Daily Bulletin

The Conversation

  • Written by Michelle Grattan, Professorial Fellow, University of Canberra
The Conversation

Prime Minister Scott Morrison will underscore the need for Australia’s corporate sector to regain public trust, when he addresses a business forum on Tuesday.

“Trust is the currency of a strong, prosperous economy”, Morrison will say. “It’s no secret that big business finds itself under unprecedented scrutiny.”

In his speech – released ahead of delivery - to the Australian Financial Review’s business summit, Morrison says: “The need to restore trust with customers, employees, suppliers and the wider community is preoccupying boardrooms across Australia.

"As former Canadian Prime Minister Stephen Harper has written, high trust societies are richer and happier, not least because trust enables efficient trade and commerce by allowing markets to function better.

"On the other hand, low levels of trust generate pressure for more laws to regulate business activities and practices.

"So the economic case to rebuild trust in our corporate sector is unmistakable,” Morrison says.

“Business needs to play by the rules, pay its taxes and deal fairly with workers, consumers and suppliers. Keeping big business accountable is a further part of our plan for a stronger economy and a fairer Australia.”

Morrison points to the government’s improvements to the integrity of Australia’s corporate tax system, including by tackling multinational tax avoidance.

He says it is estimated that measures taken since July 1 2016 have yielded almost $2 billion annually in extra revenue.

Morrison’s remarks come as Labor continues to focus on the aftermath of the royal commission into banking, with Bill Shorten announcing an ALP government would use $60 million from its planned $640 million Banking Fairness Fund to give practical support to victims of family violence to help rebuild their lives.

In his speech Morrison attacks Shorten as being under the sway of the unions.

“Under Mr Shorten, the Labor Party has never been more deferential to trade union control. No union demand – or bad behaviour – has gone unrewarded.

"At the behest of the ACTU, Mr Shorten has turned his back on enterprise bargaining and promised a return to the days of industry-wide pattern bargaining and strikes – the very model Labor ditched a quarter century ago, Morrison says.

Labor would "abolish the Australian Building and Construction Commission, scrap the Registered Organisations Commission, reinstate a union scheme that will push owner-driver truckies out of business, reverse reforms that will make coastal shipping more competitive, exempt union-run industry super funds from tax hikes and impose a union veto on trade agreements.

"Labor’s industrial relations agenda will weaken our economy. You can’t build a fairer Australia from a weaker economy, ” Morrison says.

He also claims that Shorten has promised that unions would have an “iron grip on trade policy”.

Authors: Michelle Grattan, Professorial Fellow, University of Canberra

Read more http://theconversation.com/rebuilding-trust-is-vital-morrison-to-tell-business-112877

Writers Wanted

Wetlands have saved Australia $27 billion in storm damage over the past five decades


Back to school: how to help your teen get enough sleep


The Best Date Night Outfits You Should Try


The Conversation


Ray Hadley's interview with Scott Morrison

RAY HADLEY: Prime Minister, good morning.    PRIME MINISTER: G’day Ray.   HADLEY: I was just referring to this story from the Courier Mail, which you’ve probably caught up with today about t...

Ray Hadley & Scott Morrison - avatar Ray Hadley & Scott Morrison

Prime Minister's Remarks to Joint Party Room

PRIME MINISTER: Well, it is great to be back in the party room, the joint party room. It’s great to have everybody back here. It’s great to officially welcome Garth who joins us. Welcome, Garth...

Scott Morrison - avatar Scott Morrison

Prime Minister Interview with Ben Fordham, 2GB

BEN FORDHAM: Scott Morrison, good morning to you.    PRIME MINISTER: Good morning, Ben. How are you?    FORDHAM: Good. How many days have you got to go?   PRIME MINISTER: I've got another we...

Scott Morrison - avatar Scott Morrison

Business News

Tips to find the best plastic manufacturing supplier for your needs

Plastics are very much an important part of all of our lives, but they’re particularly valuable to a wide variety of industries that rely on their production for their operations. The industries, ...

News Co - avatar News Co

7 foolproof tips for bidding successfully at a property auction

Auctions can be beneficial for prospective buyers, as they are transparent and fair. If you reach the limit you are willing to pay, you can simply walk away. Another benefit of an auction is tha...

Dominique Grubisa - avatar Dominique Grubisa

Getting Ready to Code? These Popular and Easy Programming Languages Can Get You Started

According to HOLP (History Encyclopedia of Programing Languages), there are more than 8,000 programming languages, some dating as far back as the 18th century. Although there might be as many pr...

News Co - avatar News Co

News Co Media Group

Content & Technology Connecting Global Audiences

More Information - Less Opinion