AUSTRALIA – POLITICS AND GOVERNMENT

Find another market other than China, exporters warned

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Original article by Will Glasgow, Nick Evans
The Australian – Page: 6 : 6-Nov-20

Federal Trade Minister Simon Birmingham has asked the Chinese government to clarify whether it does intend to impose new bans on Australian imports, after media reports in China appeared to confirm this. Meanwhile, federal government officials have discussed the potential ban during a telephone briefing with representatives from the agricultural industry, one of the sectors that would be amongst the hardest hit by such a ban. Participants in the briefing say they were advised to find alternative export markets.

CORPORATES
AUSTRALIA. DEPT OF FOREIGN AFFAIRS AND TRADE

Shipton likely to follow Crennan in ASIC exit ‘by year’s end’

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Original article by Richard Gluyas
The Australian – Page: 13 & 17 : 27-Oct-20

The Australian Securities & Investments Commission’s deputy chairman Daniel Crennan maintains that he had received advice that his expense claims had been line with the corporate regulator’s policy. Crennan formally resigned on 26 October in the wake of the expenses scandal that has embroiled himself and chairman James Shipton; Crennan indicated that he had intended to retire from ASIC in mid-2021 anyway. Meanwhile, former Australian Competition & Consumer Commission chairman Allan Fels expects Shipton to resign before the end of 2020. Fels says ASIC has had a "very poor record over many years".

CORPORATES
AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION

ASIC overhaul as chair faces exit

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Original article by Richard Gluyas
The Australian – Page: 13 & 16 : 26-Oct-20

An independent review into the expenses of Australian Securities & Investments Commission chairman James Shipton is expected to be completed before the end of 2020. Shipton has stepped aside pending the outcome of the review, but sources have suggested that he is unlikely to remain in the role. ASIC’s acting chair Karen Chester is tipped to succeed Shipton, who has agreed to repay the expenses he incurred in relocating from the US to Australia. ASIC’s deputy chair Daniel Crennan will also repay expenses associated with moving from Melbourne to Sydney.

CORPORATES
AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION

Dutton attacks Facebook’s death star

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Original article by Phillip Coorey
The Australian Financial Review – Page: 5 : 23-Oct-20

Home Affairs Minister Peter Dutton has expressed concern about Facebook’s proposal to introduce end-to-end encryption across its messaging platforms. Dutton has warned that fully encrypting Messenger and Instagram will facilitate the activities of terrorists and paedophiles. Dutton is seeking to introduce new laws aimed at cracking down on the so-called ‘dark web’; he contends that under current legislation it is almost impossible to investigate and identify people who use the dark web. Facebook-owned WhatsApp already uses end-to-end encryption.

CORPORATES
AUSTRALIA. DEPT OF HOME AFFAIRS, FACEBOOK INCORPORATED

Red card for postal boss

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Original article by Tom McIlroy
The Australian Financial Review – Page: 1 & 4 : 23-Oct-20

Australia Post CEO Christine Holgate will stand aside pending the outcome of an investigation into revelations that four senior executives were rewarded with luxury watches. Prime Minister Scott Morrison has ordered the independent review after Holgate told a Senate estimates committee that the Cartier watches – which cost $3,000 each – were given to the executives for securing the Bank@Post deal with three of the major banks. Holgate contended that taxpayers’ money had not been used as Australia Post is a commercial business. Some Coalition MPs have called for Holgate to resign, while the Communications Union’s national secretary Greg Rayner says Australia Post’s entire board should step aside.

CORPORATES
AUSTRALIA POST, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, COMMUNICATIONS, ELECTRICAL, ELECTRONIC, ENERGY, INFORMATION, POSTAL, PLUMBING AND ALLIED SERVICES UNION OF AUSTRALIA

Future of refinery hangs in balance

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Original article by Angela Macdonald-Smith
The Australian Financial Review – Page: 19 : 15-Oct-20

Viva Energy’s Geelong refinery in Victoria has posted a loss of $30m for the September quarter, following a loss of nearly $50m in the first half of 2020. Viva will seek to boost cash flow at the refinery by reducing or deferring non-essential spending at the plant. The federal government’s $2.5 billion fuel security package may be crucial to the future of the refinery. Viva will provide an update on the outlook for the plant in December.

CORPORATES
VIVA ENERGY GROUP LIMITED – ASX VEA

Pressure to extend wage plan to all ages

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Original article by Geoff Chambers, Ewin Hannan
The Australian – Page: 6 : 12-Oct-20

Prime Minister Scott Morrison says the federal government will not agree to any concessions to get its JobMaker wage subsidy scheme through Parliament. Labor and the Senate crossbenchers have expressed concern that the scheme could be rorted and is too focused, given that it is only available to employers who hire people aged up to 35. Shadow treasurer Jim Chalmers says the JobMaker scheme leaves 928,000 older Australians "in the lurch", and says the existing incentive scheme for employing people aged 50+ has been a "monumental failure". Unions have warned that the government’s wage subsidy scheme for apprentices could also be exploited.

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

Cash to go: the tax cuts start to flow

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Original article by Greg Brown
The Weekend Australian – Page: 1 & 7 : 10-Oct-20

The omnibus bill containing the federal Budget’s key tax measures was passed by both houses of Parliament on 9 October. The stage-two income tax cuts are expected to begin flowing through to workers’ take-home pay in November, after the Australian Taxation Office adjusts its withholding tax schedules. The omnibus bill also provides tax relief for corporate Australia, including a business investment allowance, a loss carry-back scheme and changes to the fringe benefits tax regime that will benefit small businesses.

CORPORATES
AUSTRALIAN TAXATION OFFICE

Upgraded NBN a more attractive takeover target

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Original article by Sally Patten
The Australian Financial Review – Page: 2 : 28-Sep-20

Telstra chairman John Mullen has welcomed the federal government’s decision to upgrade the national broadband network by rolling out fibre-to-the-premises to more households and businesses. He says the NBN will be easier to maintain than the current hybrid system, which includes fibre-to-the-node and the existing copper network. Amid speculation that the NBN will eventually be sold, Mullen says the upgraded network will be more attractive to potential investors, including Telstra’s own infrastructure division. However, InfraCo would need to be demerged in order to buy the NBN.

CORPORATES
TELSTRA CORPORATION LIMITED – ASX TLS,INFRACO,NBN CO LIMITED

A-G slams wharfies holding state to ransom

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Original article by Rosie Lewis
The Australian – Page: 3 : 28-Sep-20

The federal government may intervene to end an industrial dispute at the Port Botany terminal of stevedoring firm Patrick. Attorney-General Christian Porter has indicated that he would be open to supporting Patrick if it applies to the Fair Work Commission to halt the Maritime Union of Australia’s industrial action. The MUA’s national secretary Paddy Crumlin says it is negotiating with stevedoring companies in good faith. He rejects suggestions that the legal industrial action has caused the massive delays at Port Botany that have been alleged by Patrick.

CORPORATES
PATRICK CORPORATION LIMITED,MARITIME UNION OF AUSTRALIA,AUSTRALIA. FAIR WORK COMMISSION,AUSTRALIA. ATTORNEY-GENERAL’S DEPT