O75 Public Administration

Modelling shows company tax cut ‘not in national interest’

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Original article by Ben Potter
The Australian Financial Review – Page: 4 : 13-Apr-16

Victoria University’s Centre of Policy Studies has released economic modelling which concludes that a corporate tax rate cut would in turn result in a reduction in real incomes. The modelling was undertaken by Dr Janine Dixon, who says that while a lower company tax rate would increase domestic production, real incomes would be cut by between $A800 and $A2,000 in present value terms. The corporate tax rate is currently 30 per cent.

CORPORATES
VICTORIA UNIVERSITY. CENTRE OF POLICY STUDIES, AUSTRALIA. DEPT OF THE TREASURY, MELBOURNE ECONOMIC FORUM

ATO leads global attack on Panama tax haven

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Original article by Neil Chenoweth
The Australian Financial Review – Page: 1 & 9 : 13-Apr-16

The Australian Taxation Office’s Mark Konza will chair a meeting of international tax officials in Paris. The meeting has been convened by Australia’s Tax Commissioner, Chris Jordan, in response to the leaking of the tax haven documents of Panama law firm Mossack Fonseca. Jordan will propose establishing a global investigation into tax evasion which would involve tax experts from 28 nations. The leaked documents include the names of about 800 Australians.

CORPORATES
AUSTRALIAN TAXATION OFFICE, MOSSACK FONSECA, INTERNATIONAL CONSORTIUM OF INVESTIGATIVE JOURNALISTS, ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT, JOINT INTERNATIONAL TAX SHELTER INFORMATION AND COLLABORATION NETWORK, AUSTRALIAN CRIME COMMISSION, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALIA. ATTORNEY-GENERAL’S DEPT. AUSTRALIAN TRANSACTION REPORTS AND ANALYSIS CENTRE

Removalists hit as PM moves to axe roads body

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Original article by Joe Kelly
The Australian – Page: 1 & 6 : 13-Apr-16

The Australian Government will introduce legislation to abolish the Road Safety ­Remuneration Tribunal when Parliament is recalled. The move now has the support of five crossbench senators. The Government will also introduce separate legislation to halt the implementation of the RSRT’s ruling on "safe rates" for owner-drivers in the trucking industry. The Australian Furniture ­Removers’ Association has warned that consumers who hire self-employed interstate removalists would face significant penalties if they did not pay the "safe rates".

CORPORATES
AUSTRALIA. ROAD SAFETY REMUNERATION TRIBUNAL, AUSTRALIAN FURNITURE REMOVERS’ ASSOCIATION, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIAN LABOR PARTY, AUSTRALIA. FAIR WORK OMBUDSMAN, AUSTRALIA. DEPT OF EMPLOYMENT, THE AUSTRALIAN INDUSTRY GROUP, AUSTRALIAN CHAMBER OF COMMERCE AND INDUSTRY, TRANSPORT WORKERS’ UNION, PALMER UNITED PARTY, AUSTRALIAN MOTORING ENTHUSIAST PARTY, HIGH COURT OF AUSTRALIA, INDEPENDENT CONTRACTORS OF AUSTRALIA INCORPORATED

Shorten teeters on truckie pay ruling

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Original article by Joe Kelly
The Australian – Page: 6 : 12-Apr-16

Opposition Leader Bill Shorten says he is willing to negotiate with the Australian Government regarding the introduction of new pay rates for owner-drivers in the trucking industry. The Government still wants to abolish the Road Safety Remuneration Tribunal, but it will opt to for legislation to defer the introduction of revised pay rates and take further action after the federal election. However, Shorten opposes abolishing the RSRT, which was established by the Australian Labor Party in 2012.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIA. ROAD SAFETY REMUNERATION TRIBUNAL, AUSTRALIA. DEPT OF EMPLOYMENT, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, HIGH COURT OF AUSTRALIA, TRANSPORT WORKERS’ UNION, NATIONAL PARTY OF AUSTRALIA

PM offers extra money to watch banks

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Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 4 : 12-Apr-16

