AUSTRALIA – POLITICS AND GOVERNMENT

Extra tax perks to boost R&D

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Original article by Michael Bailey, Joanna Mather
The Australian Financial Review – Page: 1 & 6 : 29-Sep-16

The Federal Government wants to encourage large companies to be more technologically innovative. The existing research and development scheme was reviewed by Innovation Australia chairman Bill Ferris, chief scientist Alan Finkel and Treasury Secretary John Fraser, who recommended doubling the value of tax breaks for large companies to a maximum of $A17 million a year. They also proposed an annual cap of $A2 million on cash claims by smaller companies.

CORPORATES
INNOVATION AUSTRALIA, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. OFFICE OF THE CHIEF SCIENTIST, DULUXGROUP LIMITED – ASX DLX, CSIRO

Morrison says lower backpacker tax is competitive

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Original article by Laura Tingle
The Australian Financial Review – Page: 8 : 29-Sep-16

Treasurer Scott Morrison has rejected criticism of the tax treatment of non-resident income. Faced with opposition from tourism operators and farmers to the original proposal of a 32.5 per cent backpackers tax rate, the Government has reduced it to 19 per cent. However, at the same time it has proposed raising the passenger departure tax by $A5. Morrison said the new tax will not make Australia less attractive to backpackers than New Zealand, the UK and Canada.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN LABOR PARTY

Tourism slams departure tax slug

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Original article by Laura Tingle
The Australian Financial Review – Page: 1 & 4 : 28-Sep-16

Treasurer Scott Morrison says reducing the proposed backpacker tax from 32.25 per cent to 19 per cent will enhance Australia’s ability to compete with other countries that are popular with people on working holidays. The Federal Government will also reduce the application fee for working holiday visas in a bid to arrest a decline in such visas in recent years. The Tourism & Transport Forum has welcomed the move to reduce the backpacker tax, but it has criticised a proposed $A5 increase in the departure tax on outbound travellers.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, TTF AUSTRALIA LIMITED TOURISM AND TRANSPORT FORUM, TOURISM AUSTRALIA PTY LTD, AUSTRALIAN CHAMBER OF COMMERCE AND INDUSTRY, AUSTRALIAN TAXATION OFFICE, AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF AGRICULTURE AND WATER RESOURCES, NATIONAL PARTY OF AUSTRALIA

Free-to-air TV bosses strengthen calls for licence fee cuts

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Original article by Max Mason
The Australian Financial Review – Page: 2 : 28-Sep-16

The Australian Government’s May 2016 Budget included a 25 per cent reduction in TV broadcasting licence fees. Nine Entertainment Company’s submission to a Senate inquiry into the media reform bill has argued that a further reduction in licence fees should have priority over changes to cross-media ownership rules. The Ten Network noted in its submission that Australia’s broadcasting licence fees are still the highest in the world, while News Corp Australia called for broader media reform and changes to the anti-siphoning list for sports broadcasts.

CORPORATES
NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, TEN NETWORK HOLDINGS LIMITED – ASX TEN, NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS

Senate urged to pass tax reforms

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Original article by Annabel Hepworth
The Australian – Page: 19 & 23 : 28-Sep-16

The Federal Government’s bill to progressively reduce the company tax rate is being scrutinised by a Senate committee. The Business Council of Australia has used its submission to argue the case for Parliament to pass all of the tax reforms rather than restricting tax cuts to the small business sector. The Minerals Council of Australia and the Australian Industry Group also favour implementing the tax cuts in full, although the latter concedes that providing tax relief to small businesses would be better than having the entire bill reject by Parliament.

CORPORATES
BUSINESS COUNCIL OF AUSTRALIA, MINERALS COUNCIL OF AUSTRALIA, THE AUSTRALIAN INDUSTRY GROUP, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN CHAMBER OF COMMERCE AND INDUSTRY, ACTU, AUSTRALIAN LABOR PARTY, ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT

TPP to tackle protectionism

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Original article by Annabel Hepworth
The Australian – Page: 2 : 27-Sep-16

Two federal parliament committees are examining the proposed 12-nation Trans-Pacific Partnership. Andrew Hudson of the Export Council of Australia has told the Joint Standing Committee on Treaties that Australia must ratify the trade agreement, as failure to do so would bolster the protectionist movement, which he noted is gaining support in many parts of the world. However, the Electrical Trades Union has argued against ratifying the trade deal.

CORPORATES
TRANS-PACIFIC PARTNERSHIP, EXPORT COUNCIL OF AUSTRALIA LIMITED, AUSTRALIA. JOINT STANDING COMMITTEE ON TREATIES, ELECTRICAL TRADES UNION, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, WORLD TRADE ORGANIZATION, GROUP OF TWENTY (G-20), FOOD AND BEVERAGE IMPORTERS ASSOCIATION, AUSTRALIAN LABOR PARTY, AMERICAN CHAMBER OF COMMERCE IN AUSTRALIA

Labor says bank profits are too high

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Original article by Joanna Mather, Jonathan Shapiro
The Australian Financial Review – Page: 1 & 2 : 27-Sep-16

The profits of Australia’s four major banks will come under scrutiny when their CEOs front a parliamentary committee in early October 2016. Pat Conroy, an Australian Labor Party member of the committee, will seek an explanation for the banks’ high return on equity compared with their international peers. He notes that there has not been an influx of foreign banks despite the local industry’s high level of profitability. Labor and the Greens favour a royal commission into the banking sector.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIAN GREENS, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. HOUSE OF REPRESENTATIVES STANDING COMMITTEE ON ECONOMICS, FINANCE AND PUBLIC ADMINISTRATION, RESERVE BANK OF AUSTRALIA, 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

Unis need big shakeup: Labor elder

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Original article by Tim Dodd
The Australian Financial Review – Page: 1 & 8 : 26-Sep-16

Former federal education minister John Dawkins says his 1987 higher education reforms are no longer relevant and the sector needs a new reform process. Amongst other things, Dawkins has proposed the deregulation of fees, arguing that universities should not have to charge the same fees for courses that are not comparable. He has also urged greater competition in the sector and urged the Australian Labor Party to co-operate with the Coalition on higher education reform.

CORPORATES
AUSTRALIAN LABOR PARTY, LIBERAL PARTY OF AUSTRALIA, NATIONAL PARTY OF AUSTRALIA, THE GROUP OF EIGHT LIMITED, AUSTRALIA. DEPT OF EDUCATION AND TRAINING

Welfare crackdown tipped for frontline

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Original article by Rick Morton, Sarah Martin
The Australian – Page: 1 & 4 : 26-Sep-16

The Australian Government is examining a range of options for welfare reform, including giving people who run approved unemployment programs the power to suspend the payments of participants who lack a valid reason for non-attendance. Meanwhile, the Nick Xenophon Team has yet to decide whether it will support the Government’s plan to impose a four-week waiting period before some people below the age of 25 are eligible to receive Newstart. The support of NXT may be crucial in passing the proposed reform.

CORPORATES
AUSTRALIA. DEPT OF SOCIAL SERVICES, AUSTRALIA. DEPT OF HUMAN SERVICES, NICK XENOPHON TEAM, ONE NATION PARTY, BROTHERHOOD OF ST LAURENCE, AUSTRALIA. DEPT OF HUMAN SERVICES. CENTRELINK, AUSTRALIAN LABOR PARTY, AUSTRALIAN GREENS

Diversity laws ‘outdated’

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Original article by Max Mason
The Australian Financial Review – Page: 29 : 26-Sep-16

Communications Minister Mitch Fifield argues that existing cross-media ownership laws are outdated as they were introduced before the development of the internet. He adds that the internet has made the issue of media diversity less important, and the continued viability of media companies is the greatest threat to diversity. The Senate committee that is reviewing the Federal Government’s media reform bill accepted submissions until 23 September 2016.

CORPORATES
AUSTRALIA. DEPT OF COMMUNICATIONS AND THE ARTS, AUSTRALIAN LABOR PARTY, NICK XENOPHON TEAM, ONE NATION PARTY