AUSTRALIA – POLITICS AND GOVERNMENT

Refinery rescue will cost $2.35bn

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Original article by Ben Packham
The Australian – Page: 4 : 17-May-21

The federal government’s rescue package for the nation’s oil refineries was designed in consultation with Ampol and Viva Energy. The two companies will receive up to $2bn in direct taxpayer funding over the next decade. The variable payments system means that Ampol and Viva will receive greater taxpayer support during periods when their refineries’ margins are low. The government will also provide $302m for the refineries to shift to higher standards three years ahead of schedule. Australia’s two remaining oil refineries employ more than 1,200 people.

CORPORATES
AMPOL LIMITED – ALD, VIVA ENERGY GROUP LIMITED – ASX VEA

Broadcast spectrum buyback threatens popular TV channels

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Original article by Zoe Samios
The Age – Page: Online : 17-May-21

The federal government announced a policy in November that would see spectrum licence fees removed in exchange for the radiofrequency spectrum of television broadcasters being reduced by compressing it. The spectrum made available as a result of this compression would be sold at a higher price to companies such as telcos. Broadcasters are worried that the technology that the government plans to use to compress the spectrum will soon be outdated, and that it will reduce the quality of broadcasting and lead to fewer multi-channels.

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Call for medevac-style repatriation flights for Australians with Covid from India

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Original article by Calla Wahlquist
The Guardian Australia – Page: Online : 17-May-21

Prime Minister Scott Morrison has defended the federal government’s policy on repatriating Australian citizens and permanent residents in India. The first repatriation flight arrived in Darwin on 15 May, with just 80 returned travellers aboard; they are now at the Howard Springs quarantine facility. Another 42 people who tested positive for COVID-19 and 30 close contacts were barred from the flight. Morrison says it does not make sense to import COVID-19 into Australia by allowing people who have tested positive to board repatriation flights. However, epidemiologist Catherine Bennett contends that vulnerable Australians abroad who have the coronavirus should be treated as medical evacuees rather than returned travellers. Some of the people who were barred from the flight have since tested negative.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, DEAKIN UNIVERSITY

Federal public service boom

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Original article by John Rolfe
Herald Sun – Page: 8 : 13-May-21

The May 2021 Budget papers show that the ranks of the federal public service will swell to 174,300 in 2021-22, with almost 5,400 new staff to be recruited during the coming financial year. Government agencies that are taking on additional staff include the Australian Commission for Law Enforcement Integrity and the Productivity Commission. Public servant numbers peaked at 182,500 under the former Labor government, and the Coalition had reduced this to 165,600 by 2015-16. The public service’s operating expenses will rise from $76bn in 2020-21 to $78.1bn.

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Battle over high-income tax cuts

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Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 6 : 13-May-21

Treasurer Josh Frydenberg has defended the decision to extend the low and middle income tax offset for another year in the May 2021 Budget. He argues that the tax offset will support aggregate demand and job creation, while he has not ruled out extending it again if circumstances warrant such a move. However, Frydenberg contends that the tax offset was never intended to be permanent and must end before the legislated stage-three income tax cuts take effect in 2024. Labor has not yet committed to supporting the tax cuts, which will benefit people on high incomes in particular.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN LABOR PARTY

Revolving door – Thousands cleared to jet in and out of Australia multiple times during pandemic

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Original article by Tom Minear, Miles Proust
Herald Sun – Page: 1 & 6 : 13-May-21

The Budget papers show that the federal government does not expect the majority of Australians to be able to travel overseas until at least mid-2022. However, Australian Border Force data shows that 134,758 citizens and permanent residents have received exemptions to travel overseas since the pandemic began. This includes 37,456 people who received a travel exemption on compassionate or humanitarian grounds, while 13,762 were allowed to leave Australia and return on multiple occasions. An ABF spokeswoman says the latter includes Australian Defence Force members and airline staff. Home Affairs Minister Karen Andrews says the federal government will review the exemptions process.

CORPORATES
AUSTRALIAN BORDER FORCE, AUSTRALIAN DEFENCE FORCE, AUSTRALIA. DEPT OF HOME AFFAIRS

Levy sparks alarm in energy industry

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Original article by Perry Williams
The Australian – Page: 19 : 13-May-21

Industry body APPEA has expressed concern about the federal government’s proposed levy on the nation’s offshore oil and gas industry. The Budget measure will help fund the cost of decommissioning the Northern Endeavour floating platform and the associated Laminaria and Corallina oil fields in the Timor Sea. APPEA Andrew McConville says other options should be considered, warning that the levy is a "terrible precedent" that could adversely affect the domestic economy and jobs in the oil and gas sector.

CORPORATES
AUSTRALIAN PETROLEUM PRODUCTION AND EXPLORATION ASSOCIATION LIMITED

Nursing home reforms set to raise standards

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Original article by Andrew Tillett
The Australian Financial Review – Page: 13 : 13-May-21

Changes announced in the May 2021 Budget will shift aged-care funding out of the hands of providers and give older Australians greater choice of nursing homes. Aged-care experts contend that this will increase competition in the sector and force poorly-performing aged-care facilities to lift their standards. Aged-care homes will also be required to provide each resident with a minimum of 200 minutes of care each day from October 2023. However, unions contend that the sector will continue to face staff shortages unless the government takes action to increase the wages of aged-care workers.

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AAA rating likely to be downgraded

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Original article by Michael Read
The Australian Financial Review – Page: 15 : 13-May-21

S&P Global Ratings placed Australia’s triple-A credit rating on negative outlook in April 2020, in response to the COVID-19 pandemic. The Commonwealth Bank has warned that Australia could potentially be downgraded to AA+ when S&P undertakes its annual review of the nation’s credit rating in September. Fixed income strategists Philip Brown and Martin Whetton attribute this to Australia’s rapidly growing net debt. However, ratings agencies are generally positive about Budget measures aimed at further stimulating the economy.

CORPORATES
S&P GLOBAL RATINGS, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA

‘Completely excluded’: budget delivers $58.6m to media but ABC misses out

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Original article by Amanda Meade
The Guardian Australia – Page: Online : 13-May-21

Former ABC bureaucrat Michael Ward has criticised the lack of funding for the public broadcaster in the federal government’s May 2021 Budget. He contends that the ABC is among the few media companies that are excluded from the $58.6m funding package. Amongst other things, SBS will receive a $30m funding boost, some $8m has been allocated to community broadcasting and the privately-owned AAP newswire service will receive $15m. The Australian Communications & Media Authority will receive an additional $4.2m to implement the news media bargaining code.

CORPORATES
AUSTRALIAN BROADCASTING CORPORATION, SPECIAL BROADCASTING SERVICE (SBS), AUSTRALIAN ASSOCIATED PRESS PTY LTD, AUSTRALIAN COMMUNICATIONS AND MEDIA AUTHORITY