AUSTRALIA – POLITICS AND GOVERNMENT

Taxpayer funds hold up economy, families ease back

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Original article by David Uren
The Australian – Page: 1 & 2 : 8-Sep-16

The latest national accounts data shows that the Australian economic expanded by 3.3 per cent in the year to June 2016. It is now 25 years since the last recession in Australia, and Prime Minister Malcolm Turnbull has attributed the almost unprecedented period of economic growth to factors such as the nation’s commitment to free trade and economic reform. However, growth in household spending slowed to just 0.4 per cent in the June quarter, while growth in household incomes is also subdued. A sharp rise in government spending contributed to GDP growth in 2015-16.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN BUREAU OF STATISTICS, AUSTRALIAN LABOR PARTY, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, EAST ASIA SUMMIT

Morrison ‘to launch super law in stages’

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Original article by Phillip Hudson
The Australian – Page: 4 : 7-Sep-16

The draft legislation for some elements of the Australian Government’s proposed superannuation tax reforms will be release on 7 September 2016. However, Treasurer Scott Morrison is still negotiating with backbenchers regarding some aspects of the reforms, including the $A500,000 lifetime cap on non-concessional contributions. Further aspects of the super reforms will be released in coming weeks. Morrison has stressed that the reforms are necessary to rein in the Budget deficit.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN LABOR PARTY

China land ownership tiny

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Original article by Simone Fox Koob
The Australian – Page: 5 : 7-Sep-16

New data shows that Chinese interests have bought only 1.4 million hectares of the 385 million hectares of agricultural land in Australia, which equates to less than 0.5 per cent. The Treasury report notes that foreign investors own 53 million hectares of the nation’s farmland, with British interests accounting for 27.5 million hectares. Treasurer Scott Morrison has stressed the importance of foreign investment to the domestic economy.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, S KIDMAN AND COMPANY PTY LTD, DAKANG AUSTRALIA HOLDINGS PTY LTD

Morrison insists cuts come from super

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Original article by Phillip Coorey, Jacob Greber
The Australian Financial Review – Page: 4 : 31-Aug-16

Negotiations over the Federal Government’s proposed changes to superannuation are likely to continue until October 2016. Progress is likely to be slow as Treasurer Scott Morrison insists that any revenue lost through amendments must be replaced by changes within superannuation. The Government’s budget repair initiatives will also be difficult to implement.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN LABOR PARTY, TD SECURITIES

Hanson offers hope for ABCC bill

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Original article by Sarah Martin
The Australian – Page: 1 & 4 : 30-Aug-16

Incoming senator Pauline Hanson will consult with both sides of politics before deciding her stance on the Australian Building & Construction Commission. However, Hanson has indicated that she opposes "union thuggery" and says small contractors and subcontractors must be protected from such union practices. Hanson is yet to decide her position on proposed company tax cuts, but warns of the risk that companies may relocate to countries with lower tax rates unless the tax burden is reduced.

CORPORATES
ONE NATION PARTY, AUSTRALIAN BUILDING AND CONSTRUCTION COMMISSION, LIBERAL PARTY OF AUSTRALIA, NATIONAL PARTY OF AUSTRALIA, AUSTRALIAN LABOR PARTY, CONSTRUCTION, FORESTRY, MINING AND ENERGY UNION OF AUSTRALIA, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET

Government faces delay on ‘urgent’ cuts

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Original article by Phillip Coorey
The Australian Financial Review – Page: 5 : 30-Aug-16

The Australian Government will introduce 26 separate bills to Parliament in coming days, although its "omnibus" and superanuation reform bills will be delayed. The Australian Labor Party was not given a copy of the omnibus bill at its caucus meeting on 29 August 2016, while some Labor MPs oppose several of the proposed measures to reduce government spending. Meanwhile, the Government is yet to reach consensus within its own ranks regarding the lifetime cap on non-concessional super contributions.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. PARLIAMENTARY BUDGET OFFICE, COUNCIL ON THE AGEING, AUSTRALIAN GREENS, AUSTRALIAN RENEWABLE ENERGY AGENCY, VICTORIA. COUNTRY FIRE AUTHORITY, UNITED FIREFIGHTERS’ UNION OF AUSTRALIA, AUSTRALIAN BUILDING AND CONSTRUCTION COMMISSION, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET

Coalition backs media reforms

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Original article by Jake Mitchell
The Australian – Page: 23 : 30-Aug-16

The Australian Government will push ahead with cross-media ownership media reforms after the policy was endorsed by the Coalition’s partyroom on 29 August 2016. The legislation will be introduced to Parliament within days, although the Government may need to rely on the support of crossbenchers as the Opposition has yet to decide its stance on abolishing the "two-out-of-three" rule. Media industry executives will also hold meetings with the major political parties and crossbenchers in coming days.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF COMMUNICATIONS AND THE ARTS, NICK XENOPHON TEAM, NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS, SEVEN WEST MEDIA LIMITED – ASX SWM, FOXTEL MANAGEMENT PTY LTD, FAIRFAX MEDIA LIMITED – ASX FXJ, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, PRIME MEDIA GROUP LIMITED – ASX PRT, WIN CORPORATION PTY LTD, HERALD AND WEEKLY TIMES LIMITED, SOUTHERN CROSS MEDIA GROUP LIMITED – ASX SXL

Gay marriage vote is left at the altar

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Original article by Phillip Coorey
The Australian Financial Review – Page: 4 : 30-Aug-16

The Australian Government will not have sufficient numbers in the Senate to pass its enabling legislation for a plebiscite on same-sex marriage, after Derryn Hinch and the Nick Xenophon Team decided to vote against it. The Australian Labor Party and the Greens had already committed to rejecting the legislation, and favour a direct vote by Parliament on the issue rather than a plebiscite. The legalisation of same-sex marriage is now unlikely to be on the political agenda again until after the next federal election.

CORPORATES
NICK XENOPHON TEAM, AUSTRALIAN LABOR PARTY, AUSTRALIAN GREENS, LIBERAL PARTY OF AUSTRALIA, NATIONAL PARTY OF AUSTRALIA, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIAN MARRIAGE EQUALITY INCORPORATED, AUSTRALIA. DEPT OF EDUCATION AND TRAINING, LIBERAL DEMOCRATIC PARTY

Business chiefs lobby crossbench on company tax

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Original article by David Crowe
The Australian – Page: 1 & 4 : 26-Aug-16

Analysis of tax data by the Business Council of Australia shows that the nation’s 12 largest companies account for approximately 33 per cent of corporate tax revenue. The BCA intends to ramp up its campaign in support of the Federal Government’s proposal to progressively reduce the tax rate for all companies. Crossbench senators will be targeted by its lobbying campaign. The BCA will argue that a high tax rate will deter companies from investing in Australia, while increased investment will in turn stimulate economic growth.

CORPORATES
BUSINESS COUNCIL OF AUSTRALIA, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN LABOR PARTY, NICK XENOPHON TEAM, ONE NATION PARTY, LIBERAL PARTY OF VICTORIA, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, WESFARMERS LIMITED – ASX WES, QANTAS AIRWAYS LIMITED – ASX QAN, COCA-COLA AMATIL LIMITED – ASX CCL, BHP BILLITON LIMITED – ASX BHP, RIO TINTO LIMITED – ASX RIO, WESTPAC BANKING CORPORATION – ASX WBC, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, TELSTRA CORPORATION LIMITED – ASX TLS, WOOLWORTHS LIMITED – ASX WOW, FORTESCUE METALS GROUP LIMITED – ASX FMG, SUNCORP GROUP LIMITED – ASX SUN, BP AUSTRALIA LIMITED, ARRIUM LIMITED – ASX ARI, OXFAM

PM’s new super obstacle

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Original article by David Crowe
The Australian – Page: 1 & 4 : 25-Aug-16

Opposition Leader Bill Shorten has signalled that the Australian Labor Party is prepared to support proposed superannuation reforms if the Federal Government agrees to further compromises. Labor wants the lifetime cap on non-concessional contributions to apply from 2016 rather than 2007. It will also push for the threshold for an increase in the contributions tax to be reduced to $A200,000 rather than $A250,000 as proposed by the Government. At present, people earning at least $A300,000 a year pay a contributions tax of 30 per cent instead of 15 per cent.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. DEPT OF FINANCE, AUSTRALIAN GREENS, GRATTAN INSTITUTE