O75 Public Administration

Expats urge rethink of draconian CGT plan

roymorgansocial Leave a comment

Original article by Tom McIlroy, Michael Smith
The Australian Financial Review – Page: 4 : 4-Oct-18

Tax experts are concerned about the federal government’s proposal to abolish the capital gains tax exemption for expatriates who sell their main residence in Australia. They have warned that the proposed reforms could potentially apply retrospectively from 1985, when CGT was introduced. Shadow treasurer Chris Bowen has also expressed concern about the "unintended consequences" of the proposed reforms, which were announced in the May 2017 Budget as part of the government’s strategy to address the issue of housing affordability.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE TREASURY, CENTRE ALLIANCE, ST JAMES’S PLACE WEALTH MANAGEMENT, KING AND WOOD MALLESONS, THE HONG KONG GENERAL CHAMBER OF COMMERCE

Unions lean on Labor to change bargaining laws

roymorgansocial Leave a comment

Original article by Ewin Hannan
The Australian – Page: 6 : 4-Oct-18

ACTU secretary Sally McManus says changes to the industrial relations system are needed as it currently favours bosses who steal employees’ wages. McManus has again advocated the need to allow enterprise bargaining at industry level, arguing that there is limited scope for further productivity improvements via negotiations at enterprise level. However, she says it would be a "last resort" for unions to take industrial action in support of industry-level bargaining.

CORPORATES
ACTU, AUSTRALIAN LABOR PARTY, JOHN CURTIN RESEARCH CENTRE, AUSTRALIA. FAIR WORK COMMISSION

Union threat to Labor over trade deals

roymorgansocial Leave a comment

Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 4 : 4-Oct-18

The Australian Manufacturing Workers’ Union has warned that it will reconsider financial support for federal Labor due to the party’s stance on the proposed Trans-Pacific Partnership. The union has contributed some $367,000 to Labor’s federal and New South Wales branches in the last two years, but AMWU state secretary Steve Murphy has criticise federal Labor’s lack of consultation with the union movement in deciding to support the trade deal. The TPP’s provisions regarding labour market testing for imported workers is a key concern for unions.

CORPORATES
AUSTRALIAN MANUFACTURING WORKERS’ UNION, AUSTRALIAN LABOR PARTY, TRANS-PACIFIC PARTNERSHIP, ELECTRICAL TRADES UNION, TRANSPORT WORKERS’ UNION, CONSTRUCTION, FORESTRY, MARITIME, MINING AND ENERGY UNION OF AUSTRALIA, AUSTRALIAN GREENS, ONE NATION PARTY

Labor launches $1.8b plan to school kindies

roymorgansocial Leave a comment

Original article by Phillip Coorey
The Australian Financial Review – Page: 5 : 4-Oct-18

Opposition Leader Bill Shorten will announce details of Labor’s early education policy on 4 October. Amongst other things, Labor will provide three-year-olds with 15 hours of subsidised pre-school education each week, or 600 hours a year. The subsidy currently only applies to four-year-olds, and was introduced by Labor when it was previously in office. The expanded scheme is estimated to cost $1.75bn over four years. Meanwhile, Shorten has criticised the federal government for failing to guarantee funding for the scheme beyond 2019.

CORPORATES
AUSTRALIAN LABOR PARTY

Morrison’s $9bn GST fix facing Labor, states revolt

roymorgansocial Leave a comment

Original article by Andrew Burrell, Rachel Baxendale
The Australian – Page: 1 & 4 : 4-Oct-18

The federal government’s proposed changes to the formula for distributing goods and services tax revenue was rejected by the majority of state treasurers at a meeting on 3 October. The reforms had the support of Western Australia’s Treasurer Ben Wyatt, but other state treasurers warned that the Coalition must guarantee that no state or territory will be worse off. Federal Labor also opposes the GST reforms, and Prime Minister Scott Morrison says he will take the GST policy to the next election if it is blocked in parliament.

