AUSTRALIA – POLITICS AND GOVERNMENT

Emissions jump underestimated

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Original article by Kyle Mackey-Laws
The Canberra Times – Page: 5 : 15-May-18

Australia’s greenhouse gas emissions rose by 1.5 per cent in 2017, the third year in a row that emissions have increased. Bill Hare of Climate Analytics says Australia will struggle to meet its 2030 Paris climate pledge if the upward trend continues. The electricity sector reduced its emissions by 3.1 per cent in 2017, with the Hazelwood coal-fired power plant having closed in March. Labor’s climate spokesman Mark Butler says the accuracy of the federal government’s land clearing data is increasingly being questioned, with data on emissions from land use having indicated "inexplicable reductions" in emissions for some time.

CORPORATES
CLIMATE ANALYTICS, AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE ENVIRONMENT AND ENERGY, THE WILDERNESS SOCIETY, AUSTRALIAN CONSERVATION FOUNDATION INCORPORATED

Business demands clarity on cuts

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Original article by Joe Kelly
The Australian – Page: 4 : 15-May-18

The tax rate for companies with turnover of up to $A50m is slated to be reduced to 27.5 per cent on 1 July, as part of the Federal Government’s enterprise tax plan. Australian Chamber of Commerce & Industry CEO James Pearson has urged the Opposition to declare its stance on the tax cuts. He says businesses may choose not to utilise the extra cash due to concerns that the tax cuts may be reversed if Labor wins the next election. Council of Small Business of Australia CEO Peter Strong has also called for Labor to clarify its position.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIAN CHAMBER OF COMMERCE AND INDUSTRY, COUNCIL OF SMALL BUSINESS ORGANISATIONS OF AUSTRALIA LIMITED, AUSTRALIA. DEPT OF FINANCE, ONE NATION PARTY, CENTRE ALLIANCE

Coalition better for well-paid unionists

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Original article by Ewin Hannan
The Australian – Page: 1 & 4 : 15-May-18

Research suggests that many blue-collar workers on high salaries will be better off under the Federal Government’s tax plan than under Labor’s alternative proposals. Workplace Minister Craig Laundy contends that families will definitely be worse off under Labor’s tax plan. For its part, Labor claims that low and middle-income earners will do better under its tax plan than under the Coalition. Although stating that 90 per cent of its members earn more than $A100,000 a year, Electrical Trades Union official Troy Gray says its members would do better under a Labor government.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF JOBS AND SMALL BUSINESS, ELECTRICAL TRADES UNION, AUSTRALIAN BUILDING AND CONSTRUCTION COMMISSION, AUSTRALIA. REGISTERED ORGANISATIONS COMMISSION, ACTU

Bring on TPP-11 or lose $15bn a year, says Minerals Council

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Original article by Adam Creighton
The Australian – Page: 17 & 20 : 14-May-18

The Minerals Council of Australia has released the results of modelling which suggests that the Trans-Pacific Partnership will boost Australia’s GDP by about 0.54 per cent a year, which equates to $A15bn. CEO David Byers says the 11-nation trade deal will bolster jobs, wages, economic growth and consumer choice in Australia. Byers has downplayed the ACTU’s concerns that the TPP will prompt a surge in temporary skilled migrant numbers, and called on federal parliament to endorse it.

CORPORATES
MINERALS COUNCIL OF AUSTRALIA, TRANS-PACIFIC PARTNERSHIP, ACTU, UNITED STATES. EXECUTIVE OFFICE OF THE PRESIDENT, AUSTRALIA. DEPT OF FOREIGN AFFAIRS AND TRADE, BRANDEIS UNIVERSITY, JOHN HOPKINS UNIVERSITY, NATIONAL FARMERS’ FEDERATION LIMITED, UNIVERSITY OF NEW SOUTH WALES

Split tax cut bill, senators warn PM

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

One Nation leader Pauline Hanson says the Federal Government must legislate income tax cuts proposed for 2018-19 separately from future tax relief outlined in the May 2018 Budget. Hanson argues that there could be a recession before all three phases of the seven-year tax cuts package take effect. Centre Alliance also supports splitting the tax cuts bill. Both parties, which have five seats in the Senate, also oppose any move by Opposition Leader Bill Shorten to wind back company tax cuts that have already been legislated.

