AUSTRALIA – POLITICS AND GOVERNMENT

Senate showdown looms on tax cuts

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Original article by Joe Kelly
The Australian – Page: 5 : 24-May-18

Treasurer Scott Morrison has revealed that the Federal Government’s three-stage personal income tax package will cost $A143.95bn in total, with the first two stages to cost $A102.35bn. The tax bill was passed by the House of Representatives on 23 May, although it is likely to face resistance in the Senate. Labor and crossbench senators have urged the Government to legislate the first stage of the tax cuts separately. Meanwhile, Finance Minister Mathias Cormann says the company tax cuts package will be part of the Coalition’s policy agenda for the next election.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF FINANCE, NATIONAL PARTY OF AUSTRALIA, ONE NATION PARTY

Minister lambasts CBA fee gouge

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Original article by Caitlin Fitzsimmons
The Age – Page: 8 : 24-May-18

Financial Services Minister Kelly O’Dwyer has criticised the Commonwealth Bank’s move to impose a "regulatory reform fee" on members of its superannuation and pension funds. Super fund members have been told that the fee is to cover the cost of unspecified but "highly technical and complex" regulatory reforms. O’Dwyer says there appears to be no justification for the fee, and argues that customers’ retirement savings should not be used to meet compliance requirements.

CORPORATES
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIA. DEPT OF FINANCE, COLONIAL FIRST STATE GROUP LIMITED, COMMONWEALTH PRIVATE BANK, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY

Industry baulks at Pauline’s gas pact

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Original article by Matt Chambers
The Australian – Page: 4 : 23-May-18

The Australian Petroleum Production & Exploration Association has warned that oil and exploration costs would rise under proposals put forward by One Nation leader Pauline Hanson. The Federal Government had agreed to a number of concessions in return for One Nation’s support for its company tax package, including changes to the Petroleum Resource Rent Tax and a gas reservation scheme in Western Australia. One Nation subsequently withdrew its support for the tax package, although LNG producers still anticipate some changes to the PRRT.

CORPORATES
AUSTRALIAN PETROLEUM PRODUCTION AND EXPLORATION ASSOCIATION LIMITED, ONE NATION PARTY, CHEVRON AUSTRALIA PTY LTD, AUSTRALIA. DEPT OF INDUSTRY, INNOVATION AND SCIENCE

PM tax plan in turmoil

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Original article by David Crowe, Eryk Bagshaw
The Age – Page: 1 : 23-May-18

The Federal Government’s corporate tax cuts package will be part of its policy agenda at the next election, according to Finance Minister Mathias Cormann. However, some Liberal MPs are concerned that the tax package could affect the Coalition’s prospects for re-election, while others have conceded that it has little chance of being passed by the Senate. Business leaders want the government to persist with the tax package, warning that shelving it would adversely affect six million "mum and dad” investors.

CORPORATES
AUSTRALIA. DEPT OF FINANCE, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, LIBERAL PARTY OF AUSTRALIA, ONE NATION PARTY, AUSTRALIAN PETROLEUM PRODUCTION AND EXPLORATION ASSOCIATION LIMITED

Labor open to union demands, rejects strike bid

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Original article by Ewin Hannan
The Australian – Page: 2 : 23-May-18

Shadow workplace relations minister Brendan O’Connor has indicated that Labor will consider a proposal for rules governing unions’ right to enter workplaces to be relaxed. The Construction, Forestry, Maritime, Mining & Energy Union’s Victorian secretary John Setka has also called for Labor to make changes to the provisions of the Fair Work Act with regard to protected industrial action, although O’Connor says this will not be on the party’s agenda.

CORPORATES
AUSTRALIAN LABOR PARTY, CONSTRUCTION, FORESTRY, MARITIME, MINING AND ENERGY UNION OF AUSTRALIA, ACTU, AUSTRALIA. FAIR WORK COMMISSION

MP’s China donor bombshell

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Original article by Simon Benson
The Australian – Page: 1 & 4 : 23-May-18

Liberal MP Andrew Hastie has used parliamentary privilege to name property developer Chau Chak Wing as a suspect in the payment of bribes to a United Nations official in 2013. He said Chau is the individual that the FBI has given the code-name of "CC-3" in the bribery case. Chau has denied any involvement in the plot, and lawyer Mark O’Brien has stated that the FBI gave his client a pseudonym to protect his reputation, as he had never been a suspect. Chau, who has made substantial donations to both of Australia’s major political parties, has also denied that he has ever been a member of China’s Communist Party.

