AUSTRALIA – POLITICS AND GOVERNMENT

Families to wear cost of budget savings deal

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Original article by David Crowe
The Australian – Page: 1 & 4 : 14-Sep-16

The Australian Government will press ahead with $A6.3bn worth of savings measures after the Opposition agreed to support its proposed changes to family tax benefits. The Australian Labor Party will support 20 of the 24 savings initiatives that were included in the Government’s "omnibus" bill, with both sides of politics agreeing to some concessions. The Government has backed down on measures such as abolition of the clean energy supplement for welfare recipients.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. DEPT OF FINANCE, AUSTRALIAN RENEWABLE ENERGY AGENCY

Narev seeks spirit of ’91 reform

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Original article by Michael Bennet
The Australian – Page: 19 & 23 : 14-Sep-16

Commonwealth Bank of Australia CEO Ian Narev has used the 25th anniversary of the banking major’s sharemarket float to call for reforms that will promote long-term economic growth. He says the government of the day made the right decision in selling a publicly-owned bank. CBA shares have fallen by more than 10 per cent in recent weeks, with the stock closing at $A69.50 on 13 September 2016. However, investors paid just $A5.40 per share in the 1991 float.

CORPORATES
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, BELL POTTER SECURITIES LIMITED

Foul-mouth Palmer says PM, banks out to get him

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Original article by Sarah Elks
The Australian – Page: 2 : 13-Sep-16

Prominent businessman and former MP Clive Palmer has told the Federal Court that he was a victim of a "political witch-hunt". Giving evidence on 12 September 2016 in the examination of the collapse of Queensland Nickel, he accused Prime Minister Malcolm Turnbull of persuading the big banks to refuse a loan of $A25 million, which he had sought for Queensland Nickel in September 2015.

CORPORATES
QUEENSLAND NICKEL PTY LTD, FEDERAL COURT OF AUSTRALIA, PPB HOLDINGS PTY LTD, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET

Dole compromise to win budget deal

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Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 4 : 13-Sep-16

The Australian Government has backed down on a key measure in its "omnibus bill" to secure the Opposition’s support for the majority of its cost-saving initiatives. The Government is believed to have agreed to abandon its proposal to cease compensating welfare recipients for the impact of the carbon tax. Some Family Tax Benefit payments are also expected to be reduced as part of the compromise deal. Meanwhile, Prime Minister Malcolm Turnbull has noted in Parliament that the unemployed rate has fallen from 6.3 per cent to 5.7 per cent in the 12 months since he ousted Tony Abbott.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF FINANCE, AUSTRALIA. DEPT OF THE TREASURY, LIBERAL PARTY OF AUSTRALIA, RESERVE BANK OF AUSTRALIA, BUSINESS COUNCIL OF AUSTRALIA, GROUP OF TWENTY (G-20)

70pc slugged by combined super, pension changes

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Original article by Glenda Korporaal
The Australian – Page: 2 : 13-Sep-16

The Australian Government has produced a briefing paper which shows that low-income earners stand to gain the most from proposed changes to the pension assets test and the superannuation tax regime. The paper shows that the reforms, which are slated to take effect in 2017, will adversely affect everybody except those on the lowest 30 per cent of incomes. Meanwhile, a report produced on behalf of the Institute of Public Affairs concludes that the Government’s super tax reforms will hit middle-income earners in particular.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, INSTITUTE OF PUBLIC AFFAIRS LIMITED

Super cuts ‘will leave people poorer’

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Original article by Sarah Martin
The Australian – Page: 4 : 12-Sep-16

The Institute of Public Affairs warns that the Australian Government’s proposed superannuation tax reforms will adversely affect the retirement income of the people it targets. Simon Breheny of the IPA says the reforms will slash the retirement income of middle-income earners to about 58 per cent of their pre-retirement earnings. In contrast, he notes that people on low incomes can expect to receive almost 90 per cent of their pre-retirement income. Breheny argues that the Government should provide super tax relief for people on middle incomes.

CORPORATES
INSTITUTE OF PUBLIC AFFAIRS LIMITED, AUSTRALIA. DEPT OF THE TREASURY, LIBERAL PARTY OF AUSTRALIA

Howard urges PM on tax, IR reform

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Original article by Jacob Greber
The Australian Financial Review – Page: 6 : 12-Sep-16

Ex-prime minister John Howard believes that Malcolm Turnbull can successfully lead the Coalition to the next federal election, but stresses that he must have a united team. Howard has also identified industrial relations and tax reform as policies that the Federal Government must pursue, although Turnbull says both issues are on the legislative agenda. Meanwhile, Treasurer Scott Morrison says the government has had "constructive" talks with the Opposition regarding Budget savings measures.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN LABOR PARTY, ONE NATION PARTY

Now ‘too close to call’ in New South Wales as Baird support slips while ALP has slight lead in Western Australia and a clear lead in Victoria

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Original article by Roy Morgan Research
Morgan Poll Update – Page: Online : 9-Sep-16

In NSW the Baird Government has now lost its strong lead: L-NP 50.5% (down 3%) cf. ALP 49.5% (up 3%) and in WA the Mark McGowan-led ALP Opposition now has the lead heading towards next year’s WA State Election: ALP 51% (up 2%) cf. L-NP 49% (down 2%). In Victoria support for the Andrews Government is virtually unchanged with two-party support: ALP 55.5% cf. L-NP 44.5% while in Queensland support for the ALP 50% (unchanged) is level with the L-NP 50% (unchanged). This SMS Morgan Poll on State voting intention was conducted in August with a representative cross-section of 5,490 Australian electors.

CORPORATES
MORGAN POLL, ROY MORGAN RESEARCH LIMITED

Turnbull suggests foreign donor ban

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Original article by Primrose Riordan
The Australian Financial Review – Page: 5 : 9-Sep-16

Prime Minister Malcolm Turnbull has suggested allowing only those who are eligible to vote to make political donations. The issue of political donations gained national prominence after revelations that Australian Labor Party senator Sam Dastyari accepted payments from Chinese-backed companies. The Liberal Party of Australia wants the Joint Standing Committee on Electoral Matters to suggest appropriate changes, but the Opposition says the matter is urgent.

CORPORATES
AUSTRALIAN LABOR PARTY, LIBERAL PARTY OF AUSTRALIA, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, FORTESCUE METALS GROUP LIMITED – ASX FMG

Shamed Dastyari bites the dust

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Original article by Primrose Riordan
The Australian Financial Review – Page: 1 & 5 : 8-Sep-16

Senator Sam Dastyari has stood down as Shadow Minister for Consumer Affairs to allow the Australian Labor Party to focus again on policies rather than his behaviour. He announced his resignation on 7 September 2016. Dastyari was found to have had a legal bill paid by Yuhu Group’s Huang Xiangmo, who is also the head of the Australia Council for the Promotion of Peaceful Reunification of China. On another occasion, Dastyari’s travel bill was paid by Top Education’s Minshen Zhu.

CORPORATES
AUSTRALIAN LABOR PARTY, YUHU GROUP (AUSTRALIA) PTY LTD, TOP EDUCATION INSTITUTE, COMMUNIST PARTY (CHINA), AUSTRALIAN FELLOWSHIP OF CHINA GUANGDONG ASSOCIATIONS INCORPORATED