AUSTRALIA – POLITICS AND GOVERNMENT

ACCC to investigate advertising secrets of Google and Facebook

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Original article by Darren Davidson
The Australian – Page: 17 & 28 : 5-Dec-17

Australian Competition & Consumer Commission chairman Rod Sims is confident that it has sufficient powers to investigate the market power of digital platforms such as Google and Facebook. He says the ACCC’s inquiry into the impact of digital platforms on competition in media and advertising markets is likely to take around 18 months, with the Federal Government to receive a preliminary report on its findings within 12 months. Sims adds that the ACCC will seek input from all parties affected by the growing market dominance of digital players.

CORPORATES
AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, GOOGLE INCORPORATED, FACEBOOK INCORPORATED, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. DEPT OF COMMUNICATIONS AND THE ARTS, WPP PLC, GROUPM COMMUNICATIONS PTY LTD

Trump’s tax cut puts heat on Labor

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Original article by Andrew White, Cameron Stewart
The Australian – Page: 1 & 4 : 4-Dec-17

Australian business leaders have warned that jobs and investment will be at risk unless proposed changes to the corporate tax regime are implemented. Business Council of Australia CEO Jennifer Westacott says the US will attract more capital at the expense of Australia after the US Senate passed the tax package of President Donald Trump. The US corporate tax rate will be slashed from 35 per cent to around 20 per cent, prompting business groups to urge the Australian Labor Party and crossbenchers to support the proposal for an across-the-board reduction in Australia’s company tax rate to 25 per cent.

CORPORATES
BUSINESS COUNCIL OF AUSTRALIA, AUSTRALIAN CHAMBER OF COMMERCE AND INDUSTRY, AUSTRALIAN LABOR PARTY, UNITED STATES. EXECUTIVE OFFICE OF THE PRESIDENT, PRICEWATERHOUSECOOPERS, UNIVERSITY OF SYDNEY. UNITED STATES STUDIES CENTRE, AUSTRALIA. DEPT OF THE TREASURY, REPUBLICAN PARTY (UNITED STATES)

Google, Facebook face ACCC inquiry

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Original article by Darren Davidson
The Australian – Page: 24 & 26 : 4-Dec-17

The Australian Competition & Consumer Commission will hold an inquiry into the impact of digital platforms such as Google and Facebook on competition in the media and advertising sectors. The inquiry has been ordered by the Federal Government as part of its deal with former senator Nick Xenophon regarding media reforms. The inquiry’s terms of reference include examining digital platforms’ market power and their impact on the level of choice and quality of news and journalistic content. The ACCC’s final report is slated to be completed within 18 months.

CORPORATES
AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, GOOGLE INCORPORATED, FACEBOOK INCORPORATED, AUSTRALIA. DEPT OF COMMUNICATIONS AND THE ARTS, NICK XENOPHON TEAM, AUSTRALIA. DEPT OF THE TREASURY, NEWS CORPORATION – ASX NWS, BUZZFEED INCORPORATED, MASHABLE INCORPORATED, ZIFF-DAVIS INTERNATIONAL MEDIA GROUP

Developers told GST changes out of left field despite talks

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Original article by Duncan Hughes
The Australian Financial Review – Page: 10 : 4-Dec-17

Changes to the goods and services tax treatment of property transactions are due to take effect on 1 July 2018, although they must first be passed by parliament. They are aimed at preventing a practice known as "phoenixing", whereby developers close their business before they have settled their GST obligations, and start up another entity under a different name. The changes are tipped to boost GST collection by $A660 million over four years, but developers are concerned that they will face more red tape and greater compliance costs.

CORPORATES
AUSTRALIAN TAXATION OFFICE, FEHILY ADVISORY

Dastyari doubt after Shorten sacks him, again

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Original article by Primrose Riordan, Greg Brown
The Australian – Page: 1 & 4 : 1-Dec-17

Bill Shorten says Sam Dastyari will have to work hard to regain the trust of his fellow Labor party colleagues. Shorten’s comments come after Dastyari was forced to resign from a Labor leadership role in federal parliament for the second time in just over a year over his links with Chinese political donor Huang Xiangmo. Prime Minister Malcolm Turnbull has called for Dastyari to resign from parliament over the issue. Shorten does not believe Dastyari is "unloyal" to Australia, while he denied government claims that Dastyari is a "traitor"

