AUSTRALIA – POLITICS AND GOVERNMENT

Albanese plan has dealt a blow to east coast gas supply

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Original article by Samantha Hutchinson
The Australian Financial Review – Page: Online : 23-Dec-22

APPEA CEO Samantha McCulloch has warned that the federal government’s intervention in the energy market will deter future investment and affect gas supply on the east coast. She adds that Senex Energy’s decision to put a $1bn expansion of its Surat Basin projects on hold is exactly what the industry warned about when the government moved to impose gas price caps. However, the intervention has been defended by Energy Minister Chris Bowen, who argues that Australian industries would have collapsed in 2023 if Labor had taken no action.

CORPORATES
AUSTRALIAN PETROLEUM PRODUCTION AND EXPLORATION ASSOCIATION LIMITED, SENEX ENERGY LIMITED, AUSTRALIA. DEPT OF CLIMATE CHANGE, ENERGY, THE ENVIRONMENT AND WATER

Wong warns of hard issues

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Original article by Andrew Tillett, Michael Smith
The Australian Financial Review – Page: 1 & 4 : 21-Dec-22

Foreign Minister Penny Wong is the first federal government minister to visit China since 2019. Her meeting with Chinese counterpart Wang Yi on Wednesday will coincide with the 50th anniversary of diplomatic relations between the two countries. Wong has downplayed expectations that her visit to China will result in an improvement in the strained relations between the two nations, noting that many of the hard issues will take time to resolve in Australia’s interests. Wong has indicated that she will push for China to ease restrictions on Australian exports and to release two Australians who have been detained on national security charges.

CORPORATES
AUSTRALIA. DEPT OF FOREIGN AFFAIRS AND TRADE

Secret $8bn sweetheart energy deal

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Original article by Simon Benson
The Australian – Page: 1 & 6 : 21-Dec-22

The federal and NSW governments have struck a $7.8bn joint funding deal for eight electricity transmission and Renewable Energy Zone projects across the state. The deal has been negotiated to secure NSW’s support for the federal government’s coal price caps when state parliament is recalled on Wednesday. The federal government will contribute $4.7bn in funding for the projects via its Rewiring the Nation policy. The joint funding will be used to connect the Snowy Hydro 2.0 project and a number of renewable energy zones into the national grid.

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Robodebt question minister can’t answer

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Original article by Catie McLeod
The Australian – Page: 2 : 14-Dec-22

Former human services minister Marise Payne appeared before the royal commission into the robodebt scheme on Tuesday. The inquiry has been told that former social security minister Scott Morrison had been advised in late February 2015 that policy and legislative changes would be required in order to implement the scheme. However, Payne has told the inquiry that she was unable to explain how this advice had "disappeared" by the time the expenditure review committee met to discuss the robodebt scheme in late March of that year.

CORPORATES
AUSTRALIA. ROYAL COMMISSION INTO THE ROBODEBT SCHEME

Top economists urge government to rethink stage three tax cuts

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Original article by Shane Wright
The Age – Page: Online : 14-Dec-22

Prime Minister Anthony Albanese has consistently stated that Labor will not back down on its election commitment to proceed with the Coalition’s stage-three personal income tax cuts. However, labour economist Jeff Borland and former Reserve Bank governor Bernie Fraser are among 100 financial experts who have sent an open letter to Albanese urging his government to reconsider the tax cuts. They contend that the tax cuts are unaffordable in their current form given the changes in the economic and budget outlook since the package was legislated in 2019.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIAN LABOR PARTY, RESERVE BANK OF AUSTRALIA

Gas reservation mooted as energy row heats up

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Original article by Rosie Lewis, Perry Williams, Sarah Ison
The Australian – Page: 1 & 2 : 14-Dec-22

The oil and gas industry has criticised Prime Minister Anthony Albanese after he flagged the possibility of adopting a national gas reservation policy. Albanese has praised Western Australia’s gas reservation policy and indicated that replicating this at federal level may be needed as a longer-term solution to rising energy prices than the government’s proposed intervention. NSW and Victoria have advocated a national gas reservation scheme, but APPEA CEO Samantha McCulloch says adequate measures are already in place, such as the Australian Domestic Gas Security Mechanism. She contends that increased regulation will deter investment and adversely affect Australia’s reputation amongst its key trading partners.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIAN PETROLEUM PRODUCTION AND EXPLORATION ASSOCIATION LIMITED

Firms war-game the new IR rules

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Original article by Hannah Wootton
The Australian Financial Review – Page: 6 : 29-Nov-22

Perth-based conglomerate Wesfarmers has indicated that it will continue to use enterprise agreements rather than shifting to multi-employer bargaining. CFO Anthony Gianotti says Wesfarmers believes that traditional enterprise agreements are the best way of driving real wage growth. Ramsay Health Care’s CFO Martyn Roberts in turn says that negotiating pay rises across rival companies in the same sector may be "quite challenging". Gianotti adds that the Secure Jobs, Better Pay reforms have not gone far enough in simplifying the industry awards system.

CORPORATES
WESFARMERS LIMITED – ASX WES, RAMSAY HEALTH CARE LIMITED – ASX RHC

Greens threaten to support Liberal amendment in move that could derail passage of key integrity bill

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Original article by Paul Karp
The Guardian Australia – Page: Online : 29-Nov-22

The federal government is still aiming to pass legislation for its National Anti-Corruption Commission before parliament rises for the year. However, it has received a setback after the Liberal Party proposed an amendment which would require the appointments of the NACC commissioner and inspector to be approved by at least three-quarters of the joint parliamentary oversight committee’s members. The Greens have indicated that they may be open to supporting this amendment unless the government agrees to allow the NACC’s parliamentary oversight committee to be chaired by a non-government MP.

CORPORATES
LIBERAL PARTY OF AUSTRALIA, AUSTRALIAN GREENS

Morrison will be censured by parliament – but not by the Coalition

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Original article by Phillip Coorey
The Australian Financial Review – Page: 10 : 29-Nov-22

Federal cabinet has agreed to censure former prime minister Scott Morrison over revelations that he secretly took on five ministerial portfolios. The censure motion is expected to be debated in parliament on Tuesday, although the Coalition will oppose the motion. The Opposition’s manager of business Paul Fletcher has described the censure motion as a "political stunt", arguing that such motions are meant to hold ministers to account rather than being used as a "political payback exercise". Prime Minister Anthony Albanese says the actions of his immediate predecessor were extraordinary, unprecedented and wrong.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET

Public hearing test strikes right balance

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Original article by Rosie Lewis
The Australian – Page: 4 : 24-Nov-22

The Greens have confirmed that they will support legislation to establish the National Anti-Corruption Commission. However, Greens MP Max Chandler-Mather and other crossbenchers have urged the federal government to lower the threshold for public hearings of the NACC. As it stands, the NACC bill requires hearings to be held in private unless there are "exceptional circumstances". Prime Minister Anthony Albanese has defended the exceptional circumstances test, arguing that it strikes a balance between the benefits of public hearings and the potential negative impacts.

CORPORATES
AUSTRALIAN GREENS, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET