AUSTRALIA – POLITICS AND GOVERNMENT

APRA can’t be enforcer and supervisor, NAB says

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Original article by James Eyers
The Australian Financial Review – Page: 13 & 16 : 23-Aug-17

Banks have raised concerns about the proposed Banking Executive Accountability Regime (BEAR) in submissions to the Federal Government. The role of the Australian Prudential Regulation Authority under the new regime is a particular concern for the banking sector, given that it will have powers to fine banks up to $A200m for non-compliance. National Australia Bank has questioned the appropriateness of APRA having the dual roles of supervising and regulating the bank sector, while the ANZ Bank said more clarity is needed regarding the roles of APRA and the Australian Securities & Investments Commission under the BEAR reforms.

CORPORATES
NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, WESTPAC BANKING CORPORATION – ASX WBC, AUSTRALIAN BANKERS’ ASSOCIATION, AUSTRALIA. DEPT OF THE TREASURY, FINANCE SECTOR UNION, CUSTOMER OWNED BANKING ASSOCIATION, OWNERSHIP MATTERS PTY LTD, AUSTRALIANSUPER PTY LTD

Google ‘misled’ Senate on revenue

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Original article by Darren Davidson
The Australian – Page: 1 & 2 : 23-Aug-17

Executives from Google and Facebook appeared before a Senate committee on 22 August. Google’s MD for Australia and New Zealand, Jason Pellegrino, told the inquiry into the future of public-interest journalism that the digital giant boasted gross advertising revenue of $1.1bn in Australia in 2016. Senator Nick Xenophon questioned this figure, citing advertising industry estimates which suggest that Google’s annual revenue was around $A3bn. Meanwhile, Facebook said its gross revenue in Australia was $A326m in 2016.

CORPORATES
GOOGLE INCORPORATED, FACEBOOK INCORPORATED, NICK XENOPHON TEAM, MELBOURNE BUSINESS SCHOOL, MORGAN STANLEY AUSTRALIA LIMITED

Shorten no to British citizenship proof calls

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Original article by Rosie Lewis, Samantha Hutchinson
The Australian – Page: 4 : 21-Aug-17

Federal Opposition Leader Bill Shorten says dual citizenship is not an issue for any Australian Labor Party MPs, adding that they should not have to provide documented evidence that they are solely Australian citizens. Shorten himself was a British citizen by descent, but he stresses that he relinquished his British citizenship a year before being elected to Parliament in 2007. However, he has declined to supply proof of this. Meanwhile, the Government claims that several Labor MPs could be dual citizens.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIA. ATTORNEY-GENERAL’S DEPT, AUSTRALIAN LABOR PARTY, LIBERAL PARTY OF AUSTRALIA

Nick of time: negotiations stalling reform

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Original article by Darren Davidson
The Australian – Page: 24 : 21-Aug-17

Senator Nick Xenophon remains hopeful that the Federal Government will agree to provide tax breaks for small media companies in return for supporting its cross-media ownership reforms. Communications Minister Mitch Fifield has indicated that it would be inappropriate to extend such tax breaks to foreign-owned publications. The latest stalemate means that the media reform package will not be debated in the Senate for at least another two weeks.

CORPORATES
NICK XENOPHON TEAM, AUSTRALIA. DEPT OF COMMUNICATIONS AND THE ARTS, PRIVATE MEDIA PARTNERS PTY LTD, SCHWARTZ MEDIA PTY LTD, THE GUARDIAN AUSTRALIA, GOOGLE INCORPORATED, FACEBOOK INCORPORATED, LIBERAL PARTY OF AUSTRALIA, HIGH COURT OF AUSTRALIA

‘Orwellian merger test an affront to democracy’

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Original article by Ewin Hannan
The Australian – Page: 4 : 18-Aug-17

The Federal Government’s proposal to subject trade union mergers to a public interest test has been criticised by ACTU secretary Sally McManus. Factors such as a union’s history of compliance with workplace laws and the merger’s effect on businesses would be taken into account when deciding whether to approve it. McManus claims that the bill breaches the International Labour Organization’s conventions on freedom of association, and that the Government is using the bill as a distraction.

CORPORATES
ACTU, INTERNATIONAL LABOUR ORGANIZATION, THE AUSTRALIAN INDUSTRY GROUP, CONSTRUCTION, FORESTRY, MINING AND ENERGY UNION OF AUSTRALIA, MARITIME UNION OF AUSTRALIA, AUSTRALIA. DEPT OF EMPLOYMENT

Senate deadlock hits Ten’s rescue hopes

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Original article by David Crowe, Darren Davidson
The Australian – Page: 1 & 2 : 18-Aug-17

Cross-media ownership reforms are in doubt after the Federal Government rejected a proposal by Senator Nick Xenophon to provide tax incentives for small media companies. The tax offset would have been available for the Australian editions of foreign publications such as "The Guardian", which Communications Minister Mitch Fifield says is inappropriate. The stalled media reform bill will effectively prevent most Australian media companies from bidding for the Ten Network. The deadline to submit bids is 18 August.

CORPORATES
NICK XENOPHON TEAM, AUSTRALIA. DEPT OF COMMUNICATIONS AND THE ARTS, TEN NETWORK HOLDINGS LIMITED – ASX TEN, WIN CORPORATION PTY LTD, NEWS CORPORATION – ASX NWS, NEWS CORP AUSTRALIA PTY LTD, ANCHORAGE CAPITAL GROUP LLC, SKY NEWS, AUSTRALIAN LABOR PARTY, PPB ADVISORY, AUSTRALIA. FOREIGN INVESTMENT REVIEW BOARD, AUSTRALIAN BROADCASTING CORPORATION, SEVEN WEST MEDIA LIMITED – ASX SWM, SOUTHERN CROSS MEDIA GROUP LIMITED – ASX SXL, GOOGLE INCORPORATED, FACEBOOK INCORPORATED

Directors slam bank exec rules

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Original article by James Eyers
The Australian Financial Review – Page: 1 & 2 : 17-Aug-17

The Australian Institute of Company Directors has concerns about the Federal Government’s proposed Banking Executive Accountability Regime. The AICD’s submission to the Government warns that rather than increasing the accountability of financial industry executives, the reforms could in fact lead to greater risk aversion in the sector. The AICD is also concerned about the increased powers of the Australian Prudential Regulation Authority under the reforms, particularly with regard to executive remuneration.

CORPORATES
AUSTRALIAN INSTITUTE OF COMPANY DIRECTORS, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIA. ATTORNEY-GENERAL’S DEPT. AUSTRALIAN TRANSACTION REPORTS AND ANALYSIS CENTRE, UNIVERSITY OF SYDNEY, BANK OF MELBOURNE LIMITED, INSTITUTIONAL SHAREHOLDER SERVICES INCORPORATED

CFMEU target for laws against militant unions

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Original article by David Marin-Guzman
The Australian Financial Review – Page: 3 : 17-Aug-17

Australian Mines & Metals Association CEO Steve Knott has welcomed the Federal Government’s move to crack down on unlawful conduct by unions. The legislation introduced to Parliament on 16 August would strengthen the Government’s powers to deregister unions and disqualify union officials. It would also subject union mergers to a public interest test, which could be used to block the Construction, Forestry, Mining & Energy Union’s proposed merger with the Maritime Union of Australia.

CORPORATES
AUSTRALIAN MINES AND METALS ASSOCIATION (INCORPORATED), CONSTRUCTION, FORESTRY, MINING AND ENERGY UNION OF AUSTRALIA, MARITIME UNION OF AUSTRALIA, AUSTRALIA. DEPT OF EMPLOYMENT, AUSTRALIA. REGISTERED ORGANISATIONS COMMISSION, AUSTRALIAN LABOR PARTY, LIBERAL DEMOCRATIC PARTY

Tax break idea worthy, but unworkable

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Original article by David Crowe
The Australian – Page: 4 : 17-Aug-17

Senator Nick Xenophon’s proposal to provide a 40 per cent tax break for smaller media companies has merit, and it is likely to benefit the publishers of newspapers such as "The Saturday Paper" and websites like "The New Daily". However, the Federal Government would need to determine whether the local editions of overseas publications would be eligible for the tax break. There is also the question of whether taxpayers should subsidise small media outlets that would be competing with the monolithic ABC for both funding and audiences.

CORPORATES
NICK XENOPHON TEAM, AUSTRALIAN BROADCASTING CORPORATION, SCHWARTZ MEDIA PTY LTD, THE NEW DAILY, THE GUARDIAN AUSTRALIA, DAILY MAIL AUSTRALIA, THE HUFFINGTON POST, POLITIFACT AUSTRALIA

Coalition tips Medicare Levy will get over the line

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Original article by David Crowe
The Australian – Page: 1 & 2 : 17-Aug-17

The Federal Government is optimistic that its proposed 0.5 per cent increase in the Medicare levy will be passed by the Senate. The bill will be put before the upper house on 17 August, although a vote is unlikely before September. The increase in the levy is one of 10 bills that were endorsed by the Coalition’s partyroom on 16 August. The Opposition is pushing for the increased levy to be restricted to people whose annual income exceeds $A87,000. The Government hopes to secure the support of crossbenchers.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN LABOR PARTY, NICK XENOPHON TEAM, ONE NATION PARTY, AUSTRALIAN GREENS