AUSTRALIA – POLITICS AND GOVERNMENT

Labor credit report delay will entrench banks: Fintechs

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Original article by James Eyers
The Australian Financial Review – Page: 17 : 15-Jun-18

The CEOs of five financial technology lenders have urged shadow treasurer Chris Bowen to reconsider Labor’s push for a key part of the comprehensive credit reporting regime to be delayed for 12 months. The CCR regulations are slated to take effect on 1 July, but Labor has advocated deferring the reporting of repayment history information for a year. The CEOs of SocietyOne, RateSetter, MoneyPlace, Harmoney and WISR have warned that such a delay will allow the major banks to retain their competitive advantage.

CORPORATES
AUSTRALIAN LABOR PARTY, SOCIETYONE AUSTRALIA PTY LTD, RATESETTER AUSTRALIA PTY LTD, MONEYPLACE PTY LTD, HARMONEY LIMITED, WISR LIMITED – ASX WZR

Renewables rush a risk to industry

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Original article by Ben Packham
The Australian – Page: 1 & 6 : 15-Jun-18

Large electricity users are concerned about the impact of the Federal Government’s national energy guarantee on baseload power supply. Tomago Aluminium CEO Matt Howell argues that some industrial users require competitively priced baseload power around the clock, which renewables cannot guarantee without reliable storage technology. Resources Minister Matt Canavan says coal is still the best option for supplying cheap and reliable baseload power, and he warns that coal would no longer be competitive under Labor’s carbon emissions policy.

CORPORATES
TOMAGO ALUMINIUM COMPANY PTY LTD, AUSTRALIA. DEPT OF INDUSTRY, INNOVATION AND SCIENCE, AUSTRALIA. DEPT OF THE ENVIRONMENT AND ENERGY, AUSTRALIAN LABOR PARTY, MANUFACTURING AUSTRALIA LIMITED, BLUESCOPE STEEL LIMITED – ASX BSL, CSR LIMITED – ASX CSR, DULUXGROUP LIMITED – ASX DLX, BRICKWORKS LIMITED – ASX BKW, ADELAIDE BRIGHTON LIMITED – ASX ABC, CEMENT AUSTRALIA PTY LTD, RHEEM AUSTRALIA LIMITED, TESLA INCORPORATED, AGL ENERGY LIMITED – ASX AGL

English test eyed for all new arrivals

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Original article by Simon Benson
The Australian – Page: 1 & 2 : 14-Jun-18

The Federal Government may require future migrants to have basic English language skills in order to qualify for permanent residency. There is growing concern that many migrants lack sufficient English language skills, which affects their ability to integrate and gain employment. Analysis of Census data suggests that more than one million people in Australia may have limited or no English language skills by 2021. The proposal for migrants to have minimum conversational language skills will be outlined by Citizenship and Multicultural Affairs Minister Alan Tudge on 14 June.

CORPORATES
AUSTRALIA. DEPT OF SOCIAL SERVICES, SYDNEY INSTITUTE, AUSTRALIAN LABOR PARTY

Nats urged to broaden the base

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Original article by Joe Kelly
The Australian – Page: 4 : 14-Jun-18

National Party MP Darren Chester says that farmers will continue to comprise a significant proportion of the party’s membership base. However, he argues that the Nationals need to appeal to a broader range of voters in order to win more seats, arguing that people from non-farming backgrounds now live in electorates that have traditionally been the party’s focus. Chester added that the Nationals must also embrace a range of views on social issues in order to appeal to voters, noting that all but one Nationals electorate voted in favour of legalising same-sex marriage.

CORPORATES
NATIONAL PARTY OF AUSTRALIA, NATIONAL PRESS CLUB (AUSTRALIA), AUSTRALIA. DEPT OF VETERANS’ AFFAIRS

Huawei to be banned from 5G

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Original article by Phillip Coorey, Angus Grigg
The Australian Financial Review – Page: 1 & 4 : 14-Jun-18

Sources have indicated that Australia’s security and defence agencies have recommended against allowing Huawei to bid for contracts to build the nation’s 5G wireless networks. The Federal Government is expected to make a decision on the 5G contracts very soon, and Huawei has previously been excluded from providing equipment for the national broadband network due to national security concerns. The Chinese telco supplies equipment for the 4G networks of Optus and Vodafone, while Huawei’s John Lord recently noted that the company employs about 750 people in Australia.

