AUSTRALIA – POLITICS AND GOVERNMENT

Treasurer’s panic and disloyalty

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Original article by Dennis Shanahan, Jack Quail
The Australian – Page: 1 & 4 : 4-Sep-24

Former prime minister John Howard has criticised Treasurer Jim Chalmers for attempting to blame the Reserve Bank of Australia for the nation’s high interest rates. He contends that this has badly backfired, and RBA governor Michele Bullock does not deserve to be attacked in this way. Howard has also defended the performance of Bullock and the RBA’s board, arguing that they have had no alternative to raising the cash rate, due to factors such as the level of inflation and government spending. However, former RBA governor Bernie Fraser says the central bank has lost credibility and needs to reduce the cash rate sooner rather than later.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, RESERVE BANK OF AUSTRALIA

Andrew Giles approved rule change that raised risk serious criminals might keep visas

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Original article by Paul Karp
The Guardian Australia – Page: Online : 4-Sep-24

Former immigration minister Andrew Giles continues to attract scrutiny over his handling of visas for non-citizens who have been convicted of crimes in Australia. Documents obtained via freedom of information laws show that Giles had increased the threshold for ministerial reconsideration of visa cancellations on character grounds in March 2023. Giles had previously reviewed cases from the Administative Appeals Tribunal if a non-citizen was deemed to be a ‘serious risk’ of offending, but this threshold was raised to a ‘very serious ongoing risk’. This decision was overturned by Tony Burke when he took over the home affairs and immigration portfolio earlier in 2024.

CORPORATES
AUSTRALIA. DEPT OF HOME AFFAIRS

Probe into investors in minerals firm

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Original article by Brad Thompson
The Australian Financial Review – Page: 15 : 4-Sep-24

A spokesman for Treasurer Jim Chalmers says the federal government will undertake a full assessment of whether the Yuxiao Fund has complied with an order to divest its stake in Northern Minerals. The Singapore-registered fund and its associates were directed to sell their equity interest in the critical minerals group due to their Chinese links. Yuxiao has sold its stake to two separate Hong Kong-registered companies, Qogir Trading & Service and Hong Kong Ying Tak, which will also be subject to government scrutiny on national interest grounds.

CORPORATES
NORTHERN MINERALS LIMITED – ASX NTU, YUXIAO FUND, AUSTRALIA. DEPT OF THE TREASURY

Labor stares down furious CFMEU’s court challenge

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Original article by Ewin Hannan
The Australian – Page: 2 : 4-Sep-24

The CFMEU’s former national president Jade Ingham says legislation to appoint an administrator to its construction division is "unconstitutional and undemocratic". He has launched a legal challenge to the legislation in the High Court, contending that the laws could potentially be used to target any organisation that "gets off-side" of the federal government. Workplace Relations Minister Murray Watt and Prime Minister Anthony Albanese have stated that the federal government had expected a legal challenge and has prepared for it.

CORPORATES
CONSTRUCTION, FORESTRY AND MARITIME EMPLOYEES UNION, AUSTRALIA. DEPT OF EMPLOYMENT AND WORKPLACE RELATIONS, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET

Bosses exploiting CFMEU vacuum

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Original article by Ewin Hannan
The Australian – Page: 5 : 3-Sep-24

The Maritime Union of Australia’s national secretary Paddy Crumlin has warned that CFMEU members, employees and officials will be hard hit by the federal government’s move to appoint an administrator to its construction division. He says many full-time officials were sacked when the administrator took control, despite not being accused of any wrongdoing. He adds that these officials are subject to special provisions that prohibit them from taking jobs at any other union. Credlin, who is also the national president of the CFMEU, also says that some employers in the construction industry have refused to sign off on new workplace agreements that were about to be finalised when the administrator was appointed.

