AUSTRALIA – POLITICS AND GOVERNMENT

Power firm eyeing coal plant deal

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Original article by Joe Kelly, Simon Benson
The Australian – Page: 1 & 6 : 14-Aug-18

Former prime minister Tony Abbott says it is by no means certain that the Coalition’s joint party room meeting will endorse the national energy guarantee on 14 August. He says it would be "appalling" if the NEG is approved, warning that it could result in Australia’s "de-industrialisation". Meanwhile, Delta Electricity chairman Trevor St Baker says the company will build a new high-efficiency, low-emissions coal-fired power station if the NEG is endorsed by Coalition MPs. This could be a replacement for the Hazelwood power station in Victoria or a new one at the site of its Vales Point power station in New South Wales.

CORPORATES
DELTA ELECTRICITY AUSTRALIA PTY LTD, ALINTA ENERGY (AUSTRALIA) PTY LTD, BHP BILLITON LIMITED – ASX BHP, RIO TINTO LIMITED – ASX RIO, BLUESCOPE STEEL LIMITED – ASX BSL, SHELL COMPANY OF AUSTRALIA LIMITED, JBS AUSTRALIA PTY LTD, TOMAGO ALUMINIUM COMPANY PTY LTD, ALCOA OF AUSTRALIA LIMITED, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF THE ENVIRONMENT AND ENERGY, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, LIBERAL PARTY OF AUSTRALIA, AUSTRALIAN LABOR PARTY, AUSTRALIAN GREENS

Coalition works on fallback tax plan

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Original article by Phillip Coorey
The Australian Financial Review – Page: 4 : 13-Aug-18

The Federal Government remains hopeful of gaining One Nation’s support for its full company tax cuts package when it is put to the Senate in mid-August. However, sources have indicated that the government is looking at alternative options in the event that the tax package is rejected by the upper house. These include limiting the turnover threshold for the tax cuts to $500m or bringing forward tax cuts for small businesses that have been legislated. The government may also opt to abandon any tax measures that are rejected by the Senate or put them on hold until after the next election.

CORPORATES
ONE NATION PARTY, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. DEPT OF FINANCE, CENTRE ALLIANCE, AUSTRALIAN LABOR PARTY, AUSTRALIAN BUILDING AND CONSTRUCTION COMMISSION

PM pushes coal-friendly NEG plan

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Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 4 : 13-Aug-18

The Federal Government may adopt the Australian Competition & Consumer Commission’s recommendation to underwrite new dispatchable power generation, which could include coal-fired power. ACCC chairman Rod Sims will brief National Party MPs on the proposal ahead of a joint party room meeting at which the national energy guarantee will be on the agenda. The Labor-led states agreed to allow the NEG to be put to the Coalition’s party room at the recent Council of Australian Governments meeting. However, Energy Minister Josh Frydenberg is resisting their push for any changes to the NEG’s emissions reduction targets to be enacted via regulation rather than legislation.

CORPORATES
AUSTRALIA. DEPT OF THE ENVIRONMENT AND ENERGY, COUNCIL OF AUSTRALIAN GOVERNMENTS, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. ENERGY SECURITY BOARD, AUSTRALIAN LABOR PARTY, NATIONAL PARTY OF AUSTRALIA, AUSTRALIAN GREENS

Hydrogen industry to future-proof coal

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Original article by Simon Benson
The Australian – Page: 4 : 10-Aug-18

Chief Scientist Alan Finkel will make recommendations on the development of a hydrogen energy industry in Australia to federal and state energy ministers. He will advise that the cheapest way to produce hydrogen energy is via the gasification of brown coal. However, the process must involve carbon capture and storage if it is to be a viable source of renewable energy. Finkel’s hydrogen strategy is backed by both the renewable energy and mining sectors. Minerals Council of Australia CEO Tania Constable says it could mean a new industry for Victoria’s Latrobe Valley, which has been impacted by the closure of the Hazelwood power station.

CORPORATES
AUSTRALIA. OFFICE OF THE CHIEF SCIENTIST, MINERALS COUNCIL OF AUSTRALIA, COUNCIL OF AUSTRALIAN GOVERNMENTS

Victoria digs in on bare minimum NEG demands

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Original article by Phillip Coorey
The Australian Financial Review – Page: 6 : 10-Aug-18

Federal Energy Minister Josh Frydenberg will meet with his state counterparts on 10 August to discuss ratifying the National Energy Guarantee. Victoria’s Energy Minister Lily D’Ambrosio says Frydenberg needs to be prepared to compromise with Labor states on the NEG if they are to agree to it. Victoria’s conditions for agreeing to the NEG include that its renewable emission targets will never go backwards and that future targets are to be set every three years.

CORPORATES
AUSTRALIA. DEPT OF THE ENVIRONMENT AND ENERGY, VICTORIA. DEPT OF ENVIRONMENT, LAND, WATER AND PLANNING, AUSTRALIAN LABOR PARTY, AUSTRALIAN GREENS, AUSTRALIA. ENERGY SECURITY BOARD

Howard urges action on unfinished IR reform

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Original article by David Marin-Guzman
The Australian Financial Review – Page: 3 : 9-Aug-18

Ex-prime minister John Howard has highlighted the contribution that his government’s commitment to industrial relations reform had on wages growth and the labour market. In a recent address at a private dinner, Howard expressed concern about the lack of government action on workplace reform in recent years, and urged the Coalition to take more action on the issue. Howard praised the Coalition for reinstating the Australian Building & Construction Commission, but argued that further workplace reform is needed.

CORPORATES
AUSTRALIAN BUILDING AND CONSTRUCTION COMMISSION, AUSTRALIAN MINES AND METALS ASSOCIATION (INCORPORATED), AUSTRALIA. ATTORNEY-GENERAL’S DEPT, AUSTRALIA. DEPT OF INDUSTRY, INNOVATION AND SCIENCE, AUSTRALIA. DEPT OF FINANCE, LIBERAL PARTY OF AUSTRALIA, AUSTRALIAN LABOR PARTY, ACTU, PATRICK CORPORATION LIMITED

Shorten calls for states, feds to do NEG deal

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Original article by Phillip Coorey
The Australian Financial Review – Page: 6 : 9-Aug-18

Federal Opposition Leader Bill Shorten has urged Labor-led states to support the national energy guarantee at the Council of Australian Governments meeting on 10 August. The Victorian government maintains that the NEG’s carbon emissions reduction target should be subject to regulation rather than legislation, which is the federal government’s preferred approach. The federal Labor party supports the NEG, although it is advocating a higher emissions reduction target than that proposed by the Coalition.

CORPORATES
AUSTRALIAN LABOR PARTY, COUNCIL OF AUSTRALIAN GOVERNMENTS, VICTORIA. DEPT OF ENVIRONMENT, LAND, WATER AND PLANNING, VICTORIA. DEPT OF PREMIER AND CABINET, AUSTRALIA. DEPT OF THE ENVIRONMENT AND ENERGY, AUSTRALIAN GREENS, GETUP LIMITED

Fels backs Greens’ bank-breaker bid

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Original article by Adam Creighton
The Australian – Page: 1 & 2 : 9-Aug-18

Former Australian Competition & Consumer Commission chairman Allan Fels has expressed support for the Greens’ proposal to break up the nation’s largest banks and wealth manager AMP. Fels said he has been surprised by the extent of unethical behaviour in the financial services sector that has been exposed by the banking royal commission. He also says there may be merit in the Greens’ proposal to shift responsibility for regulating the sector to the ACCC, arguing that it has been more effective at enforcing the law than ASIC.

CORPORATES
AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, AUSTRALIAN GREENS, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AMP LIMITED – ASX AMP, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, CITIGROUP PTY LTD, DEUTSCHE BANK AG, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB

Greens on mission to break up the banks

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Original article by Adam Creighton
The Australian – Page: 8 : 8-Aug-18

Australian Greens leader Richard Di Natale says action is needed to address the "toxic culture" within the banking sector that has arisen due to the vertical integration model. The Greens propose to limit financial services groups to one of four roles, such as traditional banking services or asset management. Greens senator Peter Whish-Wilson advocates breaking up the banks, arguing that financial complexity has benefited the sector much more than consumers.

CORPORATES
AUSTRALIAN GREENS, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, AUSTRALIA. PRODUCTIVITY COMMISSION, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AMP LIMITED – ASX AMP

Cormann full throttle on company tax cuts

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Original article by Rosie Lewis
The Australian – Page: 6 : 8-Aug-18

The Federal Government has signalled that it will seek passage of its full company tax cuts package through the Senate by 23 August. Finance Minister Mathias Cormann is said to still be holding talks with One Nation and Centre Alliance regarding the tax package. He has ruled out imposing a revenue cap of $500m on the tax cuts, although he may be open to fast-tracking tax cuts for smaller companies.

CORPORATES
AUSTRALIA. DEPT OF FINANCE, ONE NATION PARTY, CENTRE ALLIANCE, LIBERAL DEMOCRATIC PARTY