O75 Public Administration

Limit super breaks to 70pc of pay

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Original article by Phillip CooreyJoanna Mather
The Australian Financial Review – Page: 1 & 6 : 27-Nov-15

Federal Treasurer Scott Morrison will deliver a speech to a superannuation industry conference on 27 November 2015. He will stress that the purpose of super is to generate retirement income. The Australian Government will therefore introduce changes that will prevent wealthy investors from using super for wealth creation. New measures will include restrictions on the use of super tax concessions.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINETAUSTRALIA. DEPT OF THE TREASURYMERCER INVESTMENTS PTY LTDGRATTAN INSTITUTESMSF OWNERS’ ALLIANCE LIMITEDRICE WARNER ACTUARIES PTY LTDTHE ASSOCIATION OF SUPERANNUATION FUNDS OF AUSTRALIA LIMITED

Victims earn paid leave from work

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Original article by Jessica Marszalek
The Courier-Mail – Page: 12 : 26-Nov-15

Prime Minister Malcolm Turnbull says national domestic violence leave is being examined by the Productivity Commission in its review of the Fair Work Act. Turnbull is also open to considering an Australian Labor Party proposal for all workers to have access to five days of family violence leave. However, Small Business Minister Kelly O’Dwyer is concerned that such leave may deter employers from hiring women. The Queensland Government plans to offer 10 days of domestic violence leave to all public servants.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. PRODUCTIVITY COMMISSION, AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF INDUSTRY, INNOVATION AND SCIENCE, QUEENSLAND. DEPT OF THE PREMIER AND CABINET, AUSTRALIAN CHAMBER OF COMMERCE AND INDUSTRY, BRISBANE CITY COUNCIL, GRIFFITH UNIVERSITY

TransGrid’s $10.3b sale boosts grid

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Original article by Angela Macdonald-Smith, Anthony Macdonald, Sarah Thompson
The Australian Financial Review – Page: 1 & 8 : 26-Nov-15

Spark Infrastructure and Hastings Funds Management are members of the international consortium that will acquire New South Wales-based TransGrid. Canada’s Caisse de depot et placement du Quebec and two Middle Eastern sovereign wealth funds hold the largest stakes in the winning consortium, which will pay $A10.3bn for the electricity transmission grid. Simon Mawhinney of Allan Gray says the consortium is paying a "full price" for TransGrid, although the sale price has been criticised by unions.

CORPORATES
TRANSGRID, SPARK INFRASTRUCTURE GROUP – ASX SKI, HASTINGS FUNDS MANAGEMENT LIMITED, CAISSE DE DEPOT ET PLACEMENT DU QUEBEC, ALLAN GRAY AUSTRALIA PTY LTD, NEW SOUTH WALES. DEPT OF PREMIER AND CABINET, NEW SOUTH WALES. THE TREASURY, ELECTRICAL TRADES UNION, UNITED SERVICES UNION, PORT OF NEWCASTLE, SYDNEY AIRPORT – ASX SYD, ELECTRANET SA, AUSTRALIANSUPER PTY LTD, QIC LIMITED, IFM INVESTORS PTY LTD, CHINA INVESTMENT CORPORATION, INFRASTRUCTURE PARTNERSHIPS AUSTRALIA, ENDEAVOUR ENERGY LIMITED, AUSGRID PTY LTD, ENERGY SUPPLY ASSOCIATION OF AUSTRALIA LIMITED, WESTPAC BANKING CORPORATION – ASX WBC

Turnbull rejects ‘slash and burn’ approach to spending

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Original article by David Uren
The Australian – Page: 2 : 26-Nov-15

The Australian Government does not intend to include deep cuts in spending in its December 2015 Budget update. Prime Minister Malcolm Turnbull said on 25 November that spending cuts must not compromise economic growth. Westpac chief economist Bill Evans does not believe that Australia’s "AAA" credit rating is under threat.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF THE TREASURY, WESTPAC BANKING CORPORATION – ASX WBC, AUSTRALIAN CHAMBER OF COMMERCE AND INDUSTRY, AUSTRALIA. PARLIAMENTARY BUDGET OFFICE

Competition reforms to ‘end decline in growth’

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Original article by David Uren
The Australian – Page: 6 : 25-Nov-15

The Australian Government released its response to the Harper review of competition policy on 24 November 2015. It has endorsed the bulk of the review’s recommendations, although proposed changes to laws on abuse of market power will face additional scrutiny. Meanwhile, Treasurer Scott Morrison is confident that the Government’s competition reforms will result in wide-ranging benefits for consumers and provide a much-needed boost to productivity.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN LABOR PARTY, AUSTRALIA. PRODUCTIVITY COMMISSION, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, AUSTRALIA. FAIR WORK COMMISSION, LIBERAL PARTY OF AUSTRALIA, NATIONAL PARTY OF AUSTRALIA, BUSINESS COUNCIL OF AUSTRALIA

Sober outlook for economy

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Original article by Jacob Greber
The Australian Financial Review – Page: 1 & 8 : 25-Nov-15

Australia’s trend growth rate has usually been regarded as being around three per cent. However, the Treasury has confirmed that the December 2015 Budget update will be based on expectations of a potential growth rate of 2.75 per cent. Meanwhile, Reserve Bank governor Glenn Stevens forecasts that investment yields and global interest rates will remain low for some time. He has also warned Baby Boomers that they cannot expect to keep enjoying growth in dividends unless the companies they invest in are prepared to embrace more risk.

