BUSINESS AND POLITICS – AUSTRALIA

‘PM’s war’: The miner explosion

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Original article by Simon Benson
The Australian – Page: 1 & 5 : 10-Sep-24

Minerals Council of Australia CEO Tania Constable has told a mining dinner attended by Prime Minister Anthony Albanese and other senior cabinet ministers that the mining sector wants co-operation and not conflict, but she claimed that conflict is what will result from the federal government’s new workplace laws. She said that the new laws will mean that conflict is coming to every workplace, and that the new laws are one of the ways by which the government is seeking to punish the mining sector for its success, along with raids on mining royalties, the "looming threat of onerous and arbitrary environmental approvals", new regulation and a range of restrictive policies.

CORPORATES
MINERALS COUNCIL OF AUSTRALIA, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET

Business split over right to disconnect law

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Original article by Matt Bell, David Ross
The Australian – Page: 17 : 27-Aug-24

Unions have welcomed the federal government’s ‘right to disconnect’ reforms, describing them as a "cost-of-living win" for workers. However, shadow finance minister Jane Hume says the right to disconnect laws are "completely unworkable"; she contends that employers have been discussing this issue with their staff for many years, so legislation is not necessary. NIB Holdings CEO Mark Fitzgibbon is amongst the business leaders who have also questioned whether the right to disconnect laws are needed. Bendigo & Adelaide Bank CEO Marnie Baker in turn says workers should be able to choose whether to disconnect from their employer outside of working hours.

CORPORATES
NIB HOLDINGS LIMITED – ASX NHF, BENDIGO AND ADELAIDE BANK LIMITED – ASX BEN

Liontown wants lithium breaks as prices teeter

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Original article by Brad Thompson
The Australian Financial Review – Page: 19 : 7-Aug-24

Association of Mining & Exploration Companies CEO Warren Pearce says it is holding talks with the Western Australian government with regard to royalty relief for lithium producers. The price of spodumene has fallen to $US870 ($1,337) per tonne, and Liontown Resources CEO Tony Ottaviano contends that the government should intervene in order to avert a similar crisis to the rout that hit the nation’s industry. He has also suggested that the federal government should expand its production tax credit scheme to include the upstream processing of spodumene.

CORPORATES
ASSOCIATION OF MINING AND EXPLORATION COMPANIES, LIONTOWN RESOURCES LIMITED – ASX LTR

BHP warns on made in Australia

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Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 6 : 31-Jul-24

The federal government aims to pass its Future Made in Australia bill when parliament resumes in August. However, BHP has used its submission to a Senate inquiry to warn of the risks associated with Labor’s signature Future Made in Australia policy, which amongst other things is aimed at attracting increasd investment in the nation’s critical minerals sector. BHP notes that many countries have large deposits of critical minerals, and are competing for private sector investment in this sector. BHP adds that factors such as Australia’s workplace laws, an uncompetitive tax system and proposed environmental laws could undermine the policy.

CORPORATES
BHP GROUP LIMITED – ASX BHP

Dutton’s views on tax credits wrong: MinRes

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Original article by Brad Thompson
The Australian Financial Review – Page: 13 : 22-May-24

Treasury modelling suggests that mining companies could receive $17.6bn worth of production tax credits over 14 years for the downstream processing of critical minerals. Opposition leader Peter Dutton has labelled the budget measure as "billions for billionaires" and committed to vetoing the policy. However, Mineral Resources’ MD Chris Ellison believes that Dutton will eventually realise that he is wrong to oppose a policy that will support projects that will contribute revenue for more than five decades. Meanwhile, Mineral Resources has begun loading the first shipment of iron ore from its Onslow Iron Project in the West Pilbara; work on the project started less than a year ago.

CORPORATES
MINERAL RESOURCES LIMITED – ASX MIN, LIBERAL PARTY OF AUSTRALIA

Miners hail $17.6b in tax credits – but BHP nickel still on death row

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Original article by Brad Thompson
The Australian Financial Review – Page: Online : 15-May-24

Australia’s critical minerals industry has welcomed the federal government’s decision to provide the sector with a 10 per cent production tax credit. However, the budget measure may not ensure the future of BHP’s nickel operations in Western Australia, given that the tax credit will not be availabe until 2027. The potential closure of BHP’s nickel mines, refinery and smelter would result in the loss of about 3,000 jobs; BHP has previously warned that tax credits may not be enough to save the Nickel West business, which is contending with a glut of low-cost nickel produced in Indonesia with Chinese backing.

CORPORATES
BHP GROUP LIMITED – ASX BHP, NICKEL WEST

Retail insolvencies rise as cost-of-living pressures slash consumer spending

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Original article by Kate Ainsworth, Emilia Terzon
abc.net.au – Page: Online : 10-Apr-24

Data from the Australian Securities & Investments Commission shows that 502 businesses in the retail sector have gone into administration so far in 2023-24, compared with just 193 during the same period in 2021-22. Factors such as the cost-of-living crisis and high mortgage interest rates are weighing on consumer spending, with smaller retailers in particular bearing the brunt. National Retail Association CEO Rob Godwin expects more businesses in the sector to collapse in the final months of the financial year. He says the federal government’s budget in May should provide financial assistance for retailers, particularly small and medium-sized businesses.

CORPORATES
AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, NATIONAL RETAIL ASSOCIATION LIMITED

Supermarket hit could rock us all

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Original article by Jess Malcolm, Geoff Chambers, Lydia Lynch
The Australian – Page: 4 : 9-Apr-24

The Australian Chamber of Commerce & Industry has expressed reservations about any push to make the food and grocery code of conduct mandatory rather than voluntary. ACCI CEO Andrew McKellar has responded to the release of Craig Emerson’s interim report on his review of the code of conduct by warning that excessive regulation could have "unintended consequences". Amongst other things, Emerson has recommended fining supermarkets up to 10 per cent of their turnover for breaches of the code. Meanwhile, Opposition leader Peter Dutton has described Emerson’s inquiry as a "Mickey Mouse review conducted by a Labor mate"; Emerson is a former federal Labor minister.

CORPORATES
AUSTRALIAN CHAMBER OF COMMERCE AND INDUSTRY, LIBERAL PARTY OF AUSTRALIA, AUSTRALIAN LABOR PARTY

CBA chief in call for radical tax overhaul

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Original article by Paulina Duran
The Australian – Page: 19 : 27-Mar-24

Commonwealth Bank of Australia CEO Matt Comyn has called for a major revamp of the nation’s tax system as part of the federal government’s economic growth strategy. Amongst other things, Comyn has proposed the abolition of inefficient taxes such as stamp duties and payroll tax. He has also advocated streamlining the personal income tax regime and the existing tax brackets, including lifting the tax-free threshold to $20,000. Comyn adds that the GST could be increased from 10 per cent to 15 per cent to offset the loss of personal income tax revenue, while he has proposed banning cash payments of more than $500 in order to combat the black economy.

CORPORATES
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA

BHP urges Labor to fix IR before issuing subsidies

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Original article by Peter Ker, Phillip Coorey
The Australian Financial Review – Page: 4 : 21-Feb-24

BHP CEO Mike Henry says the resources group would be supportive of any assistance for Australia’s embattled nickel industry, such as a short-term production tax credit. However, he warns that a tax credit may not be sufficient to save the industry, given the significant challenges facing the nickel market. Henry adds that getting industrial relations policy right is more important than offering subsidies and rescue packages. BHP in particular will be impacted by the same job, same pay’ regime for labour hire workers. BHP’s wholly-owned labour hire firm, Operations Services, pays workers less than their colleagues employed on site-specific enterprise bargaining agreements. BHP’s Western Australian nickel mines are among the sites that use Operations Services workers.

CORPORATES
BHP GROUP LIMITED – ASX BHP, OPERATIONS SERVICES