AUSTRALIA – POLITICS AND GOVERNMENT

Accusations ‘will hinder’ Crown probe

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Original article by Andrew Tillett
The Australian Financial Review – Page: 5 : 19-Oct-17

Justice Minister Michael Keenan says AUSTRAC will investigate allegations that casino operator Crown Resorts has breached anti-money laundering laws. However, law enforcement officials have expressed concern that any case against Crown could be jeopardised after independent MP Andrew Wilkie raised the allegations in parliament. Amongst other things, he said former Crown employees had claimed that the company’s casino in Melbourne has evaded financial transaction laws and modified its poker machines to ensure lower payouts.

CORPORATES
CROWN RESORTS LIMITED – ASX CWN, AUSTRALIA. ATTORNEY-GENERAL’S DEPT. AUSTRALIAN TRANSACTION REPORTS AND ANALYSIS CENTRE, VICTORIAN COMMISSION FOR GAMBLING AND LIQUOR REGULATION

Cash plan to dam union ‘rivers of gold’

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Original article by Ewin Hannan
The Australian – Page: 6 : 19-Oct-17

The Federal Government’s Proper Use of Worker Benefits Bill will be put before parliament on 19 October. The bill is aimed at preventing worker entitlement funds – which boast assets of about $A2bn – from making payments to either unions or employers. Some 14 unions have received an average of $A25m annually from worker entitlement funds over the last five years. Meanwhile, a bill that would enable the Government to block mergers between unions has been put on hold, as some senate crossbenchers have concerns about it.

CORPORATES
AUSTRALIA. DEPT OF EMPLOYMENT, NICK XENOPHON TEAM, LIBERAL DEMOCRATIC PARTY, AUSTRALIAN LABOR PARTY, AUSTRALIAN GREENS, CONSTRUCTION, FORESTRY, MINING AND ENERGY UNION OF AUSTRALIA, MARITIME UNION OF AUSTRALIA, AUSTRALIAN ELECTORAL COMMISSION, AUSTRALIA. FAIR WORK COMMISSION

Business gets two-year tax cut amnesty

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Original article by Joanna Mather
The Australian Financial Review – Page: 3 : 19-Oct-17

The Federal Government has introduced legislation to clarify whether a company qualifies for the 27.5 per cent tax rate for small businesses. It hopes to end the uncertainty regarding the application of the lower tax rate to passive investment companies. The amendments introduced on 18 October state that a company will not qualify for the lower tax rate if it derives more than 80 per cent of its income from passive sources, which include interest and dividends. The new test for a passive investment company will apply from the start of the current financial year.

CORPORATES
AUSTRALIA. DEPT OF FINANCE, AUSTRALIAN TAXATION OFFICE, BDO CHARTERED ACCOUNTANTS AND ADVISERS, CPA AUSTRALIA

Labor open to a deal on energy

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Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 6 : 19-Oct-17

The Australian Government’s proposed National Energy Guarantee will require the support of the federal Opposition and the Labor-led state governments. Shadow treasurer Chris Bowen says federal Labor is willing to consider the energy plan when the Government provides more detail regarding the policy. Some business leaders have expressed support for the National Energy Guarantee, while Origin Energy has indicated that its Eraring coal-fired power station could potentially keep operating if the policy is implemented.

CORPORATES
AUSTRALIAN LABOR PARTY, ORIGIN ENERGY LIMITED – ASX ORG, BHP BILLITON LIMITED – ASX BHP, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF THE ENVIRONMENT AND ENERGY, AUSTRALIAN ENERGY COUNCIL, AUSTRALIAN ENERGY REGULATOR, AUSTRALIAN ENERGY MARKET COMMISSION, AUSTRALIAN ENERGY MARKET OPERATOR LIMITED

Taxpayers to ‘lose billions on NBN’

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Original article by Adam Creighton
The Australian – Page: 1 & 2 : 18-Oct-17

Infrastructure bodies such as Infrastructure Australia need more power and greater budgets to scrutinise the costs and feasibility of major government projects. This is the collective view of Gary Banks, Fred Hilmer and Brendan Lyons. Lyons is about to leave his role as head of Infrastructure Partnerships Australia, Banks was the first chairman of the Productivity Commission, and Hilmer was an adviser to the Keating government. Banks and Hilmer both predict that the $A49 billion National Broadband Network will be sold at a loss, while they both suggest there was no evidence of any cost analysis before the Federal Government announced its Snowy Hydro expansion plan.

CORPORATES
INFRASTRUCTURE AUSTRALIA, INFRASTRUCTURE PARTNERSHIPS AUSTRALIA, AUSTRALIA. PRODUCTIVITY COMMISSION, NBN CO LIMITED

Labor vows to end pay-slashing ‘sham’ deals

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Original article by Ewin Hannan
The Australian – Page: 6 : 18-Oct-17

Labor intends to change the Fair Work Act if it wins the next federal election, to prevent what it refers to as "sham" enterprise agreements being used by companies. The Opposition’s workplace relations spokesman Brendan O’Connor says Labor wants to do away with the sort of agreements that led to the recent dispute at Carlton & United Breweries in Melbourne, namely agreements that are voted on by workers that are not actually impacted by the pay and conditions that come under the agreement.

