O75 Public Administration

PM bends to revolt over super

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Original article by Laura Tingle
The Australian Financial Review – Page: 1 & 4 : 18-Jul-16

Prime Minister Malcolm Turnbull has indicated that he may be open to changes to the Coalition’s superannuation reforms. The proposed changes will be discussed at the Coalition’s party room meeting on 18 July, with some backbenchers seeking a compromise on policies such as the $A500,000 lifetime cap on non-concessional contributions. Senator Nick Xenophon says the government must reconsider the lifetime cap and limiting concessional contributions to $A25,000 a year, arguing that they will not be approved by either the Senate or the Coalition’s own party room.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, LIBERAL PARTY OF AUSTRALIA, NATIONAL PARTY OF AUSTRALIA, NICK XENOPHON TEAM, AUSTRALIAN LABOR PARTY, AUSTRALIAN GREENS

Fate of bill to be played out by the numbers

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Original article by Rachel Baxendale
The Australian – Page: 4 : 15-Jul-16

The reintroduction of legislation to reinstate the Australian Building & Construction Commission will be one of the Federal Government’s priorities when parliament resumes. However, at best the Coalition is likely to have 79 seats in the lower house and 29 in the Senate, which means it would need the support of at least five crossbenchers if the ABCC bill is put before a joint sitting of parliament.

CORPORATES
AUSTRALIAN BUILDING AND CONSTRUCTION COMMISSION, LIBERAL PARTY OF AUSTRALIA, NATIONAL PARTY OF AUSTRALIA, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIAN LABOR PARTY, AUSTRALIAN GREENS, NICK XENOPHON TEAM, ONE NATION PARTY

Concern rises over proposed super ceiling

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Original article by Sally Patten, Joanna Mather
The Australian Financial Review – Page: 4 : 15-Jul-16

The Australian Institute of Superannuation Trustees has warned that the Federal Government’s proposed lifetime cap on non-concessional superannuation contributions could be difficult and costly for the industry to implement. It has suggested that capping annual contributions at $A50,000 would be easier for super funds to administer. The AIST has also expressed concern about the impact that reducing the cap on pre-tax contributions would have on older super fund members.

CORPORATES
AUSTRALIAN INSTITUTE OF SUPERANNUATION TRUSTEES, LIBERAL PARTY OF AUSTRALIA, NATIONAL PARTY OF AUSTRALIA, FINANCIAL SERVICES COUNCIL, AUSTRALIANSUPER PTY LTD, THE ASSOCIATION OF SUPERANNUATION FUNDS OF AUSTRALIA LIMITED, INDUSTRY SUPER AUSTRALIA PTY LTD, SAVE OUR SUPER

Jobless rate edges up and fewer hours worked

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Original article by Jacob Greber
The Australian Financial Review – Page: 6 : 15-Jul-16

Data from the Australian Bureau of Statistics shows that the nation’s unemployment rate rose from 5.7 per cent to 5.8 per cent in June 2016. Some 38,400 full-time jobs were created during the month, although this was offset by the loss of part-time positions, resulting in a net gain of almost 8,000 jobs. ANZ Bank economist Felicity Emmett says the low jobs growth and low inflation will most likely prompt the Reserve Bank to reduce the cash rate in August.

CORPORATES
AUSTRALIAN BUREAU OF STATISTICS, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, RESERVE BANK OF AUSTRALIA, HSBC AUSTRALIA HOLDINGS PTY LTD, JP MORGAN AUSTRALIA LIMITED, WESTPAC BANKING CORPORATION – ASX WBC

PM steeled for Senate showdown

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Original article by David Crowe
The Australian – Page: 1 & 4 : 14-Jul-16

The Federal Government will negotiate with crossbenchers on key election policies such as company tax cuts, but Prime Minister Malcolm Turnbull has conceded that some compromises will be necessary. However, the Greens have signalled that they will oppose some of the proposed tax reforms, while Nick Xenophon says ensuring the future of Arrium and manufacturing jobs should take precedence over company tax cuts. Meanwhile, some Coalition MPs are pushing for changes to the Government’s superannuation reforms.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIAN GREENS, NICK XENOPHON TEAM, AUSTRALIAN LABOR PARTY, LIBERAL PARTY OF AUSTRALIA, NATIONAL PARTY OF AUSTRALIA, INDUSTRY SUPER AUSTRALIA PTY LTD, CROSBY TEXTOR RESEARCH STRATEGIES RESULTS PTY LTD

Gary Morgan’s comment on the latest real Australian unemployment figures

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Original article by Gary Morgan, Roy Morgan Research
Market Research Update – Page: Online : 14-Jul-16

This slow employment market was largely ignored by the major parties in the Federal Election campaign. It is why neither party secured a clear victory. The lack of coherent plans and details on how each major party would grow the Australian economy and generate jobs is the reason for the high vote for minor parties – today counted at 22.9%. Hopefully, the "shock" of a close election result – along with the record high support for minor parties – will mean both Prime Minister Malcolm Turnbull and Opposition Leader Bill Shorten start listening to the clear message the electorate is sending the major parties. Nearly a quarter of the Australian electorate feels ignored and unheard by Australia’s political leaders.

CORPORATES
ROY MORGAN RESEARCH LIMITED, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIAN LABOR PARTY

Australian real unemployment 9.6% in June as new Government takes office

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Original article by Roy Morgan Research
Market Research Update – Page: Online : 14-Jul-16

The good news for the re-elected Turnbull Government is that unemployment fell 1.1% to 9.6% in June 2016 – although this is still well above the current ABS figure for May (5.7%). However, the rising levels of employment were led by an increase in part-time employment (3,951,000, up 208,000 from June 2015) while full-time employment was down 28,000 to 7,792,000. Increasing part-time employment leads directly to increases in under-employment – now at 8.3% (up 0.9% since May 2016). In June a total of 2.326 million Australians (17.9% of the workforce) were either unemployed or under-employed. The fall in unemployment in June almost evenly matched by rising levels of under-employment was observed in last year’s June unemployment estimates.

CORPORATES
ROY MORGAN RESEARCH LIMITED, AUSTRALIAN BUREAU OF STATISTICS

Property group, Xenophon urge CGT reform

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Original article by Michael Bleby
The Australian Financial Review – Page: 5 : 13-Jul-16

The Australian Labor Party estimated that the capital gains tax break on property sales will cost $A8.6bn in lost government revenue by 2019, compared with $A4.2bn in 2014. Senator Nick Xenophon believes that the Federal Government should introduce CGT reforms as part of its strategy to reduce the Budget deficit. The Property Council of Australia supports reducing the CGT concession from 50 per cent at present to 40 per cent, compared with Labor’s proposal to reduce it to 25 per cent.

CORPORATES
AUSTRALIAN LABOR PARTY, NICK XENOPHON TEAM, PROPERTY COUNCIL OF AUSTRALIA LIMITED, GRATTAN INSTITUTE, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, LIBERAL PARTY OF AUSTRALIA, NATIONAL PARTY OF AUSTRALIA, STANDARD AND POOR’S CORPORATION, HSBC AUSTRALIA HOLDINGS PTY LTD

Labor to hold post mortem into Queensland failures

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Original article by Mark Ludlow
The Australian Financial Review – Page: 5 : 13-Jul-16

At best, the Australian Labor Party is likely to win seven Queensland seats in the 2016 federal election, compared with its expectations of up to 12. The Coalition is expected to have 22 seats in Queensland, despite a 2.5 per cent swing against it. Labor’s disappointing performance in Queensland will be closely scrutinised as part of a broader review of its election campaign.

CORPORATES
AUSTRALIAN LABOR PARTY, LIBERAL PARTY OF AUSTRALIA, NATIONAL PARTY OF AUSTRALIA, ONE NATION PARTY

PM stares down backbench revolt on super reforms

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Original article by David Crowe
The Australian – Page: 1 & 5 : 13-Jul-16

Prime Minister Malcolm Turnbull is resisting a push within the Coalition’s ranks to revise some elements of its superannuation reforms. The issue will be on the agenda of the party-room meeting on 18 July, with the proposed lifetime cap on non-concessional super contributions in particular a focus for Coalition MPs who want changes to the super policy. Meanwhile, the Australian Labor Party has given indications that it may support the lifetime cap if is not applied retrospectively.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, LIBERAL PARTY OF AUSTRALIA, NATIONAL PARTY OF AUSTRALIA, AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. DEPT OF FOREIGN AFFAIRS AND TRADE, LIBERAL-NATIONAL PARTY OF QUEENSLAND, STANDARD AND POOR’S CORPORATION, MOODY’S INVESTORS SERVICE INCORPORATED