AUSTRALIA – POLITICS AND GOVERNMENT

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

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

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

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

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

AAA credit rating at risk from rising public debt

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Original article by David Uren
The Australian – Page: 2 : 12-Apr-16

Australia’s credit rating has not been downgraded since 1989, but Peter Jolly of National Australia Bank has warned that the nation’s public debt may put the coveted triple-A rating at risk. Jolly says public debt is now higher than the level which prompted the ratings downgrades in 1986 and 1989, and he stresses that the Federal Government’s May 2016 Budget must rein in spending. Treasurer Scott Morrison says spending constraint will be a feature of the Budget.

CORPORATES
NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN LABOR PARTY, STANDARD AND POOR’S CORPORATION

Labor bars banks’ super-profits tax

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Original article by Rosie Lewis
The Australian – Page: 4 : 11-Apr-16

Australians Greens MP Adam Bandt has told Sky News that the nation’s largest banks should be subject to a new tax. He argues that the major banks can access the wholesale funding market at much lower rates than smaller rivals as the Federal Government will provide bailouts in the event of financial problems. However, Opposition Treasury spokesman Chris Bowen says the Australian Labor Party will not introduce a "super-profits" tax on banks.

CORPORATES
AUSTRALIAN GREENS, AUSTRALIAN LABOR PARTY, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, WESTPAC BANKING CORPORATION – ASX WBC, AUSTRALIA. DEPT OF THE TREASURY

Scrap road body now, truckies urge Turnbull

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Original article by Sarah Martin, Rosie Lewis
The Australian – Page: 4 : 11-Apr-16

Independent Contractors Australia has urged the Federal Government to abolish the Road Safety Remuneration Tribunal when Parliament is recalled. Prime Minister Malcolm Turnbull and Employment Minister Michaelia Cash have committed to scrapping the RSRT if the Coalition wins the 2016 federal election, and Cash stresses that it lacks sufficient support in the Senate for legislation to abolish the agency. There are concerns that the RSRT’s pay ruling will force many owner-drivers out of the trucking industry.

CORPORATES
INDEPENDENT CONTRACTORS OF AUSTRALIA INCORPORATED, AUSTRALIA. ROAD SAFETY REMUNERATION TRIBUNAL, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF EMPLOYMENT, HIGH COURT OF AUSTRALIA, TRANSPORT WORKERS’ UNION