AUSTRALIA – POLITICS AND GOVERNMENT

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)

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

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

Greens unveil plan to sell marijuana through agency

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Original article by Tom McIlroy
The Australian Financial Review – Page: 8 : 16-Apr-18

The Greens have called for cannabis to be legalised in Australia for recreational use, with its sale to be managed through a government agency. The Australian Cannabis Agency would serve as the sole wholesaler of the drug, while people would be able to grow up to six cannabis plants at home for their own use. Announcing its policy, Greens leader Richard Di Natale said "the war on drugs has failed". The Greens contend that its policy would help to reduce crime, as well as boosting the Budget by hundreds of millions of dollars.

CORPORATES
AUSTRALIAN GREENS, AUSTRALIAN DRUG LAW REFORM FOUNDATION, AUSTRALIA. PARLIAMENTARY BUDGET OFFICE

Migration a net boost to economy

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Original article by Simon Benson, Sam Buckingham-Jones
The Australian – Page: 1 & 6 : 17-Apr-18

The Treasury and the Department of Home Affairs have released a report which highlights the economic benefits of Australia’s immigration policy. It concludes that at current levels, the nation’s permanent migrant intake will boost average GDP growth by between 0.5 per cent and one per cent annually over the three decades to 2050. Amongst other things, the report estimates that skilled migrants who were granted permanent visas in 2014-15 will make a combined net contribution of $A6.9bn to government revenue over their lifetime. Treasurer Scott Morrison says the report supports the government’s policy of not having a fixed annual permanent migrant intake.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. DEPT OF HOME AFFAIRS, LIBERAL PARTY OF AUSTRALIA

Million job milestone under federal scheme

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Original article by Joe Kelly
The Australian – Page: 10 : 13-Apr-18

Jobs Minister Michaelia Cash says the best form of welfare is getting a job. Cash is due to announce that more than one million people have now been helped in securing a job through the federal government’s jobactive scheme, with those under the age of 30 benefiting the most. Nearly 80 per cent of those who have been helped in finding work have secured permanent positions, while 65.8 per cent of placements have been in metropolitan areas and 34.2 per cent have been in regional areas.

CORPORATES
AUSTRALIA. DEPT OF JOBS AND SMALL BUSINESS

Migrant numbers in sharp plunge

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Original article by Simon Benson
The Australian – Page: 1 & 4 : 13-Apr-18

Australia’s permanent migrant intake fell to 183,608 in 2016-17, and stricter scrutiny of visa applicants is expected to see it fall to between 160,000 and 170,000 in 2017-18. The downturn in permanent migrant numbers will require the Federal Government to adjust its estimates in the 2019 Budget, although the May 2018 Budget will not be affected. Home Affairs Minister Peter Dutton proposed reducing the permanent migrant intake by 20,000 in 2017. Prime Minister Malcolm Turnbull has confirmed that the issue had been discussed by ministers, he says it was not put before Cabinet.

CORPORATES
AUSTRALIA. DEPT OF HOME AFFAIRS, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF IMMIGRATION AND BORDER PROTECTION, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN LABOR PARTY

ACTU’s new bargaining bid risks industrial chaos

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Original article by David Marin-Guzman
The Australian Financial Review – Page: 11 : 13-Apr-18

The Federal Government and business leaders have criticised the ACTU’s push for changes to the Fair Work Act to allow employees and employers to negotiate wages and conditions at the industry level rather than the enterprise level. The ACTU’s six-point plan also includes the right to take protected industrial action at industry level. Workplace Relations Minister Craig Laundy warns that the proposals would see industrial action rise to the levels of the 1970s, while Australian Industry Group CEO Innes Willox says militant unions would be the sole beneficiaries of any such reforms.

CORPORATES
ACTU, AUSTRALIA. DEPT OF JOBS AND SMALL BUSINESS, THE AUSTRALIAN INDUSTRY GROUP, INTERNATIONAL LABOUR ORGANIZATION, AUSTRALIAN LABOR PARTY, LIBERAL PARTY OF AUSTRALIA

Business urges Turnbull to patch China rift

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Original article by Andrew Tillett, Jennifer Hewett, Michael Smith
The Australian Financial Review – Page: 1 & 4 : 13-Apr-18

Business leaders have urged Prime Minister Malcolm Turnbull to take steps to improve Australia’s seemingly strained relationship with China. There are a number of factors behind the recent poor relationship between the two countries, including attacks on China’s Pacific foreign aid policy by International Development Minister Concetta Fierravanti-Wells and the federal government’s foreign interference laws. Former Labor foreign minister Bob Carr contends that the government has increased its "anti-Chinese rhetoric" since the start of 2017 in an attempt to impress Donald Trump.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF FOREIGN AFFAIRS AND TRADE, AUSTRALIAN LABOR PARTY, AUSTRALIA CHINA BUSINESS COUNCIL, AUSTRALIAN CHAMBER OF COMMERCE (CHINA), UNIVERSITY OF TECHNOLOGY, SYDNEY

Any reforms of tax is better than none: BCA

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Original article by Tom McIlroy
The Australian Financial Review – Page: 11 : 12-Apr-18

The Federal Government still needs the support of crossbench senator Tim Storer for its corporate tax package. Storer has called for a broader range of tax reforms rather than simply reducing the tax rate for all companies. However, the Business Council of Australia has used a submission to a Senate inquiry to argue that changes to the company tax rate should not be stalled, as broader reforms will take too long to achieve. Storer has hired journalist Jim Middleton as a senior adviser.

CORPORATES
BUSINESS COUNCIL OF AUSTRALIA, AUSTRALIAN LABOR PARTY, NICK XENOPHON TEAM, VICTORIA UNIVERSITY, THE AUSTRALIA INSTITUTE LIMITED