POLITICAL PARTIES – AUSTRALIA – PLATFORMS

Coal collapse ‘a good thing’, Labor MP says

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Original article by Ben Packham, Joe Kelly
The Australian – Page: 1 & 4 : 21-Feb-19

Resources Minister Matt Canavan has criticised comments made by Labor MP Richard Marles about the coal industry. Marles said the decline of the global thermal coal industry is "a good thing" as it implies that action is being taken to address climate change. Canavan argues that both coal prices and demand for coal are strong, and he says Marles’ comments show that Labor wants to shut down Australia’s largest export industry with the loss of more than 50,000 jobs. Marles later sought to clarify his comments.

CORPORATES
AUSTRALIA. DEPT OF INDUSTRY, INNOVATION AND SCIENCE, AUSTRALIAN LABOR PARTY, MINERALS COUNCIL OF AUSTRALIA, NEW SOUTH WALES MINERALS COUNCIL, ADANAC MOLYBDENUM CORPORATION, CONSTRUCTION, FORESTRY, MARITIME, MINING AND ENERGY UNION OF AUSTRALIA

Our carbon cut apocalypse

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Original article by Simon Benson
The Australian – Page: 1 & 4 : 21-Feb-19

Former bureaucrat Brian Fisher has undertaken independent modelling of the economic impact of the climate change policies of Labor and the Coalition. The modelling suggests that Labor’s policy would result in cumulative economic losses of $472bn over the 10 years to 2030, compared with $70bn under the Coalition’s policy. Labor’s policy would also result in 336,000 fewer jobs in 2030 and an eight per cent fall in real wages; in contrast, there would be about 78,000 fewer jobs under the Coalition’s policy, while real wages would be two per cent lower. Fisher was the chief adviser on climate policy to both Labor and Coalition governments.

CORPORATES
AUSTRALIAN LABOR PARTY, LIBERAL PARTY OF AUSTRALIA, NATIONAL PARTY OF AUSTRALIA, AUSTRALIAN BUREAU OF AGRICULTURAL AND RESOURCE ECONOMICS AND SCIENCES, BAECONOMICS PTY LTD, INTERGOVERNMENTAL PANEL ON CLIMATE CHANGE

Labor waves new stick at big banks

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Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 4 : 20-Feb-19

Labor has unveiled draft laws to implement five recommendations of the Hayne royal commission which it believes can be implemented before the election. However, the federal goverment contends that Labor’s proposals are unworkable and have been rushed. The government is expected to release its own draft laws in coming days. Meanwhile, Labor proposes to require the CEOs of major banks to make twice-yearly reports to Parliament on their progress on implementing Hayne’s recommendations. The government in turn will give the Australian Financial Complaints Authority retrospective powers to hear financial complaints dating back to the start of 2008.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, AUSTRALIAN FINANCIAL COMPLAINTS AUTHORITY, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. HOUSE OF REPRESENTATIVES STANDING COMMITTEE ON ECONOMICS

‘Time to pounce’: Investors rush to beat change

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Original article by Ingrid Fuary-Wagner
The Australian Financial Review – Page: 9 : 18-Feb-19

Real estate investors are preparing to acquire established properties in the event that Labor wins the upcoming federal election. Labor intends to abolish negative gearing on established properties, although it will still allow it for newly-built homes. However, any such changes would be unlikely to take effect until 1 July 2020. Victor Kumar of Right Property Group says he would expect to see a big increase in sales of established properties in the period between the election and when any legislation takes effect.

CORPORATES
AUSTRALIAN LABOR PARTY, RIGHT PROPERTY GROUP

South32 warns of strike risk if ALP wins poll

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Original article by Brad Thompson
The Australian Financial Review – Page: 13 & 18 : 18-Feb-19

South32 CEO Graham Kerr is concerned that Labor’s workplace reform agenda could lead to increased industrial action, particularly in the resources sector. He says the outcome of the upcoming federal election could affect business confidence for at least 12 months. Kerr notes that stability of supply is a major priority for buyers of Australia’s metallurgical coal buyers. He adds that if supply is disrupted they will source coal elsewhere, and it is very hard to regain a customer’s trust once it has been lost. Employers’ groups are also concerned about any move to reinstate industry-wide bargaining.

