GOVERNMENT SPENDING POLICY – AUSTRALIA

University outrage at research cash cut

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Original article by Michael Koziol
The Age – Page: 1 : 13-Nov-18

Australia’s leading universities have criticised the federal government’s plans to redirect $134m from the Research Support Program to provide increased funding for regional universities. University of Sydney vice-chancellor Michael Spence says universities will have to reduce their research activities while many students will miss out places at the nation’s top universities. Monash University’s vice-chancellor Margaret Gardner has described the funding cuts as "unnecessary" and "reckless".

CORPORATES
UNIVERSITY OF SYDNEY, MONASH UNIVERSITY, THE GROUP OF EIGHT LIMITED, AUSTRALIAN NATIONAL UNIVERSITY, AUSTRALIA. DEPT OF EDUCATION AND TRAINING, JAMES COOK UNIVERSITY, UNIVERSITY OF THE SUNSHINE COAST, CENTRAL QUEENSLAND UNIVERSITY

Coalition picks spend over surplus

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Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 6 : 25-Sep-18

The federal government will release the final Budget figures for 2017-18 on 25 September, which are expected to show that the deficit for the financial year was around $10bn. The government is set to retain its target date of 2019-20 for a return to a surplus, and sources have indicated that an earlier return to surplus is possible but unlikely. The government has announced additional expenditure of $3.8bn over four years since handing down the May 2018 Budget, and around $20bn over the next decade.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF THE TREASURY, DELOITTE ACCESS ECONOMICS PTY LTD, AUSTRALIAN LABOR PARTY

Schools row ends with $4.5bn deal

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Original article by Simon Benson
The Australian – Page: 1 & 4 : 21-Sep-18

The federal government has agreed to increase taxpayer funding for Catholic and independent schools by more than $4.5bn, after funding was reduced under the "Gonski 2.0" school funding reforms. Catholic schools will receive a $4.3bn increase in funding over 10 years, while independent schools will receive an additional $259m. Stephen Elder, the executive director of the Catholic Education Commission of Victoria, says the funding cuts under the Gonski 2.0 reforms would have forced Catholic schools to close or significantly increase their fees.

CORPORATES
CATHOLIC EDUCATION COMMISSION OF VICTORIA LIMITED, AUSTRALIA. DEPT OF EDUCATION AND TRAINING, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, INDEPENDENT SCHOOLS COUNCIL OF AUSTRALIA

Lawyers’ bills soar under Coalition

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Original article by Nicola Berkovic
The Australian – Page: 7 : 28-Jun-18

New figures show that the outsourcing of legal work to the private sector has significantly increased the federal government’s legal costs since the Coalition took office in 2013. Government expenditure on legal services topped $A825m in 2016-17, compared with $A689m in 2013-14. The proportion of legal work undertaken by in-house lawyers has fallen from 54 per cent to 49 per cent over the same period. Attorney-General Christian Porter has indicated that action will be taken to rein in legal costs.

CORPORATES
AUSTRALIA. ATTORNEY-GENERAL’S DEPT, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALIA. DEPT OF HOME AFFAIRS, AUSTRALIAN GOVERNMENT SOLICITOR, CLAYTON UTZ

$1 trillion debt bomb buried in budget papers

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Original article by Adam Creighton
The Australian – Page: 1 & 6 : 21-Jun-18

Analysis of budget documents shows that the net financial liabilities of Australia’s federal, state and territory governments will top $A944bn in June 2021, which is equivalent to about $A36,000 per person. Infrastructure projects will be a major contributor to the debt blowout, with New South Wales and Victoria unveiling plans to ramp up spending on infrastructure over the next four years. Meanwhile, credit ratings agency Moody’s has expressed concern about the NSW government’s increased debt in its 2018 Budget, warning that it could affect the state’s credit profile.

CORPORATES
MOODY’S INVESTORS SERVICE INCORPORATED, NEW SOUTH WALES. THE TREASURY, AUSTRALIA. DEPT OF INFRASTRUCTURE AND REGIONAL DEVELOPMENT, INFRASTRUCTURE PARTNERSHIPS AUSTRALIA, QUEENSLAND. TREASURY

Aunty coy about how budget affects news

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Original article by Dana McCauley
The Australian – Page: 2 : 24-May-18

The ABC’s CFO Louise Higgins has warned that the Federal Government’s looming funding freeze will force the public broadcaster to decide which services it continues to provide. The three-year funding freeze announced in the May 2018 Budgets takes effect in mid-2019, and Higgins says the ABC will negotiate with the government in the interim. Meanwhile, SBS CEO Michael Ebeid says there is no scope for further joint cost-saving initiatives by the public broadcasters.

