AUSTRALIA – POLITICS AND GOVERNMENT

New CET bid to extend life of coal-fired power

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Original article by Mark Ludlow
The Australian Financial Review – Page: 5 : 4-Sep-17

The Australian Government is hoping to secure agreement from backbenchers on a Clean Energy Target before the end of 2017. It is understood that the proposed CET includes provision for existing coal-fired power stations to have their operating lives extended, as well as the possibility of a new coal-fired power station to be funded by the $A5 billion Northern Australia Infrastructure Facility. Both the Government and the Australian Energy Market Operator are keen to ensure greater stability within the National Electricity Market.

CORPORATES
NORTHERN AUSTRALIA INFRASTRUCTURE FACILITY, AUSTRALIAN ENERGY MARKET OPERATOR LIMITED, AUSTRALIA. DEPT OF THE ENVIRONMENT AND ENERGY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIAN LABOR PARTY, AGL ENERGY LIMITED – ASX AGL, GENERAL ELECTRIC COMPANY, GREENSYNC PTY LTD, PJM

Union deals hit workers’ pay slips

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Original article by Ewin Hannan, Sofia Gronbech Wright
The Australian – Page: 1 & 6 : 4-Sep-17

Analysis by the Department of Employment suggests that workers in the retail and fast-food sectors would need to work for up to 50 hours during the week to offset the impact of lower Sunday penalty rates in union-backed enterprise agreements. Employment Minister Michaelia Cash says the analysis refutes claims by unions and the Australian Labor Party that workers are compensated for lower weekend penalty rates via higher hourly pay rates during the week. However, the Australian Industry Group has questioned the validity of the analysis.

CORPORATES
AUSTRALIA. DEPT OF EMPLOYMENT, ACTU, AUSTRALIAN LABOR PARTY, THE AUSTRALIAN INDUSTRY GROUP, BIG W DISCOUNT STORES, DAVID JONES LIMITED, PIZZA HUT AUSTRALIA, McDONALD’S AUSTRALIA LIMITED, SHOP, DISTRIBUTIVE AND ALLIED EMPLOYEES’ ASSOCIATION

Team X keeps tax aid on agenda

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Original article by Rosie Lewis, Darren Davidson
The Australian – Page: 24 & 26 : 4-Sep-17

Independent senator Nick Xenophon remains optimistic that his party can secure a deal with the Federal Government regarding cross-media ownership reforms. However, he stresses that any deal would be conditional on the Government agreeing to provide tax breaks for smaller media outlets. The Nick Xenophon Team’s initial proposal for tax breaks was rejected by the Government, which requires the support of 10 Senate crossbenchers for its media reform bill.

CORPORATES
NICK XENOPHON TEAM, AUSTRALIA. DEPT OF COMMUNICATIONS AND THE ARTS, AUSTRALIAN LABOR PARTY, AUSTRALIAN GREENS, ONE NATION PARTY, TEN NETWORK HOLDINGS LIMITED – ASX TEN, CBS CORPORATION, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET

‘Good debt’ to underwrite Future Fund

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Original article by Andrew White
The Australian – Page: 19 & 22 : 1-Sep-17

The Future Fund has posted an annual return of 8.7 per cent for 2016-17, compared with its target return of 6.9 per cent. However, chairman Peter Costello says returns and asset values are likely to be affected by an expected rise in interest rates. He adds that the Federal Government’s decision to postpone drawdowns by five years will allow the sovereign wealth fund to cover all unfunded public sector super liabilities, which are forecast to top $A200bn in 2021. The Government will increase what Treasurer Scott Morrison labels "good" debt to fund super liabilities between 2021 and 2026.

CORPORATES
AUSTRALIA. FUTURE FUND MANAGEMENT AGENCY, AUSTRALIA. DEPT OF THE TREASURY, UNIVERSITY OF TASMANIA, QIC LIMITED, PORT OF MELBOURNE

Labor tells Coalition on CET: we’re here to help

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Original article by Phillip Coorey
The Australian Financial Review – Page: 5 : 1-Sep-17

The Australian Government is aiming to finalise a Clean Energy Target by the end of 2017. The main hindrance to it doing so is a conservative backbench that wants "clean coal" to be included in the CET. Labor’s energy spokesman Mark Butler has indicated that the party would be willing to accept a CET that includes clean coal, arguably because it knows the chances of any new coal-fired power stations being built are non-existent.

