AUSTRALIA – POLITICS AND GOVERNMENT

Labor back tracks on shares grab

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Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 4 : 27-Mar-18

The Australian Labor Party has announced changes to its policy to abolish cash refunds for franking credits, stating that full and part-pensioners will be exempt from its proposal. The backdown is expected to reduce the savings that Labor expects the policy to generate from $A59 billion to $A55.7 billion over the first decade of its implementation. Also exempt from the policy will be any self-managed superannuation fund that has at least one pensioner or other allowance drawing from it prior to 28 March.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF HUMAN SERVICES. MEDICARE AUSTRALIA, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. DEPT OF EDUCATION AND TRAINING

Clerks in warning on spy laws

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Original article by Simon Benson
The Australian – Page: 1 & 4 : 27-Mar-18

Senate clerk Richard Pye and House of Representatives clerk David Elder have warned of the potential impact of proposed foreign interference and espionage laws on parliamentarians. They have used submissions to a joint committee on intelligence and security inquiry to express concern that the legislation could potentially override parliamentary privilege by requiring MPs to disclose details of any meetings they have held with foreign officials. The bill has previously attracted criticism from media companies and business groups.

CORPORATES
AUSTRALIA. JOINT PARLIAMENTARY COMMITTEE ON INTELLIGENCE AND SECURITY, AUSTRALIA. DEPT OF HOME AFFAIRS, AUSTRALIA. ATTORNEY-GENERAL’S DEPT, AUSTRALIAN LABOR PARTY

Crossbenchers get green light to horsetrade on tax

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Original article by Ben Packham, Victoria Laurie
The Australian – Page: 1 & 4 : 26-Mar-18

A report by international tax experts Jack Mintz and Philip Bazel notes that Australia’s company tax rate is currently the fourth-highest among OECD member nations. However, they warn that Australia will be ranked second within two years unless the tax rate is reduced, while the nation risks losing global capital inflows. Finance Minister Mathias Cormann says the Federal Government is open to compromises with crossbench senators Derryn Hinch and Tim Storer in return for their support for the company tax cuts bill.

CORPORATES
AUSTRALIA. DEPT OF FINANCE, ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT, UNIVERSITY OF CALGARY, MINERALS COUNCIL OF AUSTRALIA, AUSTRALIAN LABOR PARTY, AUSTRALIAN GREENS, ONE NATION PARTY

Senate calls for limits to developments around airports

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Original article by Jenny Wiggins
The Australian Financial Review – Page: 14 : 23-Mar-18

A Senate committee has called for guidelines to be put in place to ensure that there are "public safety zones" around airports. Such zones permit aircraft to make emergency landings or take evasive action without the risk of hitting buildings, but no such guidelines are in place in Australia. The committee noted that commercial and housing developments near airports represents a significant safety risk, while the Australian & International Pilots Association notes that buildings near runways can cause turbulent wakes when the wind is strong.

CORPORATES
AUSTRALIAN AND INTERNATIONAL PILOTS ASSOCIATION, AUSTRALIA. SENATE STANDING COMMITTEE ON RURAL AND REGIONAL AFFAIRS AND TRANSPORT, AUSTRALIAN TRANSPORT SAFETY BUREAU, AUSTRALIA. CIVIL AVIATION SAFETY AUTHORITY

Turnbull on the verge of tax victory

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Original article by Simon Benson, Joe Kelly
The Australian – Page: 1 & 6 : 23-Mar-18

One Nation has agreed to back the Federal Government’s company tax cuts package in return for a commitment to a pilot program for taxpayer-subsidised apprenticeships. The Government still requires the support of independent senators Tim Storer and Derryn Hinch, with the latter advising that he will back the tax package provided that it does not apply to the four major banks. Liberal Democrat David Leyonhjelm has vowed to withdraw his support for the tax cuts if the Government agrees to Hinch’s demands. Meanwhile, Labor has signalled that it may seek to reverse any reduction in the tax rate for larger companies if it wins the next election.

CORPORATES
ONE NATION PARTY, LIBERAL DEMOCRATIC PARTY, AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF FINANCE, NATIONAL PARTY OF AUSTRALIA, ACTU

Calls for action on Facebook data privacy

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Original article by Tom McIlroy
The Australian Financial Review – Page: 4 : 22-Mar-18

The Australians Greens have sought support in the Senate for a motion which would require all political parties to reveal whether they had supplied any government data to Cambridge Analytica. Meanwhile, Communications Minister Mitch Fifield says laws regarding copyright and online activity need to be constantly reviewed in the wake of the Cambridge Analytica scandal. Lawyer George Newhouse notes that Australians do not have a constitutional right to privacy, and the position regarding a common law right to privacy is unclear.

