Final tranche of Hayne reforms a milestone

Original article by James Frost
The Australian Financial Review – Page: 18 : 28-Oct-21

The federal government will legislate to implement a further six recommendations arising from the Hayne royal commission on 28 October. The last tranche of legislation includes a bill to replace the Banking Executive Accountability Regime with the broader-based Financial Accountability Regime, which will also apply to the insurance and superannuation sectors. The government will also establish the Compensation Scheme of Last Resort, which will eventually be fully funded via an industry level. Kenneth Hayne released his final report in February 2019.

CORPORATES
AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY

ALP (54%) increases lead over the L-NP (46%) as the Federal Government discusses "Net Zero" carbon dioxide emissions

Original article by Roy Morgan
Market Research Update – Page: Online : 28-Oct-21

The latest Roy Morgan Poll on Federal voting intention shows that support for the ALP has increased to 54% (up 1% point since mid-October), cf. the L-NP on 46% (down 1% point) on a two-party preferred basis. The 1% point swing to the ALP came after the governing Liberal and National parties have spent the last few weeks ‘haggling’ about a change in policy for the Government to support a target of "Net Zero" carbon dioxide emissions for Australia by 2050. If a Federal Election were held now the ALP would be elected with a similar margin to that won by John Howard at the 1996 Federal Election (ALP 53.6% cf. L-NP 46.4%). Primary support for the L-NP was down 1% point to 36.5% in October and is still ahead of the ALP which was also down 1% point to 35%. In contrast to the two major parties, Greens support increased by 2% points to 13.5% as media attention in October turned to Australia’s response to global warming and climate change. Support for One Nation was up 0.5% points to 3.5% while support for Independents/Others was down 0.5% points to 11.5%. Meanwhile, the Roy Morgan Government Confidence Rating has increased by 3ps to 98 in late October. Now 41% (up 1% point) of Australians say the country is ‘heading in the right direction’, while 43% (down 2% points) say the country is ‘heading in the wrong direction’. This Roy Morgan Poll on Federal voting intention and Roy Morgan Government Confidence was conducted via telephone and online interviewing. Roy Morgan interviewed 2,778 Australian electors aged 18+ on the weekends of October 16/17 & 23/24.

CORPORATES
ROY MORGAN LIMITED, MORGAN POLL, AUSTRALIAN LABOR PARTY, LIBERAL PARTY OF AUSTRALIA, NATIONAL PARTY OF AUSTRALIA, AUSTRALIAN GREENS, ONE NATION PARTY

Voters will be asked to show identification to vote under Morrison government proposal

Original article by Paul Karp
The Guardian Australia – Page: Online : 27-Oct-21

The federal government has attracted criticism over plans to make it compulsory for voters to supply identification documents at polling stations on election day. The bill has been endorsed by the Coalition’s partyroom but has yet to introduced to parliament. Shadow special minister of state Don Farrell says Labor will oppose any bill that includes "anti-democratic thought bubbles". The government had first proposed voter ID laws in late 2018, while One Nation senator Malcolm Roberts recently introduced a voter ID bill in the upper house.

CORPORATES
AUSTRALIAN LABOR PARTY, ONE NATION PARTY

Bring it on: PM goads Labor towards climate action poll

Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 10 : 27-Oct-21

The federal government’s net zero emissions target of 2050 envisions that all sectors of the economy will bear the burden of the push for carbon neutrality. The energy sector will be required to slash its emissions by 91-97 per cent by 2050, transport’s emissions will be cut by 53-71 per cent, and the mining and manufacturing sectors’ emissions will have to fall by 18-54 per cent. The government’s own technology road map is slated to reduce carbon emissions by 40 per cent, by expanding the number of priority technologies to include ultra-low-cost solar power. The other five priority technologies are not yet commercially viable. Meanwhile, Prime Minister Scott Morrison has signalled that climate change could be a key issue for the next federal election.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET

‘Stop trusting Facebook’, whistleblower Frances Haugen tells Australian MPs

Original article by Lisa Visentin
Brisbane Times – Page: Online : 22-Oct-21

Federal Liberal-National MP Julian Simmonds says regulatory intervention is needed to ensure that Facebook is more transparent about how it operates. His comments follow an online briefing to federal MPs by Facebook whistleblower Frances Haugen, who said they should not trust the social media company’s promises that it is trying to make its platform safer. Simmonds co-ordinated the briefing with digital advocacy group Reset Australia. Haugen attracted much attention when she recently appeared before a US congressional hearing.

CORPORATES
LIBERAL-NATIONAL PARTY OF QUEENSLAND, FACEBOOK INCORPORATED

Answers sought on bank closures

Original article by Patrick Commins
The Australian – Page: 4 : 22-Oct-21

Data from the Reserve Bank of Australia shows that the number of full-service bank branches in regional and remote areas fell by 10 per cent between 2017 and 2020. This equates to about 270 branch closures. The federal government has established a Regional Banking Task Force, which will examine the impact of bank branch closures on regional communities. The taskforce will include politicians and representatives from the banking sector.

CORPORATES
RESERVE BANK OF AUSTRALIA

Senate backs inquiry into whether tax commissioner should release JobKeeper details

Original article by Daniel Hurst
The Guardian Australia – Page: Online : 20-Oct-21

Tax commissioner Chris Jordan will come under scrutiny by the Senate’s privileges committee over his refusal to disclose the details of companies with annual turnover of more than $10m that received JobKeeper payments. Jordan had contended that doing so would not be in the public interest, but the Senate has voted 25-21 to hold an inquiry into whether he had disobeyed a lawful order of the upper house. Assistant Treasurer Michael Sukkar has criticised Labor for supporting the motion, which was put forward by independent senator Rex Patrick. Jordan could potentially face jail if he is found to be in contempt of the Senate.

CORPORATES
AUSTRALIAN TAXATION OFFICE, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN LABOR PARTY

$25bn in Coalition grants made through closed process with no competitors, report finds

Original article by Sarah Martin
The Guardian Australia – Page: Online : 20-Oct-21

The Auditor-General has released a report which shows that the federal government spent $60.2bn via its GrantsConnect program between December 2017 and June 2021. A total of 108,206 grants were allocated over this period, and 42% were awarded via a non-competitive tender process. The report also shows that 27 per cent of grants that were earmarked for regional development programs were allocated to recipients with capital city postcodes; just eight per cent of the grants were awarded to remote or very remote areas.

CORPORATES
AUSTRALIA. OFFICE OF THE AUDITOR-GENERAL

Crossbench test for class action reform

Original article by Adeshola Ore
The Australian – Page: 7 : 19-Oct-21

The federal government is expected to shortly introduce a bill to cap the proportion of class action payouts received by lawyers and litigation funders at 30 per cent. Shadow financial services minister Stephen Jones says Labor has yet to decide its position on the proposed fee cap. The government will require the support of at least three Senate crossbenchers if Labor and the Greens oppose the bill. One Nation leader Pauline Hanson supports the proposed reforms, but independent senator Rex Patrick contends that the bill should be subject to a Senate inquiry.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIAN GREENS, ONE NATION PARTY

PM cites national security as a key climate incentive

Original article by Phillip Coorey
The Australian Financial Review – Page: 10 : 19-Oct-21

Sources within the National Party are hopeful that it can strike a deal with the Liberals over a net zero emissions target by 2050 by the end of the week, or at the beginning of next week at the latest. The Nationals met for the second day in a row on 18 October to discuss their stance on a climate deal, while Prime Minister Scott Morrison addressed the Liberal partyroom on the issue. He is said to have told the meeting that the election of US President Joe Biden has increased the pressure on Australia to commit to a net zero target, apparently saying that Australia needs the Western alliance "now more than ever".

CORPORATES
NATIONAL PARTY OF AUSTRALIA, LIBERAL PARTY OF AUSTRALIA