AUSTRALIA – POLITICS AND GOVERNMENT

Negative gearing in Labor’s sights as Albanese readies for election battle

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Original article by James Massola, David Crowe
The Age – Page: Online : 25-Sep-24

Several federal government sources have confirmed that Labor is considering potential changes to the negative gearing regime ahead of the upcoming election. One of the government officials has indicated that the Treasury has been asked to undertake modelling on possible reform options. Treasury is not believed to be considering the changes to the negative gearing and capital gains tax regimes that former Labor leader Bill Shorten took to the 2016 and 2019 elections.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE TREASURY

Rates on hold will not help home buyers

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Original article by Nila Sweeney
The Australian Financial Review – Page: 26 : 25-Sep-24

Australian home buyers’ borrowing capacity has been cut by around 30 per cent since the Reserve Bank started reducing the cash rate in May 2022. Tim Lawless from CoreLogic says borrowing capacity – and therefore buying activity in the housing market – will not improve until the central bank starts to ease monetary policy. AMP’s chief economist Shane Oliver in turn says demand is unlikely to rise until there are clear signs that the Reserve Bank is about to reduce the cash rate.

CORPORATES
RESERVE BANK OF AUSTRALIA, CORELOGIC AUSTRALIA PTY LTD, AMP LIMITED – ASX AMP

Wong urges Australians to flee Lebanon

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Original article by Phillip Coorey
The Australian Financial Review – Page: 6 : 25-Sep-24

It is estimated that between 15,000 and 20,000 Australian citizens are in Lebanon at any given time. The federal government has urged Australians to leave Lebanon while commercial flights are still available, amid fears that the current conflict between Israel and Hezbollah will escalate. Foreign Minister Penny Wong has warned that the government lacks the capacity to evacuate every Australian who is currently in Lebanon, while Prime Minister Anthony Albanese has criticised Australians for continuing to travel to Lebanon in recent months despite growing tensions in the region.

CORPORATES
AUSTRALIA. DEPT OF FOREIGN AFFAIRS AND TRADE, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET

Green light for three coalmine extensions

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Original article by Colin Packham
The Australian – Page: 1 & 4 : 25-Sep-24

The federal government has approved the expansion of coal mines owned by Whitehaven Coal, MACH Energy and Ashton Coal Operations in the Hunter Valley region of NSW. Environment Minister Tanya Plibersek has emphasised that they are existing projects rather than new ones, and there will be limited clearing of land in order to protect threatened species. However, Carmel Flint from the Lock the Gate ­Alliance says it is shameful that the government has approved the thermal coal min expansions when it is supposed to be committed to a net-zero emissions target of 2050.

CORPORATES
WHITEHAVEN COAL LIMITED – ASX WHC, MACH ENERGY AUSTRALIA PTY LTD, ASHTON COAL OPERATIONS PTY LTD, AUSTRALIA. DEPT OF CLIMATE CHANGE, ENERGY, THE ENVIRONMENT AND WATER, LOCK THE GATE ALLIANCE INCORPORATED

Axed Direction 63 fuels security fears

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Original article by Rhiannon Down, Geoff Chambers
The Australian – Page: 1 & 5 : 18-Sep-24

The federal government’s national security credentials are under renewed scrutiny following revelations that it had revoked a controversial ministerial direction in early 2024. Direction 63 had allowed the government to deport people who were in Australia on bridging visas if they had been charged with a criminal offence or were being investigated by police. It had been in place since 2014, but was widely criticised by lawyers because it allowed people to be deported without having been convicted of a crime. It was replaced by Direction 104 in March; this still provides the immigration minister with discretion to cancel the visas of ­people who have been charged with a crime.

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AUKUS originals to embrace threesome – that’s the pillar talk

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Original article by Ben Packham
The Australian – Page: 1 & 5 : 18-Sep-24

The three founding members of the AUKUS alliance are not expected to expand the nuclear submarines component of the defence pact to include other nations. However, the political leaders of Australia, the US and the UK will indicate on Wednesday that they may be open to inviting South Korea, New Zealand and Canada to participate in the ‘Pillar II’ phase of the defence pact, which will focus on military technology. They have previously flagged the possibility that Japan could be invited to join Pillar II. The leaders’ statement will be issued to mark the third anniversary of the alliance. Prime Minister Anthony Albanese will also discuss progress on AUKUS at the upcoming four-nation Quad leaders’ meeting in the US.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET

CFMEU scandal once in a generation chance

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Original article by Ewin Hannan
The Australian – Page: 1 & 4 : 18-Sep-24

The federal government will reconvene its National Construction Industry Forum in October. Amongst other things, members of the forum will be asked to consider measures aimed at addressing corruption and misconduct in the building and construction industry. Workplace Relations Minister Murray Watt says a "major reset" is needed in the nation’s construction industry, and the scandal that has embroiled the CFMEU is a "once-in-a-generation" opportunity to do so. Meanwhile, the CFMEU’s administrator Mark Irving will use his coercive powers to direct Geoffrey Watson SC to continue with his investigation into corruption within the union’s Victorian branch.

CORPORATES
CONSTRUCTION, FORESTRY AND MARITIME EMPLOYEES UNION, NATIONAL CONSTRUCTION INDUSTRY FORUM, AUSTRALIA. DEPT OF EMPLOYMENT AND WORKPLACE RELATIONS

No retreat on IR laws: Albanese

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Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 4 : 18-Sep-24

Industrial relations is set to be a key federal election issue, after Prime Minister Anthony Albanese indicated on Tuesday that Labor will not back down on the reforms it has implemented. The Coalition in turn has committed to repealing key aspects of the reforms, including multiple-employer bargaining. Meanwhile, Albanese has told the Business Council of Australia’s annual dinner that his government is "proudly pro-business and pro-worker". Albanese used his speech to highlight Labor policies and initiatives that have helped the business sector. However, BCA CEO Bran Black and president Geoff Culbert both criticised Labor’s workplace reforms in their speeches at the event.

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

No policy and extreme right views will cost Dutton: Labor

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Original article by Phillip Coorey
The Australian Financial Review – Page: 3 : 17-Sep-24

Labor MPs are hopeful that the Coalition’s lack of policies will see voters look more favourably upon the federal government in the lead-up to the next election. With opinion polls continuing to suggest the election result will be very tight, and the possibility of a Coalition minority government not being ruled out, Tim Ayres, who is an assistant minister in the federal government, claims voters will be reluctant to vote for the Coalition because of what he claims are the extreme views of Opposition leader Peter Dutton.

CORPORATES
AUSTRALIAN LABOR PARTY, LIBERAL PARTY OF AUSTRALIA

Kelty blasts Labor failure on economy

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Original article by Jennifer Hewett
The Australian Financial Review – Page: 1 & 2 : 17-Sep-24

Former ACTU secretary Bill Kelty says that while the federal government has delivered some good policies in its first term of office, it lacks any plan to revive Australia’s moribund economy. Some of the areas that Kelty suggests that the government needs to take action to stimulate the economy include a revision of bank lending rules and a major shake-up of the tax system. Kelty recently told a meeting of Melbourne business leaders that Paul Keating was correct when he said the government needs a greater dose of imagination, while he has also proposed a new model of enterprise bargaining that includes guaranteed jobs in every industry in which there is a shortage.

CORPORATES
ACTU