CORPORATES
CAMBRIDGE ANALYTICA LLC, AUSTRALIAN GREENS, AUSTRALIA. DEPT OF COMMUNICATIONS AND THE ARTS, AUSTRALIAN LABOR PARTY, FACEBOOK INCORPORATED, UNITED STATES. EXECUTIVE OFFICE OF THE PRESIDENT

ACTU demands changes to lift workers’ power

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Original article by Ewin Hannan
The Australian – Page: 4 : 22-Mar-18

The Australian Industry Group has warned that a push by ACTU secretary Sally McManus for major changes to the industrial relations regime would result in job losses and reduced employment opportunities for young people. McManus has used a National Press Club speech to argue that restrictions on enterprise bargaining are hindering wages growth, and she has called for workers to be given the same bargaining rights as CEOs and multinational corporations. McManus has also claimed that the Fair Work Commission is no longer independent and the Fair Work Ombudsman has been politicised.

CORPORATES
ACTU, AUSTRALIA. FAIR WORK COMMISSION, AUSTRALIA. FAIR WORK OMBUDSMAN, NATIONAL PRESS CLUB (AUSTRALIA), AUSTRALIAN LABOR PARTY, THE AUSTRALIAN INDUSTRY GROUP, AUSTRALIAN CHAMBER OF COMMERCE AND INDUSTRY

Tax cut will lift wages: CEOs’ push

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Original article by Ben Packham
The Australian – Page: 1 & 4 : 22-Mar-18

Ten of the nation’s largest companies have committed to increasing their investment in Australia if the Federal Government progressively reduces the corporate tax rate from 30 per cent to 25 per cent. They argue that increased investment will in turn result in the creation of more jobs and ultimately boost wages. Meanwhile, independent senator Steve Martin has agreed to support the Enterprise Tax Plan Bill, although fellow independent Tim Storer has yet to decide his position. The Government requires the support of nine Senate crossbenchers.

CORPORATES
BUSINESS COUNCIL OF AUSTRALIA, BHP BILLITON LIMITED – ASX BHP, WOOLWORTHS GROUP LIMITED – ASX WOW, WESFARMERS LIMITED – ASX WES, QANTAS AIRWAYS LIMITED – ASX QAN, ENERGYAUSTRALIA PTY LTD, FORTESCUE METALS GROUP LIMITED – ASX FMG, ORIGIN ENERGY LIMITED – ASX ORG, MYOB GROUP LIMITED – ASX MYO, JBS AUSTRALIA PTY LTD, WOODSIDE PETROLEUM LIMITED – ASX WPL, AUSTRALIA. DEPT OF FINANCE, ONE NATION PARTY, NICK XENOPHON TEAM, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIAN LABOR PARTY

Regulator slams Facebook over breach

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Original article by Tom McIlroy
The Australian Financial Review – Page: 3 : 21-Mar-18

Australia’s Information Commissioner Timothy Pilgrim has advised that he is seeking clarification from Facebook as to whether the personal data of local users was compromised in the Cambridge Analytica scandal. Cambridge Analytica registered an Australian office in 2015, and it has been revealed that executives of the data analytics firm held meetings with Social Services Minister Dan Tehan and Liberal Party officials in April 2017. The firm is also believed to have met with Australian Labor Party officials. The Greens’ Jordon Steele-John says MPs should disclose any links with the firm.

CORPORATES
FACEBOOK INCORPORATED, AUSTRALIA. OFFICE OF THE FEDERAL PRIVACY COMMISSIONER, CAMBRIDGE ANALYTICA, AUSTRALIA. DEPT OF SOCIAL SERVICES, LIBERAL PARTY OF AUSTRALIA, AUSTRALIAN LABOR PARTY, AUSTRALIAN GREENS, REPUBLICAN PARTY (UNITED STATES), BREITBART NEWS, SCL GROUP

Hanson ponders tax cuts switch

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Original article by Ben Packham
The Australian – Page: 4 : 21-Mar-18

One Nation leader Pauline Hanson has indicated that she may be open to backing the Federal Government’s company tax cuts package. Hanson notes that many companies in the US are hiring additional staff in the wake of the corporate tax reforms of President Donald Trump. The Nick Xenophon Team, which boasts two senators, opposes the tax cuts, which will require the Government to gain the support of the other nine crossbench senators for its tax bill.

CORPORATES
ONE NATION PARTY, NICK XENOPHON TEAM, UNITED STATES. EXECUTIVE OFFICE OF THE PRESIDENT, AUSTRALIAN TAXATION OFFICE, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, RIO TINTO LIMITED – ASX RIO, COMMITTEE FOR ECONOMIC DEVELOPMENT OF AUSTRALIA, AUSTRALIA. DEPT OF FINANCE, FORTESCUE METALS GROUP LIMITED – ASX FMG, WOODSIDE PETROLEUM LIMITED – ASX WPL