BUSINESS AND POLITICS – AUSTRALIA

Time ripe for urgent IR repairs: employers

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Original article by Ewin Hannan, Joe Kelly
The Australian – Page: 2 : 19-May-20

The Australian Chamber of Commerce & Industry has proposed five changes to the industrial relations system to create jobs and boost productivity in the post-coronavirus work environment. Amongst other things, ACCI CEO James Pearson has called for employee stand-down provisions to be extended until March 2021, while companies should be permitted to stagger the times at which employees start and finish work without incurring overtime payments. Pearson has outlined his suggestions in a letter to Industrial Relations Minister Christian Porter.

CORPORATES
AUSTRALIAN CHAMBER OF COMMERCE AND INDUSTRY, AUSTRALIA. DEPT OF EMPLOYMENT, SKILLS, SMALL AND FAMILY BUSINESS, ACTU

Don’t take away job payments: employers

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Original article by Rosie Lewis
The Australian – Page: 4 : 14-May-20

Australian Industry Group CEO Innes Willox says the $130bn JobKeeper scheme must run its full course, and it should be extended beyond the current end date of 27 September if necessary. He has also cautioned against any move to reduce the amount of the wage subsidy, which is currently $1,500 per fortnight. Some Coalition MPs argue that businesses which have resumed normal operations should no longer receive the subsidy, but Council of Small Business Organisations CEO Peter Strong suggests that such businesses should instead be allowed to opt out of the scheme.

CORPORATES
THE AUSTRALIAN INDUSTRY GROUP, COUNCIL OF SMALL BUSINESS ORGANISATIONS OF AUSTRALIA LIMITED

Canberra, refiners talk fuel security

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Original article by Perry Williams
The Australian – Page: 16 : 8-May-20

Federal Energy Minister Angus Taylor has held talks with Caltex, Viva Energy, ExxonMobil and BP about increasing the amount of oil they store in Australia. Taylor flagged plans to establish a domestic oil reserve earlier in 2020, when the government spent $94m on a strategic fuel reserve in the US. Caltex’s acting CEO Matt Halliday has told a conference that the coronavirus pandemic has put the issue of fuel security on the agenda, while Viva Energy CEO Scott Wyatt said demand for petrol is rising as lockdown restrictions begin to ease.

CORPORATES
AUSTRALIA. DEPT OF INDUSTRY, SCIENCE, ENERGY AND RESOURCES, CALTEX AUSTRALIA LIMITED – ASX CTX, VIVA ENERGY GROUP LIMITED – ASX VEA, EXXONMOBIL AUSTRALIA PTY LTD, BP AUSTRALIA LIMITED

Energy key to recovery, says Rio

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Original article by Nick Evans
The Australian – Page: 13 & 16 : 8-May-20

Rio Tinto CEO Jean-Sebastien Jacques has told the resources group’s Australian annual meeting that its local aluminium assets are "very well run" and high power costs is their main problem. He emphasised the need for a "viable and sustainable solution" to this problem; he added that high energy prices will also be a key issue for the federal government in restarting the domestic economy in the wake of the coronavirus pandemic. Jacques also said it now appears to be ‘business as usual’ in China, which is Australia’s key iron ore export market.

CORPORATES
RIO TINTO LIMITED – ASX RIO, PACIFIC ALUMINIUM PTY LTD

Let’s get 1 million back to work

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Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 4 : 6-May-20

Prime Minister Scott Morrison says the national cabinet will set a target date of July for the majority of businesses to reopen. The states and territories will decide the exact timeline for businesses to resume trading, but retailers, cafes and restaurants are expected to be amongst the first to have coronavirus restrictions lifted. Morrison argues that while Australia has been successful in ‘flattening the curve’, the focus must now be on getting people back to work. Nev Power, who chairs the National COVID-19 Coordination Commission, notes that some sectors of the economy are better placed than others to resume trading.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. NATIONAL COVID-19 COORDINATION COMMISSION

PM roasts banks over Covid fail

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Original article by Simon Benson, Rosie Lewis
The Australian – Page: 1 & 6 : 24-Apr-20

Australia’s four major banks will fast-track applications for bridging finance by companies that are struggling to pay their wages bills after Prime Minister Scott Morrison intervened. He has criticised the banks for taking too long to process such applications, with employers’ groups warning that some businesses have been forced to lay off employees while they wait to receive JobKeeper payments. tax commissioner Chris Jordan raised the issue with bank executives following a telephone conference with Morrison and Treasurer Josh Frydenberg.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN TAXATION OFFICE, AUSTRALIAN RETAILERS ASSOCIATION, COUNCIL OF SMALL BUSINESS ORGANISATIONS OF AUSTRALIA LIMITED, RESTAURANT AND CATERING INDUSTRY ASSOCIATION OF AUSTRALIA INCORPORATED, COMMONWEALTH AGRICULTURAL BUREAU INTERNATIONAL, WESTPAC BANKING CORPORATION – ASX WBC, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB

Buyers queue, Virgin could sell in two months

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Original article by Robyn Ironside
The Australian – Page: 1 & 4 : 22-Apr-20

Virgin Australia CEO Paul Scurrah says the embattled airline is not expecting to receive a federal government bail-out following its descent into voluntary administration. He adds that the government has rejected nine requests from Virgin for financial assistance, while Treasurer Josh Frydenberg notes that Virgin is controlled by five large foreign shareholders that have "deep pockets". Vaughan Strawbridge of Deloitte, who has been appointed as administrator of Virgin, believes that the carrier could be sold within 2-3 months. More than 10 potential buyers are said to have expressed interest in buying Virgin, including a number of overseas investors.

CORPORATES
VIRGIN AUSTRALIA HOLDINGS LIMITED – ASX VAH, AUSTRALIA. DEPT OF THE TREASURY, DELOITTE TOUCHE TOHMATSU LIMITED

Miners seek assurance on fuel tax break

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Original article by Phillip Coorey
The Australian Financial Review – Page: 4 : 21-Apr-20

The resources sector is lobbying the federal government not to touch the diesel excise rebate as it looks at ways to repay the cost of the COVID-19 pandemic. The rebate is worth around $2 billion to the resources sector; it is also received by other industries, including fishing and agriculture. Minerals Council of Australia CEO Tania Constable contends that imposing higher taxes to pay for the cost of COVID-19 will harm jobs and curtail growth, while she notes that both the Henry tax review and Treasury are of the view that the fuel tax credit is sound economic policy.

CORPORATES
MINERAL COUNCIL OF AUSTRALIA, AUSTRALIA. DEPT OF THE TREASURY

Coalition pressure to rescue Virgin

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Original article by Simon Benson, Sarah Elks
The Australian – Page: 1 & 2 : 20-Apr-20

It is understood that Virgin Australia could be placed into voluntary administration within days unless the federal government steps in to save the airline or it can be rescued by the private sector. Former Queensland premier Peter Beattie, who gave Virgin $10 million to base its headquarters in Brisbane in 2000, says the tourism sector would be "devastated" if the airline goes under. Federal Liberal MP Jason ­Falinski believes that Virgin needs to be kept afloat, and that the federal government and taxpayers may end up being the "buyer of last resort".

CORPORATES
VIRGIN AUSTRALIA HOLDINGS LIMITED – ASX VAH, LIBERAL PARTY OF AUSTRALIA

BCA plan aims to accelerate recovery

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Original article by Tom McIlroy
The Australian Financial Review – Page: 4 : 20-Apr-20

The Business Council of Australia has developed a three-tier plan for restarting the domestic economy when coronavirus lockdown restrictions start to be eased. Amongst other things, the discussion paper proposes a gradual resumption of office-based work, with appropriate health and safety measures to protect workers. The BCA has also called for regulatory and industrial relations reforms to boost economic activity, while it says the focus of government assistance should shift to accelerating the economy rather than keeping it on ‘life support’.

CORPORATES
BUSINESS COUNCIL OF AUSTRALIA