O75 Public Administration

Government’s finger on double-dissolution trigger

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Original article by Phillip Coorey
The Australian Financial Review – Page: 4 : 2-Apr-15

The Australian Government insists on continuing with its policy of university fee deregulation. Education Minister Christopher Pyne said on 1 April 2015 that he will present the proposed legislation to the Senate again, despite the fact that it has already been rejected twice. If the bill is rejected again, it may trigger a double dissolution election

CORPORATES
AUSTRALIA. DEPT OF EDUCATION AND TRAINING, THE GROUP OF EIGHT LIMITED

CBA customers face deposit tax hit

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Original article by James Eyers, Clancy Yeates
The Australian Financial Review – Page: 8 : 2-Apr-15

The Commonwealth Bank of Australia (CBA) has expressed its support for the financial system inquiry’s recommendation to introduce a tax on deposits to cover the costs of any bank collapse. The proposed tax would amount to $A500 million a year in total for the sector. In a submission to Treasury in response to the inquiry’s recommendations, CBA stated that the tax might be passed on to its customers

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

Wesfarmers criticises ‘effects test’

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Original article by Julie-Anne Sprague
The Australian Financial Review – Page: 10 : 2-Apr-15

The final report of the Harper review of competition law has recommended strengthening existing laws on the misuse of market power. However, retail giants Woolworths and Wesfarmers do not support the introduction of a so-called "effects test", and Wesfarmers CEO Richard Goyder believes that it may in fact adversely affect consumers. An effects test has the support of National Farmers’ Federation CEO Simon Talbot

CORPORATES
WESFARMERS LIMITED – ASX WES, WOOLWORTHS LIMITED – ASX WOW, NATIONAL FARMERS’ FEDERATION LIMITED, AUSTRALIAN LABOR PARTY, COLES GROUP LIMITED

Stamp duty ‘unfair and inefficient’

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Original article by Rebecca Thistleton
The Australian Financial Review – Page: 47 : 2-Apr-15

Property Council of Australia CEO Ken Morrison has called for government action on the issue of stamp duty, describing it as an inefficient and volatile tax. He argues that the best option for replacing stamp duty would be to increase the goods and services tax and widen its scope. He has also suggested the option of a broad-based land tax, of the type that is being introduced in the Australian Capital Territory to replace stamp duty

CORPORATES
PROPERTY COUNCIL OF AUSTRALIA LIMITED, AUSTRALIAN CAPITAL TERRITORY. DEPT OF THE CHIEF MINISTER

Small business warning

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Original article by James Eyers
The Australian Financial Review – Page: 15 : 1-Apr-15

The Australian Bankers’ Association’s submission on the financial system inquiry has broadly supported the recommendations on increased capital requirements for the nation’s banks. However, it has questioned the need for local banks to be in the top quartile of banks globally. The submission also raises concerns over the proposal for credit contracts to be covered by laws on unfair contracts, noting the potential impact on loans to small businesses

CORPORATES
AUSTRALIAN BANKERS’ ASSOCIATION, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. DEPT OF INDUSTRY AND SCIENCE, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION

Budget may move on super, Grattan warns

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Original article by Sally Patten
The Australian Financial Review – Page: 14 : 1-Apr-15

The Grattan Institute has suggested that the Australian Government’s May 2015 Budget could feature changes to tax breaks for superannuation contributions. CEO John Daley says such measures could potentially include reducing the annual contributions limit or the salary threshold at which a higher tax on contributions applies

CORPORATES
GRATTAN INSTITUTE, AUSTRALIA. DEPT OF THE TREASURY, TAXPAYERS AUSTRALIA INCORPORATED

Google tax to hit profit shifting

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Original article by Phillip Coorey, Laura Tingle
The Australian Financial Review – Page: 1 & 5 : 1-Apr-15

The Australian Government’s May 2015 Budget will include tax measures aimed at addressing the problem of profit-shifting by multinational corporations. The so-called "Google tax" will be modelled on the UK’s Diverted Profits Tax. The Australian Labor Party recently unveiled measures intended to combat profit-shifting. The Budget will also include a levy on bank deposits, while the small business sector will receive a tax cut

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, GOOGLE INCORPORATED, GROUP OF TWENTY (G-20), AUSTRALIAN TAXATION OFFICE, THE GROUP OF EIGHT LIMITED, AUSTRALIA. DEPT OF EDUCATION AND TRAINING

FIRB may scare off Asian buyers, warns Maddocks

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Original article by Rebecca Thistleton
The Australian Financial Review – Page: 41 : 31-Mar-15

Law firm Maddocks claims that the proposed restrictions on foreign investment in Australian residential property have had a negative impact on demand in the sector. The Foreign Investment Review Board recommended the introduction of new fees and stricter rules for foreign investors. Maddocks partner Nick Holuigue has warned that foreign investors could choose to invest elsewhere if the Government implements the new rules

CORPORATES
MADDOCKS, ASPAIL GROUP, HIAP HOE LIMITED, AUSTRALIA. FOREIGN INVESTMENT REVIEW BOARD

Government urges FWC caution on minimum wage increase

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Original article by Ewin Hannan
The Australian Financial Review – Page: 4 : 31-Mar-15

Unions are seeking a $A27-per-week increase in Australia’s minimum wage. The Federal Government’s submission to the Fair Work Commission has broadly supported the view of employers that such an increase would result in job losses. The Government also notes that 61.5 per cent of people who take up a low-paying job tend to leave such positions within one year. Instead, it favours addressing income inequality via the tax-transfer system

CORPORATES
AUSTRALIA. FAIR WORK COMMISSION, AUSTRALIA. DEPT OF EMPLOYMENT, AUSTRALIAN LABOR PARTY

Plan to save Australian shipbuilding industry

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Original article by John Kerin
The Australian Financial Review – Page: 4 : 31-Mar-15

ASC, BAE Systems and Forgacs have begun shedding workers at their Australian shipyards in response to a lull in defence projects. The Federal Government has proposed a new strategy for the shipbuilding industry whereby new naval vessels will be continuously built over the next two decades, replacing older vessels as they are retired from service. Japan has a similar program for its submarine fleet

CORPORATES
ASC PTY LTD, BAE SYSTEMS AUSTRALIA LIMITED, FORGACS ENGINEERING PTY LTD, AUSTRALIA. DEPT OF DEFENCE, AUSTRALIAN STRATEGIC POLICY INSTITUTE LIMITED