This article is from the source 'guardian' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.theguardian.com/australia-news/live/2015/oct/20/turnbull-to-unveil-new-banking-regulations-politics-live
The article has changed 21 times. There is an RSS feed of changes available.
| Version 4 | Version 5 |
|---|---|
| Turnbull unveils new banking regulations – politics live | Turnbull unveils new banking regulations – politics live |
| (35 minutes later) | |
| 1.01am BST01:01 | |
| Steven Munchenberg, the chief executive of the Australian Bankers Association, has been interviewed by the ABC in the wake of the Murray response. | |
| Q: Westpac raised interest rates recently because of the capital requirements. Are you expecting other banks to follow? | |
| Steven Munchenberg: | |
| It has to be down to individual banks. We certainly don’t discuss that with the banks. The reality is higher capital levels make banks stronger but are also additional costs for banks. They will be passed on in part to shareholders, including our own superannuation funds or to customers. Banks will have to make a judgement about how to balance that. | |
| Q: This will inevitably lead to increased costs for consumers in some form? | |
| The reality is that a stronger, safer banking system is a more expensive one. We will have to pay for that safer banking system. At the end - I know people sitting around the kitchen table won’t buy this but if we have a strong banking system when the next crisis hits, people won’t lose their jobs and so you can see these additional costs as an investment in a more secure future. | |
| 12.52am BST00:52 | |
| Airbrushing, a short sequel | |
| Shalailah Medhora | |
| What a difference a few months makes. The attorney general, George Brandis, has told Senate estimates that the government is “relaxed” about the Human Rights Commission on occasion “contradicting” its policies on national security. | |
| The agency’s role, Brandis said, is “to be engaged in this debate, and on occasion, to be a contradictor of the government. This is a Liberal government so we are not afraid of hearing a variety of points of view,” the attorney general said. “We are very relaxed about that. We welcome the free exchange of ideas.” | |
| Those comments were contested by Greens senator, Nick McKim. “I’m not sure that’s an accurate reflection of history,” he said. | |
| The language used by the attorney general is in stark contrast to the views put by his Coalition colleagues during an aggressive grilling of the Human Rights Commission president, Gillian Triggs, in Senate estimates earlier this year. Triggs was heavily criticised by government senators of bias due to a report on children in immigration detention. | |
| Triggs is currently giving evidence before senate estimates. | |
| 12.50am BST00:50 | |
| If this man buys a daggy tracksuit .. | |
| .. and this one starts whining about what coulda shoulda been | |
| .. clear out. | |
| Just saying. | |
| 12.27am BST00:27 | 12.27am BST00:27 |
| Some quick thoughts – history is written by the victors | Some quick thoughts – history is written by the victors |
| I don’t think this Murray response is much of a surprise. Looking like you’ll do something on credit card surcharges is appropriately punter friendly. Trying to dilute the power of the industry super funds by promoting more competition is a long-held ideological fixation for the Liberal party. | I don’t think this Murray response is much of a surprise. Looking like you’ll do something on credit card surcharges is appropriately punter friendly. Trying to dilute the power of the industry super funds by promoting more competition is a long-held ideological fixation for the Liberal party. |
| I’m actually interested in a side point to today’s proceedings. We know that Malcolm Turnbull has to preset reset on the concept of economic reform and on the government’s economic/managerial competence given the disruption of the Abbott period. The new prime minister took the opportunity of today to practice some new narrative concepts in this space. | I’m actually interested in a side point to today’s proceedings. We know that Malcolm Turnbull has to preset reset on the concept of economic reform and on the government’s economic/managerial competence given the disruption of the Abbott period. The new prime minister took the opportunity of today to practice some new narrative concepts in this space. |
| In launching the Murray response, Turnbull harked back to the Howard and Costello era – a period that many Australian voters will associated with settled governance and with economic prosperity. The new prime minister drew a line from that period to the present, skipping over the turbulent Abbott period almost entirely. | In launching the Murray response, Turnbull harked back to the Howard and Costello era – a period that many Australian voters will associated with settled governance and with economic prosperity. The new prime minister drew a line from that period to the present, skipping over the turbulent Abbott period almost entirely. |
| While history was being refashioned before our eyes, Turnbull also noted in passing the Howard/Costello prudential regulations had saved Australia from the impact of the global financial crisis. Labor’s period in office, the economic stimulus provided by the then Rudd government during the GFC, a bit like the Abbott period, was omitted from Turnbull’s official record. Pfft to all that. | While history was being refashioned before our eyes, Turnbull also noted in passing the Howard/Costello prudential regulations had saved Australia from the impact of the global financial crisis. Labor’s period in office, the economic stimulus provided by the then Rudd government during the GFC, a bit like the Abbott period, was omitted from Turnbull’s official record. Pfft to all that. |
| Given Turnbull is in the business of drawing lines, I’ll draw another one. Yesterday in Question Time, Turnbull resumed his old arguments against the Rudd/Swan stimulus package during the GFC. Turnbull said yesterday we are in debt now because Labor spent waaayyy too much during the GFC, not (of course) because Tony Abbott couldn’t get the budget strategy back on track during his two years in the prime ministerial suite, failing to manage the complex shifts going on in the global economy and the domestic scene. | Given Turnbull is in the business of drawing lines, I’ll draw another one. Yesterday in Question Time, Turnbull resumed his old arguments against the Rudd/Swan stimulus package during the GFC. Turnbull said yesterday we are in debt now because Labor spent waaayyy too much during the GFC, not (of course) because Tony Abbott couldn’t get the budget strategy back on track during his two years in the prime ministerial suite, failing to manage the complex shifts going on in the global economy and the domestic scene. |
| It’s pretty obvious that Turnbull is working out where to position himself in one of his key jobs: selling the government’s economic story. Today we got some pretty significant clues. | It’s pretty obvious that Turnbull is working out where to position himself in one of his key jobs: selling the government’s economic story. Today we got some pretty significant clues. |
| Let the new record show that Malcolm Turnbull got it right when he opposed Labor’s second stimulus package (remember that?). Let it show that Labor completely botched everything including the management of the financial crisis. Let it show the Turnbull/Morrison ticket is like a reborn John Howard and Peter Costello. Competent, considered. Fond of steady power walking and (in Costello’s case) occasional outbreaks of passive aggression. | Let the new record show that Malcolm Turnbull got it right when he opposed Labor’s second stimulus package (remember that?). Let it show that Labor completely botched everything including the management of the financial crisis. Let it show the Turnbull/Morrison ticket is like a reborn John Howard and Peter Costello. Competent, considered. Fond of steady power walking and (in Costello’s case) occasional outbreaks of passive aggression. |
| Do please forget about Tony Abbott and Joe Hockey. | Do please forget about Tony Abbott and Joe Hockey. |
| While you are at it, please forget Labor’s strongest claim to economic credibility – the argument that policy quick action by Kevin Rudd and Wayne Swan kept Australia out of recession. | While you are at it, please forget Labor’s strongest claim to economic credibility – the argument that policy quick action by Kevin Rudd and Wayne Swan kept Australia out of recession. |
| So yesterday, all that. | So yesterday, all that. |
| 11.58pm BST23:58 | 11.58pm BST23:58 |
| I gather from Daniel Hurst that the government response to Murray did not reference negative gearing (which he raised as a problem), or super tax concessions. The latter is off to the tax review. | I gather from Daniel Hurst that the government response to Murray did not reference negative gearing (which he raised as a problem), or super tax concessions. The latter is off to the tax review. |
| Daniel Hurst’s news wrap can be found here. I’ll come back with some analytical thoughts in a second. | Daniel Hurst’s news wrap can be found here. I’ll come back with some analytical thoughts in a second. |
| 11.44pm BST23:44 | 11.44pm BST23:44 |
| Well, hello Kelly. | Well, hello Kelly. |
| Sorry, but you have to laugh. | Sorry, but you have to laugh. |
| 11.39pm BST23:39 | 11.39pm BST23:39 |
| Q: On the default super funds, what’s the case for opening it up to more competition? Is it the performance of the default funds at the moment, the fees they charge? | Q: On the default super funds, what’s the case for opening it up to more competition? Is it the performance of the default funds at the moment, the fees they charge? |
| Scott Morrison: | Scott Morrison: |