CORPORATES
LIBERAL PARTY OF AUSTRALIA, AUSTRALIAN LABOR PARTY, UNITED STATES. FEDERAL BUREAU OF INVESTIGATION, UNITED NATIONS, COMMUNIST PARTY (CHINA), FAIRFAX MEDIA LIMITED – ASX FXJ, AUSTRALIAN BROADCASTING CORPORATION, AUSTRALIAN SECURITY INTELLIGENCE ORGANISATION

States suffer as PM’s pet projects prosper

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Original article by David Uren
The Australian – Page: 2 : 22-May-18

Federal grants to the states for infrastructure projects have declined to their lowest point since 2013-14. Prime Minister Malcolm Turnbull has stated that the federal government should not be seen as an ATM for the states and territories on infrastructure, with his government preferring to put money in projects in which it has direct equity, such as Western Sydney Airport. Adrian Dwyer, the CEO of Infrastructure Partnerships Australia, contends that there is a considerable difference between direct and equity funding. He says more infrastructure spending is needed to address congestion in Australia’s cities.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, INFRASTRUCTURE PARTNERSHIPS AUSTRALIA, AUSTRALIA. DEPT OF INFRASTRUCTURE AND REGIONAL DEVELOPMENT

Abbott blasts Turnbull’s anti-coal chiefs

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Original article by Greg Brown
The Australian – Page: 1 & 6 : 22-May-18

Energy Minister Josh Frydenberg has dismissed calls for the Federal Government to acquire the Liddell power station after AGL Energy formally rejected Alinta Energy’s offer to buy it. Coalition backbenchers Tony Abbott and Barnaby Joyce said the government should compulsorily acquire Liddell, with the former saying it should then be on-sold to Alinta. Abbott has also accused senior government bureaucrats of having an anti-coal bias. He argues that coal remains the lowest-cost option for baseload power.

CORPORATES
AUSTRALIA. DEPT OF THE ENVIRONMENT AND ENERGY, AGL ENERGY LIMITED – ASX AGL, ALINTA ENERGY (AUSTRALIA) PTY LTD, LIBERAL PARTY OF AUSTRALIA, AUSTRALIAN ENERGY MARKET OPERATOR LIMITED, AUSTRALIA. DEPT OF INDUSTRY, INNOVATION AND SCIENCE, AUSTRALIA. ENERGY SECURITY BOARD, THE CENTRE FOR INDEPENDENT STUDIES LIMITED

Hanson sinks PM’s tax plan

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Original article by Joe Kelly
The Australian – Page: 1 & 6 : 22-May-18

The Federal Government’s company tax cuts package faces likely defeat in the Senate, after One Nation withdrew its support for the policy. One Nation leader Pauline Hanson has questioned whether the policy would result in more jobs, given that the tax cuts would take a number of years to fully implement. Hanson adds that the exclusion of an apprenticeship scheme and funding for a coal-fired power station from the May 2018 Budget also contributed to One Nation’s decision to change its stance on the tax cuts. However, it may reverse its decision if the Government agrees to new concessions.

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

Crossbenchers link Google levy to company tax support

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

The Federal Government will shortly release a discussion paper on the taxation of multinational technology companies. Centre Alliance senators Rex Patrick and Stirling Griff have signalled that the proposed "Google tax" may influence how they vote on the government’s corporate tax package. Senator Patrick says the party wants to ensure that digital companies are taxed appropriately, which it believes is not the case at present. Treasurer Scott Morrison flagged a tax crackdown on technology companies in his Budget speech.

CORPORATES
CENTRE ALLIANCE, AUSTRALIA. DEPT OF THE TREASURY, GOOGLE INCORPORATED, FACEBOOK INCORPORATED, AUSTRALIA. DEPT OF FINANCE, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET