O75 Public Administration

Greens put high price on power

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Original article by Sid Maher
The Australian – Page: 1 & 6 : 16-May-16

Federal Opposition Leader Bill Shorten has again stressed that his party will not seek to form government with the Australian Greens in the event of a hung parliament. However, Greens leader Richard Di Natale believes that Shorten would not give up the opportunity to become prime minister, even if it required an alliance with the Greens. He also says any such deal would require the Australian Labor Party to change its policies on issues such as climate change and asylum seekers.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIAN GREENS, AUSTRALIA. FAIR WORK COMMISSION, LIBERAL PARTY OF AUSTRALIA

WA in $16b asset sale to fix budget

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Original article by Julie-anne Sprague, Tess Ingram
The Australian Financial Review – Page: 1 & 8 : 13-May-16

The Western Australian Government’s May 2016 Budget forecasts that the state’s deficit will blow out to $A3.9bn in 2017, while net debt will rise above $A40bn by 2019. Treasurer Mike Nahan has flagged plans to privatise some $A16bn worth of state assets, including Western Power, the TAB and Fremantle Ports. Nahan has stressed the need for asset sales to reduce the Budget deficit and to invest in new infrastructure.

CORPORATES
WESTERN AUSTRALIA. DEPT OF TREASURY AND FINANCE, WESTERN POWER CORPORATION, TOTALIZATOR AGENCY BOARD (WESTERN AUSTRALIA), FREMANTLE PORTS, HORIZON POWER, WESTERN AUSTRALIA. DEPT OF THE PREMIER AND CABINET, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, LIBERAL PARTY OF AUSTRALIA, NATIONAL PARTY OF AUSTRALIA, AUSTRALIAN LABOR PARTY, STANDARD AND POOR’S CORPORATION

Company tax drop will pay off, says McKibbin

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Original article by Ben Potter
The Australian Financial Review – Page: 7 : 13-May-16

Prominent economist Warwick McKibbin has urged the Coalition to proceed with its proposed reduction in the company tax rate despite its high cost. The policy is estimated to cost $A48 billion over 10 years but McKibbin says it will add $A160 billion to GDP in the long-term. He disagrees with the assessment of the policy’s future benefits by Victoria University’s Janine Dixon, who calculated that a company tax cut would increase GDP while reducing gross national product by between $A800 and $A2,000 per capita.

CORPORATES
RESERVE BANK OF AUSTRALIA, AUSTRALIAN LABOR PARTY, VICTORIA UNIVERSITY. CENTRE OF POLICY STUDIES

Coalition sells policy changes as ‘fair’

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Original article by Dennis Shanahan
The Australian – Page: 6 : 13-May-16

The Australian Government has defended its May 2106 Budget measures on the taxation of superannuation, with Cabinet Secretary Arthur Sinodinos and ex-prime minister Tony Abbott stressing that the changes are not retrospective. Sinodinos says the fact that some wealthy people are concerned about the changes demonstrates that the proposed reforms are fair. Abbott describes the reforms as a "gutsy call" by the Government and the right course of action.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN LABOR PARTY, INSTITUTE OF PUBLIC AFFAIRS LIMITED

Retailers break ranks on right to refuse shifts

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Original article by Sue Mitchell
The Australian Financial Review – Page: 9 : 12-May-16

Four retail industry bodies have made a joint submission to the Fair Work Commission’s review of penalty rates in which they argue that employees should be able to refuse working on Sunday shifts if weekend penalty rates are reduced. However, the Australian Industry Group and the Pharmacy Guild – which represent hospitality industry workers – have in turn argued that there should be no such right of refusal, as it is the same as working a Saturday shift.