CORPORATES
HUAWEI TECHNOLOGIES COMPANY LIMITED, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF FOREIGN AFFAIRS AND TRADE, SINGTEL OPTUS PTY LTD, VODAFONE AUSTRALIA LIMITED, ZTE CORPORATION, TELSTRA CORPORATION LIMITED – ASX TLS, TELEFON AB LM ERICSSON, NOKIA OY AB, ALCATEL-LUCENT, UNITED STATES. SENATE SELECT COMMITTEE ON INTELLIGENCE, UNITED STATES. NATIONAL SECURITY AGENCY, UNITED STATES. DEPT OF HOMELAND SECURITY

RBA boss backs income tax cuts

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Original article by Michael Roddan
The Australian – Page: 1 & 4 : 14-Jun-18

Reserve Bank governor Philip Lowe says the Federal Government’s personal income tax cuts package will contribute to growth in wages. Lowe describes the proposed tax cuts as an "incremental step" in the broader process of tax reform. He has also called for wages to be progressively increased as the economy strengthens, arguing that wages of growth of around three per cent annually is feasible in the longer-term, compared with growth of around two per cent at present. Labor has only committed to supporting the first stage of the tax cuts package.

CORPORATES
RESERVE BANK OF AUSTRALIA, AUSTRALIAN LABOR PARTY

Labor tax plan would hit home prices

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Original article by Jacob Greber
The Australian Financial Review – Page: 3 : 12-Jun-18

RiskWise Property Research and Wargent Advisory have modelled the possible impact of Labor’s proposed changes to negative gearing on house prices. They found that the changes could lead to house price falls of up to 12 per cent in some parts of Australia, including Townsville and Mackay. House prices in Sydney and Melbourne could fall by nine per cent. With house prices already shaky, the property sector is urging Labor to scrap its plans. However, shadow treasurer Chris Bowen has rejected this suggestion.

CORPORATES
RISKWISE PROPERTY RESEARCH, WARDENT ADVISORY, AUSTRALIAN LABOR PARTY, RESERVE BANK OF AUSTRALIA

Subs blowout could scuttle tax cuts

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Original article by Andrew Tillett
The Australian Financial Review – Page: 5 : 12-Jun-18

Centre Alliance senator Rex Patrick has sought to link his support for the Federal Government’s company tax cuts package to the construction of a new submarine fleet. Patrick has expressed concern about the cost of the 12 submarines and warned that he cannot support the tax package until the full cost of the new fleet is disclosed. The Senate budget estimates committee was recently told that it will cost about $A50bn to build the submarines, but Patrick estimates that they could cost taxpayers around $A200bn in total during their operational life.

CORPORATES
CENTRE ALLIANCE, AUSTRALIA. DEPT OF DEFENCE, AUSTRALIAN STRATEGIC POLICY INSTITUTE LIMITED, NAVAL GROUP

Business must lead push for IR change: Hendy

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Original article by Phillip Coorey
The Australian Financial Review – Page: 3 : 8-Jun-18

The Federal Government’s failure to pursue workplace reforms has been criticised by Peter Hendy, the former chief economic adviser to Prime Minister Malcolm Turnbull. The ex-Liberal MP notes the Coalition’s lack of action since it commissioned the Productivity Commission to undertake a review of the industrial relations regime after it won office in 2013. Hendy adds that the business community should be more active in promoting industrial relations reform, after failing to do so in recent years.

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

Treasury overstated cost of tax cuts

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Original article by Adam Creighton
The Australian – Page: 2 : 8-Jun-18

Australian Taxpayers Alliance director John Humphreys estimates that the Federal Government’s income tax cuts will cost about $A78bn over 10 years, compared with Treasury’s forecast of $A144bn. The government estimates that the third stage of the tax package will cost $41.6bn, but Humphreys’ analysis suggests that it will cost just $A3.5bn. Humphreys and other experts argue that Treasury’s forecasts do not take into account the fact that more people are likely to enter the workforce or increase the number of hours they work as a result of the tax cuts.

CORPORATES
AUSTRALIAN TAXPAYERS’ ALLIANCE PTY LTD, AUSTRALIA. DEPT OF THE TREASURY, UNIVERSITY OF MELBOURNE, UNIVERSITY OF NEW SOUTH WALES, AUSTRALIAN LABOR PARTY, UNIVERSITY OF QUEENSLAND, PRICEWATERHOUSECOOPERS AUSTRALIA (INTERNATIONAL) PTY LTD