AUSTRALIA – POLITICS AND GOVERNMENT

PM’s ‘agile’ agenda fails auditor test

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Original article by Primrose Riordan
The Australian – Page: 1 & 4 : 28-Sep-17

The Australian National Audit Office has released a report which questions the economic benefits of the Federal Government’s National Innovation and Science Agenda. Amongst other things, the ANAO has raised concerns about the limited time-frame in which the innovation agenda was developed and the criteria used to measure the performance of the scheme. The NISA was launched in late 2015, and Prime Minister Malcolm Turnbull stated in December 2016 that it had resulted in increased jobs and investment.

CORPORATES
AUSTRALIAN NATIONAL AUDIT OFFICE, AUSTRALIA. OFFICE OF THE AUDITOR-GENERAL, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF INDUSTRY, INNOVATION AND SCIENCE, CSIRO, AUSTRALIAN LABOR PARTY

China behind budget’s improved look

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Original article by Jacob Greber
The Australian Financial Review – Page: 4 : 27-Sep-17

The Federal Government has reported a Budget deficit of $A33.2bn for 2016-17. This is $A4.4bn lower than was forecast in May, and it is the nation’s smallest deficit since 2013. The improvement has been attributed to factors such as higher commodity prices due to continued strong demand in China, as well as reduced government expenditure on welfare as a result of growth in jobs. Goods and services tax and corporate tax revenue also rose.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, DELOITTE ACCESS ECONOMICS PTY LTD, AUSTRALIAN LABOR PARTY

No-case sacking violates a basic freedom: Cash

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Original article by Joe Kelly, Ewin Hannan
The Australian – Page: 4 : 21-Sep-17

Opposition Leader Bill Shorten says workers should not be sacked due to their views on same-sex marriage, while Employment Minister Michaelia Cash has urged employers to respect Australians’ right to freedom of expression. Capital Kids Parties’ owner Madlin Sims has caused a furore after retrenching a contractor who opposed marriage equality. The Fair Work Ombudsman would have no jurisdiction over the termination of a contractor’s employment, although lawyers say the sacking may breach anti-discrimination laws in the Australian Capital Territory.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF EMPLOYMENT, CAPITAL KIDS PARTIES, AUSTRALIA. FAIR WORK OMBUDSMAN, BRADLEY ALLEN LOVE, AUSTRALIA. ATTORNEY-GENERAL’S DEPT

Abbott opposed cheaper gas push: Libs

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Original article by Phillip Coorey
The Australian Financial Review – Page: 6 : 21-Sep-17

Some Coalition MPs have criticised the stance of former prime minister Tony Abbott on the issue of energy policy, after he threatened to vote against the government if it legislates to provide more renewable energy subsidies. Abbott’s critics within the Coalition note that he recently opposed a push for LNG export controls due to sovereign risk concerns, while he had also opposed the abolition of the Renewable Energy Target when he was prime minister.

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

Gas exports ‘starve local firms, jobs’

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Original article by David Crowe
The Australian – Page: 1 & 6 : 21-Sep-17

The Federal Government will shortly decide whether to impose LNG export controls in response to concerns about a gas shortage in the domestic market. However, Australian Competition & Consumer Commission chairman Rod Sims has warned that few alternative options are available, and said local factories may close and shed staff if the Government fails to limit gas export volumes. Sims has also argued that energy sustainability, reliability and affordability are separate issues and each requires a different solution.

CORPORATES
AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN LABOR PARTY, AUSTRALIA. OFFICE OF THE CHIEF SCIENTIST, ORIGIN ENERGY LIMITED – ASX ORG, SANTOS LIMITED – ASX STO, ROYAL DUTCH SHELL PLC, BHP BILLITON LIMITED – ASX BHP, ESSO AUSTRALIA PTY LTD, AGL ENERGY LIMITED – ASX AGL, NATIONAL PRESS CLUB (AUSTRALIA)

Union demands action over ‘rogue’ building watchdog

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Original article by Ewin Hannan
The Australian – Page: 5 : 20-Sep-17

The Electrical Trades Union’s national secretary Allen Hicks has criticised the Australian Building & Construction Commission for pursuing costs against the union. The ETU challenged the validity of the national building code in court earlier in 2017, but subsequently abandoned the case. However, former ABCC head Nigel Hadgkiss sought a ruling against the union on costs. Hicks argues that Hadgkiss should have been aware that there was little chance of costs being awarded, and he wants the Federal Government to ensure that the ABCC is accountable for its expenditure on litigation.