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

Time is past for banks royal commission policy

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

Australian banks are attracting increased regulatory scrutiny in the wake of the Commonwealth Bank’s money-laundering scandal. This has weakened the Australian Labor Party’s case for a royal commission into banks, as such an inquiry would take some time to set up if Labor wins the next federal election. Meanwhile, Labor may not be able to act on the inquiry’s recommendations until after the following election. Labor increased the Australian Securities & Investments Commission’s regulatory powers when it was previously in government, and it could so again without the need for a royal commission.

CORPORATES
AUSTRALIAN LABOR PARTY, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, AUSTRALIA. ATTORNEY-GENERAL’S DEPT. AUSTRALIAN TRANSACTION REPORTS AND ANALYSIS CENTRE

Banks use rules to stifle rivals: Morrison

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Original article by James Eyers
The Australian Financial Review – Page: 21 : 1-Sep-17

Federal Treasurer Scott Morrison says changes to the banking sector’s regulatory regime are needed as established banks are using the existing rules to stymie competition and make it hard for new players to enter the market. He has told a Bloomberg forum that the Federal Government’s proposed regulatory changes are aimed at empowering bank customers. Morrison has also ruled out making the Banking Executive Accountability Regime retrospective.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALIA. PRODUCTIVITY COMMISSION, BLOOMBERG LP, AUSTRALIA. ATTORNEY-GENERAL’S DEPT. AUSTRALIAN TRANSACTION REPORTS AND ANALYSIS CENTRE, AUSTRALIAN LABOR PARTY

Joyce and Nash should step aside, expert warns

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Original article by Phillip Coorey
The Australian Financial Review – Page: 4 : 31-Aug-17

Constitutional law expert Professor George Williams has told the National Press Club that cabinet ministers Barnaby Joyce and Fiona Nash should step down from their portfolios until the High Court determines whether they are eligible to be in Parliament. He says there is potential for all ministerial decisions they have made since the 2016 election to be subject to a legal challenge if they are disqualified from Parliament due to dual citizenship. Williams adds that an audit of all federal MPs and senators should not be held until the court hands down its ruling.

CORPORATES
NATIONAL PARTY OF AUSTRALIA, HIGH COURT OF AUSTRALIA, AUSTRALIAN GREENS, AUSTRALIAN LABOR PARTY, ONE NATION PARTY, NICK XENOPHON TEAM, NATIONAL PRESS CLUB (AUSTRALIA)

Morrison puts $31bn price on Labor tax

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Original article by Simon Benson
The Australian – Page: 1 & 4 : 31-Aug-17

Federal Treasurer Scott Morrison will use his annual Bloomberg address to highlight the economic impact of the Opposition’s tax policy. He will argue that the tax take would increase by $A31bn a year under a Labor government, as the tax-to-GDP ratio would rise to 25.7 per cent. The Coalition aims to maintain the tax-to-GDP ratio at 23.7 per cent. Morrison will also call for a greater focus on health and education as a key driver of growth in productivity.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN LABOR PARTY, BLOOMBERG LP, AUSTRALIA. DEPT OF FINANCE

GST sparks WA secession push

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Original article by Andrew Burrell
The Australian – Page: 2 : 31-Aug-17

The Liberal Party of Western Australia’s 2017 conference will be presented with a motion for the state to secede from Australia and become an independent state within the commonwealth. The motion has been prompted by growing unrest in WA over the distribution of goods and services tax revenue. Under the current funding arrangement, WA receives just $A0.34 out of every dollar that the GST raises in the state. The Federal Government has yet to implement a "floor" for the distribution of GST revenue, which was announced at the 2016 state conference.

CORPORATES
LIBERAL PARTY OF WESTERN AUSTRALIA, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, LIBERAL STUDENTS ASSOCIATION OF WESTERN AUSTRALIA