O75 Public Administration

Morrison vows strong changes to tax system

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Original article by Primrose Riordan
The Australian Financial Review – Page: 4 : 22-Jan-16

The GST and superannuation tax concessions may be the Australian Government’s tax reform agenda, while Treasurer Scott Morrison has indicated that the corporate tax rate may also be under scrutiny. Meanwhile, Morrison says recent financial market volatility is likely to influence the timing of the 2016 federal election, and will most likely rule out an early poll. Opposition Leader Bill Shorten has warned that increasing the GST in the wake of the sharemarket rout would hurt consumer confidence.

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

ICAC clears Sinodinos over corruption claims

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Original article by Sharri Markson
The Australian – Page: 4 : 21-Jan-16

The New South Wales Independent Commission Against Corruption (ICAC) has found no evidence of corruption involving Senator Arthur Sinodinos. The ICAC investigated claims of funds being fraudulently donated to the Liberal Party by Sydney Water, through Australian Water Holdings. The anti-corruption body stated that no public official was involved in the case.

CORPORATES
NEW SOUTH WALES. INDEPENDENT COMMISSION AGAINST CORRUPTION, SYDNEY WATER CORPORATION, LIBERAL PARTY OF AUSTRALIA, AUSTRALIAN WATER HOLDINGS PTY LTD, AUSTRALIAN LABOR PARTY, HIGH COURT OF AUSTRALIA

More foreign-owned properties in breach

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Original article by Primrose Riordan, Su-Lin Tan
The Australian Financial Review – Page: 2 : 19-Jan-16

Treasurer Scott Morrison has ordered eight foreign investors to sell their properties because of breaching foreign investment laws. The affected real estate includes properties in Blackburn, Carlton and Mount Waverley in Victoria; Robertson, Crestmead, Eight Mile Plains and Park Ridge in Queensland; and Windsor in New South Wales. The Australian Taxation Office is investigating 800 other potentially illegal purchases of property.

CORPORATES
AUSTRALIAN TAXATION OFFICE, AUSTRALIA. DEPT OF THE TREASURY, JELLIS CRAIG AND COMPANY, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, AUSTRALIA. FOREIGN INVESTMENT REVIEW BOARD

Security ‘key to foreign investing’

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Original article by Brendan Nicholson
The Australian – Page: 2 : 18-Jan-16

Offshore investment in key Australian infrastructure is under scrutiny in the wake of the Northern Territory Government’s deal to lease the Port of Darwin to a Chinese company. The Australian Strategic Policy Institu­te’s submission to a Senate inquiry argues that the existing procedures for assessing proposed foreign investments are insufficient. It adds that while Australia must continue to welcome offshore investment, the question of national security must be given precedence.

CORPORATES
AUSTRALIAN STRATEGIC POLICY INSTITUTE LIMITED, AUSTRALIA. FOREIGN INVESTMENT REVIEW BOARD, AUSTRALIA. NATIONAL SECURITY COMMITTEE, PORT OF DARWIN, LANDBRIDGE GROUP COMPANY LIMITED, AUSTRALIA. SENATE STANDING COMMITTEE ON ECONOMICS, AUSTRALIA. DEPT OF DEFENCE, AUSTRALIAN SECURITY INTELLIGENCE ORGANISATION, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, UNITED STATES. EXECUTIVE OFFICE OF THE PRESIDENT, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ

Income growth lowest in 50 years

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Original article by David Uren
The Australian – Page: 6 : 18-Jan-16

A report by Deloitte Access Economics forecasts 1.2 per cent growth in Australia’s national income in 2016, which is the lowest rate of growth since 1960. Factors such as a downturn in export prices and cost-cutting in the corporate sector is dampening growth in incomes, which will in turn affect government revenue. Deloitte notes that lower growth in wages will eventually negatively affect economic growth. The firm expects the domestic economy to expand by just 2.2 per cent in 2016 and 2.1 per cent in 2017.

