Susan Heron, Managing Director of ADP's Australian branch - Talking Business 2013 Ep 24

Summary: Interview with Susan Heron, managing director of the Australian branch ADP, an American provider of business outsourcing solutions Interview with economist Nicholas Gruen Leon and Garry discuss issues including: · Japanese Prime Minister Shinzo Abe planning to reboot the Japanese economy following his massive victory in the elections · Chinese Premier Li Keqiang saying that 7 per cent GDP growth in China is the bottom line for tolerance of an economic slowdown · Signs of a pickup in the United States housing market. · The stronger US housing market putting James Hardie way out in front, now saying James it expects more growth in the US than in Australia and will expand its capacity accordingly. · Around half of Australian businesses saying they recorded no revenue growth in the past 12 months · Pressures on business continuing with Australian petrol prices recording their fastest jump in four years · Commonwealth Bank analysis showing that Western Australia remains Australia's best performing economy, while the Australian Capital Territory has powered past the Northern Territory to take second place · PricewaterhouseCoopers warning that failure to overhaul the tax system and rein in government spending will see federal and state budget deficits balloon for a generation to hit a combined $213 billion by 2040. PwC predicts deficits across could swell from $27.4 billion now to $583.1 billion by 2049-50. As a result of deficits each year, combined government debt, as a proportion of GDP, is on trend to grow from 12.1 per cent now, to 32.9 per cent by 2039-40 and to 77.9 per cent of annual GDP by 2049-50. · Superannuation accounts recording the best returns in 16 years last financial year, with equity market strength pushing the median growth fund's result to 15.6 per cent. · Tthe federal government’s razor gang looking for savings to cover $6 billion or more in forecast revenue estimated to have been lost since the May budget, to fulfil its promise of a ­surplus by 2016-17. · The car leasing industry claiming that reforms proposed by the Rudd government to overhaul tax benefits for cars will affect about 550,000 people, rather than the 320,000 figure claimed by Labor. · The Australian Greens all but adopting the Coalition’s policy for paid parental leave, increasing the prospect of a company tax rise for the nation’s most profitable businesses should Tony Abbott win the election. · The mining downturn continuing with Peabody Energy cutting 170 Australian workers from its operations in Queensland and New South Wales as part of a raft of cost-cutting measures to combat difficult market conditions, Oil Search Ltd reporting that production in the three months to June 30 decreased to 1.63 million barrels of oil equivalent, Mirabela Nickel also suffering a decline in production and Incitec Pivot Ltd saying its Phosphate Hill ammonia plant will be offline until mid-next week as the group continues to address a series of performance issues, at an estimated cost $23.5 million after tax. · Nine Entertainment Co chief David Gyngell warning Australia may soon only sustain two profitable, commercial free-to-air television networks