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| Australia coronavirus live update: Qld premier hits back at pressure to open borders, as Labor MP says Coalition demonises China – latest news | Australia coronavirus live update: Qld premier hits back at pressure to open borders, as Labor MP says Coalition demonises China – latest news |
| (32 minutes later) | |
| Annastacia Palaszczuk says she won’t be lectured to by NSW, ‘a state that has the highest number of cases in Australia’, as Joel Fitzgibbon opens new front in China row. Follow live | Annastacia Palaszczuk says she won’t be lectured to by NSW, ‘a state that has the highest number of cases in Australia’, as Joel Fitzgibbon opens new front in China row. Follow live |
| It being past 2pm on a random Thursday, we have another quiet announcement from the government. | |
| On 27 January 2020 the Morrison Government announced that the Treasury would undertake a public consultation on the merits of the current stamping fee exemption in relation to listed investment companies and trusts (“LICs”). | |
| Stamping fees are an upfront one-off commission paid to financial services licensees for their role in capital raisings associated with the initial public offerings of shares. | |
| Following the conclusion of Treasury’s consultation, the Morrison Government will move to extend the ban on conflicted remuneration to LICs. These changes will take effect from 1 July 2020. | |
| Whilst new LICs capital raisings have largely ceased since the inception of COVID-19, it is important that the ban on conflicted remuneration is extended ahead of any resumption of capital raising activity. | |
| Clarifying these arrangements will address any related risk of consumer harm and ensure that stockbrokers, financial advisers and investment managers are clear about the regulatory settings that will apply in this area and investors can continue to invest with confidence in these products. | |
| Extending the ban on conflicted remuneration to LICs will address risks associated with the potential mis-selling of these products to retail consumers, improve competitive neutrality in the funds management industry and provide long term certainty so that this segment of Australia’s capital markets can continue to operate effectively and provide investors with opportunities to diversify their investments. | |
| The treatment of equity and debt securities in trading companies (including hybrids), real estate investment trusts (REITs), and listed infrastructure investments will not be impacted by these changes. Maintaining the existing treatment for these investments is designed to ensure that direct capital raising activities which support the economic activity of companies in the real economy are not impacted by these changes. Persons providing personal advice to a retail client in relation to these products will continue to be legally required to act in that client’s best interests. | |
| The Australian Securities and Investments Commission (ASIC) will actively monitor arrangements in the lead up to and following the introduction of these changes. | |
| A lunchtime Zoom call is hardly a clear black night, and there was no sign of a clear white moon, but there were certainly regulators galore in attendance at a Financial Services Institute of Australasia hook-up today. | |
| And not just any geeks on the street: the Reserve Bank governor, Philip Lowe, Asic chairman James Shipton and Apra boss Wayne Byres. | |
| Lowe used the opportunity to reinforce his statements that negative interest rates were “extraordinarily unlikely” in Australia. | |
| “I think the costs of that exceed the benefits,” he said. | |
| He said Australia’s economic recovery depended in large part on progress in fighting the coronavirus. | |
| “If we don’t get a vaccine it’s going to be a slow recovery,” he said. | |
| The RBA has tipped vast sums into the banking system, but Lowe said there were limits to what it could achieve through monetary policy alone. Government spending would be “crucial” to the recovery, he said. | |
| Both Byres and Shipton said other regulatory projects had been put on hold to deal with the crisis. | |
| Byres said the banks had acted as economic shock absorbers, and said the decision to ask them to cancel or defer dividends wasn’t taken lightly. | |
| “We hope the impact on dividends from the current Covid-19 crisis will be temporary, however the outlook is uncertain,” he said. | |
| The Greens are now considering whether to move a censure motion against Stuart Robert, following the story by Luke Henriques-Gomes with the landlord of the Abbotsford Centrelink disputing the claim the service centre was being shut after the department was unable to come to a tenancy agreement. | |
| “In the absence of an explanation from the Minister, if the landlord’s comments are accurate, the Minister has lied to me in writing and has unnecessarily hurt thousands of people reliant on the Abbotsford Centrelink, Adam Bandt said in a statement. | |
| “The Minister must immediately reach out to the landlord and ensure Abbotsford Centrelink remains where it is. | |
| “Stuart Robert has been caught out before saying things that are untrue, like that Centrelink services collapsed under an attack from hackers, and he may well have done it again.” | |
| “Unless the Minister can clarify the matter and explain what looks like a straight out lie, I’ll be moving to censure the Minister when Parliament resumes, not only for closing a much-needed Centrelink but for apparently lying about it too. | |
| “If there’s an explanation, I’m waiting to hear it. On 20 May 2020, I asked the Minister in writing to meet about this important matter and to date have received no answer. I can only assume he has been caught out yet again and has nothing to say in his defence.” | |
| Pauline Hanson is currently trending on Australian social media for demanding borders be reopened, despite having built an entire political movement on the demand borders be shut. | |
| Chris Knaus has taken a look at payments to private pathology providers: | |
| Given that it will be another big issue as Australia moves into a post-Covid world, Labor’s response, delivered through Tony Burke, to the fair work ruling on casuals working permanent hours being eligible for permanent benefits is worth noting: | Given that it will be another big issue as Australia moves into a post-Covid world, Labor’s response, delivered through Tony Burke, to the fair work ruling on casuals working permanent hours being eligible for permanent benefits is worth noting: |
| This is just one of the reasons why the end of September, when jobkeeper and the Covid supplement for jobseeker are due to end, is very, very concerning: | This is just one of the reasons why the end of September, when jobkeeper and the Covid supplement for jobseeker are due to end, is very, very concerning: |
| South Australia is planning on dropping back down to stage two restrictions from 5 June. | South Australia is planning on dropping back down to stage two restrictions from 5 June. |
| The premier, Steven Marshall, says he understands the wait is frustrating, but the state needs time: | The premier, Steven Marshall, says he understands the wait is frustrating, but the state needs time: |
| The Tasmanian premier, Peter Gutwein, said something quite similar. | The Tasmanian premier, Peter Gutwein, said something quite similar. |
| Phil Lowe says the Reserve Bank is not considering negative interest rates for Australia. | Phil Lowe says the Reserve Bank is not considering negative interest rates for Australia. |
| At 0.25% Australia has hit its ceiling. (floor, technically, but the limit of the rate cuts, so six of one) | At 0.25% Australia has hit its ceiling. (floor, technically, but the limit of the rate cuts, so six of one) |
| Attorney general’s department officials have revealed that although the attorney general, Christian Porter, announced on 14 May that emergency changes to workplace pay deals will be limited to 12 months, the regulation to give effect to that has not been put in place yet. | Attorney general’s department officials have revealed that although the attorney general, Christian Porter, announced on 14 May that emergency changes to workplace pay deals will be limited to 12 months, the regulation to give effect to that has not been put in place yet. |
| Porter slashed consultation periods to change enterprise agreements from seven days to 24 hours. In order to stave off a disallowance motion pushed by Labor and the Greens, Porter agreed to a One Nation demand that changes, once made, can’t have effect for more than 12 months. | Porter slashed consultation periods to change enterprise agreements from seven days to 24 hours. In order to stave off a disallowance motion pushed by Labor and the Greens, Porter agreed to a One Nation demand that changes, once made, can’t have effect for more than 12 months. |
| Kristina Keneally’s questioning reveals that agreements varied now are not subject to the 12-month sunset period. Officials take on notice when the new regulation will be ready. | Kristina Keneally’s questioning reveals that agreements varied now are not subject to the 12-month sunset period. Officials take on notice when the new regulation will be ready. |
| Officials explained the shorter consultation period was put in to “speed up” variations of agreements, because businesses wanted to match rapid changes being made to modern awards. They take on notice who they consulted before the change was made. | Officials explained the shorter consultation period was put in to “speed up” variations of agreements, because businesses wanted to match rapid changes being made to modern awards. They take on notice who they consulted before the change was made. |
| Martin Hehir confirms the department is still looking at IR reform options commissioned by Porter last year: casuals, bargaining, greenfields agreements, “awards and their complexity”, and the broader compliance including wage underpayment. | Martin Hehir confirms the department is still looking at IR reform options commissioned by Porter last year: casuals, bargaining, greenfields agreements, “awards and their complexity”, and the broader compliance including wage underpayment. |
| Christian Porter will be talking about this decision at 2.30pm eastern time. | Christian Porter will be talking about this decision at 2.30pm eastern time. |
| Jim Chalmers has been listening to Steven Kennedy’s testimony at the Covid Senate committee. | Jim Chalmers has been listening to Steven Kennedy’s testimony at the Covid Senate committee. |
| He says it proves the need for a longer term plan from the government: | He says it proves the need for a longer term plan from the government: |
| This word just keeps popping up, again and again and again | This word just keeps popping up, again and again and again |
| Labor’s Murray Watt has asked about which organisations are responsible for complaints about jobkeeper. | Labor’s Murray Watt has asked about which organisations are responsible for complaints about jobkeeper. |
| The Fair Work Ombudsman says the ATO deals with eligibility including the application of the one-in all-in rule; the FWO deals with general workplace rights including the minimum wage and not to be discriminated against; and the Fair Work Commission hears disputes about directions to work. | The Fair Work Ombudsman says the ATO deals with eligibility including the application of the one-in all-in rule; the FWO deals with general workplace rights including the minimum wage and not to be discriminated against; and the Fair Work Commission hears disputes about directions to work. |
| Asked about a worker in a cafe who was told they wouldn’t get jobkeeper unless they helped with construction and renovation of the cafe, Martin Hehir, deputy secretary, of the industrial relations group at the attorney generals department, says: | Asked about a worker in a cafe who was told they wouldn’t get jobkeeper unless they helped with construction and renovation of the cafe, Martin Hehir, deputy secretary, of the industrial relations group at the attorney generals department, says: |
| Treasury has also not done any modelling on what would happen if all the people who are receiving the Covid supplement as part of jobseeker, which doubles it to $550 a week, remain on the payment when it drops back down to the pre-Covid level. | Treasury has also not done any modelling on what would happen if all the people who are receiving the Covid supplement as part of jobseeker, which doubles it to $550 a week, remain on the payment when it drops back down to the pre-Covid level. |