CORPORATES
AUSTRALIAN BROADCASTING CORPORATION, SPECIAL BROADCASTING SERVICE (SBS), AUSTRALIA. SENATE STANDING COMMITTEE ON ECONOMICS

States suffer as PM’s pet projects prosper

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Original article by David Uren
The Australian – Page: 2 : 22-May-18

Federal grants to the states for infrastructure projects have declined to their lowest point since 2013-14. Prime Minister Malcolm Turnbull has stated that the federal government should not be seen as an ATM for the states and territories on infrastructure, with his government preferring to put money in projects in which it has direct equity, such as Western Sydney Airport. Adrian Dwyer, the CEO of Infrastructure Partnerships Australia, contends that there is a considerable difference between direct and equity funding. He says more infrastructure spending is needed to address congestion in Australia’s cities.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, INFRASTRUCTURE PARTNERSHIPS AUSTRALIA, AUSTRALIA. DEPT OF INFRASTRUCTURE AND REGIONAL DEVELOPMENT

Funding cut setback for enforcing wage laws

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Original article by Anna Patty
The Sydney Morning Herald – Page: 13 : 10-May-18

The May 2018 Budget has allocated $A110.009m in funding to the Fair Work Ombudsman in 2018-19, down from $A110.46m in 2017-18. However, the Registered Organisations Commission’s funding has been increased by $A8.1m. Labor’s workplace relations spokesman Brendan O’Connor has criticised the Federal Government for providing additional funding for the "disgraced" ROC rather than addressing the issue of rampant wage theft. The University of Adelaide’s Professor Andrew Stewart has expressed similar concerns.

CORPORATES
AUSTRALIA. FAIR WORK OMBUDSMAN, AUSTRALIA. REGISTERED ORGANISATIONS COMMISSION, AUSTRALIAN LABOR PARTY, UNIVERSITY OF ADELAIDE, AUSTRALIA. DEPT OF JOBS AND SMALL BUSINESS, UNIVERSITY OF SYDNEY, 7-ELEVEN STORES PTY LTD, DOMINO’S PIZZA ENTERPRISES LIMITED – ASX DMP, CALTEX AUSTRALIA LIMITED – ASX CTX

ABC determined to fight $84m funding cut

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Original article by Max Mason
The Australian Financial Review – Page: 8 : 10-May-18

ABC MD Michelle Guthrie has told the public broadcaster’s staff that a funding freeze in the May 2018 Budget will affect its ability to comply with the requirements of its charter. The ABCs budget will be unchanged at $A3.16bn over the three years from July 2019, effectively reducing its funding by $A83.7m over this period. Guthrie says the ABC’s management will "seek every opportunity" to have the funding cuts scrapped before they take effect. Funding for SBS will be increased by $A14.6m over two years.

CORPORATES
AUSTRALIAN BROADCASTING CORPORATION, SPECIAL BROADCASTING SERVICE (SBS), AUSTRALIA. DEPT OF THE TREASURY, FOXTEL MANAGEMENT PTY LTD, NEWS CORPORATION – ASX NWS

ABC to feel the pinch with funding freeze

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Original article by Michael Koziol
The Sydney Morning Herald – Page: 6 : 9-May-18

The May 2018 Budget includes a freeze on the ABC’s funding until 2022, amounting to savings of $A83.7 million. Despite the freeze, the public broadcaster will still receive funding of over $A1 billion a year. Some $A50 million of the $A83.7 million saved as a result of the funding freeze will be spent over four years on the commemoration of the 250th anniversary of the landing of Captain James Cook. Unlike the ABC, SBS will not have its funding frozen.

CORPORATES
AUSTRALIAN BROADCASTING CORPORATION, SPECIAL BROADCASTING SERVICE (SBS), AUSTRALIA. DEPT OF THE TREASURY, FAIRFAX MEDIA LIMITED – ASX FXJ, NEWS CORPORATION – ASX NWS