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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 |
| Australia is handling the Covid-19 impact better than New Zealand, a group of business leaders has told Jacinda Ardern. | |
| According to a report on Kiwi site Newshub, the NZ PM’s Business Advisory Council chair has written to Ardern warning “because of the way Australia is approaching the next two stages (of lockdown easing) it is likely to go well in front” of New Zealand on a wellbeing scale. | |
| On that note, I will hand you over to the capable hands of Elias Visontay for the next little bit. Thank you for joining me today. I’ll be back with you tomorrow – so please, take care of you. | On that note, I will hand you over to the capable hands of Elias Visontay for the next little bit. Thank you for joining me today. I’ll be back with you tomorrow – so please, take care of you. |
| This is an interesting take from Christian Porter on the border issue: | This is an interesting take from Christian Porter on the border issue: |
| I’ve spent a bit of time this morning speaking with the group representing public pathology providers. They are less than happy about the government quadrupling its Covid-19 subsidy to the private sector. | I’ve spent a bit of time this morning speaking with the group representing public pathology providers. They are less than happy about the government quadrupling its Covid-19 subsidy to the private sector. |
| Reports in the Nine newspapers this morning revealed that private pathology providers had threatened to stop Covid-19 testing unless the subsidy they received was increased from $24.40 per test to $100. | Reports in the Nine newspapers this morning revealed that private pathology providers had threatened to stop Covid-19 testing unless the subsidy they received was increased from $24.40 per test to $100. |
| The government met their demand. | The government met their demand. |
| But public pathology providers say they are still only getting $50 per test, despite actually making a loss on some aspects of Covid-19 testing, including testing in rural and remote areas. | But public pathology providers say they are still only getting $50 per test, despite actually making a loss on some aspects of Covid-19 testing, including testing in rural and remote areas. |
| The Public Pathology Australia chief executive, Jenny Sikorski, said that made it frustrating to watch such a significant subsidy increase handed to the private sector. | The Public Pathology Australia chief executive, Jenny Sikorski, said that made it frustrating to watch such a significant subsidy increase handed to the private sector. |
| “The public – in terms of the patients and the taxpayer – I don’t think they benefit from the current Medicare arrangements for Covid testing,” she said. | “The public – in terms of the patients and the taxpayer – I don’t think they benefit from the current Medicare arrangements for Covid testing,” she said. |
| Christian Porter flagged that improving the ability for casual employees to become part-time workers could be an important part of negotiations to fix the uncertainty created by the Rosatto decision. | |
| He said: | |
| Porter confirmed that if a high court appeal is lodged, the government will join the case on WorkPac’s side. He also left open the option of legislation to overturn the effect of the decision – so if employers pay a casual loading to a worker, they will be classed as a casual despite regular permanent work patterns. | |
| Porter criticised Labor for ruling out that option: | |
| On the issue of border closures, Christian Porter acknowledges that each state has the right to make its own decision. | On the issue of border closures, Christian Porter acknowledges that each state has the right to make its own decision. |
| Now that is interesting, because the government, in defending the decision of the Fair Work Commission to scrap some penalty rates, said it would not intervene, because the decision had come from the independent umpire. And Labor, which is calling on the government to respect this decision from the federal court, another independent umpire, had plans to reverse the penalty rate cut ruling if it won government. | Now that is interesting, because the government, in defending the decision of the Fair Work Commission to scrap some penalty rates, said it would not intervene, because the decision had come from the independent umpire. And Labor, which is calling on the government to respect this decision from the federal court, another independent umpire, had plans to reverse the penalty rate cut ruling if it won government. |
| So, as usual in Australian politics, we only respect the decisions of the independent umpires when they align with what a party wanted anyway. | So, as usual in Australian politics, we only respect the decisions of the independent umpires when they align with what a party wanted anyway. |
| Christian Porter has addressed the federal court decision, which gives casual employees working permanent hours the same benefits as permanent workers. | Christian Porter has addressed the federal court decision, which gives casual employees working permanent hours the same benefits as permanent workers. |
| He isn’t happy with it, and says the government will consult on the decision “on a fairly urgent basis” and legislation to halt the intent of the decision could be enacted. | He isn’t happy with it, and says the government will consult on the decision “on a fairly urgent basis” and legislation to halt the intent of the decision could be enacted. |
| It being past 2pm on a random Thursday, we have another quiet announcement from the government. | 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). | 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. | 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. | 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. | 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. | 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. | 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 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. | 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. | 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. | 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. | 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. | “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. | 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. | “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. | 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. | 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. | 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. | “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. | 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. | “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. | “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.” | “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. | “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.” | “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. | 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: | Chris Knaus has taken a look at payments to private pathology providers: |