CORPORATES
CONSTRUCTION, FORESTRY AND MARITIME EMPLOYEES UNION, MARITIME UNION OF AUSTRALIA

Roy Morgan Poll: ALP (50.5%) now marginally ahead of the Coalition (49.5%) after Albanese Government’s strong stance on putting the CFMEU into administration

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Original article by Roy Morgan
Market Research Update – Page: Online : 3-Sep-24

If a Federal Election were held now the result would be ‘too close to call’ with the ALP on 50.5% (up 1%) just ahead of the Coalition on 49.5% (down 1%) on a two-party preferred basis, the latest Roy Morgan survey finds. This was a reverse of last week’s results after the Albanese Government’s strong stance on placing the CFMEU into administration last week; however, the ALP or Coalition would require the support of minor parties and independents to form a minority government. The result once again highlights the importance of preference flows to determine the overall two-party preferred result. The ALP primary vote increased 1% to 30.5%, Coalition support dropped 3.5% to 36% – its lowest for nearly three months. Support for the Greens was unchanged at 13% while support for One Nation was up 2% to 6%, support for Other Parties was unchanged at 5% and support for Independents was up 0.5% to 9.5%.

CORPORATES
ROY MORGAN LIMITED, MORGAN POLL, AUSTRALIAN LABOR PARTY, LIBERAL PARTY OF AUSTRALIA, NATIONAL PARTY OF AUSTRALIA, AUSTRALIAN GREENS, ONE NATION PARTY, CONSTRUCTION, FORESTRY AND MARITIME EMPLOYEES UNION

‘Too far’: ALP frontbencher’s warning to Reserve Bank

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Original article by Jack Quail
The Australian – Page: 1 & 4 : 3-Sep-24

Treasurer Jim Chalmers says CPI data to be released on Wednesday will underline the impact of interest rate rises on the economy. Chalmers contends that he is "not taking a shot at anyone", although some observers have suggested that he is seeking to blame the Reserve Bank for the slowdown in the economy. Independent economist Saul Eslake says the fact that there has been only a small uptick in the unemployment rate refutes Chalmers’ claim that the Reserve Bank’s interest rate increases are "smashing the economy". Meanwhile, Assistant Immigration Minister Matt Thistlethwaite says the central bank must not go "too far" in seeking to combat inflation.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, RESERVE BANK OF AUSTRALIA

Inflation watch: mind the gap

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Original article by Jack Quail
The Australian – Page: 4 : 28-Aug-24

Economists expect official data to be released on Wednesday will show that Australia’s headline inflation rate eased to 3.4 per cent in the year to July, compared with 3.8 per cent in June. HSBC’s chief economist Paul Bloxham says the Reserve Bank’s board is likely to overlook the headline inflation figure when it meets in September, given that its preferred measure of underlying inflation is expected to be higher. Treasurer Jim Chalmers says that although inflation remains "sticky and stubborn", Labor has made a lot of progress in reducing it since taking office in May 2022. Shadow treasurer Angus Taylor contends that Labor’s cost-of-living measures will temporarily reduce the headline inflation rate.

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HSBC AUSTRALIA HOLDINGS PTY LTD, RESERVE BANK OF AUSTRALIA, AUSTRALIA. DEPT OF THE TREASURY, LIBERAL PARTY OF AUSTRALIA

CFMEU vows to destroy the ALP

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Original article by Ewin Hannan, Mohammad Alfares
The Australian – Page: 1 & 5 : 28-Aug-24

More than 60,000 construction workers downed tools on Tuesday to join capital city protests against the federal government’s move to appoint administrators to the CFMEU’s construction divisions. Sacked CFMEU state leaders said they will campaign for the "absolute destruction" of Labor, urging union members to vote against the party at the next federal election and the state polls in Queensland and NSW. Former Queensland state secretary Michael Ravbar intends to pursue a High Court challenge against the administration, while former national secretary Christy Cain has urged Maritime Union of Australia members to join the next rally in solidarity with the CFMEU.

CORPORATES
CONSTRUCTION, FORESTRY AND MARITIME EMPLOYEES UNION, AUSTRALIAN LABOR PARTY, MARITIME UNION OF AUSTRALIA

Coalition’s $100bn savings formula

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Original article by Simon Benson
The Australian – Page: 1 & 4 : 27-Aug-24

Shadow treasurer Angus Taylor says the Coalition will pursue a ‘back to basics’ economic agenda if it wins the next federal election. The Coalition has identified nearly $100bn worth of savings it can make by scrapping government programs and initiatives. They include the Housing Australia Future Fund, the Rewiring the Nation program and the Future Made in Australia policy. Taylor says the government’s excessive spending is driving up the longer term inflation rate, and notes this has been acknowledged by the Reserve Bank.

CORPORATES
LIBERAL PARTY OF AUSTRALIA, RESERVE BANK OF AUSTRALIA