AUSTRALIA – POLITICS AND GOVERNMENT

Tax grab to hit lowest incomes

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Original article by Simon Benson, Joe Kelly
The Australian – Page: 1 & 6 : 14-Mar-18

The Federal Opposition claims that abolishing cash refunds for excess dividend imputation credits would primarily affect wealthy individuals and members of self-managed superannuation funds. However, analysis by the Treasury suggests that people whose annual income is less than $A18,200 would be hardest hit, which is estimated to be about 610,000 individuals. In contrast, the reforms would only affect about 5,000 people with annual income of more than $A180,000. Treasurer Scott Morrison has warned that the policy would affect more than a million Australians, including 230,000 pensioners, while the wealthy would continue to gain the full value of their franking credits.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE TREASURY, FINANCIAL SERVICES CONSUMER POLICY CENTRE INCORPORATED, SMSF ASSOCIATION, AUSTRALIA. DEPT OF FINANCE, AUSTRALIAN TAXATION OFFICE, CHIFLEY RESEARCH CENTRE

New spy laws still not good enough: Dreyfus

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Original article by Primrose Riordan
The Australian – Page: 2 : 14-Mar-18

Media companies have warned that journalists could still be jailed under draft amendments to the Federal Government’s proposed espionage laws. The amendments would provide limited legal protection for journalists who receive and report on classified information. The media industry’s joint submission argues that journalists would still be required to defend their actions in court. The Opposition’s legal affairs spokesman Mark Dreyfus says the amendments are flawed and will not be supported by Labor.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIA. ATTORNEY-GENERAL’S DEPT, FAIRFAX MEDIA LIMITED – ASX FXJ, NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS, AUSTRALIAN BROADCASTING CORPORATION, SPECIAL BROADCASTING SERVICE (SBS), AUSTRALIAN ASSOCIATED PRESS PTY LTD, MEDIA, ENTERTAINMENT AND ARTS ALLIANCE, WEST AUSTRALIAN NEWSPAPERS HOLDINGS LIMITED

Distrust driving rise in minor party vote

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Original article by Laura Tingle
The Australian Financial Review – Page: 3 : 13-Mar-18

The proportion of votes received by minor political parties in Australia has continued to increase in recent years, according to a study by the Grattan Institute. The study contends that if the major parties want to reverse this trend they need to come up with policies that help to restore voters’ trust in government, rather than resort to populist policies. The Grattan Institute notes that while an increase in support for minor parties overseas has tended to coincide with economic problems, this has not been the case in Australia.

CORPORATES
GRATTAN INSTITUTE, AUSTRALIAN GREENS, ONE NATION PARTY, NICK XENOPHON TEAM

BCA seeks end to states’ green energy targets

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Original article by Mark Ludlow
The Australian Financial Review – Page: 10 : 13-Mar-18

The Business Council of Australia has called on business to get behind the Federal Government’s proposed National Energy Guarantee. It has also urged state and territory governments to abandon their renewable energy targets, claiming that they will undermine the NEG and increase energy prices. The BCA notes that the NEG must be sufficiently flexible to allow energy retailers to be in compliance with carbon emission requirements. Smaller retailers are worried that the NEG will increase power prices, and that it will help larger retailers to further increase their market dominance.

CORPORATES
BUSINESS COUNCIL OF AUSTRALIA, AUSTRALIA. DEPT OF THE ENVIRONMENT AND ENERGY, ALINTA ENERGY (AUSTRALIA) PTY LTD, AUSTRALIA. ENERGY SECURITY BOARD

Labor to cut dividends cash refund

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Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 2 : 13-Mar-18

Opposition Leader Bill Shorten will unwind changes to the dividend imputation system that were introduced by the Coalition in 2000 if Labor wins the next federal election. The move would affect around 1.2 million taxpayers and about 200,000 members of self-managed superannuation funds, who would no longer be entitled to receive a cash refund for excess dividend imputation credits. Shorten has emphasised that nobody will pay more tax as a result of the changes, while Australians will still be able to reduce their tax via dividend imputation. The policy is forecast to boost government revenue by $A59bn over the next decade.

CORPORATES
AUSTRALIAN LABOR PARTY, KPMG AUSTRALIA PTY LTD, AUSTRALIA. PARLIAMENTARY BUDGET OFFICE

Turnbull’s NEG may be dire for energy market

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Original article by Mark Ludlow, Angela Macdonald-Smith
The Australian Financial Review – Page: 12 : 9-Mar-18

The CEOs of 10 small electricity retailers have warned that the Federal Government’s proposed National Energy Guarantee could result in higher electricity prices. They have cautioned the Energy Security Board against making significant changes to the energy system, noting that an additional 3,800 megawatts of low-emissions electricity will become available in the next several years and a further 40,000 megawatts has been proposed. ERM Power’s founder Trevor St Baker also warns that the NEG could increase the market power of the three largest electricity retailers, which also generate electricity.