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AUSTRALIA. DEPT OF THE TREASURY, RESERVE BANK OF AUSTRALIA, AUSTRALIAN BUSINESS ECONOMISTS INCORPORATED, PRICEWATERHOUSECOOPERS AUSTRALIA (INTERNATIONAL) PTY LTD, UNITED STATES. CONGRESSIONAL BUDGET OFFICE, GREAT BRITAIN. DEPT OF THE TREASURY

Get ready for cigarettes at $40 a pack

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Original article by Jacob Greber
The Australian Financial Review – Page: 6 : 24-Nov-15

The Australian Labor Party will raise the excise rate for cigarettes by 12.5 per cent for four years from mid-2017 if it wins the next federal election. The rise in excise of this magnitude would result in cigarettes costing more than $A40 a pack. Some experts stress the fact that smoking is more prevalent among lower-income households than wealthier households and, therefore, the proposed policy would make poor people even poorer.

CORPORATES
AUSTRALIAN LABOR PARTY, LIBERAL PARTY OF AUSTRALIA, WORLD TRADE ORGANIZATION, AUSTRALIA. PARLIAMENTARY BUDGET OFFICE, CANCER COUNCIL OF AUSTRALIA

TransGrid bidders cleared

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Original article by Angela Macdonald-Smith, John Kehoe
The Australian Financial Review – Page: 1 & 4 : 23-Nov-15

Australia’s Foreign Investment Review Board has vetted the shortlisted bidders for New South Wales-based TransGrid and given clearance for them to proceed with the acquisition. The four consortiums were shortlisted by the State Government in September 2015, and the successful bidder is expected to be named soon. The Government is tipped to gain around $A9bn from the privatization of TransGrid, which operates the state’s electricity grid and a fibre optic cable network.

CORPORATES
TRANSGRID, AUSTRALIA. FOREIGN INVESTMENT REVIEW BOARD, NEW SOUTH WALES. THE TREASURY, NEW SOUTH WALES. DEPT OF PREMIER AND CABINET, AUSTRALIA. DEPT OF THE TREASURY, STATE GRID CORPORATION OF CHINA, MACQUARIE INFRASTRUCTURE AND REAL ASSETS, QIC LIMITED, IFM INVESTORS PTY LTD, AUSTRALIANSUPER PTY LTD, CANADA PENSION PLAN INVESTMENT BOARD, BOREALIS INFRASTRUCTURE MANAGEMENT INCORPORATED, SPARK INFRASTRUCTURE GROUP – ASX SKI, HASTINGS FUNDS MANAGEMENT LIMITED, PORT OF DARWIN, S KIDMAN AND COMPANY PTY LTD, ARCHER DANIELS MIDLAND COMPANY, GRAINCORP LIMITED – ASX GNC

Incentives eyed for downsizers

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Original article by Gretchen Friemann, David Uren
The Australian – Page: 6 : 20-Nov-15

The Australian Government has proposed measures aimed at reducing retirees’ dependence on the age pension by encouraging them to sell their family home and use the proceeds to invest in retirement products such as annuities. Measures being considered by Treasurer Scott Morrison include a stamp duty exemption for people who downsize to a smaller home and excluding the proceeds from the sale of a family home from the assets test for the age pension.

CORPORATES
AUSTRALIA. DEPT OF SOCIAL SERVICES, AUSTRALIA. PRODUCTIVITY COMMISSION, COUNCIL ON THE AGEING, CHALLENGER LIMITED – ASX CGF, AUSTRALIAN LABOR PARTY, NEW SOUTH WALES. THE TREASURY

Farmer, backpackers dead in ‘unstoppable’ fire

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Original article by Paige Taylor, Andrew Burrell, Sonia Kolbacher
The Australian – Page: 4 : 19-Nov-15

Four people have died in a bushfire near Esperance in Western Australia, which has engulfed about 117,000 hectares of land in the farming region during the grain harvest. Farmer and voluntary firefighting co-ordinator Kym Curnow died in the firestorm, while the other three casualties are believed to be Germany backpackers. Department of Fire & Emergency Services commissioner Wayne Gregson has described the fire conditions as "catastrophic" and has warned that the region faces similar conditions in the near-term.

CORPORATES
WESTERN AUSTRALIA. DEPT OF FIRE AND EMERGENCY SERVICES