POLITICAL PARTIES – AUSTRALIA – PLATFORMS

Shipping victims win huge payouts

roymorgansocial Leave a comment

Original article by Simon Benson
The Australian – Page: 1 & 2 : 28-Feb-19

Teekay Shipping has confirmed that it has retrenched the last crewmembers of two bulk carriers that had been chartered to ship iron ore from BHP’s mines in the Pilbara to BlueScope’s Port Kembla steelworks. Teekay is believed to have paid 51 workers more than $9m in redundancy payments on 7 February, with each worker receiving an average of $176,000. The ships were the last two iron ore vessels operating in Australian waters that were manned by local crews. Labor has flagged plans to re-regulate the shipping industry to protect local jobs.

CORPORATES
TEEKAY SHIPPING CORPORATION, BHP GROUP LIMITED – ASX BHP, BLUESCOPE STEEL LIMITED – ASX BSL, MARITIME UNION OF AUSTRALIA, CONSTRUCTION, FORESTRY, MARITIME, MINING AND ENERGY UNION OF AUSTRALIA, THE AUSTRALIAN INSTITUTE OF MARINE AND POWER ENGINEERS, AUSTRALIAN LABOR PARTY, MINERALS COUNCIL OF AUSTRALIA

BCA has had a gutful of politics

roymorgansocial Leave a comment

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

Morrison slams Labor’s proposal for bank tax

roymorgansocial Leave a comment

Original article by James Frost, John Kehoe
The Australian Financial Review – Page: 4 : 26-Feb-19

Prime Minister Scott Morrison says Labor’s plan to impose a new levy on banks raises the question of what sector it will target next, while Greens senator Peter Whish-Wilson says it should not apply to smaller banks as it will affect their competitiveness. Consumer Action Law Centre CEO Gerard Brody has welcomed Labor’s plan to use some of the proceeds from the levy to finance additional financial counsellors but argues that it should be broadened to include sectors such as telcos and utilities. Labor’s tax is slated to raise $640m over four years.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIAN GREENS, CONSUMER ACTION LAW CENTRE, LAW COUNCIL OF AUSTRALIA, STANDARD AND POOR’S ASX 100 INDEX, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, WESTPAC BANKING CORPORATION – ASX WBC, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AMP LIMITED – ASX AMP, BANK OF QUEENSLAND LIMITED – ASX BOQ, BENDIGO AND ADELAIDE BANK LIMITED – ASX BEN, SUNCORP GROUP LIMITED – ASX SUN, MACQUARIE GROUP LIMITED – ASX MQG

Labor plans to slug banks $640m to pay for fairness fund

roymorgansocial Leave a comment

Original article by John Kehoe
The Australian Financial Review – Page: 1 & 4 : 25-Feb-19

Labor proposes to establish a Financial Rights Fund if it wins the 2019 federal election, which will assist victims of misconduct in the financial services sector. The so-called ‘fairness’ fund will be financed via a new levy on Australia’s largest financial institutions, and is slated to raise $160m annually over four years. This is in addition to the federal government’s bank levy. Amongst other things, Labor’s levy would be used to provide consumers with free financial counselling and significantly increase the number of government-funded financial counsellors.

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

Coal collapse ‘a good thing’, Labor MP says

roymorgansocial Leave a comment

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

roymorgansocial Leave a comment

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

roymorgansocial Leave a comment

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

roymorgansocial Leave a comment

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

roymorgansocial Leave a comment

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

roymorgansocial Leave a comment

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