O75 Public Administration

Super fix comes at cost

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Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 6 : 21-Jul-16

The Australian Government will allow exemptions to its proposed $A500,000 lifetime cap on non-concessional superannuation contributions, to take into account "life events" such as a divorce settlement or an inheritance. The cap had been expected to generate Budget savings of about $A550m over four years, but some estimates have suggested that the exemptions could potentially cost between $A300m and $A450m. Meanwhile, shadow treasurer Chris Bowen has stressed that any super reforms must not be retrospective. The Government plans to backdate the lifetime cap to 2007.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN LABOR PARTY, FINANCIAL SERVICES COUNCIL, LIBERAL PARTY OF AUSTRALIA, NATIONAL PARTY OF AUSTRALIA

Brexit forces IMF to clip growth outlook

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Original article by Jacob Greber
The Australian Financial Review – Page: 1 & 11 : 20-Jul-16

The International Monetary Fund has scaled back its forecast for global economic growth in 2016 from 3.1 per cent to three per cent. The global economy is now forecast to expand by 3.4 per cent in 2017, compared with previous expectations of 3.5 per cent growth. The UK’s vote to leave the European Union contributed to the decision to downgrade the growth forecasts, while the IMF adds that a range of geopolitical risks could also affect global growth.

CORPORATES
INTERNATIONAL MONETARY FUND, RESERVE BANK OF AUSTRALIA

CFA bosses all aboard

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Original article by Matt Johnston
Herald Sun – Page: 13 : 20-Jul-16

The Victorian Government will be able to press ahead with plans to impose a contentious enterprise bargaining agreement on the Country Fire Authority, after confirming the last four appointments to its board. The Government had sacked the previous board due to its opposition to the EBA, amid concerns that it represented a takeover of the CFA by the United Firefighters’ Union. The last four appointees are CFA nominees, although the Government’s nominees dominate the new board.

CORPORATES
VICTORIA. COUNTRY FIRE AUTHORITY, UNITED FIREFIGHTERS’ UNION OF AUSTRALIA, VICTORIA. DEPT OF PREMIER AND CABINET, SUPREME COURT OF VICTORIA, AUSTRALASIAN FIRE AND EMERGENCY SERVICES AUTHORITIES COUNCIL LIMITED

Former Liberal boss gets five years’ jail, and a further AFP probe

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Original article by Rick Wallace, Pia Akerman
The Australian – Page: 3 : 20-Jul-16

The Australian Federal Police may undertake an investigation into Damien Mantach, the former director of the Liberal Party of Victoria. The Victorian County Court has given him a maximum jail term of five years after he was convicted of defrauding the party of $A1.56m using false invoices. Mantach will be eligible for parole after two years and eight months. The Federal Government has referred Mantach’s case to the AFP, amid concerns that he may also have embezzled federal party funds.

CORPORATES
LIBERAL PARTY OF VICTORIA, AUSTRALIAN FEDERAL POLICE, COUNTY COURT OF VICTORIA, LIBERAL PARTY OF AUSTRALIA, AUSTRALIA. DEPT OF FINANCE

Crossbench spurns super tax hike

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Original article by David Crowe
The Australian – Page: 4 : 20-Jul-16

Prime Minister Malcolm Turnbull has signalled that the Coalition is open to some changes to its proposed superannuation reforms, amid unrest within its own ranks. Allowing exemptions to the lifetime cap on non-concessional contributions is believed to be under consideration. Meanwhile, the Opposition and the Greens have both indicated that they are open to negotiation regarding the super reforms, although Senator-elect Derryn Hinch says Turnbull must put the election policy reforms to parliament rather than bow to pressure from backbenchers.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIAN LABOR PARTY, AUSTRALIAN GREENS, FINANCIAL SERVICES COUNCIL, NICK XENOPHON TEAM

RBA keeps open door for August interest rate cut

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Original article by Jacob Greber
The Australian Financial Review – Page: 3 : 20-Jul-16

The minutes of the Reserve Bank of Australia’s monthly board meeting show that inflation data for the June 2016 quarter will be a key factor in its monetary policy decision in August. The central bank’s board expects the inflation rate to remain below its target range of 2-3 per cent in the near-term. Meanwhile, board members anticipate that the UK’s exit from the European Union will have a "modest adverse effect" on global economic growth, but they noted that it is too soon to assess the extent of the impact.

CORPORATES
RESERVE BANK OF AUSTRALIA, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ

Actuaries back $500,000 cap and call for government to push package

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Original article by Sally Rose
The Australian Financial Review – Page: 5 : 19-Jul-16

Guy Thornburn of Mercer says the Federal Government’s proposed superannuation reforms will make the system fairer and more flexible. He adds that the proposal to impose a lifetime cap of $A500,000 on non-concessional contributions is "reasonable" in the context of the broader super reforms, although he suggests that it could be backdated by just three years rather than to 2007. Lance Cunningham of BDO says the cap should be a minimum of $A1m.

CORPORATES
MERCER INVESTMENTS PTY LTD, BDO AUSTRALIA LIMITED, RICE WARNER ACTUARIES PTY LTD

Women’s work in cabinet drops as touted promotions evaporate

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Original article by Rosie Lewis
The Australian – Page: 5 : 19-Jul-16

The number of cabinet portfolios allocated to women has fallen in the Australian Government’s post-election reshuffle. The role of Marise Payne as Defence Minister will be reduced, with Christopher Pyne assuming responsibility for the construction of new naval vessels as the Minister for Defence Industries. Kelly O’Dwyer has been promoted to Minister for Revenue and Financial Services, although the small business portfolio has been reallocated.

CORPORATES
AUSTRALIA. DEPT OF DEFENCE, AUSTRALIA. DEPT OF FINANCE, AUSTRALIA. DEPT OF HEALTH, LIBERAL PARTY OF AUSTRALIA, NATIONAL PARTY OF AUSTRALIA, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET

PM resets agenda with reshuffle

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Original article by David Crowe
The Australian – Page: 1 & 4 : 19-Jul-16

The new Australian Government will have 23 cabinet ministers, with increased representation for the National Party. The role of the minister for Northern Australia, Matt Canavan, has been expanded to include the resources portfolio, and he has moved from the outer ministry to cabinet. Meanwhile, former resources minister Josh Frydenberg will take on the environment and energy portfolio, Greg Hunt has been appointed Minister for Industry, ­Innovation and Science, and former assistant treasurer Kelly O’Dwyer has been promoted to the Minister for Revenue and Financial Services.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF INFRASTRUCTURE AND REGIONAL DEVELOPMENT, AUSTRALIA. DEPT OF INDUSTRY, INNOVATION AND SCIENCE, AUSTRALIA. DEPT OF FINANCE, AUSTRALIA. DEPT OF THE ENVIRONMENT, NATIONAL PARTY OF AUSTRALIA, AUSTRALIAN LABOR PARTY, AUSTRALIAN ELECTORAL COMMISSION

Next election may be two years away

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Original article by Phillip Coorey
The Australian Financial Review – Page: 5 : 19-Jul-16

Federal Parliament will resume on 30 August 2016, but it will not run for the full three-year term. Indeed, the timing of state elections in Victoria in November 2018 and New South Wales in March 2019 means that Prime Minister Malcolm Turnbull could potentially call an election in August 2018, which is the earliest possible date for a federal election. His decision to opt for a double-dissolution election means the next poll can be held no later than mid-May 2019.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET