AUSTRALIA – POLITICS AND GOVERNMENT

Day departs the house as home-building dreams turn to nightmare

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Original article by Ben Butler, Samantha Hutchins, Rick Wallace
The Australian – Page: 1 & 5 : 18-Oct-16

Family First senator Bob Day has resigned from Parliament after his residential development company, Home Australia, was placed in the hands of liquidators from McGrathNicol. The collapse has affected 207 unfinished homes in five states, and the liquidators will seek to have other builders complete these homes. Day has apologised to affected customers and conceded that he will lose his own home, as he had provided a personal guarantee for Home Australia’s debts. He has committed to repaying all of the company’s debts.

CORPORATES
FAMILY FIRST PARTY AUSTRALIA LIMITED, HOME AUSTRALIA PTY LTD, McGRATH NICOL AND PARTNERS SERVICES PTY LTD, GOSHEN CAPITAL RESOURCES, HSBC HOLDINGS PLC, QBE INSURANCE GROUP LIMITED – ASX QBE

Nationals at war over mining tax

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Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 4 : 14-Oct-16

National Party of Australia leader Barnaby Joyce has weighed into the debate on the proposed increase in Western Australia’s iron levy. Joyce says he supports policies aimed at promoting the growth of regional areas but stresses that the tax hike proposed by WA Nationals leader Brendon Grylls is not the answer. Grylls has responded by criticising Joyce for not supporting WA. Grylls wants to increase the iron ore levy from $A0.25 per tonne to $A5, in order to offset WA’s loss of GST revenue.

CORPORATES
NATIONAL PARTY OF AUSTRALIA, WESTERN AUSTRALIA. DEPT OF THE PREMIER AND CABINET, AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, MINERALS COUNCIL OF AUSTRALIA, BHP BILLITON LIMITED – ASX BHP, RIO TINTO LIMITED – ASX RIO

Media bosses back to Senate

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Original article by Jake Mitchell
The Australian – Page: 22 : 13-Oct-16

The Senate’s Environment & Communications Legislation Committee will release the findings of its second inquiry into the Federal Government’s cross-media ownership reforms on 7 November 2016. The CEOs of media companies fronted the first inquiry in March and April, and they are said to have been asked to appear before the committee again on 24 October. The first inquiry recommended that Parliament should approve the reforms, although the bill was shelved due to the double-dissolution election.

CORPORATES
AUSTRALIA. SENATE STANDING COMMITTEE ON ENVIRONMENT, COMMUNICATIONS, INFORMATION TECHNOLOGY AND THE ARTS, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, SEVEN WEST MEDIA LIMITED – ASX SWM, FAIRFAX MEDIA LIMITED – ASX FXJ, SOUTHERN CROSS MEDIA GROUP LIMITED – ASX SXL, PRIME MEDIA GROUP LIMITED – ASX PRT, WIN CORPORATION PTY LTD, NSW FARMERS’ ASSOCIATION, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, LIBERAL PARTY OF AUSTRALIA, AUSTRALIAN LABOR PARTY

Labor tax cut block to hit 100,000 businesses

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Original article by Joe Kelly, Sarah Vogler
The Australian – Page: 1 & 2 : 12-Oct-16

The business sector says the Australian Labor Party should reconsider its commitment to restricting a tax cut to businesses with turnover of $A2m rather than the Federal Government’s proposed threshold of $A10m. Tony Greco of the Institute of Public Accountants notes that between 90,000 and 100,000 businesses that boast turnover of $A2m to $A10m have employees and are more likely to use tax relief to take on additional staff than businesses that are below the $A2m threshold, as many of them are sole proprietors.

CORPORATES
AUSTRALIAN LABOR PARTY, INSTITUTE OF PUBLIC ACCOUNTANTS LIMITED, MYOB GROUP LIMITED – ASX MYO, AUSTRALIAN CHAMBER OF COMMERCE AND INDUSTRY, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, CORELLA CONSTRUCTION

ASX to face fresh competition

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Original article by Andrew White
The Australian – Page: 19 & 23 : 12-Oct-16

Stock exchange operator ASX Limited could potentially lose its monopoly on clearing and settlement services. Competition in the clearing of securities in particular is being scrutinised by the Australian Government as part of its broader competition law reforms. Several international players have already been granted licences to provide clearing services for over-the-counter derivatives, while share trades were opened to competition in 2011.

