal government could post a combined surplus of about $60bn between 2019-20 and 2021-22. CBA adds that the government could have up to $70bn at its disposal for spending initiatives during the upcoming election campaign, including scope for up to $6bn in additional tax cuts. Meanwhile, economists at National Australia Bank have flagged the possibility that the Budget will be returned to surplus in 2018-19, which is a year earlier than the government has forecast.

CORPORATES
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, WESTPAC BANKING CORPORATION – ASX WBC, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIAN LABOR PARTY, DELOITTE ACCESS ECONOMICS PTY LTD

New public interest test just one part of Greens’ wide-ranging media reforms

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Original article by Samantha Maiden
The New Daily – Page: Online : 26-Mar-19

The Greens want to encourage public interest journalism by extending tax breaks for news media subscriptions. Its plans are part of a media reform package that would also involve a clampdown on false news on social media and the possible breakup of media companies such as News Corporation. Greens senator Sarah Hanson-Young says regulators should be given stronger powers so that they can penalise broadcasters that provide proponents of hate speech a platform for their views.

CORPORATES
AUSTRALIAN GREENS, NEWS CORPORATION – ASX NWS, FAIRFAX MEDIA LIMITED, SKY NEWS, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, SEVEN GROUP HOLDINGS LIMITED – ASX SVW, AUSTRALIAN BROADCASTING CORPORATION, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, AUSTRALIA. PRODUCTIVITY COMMISSION

Social media chiefs get jail term warning

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Original article by Andrew Tillett
The Australian Financial Review – Page: 3 : 26-Mar-19

Social media companies and internet service providers will meet with Prime Minister Scott Morrison on 26 March. The meeting has been convened in the wake of the live-streaming of the Christchurch mosque shootings on Facebook. Morrison says the federal government will act if social media companies are not prepared to take steps to prevent the use of their platforms in a similar fashion. The threat of jail terms for social media executives who are not seen to be co-operating with the government on the issue has been raised.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, GOOGLE AUSTRALIA PTY LTD, FACEBOOK AUSTRALIA PTY LTD, TWITTER AUSTRALIA HOLDINGS PTY LTD, TELSTRA CORPORATION LIMITED – ASX TLS, SINGTEL OPTUS PTY LTD, VODAFONE AUSTRALIA LIMITED

Living wage for 1.2m in Labor pitch

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Original article by Ewin Hannan
The Australian – Page: 1 & 4 : 26-Mar-19

Opposition Leader Bill Shorten has indicated that Labor’s living wage policy would boost the income of low-income earners from mid-2020. Details of the policy will be announced on 26 March, but Shorten has signalled that the living wage will apply only to people on the minimum wage rather than workers who are on award wages. Shorten also says Labor will legislate to require the Fair Work Commission to take into account a broader range of factors than at present in setting the living wage. Australian Industry Group CEO Innes Willox is among the critics of Labor’s living wage policy.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIA. FAIR WORK COMMISSION, THE AUSTRALIAN INDUSTRY GROUP, ACTU

Tax cuts offset low wages: Libs

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Original article by Phillip Coorey
The Australian Financial Review – Page: 3 : 25-Mar-19

The federal government’s April 2019 Budget is expected to include an election sweetener in the form of billions of dollars worth of income tax cuts, in addition to those that were legislated in 2018. Liberal senator Arthur Sinodinos says tax cuts that target low and middle-income earners will provide some relief from the rising cost of living until wages begin growing. However, shadow treasurer Chris Bowen argues that tax cuts are not a substitute for wages growth, adding that Labor’s policy will provide greater tax relief for people on low and middle incomes.

CORPORATES
LIBERAL PARTY OF AUSTRALIA, AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE TREASURY

Mediscare campaign aimed at marginals

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Original article by Ben Packham
The Australian – Page: 2 : 25-Mar-19

Opposition Leader Bill Shorten has advised that Labor will resume indexation of some Medicare benefits from July if it wins the federal election. Labor imposed the Medicare freeze in 2013, and it has been extended twice by the Coalition government. Shorten has indicated that the health system will be Labor’s top priority at the upcoming poll. He claims that the Liberals’ spending cuts mean that Australians are now paying more than ever to see a GP or a specialist. The Medicare freeze was slated to remain in place until July 2020.

CORPORATES
AUSTRALIAN LABOR PARTY, LIBERAL PARTY OF AUSTRALIA, AUSTRALIA. DEPT OF HUMAN SERVICES. MEDICARE AUSTRALIA

Gladys triumph: PM eyes May 11

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Original article by Simon Benson, Ben Packham
The Australian – Page: 1 & 4 : 25-Mar-19

The New South Wales government is set to retain office with a majority of up to two seats after gaining 42.7 per cent of the primary vote in the state election on 23 March. Labor’s primary vote was 33 per cent, while the Shooters, Fishers & Farmers Party won two seats from the National Party in regional and rural areas. Meanwhile, the federal government is expected to hold an election on 11 May, with a five-week election campaign likely to be announced days after the Budget on 2 April. Sources have indicated that the government will seek to shore up support in regional and rural areas by including a regional ­economic development package in the Budget.

CORPORATES
AUSTRALIAN LABOR PARTY, SHOOTERS, FISHERS AND FARMERS PARTY, LIBERAL PARTY OF AUSTRALIA, NATIONAL PARTY OF AUSTRALIA, AUSTRALIA. PRODUCTIVITY COMMISSION, NATIONAL IRRIGATORS COUNCIL LIMITED, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET

PM, Nats work on coal peace plan

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Original article by Phillip Coorey, Aaron Patrick
The Australian Financial Review – Page: 1 & 7 : 25-Mar-19

The National Party performed poorly in the New South Wales election on 23 March. This appears likely to re-ignite tensions within the Coalition at the federal level over issues such as coal-fired power stations, with former Nationals leader Barnaby Joyce calling for the federal government to support coal-fired power stations. Prime Minister Scott Morrison and Nationals leader Michael McCormack are understood to be working on a "peace deal" over the issue.

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

Labor push on minimum wage will hurt those it’s meant to help

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Original article by Kurt Wallace
The Australian – Page: 14 : 22-Mar-19

Opposition Leader Bill Shorten has committed to raising the minimum wage to become a "living wage" if Labor wins the 2019 election. The ACTU has stated that a living wage is needed so that no full-time worker is living in poverty, but under its definition of what is poor, someone earning $42,000 a year would be deemed to be living in poverty; many would take issue at this definition. Research based on the annual Household, Income and Labour Dynamics in Australia survey suggests that poverty is on the decline, while introducing a living wage will result in less jobs and fewer hours worked.

CORPORATES
AUSTRALIAN LABOR PARTY, ACTU, AUSTRALIA. FAIR WORK COMMISSION, INSTITUTE OF PUBLIC AFFAIRS LIMITED, UNIVERSITY OF MELBOURNE. INSTITUTE OF APPLIED ECONOMIC AND SOCIAL RESEARCH