AUSTRALIA – POLITICS AND GOVERNMENT

Shorten kills hope of deal on budget savings

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Original article by David Crowe
The Australian – Page: 1 & 5 : 18-Aug-16

The Opposition has signalled that it will not support all of the Federal Government’s proposed $A6bn worth of cost-saving measures, despite backing most of the reforms during the 2016 election campaign. A proposed $A1bn reduction in funding for the Australian Renewable Energy Agency in particular is likely to be opposed by the Australian Labor Party, which is also likely to vote down a plan to progressively reduce the corporate tax rate to 25 per cent. The Government plans to introduce a so-called "omnibus" bill containing 21 separate Budget-repair measures.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN RENEWABLE ENERGY AGENCY, DELOITTE ACCESS ECONOMICS PTY LTD, AUSTRALIAN GREENS, LIBERAL DEMOCRATIC PARTY

Beijing to Canberra: expect investments to be scaled back

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Original article by Glenda Korporaal, Andrew White
The Australian – Page: 1 & 2 : 17-Aug-16

China’s embassy in Australia has expressed concern that the Federal Government’s decision to block Chinese bids for Ausgrid and S Kidman & Company may signal a shift toward protectionism in Australia. The embassy says the rulings may deter Chinese companies from investing in Australia. The Government cited national security concerns as the reason for its preliminary decision to block the Ausgrid bids of State Grid and Cheung Kong Infrastructure.

CORPORATES
AUSGRID PTY LTD, S KIDMAN AND COMPANY PTY LTD, STATE GRID CORPORATION OF CHINA, CHEUNG KONG INFRASTRUCTURE HOLDINGS LIMITED, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. FOREIGN INVESTMENT REVIEW BOARD, TRANSGRID, ELECTRANET SA, SHANGHAI PENGXIN GROUP COMPANY LIMITED, OZ MINERALS LIMITED – ASX OZL, CHINA MINMETALS CORPORATION

PM’s $6.5b budget challenge to Labor comes with AAA warning

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Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 4 : 17-Aug-16

Prime Minister Malcolm Turnbull will call for bipartisan political support for the Coalition’s economic agenda in a Committee for Economic Development of Australia speech on 17 August 2016. Turnbull will also reveal plans to present a single bill to Parliament which will include 21 separate initiatives aimed at reducing government spending by $A6.49bn in total. He will stress the need for action in order to protect Australia’s coveted "AAA" credit rating. The Australian Labor Party is expected to support some of the measures.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, COMMITTEE FOR ECONOMIC DEVELOPMENT OF AUSTRALIA, AUSTRALIAN LABOR PARTY, AUSTRALIAN RENEWABLE ENERGY AGENCY, AUSTRALIAN GREENS, AUSTRALIAN BUILDING AND CONSTRUCTION COMMISSION

Turnbull’s GST plan stirs party rebels

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Original article by Phillip Coorey
The Australian Financial Review – Page: 7 : 16-Aug-16

There is dissent within the Coalition’s ranks over a new proposal for the distribution of GST revenue. Prime Minister Malcolm Turnbull has proposed the introduction of a "floor price" to ensure that no state is disadvantaged in the allocation of GST revenue. Each state would be guaranteed at least 70-75 per cent of their per capita share of GST revenue. However, Tasmanian Liberal senators have cautioned against changing the current revenue-sharing arrangement.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, LIBERAL PARTY OF AUSTRALIA, NATIONAL PARTY OF AUSTRALIA, AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF SOCIAL SERVICES, AUSTRALIA. DEPT OF THE TREASURY

Coalition MPs rally against bank ‘bastardry’

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

There is a growing push among Federal Government MPs for action to crack down on the banking sector, which is enjoying massive profits and paying its top executives huge salaries. Liberal MP Warren Entsch favours the establishment of a tribunal to assist the victims of what he calls the "bastard acts" of banks. Entsch says this would be preferable to holding a royal commission into the sector. Fellow Liberal MP Craig Kelly has proposed the introduction of laws prohibiting banks from charging late fees on credit card payments.

CORPORATES
LIBERAL PARTY OF AUSTRALIA, NATIONAL PARTY OF AUSTRALIA, AUSTRALIAN LABOR PARTY, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, HIGH COURT OF AUSTRALIA, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. HOUSE OF REPRESENTATIVES STANDING COMMITTEE ON ECONOMICS, FINANCE AND PUBLIC ADMINISTRATION, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, MACQUARIE GROUP LIMITED – ASX MQG, AUSTRALIA. OFFICE OF THE AUSTRALIAN SMALL BUSINESS AND FAMILY ENTERPRISE OMBUDSMAN

Innovation for all: Hunt

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Original article by Paul Kelly
The Australian – Page: 1 & 2 : 15-Aug-16

Australia’s Industry, Innovation and Science Minister, Greg Hunt, will emphasis that innovation is relevant to businesses of all sizes and sectors, rather than just technology start-ups. Hunt adds that his aim is to increase the proportion of businesses that are involved in innovation from the current level of around 45 per cent. Meanwhile, He has stressed that the $A49m worth of financial assistance that the Federal Government will provide to steel-maker Arrium is a loan rather than a grant.

CORPORATES
AUSTRALIA. DEPT OF INDUSTRY, INNOVATION AND SCIENCE, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, ARRIUM LIMITED – ASX ARI, DULUXGROUP LIMITED – ASX DLX, YATES GARDEN CARE (AUSTRALIA) PTY LTD, B&D AUSTRALIA PTY LTD, PRICEWATERHOUSECOOPERS AUSTRALIA (INTERNATIONAL) PTY LTD, McKINSEY AND COMPANY

Turnbull’s GST pledge sparks row

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Original article by David Uren, Andrew Burrell
The Australian – Page: 1 & 2 : 15-Aug-16

Prime Minister Malcolm Turnbull has told the state conference of the Liberal Party of Western Australia that the system for distributing GST revenue will be revamped. Some 70 per cent of WA’s share of GST revenue is allocated to other states, but Premier Colin Barnett argues that each state should receive at least 75 per cent of their per capita share of revenue. Turnbull has proposed changing the system to ensure that each state receives a minimum share of their largest source of GST revenue. Tasmanian Premier Will Hodgman says Turnbull has not consulted the states and territories, adding that he will oppose any change to the system.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, WESTERN AUSTRALIA. DEPT OF THE PREMIER AND CABINET, TASMANIA. DEPT OF PREMIER AND CABINET, QUEENSLAND. TREASURY, WESTERN AUSTRALIA. DEPT OF TREASURY AND FINANCE, SOUTH AUSTRALIA. DEPT OF THE PREMIER AND CABINET, AUSTRALIA. COMMONWEALTH GRANTS COMMISSION, LIBERAL PARTY OF WESTERN AUSTRALIA, VICTORIA. DEPT OF TREASURY AND FINANCE, NEW SOUTH WALES. THE TREASURY, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN LABOR PARTY

Shorten to PM: rethink banks inquiry

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Original article by Laura Tingle
The Australian Financial Review – Page: 4 : 15-Aug-16

Opposition Leader Bill Shorten has urged Prime Minister Malcolm Turnbull to support the Australian Labor Party’s proposal for a royal commission into the nation’s banks. Shorten has argued that a series of scandals in the financial services sector has significantly affected the finances of many people and undermined the public’s trust in banks. Meanwhile, Labor’s Sam Dastyari says the Opposition may have sufficient support in the Senate for a royal commission.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, LIBERAL PARTY OF AUSTRALIA, NATIONAL PARTY OF AUSTRALIA, AUSTRALIA. DEPT OF THE TREASURY, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIAN BROADCASTING CORPORATION

Ownership reforms still up for debate

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Original article by Max Mason
The Australian Financial Review – Page: 29 : 15-Aug-16

Communications Minister Mitch Fifield has indicated that proposed cross-media ownership reforms will be a priority for the Federal Government when Parliament resumes. However, media industry executives have criticised the Opposition’s push for the reforms to be subject to further review, while Ten Network CEO Paul Anderson and Nine Entertainment Company CEO Hugh Marks argue that broadcasting licence fees must be included in the reform process.

CORPORATES
AUSTRALIA. DEPT OF COMMUNICATIONS AND THE ARTS, TEN NETWORK HOLDINGS LIMITED – ASX TEN, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, SEVEN WEST MEDIA LIMITED – ASX SWM, AUSTRALIAN SUBSCRIPTION TELEVISION AND RADIO ASSOCIATION (ASTRA) INCORPORATED, AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, AUSTRALIAN COMMUNICATIONS AND MEDIA AUTHORITY, AUSTRALIA. PRODUCTIVITY COMMISSION, WIN CORPORATION PTY LTD, ONE NATION PARTY, NICK XENOPHON TEAM

Ausgrid HK bidder asks, ‘why us?’

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Original article by Phillip Coorey, Lisa Murray
The Australian Financial Review – Page: 1 & 4 : 12-Aug-16

Federal Treasurer Scott Morrison’s preliminary decision to block bids by Hong Kong’s Cheung Kong Infrastructure and China’s State Grid for a 50.4 per cent stake in Ausgrid is likely to antagonise the Chinese Government. Morrison justified his decision by citing national security concerns. Former ambassador to China Geoff Raby has spoken about new populism in Australia while Bob Carr, the former premier of New South Wales and now director of the Australia-China Relations Institute, has accused the Federal Government of xenophobia.

CORPORATES
AUSGRID PTY LTD, STATE GRID CORPORATION OF CHINA, CHEUNG KONG INFRASTRUCTURE HOLDINGS LIMITED, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN LABOR PARTY, NEW SOUTH WALES. THE TREASURY, ONE NATION PARTY, KATTER’S AUSTRALIAN PARTY, PORT OF DARWIN, AUSTRALIAN SECURITY INTELLIGENCE ORGANISATION, LIBERAL PARTY OF AUSTRALIA, AUSTRALIA. FOREIGN INVESTMENT REVIEW BOARD, NEW SOUTH WALES. DEPT OF PREMIER AND CABINET, UNIVERSITY OF TECHNOLOGY, SYDNEY. AUSTRALIA-CHINA RELATIONS INSTITUTE