AUSTRALIA – POLITICS AND GOVERNMENT

Boral risks millions after code warning

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Original article by David Marin-Guzman
The Australian Financial Review – Page: 6 : 21-Dec-18

Boral subsidiary De Martin & Gasparini has been given an official warning from the federal government for breaching its building code. Boral will be banned from tendering for construction projects that receive federal funding if it breaches the code again. Boral is the first company to receive an official warning for a breach of the code, which was introduced alongside the reinstatement of the Australian Building & Construction Commission in 2016.

CORPORATES
BORAL LIMITED – ASX BLD, DE MARTIN AND GASPARINI PTY LTD, AUSTRALIAN BUILDING AND CONSTRUCTION COMMISSION, CONSTRUCTION, FORESTRY, MARITIME, MINING AND ENERGY UNION OF AUSTRALIA, FEDERAL COURT OF AUSTRALIA

ISIS threat alive, allies warn as Trump pulls out

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Original article by Cameron Stewart, Paul Maley
The Australian – Page: 1 & 7 : 21-Dec-18

Liberal senator Jim Molan says President Donald Trump has made a serious mistake in deciding to withdraw all remaining US troops from Syria. Australia was one of few allies of the US to be informed of the decision before it was formally announced. Britain’s Defence Minister Tobias Ellwood has also expressed concern about the decision, warning that Islamic State is still a threat despite Trump’s claims that it has been defeated in Syria. The withdrawal of US troops from Syria had been part of Trump’s 2016 presidential election campaign platform.

CORPORATES
UNITED STATES. EXECUTIVE OFFICE OF THE PRESIDENT, LIBERAL PARTY OF AUSTRALIA, GREAT BRITAIN. MINISTRY OF DEFENCE, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, UNITED STATES. DEPT OF DEFENSE, AUSTRALIA. DEPT OF DEFENCE, LOWY INSTITUTE FOR INTERNATIONAL POLICY

Feds slap down NSW over net zero emissions

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Original article by Ben Potter, Simon Evans
The Australian Financial Review – Page: 1 & 8 : 20-Dec-18

Tensions between the federal government and its New South Wales counterpart have deepened following the Council of Australian Governments’ Energy Council meeting on 19 December. Federal Energy Minister Angus Taylor used a procedural rule to block a motion to develop a national pathway to net zero emissions by 2050. The motion was put forward by NSW Climate and Energy Minister Don Harwin and had the support of many state and territory energy ministers. Harwin says he will continue to push for his proposal.

CORPORATES
COUNCIL OF AUSTRALIAN GOVERNMENTS, AUSTRALIA. DEPT OF THE ENVIRONMENT AND ENERGY, NEW SOUTH WALES. DEPT OF PLANNING AND ENVIRONMENT, SOUTH AUSTRALIA. DEPT FOR TRANSPORT, ENERGY AND INFRASTRUCTURE, AUSTRALIAN ENERGY MARKET OPERATOR LIMITED, AUSTRALIA. ENERGY SECURITY BOARD, QUEENSLAND. DEPT OF ENERGY AND WATER SUPPLY

Labor’s wage bargaining plans a risk to exports

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Original article by David Marin-Guzman
The Australian Financial Review – Page: 1 & 4 : 20-Dec-18

Tom Reid of the Australian Mines & Metals Association has warned that a shift to industry-wide enterprise bargaining could undermine the competitiveness and sustainability of the nation’s resources sector. Labor proposes to restrict industry-wide bargaining to sectors that have low wages, although unions advocate extending it to other sectors of the economy. Meanwhile, Australian Retailers Association CEO Russell Zimmerman says industry-wide bargaining may be a viable alternative to the costly enterprise bargaining process for small retailers.

CORPORATES
AUSTRALIAN MINES AND METALS ASSOCIATION (INCORPORATED), AUSTRALIAN LABOR PARTY, AUSTRALIAN RETAILERS ASSOCIATION, ACTU, ESSO AUSTRALIA PTY LTD, AUSTRALIAN WORKERS’ UNION-FEDERATION OF INDUSTRIAL, MANUFACTURING AND ENGINEERING EMPLOYEES, MARITIME UNION OF AUSTRALIA, BUSINESS COUNCIL OF AUSTRALIA

Labor’s boost to union power alarms business

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Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 4 : 19-Dec-18

