BUSINESS AND POLITICS – AUSTRALIA

Meat sector calls for drought relief funds

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Original article by Sarah-Jane Tasker
The Australian – Page: 19 : 28-Mar-19

The Australian Meat Industry Council has released a report which shows that the industry’s regulatory cost burden is significantly higher than that of other major red meat-producing nations. The AMIC has called for government action to reduce export certification charges, which are estimated to cost the industry about $110m a year. CEO Patrick Hutchinson says these fees – which local producers must pay in full – are a key reason why Australian red meat is becoming globally uncompetitive.

CORPORATES
AUSTRALIAN MEAT INDUSTRY COUNCIL

LNG Asia price slump irks east coast manufacturers

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Original article by Angela Macdonald-Smith
The Australian Financial Review – Page: 20 : 28-Mar-19

The Asian spot price of LNG has fallen to a three-year low of around $US4.50 per million British thermal units, which equates to about $6.30 per gigajoule. In contrast, the spot price in Sydney is trading at around $11.25/GJ. Some gas buyers have urged the federal government to intervene by imposing restrictions on Queensland’s LNG exporters, but Resources Minister Matthew Canavan says the best way to put downward pressure on domestic prices is to find new sources of supply.

CORPORATES
AUSTRALIA. DEPT OF INDUSTRY, INNOVATION AND SCIENCE, SANTOS LIMITED – ASX STO, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, WESTON ENERGY, INCITEC PIVOT LIMITED – ASX IPL, CLAYPAVE PTY LTD, REMAPAK PTY LTD, WORRELLS SOLVENCY AND FORENSIC ACCOUNTANTS

Tax big banks for implied guarantee

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Original article by Michael Roddan
The Australian – Page: 25 : 22-Mar-19

Australia’s four major banks are able to access wholesale funding at cheaper rates because of an implied guarantee that the federal government will not let them fail because of their size. ME Bank CEO Jamie McPhee says governments should tax the bigger banks because they get cheaper funding as a result of the "too big to fail" guarantee, and that this would make it easier for smaller banks to compete. ME Bank has advised that its net profit for the second half of 2018 fell 11 per cent to $41 million.

CORPORATES
ME BANK, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, WESTPAC BANKING CORPORATION – ASX WBC, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, RESERVE BANK OF AUSTRALIA, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. PRODUCTIVITY COMMISSION

Migration cuts won’t harm economy: PM

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Original article by Phillip Coorey
The Australian Financial Review – Page: 4 : 21-Mar-19

Prime Minister Scott Morrison has downplayed concerns that a new cap on Australia’s permanent migrant intake will have an impact on economic growth. Business Council of Australia CEO Jennifer Westacott and Australia Industry Group CEO Innes Willox are among the business leaders who have warned that cutting the migrant intake could impact on the economy. Morrison argues that the larger cut advocated by some cabinet ministers would have had an effect on economic growth.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, BUSINESS COUNCIL OF AUSTRALIA, THE AUSTRALIAN INDUSTRY GROUP, AUSTRALIAN LABOR PARTY, ONE NATION PARTY

Business wants more detail on ALP’s emissions reduction policy

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Original article by Mark Ludlow
The Australian Financial Review – Page: 9 : 20-Mar-19

Business Council of Australia CEO Jennifer Westacott has urged both major political parties to reveal details of how their greenhouse gas emissions reduction targets will be achieved. She notes that a report by former bureaucrat Brian Fisher shows that the policies of both Labor and the Coalition will have an impact on the economy. Minerals Council of Australia CEO Tania Constable has called for a measured response to meeting Australia’s emissions reduction target to avoid any negative economic impact.

CORPORATES
BUSINESS COUNCIL OF AUSTRALIA, AUSTRALIAN LABOR PARTY, LIBERAL PARTY OF AUSTRALIA, NATIONAL PARTY OF AUSTRALIA, MINERALS COUNCIL OF AUSTRALIA, THE AUSTRALIAN INDUSTRY GROUP, AUSTRALIAN NATIONAL UNIVERSITY. CRAWFORD SCHOOL OF PUBLIC POLICY

Health insurers call for workplace FBT break

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Original article by Sarah-Jane Tasker
The Australian – Page: 21 : 7-Mar-19

Private health insurance industry executives have urged the federal government to exempt employer-sponsored health insurance from the fringe benefits tax regime. Medicare CEO Craig Drummond argues that such a move would help reduce the strain on the health system, a view shared by HBF CEO John Van Der Wielen. Members Health Fund Alliance CEO Matthew Koce questions why salary packaging can include cars but not health insurance policies.

CORPORATES
MEDIBANK PRIVATE LIMITED – ASX MPL, HBF HEALTH LIMITED, MEMBERS HEALTH FUND ALLIANCE, NIB HOLDINGS LIMITED – ASX NHF, BUPA AUSTRALIA PTY LTD, AUSTRALIAN LABOR PARTY

Shorten talks up living wage bid

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Original article by Ewin Hannan
The Australian – Page: 4 : 7-Mar-19

Australian Chamber of Commerce & Industry CEO James Pearson has warned that a significant increase in minimum wage would result in job losses, a reduction in hours of work for many people and business failures. He was responding to comments by Opposition Leader Bill Shorten, who has told a business summit that the minimum wage is too low and is no longer a living wage. ACTU secretary Sally McManus has again reiterated the need for a living wage.

CORPORATES
AUSTRALIAN CHAMBER OF COMMERCE AND INDUSTRY, AUSTRALIAN LABOR PARTY, ACTU, AUSTRALIA. DEPT OF THE TREASURY

PM says it’s enterprise versus envy

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Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 4 : 5-Mar-19

Prime Minister Scott Morrison will tell a business summit on 5 March that the differences on economic policy between the Coalition and Labor are the greatest they have been for over 40 years. Morrison will also announce a $328 million commitment for programs aimed at preventing domestic violence and support for victims. Morrison will also tell the summit that the 2019 federal election presents a choice between "enterprise and envy".

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

PM’s energy free-for-all bid criticised

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Original article by Ben Potter
The Australian Financial Review – Page: 5 : 28-Feb-19

The federal government has announced $3.5bn worth of funding for initiatives in the energy sector in recent days. Prime Minister Scott Morrison announced on 27 February that the government will underwrite three Tasmanian pumped hydro projects in 2021 if feasibility studies conclude that they are economically viable. However, several energy industry executives have criticised the government, accusing it of political ‘pork barrelling’ ahead of the election.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, SNOWY HYDRO LIMITED, AUSTRALIA. DEPT OF THE ENVIRONMENT AND ENERGY, AUSTRALIAN ENERGY REGULATOR, AUSTRALIAN LABOR PARTY

BCA has had a gutful of politics

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Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 4 : 28-Feb-19

Business Council of Australia CEO Jennifer Westacott has urged both sides of federal politics to cease their attacks on the business sector and focus on policies to stimulate the economy and wages. She is particularly critical of the government’s proposal to force energy companies to divest assets if they fail to reduce electricity prices, arguing that it will deter investment in Australia and will doing little to provide price relief. Westacott has also criticised Labor’s proposed banking industry reforms in response to the Hayne royal commission.

CORPORATES
BUSINESS COUNCIL OF AUSTRALIA, AUSTRALIAN LABOR PARTY, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, AUSTRALIA. DEPT OF THE ENVIRONMENT AND ENERGY