AUSTRALIA – POLITICS AND GOVERNMENT

Nationals to demand changes to NEG

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Original article by Phillip Coorey
The Australian Financial Review – Page: 9 : 26-Jun-18

The federal government’s proposed National Energy Guarantee aims to commit power retailers to a secure electricity supply that will meet carbon emissions reduction and reliability targets. National Party MPs met to discuss the NEG on 25 June, and are understood to want its proposed mechanism to be altered so as to favour suppliers of baseload power. Some members of both the Nationals and the Liberal Party are of the view that the NEG should not have an emissions reduction component.

CORPORATES
NATIONAL PARTY OF AUSTRALIA, LIBERAL PARTY OF AUSTRALIA, BHP BILLITON LIMITED – ASX BHP, BUSINESS COUNCIL OF AUSTRALIA, NATIONAL FARMERS’ FEDERATION LIMITED, THE AUSTRALIAN INDUSTRY GROUP, MINERAL COUNCIL OF AUSTRALIA, BLUESCOPE STEEL LIMITED – ASX BSL, AUSTRALIAN ENERGY MARKET OPERATOR LIMITED

Class warfare digs won’t work: Coalition

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Original article by Tom McIlroy
The Australian Financial Review – Page: 6 : 26-Jun-18

Prime Minister Malcolm Turnbull claims that Labor is attacking him because he is wealthy and successful. Labor will run commercials which contend that Turnbull will benefit from the federal government’s plans to reduce the company tax rate because of the large number of companies in which he has investments. Deputy Prime Minister Michael McCormack has accused Labor of engaging in class warfare, while Labor’ finance spokesman Jim Chalmers has accused Turnbull of siding with millionaires.

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

Shorten’s team rich in assets

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Original article by Ben Packham, Joe Kelly
The Australian – Page: 1 & 6 : 26-Jun-18

Analysis of federal parliament’s register of pecuniary interests shows that many Labor MPs own at least one investment property. Tanya Plibersek, Anthony Albanese and Mark Dreyfus are among the Labor frontbenchers who will benefit from the party’s proposal to "grandfather" its changes to the negative gearing regime. Labor intends to abolish negative gearing for people entering the property market, although people who invest in new housing stock will be exempt from the change.

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

MPs risk jobs with tax block

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Original article by Simon Benson
The Australian – Page: 1 & 7 : 26-Jun-18

BHP Billiton CEO Andrew Mackenzie and Fortescue Metals Group CEO Elizabeth Gaines are among the business leaders who have urged the Senate to pass the Federal Government’s company tax cuts package. Mackenzie says the lack of a globally competitive tax rate could prompt BHP to redirect up to $A32bn worth of investment to other countries. One Nation leader Pauline Hanson in particular has been targeted over her stance on the tax cuts, with beef processor JBL stressing that it employs 6,500 people in her home state of Queensland.

CORPORATES
BHP BILLITON LIMITED – ASX BHP, FORTESCUE METALS GROUP LIMITED – ASX FMG, ONE NATION PARTY, JBL, CENTRE ALLIANCE, THOMAS FOODS INTERNATIONAL, AUSTRALIAN LABOR PARTY, UNITED AUSTRALIA PARTY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET

Hanson in crosshairs on tax cuts

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Original article by Greg Brown, Simon Benson
The Australian – Page: 1 & 4 : 25-Jun-18

One Nation leader Pauline Hanson has advised that she will not support the Federal Government’s company tax cuts package, citing its unwillingness to target multinationals. Hanson’s stance on company tax cuts has been criticised by Australian Conservatives founder Cory Bernardi and the Liberal Democrats’ David Leyonhjelm. The government requires an additional four votes in the upper house to pass its company tax cuts, and Prime Minister Malcolm Turnbull has ruled out excluding banks from the bill in order to gain the support of crossbenchers.

CORPORATES
ONE NATION PARTY, AUSTRALIAN CONSERVATIVES, LIBERAL DEMOCRATIC PARTY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF FINANCE, AUSTRALIAN LABOR PARTY, CENTRE ALLIANCE, KATTER’S AUSTRALIAN PARTY

PM delivers on historic tax reform

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Original article by Simon Benson
The Australian – Page: 1 & 6 : 22-Jun-18

The first stage of the Federal Government’s personal income tax cuts package will proceed on 1 July after nine Senate crossbenchers voted for the bill, although Opposition Leader Bill Shorten has described the tax cuts as "unfair and unaffordable". Business Council of Australia CEO Jennifer Westacott has welcomed the income tax reform, but stresses the need for a further reduction in the company tax rate. One Nation leader Pauline Hanson has signalled that she may be willing to support the company tax cuts if the government further cracks down on tax avoidance by multinationals.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIAN LABOR PARTY, ONE NATION PARTY, BUSINESS COUNCIL OF AUSTRALIA, AUSTRALIA. DEPT OF FINANCE

Coalition MPs may cross floor on NEG

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Original article by Joe Kelly
The Australian – Page: 4 : 21-Jun-18

The Coalition remains divided on the issue of the Federal Government’s national energy guarantee, after seven MPs opposed the policy at a joint partyroom meeting on 19 June. Former prime minister Tony Abbott has warned that some Coalition MPs could vote against the policy, and he has expressed concern that senior government ministers seem to be taking the partyroom for granted. Liberal MP Craig Kelly has expressed similar sentiments, and he has not ruled out crossing the floor when parliament votes on the NEG.

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

$1 trillion debt bomb buried in budget papers

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Original article by Adam Creighton
The Australian – Page: 1 & 6 : 21-Jun-18

Analysis of budget documents shows that the net financial liabilities of Australia’s federal, state and territory governments will top $A944bn in June 2021, which is equivalent to about $A36,000 per person. Infrastructure projects will be a major contributor to the debt blowout, with New South Wales and Victoria unveiling plans to ramp up spending on infrastructure over the next four years. Meanwhile, credit ratings agency Moody’s has expressed concern about the NSW government’s increased debt in its 2018 Budget, warning that it could affect the state’s credit profile.

CORPORATES
MOODY’S INVESTORS SERVICE INCORPORATED, NEW SOUTH WALES. THE TREASURY, AUSTRALIA. DEPT OF INFRASTRUCTURE AND REGIONAL DEVELOPMENT, INFRASTRUCTURE PARTNERSHIPS AUSTRALIA, QUEENSLAND. TREASURY

Liberals split over UN rights council

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Original article by Primrose Riordan
The Australian – Page: 2 : 21-Jun-18

Liberal MP Craig Kelly says Australia should join the US in withdrawing from the United Nations’ Human Rights Council, arguing that its members include some of the world’s most repressive regimes. Although Liberal senator Eric Abetz has welcomed the US decision, he says Australia should see how the UNHRC responds before taking any action. Senator James Paterson favours continued membership of the UNHRC, while Foreign Minister Julie Bishop has expressed disappointment with the Trump administration’s decision.

CORPORATES
UNITED NATIONS. HUMAN RIGHTS COUNCIL, LIBERAL PARTY OF AUSTRALIA, AUSTRALIA. DEPT OF FOREIGN AFFAIRS AND TRADE, UNITED STATES. EXECUTIVE OFFICE OF THE PRESIDENT, AUSTRALIAN JEWISH ASSOCIATION

Hanson to seal PM’s tax win

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Original article by Ben Packham
The Australian – Page: 1 & 4 : 21-Jun-18

The Federal Government is set to pass its personal income tax cuts package after it gained the support of One Nation and the two Centre Alliance senators. The upper house approved the bill on 20 June, after endorsing Labor’s amendments to scrap the third stage of the tax cuts. However, the amended bill is set to be rejected by the lower house on 21 June, and the original bill will then be put to the Senate again. One Nation leader Pauline Hanson and Labor have accused each other of deserting so-called "battlers" with their stances on the tax package.

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