CORPORATES
SOUTH32 LIMITED – ASX S32, AUSTRALIAN LABOR PARTY, THE AUSTRALIAN INDUSTRY GROUP, AUSTRALIAN CHAMBER OF COMMERCE AND INDUSTRY, AUSTRALIA. REGISTERED ORGANISATIONS COMMISSION, CONSTRUCTION, FORESTRY, MARITIME, MINING AND ENERGY UNION OF AUSTRALIA, TAHMOOR COAL PTY LTD, CENTENNIAL COAL COMPANY LIMITED, WOLLONGONG COAL LIMITED – ASX WLC, PEABODY ENERGY AUSTRALIA COAL PTY LTD, PORT KEMBLA COAL TERMINAL LIMITED

Small business faces $8bn holiday pay hit

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Original article by Dennis Shanahan
The Australian – Page: 1 & 4 : 15-Feb-19

Labor’s motion to disallow the Fair Work Amendment (Casual Loading Offset) Regulations is expected to be debated by the Senate on 2 April. The Coalition moved to clarify the status of casual workers via regulation in late 2018 in response to the WorkPac case, in which the Federal Court ruled that casual workers are entitled to annual leave in addition to a casual loading. Australian Industry Group CEO Innes Willox has urged parliament to reject the disallowance motion, warning that it would threaten the viability of many small businesses.

CORPORATES
AUSTRALIAN LABOR PARTY, WORKPAC PTY LTD, FEDERAL COURT OF AUSTRALIA, THE AUSTRALIAN INDUSTRY GROUP, AUSTRALIA. DEPT OF JOBS AND SMALL BUSINESS, ACTU, CONSTRUCTION, FORESTRY, MARITIME, MINING AND ENERGY UNION OF AUSTRALIA

Katter hands PM a temporary reprieve

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Original article by Rosie Lewis, Richard Gluyas
The Australian – Page: 5 : 13-Feb-19

Financial Services Council CEO Sally Loane has cautioned against rushing legislation through parliament in response to the final report of the financial services royal commission. Meanwhile, independent MP Bob Katter has signalled that he will not support Labor’s push to recall parliament for an additional two weeks in March to implement some of the inquiry’s recommendations. He argues that the federal government should take action immediately. Katter has also described the royal commission’s recommendations as "worthless".

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

Banks’ election risks rise

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Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 4 : 12-Feb-19

Labor requires 76 votes in the lower house to force parliament to sit for an additional two weeks to legislate some of the Hayne royal commission’s recommendations. The support of crossbenchers may be crucial, and independent MP Bob Katter says he may be prepared to back Labor’s motion. This could potentially see the government abandon a deal struck with Katter regarding supply and confidence following the Wentworth by-election. Prime Minister Scott Morrison argues that there is insufficient time before the election to enact all of Hayne’s recommendations that will require legislation.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALIA. DIRECTOR OF PUBLIC PROSECUTIONS, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY

Shorten in backdown on borders

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Original article by Simon Benson, Greg Brown, Joe Kelly
The Australian – Page: 1 & 4 : 12-Feb-19

Labor’s caucus has approved key amendments to legislation initiated by independent MP Kerryn Phelps regarding the medical transfer of asylum-seekers from offshore processing centres to Australia. The amendments seek to give more ministerial control over doctor-directed transfers. However, Prime Minister Scott Morrison has ruled out any prospect of the Coalition supporting the amended legislation, claiming that it will compromise the ability of the government to control who comes to Australia. Greens MP Adam Bandt claims that Labor is again "caving in" on the issue of refugees.

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

Morrison faces recall push over proposals

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Original article by Phillip Coorey
The Australian Financial Review – Page: 10 : 7-Feb-19

Opposition Leader Bill Shorten says the federal government must begin implementing the recommendations of the financial services royal commission’s final report prior to the upcoming election. Labor will seek the support of lower house crossbenchers for a motion to recall parliament for an additional two weeks in March, with a view to legislating some of commissioner Kenneth Hayne’s recommendations. Shorten says that unless action is seen to be taken quickly, the general public will believe that the misconduct exposed by the inquiry will be allowed to continue.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, RESERVE BANK OF AUSTRALIA