CORPORATES
AUSTRALIAN LABOR PARTY, WESTERN AUSTRALIA. DEPT OF TREASURY AND FINANCE, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, VICTORIA. DEPT OF TREASURY AND FINANCE, NEW SOUTH WALES. THE TREASURY, QUEENSLAND. TREASURY, TASMANIA. DEPT OF TREASURY AND FINANCE, SOUTH AUSTRALIA. DEPT OF TREASURY AND FINANCE

Unions go national in fight against IR laws

roymorgansocial Leave a comment

Original article by Ewin Hannan
The Australian – Page: 6 : 3-Oct-18

ACTU president Michele O’Neil says the union movement will stage national protests as part of its push for changes to workplace laws. Work at construction projects and container ports in Melbourne is likely to be disrupted by a rally on 23 October, and O’Neil says rallies will also be held in other capital cities and regional centres. Australian Mines & Metals Association CEO Steve Knott says the Fair Work Ombudsman must respond appropriately to any unprotected industrial action.

CORPORATES
ACTU, AUSTRALIAN MINES AND METALS ASSOCIATION (INCORPORATED), AUSTRALIA. FAIR WORK OMBUDSMAN

PM accuses ALP of attack on Hayne’s independence

roymorgansocial Leave a comment

Original article by Rachel Baxendale
The Australian – Page: 7 : 3-Oct-18

The financial services royal commission is slated to finish its hearings by the start of February, and commissioner Kenneth Hayne indicated in its interim report that he will not seek an extension. Opposition Leader Bill Shorten has praised the royal commission for exposing misconduct in the financial services industry, but he says it should be extended to allow more people to give evidence. Prime Minister Scott Morrison says the government will extend the inquiry if Hayne asks for this.

CORPORATES
AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET

Shorten commits: I’ll keep home affairs intact

roymorgansocial Leave a comment

Original article by Rachel Baxendale
The Australian – Page: 2 : 3-Oct-18

Opposition Leader Bill Shorten has ruled out breaking up the Department of Home Affairs if Labor wins the next federal election. Labor’s left faction has called for the "super-ministry" to be dismantled, but Shorten says it will be retained unless security agencies recommend changes to its structure. Shorten adds that Labor will not unwind the policies of the current federal government simply because they were Liberal initiatives.

CORPORATES
AUSTRALIA. DEPT OF HOME AFFAIRS, AUSTRALIAN LABOR PARTY, LIBERAL PARTY OF AUSTRALIA

PM stares down states over GST compensation

roymorgansocial Leave a comment

Original article by Phillip Coorey
The Australian Financial Review – Page: 4 : 3-Oct-18

Proposed changes to the formula for the distribution of goods and services tax revenue will head the agenda of a meeting of the federal and state treasurers on 3 October. Prime Minister Scott Morrison has given assurances that no state will worse off, but the eastern states are concerned that the GST reforms favour Western Australia and that they will lose more in revenue than the federal government has proposed to offer by way of compensation. Morrison has indicated that he will legislate to make the changes even if the reforms are not supported by the eastern states.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIAN LABOR PARTY, VICTORIA. DEPT OF TREASURY AND FINANCE

ANZ-Roy Morgan Australian Consumer Confidence consolidates to 118.1

roymorgansocial Leave a comment

Original article by Roy Morgan
Market Research Update – Page: Online : 3-Oct-18

ANZ-Roy Morgan Australian Consumer Confidence rose 0.8% to 118.1 in the week ended 30 September, reversing the fall of 0.7% in the previous week. Households’ views towards current financial conditions rose 0.7%, its third consecutive weekly gain. Sentiment towards future financial conditions fell 1.2%, only partially reversing the previous week’s 2.4% rise. Sentiment towards current and future economic conditions rose by 2.1% and 1.3% respectively, after both indices fell in the previous week. The "time to buy a household item" sub-index increased by 1.3%, compared to a fall of 4% in the previous week.

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