CORPORATES
AUSTRALIAN BUILDING AND CONSTRUCTION COMMISSION, ELECTRICAL TRADES UNION, AUSTRALIA. ATTORNEY-GENERAL’S DEPT, AUSTRALIA. DEPT OF EMPLOYMENT, SA POWER NETWORKS, ASHURST AUSTRALIA, FEDERAL COURT OF AUSTRALIA

Abbott to ‘cross floor on energy’

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Original article by Simon Benson
The Australian – Page: 1 & 6 : 20-Sep-17

Up to six Coalition backbenchers are said to support former prime minister Tony Abbott in his stance against a clean energy target. Abbott has warned that he would vote against a government bill to introduce a CET, while he has called for Australia to adopt a reliable energy target of 100 per cent in place of a renewable energy target. Prime Minister Malcolm Turnbull has conceded that the RET is too generous, but noted that it was introduced in its current form during Abbott’s prime ministership.

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

Tax cuts won’t go to ‘bucket’ companies

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Original article by Jacob Greber
The Australian Financial Review – Page: 3 : 19-Sep-17

Financial Services Minister Kelly O’Dwyer has confirmed that passive investment companies will not benefit from the reduced company tax rate of 27.5 per cent. The reduced rate applies to firms with turnover below $A50 million, but entities which generate more than 80 per cent of their income from passive assets such as share dividends will not qualify. Tax experts note that there will be both "winners and losers" from her decision, which comes after months of uncertainty over what types of companies would benefit from the tax cut.

CORPORATES
AUSTRALIA. DEPT OF FINANCE, AUSTRALIAN TAXATION OFFICE, CHARTERED ACCOUNTANTS AUSTRALIA AND NEW ZEALAND, AUSTRALIA. DEPT OF THE TREASURY, INSTITUTE OF PUBLIC ACCOUNTANTS LIMITED

ACTU calling for Cash to quit cabinet

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Original article by Ewin Hannan
The Australian – Page: 2 : 15-Sep-17

Employment Minister Michaelia Cash has defended the appointment of Nigel Hadgkiss as the head of the Australian Building & Construction Commission in December 2016. Cash says she became aware of the ACTU’s allegations against Hadgkiss in October, but she argues that he only admitted to breaching the Fair Work Act when he resigned on 13 September 2017. Cash also argues that Hadgkiss automatically became head of the ABCC when it was reinstated, as he held the same role at the Fair Work Building & Construction Inspectorate. However, ACTU president Ged Kearney says Cash’s position is untenable and she should also resign.

CORPORATES
AUSTRALIA. DEPT OF EMPLOYMENT, AUSTRALIAN BUILDING AND CONSTRUCTION COMMISSION, FAIR WORK BUILDING AND CONSTRUCTION, ACTU, CONSTRUCTION, FORESTRY, MINING AND ENERGY UNION OF AUSTRALIA, FEDERAL COURT OF AUSTRALIA

No changes to RET in power supply overhaul

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Original article by David Crowe
The Australian – Page: 1 & 4 : 15-Sep-17

The Federal Government is expected to retain the renewable energy target in its current form, due to the prospect of any changes being rejected by the Senate and concern that further changes could create sovereign risk for investors. However, the Government is expected to announce that the RET will not apply to new projects from 2020. Meanwhile, Opposition Leader Bill Shorten has been criticised in parliament over his claim that the average Sydney household’s electricity bill has risen by $A1,000 since the Coalition was elected in 2013.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF THE ENVIRONMENT AND ENERGY, AUSTRALIAN ENERGY REGULATOR, ENERGY CONSUMERS AUSTRALIA, BAECONOMICS PTY LTD, MINERALS COUNCIL OF AUSTRALIA, AUSTRALIA. OFFICE OF THE CHIEF SCIENTIST