AUSTRALIA – POLITICS AND GOVERNMENT

Doubts over crackdown on black economy

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Original article by Tom McIlroy
The Australian Financial Review – Page: 12 : 16-Aug-18

Keith Swan of KPMG has questioned whether a Federal Government initiative will be effective in combatting the black economy. From mid-2019, companies that tender for federal contracts worth more than $4m will have to provide a statement of tax record from the Australian Taxation Office. Swan says that amongst other things, this requirement could potentially bar companies from tendering if they have had tax disputes with the ATO in the past. He adds that newly-formed companies with no tax history may have a competitive advantage over established rivals.

CORPORATES
KPMG AUSTRALIA PTY LTD, AUSTRALIAN TAXATION OFFICE, THOMSON REUTERS PLC

Anning’s speech unites Parliament

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Original article by Tom McIlroy
The Australian Financial Review – Page: 6 : 16-Aug-18

The maiden speech of senator Fraser Anning has been widely denounced by fellow parliamentarians, particularly his call to ban Muslims from migrating to Australia and his use of the phase "final solution" with regard to immigration policy. The Katter’s Australian Party senator has refused to apologise for his comments, stating that he was exercising his right to free speech. Party leader Bob Katter has praised Anning’s speech, describing it as "solid gold", but One Nation leader Pauline Hanson says his remarks were "appalling".

CORPORATES
KATTER’S AUSTRALIAN PARTY, ONE NATION PARTY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF THE ENVIRONMENT AND ENERGY, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN LABOR PARTY, AUSTRALIAN GREENS

NEG rebels try to force walkouts

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Original article by Simon Benson, Dennis Shanahan, Joe Kelly
The Australian – Page: 1 & 4 : 16-Aug-18

The Federal Government is becoming increasingly divided over the national energy guarantee. Some ministers who are believed to have reservations about the NEG are under pressure from backbench colleagues to quit their portfolios and vote against the policy. They are said to include Keith Pitt, the assistant minister to Deputy Prime Minister Michael McCormack. Meanwhile, Treasurer Scott Morrison has rejected a push to include a price guarantee in the NEG, stating that it is inconsistent with "Liberal values".

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

Senator demands extension to the Hayne inquiry to hear all claims

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Original article by Andrew Tillett
The Australian Financial Review – Page: 6 : 15-Aug-18

The banking royal commission is slated to deliver its final report by 1 February. However, Katter’s Australia Party senator Fraser Anning wants the inquiry to be extended, noting that just six farmers have been given the opportunity to provide evidence about misconduct in the financial services industry. Anning has also called for the inquiry’s terms of reference to be broadened to include the conduct of receivers, liquidators and valuers. He has raised the possibility of voting against government bills if the inquiry is not extended.

CORPORATES
AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, KATTER’S AUSTRALIAN PARTY, LIBERAL PARTY OF AUSTRALIA, ONE NATION PARTY

Coalition, business keen on overseas company tax model

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Original article by Tom McIlroy
The Australian Financial Review – Page: 5 : 15-Aug-18

The Senate is expected to reject the Federal Government’s bill to reduce the tax rate for companies with turnover of at least $50m. Foreign Minister Julie Bishop has told parliament of the need for Australia to have a globally competitive company tax rate, while BlueScope Steel CEO Mark Vassella has called for the introduction of similar tax reforms to those implemented in the US. He has stressed the importance of lower operating costs for businesses in stimulating economic growth.

CORPORATES
AUSTRALIA. DEPT OF FOREIGN AFFAIRS AND TRADE, BLUESCOPE STEEL LIMITED – ASX BSL, UNITED STATES. EXECUTIVE OFFICE OF THE PRESIDENT, AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF FINANCE

Energy rebels challenge PM

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Original article by Simon Benson, Joe Kelly, Greg Bright, Samantha Hutchinson
The Australian – Page: 1 & 4 : 15-Aug-18

The Coalition’s joint party room meeting backed the national energy guarantee on 14 August, but 10 MPs and senators have signalled that they could vote against the NEG in parliament. They include Tony Abbott, Eric Abetz, Andrew Hastie and Barnaby Joyce; they have cited factors such as the NEG’s emissions reduction target and the lack of a price guarantee for their opposition to the policy. Prime Minister Malcolm Turnbull is said to be open to legislating for a price guarantee.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, LIBERAL PARTY OF AUSTRALIA, NATIONAL PARTY OF AUSTRALIA, AUSTRALIAN LABOR PARTY, CENTRE ALLIANCE, AUSTRALIAN GREENS, AUSTRALIA. DEPT OF THE ENVIRONMENT AND ENERGY, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION

Coalition shies from taking tax cut to voters

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Original article by Phillip Coorey
The Australian Financial Review – Page: 5 : 14-Aug-18

The Federal Government will require the support of Centre Alliance and One Nation for its company tax cuts package, which will shortly be put to the Senate. Finance Minister Mathias Cormann has stated that company tax cuts that have been legislated will be part of the government’s campaign platform for the next election. However, the fate of unlegislated tax cuts remains uncertain, with indications that the government may be willing to compromise. Amongst other things, it is said to be considering lifting the turnover threshold for the tax cuts to $500m.

CORPORATES
CENTRE ALLIANCE, ONE NATION PARTY, AUSTRALIA. DEPT OF FINANCE, AUSTRALIAN LABOR PARTY

Tech giants face $10m fines under security laws

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Original article by Andrew Tillett
The Australian Financial Review – Page: 8 : 14-Aug-18

The federal government will introduce new laws that aim to boost efforts to detect terrorist and criminal activity via electronic surveillance. The laws, which were developed in consultation with telcos, internet firms and telecommunications device makers, include fines of up to $10 million for companies that refuse to provide access to secret data. They have been introduced after Prime Minister Malcolm Turnbull complained in 2017 that terrorists and criminals are using secret message services such as WhatsApp to avoid surveillance; he promised to take action to require technology firms to work with law enforcement agencies to detect such activity.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIAN SECURITY INTELLIGENCE ORGANISATION, AUSTRALIAN SECRET INTELLIGENCE SERVICE, AUSTRALIAN SIGNALS DIRECTORATE, AUSTRALIA. ATTORNEY-GENERAL’S DEPT

Gas cost killing industry, Dow says

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Original article by Perry Williams
The Australian – Page: 17 & 28 : 14-Aug-18

Dow Chemical’s Australian head Louis Vega has urged support for the National Energy Guarantee, while calling on states and territories to allow new gas developments. He hopes both initiatives will put downward pressure on gas prices, warning that some heavy industries may have to shut down if gas prices remain high. Tomago Aluminium, which is the biggest user of energy in Australia, says the life of the nation’s coal-fired power plants need to be extended to help maintain the stability of the national grid.

CORPORATES
DOW CHEMICAL AUSTRALIA LIMITED, TOMAGO ALUMINIUM COMPANY PTY LTD, AUSTRALIA. DEPT OF THE ENVIRONMENT AND ENERGY

Face climate truths: farmer’s plea to PM

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Original article by Ben Potter
The Australian Financial Review – Page: 4 : 14-Aug-18

Drought-affected grain and cattle farmer Peter Mailler says it is time for the federal government to have a honest debate about climate change, rather than trying to undermine the science behind it. Mailler recently had to send pregnant cows to the abattoir because he did not have enough grain to feed them. He says that unless the government is prepared to tackle climate change, it should not "pretend to champion" farmers who are affected by drought. He accused some politicians of trying to give the electricity sector a "free kick" on carbon emissions reduction, while at the same time expecting farmers to reduce their emissions output.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF THE ENVIRONMENT AND ENERGY, NATIONAL PARTY OF AUSTRALIA