| It’s simply about choice, and it’s their money. The Murray inquiry has made recommendations along these lines which says that if someone is working in a particular workplace, they should decide where their super goes. I mean that’s a pretty important principle. And more importantly, they shouldn’t be stopped, prevented as they currently are, under various agreements and awards from having their own money going to the fund where they want it to go to. | It’s simply about choice, and it’s their money. The Murray inquiry has made recommendations along these lines which says that if someone is working in a particular workplace, they should decide where their super goes. I mean that’s a pretty important principle. And more importantly, they shouldn’t be stopped, prevented as they currently are, under various agreements and awards from having their own money going to the fund where they want it to go to. |
| 11.36pm BST23:36 | 11.36pm BST23:36 |
| Turnbull needs to zip to the Coalition party room meeting but takes another question on the credit card surcharges. In terms of timing, the prime minister says the new system will be phased in by July next year. | Turnbull needs to zip to the Coalition party room meeting but takes another question on the credit card surcharges. In terms of timing, the prime minister says the new system will be phased in by July next year. |
| Q: Are merchants gouging their customers with surcharges? | Q: Are merchants gouging their customers with surcharges? |
| Malcolm Turnbull: | Malcolm Turnbull: |
| The important point is this, businesses are free to charge their customers what they like in a competitive, you know, a competitive market. There’s no law that says you’ve got to charge so much for a hotel room or an airline flight, whatever. But if you go out there and you say there is a 2 or 3% surcharge for using a credit card, for example, that carries with it, I think we would all agree, a very clear representation, which I don’t think can be disclaimed, a very clear representation that the merchant is recovering the costs of you, the customer, using a card as opposed to paying in cash. | The important point is this, businesses are free to charge their customers what they like in a competitive, you know, a competitive market. There’s no law that says you’ve got to charge so much for a hotel room or an airline flight, whatever. But if you go out there and you say there is a 2 or 3% surcharge for using a credit card, for example, that carries with it, I think we would all agree, a very clear representation, which I don’t think can be disclaimed, a very clear representation that the merchant is recovering the costs of you, the customer, using a card as opposed to paying in cash. |
| And now, the fact is that we all know, it’s very widely known, that in some cases, in many cases, these surcharges are well in excess of the real cost and so it is – this is just a matter of ensuring that the representation that merchants make is by virtue of regulation an accurate one. | And now, the fact is that we all know, it’s very widely known, that in some cases, in many cases, these surcharges are well in excess of the real cost and so it is – this is just a matter of ensuring that the representation that merchants make is by virtue of regulation an accurate one. |
| The treasurer keeps it simpler. This is a fair dinkum test, Morrison says. | The treasurer keeps it simpler. This is a fair dinkum test, Morrison says. |
| 11.30pm BST23:30 | 11.30pm BST23:30 |
| First question. Will banks now raise their interest rates? (This is because of the new capital ratios. The banks have already flagged they will have to pass on the costs of ensuring capital adequacy in the new regime.) | First question. Will banks now raise their interest rates? (This is because of the new capital ratios. The banks have already flagged they will have to pass on the costs of ensuring capital adequacy in the new regime.) |
| Malcolm Turnbull: | Malcolm Turnbull: |
| Well, I don’t believe so. The treasurer had some remarks about Westpac’s decision last week, critical of that. I think many people thought that was not necessary but look, you know, we’re running the government, we’re not – we’ll express some views from time to time about bank’s movements on interest rates but it is ultimately a matter for them and of course for the market. | Well, I don’t believe so. The treasurer had some remarks about Westpac’s decision last week, critical of that. I think many people thought that was not necessary but look, you know, we’re running the government, we’re not – we’ll express some views from time to time about bank’s movements on interest rates but it is ultimately a matter for them and of course for the market. |
| 11.25pm BST23:25 | 11.25pm BST23:25 |
| Assistant treasurer Kelly O’Dwyer. | Assistant treasurer Kelly O’Dwyer. |
| I’d like to draw out just a couple (of recommendations) that I think will be of particular interest to those of you here. We obviously agree with the inquiry that superannuation needs to be competitive, it needs to be efficient and overall it needs to be transparent. | I’d like to draw out just a couple (of recommendations) that I think will be of particular interest to those of you here. We obviously agree with the inquiry that superannuation needs to be competitive, it needs to be efficient and overall it needs to be transparent. |
| We need to be able to deliver the best possible outcomes for those people who are contributing to their retirement at their retirement and having an efficient, competitive and transparent system will do just that. | We need to be able to deliver the best possible outcomes for those people who are contributing to their retirement at their retirement and having an efficient, competitive and transparent system will do just that. |
| We will immediately task the Productivity Commission to develop criteria to assess the competitiveness and the efficiency within the superannuation system. We will also immediately task the Productivity Commission to develop alternative models allocating default fund members to products. | We will immediately task the Productivity Commission to develop criteria to assess the competitiveness and the efficiency within the superannuation system. We will also immediately task the Productivity Commission to develop alternative models allocating default fund members to products. |
| In time, the Productivity Commission will assess the efficiency and competition of the superannuation system against this criteria and the government will continue to explore measures around efficiency and competition in the accumulation phase of the superannuation system. | In time, the Productivity Commission will assess the efficiency and competition of the superannuation system against this criteria and the government will continue to explore measures around efficiency and competition in the accumulation phase of the superannuation system. |
| 11.20pm BST23:20 | 11.20pm BST23:20 |
| Treasurer, Scott Morrison. | Treasurer, Scott Morrison. |
| In terms of the financial system itself, it makes it stronger by embedding deeper protections within the system, whether it’s on capital adequacy, improved governance and standards right across the system and empowering our regulators to be able to enforce the protections that are in that system – protect consumers and Australians and our economy at the end of the day. | In terms of the financial system itself, it makes it stronger by embedding deeper protections within the system, whether it’s on capital adequacy, improved governance and standards right across the system and empowering our regulators to be able to enforce the protections that are in that system – protect consumers and Australians and our economy at the end of the day. |
| It does provide Australians with greater choice and greater control over their own money, whether it’s their superannuation or anything else. It’s their money and they need to be in the driver’s seat when it comes to their money and our response to the inquiry today puts Australians in the driver’s seat of their own money and no-one else and that’s as it should be. | It does provide Australians with greater choice and greater control over their own money, whether it’s their superannuation or anything else. It’s their money and they need to be in the driver’s seat when it comes to their money and our response to the inquiry today puts Australians in the driver’s seat of their own money and no-one else and that’s as it should be. |
| It does end the closed shop when it comes to mandatory superannuation contributions and how they are directed off into funds, and it will give Australians greater choice about where they invest their own money for their own retirement. | It does end the closed shop when it comes to mandatory superannuation contributions and how they are directed off into funds, and it will give Australians greater choice about where they invest their own money for their own retirement. |
| 11.16pm BST23:16 | 11.16pm BST23:16 |
| Malcolm Turnbull on the Murray review | Malcolm Turnbull on the Murray review |
| The prime minister opens his press conference in narrative mode – the changes announced today are part of a continuous thread of Liberal National Party governments delivering prudent regulation of the financial system. | The prime minister opens his press conference in narrative mode – the changes announced today are part of a continuous thread of Liberal National Party governments delivering prudent regulation of the financial system. |
| He thanks Joe Hockey and Josh Frydenberg for their preliminary work, but he notes that a line has been drawn. | He thanks Joe Hockey and Josh Frydenberg for their preliminary work, but he notes that a line has been drawn. |
| This response is a response of the Turnbull government to this inquiry. | This response is a response of the Turnbull government to this inquiry. |
| 11.12pm BST23:12 | 11.12pm BST23:12 |
| Cutting to the chase. Consumers will like the credit card surcharges change – industry super funds will hate the superannuation changes. | Cutting to the chase. Consumers will like the credit card surcharges change – industry super funds will hate the superannuation changes. |
| Here comes the prime minister. | Here comes the prime minister. |
| 11.07pm BST23:07 | 11.07pm BST23:07 |
| Murray response: first take | Murray response: first take |
| Daniel Hurst | Daniel Hurst |
| The Turnbull government has vowed to crack down on excessive surcharges for credit card transactions and will also move to enshrine the objective of the superannuation system in legislation. | The Turnbull government has vowed to crack down on excessive surcharges for credit card transactions and will also move to enshrine the objective of the superannuation system in legislation. |
| The government is also planning to launch a Productivity Commission review into “the efficiency and competitiveness” of the super system, with an eye to changing the existing process for allocating default fund members to products. | The government is also planning to launch a Productivity Commission review into “the efficiency and competitiveness” of the super system, with an eye to changing the existing process for allocating default fund members to products. |
| The measures are part of the government’s response to the financial system inquiry, which also suggested action to increase the capital held by banks so that they were “unquestionably strong” and resilient during times of crisis. | The measures are part of the government’s response to the financial system inquiry, which also suggested action to increase the capital held by banks so that they were “unquestionably strong” and resilient during times of crisis. |
| The government announced on Tuesday that it would support most of the 44 recommendations made by the review team led by the former Commonwealth Bank chief David Murray. | The government announced on Tuesday that it would support most of the 44 recommendations made by the review team led by the former Commonwealth Bank chief David Murray. |
| The Australian Prudential Regulatory Authority is leading the process of increasing mortgage risk weights for the big banks and ensuring they have stronger capital ratios - a process that has already been cited by Westpac as a justification for its decision to increase mortgage interest rates. | The Australian Prudential Regulatory Authority is leading the process of increasing mortgage risk weights for the big banks and ensuring they have stronger capital ratios - a process that has already been cited by Westpac as a justification for its decision to increase mortgage interest rates. |
| The government has agreed to take action to improve fee and surcharging arrangements for credit card transactions, which could reduce the costs faced by consumers when they buy products at shops and restaurants. | The government has agreed to take action to improve fee and surcharging arrangements for credit card transactions, which could reduce the costs faced by consumers when they buy products at shops and restaurants. |
| “We will phase in a legislated ban on surcharges that exceed the reasonable costs faced by merchants in accepting card,” the government said. | “We will phase in a legislated ban on surcharges that exceed the reasonable costs faced by merchants in accepting card,” the government said. |
| “We will also make the ACCC responsible for enforcing the ban on excessive surcharging.” | “We will also make the ACCC responsible for enforcing the ban on excessive surcharging.” |
| The government is yet to define what it would consider to be unreasonably high surcharges. | The government is yet to define what it would consider to be unreasonably high surcharges. |
| Enshrining the objective of the super system in legislation would “serve as a guide to policy makers, regulators, industry and the community about superannuation’s fundamental purpose”. | Enshrining the objective of the super system in legislation would “serve as a guide to policy makers, regulators, industry and the community about superannuation’s fundamental purpose”. |
| In a sign the government might be positioning itself to rein in super concessions for high income earners, the document said the legislated objective would “provide a framework for important discussions Australia needs to have about fairness, adequacy and dignity in the superannuation system”. | In a sign the government might be positioning itself to rein in super concessions for high income earners, the document said the legislated objective would “provide a framework for important discussions Australia needs to have about fairness, adequacy and dignity in the superannuation system”. |
| Updated at 11.49pm BST | Updated at 11.49pm BST |
| 11.03pm BST23:03 | 11.03pm BST23:03 |
| The embargo on the Murray recommendations has just been lifted. If you want to read the full material you can find it here. | The embargo on the Murray recommendations has just been lifted. If you want to read the full material you can find it here. |
| 11.01pm BST23:01 | 11.01pm BST23:01 |
| Investigative reporter Pam Williams has produced a long piece in The Australian today about Malcolm Turnbull taking the leadership of the Liberal party from Tony Abbott. Doubtless there will be choice anecdotes but I’ve only had time to skim it thus far. Readers can find it here. | Investigative reporter Pam Williams has produced a long piece in The Australian today about Malcolm Turnbull taking the leadership of the Liberal party from Tony Abbott. Doubtless there will be choice anecdotes but I’ve only had time to skim it thus far. Readers can find it here. |
