AUSTRALIA – ECONOMIC POLICY

Turnbull lays path to tax reform

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Original article by Sid Maher
The Australian – Page: 4 : 5-Nov-15

Prime Minister Malcolm Turnbull will use the Rebuilding Foundations for Reform conference on 5 November 2015 to outline the Federal Government’s reform agenda, which will include changes to the tax system. Treasurer Scott Morrison will also address the conference, and he will emphasise the need for changes to an "inefficient and costly" tax regime that will eventually hinder jobs growth and Australia’s attraction as an investment destination. Morrison’s speech will also embrace issues such as competition laws and innovation policy.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF THE TREASURY, UNIVERSITY OF MELBOURNE. INSTITUTE OF APPLIED ECONOMIC AND SOCIAL RESEARCH, RESERVE BANK OF AUSTRALIA, AUSTRALIA. PRODUCTIVITY COMMISSION

Open up economy or suffer for years

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Original article by Joe Kelly, Rick Wallace, Rick Morton
The Australian – Page: 1 & 4 : 26-Oct-15

The head of the Australian Government’s competition review, Ian Harper, has called for urgent action to address the nation’s decline in productivity. He has warned that annual growth in productivity could fall to around one per cent unless action is taken, noting that Australians face lower growth in incomes and lower living standards. Harper says the Government should adopt the approach to economic reform that boosted productivity in the 1990s.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF THE TREASURY, NEW SOUTH WALES. THE TREASURY, VICTORIA. DEPT OF TREASURY AND FINANCE

BCA keen to promote tax revamp ideas

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Original article by Phillip Coorey
The Australian Financial Review – Page: 11 : 1-Oct-15

Prime Minister Malcolm Turnbull will discuss economic policy with business, union and community organisation leaders on 1 October 2015. Business Council of Australia (BCA) CEO Jennifer Westacott says there is an urgent need for economic reform, which cannot be delayed until after the next federal election. Westacott adds that the BCA will shortly launch an advertising campaign to promote the need for tax reform, while a subsequent campaign will focus on particular tax that should be changed.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, BUSINESS COUNCIL OF AUSTRALIA, ACTU, AUSTRALIAN COUNCIL OF SOCIAL SERVICE, KPMG AUSTRALIA PTY LTD, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN LABOR PARTY

PM calls back reform summit

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Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 4 : 29-Sep-15

Prime Minister Malcolm Turnbull has organised a summit with key representations of the business and community sectors to discuss economic reforms. The summit will be held on 1 October 2015, and will include Australian Industry Group CEO Innes Willox, ACTU secretary Dave Oliver, Business Council of Australia Jennifer Westacott and Australian Council for Social Services CEO Cassandra Goldie. Issues such as superannuation tax breaks are likely to be on the agenda.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, THE AUSTRALIAN INDUSTRY GROUP, ACTU, BUSINESS COUNCIL OF AUSTRALIA, AUSTRALIAN COUNCIL FOR WOMEN, COUNCIL ON THE AGEING, AUSTRALIAN CHAMBER OF COMMERCE AND INDUSTRY, AUSTRALIAN YOUTH AFFAIRS COALITION INCORPORATED, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. DEPT OF FINANCE, AUSTRALIAN LABOR PARTY, SYDNEY INSTITUTE

Treasurer wants to rejig the tax mix for growth

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Original article by Phillip Coorey, Laura Tingle
The Australian Financial Review – Page: 4 : 25-Sep-15

Australian Treasurer Scott Morrison is confident that the Budget deficit can be reduced via spending cuts and measures aimed at lifting economic growth. In contrast, shadow treasurer Chris Bowen argues that tax increases will also be necessary in order to cut the deficit. Morrison also says any tax reforms undertaken by the Federal Government will aim to stimulate the economy and increase government revenue without any increase in the tax take.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF EDUCATION AND TRAINING

Australians complacent, unprepared for difficult future

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Original article by Jacob Greber
The Australian Financial Review – Page: 4 : 26-Aug-15

Former Treasury secretary Martin Parkinson has criticised politicians for failing to warn Australians about tough times ahead. The lack of leadership is evident as politics is dominated by slogans. The short-term opportunism and complacency of the political elite make Australia ill prepared for future challenges.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN LABOR PARTY

Leaders seek tax, super reform

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Original article by Phillip Coorey
The Australian Financial Review – Page: 1 : 26-Aug-15

The National Reform Summit will be held on 26 August 2015 in Sydney. Business, industry, welfare and union leaders will debate all aspects of Australia’s tax system. Reforms are needed to ensure productivity growth, higher workforce participation, fiscal policy to stimulate economic growth, and sustainability of a retirement income system.

CORPORATES
ACTU, KPMG AUSTRALIA PTY LTD, BUSINESS COUNCIL OF AUSTRALIA, AUSTRALIAN COUNCIL OF SOCIAL SERVICE, AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE TREASURY

Political chaos hits business

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Original article by Jonathan Shapiro, James Eyers
The Australian Financial Review – Page: 1 & 14 : 12-Feb-15

The Commonwealth Bank of Australia posted a cash profit of $A4.62bn for the first half of 2014-15 on 11 February 2015. However, the group’s shares fell by 0.79 per cent to close at $A91.86. Meanwhile, CEO Ian Narev has urged the nation’s policymakers to pursue measures aimed at bolstering business confidence, arguing that the failure to deliver "coherent" policy will hinder economic growth. Shareholders will receive an interim dividend of $A1.98 per share

CORPORATES
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, RESERVE BANK OF AUSTRALIA, INVESTORS MUTUAL LIMITED, PM CAPITAL LIMITED, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY

Hockey warns living standards could fall

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Original article by Jacob Greber
The Australian Financial Review – Page: 1 & 6 : 4-Dec-14

Australia’s economic growth slowed to just 0.3 per cent in the September 2014 quarter, and by 2.7 per cent year-on-year. Economic growth contracted in all states except New South Wales. The national accounts also show that Australia has entered an "income recession", with real net disposable income contracting in the last two quarters. Treasurer Joe Hockey has urged opposition parties to support government policy in the Senate, warning that a decline in living standards is likely if reforms are not implemented

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, RESERVE BANK OF AUSTRALIA, GOLDMAN SACHS AND PARTNERS AUSTRALIA PTY LTD, AUSTRALIAN LABOR PARTY, PALMER UNITED PARTY, BUSINESS COUNCIL OF AUSTRALIA

IMF’s Lagarde backs GST rise

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Original article by John Kehoe
The Australian Financial Review – Page: 1 & 12 : 13-Nov-14

International Monetary Fund MD Christine Lagarde says the Australian Government should pursue tax reforms such as changes to the GST, but she stresses the need to ensure that the less well-off are not disadvantaged by any such reforms. Lagarde has also urged Australia to increase productivity and lift investment in the non-mining sectors of the economy. Lagarde has also praised Australia’s accomplishments during its presidency of the Group of 20

CORPORATES
INTERNATIONAL MONETARY FUND, GROUP OF TWENTY (G-20), AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, UNITED STATES. EXECUTIVE OFFICE OF THE PRESIDENT, GREAT BRITAIN. OFFICE OF THE PRIME MINISTER