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

Cloud hovers over Labor’s Aly

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Original article by Joe Kelly
The Australian – Page: 1 & 7 : 11-May-18

The dual citizenship saga continues to plague Federal Parliament, with the latest High Court ruling having raised uncertainty about the eligibility of Labor MP Anne Aly. Parliament’s citizenship registry shows that Aly applied to have her Egyptian citizenship cancelled in early May 2016, well before nominations for the federal election closed in June. However, Aly is yet to submit any documentation to prove that her Egyptian citizenship has been cancelled. Professor George Williams from the University of New South Wales has called for a referendum on the issue of dual citizenship.

CORPORATES
AUSTRALIAN LABOR PARTY, HIGH COURT OF AUSTRALIA, UNIVERSITY OF NEW SOUTH WALES, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET

Shorten ups ante in tax cuts battle

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Original article by Simon Benson, Rachel Baxendale
The Australian – Page: 1 & 6 : 11-May-18

Opposition Leader Bill Shorten has used his Budget reply speech to outline Labor’s proposed income tax reforms, which includes an annual tax cut of up to $A928 for people on low and middle incomes. Labor will support the first phase of the Federal Government’s tax cuts package, but tax brackets will remain unchanged beyond this. Labor has also committed to reinstating the two per cent deficit levy, which would lift the tax rate for people on the highest incomes to 49 per cent. Shorten also said Labor will reverse company tax cuts that have already been legislated if it wins the next election.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF FINANCE, AUSTRALIA. DIRECTOR OF PUBLIC PROSECUTIONS

Cash payments limit has easy workaround: agents

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Original article by Duncan Hughes, Su-Lin Tan
The Australian Financial Review – Page: 11 : 10-May-18

Real estate agents and property brokers have questioned the effectiveness of the Federal Government’s proposed crackdown on the cash economy. They argue that many agents no longer accept cash payments, while people will be able to bypass the proposed limit of $A10,000 for cash payments by making a series of smaller payments in cash. Farmers also warn that the crackdown may not be effective, noting that cash payments are rife in the horticulture industry.

CORPORATES
BLACK DIAMONDZ PROPERTY CONCIERGE, N1 HOLDINGS LIMITED – ASX N1H, AUSTRALIAN TAXATION OFFICE

Funding cut setback for enforcing wage laws

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Original article by Anna Patty
The Sydney Morning Herald – Page: 13 : 10-May-18

The May 2018 Budget has allocated $A110.009m in funding to the Fair Work Ombudsman in 2018-19, down from $A110.46m in 2017-18. However, the Registered Organisations Commission’s funding has been increased by $A8.1m. Labor’s workplace relations spokesman Brendan O’Connor has criticised the Federal Government for providing additional funding for the "disgraced" ROC rather than addressing the issue of rampant wage theft. The University of Adelaide’s Professor Andrew Stewart has expressed similar concerns.

CORPORATES
AUSTRALIA. FAIR WORK OMBUDSMAN, AUSTRALIA. REGISTERED ORGANISATIONS COMMISSION, AUSTRALIAN LABOR PARTY, UNIVERSITY OF ADELAIDE, AUSTRALIA. DEPT OF JOBS AND SMALL BUSINESS, UNIVERSITY OF SYDNEY, 7-ELEVEN STORES PTY LTD, DOMINO’S PIZZA ENTERPRISES LIMITED – ASX DMP, CALTEX AUSTRALIA LIMITED – ASX CTX

AAA outlook remains negative: S&P

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Original article by Jacob Greber
The Australian Financial Review – Page: 6 : 10-May-18

Credit ratings agency Standard & Poor’s has welcomed the Federal Government’s "fiscal prudence" in its May 2018 Budget. However, the firm has retained its negative outlook for Australia’s sovereign rating due to global factors such as the potential for an international trade war. Meanwhile, Jeremy Zook of Fitch Ratings says the Government’s revenue forecasts are "optimistic" and may affect its ability to deliver a surplus ahead of schedule.

CORPORATES
STANDARD AND POOR’S FINANCIAL SERVICES LLC, FITCH RATINGS LIMITED, ERNST AND YOUNG, AUSTRALIA. DEPT OF THE TREASURY, MORGAN STANLEY AUSTRALIA LIMITED