CORPORATES
ASX LIMITED – ASX ASX, CHI-X AUSTRALIA PTY LTD, COUNCIL OF FINANCIAL REGULATORS, AUSTRALIA. DEPT OF THE TREASURY, RESERVE BANK OF AUSTRALIA, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, DIGITAL ASSET HOLDINGS, CME, LCH.CLEARNET SA

Diamond days as TV celebrates a jubilee

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Original article by Darren Davidson
The Australian – Page: 5 : 12-Oct-16

Industry executives and on-air presenters have joined politicians in marking the 60th anniversary of TV in Australia at Parliament House in Canberra. The event coincided with a decision by the Australian Labor Party’s caucus to support a proposed 25 per cent reduction in broadcasting licence fees for commercial TV and radio stations. Free TV Australia chairman Harold Mitchell notes that linear TV continues to be an important part of daily family life.

CORPORATES
AUSTRALIAN LABOR PARTY, FREE TV AUSTRALIA LIMITED, NINE NETWORK AUSTRALIA LIMITED, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, SEVEN NETWORK LIMITED, SEVEN WEST MEDIA LIMITED – ASX SWM, TEN NETWORK HOLDINGS LIMITED – ASX TEN, OZTAM PTY LTD, NETFLIX INCORPORATED

Company tax cuts vital but Senate to resist

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Original article by Phillip Coorey
The Australian Financial Review – Page: 5 : 11-Oct-16

The Australian Government is believed to have conceded that its full corporate tax reform package is unlikely to be supported in the Senate. However, the upper house may pass the first stage of the tax cuts, which will apply to businesses with turnover of no more than $A10m, although the Opposition favours a threshold of $A2m. Treasurer Scott Morrison has argued that the whole tax reform package is necessary to encourage investment in Australia over the long-term.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. DEPT OF FINANCE, AUSTRALIAN LABOR PARTY, AUSTRALIAN GREENS, RESERVE BANK OF AUSTRALIA, STANDARD AND POOR’S CORPORATION

How hardcore greens trumped unions on RET

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Original article by Graham Lloyd
The Australian – Page: 1 & 2 : 11-Oct-16

The Australian Labor Party has adopted a 50 per cent renewable energy target by 2030 under the influence of militant environmentalists. The party ignored objections from the Construction, Forestry, Mining & Energy Union. The Labor Environmental Action Network devised the target in late 2014. Its aim was to ensure that the party accepts the target as part of its ideology.

CORPORATES
AUSTRALIAN LABOR PARTY, CONSTRUCTION, FORESTRY, MINING AND ENERGY UNION OF AUSTRALIA, AUSTRALIA. DEPT OF THE ENVIRONMENT AND ENERGY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, CLIMATEWORKS PTY LTD, THE WILDERNESS SOCIETY

One Nation: freedom not union rule

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Original article by Phillip Coorey, David Marin-Guzman
The Australian Financial Review – Page: 1 & 4 : 11-Oct-16

One Nation has indicated that it is likely to support the Federal Government’s bills to reinstate the Australian Building & Construction Commission and establish a Registered Organisations Commission. One Nation has voted in favour of a bill to protect the rights of emergency services volunteers. Industrial relations spokesman Senator Malcolm Roberts says the party believes that volunteers should not be subject to union control, and it is likely to adopt the same principle when voting on the Government’s key industrial relations reforms.

CORPORATES
ONE NATION PARTY, AUSTRALIAN BUILDING AND CONSTRUCTION COMMISSION, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, VICTORIA. COUNTRY FIRE AUTHORITY, UNITED FIREFIGHTERS’ UNION OF AUSTRALIA, AUSTRALIAN LABOR PARTY, AUSTRALIAN GREENS

Senate passes CFA laws

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Original article by Rob Harris, James Campbell
Herald Sun – Page: 1 & 2 : 11-Oct-16

Employment Minister Michaelia Cash has welcomed the passing of amendments to the Fair Work Act to protect the rights of emergency services volunteers. Cash has described it as a "major victory" for Victorian Country Fire Authority volunteers in their dispute over an enterprise agreement. A total of 37 senators voted in favour of the Federal Government’s amendments, including 10 of the 11 crossbench senators, while 31 senators voted against the bill.

CORPORATES
AUSTRALIA. DEPT OF EMPLOYMENT, VICTORIA. COUNTRY FIRE AUTHORITY, UNITED FIREFIGHTERS’ UNION OF AUSTRALIA, VOLUNTEER FIRE BRIGADES VICTORIA, AUSTRALIAN LABOR PARTY, ONE NATION PARTY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, VICTORIA. DEPT OF JUSTICE AND REGULATION, AUSTRALIAN BUILDING AND CONSTRUCTION COMMISSION