Federal Opposition Leader Bill Shorten has told Labor’s national conference that the enterprise bargaining system is not working. The national conference has endorsed a new industrial relations policy platform which includes the reinstatement of industry-wide enterprise bargaining. Shorten has also committed to reversing penalty rate cuts and abolishing the Australian Building & Construction Commission and the Registered Organisations Commission if Labor wins the 2019 election. Employer groups have urged Labor to clarify whether pattern bargaining will be restricted to low-paid workers or if it will apply across the economy.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIAN BUILDING AND CONSTRUCTION COMMISSION, AUSTRALIA. REGISTERED ORGANISATIONS COMMISSION, THE AUSTRALIAN INDUSTRY GROUP, AUSTRALIAN CHAMBER OF COMMERCE AND INDUSTRY, AUSTRALIA. FAIR WORK COMMISSION, ACTU, AUSTRALIA. DEPT OF JOBS AND SMALL BUSINESS, AUSTRALIAN WORKERS’ UNION-FEDERATION OF INDUSTRIAL, MANUFACTURING AND ENGINEERING EMPLOYEES

Shorten government would introduce Fair Work pay equity rules

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Original article by Tom McIlroy
The Australian Financial Review – Page: 9 : 18-Dec-18

Measures aimed at reducing the gender pay gap will be unveiled at Labor’s national conference on 18 December. Amongst other things, a Labor government would give the Fair Work Commission greater power to undertake pay equity reviews and increase wages in sectors where the majority of workers are women. Deputy Opposition Leader Tanya Plibersek says the existing laws on pay equity have proven to be inadequate.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIA. FAIR WORK COMMISSION, AUSTRALIA. WORKPLACE GENDER EQUALITY AGENCY

Paris target in sight eight years early

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Original article by Joe Kelly
The Australian – Page: 5 : 18-Dec-18

Emissions from power generation in the National Electricity Market are tipped to fall to 26 per cent below 2005 levels by 2022. This is according to the Emissions Projections 2018 Report, and would mean Australia will meet its Paris targets eight years ahead of schedule. Energy Minister Angus Taylor says the projections show that there is no need to revive the failed National Energy Guarantee, nor is there a need for a mechanism to reduce emissions, as called for by Labor and business groups.

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

Miners drive corporate profit surge

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Original article by Matthew Cranston
The Australian Financial Review – Page: 5 : 18-Dec-18

The federal government expects total revenue for 2018-19 to be $8.3bn higher than forecast in the May 2018 Budget, and $12.4bn higher over the forward estimates period. The revenue windfall has been driven by rising corporate profits, particularly in the mining sector as a result of higher commodity prices. Corporate tax revenue is expected to be about $495bn in 2018-19, compared with $460bn in 2017-18. However, economists say a sustained increase in company tax receipts cannot be taken for granted.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, PRICEWATERHOUSECOOPERS AUSTRALIA (INTERNATIONAL) PTY LTD, AMP CAPITAL INVESTORS LIMITED

PM’s $9.2bn tax cut plan for election

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Original article by Ben Potter, Michael Roddan
The Australian – Page: 1 & 4 : 18-Dec-18

Analysis of the Mid-Year Economic and Fiscal Outlook suggests that the federal government may announce some $9.2bn worth of income tax cuts over four years prior to the 2019 election. The figures for ‘decisions taken but not yet announced’ also suggest that an additional $1.4bn may be set aside for spending that could potentially be directed toward marginal seats. To date, the government has announced policy measures worth around $16bn in total. However, economists have cautioned against committing to expenditure on the basis of revenue gains that may not be sustained.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF FINANCE, DELOITTE ACCESS ECONOMICS PTY LTD

Coalition $30bn in the black

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Original article by Simon Benson, David Uren
The Australian – Page: 1 & 2 : 17-Dec-18

The federal government’s mid-year economic and fiscal outlook is expected to show that increased company tax revenue and reduced spending will result in a Budget surplus of about $4bn in 2019-20, compared with a previous forecast of $2.2bn. The surplus is expected to total $30bn over the next four years, up from the $15.3bn surplus that had been forecast in the May 2018 Budget. Meanwhile, the deficit for 2018-19 could be just $5bn, down from previous expectations of $14.4bn. The mid-year budget update will be released on 17 December.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. DEPT OF FINANCE, AUSTRALIAN LABOR PARTY, DELOITTE ACCESS ECONOMICS PTY LTD, AMP LIMITED – ASX AMP