AUSTRALIA – POLITICS AND GOVERNMENT

Coalition to ram through budget tax cuts ahead of poll

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Original article by Phillip Coorey, Andrew Tillett
The Australian Financial Review – Page: 1 & 6 : 2-Apr-19

Labor has indicated that it will not oppose tax cuts in the April 2019 Budget if they largely benefit people on low and middle incomes. Changes to the Low Income Tax Offset are expected to be among the tax reforms to be outlined in the Budget. The tax cuts and one-off cash payments to offset rising energy costs are likely to be put to parliament on 3 April, with a view to making it harder for Labor to repeal them if it wins the election. Opposition Leader Bill Shorten contends that Labor’s tax cuts package will be of more benefit to 10 million working Australians than the Coalition’s policy.

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

Poor timing for media laws: Labor

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Original article by Andrew Tillett
The Australian Financial Review – Page: 8 : 2-Apr-19

Attorney-General Christian Porter has rejected Labor’s claims that the federal government has refused to show it a draft of proposed social media legislation. A spokesperson for Porter says the bill has been sent to Labor. Under the legislation, social media executives could go to jail for up to three years if they fail to remove terrorist-related content from their platforms sufficiently quickly. The government wants the legislation passed in the three sitting days before the federal election is called, with shadow attorney-general Mark Dreyfus accusing the government of setting a "ridiculous timetable" for getting the legislation through parliament.

CORPORATES
AUSTRALIA. ATTORNEY-GENERAL’S DEPT, AUSTRALIAN LABOR PARTY

ALP plan reignites carbon wars

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Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 6 : 2-Apr-19

Prime Minister Scott Morrison has criticised Labor’s proposed baseline and credit scheme, describing it as a "massive tax on jobs" that will force affected companies to spend $35bn to buy offshore carbon credits. However, the Greens argue that the scheme does not go far enough, and it should cover a broader range of industries. Greens MP Adam Bandt adds that allowing the use of international carbon permits will delay Australia’s transition to 100 per cent renewable energy. Morrison has also criticised Labor’s 2030 target for electric vehicles to comprise 50 per cent of new cars that are sold in Australia.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIAN LABOR PARTY, AUSTRALIAN GREENS, AUSTRALIA. DEPT OF THE ENVIRONMENT AND ENERGY, THE AUSTRALIAN INDUSTRY GROUP, BUSINESS COUNCIL OF AUSTRALIA, MINERALS COUNCIL OF AUSTRALIA

Coalition defuses debt bomb

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Original article by Simon Benson
The Australian – Page: 1 & 2 : 2-Apr-19

Prime Minister Scott Morrison has rejected suggestions that the April 2019 Budget will be a ‘cash splash’ ahead of the federal election, stressing the government’s track record for fiscal discipline. Meanwhile, the Budget papers are forecast to show that Australia’s net debt will be reduced to zero by 2028-29 under the Coalition, compared with $370bn at present. The Budget is expected to remain in deficit for 2018-19, although it is likely to be lower than the $5.2bn that was forecast in the mid-year update. The government is tipped to bring forward the second and third stages of its tax cuts package.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. DEPT OF FINANCE, AUSTRALIA. PARLIAMENTARY BUDGET OFFICE, AUSTRALIAN LABOR PARTY, AUSTRALIA. FUTURE FUND MANAGEMENT AGENCY, AUSTRALIAN FEDERAL POLICE, AUSTRALIAN SECURITY INTELLIGENCE ORGANISATION

ALP’s emissions trading scheme

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

Labor will released details of its climate change policy on 1 April. Amongst other things, Labor will introduce a new carbon emissions cap, which will be known as a baseline and credit scheme. It will initially apply to about 250 businesses whose carbon emissions are 25,000 tonnes a year. Labor will also seek to address the issue of vehicle emissions by mandating that electric vehicles must account for 50 per cent of all new cars that are sold by 2030.

CORPORATES
AUSTRALIAN LABOR PARTY

Government Confidence rises above 100 pre Federal Budget as more Australians believe the country is going in the right direction than the wrong direction

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Original article by Roy Morgan
Market Research Update – Page: Online : 1-Apr-19

Roy Morgan’s Government Confidence Rating increased by 11pts to 101.5 for the two weekends of 16-17 and 23-24 March 2019. Some 41.5% of electors (up 4.5%) now say that Australia is heading in the ‘right direction’, and 40% (down 6.5%) say Australia is heading in the ‘wrong direction’. Government Confidence is now in positive territory for the first time since Scott Morrison became Prime Minister in August 2018 as the Government prepares to deliver its pre-election Budget on 2 April. Government Confidence among L-NP supporters has increased by 16.5pts to 126.5; some 54.5% of L-NP supporters (up 6.5%) now say Australia is heading in the ‘right direction’ and only 28% (down 10%) say Australia is heading in the ‘wrong direction’. Meanwhile, government confidence among ALP supporters has increased by 4pts to 98; now 40% of ALP supporters (up 1.5%) say Australia is heading in the ‘right direction’, while 42% (down 2.5%) say Australia is heading in the ‘wrong direction’.

CORPORATES
ROY MORGAN LIMITED

Top 10 housing stress seats all held by Labor

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Original article by Matthew Cranston
The Australian Financial Review – Page: 8 : 1-Apr-19

Labor is hoping to make housing more affordable if it wins the federal election by implementing changes to the negative gearing and capital gains tax regimes. Analysis conducted by the National Centre for Social & Economic Modelling indicates that the 10 electorates with the highest level of housing stress are all held by Labor, while Digital Finance Analytics estimates that the number of households facing mortgage stress now exceeds one million. The NATSEM analysis also indicates that Labor holds eight of the 10 seats with the highest level of poverty.

CORPORATES
AUSTRALIAN LABOR PARTY, UNIVERSITY OF CANBERRA. NATIONAL CENTRE FOR SOCIAL AND ECONOMIC MODELLING, DIGITAL FINANCE ANALYTICS, LIBERAL PARTY OF AUSTRALIA, AUSTRALIAN GREENS

Coalition’s $1bn drive to get regions moving

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Original article by Joe Kelly
The Australian – Page: 1 & 4 : 1-Apr-19

The federal government’s April 2019 Budget will include an additional $1bn for the Roads of Strategic Importance program. The extra funding will be used to upgrade regional and interstate road infrastructure. The Budget will also include one-off payments to assist people such as pensioners, veterans and the disabled with the rising cost of energy. Treasurer Josh Frydenberg says the Budget will focus on responsible and targeted spending, while shadow treasurer Chris Bowen says it will be a "highly political" document that will in reality be an election campaign launch for the Coalition.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, NATIONAL PARTY OF AUSTRALIA, SHOOTERS, FISHERS AND FARMERS PARTY

Greens’ plan to save world would destroy Australia

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Original article by Joe Kelly
The Australian – Page: 4 : 29-Mar-19

The Greens would seek to reduce military spending in order to lift expenditure on foreign aid to 0.7 per cent of gross national income by 2030. The Greens also want the alliance with the US to be re-negotiated, and for foreign military bases in Australia to be closed. Greens leader Richard Di Natale claims that both major political parties have turned Australia into a major arms dealer. The Assistant Minister for Treasury and Finance Zed Seselja claims that the Greens are an "extremist" party whose policies would destroy the economy and make Australia less secure.

CORPORATES
AUSTRALIAN GREENS, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN LABOR PARTY, ONE NATION PARTY

Property tax crackdown from Jan 1

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Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 4 : 29-Mar-19

Labor is set to announce that its proposed changes to the negative gearing and capital gains tax regimes will take effect from the start of January 2020 if it wins the federal election. Shadow treasurer Chris Bowen will state on 29 March that this will give investors sufficient time to prepare for the reforms, which Labor had initially flagged more than three years ago. Labor’s reforms would most likely require the support of at least two independents in the upper house, in addition to the Greens.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIAN GREENS, ONE NATION PARTY, CENTRE ALLIANCE, FINANCIAL SERVICES COUNCIL