CORPORATES
DELOITTE ACCESS ECONOMICS PTY LTD, MORGAN STANLEY AND COMPANY INCORPORATED, JP MORGAN AND COMPANY INCORPORATED, CITIGROUP INCORPORATED, INTERNATIONAL MONETARY FUND, WAL-MART STORES INCORPORATED, UNITED STATES. FEDERAL RESERVE BOARD, STANDARD AND POOR’S ASX 200 INDEX, AUSTRALIA. DEPT OF THE TREASURY, RESERVE BANK OF AUSTRALIA

Yellen to meet PM as market turmoil reigns

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Original article by John Kehoe
The Australian Financial Review – Page: 4 : 18-Jan-16

Prime Minister Malcolm Turnbull’s first official trip to the US has coincided with a sharp sell-off on global sharemarkets and renewed concerns about the outlook for the Chinese economy. Turnbull’s itinerary will include meetings with President Barack Obama, Federal Reserve chair Janet Yellen and Treasury secretary Jack Lew. In addition to issues such as the state of financial and commodity markets, Turnbull’s agenda will include the proposed Trans-Pacific Partnership.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, UNITED STATES. EXECUTIVE OFFICE OF THE PRESIDENT, UNITED STATES. FEDERAL RESERVE BOARD, UNITED STATES. DEPT OF THE TREASURY, TRANS-PACIFIC PARTNERSHIP, THE GOLDMAN SACHS GROUP INCORPORATED, DOW JONES INDUSTRIAL AVERAGE INDEX

Jobless rate holds steady at 5.8pc, defying predictions

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Original article by Stephen Cauchi
The Australian Financial Review – Page: 3 : 15-Jan-16

Official data shows that Australia’s unemployment rate was 5.8 per cent in December 2015, unchanged from November. The jobless rate had blown out to 6.2 per cent in September, before easing to 5.9 per cent in October. Most economists had expected the economy to shed about 10,000 jobs in December, but only 1,000 jobs were lost during the month. Capital Economics’ Paul Dales says the latest jobs data could provide support for the Australian dollar and the local sharemarket.

CORPORATES
CAPITAL ECONOMICS LIMITED,{SPAC}COMMONWEALTH BANK OF AUSTRALIA – ASX CBA,{SPAC}AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ,{SPAC}NATIONAL AUSTRALIA BANK LIMITED – ASX NAB,{SPAC}COMMONWEALTH SECURITIES LIMITED,{SPAC}RESERVE BANK OF AUSTRALIA,{SPAC}AUSTRALIAN BUREAU OF STATISTICS

Wealthy accept super tax rise, adviser says

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Original article by Sally Rose, Joanna Mather
The Australian Financial Review – Page: 4 : 14-Jan-16

There is growing recognition that superannuation tax breaks are too generous for the wealthy. Under the current regime, the super contributions of those earning less than $A300,000 a year are taxed at 15 per cent. A tax rate of 30 per cent applies to the contributions of those with annual earnings of more than $A300,000. Deloitte has proposed reducing the tax rate on super for low-income earners to six per cent and raise it to 34 per cent for those earning between $A180,000 and $A300,000.

CORPORATES
DELOITTE TOUCHE TOHMATSU LIMITED, RICE WARNER ACTUARIES PTY LTD, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN GREENS, AUSTRALIAN LABOR PARTY, FINANCIAL SERVICES COUNCIL

We’ve changed: HSU wants back in the ALP fold

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Original article by Mark Coultan, Elizabeth Colman
The Australian – Page: 1 & 4 : 14-Jan-16

The Heath Services Union ended its affiliation with the Australian Labor Party in 2011, in the wake of several high-profile fraud cases against union officials. The New South Wales branch of the union has approached Labor about renewing its affiliation, and state secretary Gerard Hayes says it has changed over the last few years. He has also stressed that his push for reaffiliation is not motivated by political ambitions.

CORPORATES
HEALTH SERVICES UNION OF AUSTRALIA, AUSTRALIAN LABOR PARTY, COUNTY COURT OF VICTORIA, UNIONS NSW, POLICE ASSOCIATION OF NEW SOUTH WALES, NEW SOUTH WALES TEACHERS’ FEDERATION, NURSES AND MIDWIVES ASSOCIATION, FLIGHT ATTENDANTS’ ASSOCIATION OF AUSTRALIA, AUSTRALIA. FAIR WORK COMMISSION

7-Eleven workers underpaid $31,000

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Original article by Mathew Dunckley
The Australian Financial Review – Page: 8 : 14-Jan-16

The Fair Work Ombudsman has taken a 7-Eleven franchisee to court over incorrect wages paid to 21 employees. Jason Yuan, who operates two stores in Brisbane, faces maximum penalties of up to $A10,200 per breach if the Federal Circuit Court finds that he failed to pay public holiday penalty rates, shift penalty rates and casual loadings to his workers.

CORPORATES
7-ELEVEN STORES PTY LTD, AUSTRALIA. FAIR WORK OMBUDSMAN, VIPPER PTY LTD, VIPRUS PTY LTD, FEDERAL CIRCUIT COURT OF AUSTRALIA