AUSTRALIA – POLITICS AND GOVERNMENT

Lower corporate taxes vital to growth

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Original article by Tom Dusevic
The Australian – Page: 2 : 30-Jun-21

The Business Council of Australia has released a discussion paper which calls for an overhaul of the nation’s tax system. The BCA contends that tax revenue is too heavily skewed toward the largest companies and the three per cent of individuals who pay the highest personal income tax, and the tax system must evolve in line with a changing economy. BCA CEO Jennifer Westacott says the 30 per cent company tax rate in particular needs to be reviewed, given that the OECD and the Group of Seven have proposed a global minimum corporate tax rate of just 15 per cent.

CORPORATES
BUSINESS COUNCIL OF AUSTRALIA, ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT, GROUP OF SEVEN (G-7)

Energy giants hit with $1bn clean-up tax

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Original article by Perry Williams
The Australian – Page: 13 & 18 : 30-Jun-21

APPEA CEO Andrew McConville warns that the federal government’s proposed levy on the nation’s offshore oil and gas industry will be a major disincentive for investment in the sector. The levy of $0.48 per barrel on offshore production would be used to help meet the cost of decommissioning the Northern Endeavour floating platform and associated oil fields in the Timor Sea. The levy would take effect on 1 July and is expected to cost about $367m a year, and potentially up to $1bn in total. A key criticism of the levy is the fact that it would apply to energy producers that had no exposure to the Northern Endeavour project.

CORPORATES
AUSTRALIAN PETROLEUM PRODUCTION AND EXPLORATION ASSOCIATION LIMITED

Unions demand detail of Australia’s free trade deal with UK citing concerns for workers

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Original article by Katharine Murphy
The Guardian Australia – Page: Online : 17-Jun-21

ACTU president Michele O’Neil has urged the federal government to begin consultations with the union movement regarding the details of its ‘in-principle’ free-trade agreement with the UK. She says both governments have been secretive throughout the negotiations, and the proposed trade deal has not be subject to independent, union or public scrutiny. O’Neil is concerned that labour market testing rules will be watered down; she notes that a fact sheet released by the UK government suggests that Australian companies will no longer be required to prioritise hiring local workers.

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ACTU

Less than $20m for lockdown payments

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Original article by Patrick Commins
The Australian – Page: 5 : 17-Jun-21

Data from Services Australia shows that 42,784 in Victoria received the federal government’s Temporary COVID Disaster Payment during the second week of the state’s latest lockdown. The temporary scheme, which provides a grant of up $500 for people who lose income due to a lockdown of at least seven days, has cost $19,684,000 since Melbourne entered the second week of the lockdown that ended on 10 June. This is significantly less than Treasurer Josh Frydenberg had forecast when the scheme was announced. Melbourne residents must submit applications for the grant by 2 July.

CORPORATES
AUSTRALIA. SERVICES AUSTRALIA

IR reform will avoid project blowouts

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Original article by Phillip Coorey
The Australian Financial Review – Page: 2 : 10-Jun-21

The federal government has received support from the resources sector for its plans to put greenfield workplace agreements back on the industrial relations agenda. The Australian Resources & Energy Group says protected and unprotected industrial action have contributed to significant cost blowouts at number of major resources projects in recent years. Greenfield agreements would cover the entire construction phase of a project. Such agreements were included in the omnibus industrial relations bill that was rejected by the Senate earlier in 2021.

CORPORATES
AUSTRALIAN RESOURCES AND ENERGY GROUP

Producers fight industry oil levy

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Original article by Perry Williams
The Australian – Page: 17 : 10-Jun-21

It will cost taxpayers some $47.4m to maintain the Northern Endeavour in 2020-21, according to the federal government’s Budget papers. Meanwhile, oil and gas producers will lobby against a proposed industry levy to help finance decommissioning and remediation costs associated with the offshore oil production vessel in the Timor Sea. Some industry players believe that the Northern Endeavour’s former owner Woodside Petroleum should bear the cost; in 2015 it sold the vessel to Northern Oil & Gas Australia, which subsequently went into administration.

CORPORATES
WOODSIDE PETROLEUM LIMITED – ASX WPL, NORTHERN OIL AND GAS AUSTRALIA PTY LTD

Australia to discuss travel bubble with Singapore as leaders meet ahead of G7

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Original article by Paul Karp, Daniel Hurst
The Guardian Australia – Page: Online : 10-Jun-21

Prime Minister Scott Morrison will meet with his Singaporean counterpart Lee Hsien Loong on 10 June. A proposed quarantine-free travel bubble between the two nations will be on the agenda, although the two leaders are expected to make a commitment to implementing such an arrangement rather than agreeing to a firm start date. The issue of China is also likely to be on the agenda, including China’s growing military presence in the South China Sea and the increasing strategic competition between the US and China. Morrison will then attend the Group of Seven leaders’ summit in the UK, where he will have guest status.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, SINGAPORE. PRIME MINISTER’S OFFICE, GROUP OF SEVEN (G-7)

ALP (51%) leads L-NP (49%) on a two-party preferred basis on the back of big lead in Victoria

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Original article by Roy Morgan
Market Research Update – Page: Online : 10-Jun-21

During the Victorian lockdown in early June, support for the Federal ALP is 51% on a two-party preferred basis, up 0.5% points since March 2021 and ahead of the L-NP on 49% (down 0.5% points) despite a relatively well received Federal Budget delivered in May, according to the latest Morgan Poll on Federal voting intention. Primary support for the L-NP is at 40% (down 1% point) compared to the ALP on 35.5% (up 1% point). Greens support has dropped by 1% point to 11.5% while support for One Nation is up 0.5% points to 3% and support for Independents/Others is up 0.5% points to 10%. Voting analysis by State shows the ALP’s national lead is built upon a strong two-party preferred result in Victoria, with the ALP 53.5% cf. L-NP 46.5% in the State enduring its fourth lockdown – although set to end this Friday after two weeks. The Roy Morgan Government Confidence Rating is down 5pts from March 2021 to 113 and now at its lowest since the COVID-19 pandemic began. Now 48.5% (down 3% points) of Australians say the country is ‘heading in the right direction’, while more than a third, 35.5% (up 2% points) say the country is ‘heading in the wrong direction’.

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

Labor, unions to fight Morrison on IR push

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Original article by Phillip Coorey
The Australian Financial Review – Page: 2 : 9-Jun-21

The Australian Workers’ Union will oppose any renewed attempt by the federal government to introduce greenfield workplace agreements. Such agreements were included in the omnibus industrial relations bill that was rejected by the Senate earlier in 2021. AWU national secretary Daniel Walton contends that major projects have been approved without greenfield agreements being in place, and the government’s proposal would merely put downward pressure on wages. Shadow industrial relations minister Tony Burke has also accused the government of pushing for wage growth restraint.

CORPORATES
AUSTRALIAN WORKERS’ UNION-FEDERATION OF INDUSTRIAL, MANUFACTURING AND ENGINEERING EMPLOYEES, AUSTRALIAN LABOR PARTY

PM calls for back-up over China

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Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 2 : 9-Jun-21

Prime Minister Scott Morrison will use a Perth USAsia Centre speech on 9 June to call for an overhaul of the World Trade Organisation amid the growing trade tensions with China. Amongst other things, he will urge the reinstatement of the WTO’s binding dispute settlement system, arguing that it is the most practical way to address "economic coercion". Morrison will shortly attend the Group of Seven leaders’ summit in the UK.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, WORLD TRADE ORGANIZATION, GROUP OF SEVEN (G-7)