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET

Bank probe hits union super

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Original article by Phillip Coorey, James Eyers
The Australian Financial Review – Page: 1 & 6 : 1-Dec-17

The federal government announced on 30 November that it would hold a royal commission into the financial services sector. The royal commission will cost $A75 million and run for 12 months. Its terms of reference are not as broad as the private members’ bill that Nationals Senator Barry O’Sullivan was looking to introduce and which was seen a major factor in Prime Minister Malcolm Turnbull and Treasurer Scott Morrison’s decision to hold a royal commission. The government’s decision to include an examination of union-backed industry superannuation funds as part of the commission’s terms of reference is seen as "payback" to Labor for its part in forcing the government to change its mind on the issue.

CORPORATES
NATIONAL PARTY OF AUSTRALIA, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN LABOR PARTY, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, RESERVE BANK OF AUSTRALIA, INDUSTRY SUPER AUSTRALIA PTY LTD, AUSTRALIAN GREENS, WESTPAC BANKING CORPORATION – ASX WBC, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, JCP INVESTMENT PARTNERS LIMITED, UBS HOLDINGS PTY LTD, AUSTRALIAN BANKERS’ ASSOCIATION, WESFARMERS LIMITED – ASX WES, BANK OF QUEENSLAND LIMITED – ASX BOQ, FINANCE SECTOR UNION

Marriage bill clears Senate

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Original article by Andrew Tillett
The Australian Financial Review – Page: 4 : 30-Nov-17

The Senate has approved legislation allowing same-sex couple to marry, with the vote 43-12 in favour of the bill. The legislation will now go to the House of Representatives in the week beginning 4 December, when conservatives will be seeking to move amendments to the legislation to allow for religious protection, something they were not able to achieve in the Senate. Labor Senate leader Penny Wong said the bill’s passage was cause for great celebration.

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

Australians losing faith in democracy, report finds

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Original article by Andrew Tillett
The Australian Financial Review – Page: 8 : 29-Nov-17

Just 28 per cent of Australians trust the federal government to do the right thing by them either most of the time or almost always, compared to 48 per cent in 2009. This is according to the latest findings of the Monash University-Scanlon Foundation Social Cohesion Program, which has gauged Australians’ views on issues such as immigration, discrimination and political trust annually for the past decade. Over a third of respondents stated Australia’s current political system needs either a major revamp or replacing altogether.

CORPORATES
MONASH UNIVERSITY, SCANLON FOUNDATION, ONE NATION PARTY, LIBERAL PARTY OF AUSTRALIA, AUSTRALIAN LABOR PARTY, AUSTRALIAN GREENS

Malcolm Turnbull under pressure to allow bank probe

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Original article by Phillip Coorey
The Australian Financial Review – Page: Online : 28-Nov-17

Nationals MP Llew O’Brien has indicated he is prepared to cross the floor of the House of Representatives to support a private members’ bill to establish a commission of inquiry into the banking sector. Nationals MP George Christensen has already indicated he cross the floor to support the bill in the lower house. The bill has been instigated by Nationals senator Barry O’Sullivan, and already has enough support to pass through the upper house. O’Sullivan says the federal government should perhaps take control of the process to get the bill enacted, given the current state of the numbers.

CORPORATES
NATIONAL PARTY OF AUSTRALIA, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, ONE NATION PARTY, AUSTRALIAN GREENS, AUSTRALIAN LABOR PARTY, KATTER’S AUSTRALIAN PARTY, AUSTRALIA. DEPT OF THE TREASURY

NXT senator steps down over dual citizenship

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Original article by Phillip Coorey
The Australian Financial Review – Page: 5 : 23-Nov-17

Nick Xenophon Team senator Skye Kakoschke-Moore has become the latest federal politician to become caught up in the dual-citizenship saga. Kakoschke-Moore announced her resignation from the Senate on 22 November, after discovering she had inherited dual UK citizenship through her mother. She asked that the Senate refer her case to the High Court when it resumes sitting in the week beginning 27 November.

CORPORATES
NICK XENOPHON TEAM, HIGH COURT OF AUSTRALIA, AUSTRALIAN LABOR PARTY, AUSTRALIAN GREENS, ONE NATION PARTY, LIBERAL PARTY OF AUSTRALIA, NATIONAL PARTY OF AUSTRALIA