AUSTRALIA – POLITICS AND GOVERNMENT

Tech experts opt out of My Health system

roymorgansocial Leave a comment

Original article by Bo Seo
The Australian Financial Review – Page: 5 : 31-Jan-19

Australians must choose whether to opt out of the federal government’s controversial My Health Record system by 31 January. Data security and privacy concerns have prompted a number of people in the technology sector to opt out of the system, including Freelancer CEO and founder Matt Barrie, who says the government has done an "abysmal job" of protecting Australians’ privacy. Cyber security expert Vijay Varadharajan has also chosen to opt out, although Cyber Security Research Centre CEO Rachael Falk has opted in.

CORPORATES
FREELANCER LIMITED – ASX FLN, CYBER SECURITY RESEARCH CENTRE, AIRTREE VENTURES PTY LTD, MICROSOFT CORPORATION, UNIVERSITY OF NEW SOUTH WALES, UNIVERSITY OF NEWCASTLE

ALP goads seniors: vote against us

roymorgansocial Leave a comment

Original article by Simon Benson, Joe Kelly
The Australian – Page: 1 & 4 : 31-Jan-19

Analysis of tax data shows that Labor’s proposal to abolish cash refunds for excess dividend imputation credits would affect up to eight per cent of electors in the 10 most marginal federal seats. It is estimated that they would lose an average of $2,700 as a result of the policy. However, shadow treasurer Chris Bowen says Labor will press ahead with the policy if it wins the upcoming election. He has also suggested that self-funded retirees should vote against Labor if they are concerned about the policy, prompting Treasurer Josh Frydenberg to accuse him of arrogance.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN TAXATION OFFICE, NATIONAL SENIORS AUSTRALIA LIMITED, SMSF ASSOCIATION, LLOG EXPLORATION COMPANY, AUSTRALIA. PARLIAMENTARY BUDGET OFFICE

Green light for black economy taskforce

roymorgansocial Leave a comment

Original article by Duncan Hughes
The Australian Financial Review – Page: 21 : 30-Jan-19

The federal government’s Black Economy Taskforce made 80 recommendations in its final report, which was released in October. The government has accepted 30 of these recommendations, while it has agreed in principle to adopt 21 recommendations. Michael Andrew, who chaired the taskforce, says government departments and agencies have commenced the process of implementing the recommendations. The cash economy is estimated to cost about $50 billion a year.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN TAXATION OFFICE, AUSTRALIA. DEPT OF JOBS AND SMALL BUSINESS, AUSTRALIA. DEPT OF HOME AFFAIRS, KPMG AUSTRALIA PTY LTD

Widows, elderly caught by shares crackdown

roymorgansocial Leave a comment

Original article by Tom McIlroy
The Australian Financial Review – Page: 9 : 30-Jan-19

Professor Sinclair Davidson has concluded that Labor’s proposal to abolish cash refunds for excess dividend imputation credits would have the biggest impact on self-managed superannuation funds and self-funded retirees. His analysis also shows that women account for 56 per cent of people who receive cash refunds under the existing scheme, and 68 per cent of them are over the age of 60. In addition, 47 per cent are single or widowed. Labor estimates that its policy would boost government revenue by $55.7bn over 10 years.

CORPORATES
AUSTRALIAN LABOR PARTY, RMIT UNIVERSITY, INSTITUTE OF PUBLIC AFFAIRS LIMITED, AUSTRALIAN TAXPAYERS’ ALLIANCE PTY LTD, AUSTRALIAN TAXATION OFFICE, AUSTRALIA. DEPT OF THE TREASURY

PM’s tax-break move a win for small business

roymorgansocial Leave a comment

Original article by Michael Roddan, Greg Brown
The Australian – Page: 2 : 30-Jan-19

The federal government has extended a tax break for small businesses, in a move which Prime Minister Scott Morrison says will benefit more than three million small businesses with annual turnover of up to $10m. The threshold for the small business instant asset write-off has been increased to $25,000, as part of the government’s strategy to gain the support of small business owners ahead of the election. The government has also committed to creating an additional 1.25 million jobs over five years if it wins the election.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIAN LABOR PARTY, DELOITTE ACCESS ECONOMICS PTY LTD, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIA. DEPT OF FINANCE, AUSTRALIA. DEPT OF DEFENCE