CORPORATES
AUSTRALIA. FAIR WORK COMMISSION, RETAIL COUNCIL LIMITED, AUSTRALIAN RETAILERS ASSOCIATION, NATIONAL RETAIL ASSOCIATION LIMITED, MASTER GROCERS’ AUSTRALIA PTY LTD, THE PHARMACY GUILD OF AUSTRALIA, THE AUSTRALIAN INDUSTRY GROUP, WOOLWORTHS LIMITED – ASX WOW, COLES GROUP LIMITED, BUNNINGS GROUP LIMITED, HARVEY NORMAN HOLDINGS LIMITED – ASX HVN

No changes to super cuts: PM

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Original article by Phillip Coorey
The Australian Financial Review – Page: 4 : 12-May-16

Prime Minister Malcolm Turnbull has tried to pacify his electoral base by stating categorically that the proposed new limits on superannuation contributions for wealthy investors would not be retrospective. He said on 10 May 2016 that the substance of the new laws would not be changed but the Government is willing to discuss "the technicalities of the drafting." The proposed changes include a lifetime cap of $A500,000 on non-concessional contributions to super and a $A1.6 million limit on total super savings.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF FOREIGN AFFAIRS AND TRADE, INSTITUTE OF PUBLIC AFFAIRS LIMITED, AUSTRALIAN TAXATION OFFICE, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN LABOR PARTY, LIBERAL PARTY OF AUSTRALIA

$1 trillion foreign debt a rating risk

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Original article by David Uren
The Australian – Page: 1 & 6 : 12-May-16

Rating agencies have indicated that Australia’s ballooning foreign debt could prompt a review of the nation’s coveted "AAA" credit rating. Australia’s foreign debt has risen from 50 per cent of GDP to 62 per cent over the last three years, and it is now around $A1trn. Banks account for more than 50 per cent of Australia’s foreign debt, while the federal and state governments account for 25 per cent.

CORPORATES
STANDARD AND POOR’S CORPORATION, MOODY’S INVESTORS SERVICE INCORPORATED, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB

Iron ore blows hole in budget

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Original article by David Uren
The Australian – Page: 6 : 11-May-16

Revenue forecasts in the Australian Government’s May 2016 Budget are based on expectations that the iron ore price will average $US55 over the next two years. The price of the steel input is currently trading at around this level, but futures market quotes in Singapore suggest that it could fall to about $US50. Meanwhile, Justin Smirk of Westpac warns that the iron ore price could potentially fall below $US40, before stabilising at about $US42.

CORPORATES
WESTPAC BANKING CORPORATION – ASX WBC, AUSTRALIA. DEPT OF THE TREASURY, BHP BILLITON LIMITED – ASX BHP, RIO TINTO LIMITED – ASX RIO, FORTESCUE METALS GROUP LIMITED – ASX FMG

Labor to revive 12 per cent super guarantee

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Original article by Phillip Coorey
The Australian Financial Review – Page: 4 : 11-May-16

Shadow treasurer Chris Bowen has told the National Press Club that the Australian Labor Party will act quickly to release a mini-Budget if it wins the federal election on 2 July 2016. He also indicated that Labor will reinstate plans to lift the employer superannuation contribution to 12 per cent. The Australian Government put this policy on hold after abolishing the mining tax. The super guarantee has been increased from nine per cent to 9.5 per cent, but at present it is not slated to rise to 12 per cent until 2025.

CORPORATES
AUSTRALIAN LABOR PARTY, NATIONAL PRESS CLUB (AUSTRALIA)

Business lashes PM on super, tax

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Original article by Patrick Durkin, Phillip Coorey
The Australian Financial Review – Page: 1 & 5 : 11-May-16

Asciano chairman Malcolm Broomhead has questioned whether the Australian Government will act on its May 2016 Budget commitment to progressively reduce the company tax rate to 25 per cent. He says the Government has already broken its promise to make no changes to the superannuation regime, and criticised the retrospective nature of the super tax reforms. Treasurer Scott Morrison and Foreign Minister Julie Bishop have emphasised that the tax changes will only apply to future rather than past super earnings.

CORPORATES
ASCIANO LIMITED – ASX AIO, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. DEPT OF FOREIGN AFFAIRS AND TRADE, AUSTRALIAN LABOR PARTY, NATIONAL PARTY OF AUSTRALIA, WHITEHAVEN COAL LIMITED – ASX WHC, BHP BILLITON LIMITED – ASX BHP, HOST-PLUS, INSTITUTE OF PUBLIC AFFAIRS LIMITED, LIBERAL PARTY OF AUSTRALIA