AUSTRALIA – POLITICS AND GOVERNMENT

PM rolls DD poll dice

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Original article by David Crowe
The Australian – Page: 1 & 6 : 19-Apr-16

The Senate’s rejection of a bill to reinstate the Australian Building & Construction Commission means a double-dissolution election on 2 July 2016 is almost certain. However, Prime Minister Malcolm Turnbull is unlikely to seek the dissolution of Parliament until after the Budget is handed down on 3 May. Four of the crossbench senators voted against the ABCC bill, which was defeated by just two votes. Meanwhile, both houses of parliament have passed legislation to abolish the Road Safety Remuneration Tribunal.

CORPORATES
AUSTRALIAN BUILDING AND CONSTRUCTION COMMISSION, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. ROAD SAFETY REMUNERATION TRIBUNAL, AUSTRALIAN LABOR PARTY, AUSTRALIAN GREENS, AUSTRALIA. OFFICE OF THE GOVERNOR-GENERAL, AUSTRALIA. DEPT OF DEFENCE, AUSTRALIA. ATTORNEY-GENERAL’S DEPT, NEWSPOLL

Spending and taxing failures risk AAA: Moody’s

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Original article by Jacob Greber
The Australian Financial Review – Page: 1 & 6 : 15-Apr-16

Ratings agency Moody’s expects Australia’s debt to rise to about 38 per cent of GDP, compared with 35 per cent at present. Moody’s analyst Marie Diron notes that this has risen from just 11.6 per cent over the last decade, while the debt of other countries with a triple-A credit rating has averaged 41 per cent over this period. Diron adds that the Federal Government is unlikely to return the Budget to surplus by 2021 unless there is an increase in taxes.

CORPORATES
MOODY’S INVESTORS SERVICE INCORPORATED, AUSTRALIAN LABOR PARTY

Axe state governments, says Freelancer’s Barrie

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Original article by Misa Han
The Australian Financial Review – Page: 12 : 15-Apr-16

Freelancer CEO Matt Barrie is a radical thinker. He shared his views on a number of topics with the audience at the Knowledge Nation summit on 14 April 2016. He said Australia’s state governments should be abolished because the current federal system encourages regulatory duplication, populism and bureaucratic excesses. He also advocated adding more technology subjects to the school curriculum.

CORPORATES
FREELANCER LIMITED – ASX FLN

Doubts over iron ore boost to budget

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Original article by David Uren
The Australian – Page: 4 : 14-Apr-16

The Treasury has estimated that each $US10 rise or fall in the iron ore price has a $A6.5bn impact on government revenue over two years. The spot price of iron ore is trading at close to $US60/per tonne. The Budget bottom-line would be bolstered by around $A14.3bn over two years if the recent price gains are sustained. Justin Smirk of Westpac warns this is not certain, noting that global supply will be boosted by new mines, while some mothballed mines may resume production.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, WESTPAC BANKING CORPORATION – ASX WBC

Toll joins chorus to kill off truckies tribunal

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Original article by Ewin Hannan
The Australian Financial Review – Page: 3 : 14-Apr-16

Australian logistics group Toll Holdings supports the Federal Government’s push to abolish the Road Safety Remuneration Tribunal. A spokesman says the company has had concerns about the RSRT since it was first proposed in 2010 and notes that Toll deals with many owner-drivers, who will be affected by the "safe rates" regime. Meanwhile, crossbench senator John Madigan has indicated that he may vote in favour of legislation to scrap the RSRT.

CORPORATES
TOLL HOLDINGS LIMITED, AUSTRALIA. ROAD SAFETY REMUNERATION TRIBUNAL, AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. NATIONAL HEAVY VEHICLE REGULATOR, LINFOX PROPERTIES, TRANSPORT WORKERS’ UNION, NATROAD LIMITED

Budget cuts needed for AAA: JPMorgan

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Original article by Jacob Greber
The Australian Financial Review – Page: 1 & 2 : 14-Apr-16

Australia’s credit rating has not been downgraded since 1986, but Sally Auld of JP Morgan warns that the nation’s Budget deficit, national debt and current account deficit are now at similar or higher levels. She says Australia’s coveted triple-A credit rating may be at risk unless the May 2016 Budget includes additional reductions in government expenditure. Meanwhile, the International Monetary Fund says export-focused countries must reduce government spending in anticipation that commodity prices will remain low for some time.

CORPORATES
JP MORGAN AUSTRALIA LIMITED, INTERNATIONAL MONETARY FUND, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, WESTPAC BANKING CORPORATION – ASX WBC

The alternative to a Bank Commission – tackle Australia’s massive ‘cash economy’

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Original article by Gary Morgan
Market Research Update – Page: Online : 12-Apr-16

The cost and distraction of a Bank Royal Commission would be expensive and unnecessary. Banks have high customer satisfaction ratings. Today Australia needs the banks and other financial institutions to be more involved in helping businesses and their customers in difficult financial times. Much more important to the electorate is Australia’s massive real unemployment and under-employment – in March 11 per cent unemployed and 7.8 per cent under-employed . The situation will not improve with recent industry lay-offs. Many of Australia’s business failures have been caused by falling commodity prices and unrealistic work practices upheld by outdated industrial relations laws. With the lack of sufficient work many Australians see no alternative but to be part of the massive cash economy. Both sides of politics need to present to the electorate policies which tackle this problem – only then will State and Federal Governments have any hope of cutting the massive government deficit and collecting sufficient additional revenue needed for education, hospitals, roads, transport, etc.

CORPORATES
ROY MORGAN RESEARCH LIMITED, ARRIUM LIMITED – ASX ARI, WOOLWORTHS LIMITED – ASX WOW, MASTERS HOME IMPROVEMENT AUSTRALIA PTY LTD, DICK SMITH HOLDINGS LIMITED – ASX DSH, QUEENSLAND NICKEL PTY LTD

Removalists hit as PM moves to axe roads body

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Original article by Joe Kelly
The Australian – Page: 1 & 6 : 13-Apr-16

The Australian Government will introduce legislation to abolish the Road Safety ­Remuneration Tribunal when Parliament is recalled. The move now has the support of five crossbench senators. The Government will also introduce separate legislation to halt the implementation of the RSRT’s ruling on "safe rates" for owner-drivers in the trucking industry. The Australian Furniture ­Removers’ Association has warned that consumers who hire self-employed interstate removalists would face significant penalties if they did not pay the "safe rates".

CORPORATES
AUSTRALIA. ROAD SAFETY REMUNERATION TRIBUNAL, AUSTRALIAN FURNITURE REMOVERS’ ASSOCIATION, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIAN LABOR PARTY, AUSTRALIA. FAIR WORK OMBUDSMAN, AUSTRALIA. DEPT OF EMPLOYMENT, THE AUSTRALIAN INDUSTRY GROUP, AUSTRALIAN CHAMBER OF COMMERCE AND INDUSTRY, TRANSPORT WORKERS’ UNION, PALMER UNITED PARTY, AUSTRALIAN MOTORING ENTHUSIAST PARTY, HIGH COURT OF AUSTRALIA, INDEPENDENT CONTRACTORS OF AUSTRALIA INCORPORATED

PM offers extra money to watch banks

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Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 4 : 12-Apr-16

Federal Treasurer Scott Morrison has again stated that there is no need for a royal commission into banks. The Opposition claims that such a move is necessary and even some Coalition backbenchers share this view. Morrison said the banking system is already well regulated, although he expressed the willingness of the Government to provide the Australian Securities & Investments Commission with more resources if needed.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, AUSTRALIAN LABOR PARTY, LIBERAL PARTY OF AUSTRALIA, NATIONAL PARTY OF AUSTRALIA

Shorten teeters on truckie pay ruling

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Original article by Joe Kelly
The Australian – Page: 6 : 12-Apr-16

Opposition Leader Bill Shorten says he is willing to negotiate with the Australian Government regarding the introduction of new pay rates for owner-drivers in the trucking industry. The Government still wants to abolish the Road Safety Remuneration Tribunal, but it will opt to for legislation to defer the introduction of revised pay rates and take further action after the federal election. However, Shorten opposes abolishing the RSRT, which was established by the Australian Labor Party in 2012.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIA. ROAD SAFETY REMUNERATION TRIBUNAL, AUSTRALIA. DEPT OF EMPLOYMENT, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, HIGH COURT OF AUSTRALIA, TRANSPORT WORKERS’ UNION, NATIONAL PARTY OF AUSTRALIA