Author: roymorgansocial

ATO chases $2.5bn corporate shortfall

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Original article by Ben Butler
The Australian – Page: 19 : 11-Oct-17

The Australian Taxation Office estimates that the corporate "tax gap" averaged 5.8 per cent between 2008-09 and 2014-15. The ATO hopes to reduce corporate tax underpayments to about $A2.5bn, and deputy commissioner Jeremy Hirschhorn notes that transfer pricing is a significant contributor to the tax gap. He notes that a number of measures have been implemented in recent years to ensure that companies meet their tax liabilities, including the diverted profits tax and the Multinational Anti-Avoidance Law.

CORPORATES
AUSTRALIAN TAXATION OFFICE, GOOGLE INCORPORATED, CHEVRON CORPORATION, FEDERAL COURT OF AUSTRALIA

Westpac takes knife to transaction fees

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Original article by James Eyers
The Australian Financial Review – Page: 13 & 16 : 11-Oct-17

Westpac has revised its fees and charges for legacy products that pre-date online banking and reflect an era when most transactions were made in bank branches. Amongst other things, all personal transaction accounts will have a maximum account-keeping fee of $A5 a month, while Westpac will abolish transaction fees on all personal accounts. George Frazis, the head of consumer banking, says Westpac will make further changes to its fees and charges.

CORPORATES
WESTPAC BANKING CORPORATION – ASX WBC, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIA. HOUSE OF REPRESENTATIVES STANDING COMMITTEE ON ECONOMICS, AUSTRALIAN LABOR PARTY, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA

Admitting guilt the clincher for rate-rig case

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Original article by Jonathan Shapiro, Patrick Durkin
The Australian Financial Review – Page: 13 & 18 : 11-Oct-17

The Australian Securities & Investments Commission’s case against three of the "big four" banks over allegations that they manipulated the bank bill swap rate will be heard by the Federal Court on 23 October. Some observers believe that the parties could reach a settlement before the case begins, although this would require the banks to admit that they had engaged in unconscionable conduct. Meanwhile, stock exchange operator ASX Limited has issued new guidelines regarding bank bill trading in the wake of the BBSW scandal.

CORPORATES
AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, WESTPAC BANKING CORPORATION – ASX WBC, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, FEDERAL COURT OF AUSTRALIA, ASX LIMITED – ASX ASX, COUNCIL OF FINANCIAL REGULATORS

ANZ-Roy Morgan Australian Consumer Confidence picks up modestly, up 0.4% to 113.8

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Original article by Roy Morgan Research
Market Research Update – Page: Online : 11-Oct-17

ANZ-Roy Morgan Australian Consumer Confidence rose 0.4% to 113.8 in the week ended 8 October 2017, recovering some of the previous week’s losses. Sentiment towards economic conditions fell slightly, but views on financial conditions improved. Consumers’ views towards current and future financial conditions improved, with the indices increasing by 0.7% and 0.3% respectively. After a strong show in the previous week, households’ views on economic conditions edged lower. Both the indices recorded a slight decline, and remain well below their long-run averages.

CORPORATES
ROY MORGAN RESEARCH LIMITED, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ

Scale back Paris emissions commitment, reformers urge

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Original article by Adam Creighton
The Australian Financial Review – Page: 1 & 6 : 11-Oct-17

The Federal Government ruled out withdrawing from the Paris climate change agreement in June, but Gary Banks of the Melbourne Institute and former government adviser Fred Hilmer say it should reduce back the nation’s commitment to the agreement. Banks, the former chairman of the Productivity Commission, has expressed concern about the likely economic impact of Australia’s renewable energy target. Banks and Hilmer have also questioned whether there has been adequate analysis and modelling of the Government’s energy policy.

CORPORATES
UNIVERSITY OF MELBOURNE. INSTITUTE OF APPLIED ECONOMIC AND SOCIAL RESEARCH, AUSTRALIA. PRODUCTIVITY COMMISSION, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF THE ENVIRONMENT AND ENERGY, AUSTRALIA. OFFICE OF THE CHIEF SCIENTIST, AGL ENERGY LIMITED – ASX AGL, INFRASTRUCTURE PARTNERSHIPS AUSTRALIA

AFIC shuts down BHP activists over ‘agitating change’

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Original article by Peter Ker
The Australian Financial Review – Page: 13 & 18 : 11-Oct-17

Activist hedge fund Elliott Management is believed to have renewed its push for a restructuring at BHP Billiton. However, Australian Foundation Investment Company MD Ross Barker says investors should give BHP’s new chairman Ken MacKenzie sufficient time to make his mark on the resources group before advocating change. He adds that BHP’s management team seems to be acting in the interests of shareholders and there is no need for change at present.

CORPORATES
BHP BILLITON LIMITED – ASX BHP, ELLIOTT MANAGEMENT CORPORATION, AUSTRALIAN FOUNDATION INVESTMENT COMPANY LIMITED – ASX AFI, DJERRIWARRH INVESTMENTS LIMITED – ASX DJW, CGI GLASS LEWIS PTY LTD, RIO TINTO LIMITED – ASX RIO

Network Ten equity has no value, according to KPMG report

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Original article by Max Mason
The Australian Financial Review – Page: Online : 11-Oct-17

An independent expert’s report from KPMG has concluded that the Ten Network has an equity value of between negative $A529.2m and negative $A543.7m, or negative $1.055bn when the debt claims of CBS and 21st Century are taken into account. The negative valuation could make it harder for Lachlan Murdoch and Bruce Gordon to challenge the transfer of Ten’s shares to CBS Corporation. They will have a deadline of 13 October to decide whether to launch a legal challenge.

CORPORATES
TEN NETWORK HOLDINGS LIMITED – ASX TEN, KPMG AUSTRALIA PTY LTD, CBS CORPORATION, KORDA MENTHA AND COLLEAGUES PTY LTD, WIN CORPORATION PTY LTD, 21ST CENTURY FOX INCORPORATED

Nahan buries ALP’s $400m gold grab

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Original article by Andrew Burrell
The Australian – Page: 5 : 11-Oct-17

Western Australia’s Opposition Leader Mike Nahan says the State Government’s proposed increased in the gold royalty was aimed at funding its election promises rather than budget repair. The 50 per cent royalty increase faces defeat in the upper house after Liberal Party MP voted to block the bill, which had already been rejected by the National Party and crossbenchers. The mining industry had also opposed the royalty increase, warning that it would result in widespread job losses.

CORPORATES
LIBERAL PARTY OF WESTERN AUSTRALIA, AUSTRALIAN LABOR PARTY, NATIONAL PARTY OF AUSTRALIA, ONE NATION PARTY, THE CHAMBER OF MINERALS AND ENERGY OF WESTERN AUSTRALIA INCORPORATED, NEWCREST MINING LIMITED – ASX NCM, WESTERN AUSTRALIA. DEPT OF TREASURY AND FINANCE

It’s Official: Australians not concerned about mass facial recognition technology

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Original article by Roy Morgan Research
Market Research Update – Page: Online : 11-Oct-17

A special Roy Morgan Snap SMS Survey has found that 67.5% of Australians are not concerned that "under anti-terror measures State Governments will provide driver licence photos for mass facial-recognition technology", while 32.5% are concerned. Analysis by Voting Intention shows that Greens supporters (59%) are more concerned about mass facial recognition technology than Labor supporters (33.5%) or Liberal-National Party supporters (19%). Meanwhile, analysis by gender shows little difference between women (33%) and men (32%) concerned about mass facial recognition technology, and analysis by Age shows that younger people (45% of those aged 18-24) are more likely to be concerned about mass facial recognition technology than older people (19% of those aged 65+).

CORPORATES
ROY MORGAN RESEARCH LIMITED, AUSTRALIAN GREENS, AUSTRALIAN LABOR PARTY, LIBERAL PARTY OF AUSTRALIA, NATIONAL PARTY OF AUSTRALIA

Miners hit out at industrial kill laws

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Original article by Michael McKenna
The Australian – Page: 7 : 10-Oct-17

The Queensland Resources Council has accused the State Government of not consulting it over new industrial manslaughter laws. The proposed laws, instigated as a result of union pressure, are due to go before state parliament on 11 October. However, the QRC has only just learned that the laws may be extended to cover the minerals sector, and it states that they will conflict with existing health and safety rules. The QRC has threatened to campaign against the Government at the next election if the proposed laws are not amended.

CORPORATES
QUEENSLAND RESOURCES COUNCIL LIMITED, QUEENSLAND. DEPT OF THE PREMIER AND CABINET, QUEENSLAND. DEPT OF STATE DEVELOPMENT, KATTER’S AUSTRALIAN PARTY, AUSTRALIAN LABOR PARTY, CONSTRUCTION, FORESTRY, MINING AND ENERGY UNION OF AUSTRALIA