CORPORATES
AUSTRALIA. ENERGY SECURITY BOARD, ERM POWER LIMITED – ASX EPW, 1ST ENERGY, COVAU, LOCALITY PLANNING ENERGY HOLDINGS LIMITED – ASX LPE, ENERGY LOCALS, CLICK ENERGY, WINCONNECT, NEXT BUSINESS ENERGY, GLOBIRD, BLUENERGY GROUP LIMITED, COUNCIL OF AUSTRALIAN GOVERNMENTS, CLIMATE COUNCIL OF AUSTRALIA LIMITED, GRATTAN INSTITUTE

Bosses fight CFMEU-MUA super union

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Original article by David Marin-Guzman
The Australian Financial Review – Page: 6 : 9-Mar-18

The full bench of the Fair Work Commission will be asked to overturn the decision to approve a merger between the Construction, Forestry, Mining & Energy Union and the Maritime Union of Australia. The Australian Mines & Metals Association and Master Builders Australia will also seek a stay of the decision, which could give the Federal Government time to pass legislation to subject union mergers to a public interest test. Workplace Relations Minister Craig Laundy has urged the Opposition to support the bill.

CORPORATES
CONSTRUCTION, FORESTRY, MINING AND ENERGY UNION OF AUSTRALIA, MARITIME UNION OF AUSTRALIA, AUSTRALIA. FAIR WORK COMMISSION, AUSTRALIAN MINES AND METALS ASSOCIATION (INCORPORATED), MASTER BUILDERS AUSTRALIA INCORPORATED, AUSTRALIA. DEPT OF JOBS AND SMALL BUSINESS, AUSTRALIAN LABOR PARTY, LIBERAL DEMOCRATIC PARTY, LIBERAL PARTY OF AUSTRALIA

Warning of economic ruin from Trump protectionism

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Original article by Primrose Riordan, Ben Packham, Joe Kelly
The Australian – Page: 1 & 6 : 9-Mar-18

More than 100 Republican members of the US House of Representatives have urged President Donald Trump to abandon his plan to impose punitive tariffs on steel and aluminium imports. Global sharemarkets rallied on 8 March after Trump signalled that the US would temporarily exempt Canada and Mexico from the tariff regime. Meanwhile, on the eve of signing the 11-nation Trans-Tasman Partnership, Australia’s Trade Minister Steve Ciobo has warned of the economic consequences of the growing trend toward protectionism, particularly when it is conflated with patriotism.

CORPORATES
UNITED STATES. EXECUTIVE OFFICE OF THE PRESIDENT, AUSTRALIA. DEPT OF FOREIGN AFFAIRS AND TRADE, TRANS-PACIFIC PARTNERSHIP, UNITED STATES. DEPT OF STATE, AMERICAN AUSTRALIAN BUSINESS COUNCIL, DOW CHEMICAL COMPANY, NEWS CORPORATION – ASX NWS, RESERVE BANK OF AUSTRALIA, AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF INDUSTRY, INNOVATION AND SCIENCE

TPP-11 signing sends Trump a message

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Original article by Andrew Tillett
The Australian Financial Review – Page: 6 : 8-Mar-18

Trade Minister Steven Ciobo says members of the 11-nation Trans-Pacific Partnership account for about 25 per cent of Australia’s exports, a figure that is likely to rise under the free trade deal. The Federal Government has revealed some details of the TPP; several participating nations will immediately scrap tariffs on products such as wine, seafood and steel, while some tariffs on beef will be phased out over a number of years. The TTP also includes provision for the free flow of data across borders. The TPP will be formally signed in Chile.

CORPORATES
AUSTRALIA. DEPT OF FOREIGN AFFAIRS AND TRADE, TRANS-PACIFIC PARTNERSHIP, UNITED STATES. EXECUTIVE OFFICE OF THE PRESIDENT

Late push to stop creation of super-union

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Original article by David Marin-Guzman
The Australian Financial Review – Page: 3 : 8-Mar-18

The Australian Mines & Metals Association believes that the Federal Government can still legislate to block the merger of the Construction, Forestry, Mining & Energy Union and the Maritime Union of Australia. AMMA has suggested amending the Ensuring Integrity Bill so the Government’s public interest test for union mergers applies before a date for amalgamation has been set. In the bill’s present form, the public interest test applies before a merger date has been set, but the Fair Work Commission has already set this for 27 March. The bill has yet to be put before the Senate.

CORPORATES
CONSTRUCTION, FORESTRY, MINING AND ENERGY UNION OF AUSTRALIA, MARITIME UNION OF AUSTRALIA, AUSTRALIAN MINES AND METALS ASSOCIATION (INCORPORATED), AUSTRALIA. FAIR WORK COMMISSION, AUSTRALIA. DEPT OF JOBS AND SMALL BUSINESS, MASTER BUILDERS AUSTRALIA INCORPORATED, NICK XENOPHON TEAM, LIBERAL DEMOCRATIC PARTY, ONE NATION PARTY