AUSTRALIA – POLITICS AND GOVERNMENT

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

One Nation holds key to tax-cut deal

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Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 6 : 10-May-18

The Federal Government has ruled out legislating only the first stage of the tax cuts package outlined in the May 2018 Budget. Labor and the Greens have signalled that they will only support the first part of the package, which will provide tax relief in three stages over seven years. Independent Senator Tim Storer also opposes all but the first stage of the package, arguing that it does not constitute the sweeping tax reforms that he is seeking. One Nation may support the tax package in the senate, but it says this would be conditional on a reduction in the annual migrant intake.

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

ABC determined to fight $84m funding cut

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Original article by Max Mason
The Australian Financial Review – Page: 8 : 10-May-18

ABC MD Michelle Guthrie has told the public broadcaster’s staff that a funding freeze in the May 2018 Budget will affect its ability to comply with the requirements of its charter. The ABCs budget will be unchanged at $A3.16bn over the three years from July 2019, effectively reducing its funding by $A83.7m over this period. Guthrie says the ABC’s management will "seek every opportunity" to have the funding cuts scrapped before they take effect. Funding for SBS will be increased by $A14.6m over two years.

CORPORATES
AUSTRALIAN BROADCASTING CORPORATION, SPECIAL BROADCASTING SERVICE (SBS), AUSTRALIA. DEPT OF THE TREASURY, FOXTEL MANAGEMENT PTY LTD, NEWS CORPORATION – ASX NWS

Call for referendum on dual citizenship

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Original article by Andrew Tillett
The Australian Financial Review – Page: 5 : 10-May-18

Professor Kim Rubenstein of the Australian National University says the High Court’s latest ruling on dual citizenship demonstrates the need for a referendum on section 44 of the Constitution. She says that only a "small pool" of Australians will be eligible to be in parliament unless section 44 is amended. A parliamentary inquiry is examining the question of whether changes to the Constitution are necessary, and it is slated to report its findings in coming days.

CORPORATES
AUSTRALIAN NATIONAL UNIVERSITY, HIGH COURT OF AUSTRALIA, AUSTRALIA. ATTORNEY-GENERAL’S DEPT, AUSTRALIAN LABOR PARTY, GREAT BRITAIN. HOME OFFICE

Shorten to face leadership test

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Original article by Simon Benson, Ben Packham
The Australian – Page: 1 & 6 : 10-May-18

Labor MPs Susan Lamb, Justine Keay and Josh Wilson have resigned from parliament after the High Court ruled that Labor senator Katy Gallagher is disqualified due to dual citizenship. The eligibility of the three MPs, as well as Centre Alliance MP Rebekha Sharkie – who has also resigned – had also been uncertain. Senior officials of both the Liberal and Labor parties concede that the outcome of the resulting by-elections could put pressure on the leadership of both Prime Minister Malcolm Turnbull and Opposition Leader Bill Shorten. The four lower house by-elections are expected to be held on the same day.

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

Trump the big threat to numbers

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Original article by Geoff Winestock
The Australian Financial Review – Page: B9 : 9-May-18

The Treasury has noted in the May 2018 Budget papers that changes to trade policies in a country like the US could have a significant impact on many other economies around the world. Its view of the global economy is generally positive, but contends that the consequences of President Donald Trump’s tariff policies could impact negatively on its outlook. In commenting on trade policy changes, Treasury noted that many components in goods exported from countries like the US and Japan have been imported from other nations.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, UNITED STATES. EXECUTIVE OFFICE OF THE PRESIDENT, WORLD TRADE ORGANIZATION

Labor bracing for mid-year byelections

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Original article by Tom McIlroy
The Australian Financial Review – Page: 1 & 4 : 9-May-18

The High Court will hand down its determination on whether Labor senator Katy Gallagher is eligible to sit in parliament because of her dual citizenship on 9 May. Should its decision go against her, there would be pressure on fellow Labor MPs Susan Lamb, Justine Keay and Josh Wilson and Centre Alliance MP Rebekha Sharkie to resign from parliament or be referred to the High Court. Should Lamb, Keay and Wilson resign, it is likely that by-elections would be held on the same day as the one to replace Labor MP Tim Hammond, who resigned in early May.

CORPORATES
AUSTRALIAN LABOR PARTY, CENTRE ALLIANCE, HIGH COURT OF AUSTRALIA, AUSTRALIA. DEPT OF FINANCE, NICK XENOPHON TEAM, PROFESSIONALS AUSTRALIA

Almost back in black as $126bn sliced off debt

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Original article by Adam Creighton
The Australian – Page: 1 & 6 : 9-May-18

The Federal Government has forecast a modest Budget surplus of $A2.2bn in 2019-20. The Budget had previously been expected to return to surplus in 2020-21, compared with a likely deficit of $A18.2bn in 2017-18. Meanwhile, Australia’s gross debt is now slated to be $A558bn in 2027-28, compared with expectations of $A684bn in the mid-year Budget update in December. Net debt is expected to fall to 3.8 per cent of GDP by 2029, down from a peak of 18.6 per cent in 2017-18.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN LABOR PARTY, STANDARD AND POOR’S FINANCIAL SERVICES LLC