AUSTRALIA – POLITICS AND GOVERNMENT

Convert bank tax cuts into compo for victims: Hanson

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Original article by Ben Packham
The Australian – Page: 2 : 23-Apr-18

Financial Services Minister Kelly O’Dwyer has rejected a proposal by One Nation leader Pauline Hanson to shelve a proposed tax cut for banks and divert the revenue into a compensation fund for victims of misconduct in the financial services sector. Hanson says the fund should also be used to pay the costs of the banking royal commission and to bail out banks in the event of a financial crisis. Opposition leader Bill Shorten has also advocated a compensation fund for victims of misconduct in the banking sector.

CORPORATES
AUSTRALIA. DEPT OF FINANCE, ONE NATION PARTY, AUSTRALIAN LABOR PARTY, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY

Shorten CFMEU links hurt ALP

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Original article by Brad Norington
The Australian – Page: 4 : 23-Apr-18

There are concerns that Opposition Leader Bill Shorten’s efforts to boost his number within the Labor party through deals with the Construction, Forestry, Mining & Energy Union have the potential to harm its prospects at the next federal election. His leadership is said to be safe at the moment, but there are a number of potential candidates in the wings should dissatisfaction with his ties to the CFMEU grow, including Chris Bowen, Tony Burke and Tanya Plibersek.

CORPORATES
AUSTRALIAN LABOR PARTY, CONSTRUCTION, FORESTRY, MINING AND ENERGY UNION OF AUSTRALIA

Massive fines for corporate misconduct

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Original article by Richard Gluyas
The Australian – Page: 1 & 2 : 23-Apr-18

Australian Competition & Consumer Commission chairman Rod Sims says the banking royal commission’s revelations of misconduct in the financial services sector highlights the need for harsher penalties for corporate wrongdoing. He argues that such penalties should act as a real deterrent rather than merely being regarded by management and directors as the cost of doing business. A recent report by the OECD found that penalties for corporate misconduct in Australia are generally much lower than those of comparable countries. Treasurer Scott Morrison has also flagged tougher penalties for companies in response to scandals exposed by the royal commission.

CORPORATES
AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT, AUSTRALIA. DEPT OF THE TREASURY, AMP LIMITED – ASX AMP, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, VISY INDUSTRIES AUSTRALIA PTY LTD, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB

CFMEU boss wants Shorten to restore rights of workers

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Original article by David Marin-Guzman
The Australian Financial Review – Page: 10 : 20-Apr-18

John Setka says that Labor has been criticised in the past for being a party that does not really stand for anything. However, the Construction, Forestry, Maritime, Mining & Energy Union’s Victorian secretary says this seems to have changed under Bill Shorten. Setka says he is happy to endorse Shorten as an alternative prime minister, despite the fact that he used to represent the Australian Workers’ Union, with which Setka’s union has traditionally been at odds. Setka hopes Shorten takes action to restore the rights of workers if Labor wins the next federal election.

CORPORATES
AUSTRALIAN LABOR PARTY, CONSTRUCTION, FORESTRY, MARITIME, MINING AND ENERGY UNION OF AUSTRALIA, AUSTRALIAN WORKERS’ UNION-FEDERATION OF INDUSTRIAL, MANUFACTURING AND ENGINEERING EMPLOYEES, AUSTRALIAN RAIL, TRAM AND BUS INDUSTRY UNION

Frydenberg confident energy deal can be made

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Original article by Nicole Hasham
The Age – Page: 5 : 20-Apr-18

Federal Energy Minister Josh Frydenberg says he has held "constructive" discussions with his state counterparts regarding the proposed national energy guarantee ahead of a Council of Australian Governments meeting on 20 April. Frydenberg is optimistic that the states and territories will reach agreement on the final design stage of the NEG. The Victorian, Queensland and Australian Capital Territory governments have reservations about the NEG, particularly its carbon emission reduction targets. Frydenberg has ruled out any compromise to increase the reduction targets.