CORPORATES
AUSTRALIAN LABOR PARTY, CARLTON AND UNITED BREWERIES, ESSO AUSTRALIA PTY LTD, AUSTRALIA. FAIR WORK COMMISSION, ACTU, LIBERAL PARTY OF AUSTRALIA, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET

Strong backing for energy plan

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Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 4 : 18-Oct-17

The Australian Energy Regulator will be responsible for ensuring that electricity retailers comply with carbon emission reduction targets under the Federal Government’s National Energy Guarantee. The new energy policy also requires electricity retailers to meet reliability standards. Business leaders are generally supportive of the policy, although the Opposition has some concerns about it, while some state governments are highly critical. Former prime minister Tony Abbott maintains that the energy policy should not include an emissions reduction target.

CORPORATES
AUSTRALIAN ENERGY REGULATOR, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF THE ENVIRONMENT AND ENERGY, AUSTRALIAN LABOR PARTY, AUSTRALIA. OFFICE OF THE CHIEF SCIENTIST, BUSINESS COUNCIL OF AUSTRALIA, AUSTRALIAN CHAMBER OF COMMERCE AND INDUSTRY, THE AUSTRALIAN INDUSTRY GROUP, AGL ENERGY LIMITED – ASX AGL, ORIGIN ENERGY LIMITED – ASX ORG, THE AUSTRALIA INSTITUTE LIMITED, LIBERAL-NATIONAL PARTY OF QUEENSLAND, SOUTH AUSTRALIA. DEPT OF THE PREMIER AND CABINET, VICTORIA. DEPT OF PREMIER AND CABINET, QUEENSLAND. DEPT OF ENERGY AND WATER SUPPLY, COUNCIL OF AUSTRALIAN GOVERNMENTS, AUSTRALIAN ENERGY MARKET COMMISSION, AUSTRALIAN ENERGY MARKET OPERATOR LIMITED, CLEAN ENERGY COUNCIL LIMITED

Privacy safeguards paramount in shift towards digital IDs, vows Taylor

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Original article by Andrew Tillett
The Australian Financial Review – Page: 8 : 17-Oct-17

The federal government is in the process of setting up a system whereby people can apply for a "digital identity" in order to access government services online. Assistant Digital Transformation Minister Angus Taylor will on 17 October release details of how people can apply for a digital ID under its "GovPass" program. He will stress that privacy safeguards have been built into the program, and that getting a digital ID is purely voluntary.

CORPORATES
AUSTRALIA. DEPT OF INDUSTRY, INNOVATION AND SCIENCE, AUSTRALIA. DEPT OF HUMAN SERVICES. CENTRELINK, AUSTRALIA. DEPT OF HUMAN SERVICES. MEDICARE AUSTRALIA, AUSTRALIA. DIGITAL TRANSFORMATION OFFICE, AUSTRALIAN TAXATION OFFICE

Goode blasts ‘unfair’ tax on big five banks

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Original article by Eli Greenblat
The Australian – Page: 20 : 17-Oct-17

Diversified United Investments (DUI) chairman Charles Goode says the Federal Government must reconsider its proposed levy on the four major banks and Macquarie Group. He has told the listed investment company’s shareholders that the banks already pay billions of dollars in income tax, and targeting only some companies in a specific sector is unfair and discriminatory. DUI holds $A240m worth of shares in the major banks, while Australian United Investments – which is also chaired by Goode – has a $A315m exposure to the big banks.

CORPORATES
DIVERSIFIED UNITED INVESTMENT LIMITED – ASX DUI, AUSTRALIAN UNITED INVESTMENT COMPANY LIMITED – ASX AUI, MACQUARIE GROUP LIMITED – ASX MQG, LIBERAL PARTY OF AUSTRALIA, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, WOODSIDE PETROLEUM LIMITED – ASX WPL, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, IAN POTTER FOUNDATION, FLAGSTAFF PARTNERS PTY LTD, WALLARA ASSET MANAGEMENT, RIVER CAPITAL PTY LTD, SG HISCOCK AND COMPANY LIMITED, AUSTRALIAN FOUNDATION INVESTMENT COMPANY LIMITED – ASX AFI

Energy plan keeps coal in the mix

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Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 6 : 17-Oct-17

The Federal Government’s energy policy, which has been endorsed by the cabinet, will not include a Clean Energy Target or any other subsidies. The policy will be put to the Coalition’s party room on 17 October, and will require energy retailers to comply with new guidelines regarding reliability of electricity supply and emissions reduction. However, they will be able to determine the proportion of each type of energy they supply in order to fulfil these requirements. The Government argues that its energy plan will result in lower electricity prices than under the CET that was proposed by the Finkel review.

CORPORATES
AUSTRALIAN ENERGY REGULATOR, AUSTRALIAN ENERGY MARKET OPERATOR LIMITED, AUSTRALIAN ENERGY MARKET COMMISSION, AUSTRALIA. ENERGY SECURITY BOARD, AUSTRALIA. OFFICE OF THE CHIEF SCIENTIST, AUSTRALIAN LABOR PARTY