Australian dollar breaks 75 US cents.doc

1、Australian dollar breaks 75 US centsAustralian dollar breaks 75 US cents A solid rally in oil prices underpinned strength in US energy stocks to lead Wall Street higher overnight. A bigger-than-expected fall in gasoline inventories and few surprises from figures on US crude stockpiles helped to push

2、 Brent crude above US$40 a barrel. Analysts say the advance in oil prices was helping to offset ongoing concerns about Chinas economic growth， and the prospect of higher interest rates in the United States. Elsewhere， biotechnology shares came under pressure because of a US government health agency

3、proposal that would change the way Medicare compensates doctors who administer vaccines in their offices. On Mar 10， The Dow Jones Industrial Average closed up 36 points， or 0.2%， at 17，000， while the S&P 500 Index added 10 points， or 0.5%， to 1，989， and the Nasdaq rose 25 points， or 0.6%， to 4，674.

4、 Firmer oil prices also lent support to European markets and， in London， the FTSE 100 rose 0.3% to 6，146. at 8：20am （AEDT） ， the ASX SPI 200 was up 0.2% to 5，166. At the same time， the Australian dollar was worth 74.83 US cents. The local currency continued to power ahead overnight， climbing to a fr

5、esh eight-month high above 75 US cents. On the cross-rates， it was buying 68 euro cents， 52.61 British pence， 84.88 Japanese yen and AU$NZ1.12. West Texas crude oil had increased to US$37.57 a barrel， the price of a barrel of Tapis had also risen to US$42.95 and spot gold had eased to US$1，250.81 an

6、 ounce. ANZ Bank bungle hits 1.3 million people ANZ Bank will conduct an independent review after breaches affecting 1.3 million customers were identified， including super contributions being paid to the wrong account. It has hired professional services firm PwC to review its insurance and superannu

7、ation unit OnePath after compliance breaches were reported the Australian Securities and Investments Commission. On March 15， ANZ said that the breaches included not following up on some unbanked cheques and superannuation contributions not being allocated to the customers correct account. None of t

8、he breaches relate to life insurance claims. Since February 2013， ANZ has compensated approximately AU$4.5 million to around 1.3 million OnePath customers. ANZ wealth Australia managing director Alexis George apologised to OnePath customers and assured them that its working hard to improve its contr

9、ols. The review by PwC began in January， and is expected to report back to both ANZ and Australian Securities and Investments Commission by the middle of the year. As part of the review， PwC will identify any gaps in OnePath compliance systems and make recommendations to improve frameworks， policies

10、 and processes. The compliance breaches were reported to Australias corporate watchdog from early 2013. Australian firms urges dads to take parental leave A growing number of Australian companies are encouraging their male employees to take parental leave and play an increased role in raising childr

11、en. REA Group， which is majority owned by News Corp Australia， is the latest company to introduce a generous parental leave scheme for both primary and secondary carers， in a move designed to enable the career potential of women by prompting men to take up more of the slack at home. The property adv

12、ertising firm has announced it will provide all primary caregivers six months parental leave at full pay， while all secondary carers will be eligible for three months leave， the first six weeks on full pay and the second on half pay. The decision sees REA Group join the ranks of companies like Auriz

13、on and PwC. The rail transport company recently introduced a share care policy to encourage men to spend time at home with their newborns， and the financial advisory firm offers both mums and dads the chance to take 18 weeks of paid parental leave if they are the pri- mary carer anytime in a childs

14、first 12 month. REA Groups executive general manager of people and culture， Barb Hyman， said the new parental leave scheme was part of the companys ambitious plan to boost the representation of women in technical roles. “Women will not fulfil their career potential if they dont have supportive partn

15、ers at home， ” Ms Hyman said. “The average age of our employees is 34， and a lot of young people one day decide to have a family we want to hold on to our people and for them to think they can balance the best of their personal life with an REA Life， ” she said. REA Group employee Shane Gibb is hopi

16、ng to use the new scheme to take time off later this year to look after his one-month-old son. Mr Gibb said he believed it was very important for dads to spend whatever time they could with their babies. “You also get to really focus on your family and not be torn between work and home life， which w

17、ith the lack of sleep can be pretty stressful， ” he said. “And most importantly its a once in a lifetime opportunity to bond with your newborn.” Workplace Gender Equality Agency director Libby Lyons said leave arrangements that recognise the caring responsibilities of dads as well as mums are import

18、ant in giving new fathers confidence looking after their baby. “They also help to establish caring arrangements that allow both partners to balance work with family， ” she said. “It gives men the support they need to enjoy this special time， and it also allows their partners to more easily return to