PM pledges more jobs, no debt

roymorgansocial Leave a comment

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

Prime Minister Scott Morrison will use a speech in Brisbane on 29 January to commit the Coalition to creating an additional 1.25 million jobs over five years if it wins the 2019 federal election. He will note that the Coalition has created more than 1.2 million jobs since it won the 2013 election. Morrison will also indicate that his government will aim to clear Australia’s net debt within a decade. It currently stands at $351.9bn, or 18.2 per cent of GDP. The mid-year Budget update had forecast that net debt will fall to 1.5 per cent of GDP in 2028-29.

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

Canberra swamp costs $8bn

roymorgansocial Leave a comment

Original article by Adam Creighton
The Australian – Page: 2 : 29-Jan-19

The Institute of Public ­Affairs has estimated that the direct cost of the federal government in 2016-17 was $8.1bn. Public sector wages accounted for the bulk of the cost of government, with the average weekly earnings of public servants being significantly higher than their peers in the private sector. The analysis also shows that government departments spend $585m on consultants’ fees in 2016-17, while international organ­isations received $440m of taxpayers’ money.

CORPORATES
INSTITUTE OF PUBLIC AFFAIRS LIMITED, INTERNATIONAL MONETARY FUND, CANCER COUNCIL OF AUSTRALIA, RECONCILIATION AUSTRALIA, ETHNIC COMMUNITIES COUNCIL OF QUEENSLAND, BIRDLIFE INTERNATIONAL, AIDS COUNCIL OF NEW SOUTH WALES, AUSTRALIAN COUNCIL OF SOCIAL SERVICE, AUSTRALIA. DEPT OF DEFENCE, UNITED STATES. EXECUTIVE OFFICE OF THE PRESIDENT

Small biz bosses in fear of Labor

roymorgansocial 1 Comment

Original article by Adam Creighton
The Australian – Page: 15 & 18 : 25-Jan-19

The Executive Connection’s CEO Confidence Index fell 10 points to 112 in December, the first consecutive decline in two years. The Index is based on responses from around 110 small business owners, with nearly 60 per cent stating that a Labor government would be bad for their business. Labor has foreshadowed a series of tax increases that are tipped to raise $200 billion over a decade, although it has proposed a more generous investment allowance. Over 70 per cent of small business leaders surveyed expect that property prices will continue to fall.

CORPORATES
AUSTRALIAN LABOR PARTY, UNIVERSITY OF TECHNOLOGY, SYDNEY, MYOB GROUP LIMITED – ASX MYO, THE AUSTRALIAN INDUSTRY GROUP

Budget risks in pensioner pork

roymorgansocial Leave a comment

Original article by John Kehoe
The Australian Financial Review – Page: 3 : 25-Jan-19

Speculation that the federal government may give pensioners and families on low incomes a one-off cash payment prior to the election has prompted suggestions of ‘pork barrelling’. Some observers have likened it to the strategy of former prime minister John Howard ahead of the 2007 election, which he lost. Chris Richardson of Deloitte Access Economics says a low jobless rate and a strong economy means such largesse is not necessary, while Opposition Leader Bill Shorten says the government is now in election mode.

CORPORATES
DELOITTE ACCESS ECONOMICS PTY LTD, AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE TREASURY

Hacking risks higher under open banking

roymorgansocial Leave a comment

Original article by James Eyers
The Australian Financial Review – Page: 19 : 24-Jan-19

The Australian Banking Association has expressed concern that theft of personal data and email scams will become rife under the federal government’s open banking regime. Open banking is slated to begin on 1 February 2020, with a pilot program to commence in July 2019. The ABA’s submission to the Treasury’s draft report on open banking has called for the terms of reference for the pilot program to include an assessment of the potential privacy risks.

CORPORATES
AUSTRALIAN BANKING ASSOCIATION, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION