AUSTRALIA – POLITICS AND GOVERNMENT

Morrison’s GST threat to boost gas

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Original article by David Uren, Andrew Burrell, Matt Condon, Emily Ritchie
The Australian – Page: 1 & 4 : 29-Jun-17

Treasurer Scott Morrison says the Productivity Commission’s review of the formula for distributing goods and services tax revenue will take into account state-based bans and restrictions on gas exploration. He says it is not fair that states which are open to gas exploration and production receive a lower share of GST revenue than those which ban exploration. The Federal Government has argued that restrictions on gas exploration in some states and territories is contributing to the shortage of gas for domestic consumption.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. PRODUCTIVITY COMMISSION, AUSTRALIA. COMMONWEALTH GRANTS COMMISSION, AUSTRALIA. DEPT OF INDUSTRY, INNOVATION AND SCIENCE, WESTERN AUSTRALIA. DEPT OF TREASURY AND FINANCE, VICTORIA. DEPT OF TREASURY AND FINANCE

Demand for PM to purge frontbench

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Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 4 : 28-Jun-17

Prime Minister Malcolm Turnbull is expected to make changes to his frontbench team in late 2017, but some members of the Coalition’s conservative faction want a cabinet reshuffle to be undertaken much sooner. They are pushing for moderates George Brandis and Marise Payne to be dropped from cabinet and replaced with conservatives. The leaking of a speech at a private function by moderate Christopher Pyne provided the impetus for the conservative faction to push for change, with some suggesting that Turnbull’s leadership may at risk if they are not given more representation in cabinet.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. ATTORNEY-GENERAL’S DEPT, AUSTRALIA. DEPT OF DEFENCE, AUSTRALIAN LABOR PARTY

Media rules ‘utterly outdated’

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Original article by Rosie Lewis
The Australian – Page: 2 : 28-Jun-17

The support of the Greens or One Nation will be crucial to the passage of the Australian Government’s media cross-ownership laws in the Senate, but both parties have concerns about the impact on media diversity. However, Prime Minister Malcolm Turnbull argues that Google and Facebook are the main competitive threat to local media groups, rather than each other. He notes that the existing media laws pre-date the internet and pay-TV.

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

Super bodies want wider ban on commissions

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Original article by Alice Uribe
The Australian Financial Review – Page: 17 : 27-Jun-17

The Department of the Treasury is conducting a review of Australia’s Future of Financial Advice regime. The Australian Institute of Superannuation Trustees and Industry Super Australia have used a joint submission to call for the ban on up-front and trailing commissions for life insurance sold within superannuation to be extended to all life insurance sales. They contend that commission-based remuneration structures serve to put the interests of financial planners ahead of their clients.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN INSTITUTE OF SUPERANNUATION TRUSTEES, INDUSTRY SUPER AUSTRALIA PTY LTD, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION

Same-sex brawl fuels Lib turmoil

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Original article by David Crowe
The Australian – Page: 1 & 4 : 27-Jun-17

Leaked comments by Defence Industry Minister Christopher Pyne on the issue of same-sex marriage are causing major headaches for the Federal Government. Pyne’s comments appear to indicate that moderate Liberals could push for a conscience vote on the issue in the near future, despite Prime Minister Malcolm Turnbull having previously committed to a plebiscite on same-sex marriage. Conservative Liberals have accused Pyne of "sheer stupidity" over his comments, contending that the issue has taken the spotlight off the Government’s successful passage of its schools funding package

CORPORATES
AUSTRALIA. DEPT OF DEFENCE, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, LIBERAL PARTY OF AUSTRALIA, SKY NEWS, NEWS CORPORATION – ASX NWS, AUSTRALIAN LABOR PARTY, AUSTRALIA. ATTORNEY-GENERAL’S DEPT, AUSTRALIAN CONSERVATIVES, NEWSPOLL

Xenophon’s revolt over SA bank tax

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Original article by Simon Evans, James Frost
The Australian Financial Review – Page: 1 & 6 : 27-Jun-17

The Australian Bankers’ Association has indicated that all of its member banks oppose the South Australian Government’s bank levy. They intend to campaign against the tax by targeting marginal seats. Meanwhile, Senator Nick Xenophon says the levy could deter investment in SA at a time when action is needed to bolster the state’s economy. Xenophon and federal Treasurer Scott Morrison argue that there is no need to impose a state levy on banks, noting that the federal levy reflects the Australian Government’s implicit guarantee on bank deposits.

CORPORATES
AUSTRALIAN BANKERS’ ASSOCIATION, NICK XENOPHON TEAM, AUSTRALIA. DEPT OF THE TREASURY, SA BEST, GM HOLDEN LIMITED, ME BANK, LIBERAL PARTY OF SOUTH AUSTRALIA, AUSTRALIAN LABOR ADVISORY COUNCIL, AUSTRALIAN CONSERVATIVES, SOUTH AUSTRALIA. DEPT OF TREASURY AND FINANCE, PEOPLE’S CHOICE CREDIT UNION

Canberra has legal doubts on SA bank tax

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Original article by Phillip Coorey
The Australian Financial Review – Page: 5 : 26-Jun-17

The South Australian Government’s levy on the big four banks and Macquarie Group is expected to raise around $A100 million per annum. The tax is additional to the levy that was recently announced by the federal government. Federal minister Christopher Pyne has attacked the SA levy on the grounds that the state government offers no form of guarantee to the banks, thus admitting that the federal levy is in return for it providing a guarantee to them.

CORPORATES
MACQUARIE GROUP LIMITED – ASX MQG, LIBERAL PARTY OF AUSTRALIA, AUSTRALIAN LABOR PARTY, BUSINESS COUNCIL OF AUSTRALIA, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. OFFICE OF THE AUSTRALIAN SMALL BUSINESS AND FAMILY ENTERPRISE OMBUDSMAN

Media bill set to be left in the cold

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Original article by Rosie Lewis
The Australian – Page: 4 : 23-Jun-17

Independent senator Nick Xenophon wants an impasse over cross-media ownership reforms to be resolved during Parliament’s winter break. The media bill has been sidelined, with the Federal Government focusing on passing its schools funding package. The Nick Xenophon Team will press for safeguards to ensure media diversity if the "two-out-of-three" rule is abolished. The media industry has backed the reforms, but one TV industry source has warned that this will not be the case if the Government seeks to split the bill.

CORPORATES
NICK XENOPHON TEAM, AUSTRALIAN LABOR PARTY, AUSTRALIAN GREENS, TEN NETWORK HOLDINGS LIMITED – ASX TEN, NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS

Public service fat cats, MPs get the cream

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Original article by Adam Creighton, Primrose Riordan, David Uren
The Australian – Page: 1 & 4 : 23-Jun-17

Australia’s Remuneration Tribunal has granted federal politicians, judges and high-ranking public servants a two per cent pay rise from 1 July 2017. Greens leader Richard Di Natale has queried the need for a pay rise, as has Liberal Democrats senator David Leyonhjelm. Nadine Flood of the Community & Public Sector Union says its members, who have been battling with the Coalition government for improved wages since it was elected in 2013, are unlikely to be impressed.

CORPORATES
AUSTRALIA. REMUNERATION TRIBUNAL, AUSTRALIAN GREENS, LIBERAL DEMOCRATIC PARTY, COMMUNITY AND PUBLIC SECTOR UNION, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, RESERVE BANK OF AUSTRALIA, HIGH COURT OF AUSTRALIA, HUMAN RIGHTS COMMISSION, AUSTRALIA. DEPT OF DEFENCE, AUSTRALIAN TAXATION OFFICE

Ten’s fate left hanging on media reforms

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Original article by Max Mason
The Australian Financial Review – Page: 17 & 22 : 23-Jun-17

The first meeting of Ten Network’s creditors will be held on 26 June, and the second is scheduled to be held by 18 July. However, administrator KordaMentha may seek to delay the second creditors’ meeting pending the fate of the Federal Government’s cross-media ownership reforms. The Senate is unlikely to pass the bill before Parliament rises for the winter recess, so early August will be the Government’s first opportunity to push ahead with the reforms.

CORPORATES
TEN NETWORK HOLDINGS LIMITED – ASX TEN, KORDA MENTHA AND COLLEAGUES PTY LTD, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, PPB HOLDINGS PTY LTD, ONE NATION PARTY, AUSTRALIA. DEPT OF COMMUNICATIONS AND THE ARTS, AUSTRALIAN LABOR PARTY, AUSTRALIAN GREENS