19、 work.” REA Group will make its new generous PPL arrangements available to all employees after six months service， and superannuation payments will be made throughout the period. The companys CEO Tracey Fellows said， “we are very proud to be one of the first Australian technology companies to offer

20、this kind of benefit to our employees”. 7-Eleven worker warns Aust image at stake Bharat Khanna worked more than 60 hours a week managing a 7-Eleven store while studying full-time at university. When he challenged the boss over his pay he was told to walk. Other employees were even made to withdraw

21、some of their wages from ATMs and hand over cash to the franchise owner. The international student was invited to share his story in Parliament House on Wednesday by federal Labor leader Bill Shorten. “I would say that the image of Australia is at stake， ” Bharat said， warning the federal government

22、 there were lots of other people like him. When he was planning on coming to this “beautiful country” and studying he heard hed work 20 hours and be paid at the appropriate rate. But after arriving， he struggled to find work and when he did he was paid AU$10-11 an hour. Mr Shorten and his workplace

23、relations spokesman Brendan OConnor used Bharats story - and another from a Queensland hospitality worker - to challenge the government over worker exploitation. Their experiences revealed an “underbelly” which Mr Turnbull liked to pretend didnt exist. “It is not an exciting time， ” Mr Shorten said，

24、 referring to the prime ministers description of modern Australia. Labor senator Doug Cameron on Mar 15 introduced to parliament a private bill that aims to crackdown on unscrupulous employers. The bill increases civil penalties to AU$32，400 for individuals and AU$162，000 for corporations who fail t

25、o pay workers properly. It also includes greater protections for workers from sham contracting. The federal government last year established a ministerial working group to look into protections for vulnerable foreign workers. Employment Minister Michaelia Cash hit back labelling the “reannouncement”

26、 hypocritical. When Mr Shorten was head of the Australian Workers Union， it entered into an agreement with Cleanevent which removed all penalty rates for lowpaid cleaners without compensation， she said. About 11，000 families face welfare hit The families of about 11，000 Commonwealth employees will t

27、ake a hit to their welfare payments under a measure introduced to parliament. But Social Services Minister Christian Porter says the government is just levelling the playing field and treating them the same as everyone else. The change means Commonwealth workers will have to do what other workers al

28、ready must do and start counting parental leave payments as income， which may mean they lose other benefits. Mr Porter said that under the present system a person can receive a government-funded parental leave payment of AU$1314 a fortnight while also receiving AU$731.20 as a single parent or AU$472

29、.60 as a partnered parent. But if the parental leave was treated as income or paid leave it would reduce the singles payment to AU$280.24 a fortnight and the partnered amount to nil. Mr Porter said the change would mean about 5000 families will receive reduced income support and another 6000 will ge

30、t none. Australias Treasurer all but rules out income tax cuts in budget Federal Treasurer Scott Morrison has all but ruled out income tax cuts in this years budget， despite indicating for months that he was aiming to deliver some tax relief. It is confirmed that the federal government is still seri

31、ously considering handing down the budget a week early to help clear the path for a double dissolution election in July. Mr Morrison told a business summit in Melbourne that the Government could not afford to provide cuts to both company and personal taxes in the budget， given the state of the feder

32、al finances， and argued this was something that could be achieved “within budget after budget after budget”. The government has been working on a tax reform package for months， but since ruling out an increase in the Goods and Services Tax （GST） ， its options have been rapidly narrowing. Mr Morrison

33、 said tax reform would now be delivered primarily through cutting spending， and in the case of income tax cuts， faster economic growth. “The best way to drive income tax cuts ultimately， is off growth， ” he said.“So our focus is very much on， lets drive growth.” Mr Morrison has consistently made the

34、 case for cutting income tax， warning hundreds of thousands of Australians would soon be paying higher taxes simply because of inflation. “The goal is to ensure that those 300，000 that the average wage earner in this country doesnt move into the second highest tax bracket， ” he told Melbournes 3AW r

35、adio in February. During that interview， he said he was working to ensure that “in the Budget we are able to deliver some modest tax relief to people so they do not go into these higher tax brackets”. The timing of the budget still re- mains unclear.The Government has sought advice and is contemplat

36、ing bringing back the House of Representatives， without the Senate， a week early and delivering the budget on May 3. It is understood no decision has yet been made， but changing the date of the budget is a live option.One of the arguments in favour of bringing forward the budget is to give Opposition Leader Bill Shorten a right of reply， should the Prime Minister call a double dissolution election. Australias housing construction to fall sharply over next 2 yrs