| A prime ministerial press conference on the Murray report is scheduled for 9.15am. Estimates hearings will also be back underway shortly, I’ll tune in to the various hearings during the day as time permits. | A prime ministerial press conference on the Murray report is scheduled for 9.15am. Estimates hearings will also be back underway shortly, I’ll tune in to the various hearings during the day as time permits. |
| News wire service AAP also tells me two Labor MPs will today seek the backing of caucus colleagues to end support for offshore detention of asylum seekers. West Australian MP Melissa Parke and NSW MP Jill Hall believe the detention program is a waste of money and could be likened to “torture”. The pair will seek a caucus vote on a motion calling for an end to indefinite detention. | News wire service AAP also tells me two Labor MPs will today seek the backing of caucus colleagues to end support for offshore detention of asylum seekers. West Australian MP Melissa Parke and NSW MP Jill Hall believe the detention program is a waste of money and could be likened to “torture”. The pair will seek a caucus vote on a motion calling for an end to indefinite detention. |
| Party room meetings will get underway this morning, with House of Representatives sitting at noon. | Party room meetings will get underway this morning, with House of Representatives sitting at noon. |
| 10.30pm BST22:30 | 10.30pm BST22:30 |
| Fellow politics tragics will know an election is underway in Canada that might see the end of the Harper government. Naturally we are covering that event live, and you can check in here. The latest blog summary notes with several hours yet until polls close, the race is still very much a close call. | Fellow politics tragics will know an election is underway in Canada that might see the end of the Harper government. Naturally we are covering that event live, and you can check in here. The latest blog summary notes with several hours yet until polls close, the race is still very much a close call. |
| While still in the other hemisphere, we can also note former prime minister Julia Gillard has appeared in a campaign endorsement for the Democratic presidential aspirant, Hillary Clinton. | While still in the other hemisphere, we can also note former prime minister Julia Gillard has appeared in a campaign endorsement for the Democratic presidential aspirant, Hillary Clinton. |
| Hillary has what it takes to lead America. Watch the new video on her accomplishments as Secretary of State: https://t.co/NHCzrdNskT | Hillary has what it takes to lead America. Watch the new video on her accomplishments as Secretary of State: https://t.co/NHCzrdNskT |
| Julia Gillard: | Julia Gillard: |
| Hillary Clinton understood in her heart how important it was for girls to get an opportunity, but she also understood in her head that if we want to build peaceful, economically prosperous nations, then we have to educate girls. She was determined to see that women take their place as economic partners in their community, and take their place as political leaders in their community. | Hillary Clinton understood in her heart how important it was for girls to get an opportunity, but she also understood in her head that if we want to build peaceful, economically prosperous nations, then we have to educate girls. She was determined to see that women take their place as economic partners in their community, and take their place as political leaders in their community. |
| (Who runs the world? Girls girls. Who runs the world ..) | (Who runs the world? Girls girls. Who runs the world ..) |
| Updated at 10.51pm BST | Updated at 10.51pm BST |
| 10.23pm BST22:23 | 10.23pm BST22:23 |
| To Four Corners before we get run down by the Murray inquiry. The only thing you can say about last night’s program is .. extraordinary television .. but you had to have the stomach to inhabit a very, very strange universe. | To Four Corners before we get run down by the Murray inquiry. The only thing you can say about last night’s program is .. extraordinary television .. but you had to have the stomach to inhabit a very, very strange universe. |
| Monday night’s program was in essence a fly-on-the-wall documentary about the lives of the former Health Services Union official Kathy Jackson and her husband Michael Lawler. Lawler (an appointee of Tony Abbott when he was workplace minister in the Howard government) is vice-president of the Fair Work Commission. | Monday night’s program was in essence a fly-on-the-wall documentary about the lives of the former Health Services Union official Kathy Jackson and her husband Michael Lawler. Lawler (an appointee of Tony Abbott when he was workplace minister in the Howard government) is vice-president of the Fair Work Commission. |