Federal Treasurer Scott Morrison has again stated that there is no need for a royal commission into banks. The Opposition claims that such a move is necessary and even some Coalition backbenchers share this view. Morrison said the banking system is already well regulated, although he expressed the willingness of the Government to provide the Australian Securities & Investments Commission with more resources if needed.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, AUSTRALIAN LABOR PARTY, LIBERAL PARTY OF AUSTRALIA, NATIONAL PARTY OF AUSTRALIA

AAA credit rating at risk from rising public debt

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Original article by David Uren
The Australian – Page: 2 : 12-Apr-16

Australia’s credit rating has not been downgraded since 1989, but Peter Jolly of National Australia Bank has warned that the nation’s public debt may put the coveted triple-A rating at risk. Jolly says public debt is now higher than the level which prompted the ratings downgrades in 1986 and 1989, and he stresses that the Federal Government’s May 2016 Budget must rein in spending. Treasurer Scott Morrison says spending constraint will be a feature of the Budget.

CORPORATES
NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN LABOR PARTY, STANDARD AND POOR’S CORPORATION

Living standards at a five-year standstill

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Original article by David Uren
The Australian – Page: 1 & 2 : 12-Apr-16

Australian households’ disposable income rose by 22 per cent during the last five years of the government of former prime minister John Howard. However, data from the Australian National University’s Centre for Social Modelling shows that household income has barely grown in the last five years, when factors such as inflation and population growth are taken into account. Meanwhile, the household savings rate has fallen from 11 per cent of income to 7.6 per cent over this period.

CORPORATES
AUSTRALIAN NATIONAL UNIVERSITY. CENTRE FOR SOCIAL MODELLING, WESTPAC BANKING CORPORATION – ASX WBC, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN LABOR PARTY, AUSTRALIAN BUREAU OF STATISTICS

Labor bars banks’ super-profits tax

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Original article by Rosie Lewis
The Australian – Page: 4 : 11-Apr-16

Australians Greens MP Adam Bandt has told Sky News that the nation’s largest banks should be subject to a new tax. He argues that the major banks can access the wholesale funding market at much lower rates than smaller rivals as the Federal Government will provide bailouts in the event of financial problems. However, Opposition Treasury spokesman Chris Bowen says the Australian Labor Party will not introduce a "super-profits" tax on banks.

CORPORATES
AUSTRALIAN GREENS, AUSTRALIAN LABOR PARTY, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, WESTPAC BANKING CORPORATION – ASX WBC, AUSTRALIA. DEPT OF THE TREASURY

Old power stations under fire in ALP’s climate change plan

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Original article by Sid Maher
The Australian – Page: 1 & 4 : 11-Apr-16

The Federal Opposition is developing a new climate change policy whose aims will include generating of 50 per cent of Australia’s energy via renewable sources by 2030. The policy is also believed to include measures to decommission coal-fired power stations, the progressive reintroduction of an emissions trading scheme and an inquiry into the nation’s electric power industry. However, the Opposition has ruled out a carbon tax.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIA. PRODUCTIVITY COMMISSION, AUSTRALIA. CLIMATE CHANGE AUTHORITY, PITT AND SHERRY CONSULTING ENGINEERS, GRATTAN INSTITUTE

Scrap road body now, truckies urge Turnbull

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Original article by Sarah Martin, Rosie Lewis
The Australian – Page: 4 : 11-Apr-16

Independent Contractors Australia has urged the Federal Government to abolish the Road Safety Remuneration Tribunal when Parliament is recalled. Prime Minister Malcolm Turnbull and Employment Minister Michaelia Cash have committed to scrapping the RSRT if the Coalition wins the 2016 federal election, and Cash stresses that it lacks sufficient support in the Senate for legislation to abolish the agency. There are concerns that the RSRT’s pay ruling will force many owner-drivers out of the trucking industry.

CORPORATES
INDEPENDENT CONTRACTORS OF AUSTRALIA INCORPORATED, AUSTRALIA. ROAD SAFETY REMUNERATION TRIBUNAL, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF EMPLOYMENT, HIGH COURT OF AUSTRALIA, TRANSPORT WORKERS’ UNION