AUSTRALIA – POLITICS AND GOVERNMENT

Shorten in backdown on borders

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Original article by Simon Benson, Greg Brown, Joe Kelly
The Australian – Page: 1 & 4 : 12-Feb-19

Labor’s caucus has approved key amendments to legislation initiated by independent MP Kerryn Phelps regarding the medical transfer of asylum-seekers from offshore processing centres to Australia. The amendments seek to give more ministerial control over doctor-directed transfers. However, Prime Minister Scott Morrison has ruled out any prospect of the Coalition supporting the amended legislation, claiming that it will compromise the ability of the government to control who comes to Australia. Greens MP Adam Bandt claims that Labor is again "caving in" on the issue of refugees.

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

Compromise to end conflicted remuneration

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Original article by Tom McIlroy
The Australian Financial Review – Page: 4 : 11-Feb-19

The final report of the banking royal commission recommended an end to the grandfathering of conflicted remuneration payments as soon as reasonably practical. Labor wants to see an immediate end to such payments, while the federal government has called for them to end in January 2021. Centre Alliance senator Rex Patrick has put forward a compromise plan that would see conflicted remuneration payments end on 1 July 2020. Labor expected to support his proposal in the Senate on 12 February.

CORPORATES
AUSTRALIAN LABOR PARTY, CENTRE ALLIANCE, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY

Taylor blasts AGL’s high prices

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Original article by Perry Williams
The Australian – Page: 17 & 27 : 8-Feb-19

Energy Minister Angus Taylor contends that Australians should be irate by AGL’s announcement that it has made a $537 million interim net profit. He claims that AGL and other energy companies are making big profits at a time when consumers and businesses are struggling with high power prices. Taylor has also stated that comments by energy companies that the federal government’s "big stick" legislation is deterring investment is false, noting that investment in the sector will exceed $25 billion over the three years to 2020.

CORPORATES
AGL ENERGY LIMITED – ASX AGL, AUSTRALIA. DEPT OF THE ENVIRONMENT AND ENERGY, ALINTA ENERGY (AUSTRALIA) PTY LTD, MACQUARIE GROUP LIMITED – ASX MQG

Energy chief lashes dangerous bill

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Original article by Angela Macdonald-Smith
The Australian Financial Review – Page: 3 : 7-Feb-19

A Senate committee has been told that a bill to force the divestment of energy assets would create greater uncertainty in the electricity sector. EnergyAustralia MD Catherine Tanna has told the committee that the bill was poorly drafted and there had been insufficient consultation. Frontier Economics has warned of the proposed divestment powers’ impact on investment in the electricity sector. However, others have argued that the reforms are necessary to curb the market power of large vertically integrated electricity suppliers.

CORPORATES
ENERGYAUSTRALIA PTY LTD, FRONTIER ECONOMICS PTY LTD, GRATTAN INSTITUTE, BUSINESS COUNCIL OF AUSTRALIA, THE AUSTRALIAN INDUSTRY GROUP, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, UNIVERSITY OF MELBOURNE, AGL ENERGY LIMITED – ASX AGL, ORIGIN ENERGY LIMITED – ASX ORG, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. DEPT OF THE ENVIRONMENT AND ENERGY, AUSTRALIAN ENERGY REGULATOR, SIMEC ENERGY

Phelps bill a security risk: ASIO

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Original article by Simon Benson
The Australian – Page: 1 & 6 : 7-Feb-19

The federal government has received advice from intelligence agencies that a bill to allow asylum seekers to be transferred to Australia for medical treatment would undermine its border protection policy. The classified briefing warns that the offshore processing of asylum-seekers would be in doubt if the bill proposed by independent MP Kerryn Phelps is passed. Labor and the Greens intend to support the bill, while Bob Katter is the only independent MP to have declared his intention to vote against it.