| The pair supplied Four Corners with a wealth of new angles in a story that was already an airport novel saga – covert recording of phone calls, an explicit concession from Lawler that Jackson may have committed criminal offences, home videos recording trips taken at HSU expense. It was a complete car crash, and their too obvious consent to document their own car crash in minute detail (including supplying re-enactments of choice moments) is impossible to fathom. ABC reporter Caro Meldrum-Hanna managed to assume an heroic deadpan expression throughout the quite mad encounters depicted in her report, which underscored the gap between reality and the world the two protagonists have created for themselves and each other. | The pair supplied Four Corners with a wealth of new angles in a story that was already an airport novel saga – covert recording of phone calls, an explicit concession from Lawler that Jackson may have committed criminal offences, home videos recording trips taken at HSU expense. It was a complete car crash, and their too obvious consent to document their own car crash in minute detail (including supplying re-enactments of choice moments) is impossible to fathom. ABC reporter Caro Meldrum-Hanna managed to assume an heroic deadpan expression throughout the quite mad encounters depicted in her report, which underscored the gap between reality and the world the two protagonists have created for themselves and each other. |
| Ahead of the program going to air, the employment minister Michaelia Cash confirmed that former federal court judge Peter Heerey will conduct an independent review. | Ahead of the program going to air, the employment minister Michaelia Cash confirmed that former federal court judge Peter Heerey will conduct an independent review. |
| Michaelia Cash: | Michaelia Cash: |
| It is essential that public confidence is maintained in the institution of the Fair Work Commission. I will not be commenting on the specific complaints before the independent investigator has had an opportunity to report back to me on this matter. | It is essential that public confidence is maintained in the institution of the Fair Work Commission. I will not be commenting on the specific complaints before the independent investigator has had an opportunity to report back to me on this matter. |
| Updated at 10.39pm BST | Updated at 10.39pm BST |
| 9.57pm BST21:57 | 9.57pm BST21:57 |
| Top of the morning | Top of the morning |
| Hello good people and welcome to Tuesday. As we go live this morning a number of my colleagues are locked up downstairs in a briefing about the Murray inquiry. | Hello good people and welcome to Tuesday. As we go live this morning a number of my colleagues are locked up downstairs in a briefing about the Murray inquiry. |
| The government intends to respond today to the recommendations delivered last year by former banker and Future Fund supremo, David Murray. Murray was tasked by Tony Abbott and Joe Hockey to look at Australia’s banking sector and advise the government how to make improvements to strengthen financial resilience and to boost competition. | The government intends to respond today to the recommendations delivered last year by former banker and Future Fund supremo, David Murray. Murray was tasked by Tony Abbott and Joe Hockey to look at Australia’s banking sector and advise the government how to make improvements to strengthen financial resilience and to boost competition. |
| He recommended the banks increase their current capital ratios to ensure they were in a position to absorb future financial shocks – a move the banks say will increase costs to shareholders or customers. In addition to recommendations about better regulation of financial advisers, and lowering bank interchange fees, Murray also recommended a number of tax reform measures, criticising generous housing and superannuation concessions. It will be interesting to see how the government responds. | He recommended the banks increase their current capital ratios to ensure they were in a position to absorb future financial shocks – a move the banks say will increase costs to shareholders or customers. In addition to recommendations about better regulation of financial advisers, and lowering bank interchange fees, Murray also recommended a number of tax reform measures, criticising generous housing and superannuation concessions. It will be interesting to see how the government responds. |
| My colleague Daniel Hurst is in the briefing and we expect to have particulars shortly after 9am. | My colleague Daniel Hurst is in the briefing and we expect to have particulars shortly after 9am. |
| To non-Murray matters, the news cycle this morning is following through the major issues from yesterday. After a day in estimates going over the details of Tony Abbott’s (alleged) boozy farewell in the cabinet suite which resulted in the destruction of a bespoke marble topped table (yes, the Incredible Hulk is rumoured to have made an appearance) – the former prime minister has now agreed to pick up the tab. | To non-Murray matters, the news cycle this morning is following through the major issues from yesterday. After a day in estimates going over the details of Tony Abbott’s (alleged) boozy farewell in the cabinet suite which resulted in the destruction of a bespoke marble topped table (yes, the Incredible Hulk is rumoured to have made an appearance) – the former prime minister has now agreed to pick up the tab. |
| In a statement issued last night, Abbott said: | In a statement issued last night, Abbott said: |
| On the night of the leadership change I hosted drinks in the cabinet anteroom for staff and colleagues. During this event a coffee table was damaged. I have asked my office to have the Department of Parliamentary Services invoice me for the value of the table. It was my event so I take responsibility for it. | On the night of the leadership change I hosted drinks in the cabinet anteroom for staff and colleagues. During this event a coffee table was damaged. I have asked my office to have the Department of Parliamentary Services invoice me for the value of the table. It was my event so I take responsibility for it. |
| Abbott has not, thus far at least, indicated that he’ll pick up the tab for the booze. Officials confirmed last night tired and emotional guests were served beverages from the official alcohol stash. | Abbott has not, thus far at least, indicated that he’ll pick up the tab for the booze. Officials confirmed last night tired and emotional guests were served beverages from the official alcohol stash. |
| I’ll get to Four Corners in the next post (I don’t know about you but I’m still recovering) but another significant thing to bookmark is a call by the Human Rights Commission president Gillian Triggs for greater oversight of immigration detention centres. | I’ll get to Four Corners in the next post (I don’t know about you but I’m still recovering) but another significant thing to bookmark is a call by the Human Rights Commission president Gillian Triggs for greater oversight of immigration detention centres. |
| In an interview last night on the Lateline program, Triggs has criticised the treatment of the Somali refugee who was allegedly raped and impregnated on Nauru. The woman was then brought to Australia for a termination before being dispatched quickly back to Nauru without the termination. Refugee advocates and immigration minister Peter Dutton have been jousting over the specific details of the case for several days. | In an interview last night on the Lateline program, Triggs has criticised the treatment of the Somali refugee who was allegedly raped and impregnated on Nauru. The woman was then brought to Australia for a termination before being dispatched quickly back to Nauru without the termination. Refugee advocates and immigration minister Peter Dutton have been jousting over the specific details of the case for several days. |
| Gillian Triggs: | Gillian Triggs: |
| A young woman, 23 years old, obviously very distressed from the facts to the extent that one can glean them, a woman who really needs counselling and a safe environment. It’s extraordinary that she was expected to reach a decision in such a short space of time and when the answer wasn’t given immediately she’s literally air lifted back to Nauru. | A young woman, 23 years old, obviously very distressed from the facts to the extent that one can glean them, a woman who really needs counselling and a safe environment. It’s extraordinary that she was expected to reach a decision in such a short space of time and when the answer wasn’t given immediately she’s literally air lifted back to Nauru. |
| It makes a much broader point that the lack of transparency, the secrecy with which we conduct these detention centres and what goes on in them and of course in our own detention centres in Australia, that is really a core problem and why we really need some form of independent monitoring. | It makes a much broader point that the lack of transparency, the secrecy with which we conduct these detention centres and what goes on in them and of course in our own detention centres in Australia, that is really a core problem and why we really need some form of independent monitoring. |
| That we do. We really, really do. Perhaps the government could use its renewed interest in human rights (we heard something of this from the foreign minister and the attorney-general yesterday) to deliver on that modest imperative. There’s another terrible story around this morning: an Afghan asylum seeker living in Australia on a bridging visa is feared dead after he self-immolated during a video call with refugee advocates. | That we do. We really, really do. Perhaps the government could use its renewed interest in human rights (we heard something of this from the foreign minister and the attorney-general yesterday) to deliver on that modest imperative. There’s another terrible story around this morning: an Afghan asylum seeker living in Australia on a bridging visa is feared dead after he self-immolated during a video call with refugee advocates. |
| It’s time to open today’s Politics Live conversation. Consider the thread at your disposal. I’m also at your disposal on the Twits. You can find me there @murpharoo and Jerry Seinfeld, AKA Mikearoo, is at @mpbowers | It’s time to open today’s Politics Live conversation. Consider the thread at your disposal. I’m also at your disposal on the Twits. You can find me there @murpharoo and Jerry Seinfeld, AKA Mikearoo, is at @mpbowers |
| Fire up the office Nespresso. Get a Monte Carlo, you might need one. Here comes Tuesday. | Fire up the office Nespresso. Get a Monte Carlo, you might need one. Here comes Tuesday. |
| Updated at 9.59pm BST | Updated at 9.59pm BST |