AUSTRALIA – POLITICS AND GOVERNMENT

Tax cuts necessary if Shorten won: PBO

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Original article by Michael Roddan
The Australian – Page: 4 : 20-Jun-19

The Parliamentary Budget Office’s review of federal election commitments shows that Labor’s policies would have cost about $17.3bn. In contrast, the Coalition’s election promises would have cost just $100m, as most of its spending commitments were outlined in the Budget prior to the election. The review also suggests that a Labor government would have had to cut income taxes by about $210bn over the next decade to avoid breaching its target of maintaining a tax-to-GDP ratio of 24.3 per cent.

CORPORATES
AUSTRALIA. PARLIAMENTARY BUDGET OFFICE, AUSTRALIAN LABOR PARTY, LIBERAL PARTY OF AUSTRALIA, NATIONAL PARTY OF AUSTRALIA, CENTRE ALLIANCE, MORGANS FINANCIAL LIMITED, AUSTRALIAN GREENS, AUSTRALIA. DEPT OF THE TREASURY

Canberra puts its foot on the gas

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Original article by Nick Evans, Paul Garvey
The Australian – Page: 17 & 28 : 20-Jun-19

The federal government will put pressure on Woodside Petroleum and its Browse LNG joint venture partners to commit to developing the gas project. The current retention lease expires in mid-2020, and Resources Minister Matt Canavan has warned that the Browse partners risk losing the licence if they cannot demonstrate that they are ready to make a final investment decision. Fortescue Metals Group is among the companies that could potentially take up the Browse lease if Woodside and its partners are forced to relinquish it.

CORPORATES
WOODSIDE PETROLEUM LIMITED – ASX WPL, AUSTRALIA. DEPT OF INDUSTRY, INNOVATION AND SCIENCE, FORTESCUE METALS GROUP LIMITED – ASX FMG, ROYAL DUTCH SHELL PLC, BP PLC, PETROCHINA COMPANY LIMITED

Defector Bernardi may turn Lib again

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Original article by Richard Ferguson
The Australian – Page: 2 : 19-Jun-19

Senate crossbencher Cory Bernardi has signalled that he may consider rejoining the Liberal Party. Bernardi says he has not held any such talks with Prime Minister Scott Morrison, but he would be open to doing so. He adds that his main priority in the new parliament will be to support the Coalition’s legislative agenda. Eric Abetz and Dean Smith are among the Liberal senators who say Bernardi would be welcomed back into the Liberal fold. He resigned to form the Australian Conservatives party during the tenure of former prime minister Malcolm Turnbull.

CORPORATES
LIBERAL PARTY OF AUSTRALIA, AUSTRALIAN CONSERVATIVES, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, CENTRE ALLIANCE, ONE NATION PARTY

Labor flags opposing legislated tax cuts

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Original article by Phillip Coorey
The Australian Financial Review – Page: 4 : 19-Jun-19

Tom Kennedy of JP Morgan estimates that the third stage of the federal government’s income tax cuts package would boost GDP by about 0.6 per cent from 2024. The stage three tax cuts are worth about $137bn in total, including $42bn worth of tax relief that has already been legislated. However, there is believed to be growing support within Labor to oppose the unlegislated component of the stage three tax cuts and to repeal the legislated component – which is slated to take effect in 2024-25 – if it wins the next election.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF FINANCE, JP MORGAN AUSTRALIA LIMITED

Tax cuts no handout to the rich

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Original article by Phillip Coorey, Tom McIlroy
The Australian Financial Review – Page: 1 & 4 : 18-Jun-19

Finance Minister Mathias Cormann contends that the third stage of the federal government’s income tax package will merely address the issue of bracket creep, rather than benefiting people on high incomes. Analysis of the impact of the tax cuts supports his view; it suggests that high-income earners’ tax liability in 2024-25 will increase by roughly the same percentage as growth in their wages if the full tax package is passed. However, their tax liability would significantly exceed wages growth if the reforms do not proceed. The Coalition is likely to require the support of Senate crossbenchers to pass the tax bill.

