AUSTRALIA – POLITICS AND GOVERNMENT

Tax good for competition: Morrison

roymorgansocial Leave a comment

Original article by Andrew Tillett, Jacob Greber
The Australian Financial Review – Page: 3 : 14-Jul-17

Treasurer Scott Morrison had claimed that limiting the Federal Government’s bank levy to the five major banks would boost competition in the banking sector. However, smaller banks have been increasing their interest rates on higher-risk products such as interest-only loans. Shadow treasurer Chris Bowen says Morrison’s claim that the levy would enhance competition is "complete rubbish".

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN LABOR PARTY, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, STANDARD AND POOR’S FINANCIAL SERVICES LLC, MOODY’S INVESTORS SERVICE INCORPORATED, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, WESTPAC BANKING CORPORATION – ASX WBC, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, MORTGAGE CHOICE LIMITED – ASX MOC

Bosses face super gap crackdown

roymorgansocial Leave a comment

Original article by Michael Roddan
The Australian – Page: 1 & 5 : 14-Jul-17

The Australian Government will take legislative action to close a loophole that allows companies to reduce compulsory superannuation contributions if the worker has opted to make voluntary contributions via salary-sacrificing. At present employers can legally pay less than 9.5 per cent of an employee’s salary into their super fund by basing it on the worker’s post-sacrificing wage. The reform is one of several recommendations of a report that was jointly produced by several regulatory agencies.

CORPORATES
AUSTRALIA. DEPT OF FINANCE, AUSTRALIAN TAXATION OFFICE, AUSTRALIA. FAIR WORK OMBUDSMAN, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. DEPT OF EMPLOYMENT, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, INDUSTRY SUPER AUSTRALIA PTY LTD, AUSTRALIA. OFFICE OF THE AUSTRALIAN SMALL BUSINESS AND FAMILY ENTERPRISE OMBUDSMAN

‘Lift your gas exploration bans’

roymorgansocial Leave a comment

Original article by Rosie Lewis
The Australian – Page: 1 & 2 : 13-Jul-17

Federal Energy Minister Josh Frydenberg will use the Council of Australian Governments meeting on 14 July to urge state and territory energy ministers to endorse the recommendations of the Finkel energy review. He will also urge Victoria and the Northern Territory to overturn their moratoriums on onshore gas development. Victorian Energy Minister Lily D’Ambrosio argues that Australia’s current level of gas exports is not sustainable and is resulting in higher prices for domestic users. She favours the introduction of a clean energy target rather than increased gas production in Victoria.

CORPORATES
AUSTRALIA. DEPT OF THE ENVIRONMENT AND ENERGY, VICTORIA. DEPT OF ENVIRONMENT, LAND, WATER AND PLANNING, AUSTRALIA. OFFICE OF THE CHIEF SCIENTIST, AUSTRALIA. DEPT OF INDUSTRY, INNOVATION AND SCIENCE, COUNCIL OF AUSTRALIAN GOVERNMENTS, AUSTRALIAN ENERGY MARKET OPERATOR LIMITED, SOUTH AUSTRALIA. DEPT OF THE PREMIER AND CABINET, TESLA INCORPORATED, NEOEN, AUSTRALIAN ENERGY COUNCIL, ENERGY NETWORKS ASSOCIATION OF AUSTRALIA, AUSTRALIAN ENERGY MARKET COMMISSION, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION

Militant super union a step closer

roymorgansocial Leave a comment

Original article by David Marin-Guzman
The Australian Financial Review – Page: 3 : 13-Jul-17

The Construction, Forestry, Mining & Energy Union has submitted a formal application to merge with two smaller unions. It wants the Maritime Union of Australia and the Textile, Clothing & Footwear Union to be exempt from a ballot, given their much smaller membership bases. Meanwhile, the Australian Mines & Metals Association has expressed concern about the potential impact of the proposed mega-union on the supply chain across the resources and energy sector. It will lobby the Federal Government to introduce laws requiring union mergers to satisfy a public interest test.

CORPORATES
CONSTRUCTION, FORESTRY, MINING AND ENERGY UNION OF AUSTRALIA, MARITIME UNION OF AUSTRALIA, TEXTILE, CLOTHING AND FOOTWEAR UNION OF AUSTRALIA, AUSTRALIAN MINES AND METALS ASSOCIATION (INCORPORATED), AUSTRALIA. DEPT OF EMPLOYMENT, AUSTRALIA. FAIR WORK COMMISSION, CHEVRON CORPORATION, GORGON PTY LTD, AUSTRALIAN LABOR PARTY

Get on with energy fix

roymorgansocial Leave a comment

Original article by Ben Potter
The Australian Financial Review – Page: 1 & 8 : 12-Jul-17

The Finkel energy review will be on the agenda for the Council of Australian Governments Energy Council meeting on 14 July. Australian Energy Market Operator CEO Audrey Zibelman has urged the nation’s energy ministers to endorse the Finkel review to enable appropriate action to be taken to ensure Australia’s energy security. Zibelman notes that the falling cost is prompting businesses, consumers and power companies to embrace renewable energy without the presence of a clean energy target.

CORPORATES
COUNCIL OF AUSTRALIAN GOVERNMENTS. ENERGY COUNCIL, AUSTRALIAN ENERGY MARKET OPERATOR LIMITED, AUSTRALIAN ENERGY MARKET COMMISSION, AUSTRALIAN ENERGY REGULATOR, COMMITTEE FOR ECONOMIC DEVELOPMENT OF AUSTRALIA

PM’s pitch as business rebounds

roymorgansocial Leave a comment

Original article by Adam Creed
The Australian Financial Review – Page: 1 & 2 : 12-Jul-17

National Australia Bank’s latest business survey shows that there was a month-on-month improvement in sales, profits and trading conditions in June 2017. Prime Minister Malcolm Turnbull, who addressed a business forum in London on 11 July, cited the data as proof that the Australian economy is growing and has not been unduly affected by a fall in mining investment. He attributed the continued resilience of the domestic economy to factors such as Australia’s stance on free trade. Shadow treasurer Chris Bowen argues that low wages growth is the main issue of concern for workers.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIAN LABOR PARTY, ARRIUM LIMITED – ASX ARI, PACIFIC INVESTMENT MANAGEMENT COMPANY LLC, HSBC AUSTRALIA HOLDINGS PTY LTD, ENERGYAUSTRALIA PTY LTD, HARVEY NORMAN HOLDINGS LIMITED – ASX HVN, AMAZON.COM INCORPORATED, CITIGROUP PTY LTD, BUSINESS COUNCIL OF AUSTRALIA

Set energy target or feel price pain: gas boss

roymorgansocial Leave a comment

Original article by Matt Chambers
The Australian – Page: 1 & 6 : 11-Jul-17

EnergyAustralia has urged the Federal Government to introduce a clean energy target within 12 months. This would allow the company to proceed with two gas-fired power stations in New South Wales. EnergyAustralia says the two plants would help offset the loss of the output from AGL Energy’s Liddell coal-fired power station, which is slated to close in 2022. However, EnergyAustralia warns that there is a limited time-frame to commence these projects, as gas-fired power stations typically take three years to build.

CORPORATES
ENERGYAUSTRALIA PTY LTD, AGL ENERGY LIMITED – ASX AGL, CLP HOLDINGS LIMITED, ALCOA OF AUSTRALIA LIMITED, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF THE ENVIRONMENT AND ENERGY

Company tax cut eligibility ‘mind-boggling’

roymorgansocial Leave a comment

Original article by Joanna Mather
The Australian Financial Review – Page: 5 : 11-Jul-17

Tax experts say the Australian Taxation Office’s updated advice on the application of small business tax cuts to passive family investment companies does little to clarify the situation. The ATO previously advised that the 27.5 per cent tax rate will apply to companies whose activities are "passive", but this has been changed to "relatively passive" in a revised statement. Mark Leibler of law firm Arnold Bloch Leibler says the Federal Government clearly intended for the tax cuts to apply solely to businesses that actively trade.

CORPORATES
AUSTRALIAN TAXATION OFFICE, ARNOLD BLOCH LEIBLER, THE TAX INSTITUTE, AUSTRALIA. DEPT OF FINANCE, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN COUNCIL OF SOCIAL SERVICE

Fears a Trump tariff will spike dumping

roymorgansocial Leave a comment

Original article by Andrew Tillett
The Australian Financial Review – Page: 4 : 11-Jul-17

Australian Steel Institute CEO Tony Dixon has welcomed reports that Australian steel and aluminium will be exempt from proposed new US import tariffs. However, Dixon has raised concerns that Australia could face an influx of low-cost imported steel from countries that are barred from the US market under the new tariffs regime. The Opposition has also stressed the need to protect local industries and jobs by ensuring that anti-dumping laws are enforced.

CORPORATES
AUSTRALIAN STEEL INSTITUTE LIMITED, AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF FINANCE, UNITED STATES. EXECUTIVE OFFICE OF THE PRESIDENT, BLUESCOPE STEEL LIMITED – ASX BSL

We’re not conservatives: PM

roymorgansocial Leave a comment

Original article by Simon Benson, Tony Shepherd
The Australian – Page: 1 & 4 : 11-Jul-17

Amid growing tensions between the moderate and conservative factions of the Liberal Party, Prime Minister Malcolm Turnbull has argued that the party has always been centrist rather than conservative. He said Robert Menzies’ intention was for the party to be centre-right when it was founded in 1944. Turnbull held talks with British Prime Minister Theresa May on 10 July, covering issues such as trade and investment between the two nations when the UK leaves the European Union.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, LIBERAL PARTY OF AUSTRALIA, GREAT BRITAIN. OFFICE OF THE PRIME MINISTER, AUSTRALIAN LABOR PARTY, POLICY EXCHANGE