Top lawyers warn ASIC against hasty moves

Original article by Hannah Wootton
The Australian Financial Review – Page: 33 : 23-Aug-19

Treasurer Josh Frydenberg recently indicated that the federal government aims to pass 40 pieces of legislation in response to the Hayne royal commission’s recommendations by the end of 2020. It wants 90 per cent of relevant legislation to be implemented by mid-2020. However, corporate lawyers have stated that problems could arise if the government and the Australian Securities & Investments Commission persist with their "ambitious deadlines" for implementing the commission’s recommendations.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB

PM commits warship, planes to Gulf mission

Original article by Geoff Chambers, Simon Benson, Ben Packham
The Australian – Page: 1 & 2 : 22-Aug-19

The federal government will join a US-led coalition that aims to protect oil tankers when passing through the Strait of Hormuz. The national security committee approved Australia’s participation on 19 August; the nation’s contribution to the coalition will include a frigate, a surveillance aircraft and 187 personnel. Prime Minister Scott Morrison has stressed the need to safeguard the nation’s oil supplies and to protect global sea lanes. He notes that 30 per cent of Australia’s refined oil passes through the Strait of Hormuz.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIAN DEFENCE FORCE, UNITED STATES. DEPT OF STATE, UNITED STATES. EXECUTIVE OFFICE OF THE PRESIDENT, GROUP OF SEVEN (G-7), AUSTRALIAN LABOR PARTY

Push to include family home in pension test

Original article by Michael Roddan
The Australian – Page: 4 : 21-Aug-19

The Actuaries Institute has published a discussion paper which examines a range of options for overhauling Australia’s retirement income system. The authors argue amongst other things that the federal government should consider measures such as including the family home in the pension assets test, the abolition part-pensions and the introduction of death duties. The paper also warns that Australia’s ageing population will put the federal Budget under growing pressure unless action is taken. The report was written by David Knox, Anthony Asher and Michael Rice.

CORPORATES
ACTUARIES INSTITUTE, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. PRODUCTIVITY COMMISSION, GRATTAN INSTITUTE

Australians should get used to US-China trade war as superpowers tussle for supremacy

Original article by
News.com.au – Page: Online : 21-Aug-19

Prime Minister Scott Morrison has warned that the trade war between the US and China may continue for some, while noting that the ongoing trade tensions could create opportunities for Australia. Morrison has also told the Seven Network that due to its economic success, China must abide by the same rules as other nations. Morrison will shortly attend the Group of Seven leaders’ summit in France.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, GROUP OF SEVEN (G-7)

Government flags heavy-handed crackdown on black economy

Original article by Mike Bruce
The New Daily – Page: Online : 21-Aug-19

Gary Pflugrath of CPA Australia says the federal government should reconsider proposed legislation to restrict cash payments between businesses and individuals to no more than $10,000. It was one of the recommendations of the government’s Black Economy Taskforce, but Pflugrath contends that there are sufficient "checks and balances" to counter criminal activity. Kurt Wallace from the Institute of Public Affairs says restricting cash payments would have little impact on the cash economy, while reducing the freedoms of ordinary Australians. Individuals could face big fines and imprisonment for breaching the proposed laws.

CORPORATES
CPA AUSTRALIA, INSTITUTE OF PUBLIC AFFAIRS LIMITED, H&R BLOCK LIMITED, ONE NATION PARTY, UNIVERSITY OF MELBOURNE

Climate failures cost us: ALP poll review

Original article by Troy Bramston
The Australian – Page: 1 & 4 : 21-Aug-19

A submission to Labor’s review of its 2019 federal election campaign has contended that lack of sufficient detail of the party’s climate change policy contributed to its surprise defeat on 18 May. The Labor Environment ­Action Network’s submission notes that the Opposition’s climate change action plan did not outline how much it would cost, how it would be funded or what economic benefits it would have. LEAN members also argue that Labor’s franking credits policy and its stance on Adani’s Carmichael coal mine also contributed to its election loss.

CORPORATES
AUSTRALIAN LABOR PARTY, ADANI MINING PTY LTD

Gillard’s IR laws need rework: Lib MPs

Original article by Phillip Coorey
The Australian Financial Review – Page: 5 : 20-Aug-19

Liberal MPs Tim Wilson, Jason Falinski and Andrew Bragg have called for changes to unfair dismissal laws that were introduced when Julia Gillard was the Labor government’s industrial relations minister. The trio argues that Labor’s Unfair Dismissal Code has also been ineffective, and the number of unfair dismissal cases heard by the Fair Work Commission has risen sharply under Labor’s reforms. A recent review of the code by Small Business Ombudsman Kate Carnell recommended 15 changes to it.

CORPORATES
LIBERAL PARTY OF AUSTRALIA, AUSTRALIAN LABOR PARTY, AUSTRALIA. FAIR WORK COMMISSION, AUSTRALIA. OFFICE OF THE AUSTRALIAN SMALL BUSINESS AND FAMILY ENTERPRISE OMBUDSMAN

Transacting $10,000 or more in cash could make you a criminal under proposed law

Original article by Nassim Khadem
abc.net au – Page: Online : 20-Aug-19

The 2018-19 federal Budget included a proposal that would restrict cash payments to businesses to no more than $10,000. The measure was recommended by the federal government’s Black Economy Taskforce; those who infringe the proposed measure if it is legislated could be fined up to $25,000 or jailed for two years. One Nation has indicated that it will vote against legislation, while the Australian Chamber of Commerce & Industry is among a number of organisations that oppose the measure.

CORPORATES
ONE NATION LIMITED, AUSTRALIAN CHAMBER OF COMMERCE AND INDUSTRY

Backbench push unfair dismissal

Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 4 : 12-Aug-19

The business sector is calling for changes to industrial relations laws, and Coalition backbenchers are also pressuring the federal government for action in this area. The Business Council of Australia has called for the replacement of the ‘better off overall test’ with a new test that would only require each class of employee, rather than each individual employee, not to be worse off when the Fair Work Commission is asked to approve an enterprise agreement. Meanwhile, Liberal National party senator Amanda Stoker claims unfair dismissal laws as they apply to small and medium businesses represent a "block to growth", while she also says the modern award system is too complicated.

CORPORATES
BUSINESS COUNCIL OF AUSTRALIA, LIBERAL-NATIONAL PARTY OF QUEENSLAND

Union campaign forgot voters

Original article by Ewin Hannan
The Australian – Page: 2 : 9-Aug-19

Former Labor executive Evan Moorhead has undertaken a review of the ACTU’s ‘Change the Rules’ campaign, which is estimated to have cost about $10m. The confidential review has concluded that the campaign did not resonate with voters because its policy objectives were too complex and it was ‘swamped’ by competing messages from the Coalition, Clive Palmer’s United Australia Party and Labor’s own election campaign. Moorhead also found that many union organisers did not fully embrace the ACTU campaign due to complacency that Labor would win the election.

CORPORATES
ACTU, AUSTRALIAN LABOR PARTY, LIBERAL PARTY OF AUSTRALIA, NATIONAL PARTY OF AUSTRALIA, UNITED AUSTRALIA PARTY