CORPORATES
AUSTRALIA. DEPT OF FINANCE, AUSTRALIAN LABOR PARTY, CENTRE ALLIANCE, ONE NATION PARTY, THE CENTRE FOR INDEPENDENT STUDIES LIMITED

Media chiefs want urgent action on press freedom

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Original article by Max Mason
The Australian Financial Review – Page: 2 : 18-Jun-19

Nine Entertainment Company CEO Hugh Marks, News Corp Australasia executive chairman Michael Miller and ABC MD David Anderson will jointly address the National Press Club on 26 June. They will discuss the fallout from the Australian Federal Police’s media raids, and press the case for legislative reforms to provide greater protection for journalists and whistleblowers. The federal government is under pressure to hold a parliamentary inquiry into press freedom, but the media industry believes that changes to national security laws should be the priority.

CORPORATES
NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS, AUSTRALIAN BROADCASTING CORPORATION, AUSTRALIAN FEDERAL POLICE, AUSTRALIAN LABOR PARTY, ALLIANCE FOR JOURNALISTS’ FREEDOM

More unions demanding Setka’s head

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Original article by Ewin Hannan
The Australian – Page: 2 : 17-Jun-19

Twelve unions have now publicly backed the ACTU’s call for John Setka to quit as Victorian secretary of the Construction, Forestry, Maritime, Mining & Energy Union over harassment charges. They include the Australian Nursing & Midwifery Federation, the Australian Workers’ Union and the Independent Education Union. Federal Labor leader Anthony Albanese will seek to have Setka expelled from the party when its national executive meets on 5 July.

CORPORATES
CONSTRUCTION, FORESTRY, MARITIME, MINING AND ENERGY UNION OF AUSTRALIA, AUSTRALIAN NURSING AND MIDWIFERY FEDERATION, AUSTRALIAN WORKERS’ UNION-FEDERATION OF INDUSTRIAL, MANUFACTURING AND ENGINEERING EMPLOYEES, INDEPENDENT EDUCATION UNION, ACTU, AUSTRALIAN LABOR PARTY

Labor calls for more detail on tax cuts

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Original article by Tom McIlroy
The Australian Financial Review – Page: 5 : 17-Jun-19

Shadow treasurer Jim Chalmers will ask the federal government to disclose the costings for its three-stage income tax cuts package. In particular, Labor will seek details of how much of the third stage of the tax cuts will flow through to people on the highest incomes. Chalmers has written to Treasurer Josh Frydenberg, stating that while Labor is prepared to back the first stage of the tax package, it requires costings information in order to make a final decision on its support for the second and third stages.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. DEPT OF FINANCE, THE AUSTRALIA INSTITUTE LIMITED, GRATTAN INSTITUTE, AUSTRALIAN NATIONAL UNIVERSITY. CENTRE FOR SOCIAL RESEARCH AND METHODS, CENTRE ALLIANCE, ONE NATION PARTY

Fletcher flags new tax on Netflix

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Original article by Leo Shanahan
The Australian – Page: 24 & 26 : 17-Jun-19

Communications Minister Paul Fletcher says the federal government may be open to accepting all of the recommendations of the Australian Competition & Consumer Commission’s final report on its inquiry into digital platforms. He adds that Australia would be prepared to act alone in regulating large technology companies, although he adds that global regulatory action is needed for a consistent policy approach. Fletcher has also flagged the possibility of imposing a levy on digital video streaming providers such as Netflix to offset traditional TV broadcasters’ loss of revenue.

CORPORATES
AUSTRALIA. DEPT OF COMMUNICATIONS AND THE ARTS, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, GOOGLE INCORPORATED, FACEBOOK INCORPORATED, NETFLIX INCORPORATED, NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS, AUSTRALIAN LABOR PARTY

Rethink press inquiry and act, PM urged

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Original article by Greg Brown
The Australian – Page: 2 : 13-Jun-19

Communications Minister Paul Fletcher says the federal government has made no decision on a parliamentary inquiry into press freedom in the wake of the Australian Federal Police’s recent media raids. However, some Coalition MPS have expressed concern that the issue may become politicised if there is a parliamentary inquiry. Liberal MP Craig Kelly argues that a special inquiry into the actions of the AFP is not necessary as parliament has oversight of the law enforcement agency.

CORPORATES
AUSTRALIA. DEPT OF COMMUNICATIONS AND THE ARTS, AUSTRALIAN FEDERAL POLICE, LIBERAL PARTY OF AUSTRALIA, NATIONAL PARTY OF AUSTRALIA, AUSTRALIAN LABOR PARTY, AUSTRALIAN BROADCASTING CORPORATION, NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS