AUSTRALIA – POLITICS AND GOVERNMENT

Hacking risks higher under open banking

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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

ALP locks in shipping fleet

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Original article by Primrose Riordan
The Australian – Page: 1 & 4 : 24-Jan-19

The Maritime Union of Australia’s national secretary Paddy Crumlin says Labor is likely to pursue coastal shipping reforms if it wins the 2019 federal election. He expects Labor to mandate that cargo ships operating between the nation’s ports must be Australian-flagged, with local crews who are subject to Australian conditions of employment. Minerals Council of Australia CEO Tania Constable says that such restrictions would lead to higher costs for businesses and consumers.

CORPORATES
MARITIME UNION OF AUSTRALIA, AUSTRALIAN LABOR PARTY, MINERALS COUNCIL OF AUSTRALIA, CONSTRUCTION, FORESTRY, MARITIME, MINING AND ENERGY UNION OF AUSTRALIA, AUSTRALIA. PRODUCTIVITY COMMISSION, BHP GROUP LIMITED – ASX BHP, AUSTRALIA. DEPT OF INFRASTRUCTURE AND REGIONAL DEVELOPMENT, INTERNATIONAL ENERGY AGENCY

PM’s cash splash for oldies

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Original article by John Kehoe
The Australian Financial Review – Page: 1 & 9 : 24-Jan-19

Sources within the federal government have indicated that it may offer pre-election sweeteners to age pensioners and families in the form of one-off cash payments. The potential measure is said to be aimed at ensuring that people who will not directly benefit from the government’s income tax cuts package are not disadvantaged. The first stage of the tax package took effect at the start of 2018-19, but Labor has committed to scrapping the second and third stages it wins the 2019 election.

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

PM’s Mundine pick sparks feud

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Original article by Joe Kelly, Rosie Lewis
The Australian – Page: 1 & 4 : 23-Jan-19

Grant Schultz has resigned from the Liberal Party after being disendorsed as its candidate for the New South Wales seat of Gilmore at the upcoming federal election. He has criticised Prime Minister Scott Morrison for intervening in the pre-selection process, amid speculation that indigenous leader Warren Mundine will be selected as the Liberals’ candidate despite not yet being a member of the party. Schultz has flagged his intention to contest the seat as an independent. Mundine is a former national president of the Australian Labor Party.

CORPORATES
LIBERAL PARTY OF AUSTRALIA, LIBERAL PARTY OF NEW SOUTH WALES, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIAN LABOR PARTY

Budget surplus on track, says Frydenberg

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Original article by Lucas Baird
The Australian Financial Review – Page: 5 : 23-Jan-19

Treasurer Josh Frydenberg remains confident that the federal government will return the Budget to surplus in 2019-20. This is despite domestic and global headwinds, including the International Monetary Fund’s latest downgrade of its global economic growth forecast. Frydenberg also used a Sydney Institute speech to warn that the domestic economy cannot afford Labor’s proposed $200bn package of tax increases. He added that unlike Labor, the Coalition will increase health, education and infrastructure spending without increasing taxes.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, INTERNATIONAL MONETARY FUND, SYDNEY INSTITUTE, AUSTRALIAN LABOR PARTY

Bowen touts $200b tax hike buffer

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Original article by John Kehoe
The Australian Financial Review – Page: 1 & 4 : 23-Jan-19

Shadow treasurer Chris Bowen identifies Australia’s high level of household debt and low wages growth as key issues that concern him. Bowen adds that Labor’s proposed $200bn package of tax increases is necessary to provide the nation with a "fiscal buffer" in the event of a global economic downturn. He has also defended Labor’s plan to direct the bulk of tax relief to low- and middle-income earners, arguing that they tend to spend more than people on high incomes. Bowen has also downplayed fears that Labor’s negative gearing reforms would have an adverse effect on residential property values.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE TREASURY, INTERNATIONAL MONETARY FUND

Tax strike on Airbnb, Uber users

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Original article by Simon Benson
The Australian – Page: 1 & 4 : 23-Jan-19

The federal government is planning a tax crackdown on the 11 million Australians who earn income from platforms such as Uber and Airbnb. It is estimated that income from shared-economy platforms now totals around $15bn a year, but at present the Australian Taxation Office is not able to determine the extent of underpayment or non-payment of tax on such income. The government proposes the introduction of a mandatory tax liability reporting regime for people who work in the shared economy. It will release a discussion paper on the issue on 23 January.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, UBER AUSTRALIA PTY LTD, AIRBNB AUSTRALIA PTY LTD, AUSTRALIAN TAXATION OFFICE, AIRTASKER PTY LTD, DELIVEROO AUSTRALIA PTY LTD, UBER EATS

Robb anoints O’Dwyer successor

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Original article by Rosie Lewis
The Australian – Page: 4 : 22-Jan-19

Coalition MPs Julie Bishop and Kevin Andrews say they intend to contest the 2019 federal election. Former Victorian premier Jeff Kennett recently called for other long-serving Coalition MPs to follow the example of Kelly O’Dwyer and step down at the election. Meanwhile, former trade minister Andrew Robb has backed his ex-chief of staff Zoe McKenzie to replace O’Dwyer in the seat of Higgins. Other contenders for the seat are said to include Katie Allen and Jess Wilson.

CORPORATES
LIBERAL PARTY OF AUSTRALIA, NBN CO LIMITED, BUSINESS COUNCIL OF AUSTRALIA

Argus warns Shorten on silly class war

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Original article by Patrick Durkin
The Australian Financial Review – Page: 4 : 22-Jan-19

Former BHP chairman Don Argus says Labor leader Bill Shorten could divide the nation if he contests the 2019 election on the basis of class warfare. Argus adds that despite Shorten’s rhetoric, the majority of employers and workers recognise the need to work together. Wesfarmers chairman Michael Chaney and AustralianSuper chair Heather Ridout are among the other business leaders who have cautioned Shorten against engaging in populist politics.

CORPORATES
AUSTRALIAN LABOR PARTY, BHP GROUP LIMITED – ASX BHP, WESFARMERS LIMITED – ASX WES, AUSTRALIANSUPER PTY LTD, ASX LIMITED – ASX ASX, SIMS METAL MANAGEMENT LIMITED – ASX SGM, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, BLUESCOPE STEEL LIMITED – ASX BSL, THE AUSTRALIAN INDUSTRY GROUP

No wonder business is nervous, says Shepherd

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Original article by Joe Kelly
The Australian – Page: 2 : 22-Jan-19

Former Business Council of Australia president Tony Shepherd says the nation’s economy is solely dependent on resources exports, which in turn are dependent on global economic growth. Shepherd has also warned that Australian policymakers have become complacent after 27 years of economic growth. Meanwhile, federal Treasurer Josh Frydenberg says unions would be the biggest risk to the economy under Labor’s industrial relations policy.

CORPORATES
BUSINESS COUNCIL OF AUSTRALIA, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN LABOR PARTY, THE AUSTRALIAN INDUSTRY GROUP