BUSINESS AND POLITICS – AUSTRALIA

NEG to help extend life of coal power

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Original article by Mark Ludlow
The Australian Financial Review – Page: 1 & 4 : 9-Apr-18

Energy Minister Josh Frydenberg believes that the federal government’s proposed National Energy Guarantee will encourage investment in existing coal-fired power stations, thus enabling them to remain operating longer than under alternative energy policies. He has tasked the Australian Energy Market Operator with conducting an audit of Australia’s newer coal-fired power stations, while pro-coal businessman Trevor St Baker is of the view that energy companies must obtain permission from the federal government before closing down any coal-fired power stations.

CORPORATES
AUSTRALIA. DEPT OF THE ENVIRONMENT AND ENERGY, AUSTRALIAN ENERGY MARKET OPERATOR LIMITED, AGL ENERGY LIMITED – ASX AGL, DELTA ELECTRICITY AUSTRALIA PTY LTD, AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, ALINTA ENERGY (AUSTRALIA) PTY LTD, CHOW TAI FOOK ENTERPRISES LIMITED, AUSGRID PTY LTD

Alinta’s $1bn bid for coal power station

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Original article by Ben Packham, Andrew White
The Australian – Page: 1 & 4 : 5-Apr-18

Prime Minister Malcolm Turnbull and Treasurer Scott Morrison have urged AGL Energy to consider selling the Liddell power station, which is slated to close in 2022. Alinta Energy has advised that it is preparing to make an indicative offer of around $A1bn for the coal-fired power plant, and CEO Jeff Dimery is confident that his company can extend the ageing plant’s operational life at a significantly lower cost than AGL has estimated. AGL in turn has argued that it needs to retain Liddell as the site will be used to supply alternative sources of energy beyond the existing plant’s closure.

CORPORATES
AGL ENERGY LIMITED – ASX AGL, ALINTA ENERGY (AUSTRALIA) PTY LTD, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN LABOR PARTY, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, MACQUARIE GENERATION, AUSTRALIAN ENERGY MARKET OPERATOR LIMITED, CS ENERGY LIMITED, DELTA ELECTRICITY AUSTRALIA PTY LTD, SHANDONG RUYI TECHNOLOGY GROUP COMPANY LIMITED

Labor urged to hold fire on super rise

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Original article by Andrew Tillett
The Australian Financial Review – Page: 7 : 4-Apr-18

The superannuation guarantee is currently slated to increase to 12 per cent in 2025. Labor had originally legislated for the super guarantee to reach this level in 2019, and employers’ groups have cautioned against any move to bring forward the Coalition’s revised target date. Jenny Lambert of the Australian Chamber of Commerce & Industry says any such move could dampen wages growth and would be too costly and disruptive for many businesses. Labor’s employment spokesman Brendan O’Connor stresses that changes to the super guarantee would depend on the state of the Budget.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIAN CHAMBER OF COMMERCE AND INDUSTRY, BUSINESS COUNCIL OF AUSTRALIA, ACTU, SHOP, DISTRIBUTIVE AND ALLIED EMPLOYEES’ ASSOCIATION, AUSTRALIA. DEPT OF THE TREASURY

Big Power says No to new fossil-fuel plant

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Original article by Ben Potter
The Australian Financial Review – Page: 4 : 4-Apr-18

Major electricity companies maintain that the construction of new coal-fired power stations is not economically viable, despite a push by some Coalition MPs. A spokesperson for EnergyAustralia says the company’s focus is on a "modern energy system" based on renewables and technology such as battery storage. Ben Skinner of the Australian Energy Council argues that clean-coal technology would not significantly reduce the "material carbon risk" of coal-fired power plants.

CORPORATES
ENERGYAUSTRALIA PTY LTD, AUSTRALIAN ENERGY COUNCIL, AGL ENERGY LIMITED – ASX AGL, GENEX POWER LIMITED – ASX GNX, ENGIE SA, GRATTAN INSTITUTE

Secret survey shows tax cuts won’t go to jobs

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Original article by Laura Tingle, Phillip Coorey
The Australian Financial Review – Page: 4 : 27-Mar-18

Business Council of Australia members were asked in a recent survey how they would respond in the event of company tax cuts. They were given four options: returning funds to shareholders; boosting investment; giving current employees a pay rise; or hiring more staff. It is understood that less than 20 per cent chose either of the last two options. The responses seem to be at odds with a letter that the BCA and 10 prominent CEOs sent to all senators in the week ending 23 March, in which it suggested that implementing tax cuts would ultimately lead to more jobs and greater wage growth.

CORPORATES
BUSINESS COUNCIL OF AUSTRALIA, AUSTRALIAN LABOR PARTY, QANTAS AIRWAYS LIMITED – ASX QAN, MYOB GROUP LIMITED – ASX MYO, BHP BILLITON LIMITED – ASX BHP, ENERGYAUSTRALIA PTY LTD, WOODSIDE PETROLEUM LIMITED – ASX WPL, FORTESCUE METALS GROUP LIMITED – ASX FMG, JBS AUSTRALIA PTY LTD, ORIGIN ENERGY LIMITED – ASX ORG, WESFARMERS LIMITED – ASX WES

Tax cut will lift wages: CEOs’ push

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Original article by Ben Packham
The Australian – Page: 1 & 4 : 22-Mar-18

Ten of the nation’s largest companies have committed to increasing their investment in Australia if the Federal Government progressively reduces the corporate tax rate from 30 per cent to 25 per cent. They argue that increased investment will in turn result in the creation of more jobs and ultimately boost wages. Meanwhile, independent senator Steve Martin has agreed to support the Enterprise Tax Plan Bill, although fellow independent Tim Storer has yet to decide his position. The Government requires the support of nine Senate crossbenchers.

CORPORATES
BUSINESS COUNCIL OF AUSTRALIA, BHP BILLITON LIMITED – ASX BHP, WOOLWORTHS GROUP LIMITED – ASX WOW, WESFARMERS LIMITED – ASX WES, QANTAS AIRWAYS LIMITED – ASX QAN, ENERGYAUSTRALIA PTY LTD, FORTESCUE METALS GROUP LIMITED – ASX FMG, ORIGIN ENERGY LIMITED – ASX ORG, MYOB GROUP LIMITED – ASX MYO, JBS AUSTRALIA PTY LTD, WOODSIDE PETROLEUM LIMITED – ASX WPL, AUSTRALIA. DEPT OF FINANCE, ONE NATION PARTY, NICK XENOPHON TEAM, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIAN LABOR PARTY

Regulator slams Facebook over breach

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Original article by Tom McIlroy
The Australian Financial Review – Page: 3 : 21-Mar-18

Australia’s Information Commissioner Timothy Pilgrim has advised that he is seeking clarification from Facebook as to whether the personal data of local users was compromised in the Cambridge Analytica scandal. Cambridge Analytica registered an Australian office in 2015, and it has been revealed that executives of the data analytics firm held meetings with Social Services Minister Dan Tehan and Liberal Party officials in April 2017. The firm is also believed to have met with Australian Labor Party officials. The Greens’ Jordon Steele-John says MPs should disclose any links with the firm.

CORPORATES
FACEBOOK INCORPORATED, AUSTRALIA. OFFICE OF THE FEDERAL PRIVACY COMMISSIONER, CAMBRIDGE ANALYTICA, AUSTRALIA. DEPT OF SOCIAL SERVICES, LIBERAL PARTY OF AUSTRALIA, AUSTRALIAN LABOR PARTY, AUSTRALIAN GREENS, REPUBLICAN PARTY (UNITED STATES), BREITBART NEWS, SCL GROUP

Uber, Airbnb, Deliveroo urge labour law shake-up

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Original article by Patrick Durkin, David Marin-Guzman
The Australian Financial Review – Page: 16 : 20-Mar-18

The Senate inquiry into the future of work has received more than 140 submissions, with sharing-economy businesses arguing that existing workplace laws are outdated. Deliveroo has used its submission to propose the creation of a new category of employment for people who work in the "gig economy", noting that regulations governing casual employees are not compatible with its business model. Meanwhile, Google has stressed the need to retrain up to 3.5 million workers whose jobs may be at risk due to digital disruption.

CORPORATES
DELIVEROO, GOOGLE INCORPORATED, UBER AUSTRALIA PTY LTD, AIRBNB AUSTRALIA PTY LTD, AUSTRALIAN LABOR PARTY, SEEK LIMITED – ASX SEK, CENTRE FOR FUTURE WORK, FOODORA, AUSTRALIA. FAIR WORK OMBUDSMAN, AUSTRALIA. PRODUCTIVITY COMMISSION, ATLASSIAN CORPORATION PLC

BCA seeks end to states’ green energy targets

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Original article by Mark Ludlow
The Australian Financial Review – Page: 10 : 13-Mar-18

The Business Council of Australia has called on business to get behind the Federal Government’s proposed National Energy Guarantee. It has also urged state and territory governments to abandon their renewable energy targets, claiming that they will undermine the NEG and increase energy prices. The BCA notes that the NEG must be sufficiently flexible to allow energy retailers to be in compliance with carbon emission requirements. Smaller retailers are worried that the NEG will increase power prices, and that it will help larger retailers to further increase their market dominance.

CORPORATES
BUSINESS COUNCIL OF AUSTRALIA, AUSTRALIA. DEPT OF THE ENVIRONMENT AND ENERGY, ALINTA ENERGY (AUSTRALIA) PTY LTD, AUSTRALIA. ENERGY SECURITY BOARD

Turnbull’s NEG may be dire for energy market

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Original article by Mark Ludlow, Angela Macdonald-Smith
The Australian Financial Review – Page: 12 : 9-Mar-18

The CEOs of 10 small electricity retailers have warned that the Federal Government’s proposed National Energy Guarantee could result in higher electricity prices. They have cautioned the Energy Security Board against making significant changes to the energy system, noting that an additional 3,800 megawatts of low-emissions electricity will become available in the next several years and a further 40,000 megawatts has been proposed. ERM Power’s founder Trevor St Baker also warns that the NEG could increase the market power of the three largest electricity retailers, which also generate electricity.

CORPORATES
AUSTRALIA. ENERGY SECURITY BOARD, ERM POWER LIMITED – ASX EPW, 1ST ENERGY, COVAU, LOCALITY PLANNING ENERGY HOLDINGS LIMITED – ASX LPE, ENERGY LOCALS, CLICK ENERGY, WINCONNECT, NEXT BUSINESS ENERGY, GLOBIRD, BLUENERGY GROUP LIMITED, COUNCIL OF AUSTRALIAN GOVERNMENTS, CLIMATE COUNCIL OF AUSTRALIA LIMITED, GRATTAN INSTITUTE