CORPORATES
AUSTRALIA. DEPT OF THE ENVIRONMENT AND ENERGY, COUNCIL OF AUSTRALIAN GOVERNMENTS, AUSTRALIAN LABOR PARTY

Banks face fines up to $210m

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Original article by Simon Benson, Ben Butler, Richard Gluyas
The Australian – Page: 1 & 2 : 20-Apr-18

The Federal Government has responded to scandals exposed by the banking royal commission by flagging plans for harsher civil and criminal penalties for misconduct in the financial services sector. Individuals will face fines of up to $A1.05m and companies could be fined up to $A210m in changes to civil penalties. Individuals will also risk maximum jail terms of 10 years and fines of up to $A945,000 for criminal convictions, with companies to be fined up to $A9.45m or 10 per cent of their turnover. The Australian Securities & Investments Commission will also be given more power to investigate and prosecute misconduct in the sector.

CORPORATES
AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALIA. DEPT OF FINANCE, AUSTRALIA. DEPT OF THE TREASURY, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, COUNT FINANCIAL LIMITED, WESTPAC BANKING CORPORATION – ASX WBC, AMP LIMITED – ASX AMP, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, COLONIAL LIMITED, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION

Shorten defends super cash grab

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Original article by Greg Brown
The Australian – Page: 4 : 19-Apr-18

Opposition Leader Bill Shorten has responded to criticism of a proposal to abolish cash refunds for excess dividend imputation credits. He says claims that the policy could cost retail superannuation funds more than $3.75bn over 10 years are "rubbish", and he has refuted suggestions that the policy will hit pensioners. Shorten adds that taxpayers’ funds should be spend on infrastructure rather than giving cash refunds to people who do not pay tax.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE TREASURY

China delivers trade warning amid strain on ties

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Original article by Glenda Korporaal
The Australian – Page: 1 & 2 : 19-Apr-18

Cheng Jingye, China’s ambassador to Australia, says relations between the two nation have become increasingly strained since mid-2017. The Federal Government’s proposed foreign interference laws have been a particular concern for China, even though no specific country has been identified as a target for the laws. Cheng has urged action to improve relations and mutual trust between the two nations, arguing that China presents a massive trade opportunity for Australia. He adds that failure to improve relations could have trade implications for Australia.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, ASSOCIATION OF SOUTH-EAST ASIAN NATIONS, BOAO FORUM FOR ASIA, FORTESCUE METALS GROUP LIMITED – ASX FMG, GROUP OF TWENTY (G-20)

Labor’s $3.75bn savings grab

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

New data suggests that the Federal Opposition’s plan to abolish cash refunds for excess dividend imputation credits would affect about 2.6 million accounts of superannuation funds that are regulated by the Australian Prudential Regulation Authority. The Australian Taxation Office data shows that some 2,013 of the 2,603 APRA-regulated funds claimed such refunds in 2015-16, which totalled almost $A309m. This implies that Labor’s policy would cost such funds around $A3.75b over 10 years. Labor has claimed that only 10 per cent of APRA-regulated funds would be affected by the policy.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, AUSTRALIAN TAXATION OFFICE, AUSTRALIA. DEPT OF THE TREASURY, THE ASSOCIATION OF SUPERANNUATION FUNDS OF AUSTRALIA LIMITED, INDUSTRY SUPER AUSTRALIA PTY LTD

We’re sticking to full tax cut plan: Morrison

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Original article by Tom McIlroy
The Australian Financial Review – Page: 5 : 18-Apr-18

Treasurer Scott Morrison has ruled out seeking a deal with crossbench senator Derryn Hinch to secure passage of its corporate tax package. Hinch has indicated that he may be open to supporting tax cuts for companies with turnover of up to $A500m, but Morrison has stressed that the Federal Government will persist with its policy of progressively reducing the tax rate for all companies. Meanwhile, Morrison says the May 2018 Budget will be "responsible", and he has rejected suggestions by National Party leader Michael McCormack that it will include some "goodies" for taxpayers.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, NATIONAL PARTY OF AUSTRALIA, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIAN LABOR PARTY, COMMONWEALTH HEADS OF GOVERNMENT MEETING, AUSTRALIA. DEPT OF FINANCE