O75 Public Administration

Fast-track personal tax cuts: banks

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Original article by John Kehoe
The Australian Financial Review – Page: 5 : 7-Nov-19

The second stage of the federal government’s income tax package is slated to take effect in mid-2022. However, Westpac’s chief economist Bill Evans has urged the government to begin phasing in the tax cuts from July 2020 to boost consumer spending and stimulate the economy. Commonwealth Bank economist Gareth Aird also argues that the government should bring forward some of the legislated tax cuts. Shadow treasurer Jim Chalmers says Labor has been advocating this for months.

CORPORATES
WESTPAC BANKING CORPORATION – ASX WBC, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE TREASURY

Underpay bosses face bans

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Original article by Ewin Hannan
The Australian – Page: 1 & 4 : 7-Nov-19

Industrial Relations Minister Christian Porter says the first responsibility of an employer is to ensure that their staff are being paid fairly. Porter has flagged the possibility of making company directors liable for wage theft by banning them from future directorships, although he adds that such legislation is unlikely to be retrospective. Porter also says there is merit in a proposal to allow the Fair Work Commission to hear claims for underpayment by individual workers, as suggested by ACTU secretary Sally McManus.

CORPORATES
AUSTRALIA. DEPT OF EMPLOYMENT, SKILLS, SMALL AND FAMILY BUSINESS, AUSTRALIA. ATTORNEY-GENERAL’S DEPT, ACTU, AUSTRALIA. FAIR WORK COMMISSION, AUSTRALIA. FAIR WORK OMBUDSMAN

$1bn for business, farms to beat dry

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Original article by Simon Benson
The Australian – Page: 1 & 6 : 7-Nov-19

The federal government will release details of a drought assistance package on 7 November. Small businesses in drought-affected areas will be offered concessional loans of up to $500,000, while farmers who qualify for an existing concessional loan scheme will be offered a two-year interest-free period. Meanwhile, shadow agriculture minister Joel Fitzgibbon has called for a national drought strategy and urged the government to release the full report of the drought taskforce review that was undertaken by Major General Stephen Day.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIAN LABOR PARTY, NATIONAL PARTY OF AUSTRALIA, AUSTRALIA. DEPT OF AGRICULTURE AND WATER RESOURCES

$9b tax hole linked to Airbnb-style deals

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Original article by Duncan Hughes
The Australian Financial Review – Page: 9 : 6-Nov-19

The Australian Taxation Office estimates that some property owners have undeclared income of more than $70,000 a year in earnings from short-term rental platforms such as Airbnb. This has contributed to an income tax shortfall of around $9bn. The ATO has used data-matching technology to compare income from tax returns with financial records provided by rental platforms. The ATO will write to home owners asking them to review their tax return, their income earned and the expenses they have claimed.

CORPORATES
AUSTRALIAN TAXATION OFFICE, AIRBNB AUSTRALIA PTY LTD, STAYZ PTY LTD, HOMEAWAY.COM INCORPORATED, FLIPKEY, BOOKING.COM (AUSTRALIA) PTY LTD, IBISWORLD PTY LTD, BNBGUARD

Senator dubs Morrison plan attack on democracy

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Original article by Andrew Tillett
The Australian Financial Review – Page: 7 : 6-Nov-19

The federal government requires the support of four Senate crossbenchers for its legislative crackdown on protestors who engage in secondary boycotts that target mining companies. However, the proposed legislation has been criticised by Centre Alliance senator Rex Patrick, who has expressed concern about the increasing erosion of civil liberties under the Coalition. Labor and the Greens also oppose the legislation.

CORPORATES
CENTRE ALLIANCE, AUSTRALIAN LABOR PARTY, AUSTRALIAN GREENS, LIBERAL PARTY OF AUSTRALIA, FOREST PRODUCTS ASSOCIATION, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET

What world’s biggest trade deal means to Australia

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Original article by Andrew Tillett
The Australian Financial Review – Page: 4 : 6-Nov-19

The 15-nation Regional Comprehensive Economic Partnership will account for about 29 per cent of global GDP. Shiro Armstrong, from the Australian National University’s East Asian Bureau of Economic Research, says the trade deal will generate ‘incremental’ economic gains for Australia. Sectors such as education, professional services and manufacturing are amongst those that are expected to benefit from the trade deal.

CORPORATES
REGIONAL COMPREHENSIVE ECONOMIC PARTNERSHIP, AUSTRALIAN NATIONAL UNIVERSITY. EAST ASIAN BUREAU OF ECONOMIC RESEARCH

Make states raise own revenue, say Liberal MPs

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Original article by Phillip Coorey
The Australian Financial Review – Page: 5 : 6-Nov-19

Prime Minister Scott Morrison recently ruled out any increase in the goods and services tax. However, there is growing support within the Coalition’s ranks for an overhaul of fiscal relations between the federal and state governments. Some Liberal MPs have proposed giving the states more power to raise their own revenue. Former prime minister Malcolm Turnbull proposed such a move in 2016, whereby federal income tax rates would be reduced and the states would impose their own income tax to make up for the revenue shortfall.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, LIBERAL PARTY OF AUSTRALIA, NEW SOUTH WALES. THE TREASURY

How a bunch of blokes beat the sheiks and princes to deliver an Aussie Cup

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Original article by John Stensholt
The Australian – Page: 1 & 7 : 6-Nov-19

Vow And Declare, the first Australian-bred horse to win the Melbourne Cup since 2009, was passed in at the 2017 Inglis Classic Yearling Sale. The horse was bred by builder and hobby breeder Paul Lanskey; it had a reserve of $60,000 but failed to attract a bid. Vow And Declare was subsequently bought by a diverse group of investors from across Australia. Trainer Danny O’Brien was cleared over a long-running cobalt scandal in 2018, while it was the first Melbourne Cup win for jockey Craig Williams in his 16th attempt.

CORPORATES
LANSKEY CONSTRUCTIONS

ANZ-Roy Morgan Consumer Confidence up to 113.5

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Original article by Roy Morgan
Market Research Update – Page: Online : 6-Nov-19

ANZ-Roy Morgan Australian Consumer Confidence rose 2.8% to 113.5 in the week ended 3 November, after falling 1.1% in the previous week. Households’ views towards current financial conditions rose 1.6%; views towards future financial conditions gained 2.6%, rising for a fourth consecutive week. Consumers’ views toward current economic conditions gained 2.6% and views towards future economic conditions rose 6.8%. The ‘time to buy a major household item’ was up 1.3%, but the four-week average for inflation expectations declined by 0.1ppt to 4.0%.

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

World’s largest trade pact an enormous victory: Morrison

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Original article by Simon Benson
The Australian – Page: 1 & 2 : 5-Nov-19

The Regional Comprehensive Economic Partnership will come into effect in 2020, after the leaders of the 15 participating nations agreed to the terms of the trade deal at the East Asia Summit in Bangkok. The RCEP will comprise members of the Association of Southeast Asian Nations plus Japan, China, South Korea, New Zealand and Australia. Prime Minister Scott Morrison has welcomed finalisation of the trade deal and indicated that India could still join the RCEP at a later date. The trade deal will comprise about 30 per cent of global GDP.

CORPORATES
REGIONAL COMPREHENSIVE ECONOMIC PARTNERSHIP, EAST ASIA SUMMIT, ASSOCIATION OF SOUTH-EAST ASIAN NATIONS, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET