AUSTRALIA – POLITICS AND GOVERNMENT

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

Morrison’s ‘recession’ warning

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Original article by Phillip Coorey, Jacob Greber
The Australian Financial Review – Page: 1 & 2 : 25-Aug-16

Federal Treasurer Scott Morrison will use a speech on 25 August 2016 to highlight the risks to the economy if action is not taken to address the nation’s rising debt and Budget deficit. He will warn about the dangers of allowing complacency regarding Budget repair to set in, and stress that it will be much easier to pursue necessary reforms now rather than waiting until the country goes into recession. Morrison will argue that a balanced Budget, more private investment, and increased free trade and foreign investment are essential to avoid a recession.

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

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

Bureaucrats eye $1m pay despite flat wage growth

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Original article by David Uren, Sarah Elks
The Australian – Page: 1 & 2 : 24-Aug-16

New figures show that the annual remuneration of many senior federal public servants have risen significantly since 2008. The secretary of the Department of Prime Minister & Cabinet, Martin Parkinson, is paid $A861,700 each year, while Treasury secretary John Fraser is paid $A840,810. Both salaries are much higher than the remuneration of their predecessors during the global financial crisis. Public servants in many states have also enjoyed strong growth wages over the last eight years.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. REMUNERATION TRIBUNAL, AUSTRALIAN FEDERAL POLICE, AUSTRALIAN SECURITY INTELLIGENCE ORGANISATION, RESERVE BANK OF AUSTRALIA, UBS HOLDINGS PTY LTD

Super contributions slump after reforms unveiled

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Original article by Michael Roddan
The Australian – Page: 6 : 24-Aug-16

Data from the Australian Prudential Regulation Authority shows that personal contributions to superannuation funds fell by 11.3 per cent, or $A811m, in the June 2016 quarter. The Association of Superannuation Funds of Australia’s acting CEO Jim Minto says the figures could indicate that confidence in the super system has been undermined by the uncertainty surrounding the Federal Government’s proposed super reforms.

CORPORATES
AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, THE ASSOCIATION OF SUPERANNUATION FUNDS OF AUSTRALIA LIMITED, FINANCIAL SERVICES COUNCIL, AMP LIMITED – ASX AMP, AUSTRALIA. DEPT OF THE TREASURY, LIBERAL PARTY OF AUSTRALIA

Drums beat on $6b Snowy Hydro sale

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Original article by Ben Potter, Lucille Keen, Angela Macdonald-Smith
The Australian Financial Review – Page: 3 : 24-Aug-16

The Federal Goverment has downplayed media reports which suggested that it is considering the privatisation of Snowy Hydro as part of its strategy to balance the Budget. Snowy Hydro is estimated to be worth around $A6bn, which would value the Federal Government’s 13 per cent stake about about $A800m. The Government had rejected the National Commission of Audit’s 2014 recommendation to privatise Snowy Hydro, while a previous sale proposal in 2006 caused disunity within the Coalition.

CORPORATES
SNOWY HYDRO LIMITED, AUSTRALIA. DEPT OF FINANCE, AUSTRALIA. NATIONAL COMMISSION OF AUDIT, NEW SOUTH WALES. THE TREASURY, LIBERAL PARTY OF AUSTRALIA, NATIONAL PARTY OF AUSTRALIA

Labor: pass our budget cuts too

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Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 4 : 24-Aug-16

The Australian Government’s $A6.5bn spending cuts will be presented to Parliament in a single bill. The Australian Labor Party has yet to decide its position on several of the 21 measures in the "omnibus" bill, but Opposition Leader Bill Shorten says that if the Government wants Labor’s support for its spending cuts it should in turn vote in favour of the $A8.1bn worth of cuts that Labor has proposed. Meanwhile, the proposed lifetime cap on non-concessional superannuation contributions will be increased to $A750,000 after Treasurer Scott Morrison reached a compromise with Coalition MPs, although it will still be backdated to 2007.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF FINANCE, NATIONAL PRESS CLUB (AUSTRALIA), AUSTRALIAN RENEWABLE ENERGY AGENCY, LIBERAL PARTY OF AUSTRALIA, AUSTRALIAN GREENS, AUSTRALIA. PARLIAMENTARY BUDGET OFFICE

Coalition cuts add $221bn to budget

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Original article by David Crowe
The Australian – Page: 4 : 23-Aug-16

Finance Minister Mathias Cormann has indicated that the Budget bottom line will be boosted by $A26bn over the next four years, due to spending cuts that have been made since the Coalition took office in 2013. The Coalition also estimates that spending cuts could potentially bolster the Budget by about $A221bn over the next decade or so. Cormann has also urged the Australian Labor Party to support some $A6.5bn worth of spending cuts that it did not oppose during the 2016 election campaign.

CORPORATES
AUSTRALIA. DEPT OF FINANCE, AUSTRALIAN LABOR PARTY

Morrison mulls super cap retreat

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Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 8 : 19-Aug-16

The Australian Government may make further changes to its proposed lifetime cap on non-concessional superannuation contributions. Treasurer Scott Morrison is considering options such as lifting the proposed cap from $A500,000 to $A750,000 or leaving it unchanged but not backdating it to 2007. Meanwhile, Morrison has stressed that inheritances or lottery wins will not be regarded as "life events" that will qualify for an exemption from the lifetime cap. H has also ruled out any changes to the policy on limiting retirement balance transfers to $A1.6m.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, LIBERAL PARTY OF AUSTRALIA, NATIONAL PARTY OF AUSTRALIA, AUSTRALIAN LABOR PARTY, AUSTRALIAN RENEWABLE ENERGY AGENCY