AUSTRALIA – POLITICS AND GOVERNMENT

Coalition ignored best ABC choices

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Original article by Stephen Brook, Rachel Baxendale
The Australian – Page: 3 : 2-Oct-18

The process for selecting ABC board members has come under scrutiny following the resignation of chairman Justin Milne. In announcing his appointment, the government had said that the independent nominations panel had recommended Milne for the role. However, former panel member Neil Brown says the panel had nominated five contenders and said they were all qualified for the role, but this had not constituted a recommendation. Brown notes that some ABC board members were also appointed despite not having been nominated by the panel. Opposition Leader Bill Shorten says the next ABC chairman must have bipartisan support.

CORPORATES
AUSTRALIAN BROADCASTING CORPORATION, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF COMMUNICATIONS AND THE ARTS, AUSTRALIAN LABOR PARTY, SPECIAL BROADCASTING SERVICE (SBS)

PM to sandbag seats with GST overhaul

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Original article by Andrew Burrell
The Australian – Page: 1 & 4 : 1-Oct-18

Prime Minister Scott Morrison is poised to announce plans for changes to the formula for distributing goods and services tax revenue. The legislation, which would provide the states and territories with an additional $7.2bn in funding, is expected to be put forward during the next session of Parliament. The changes will benefit Western Australia in particular, where the Liberal Party is in danger of losing up to five seats at the next federal election. The proposed changes will include the introduction of a GST floor of $0.70 in the dollar from 2022-23, which will increase to $0.75 in 2024-25.

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

Reality check on the big stick

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Original article by John Kehoe, James Eyers, Sarah Turner, William McInnes, James Frost
The Australian Financial Review – Page: 1 & 6 : 1-Oct-18

Prime Minister Scott Morrison says the interim report of the financial services royal commission has highlighted areas of concern that the federal government has been taking action to address in the last few years. Treasurer Josh Frydenberg adds that the report demonstrates the need for the financial services industry to improve its standards and accountability. However, he has warned against responding to the findings of the inquiry with onerous regulation that could adversely affect access to credit or undermine economic growth.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, CAPITAL ECONOMICS LIMITED, AUSTRALIAN LABOR PARTY, RESERVE BANK OF AUSTRALIA, WESTPAC BANKING CORPORATION – ASX WBC, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB

‘Standards have deteriorated’: Malcolm Turnbull weighs in on ABC accusation

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Original article by Matthew Knott
The Sydney Morning Herald – Page: Online : 27-Sep-18

Former prime minister Malcolm Turnbull says there has been a decline in the ABC’s editorial standards in recent years. Turnbull has confirmed that he had raised concerns about the quality of the public broadcaster’s coverage with chairman Justin Milne and other members of the ABC’s board. However, he stresses that he has never complained about any perceived bias in the ABC’s coverage or requested that any ABC staffer be dismissed. Turnbull add that it is the ABC board’s responsibility to address unfair or inaccurate reporting.

CORPORATES
AUSTRALIAN BROADCASTING CORPORATION, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET

Coalition launches inquiry into ABC email revelations as chairman Justin Milne survives board talks

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Original article by Jennifer Duke
The Sydney Morning Herald – Page: Online : 27-Sep-18

There is growing pressure for ABC chairman Justin Milne to resign in the wake of further revelations about the sacking of MD Michelle Guthrie. The federal government will investigate claims that Milne had asked Guthrie to sack the ABC’s chief economics correspondent Emma Alberici following a complaint from former prime minister Malcolm Turnbull about her political coverage. The media has reported that Milne had sent Guthrie an email stating that the government "hated" Alberici and that she must go. Labor has proposed a Senate inquiry into the revelations surrounding Guthrie’s dismissal, and it has accused the Coalition of political interference at the public broadcaster.

CORPORATES
AUSTRALIAN BROADCASTING CORPORATION, AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF COMMUNICATIONS AND THE ARTS, AUSTRALIA. DEPT OF COMMUNICATIONS AND THE ARTS, FAIRFAX MEDIA LIMITED – ASX FXJ, GOOGLE INCORPORATED

Greens call for government energy retailer

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Original article by Andrew Tillett
The Australian Financial Review – Page: 9 : 26-Sep-18

The Australian Greens will propose increased government intervention in the electricity market to put downward pressure on prices, including the creation of a publicly-owned electricity retailer. Greens leader Richard Di Natale estimates that a taxpayer-funded electricity retailer could be established at cost of just $85m, while using it could save consumers around $200 a year on power costs. Di Natale will also advocate greater government intervention in other sectors in a National Press Club speech on 26 September.

CORPORATES
AUSTRALIAN GREENS, AUSTRALIA. DEPT OF THE ENVIRONMENT AND ENERGY, NATIONAL PRESS CLUB (AUSTRALIA), SNOWY HYDRO LIMITED, RED ENERGY PTY LTD, LUMO ENERGY AUSTRALIA PTY LTD, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION

Surplus in sight ahead of election

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Original article by David Uren, Rick Morton
The Australian – Page: 1 & 2 : 26-Sep-18

The Treasury has released figures showing that the Budget deficit for 2017-18 was $10.1bn, which equates to just 0.6 per cent of GDP. Treasury had forecast in May that the deficit for 2017-18 would be $18.2bn, and the initial forecast in the May 2017 Budget was for a deficit of $29.1bn. Factors such as jobs growth, a higher tax take and reduced government spending contributed to the improvement in the Budget position from a deficit of $33.2bn in 2016-17. However, Treasurer Josh Frydenberg has downplayed suggestions of a potential return to surplus in 2018-19.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN LABOR PARTY, DELOITTE ACCESS ECONOMICS PTY LTD, UBS HOLDINGS PTY LTD, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, AUSTRALIA. DEPT OF FINANCE, AUSTRALIA. DEPT OF SOCIAL SERVICES

Coalition picks spend over surplus

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Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 6 : 25-Sep-18

The federal government will release the final Budget figures for 2017-18 on 25 September, which are expected to show that the deficit for the financial year was around $10bn. The government is set to retain its target date of 2019-20 for a return to a surplus, and sources have indicated that an earlier return to surplus is possible but unlikely. The government has announced additional expenditure of $3.8bn over four years since handing down the May 2018 Budget, and around $20bn over the next decade.

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

Schools row ends with $4.5bn deal

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Original article by Simon Benson
The Australian – Page: 1 & 4 : 21-Sep-18

The federal government has agreed to increase taxpayer funding for Catholic and independent schools by more than $4.5bn, after funding was reduced under the "Gonski 2.0" school funding reforms. Catholic schools will receive a $4.3bn increase in funding over 10 years, while independent schools will receive an additional $259m. Stephen Elder, the executive director of the Catholic Education Commission of Victoria, says the funding cuts under the Gonski 2.0 reforms would have forced Catholic schools to close or significantly increase their fees.

CORPORATES
CATHOLIC EDUCATION COMMISSION OF VICTORIA LIMITED, AUSTRALIA. DEPT OF EDUCATION AND TRAINING, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, INDEPENDENT SCHOOLS COUNCIL OF AUSTRALIA

PM ups the ante on small biz tax cuts

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Original article by Phillip Coorey
The Australian Financial Review – Page: 5 : 21-Sep-18

Federal government sources have indicated that the Coalition is likely to seek to pass legislation prior to the next election aimed at bringing forward tax cuts for businesses with turnover of up to $50m. The tax relief for small businesses has already been legislated, but additional legislation would be required for the cuts to take effect earlier than 2026-27. Labor opposes a further reduction in the small business tax rate, but it could face the prospect of having to go into the election with a policy of reversing the additional tax cuts.

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