CORPORATES
AUSTRALIAN SECURITY INTELLIGENCE ORGANISATION, AUSTRALIAN BORDER FORCE, AUSTRALIAN LABOR PARTY, AUSTRALIAN GREENS

Morrison faces recall push over proposals

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Original article by Phillip Coorey
The Australian Financial Review – Page: 10 : 7-Feb-19

Opposition Leader Bill Shorten says the federal government must begin implementing the recommendations of the financial services royal commission’s final report prior to the upcoming election. Labor will seek the support of lower house crossbenchers for a motion to recall parliament for an additional two weeks in March, with a view to legislating some of commissioner Kenneth Hayne’s recommendations. Shorten says that unless action is seen to be taken quickly, the general public will believe that the misconduct exposed by the inquiry will be allowed to continue.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, RESERVE BANK OF AUSTRALIA

Labor demands say on picking Aunty’s chair

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Original article by Lilly Vitorovich
The Australian – Page: 3 : 6-Feb-19

Shadow communications minister Michelle Rowland says Labor should be consulted about the appointment of a successor to Justin Milne as chairman of the ABC. She has criticised the federal government’s poor record with regard to ensuring the ABC’s independence, noting in particular its failure to respect the independent nomination panel process for appointments to the board. The ABC’s ‘Media Watch’ program has reported that Communications Minister Mitch Fifield was given a shortlist of three candidates in mid-January.

CORPORATES
AUSTRALIAN BROADCASTING CORPORATION, AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF COMMUNICATIONS AND THE ARTS, NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS, FAIRFAX MEDIA LIMITED, TELSTRA CORPORATION LIMITED – ASX TLS, GILBERT AND TOBIN LAWYERS, CITIGROUP PTY LTD, AUSTRALIAN FOOTBALL LEAGUE

Labor says PM squibbed on Hayne

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

Opposition Leader Bill Shorten has called for federal parliament to sit for an additional two weeks in March to allow some of the financial services royal commission’s recommendations to be enacted before the election. Meanwhile, Labor claims that the government has not fully committed to implementing 14 of the 76 recommendations outlined in the inquiry’s final report. Both Prime Minister Scott Morrison and predecessor Malcolm Turnbull have conceded that the inquiry should have begun much earlier.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIAN CONSUMERS’ ASSOCIATION

LNG import plans pushed back to 2020

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Original article by Angela Macdonald-Smith
The Australian Financial Review – Page: 11 & 14 : 5-Feb-19

AGL Energy’s proposed import terminal at Crib Point in Victoria and Australian Industrial Energy’s planned LNG import terminal at Port Kembla in New South Wales are among five LNG import terminals flagged for Australia. However, Saul Kavonic of Credit Suisse says none of the five may be approved by the end of 2019. Labor’s energy spokesman Mark Butler says it has not ruled out LNG import terminals if it wins the upcoming election, while Australian Workers’ Union national secretary Daniel Walton has spoken out against importing LNG.

CORPORATES
AGL ENERGY LIMITED – ASX AGL, AUSTRALIAN INDUSTRIAL ENERGY PTY LTD, AUSTRALIAN LABOR PARTY, AUSTRALIAN WORKERS’ UNION-FEDERATION OF INDUSTRIAL, MANUFACTURING AND ENGINEERING EMPLOYEES, CREDIT SUISSE (AUSTRALIA) LIMITED

Franking plan violates fair go tax principles: retirees

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Original article by Tim Boyd
The Australian Financial Review – Page: 5 : 5-Feb-19

Retiree Bernard Shea has told a parliamentary committee that Labor’s proposal to abolish cash refunds for excess dividend imputation credits is in violation of "the pillars and basic principles of taxation". The inquiry was being held at the Merimbula RSL on the New South Wales south coast, with most submissions coming from retirees who are against the changes. Retiree Jon Gaul claimed that he would lose $6,000 a year if Labor’s policy is enacted, while Shea said the policy discriminates against self-managed superannuation funds.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIAN TAXATION OFFICE, INSTITUTE OF PUBLIC ACCOUNTANTS LIMITED