O75 Public Administration

Cabinet split on flexible super plan

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Original article by Fleur Anderson, James Eyers
The Australian Financial Review – Page: 1 & 12 : 12-Mar-15

Communications Minister Malcolm Turnbull is among the federal MPs who have criticised a proposal to allow Australian to use their superannuation savings to buy a home. Shadow treasurer Chris Bowen also opposes any push by Treasurer Joe Hockey to permit super to be used in this way, while financial system inquiry panel member Craig Dunn argues that super should be used solely to finance retirement. Hockey has suggested that super should be available throughout a person’s life due to increasing longevity

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. DEPT OF COMMUNICATIONS, AMP LIMITED – ASX AMP, AUSTRALIAN LABOR PARTY, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, CENTRE FOR INTERNATIONAL FINANCE AND REGULATION, ABC RADIO, BRISBANE CLUB

ASX chief puts weight behind Murray recommendations

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Original article by James Chessell
The Australian Financial Review – Page: 19 : 11-Mar-15

The final report of the Australian Government’s financial system inquiry included recommendations on the future regulation of the corporate bond market. ASX CEO Elmer Funke Kupper has urged bipartisan parliamentary support for the proposed reforms, arguing that issuing retail corporate bonds in particular is costly and time consuming in Australia. He notes that the disclosure and prospectus requirements are much more onerous that when raising capital on the sharemarket

CORPORATES
ASX LIMITED – ASX ASX, TABCORP HOLDINGS LIMITED – ASX TAH, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIA. DEPT OF THE TREASURY

PM’s $500m payoff to SA, Vic industry

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Original article by Phillip Coorey, Simon Evans
The Australian Financial Review – Page: 1 & 4 : 11-Mar-15

The Australian Government will retain a $A500m industry assistance scheme for the local car industry, despite its impact on the Budget bottom line. It wants to ensure that automotive component makers remain financially viable until the local car manufacturing ends. GM Holden has indicated that the Government’s support for the scheme will increase the likelihood that the car maker will keep its plants open until the scheduled shutdown, while Toyota says it definitely will not close its plant before the end of 2017

CORPORATES
GM HOLDEN LIMITED, GENERAL MOTORS CORPORATION, TOYOTA MOTOR CORPORATION AUSTRALIA LIMITED, AUSTRALIA. DEPT OF INDUSTRY AND SCIENCE, FORD MOTOR COMPANY AUSTRALIA LIMITED, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, LIBERAL PARTY OF AUSTRALIA, LIBERAL DEMOCRATIC PARTY, AUSTRALIAN LABOR PARTY, NATIONAL PARTY OF AUSTRALIA, AUSTRALIAN MANUFACTURING WORKERS’ UNION, THE CENTRE FOR INDEPENDENT STUDIES LIMITED

L-NP support increases after PM Abbott commits to sending Australian troops to Iraq

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Original article by Roy Morgan Research
Morgan Poll Update – Page: Online : 10-Mar-15

A multi-mode Morgan Poll on Federal voting intention has found that support for the Coalition on a two-party preferred basis has risen by 2.5 per cent to 46.5 per cent. The poll, which was carried out on the weekends of 28 February-1 March and 7-8 March 2015, also shows that support for the Australian Labor Party has fallen by 2.5 per cent to 53.5 per cent. Roy Morgan Research executive chairman Gary Morgan says support for the Coalition rose after Prime Minister Tony Abbott committed to sending 300 Australian troops to Iraq to help train the Iraqi army in its fight against the Islamic State. He adds that the Morgan Poll has consistently shown a short-term boost to prime ministers who commit Australian forces to international battlefields

CORPORATES
MORGAN POLL, ROY MORGAN RESEARCH LIMITED, LIBERAL PARTY OF AUSTRALIA, NATIONAL PARTY OF AUSTRALIA, AUSTRALIAN LABOR PARTY, AUSTRALIAN GREENS, PALMER UNITED PARTY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, NEW ZEALAND. DEPT OF THE PRIME MINISTER AND CABINET

Murray shoots down Hockey’s super kite

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Original article by Fleur Anderson, Ruth Liew
The Australian Financial Review – Page: 1 & 10 : 11-Mar-15

Business leaders have expressed reservations about the Australian Government’s proposal for superannuation to be used to finance home ownership. Financial system inquiry chairman David Murray and AMP CEO Craig Meller are among those who oppose the plan due to its potential effects on the nation’s retirement system. Finance Minister Mathias Cormann also spoke out against such a proposal in October 2014

CORPORATES
AMP LIMITED – ASX AMP, AUSTRALIA. DEPT OF FINANCE, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE TREASURY, LIBERAL PARTY OF AUSTRALIA, MONASH UNIVERSITY, GEM CAPITAL FINANCIAL ADVICE, COMMITTEE FOR ECONOMIC DEVELOPMENT OF AUSTRALIA

NSW the next power retailing battleground

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Original article by Angela Macdonald-Smith
The Australian Financial Review – Page: 13 : 10-Mar-15

Prices in the New South Wales electricity market are likely to be fully deregulated if the State Government wins the March 2015 election. A number of smaller electricity retailers are likely to increase their push into the New South Wales market as a result. These include Red Energy, Momentum Energy, Meridian Energy and Lumo Energy. Full deregulation is likely to prompt more consumers to switch electricity providers

CORPORATES
RED ENERGY PTY LTD, SNOWY HYDRO LIMITED, MOMENTUM ENERGY PTY LTD, MERIDIAN ENERGY LIMITED – ASX MEZ, LUMO ENERGY AUSTRALIA PTY LTD, SIMPLY ENERGY, HYDRO TASMANIA, GDF SUEZ SA, ALINTA ENERGY (AUSTRALIA) PTY LTD, NEW SOUTH WALES. DEPT OF PREMIER AND CABINET, ORIGIN ENERGY LIMITED – ASX ORG, AGL ENERGY LIMITED – ASX AGL, ENERGYAUSTRALIA PTY LTD, ENERGY RETAILERS ASSOCIATION OF AUSTRALIA INCORPORATED, AUSTRALIAN LABOR PARTY, POWERSHOP AUSTRALIA PTY LTD

Compromise deal on RET in the wind

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Original article by Joanna Heath
The Australian Financial Review – Page: 9 : 10-Mar-15

The Australian Government and industry bodies are expected to agree on a compromise arrangement for the Renewable Energy Target scheme. The new target of around 35,000 gigawatt hours by 2020 would stimulate investment in wind farms. Bloomberg estimates that the new target would result in 8.8 gigawatts of extra renewable energy capacity by 2021

CORPORATES
BLOOMBERG LP, CLEAN ENERGY COUNCIL LIMITED, AUSTRALIA. DEPT OF THE ENVIRONMENT, THE AUSTRALIAN INDUSTRY GROUP

Unions want more say on Labor leader

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Original article by Phillip Coorey
The Australian Financial Review – Page: 4 : 10-Mar-15

The Australian Labor Party’s rules for electing a federal leader will come under scrutiny at its triennial National Conference in July 2015. Ex-prime minister Kevin Rudd gained caucus approval in mid-2013 for changes which gave caucus and Labor’s rank-and-file members an equal say in the selection of a new party leader. However, the Transport Workers’ Union wants further changes which would give union members an equal vote in selecting a party leader. The push is supported by the Rail, Tram & Bus Union

CORPORATES
AUSTRALIAN LABOR PARTY, TRANSPORT WORKERS’ UNION, AUSTRALIAN RAIL, TRAM AND BUS INDUSTRY UNION, AUSTRALIAN WORKERS’ UNION-FEDERATION OF INDUSTRIAL, MANUFACTURING AND ENGINEERING EMPLOYEES, SHOP, DISTRIBUTIVE AND ALLIED EMPLOYEES’ ASSOCIATION

Keating: don’t kill super

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Original article by Jacob Greber, Joanna Mather
The Australian Financial Review – Page: 1 & 6 : 10-Mar-15

Former prime minister Paul Keating says it would be irresponsible to allow young Australians to use their superannuation savings to buy their first home. Such a move, in his view, would destroy the superannuation system. Both Prime Minister Tony Abbott and Treasurer Joe Hockey believe that the idea of using super to finance the purchase of one’s first home is worth considering

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF THE TREASURY, LIBERAL PARTY OF AUSTRALIA, THE CENTRE FOR INDEPENDENT STUDIES LIMITED, ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT, AUSTRALIAN COUNCIL OF SOCIAL SERVICE, FAIRFAX MEDIA LIMITED – ASX FXJ

Budget deficits for 40 years

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Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 4 : 6-Mar-15

The Australian Government’s Intergenerational Report forecasts that the nation’s population will rise from 23.9 million to 39.7 million over the next four decades. It also forecasts that Australians will live longer, with more than 40,000 people over the age of 100 by 2055, while the workforce participation rate of people aged 65+ will rise and there will be fewer people under the age of 65 in the workforce. Treasurer Joe Hockey has used the release of the report to warn that Australia faces decades of Budget deficits unless policy reforms are implemented

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN LABOR PARTY, MIGRATION COUNCIL OF AUSTRALIA