AUSTRALIA – POLITICS AND GOVERNMENT

Red tape ‘pushing investors elsewhere’

roymorgansocial Leave a comment

Original article by Joe Kelly
The Australian – Page: 6 : 4-Aug-16

A report produced by the Institute of Public Affairs estimates that excessive regulation costs the Australian economy about $A176bn each year. The report, by senior fellow Mikayla Novak, also raises doubts about the effectiveness of the Federal Government’s push to reduce the compliance burden since it took office in 2013. Novak argues that the overall reduction in "red tape" has been offset by the introduction of new regulations and legislation. The report also warns that over-regulation is deterring foreign investment in Australia/

CORPORATES
INSTITUTE OF PUBLIC AFFAIRS LIMITED, FRASER INSTITUTE, HERITAGE FOUNDATION, WORLD ECONOMIC FORUM, WORLD BANK

Tax reform taskforce to shut down

roymorgansocial Leave a comment

Original article by Joanna Mather
The Australian Financial Review – Page: 8 : 4-Aug-16

The Federal Government is believed to have decided to wind up the Tax White Paper Unit, which has operated within the Treasury since March 2015. The taskforce is likely to cease to operate within weeks. The Government seems to be unwilling to consider tax reforms other than changes to superannuation and the company tax rate.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, PRICEWATERHOUSECOOPERS AUSTRALIA (INTERNATIONAL) PTY LTD

Senate count favours ABCC bill

roymorgansocial Leave a comment

Original article by David Crowe
The Australian – Page: 6 : 4-Aug-16

The Federal Government’s chances of getting its Australian Building & Construction Commission legislation passed by a joint sitting of Parliament have been bolstered after the Liberal Party’s Jane Hume won the final Senate seat in Victoria. The Government needs 114 votes in a joint sitting, and it will commence negotiations with crossbenchers to support the bill. The final two Senate seats are expected to be decided shortly.

CORPORATES
LIBERAL PARTY OF AUSTRALIA, NATIONAL PARTY OF AUSTRALIA, AUSTRALIAN BUILDING AND CONSTRUCTION COMMISSION, NICK XENOPHON TEAM, ONE NATION PARTY, FAMILY FIRST PARTY AUSTRALIA LIMITED, AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF EMPLOYMENT, LIBERAL DEMOCRATIC PARTY, CHRISTIAN DEMOCRATIC PARTY, AUSTRALIAN ELECTORAL COMMISSION

Banks reject Turnbull demand

roymorgansocial Leave a comment

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

Prime Minister Malcolm Turnbull has criticised the major banks for failing to reduce their interest rates by the full 25 basis point reduction in the cash rate on 2 August 2016. Turnbull says the banks have a "social licence" and their CEOs should explain why the rate cut was not passed on to their customers in full. ANZ Bank CEO Shayne Elliott has conceded that banks should do more to explain their decisions on interest rates, but notes that wholesale funding costs are rising and the banks will be subject to new capital requirements.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, WESTPAC BANKING CORPORATION – ASX WBC, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN LABOR PARTY, AUSTRALIAN BANKERS’ ASSOCIATION

Too late to hold plebiscite this year: electoral body

roymorgansocial Leave a comment

Original article by Rachel Baxendale
The Australian – Page: 4 : 2-Aug-16

The Australian Electoral Commission’s submission to a Senate committee suggests that there would be insufficient time to organise and hold a plebiscite on same-sex marriage before the end of 2016. The submission estimates that the entire process would take 29 weeks, but there are just 21 weeks left in the calendar year. The Special Minister of State, Scott Ryan, recently expressed his view that a plebiscite could still be held this year.

CORPORATES
AUSTRALIAN ELECTORAL COMMISSION, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIAN LABOR PARTY, SKY NEWS, LIBERAL PARTY OF AUSTRALIA

PM to make captain’s call on Rudd

roymorgansocial Leave a comment

Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 4 : 29-Jul-16

The nomination of former prime minister Kevin Rudd as a candidate for secretary-general of the United Nations was a key issue on the agenda of a cabinet meeting on 28 July 2016. Scott Morrison, Peter Dutton and Mathias Cormann are among the ministers who opposed nominating Rudd, although Foreign Minister Julie Bishop supports his nomination. Prime Minister Malcolm Turnbull will decide whether Rudd should be nominated to succeed Ban Ki-moon. He intends to consult with Rudd and senior members of the Coalition before making a decision.

CORPORATES
UNITED NATIONS, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF FOREIGN AFFAIRS AND TRADE, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. DEPT OF FINANCE, AUSTRALIAN LABOR PARTY, LABOUR PARTY (NEW ZEALAND)

Morrison warns super rebels on backing rich

roymorgansocial Leave a comment

Original article by Phillip Coorey, Sally Patten
The Australian Financial Review – Page: 4 : 28-Jul-16

Federal Treasurer Scott Morrison says people who have already exceeded the proposed $A500,000 lifetime cap on non-concessional superannuation contributions stand to benefit the most if the reform is scrapped. Morrison has also warned that unless the Government’s super reforms proceed and spending is reduced, the nation will face higher taxes, a bigger Budget deficit and a blowout in public debt. The Government may agree to exempt certain "life events" from the lifetime cap.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN LABOR PARTY, LIBERAL-NATIONAL PARTY OF QUEENSLAND, THE ASSOCIATION OF SUPERANNUATION FUNDS OF AUSTRALIA LIMITED, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY

Hanson hits jackpot with $1.6m handout

roymorgansocial Leave a comment

Original article by Joe Kelly
The Australian – Page: 1 & 4 : 28-Jul-16

More than $A60m in electoral funding has been allocated to political parties and independent candidates that gained more than four per cent of first preferences at the 2016 federal election. The Liberal Party and the Australian Labor Party were allocated $A23.4m and $A22.3m respectively, while the Greens have received $A6.6m. One Nation, which is led by controversial Senator-elect Pauline Hanson, has been paid $A1.6m and the Nick Xenophon Team will receive $A1.2m. The Palmer United Party will not receive any public funding.

CORPORATES
LIBERAL PARTY OF AUSTRALIA, AUSTRALIAN LABOR PARTY, AUSTRALIAN GREENS, NATIONAL PARTY OF AUSTRALIA, ONE NATION PARTY, NICK XENOPHON TEAM, PALMER UNITED PARTY, JUSTICE PARTY, KATTER’S AUSTRALIAN PARTY, CHRISTIAN DEMOCRATIC PARTY (FRED NILE GROUP), AUSTRALIAN ELECTORAL COMMISSION

PM pressed to broaden juvenile abuse inquiry

roymorgansocial Leave a comment

Original article by Amos Aikman
The Australian – Page: 1 & 6 : 27-Jul-16

Federal Attorney-General George Brandis says the royal commission into the juvenile justice system will focus on the Northern Territory, although some indigenous leaders argue that its scope should be nationwide. Meanwhile, Chief Minister Adam Giles has sacked the Northern Territory’s corrections minister in the wake of the "Four Corners" expose on the brutal practices used to restrain inmates at the Don Dale detention centre. There have also been demands for Giles to resign or for his government to be sacked by Prime Minister Malcolm Turnbull.

CORPORATES
AUSTRALIA. ATTORNEY-GENERAL’S DEPT, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, NORTHERN TERRITORY. DEPT OF THE CHIEF MINISTER, NORTHERN TERRITORY. DEPT OF JUSTICE, AUSTRALIAN HUMAN RIGHTS COMMISSION, AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF HEALTH, COUNTRY LIBERAL PARTY

Australian debt control worst in G20: report

roymorgansocial Leave a comment

Original article by Adam Creighton
The Australian – Page: 1 & 4 : 27-Jul-16

A Peterson Institute for International Economics report notes that Australia’s debt-to-GDP ratio has risen by 27.1 per cent since the global financial crisis. This is not much lower than the average increase recorded by developed nations such as the US, the UK, Japan and Italy. The report’s author, Paolo Mauro, concludes that Australia could have cleared its net debt and Budget deficit if real government spending had not significantly outpaced that of other major Group of 20 nations over the last eight years.

CORPORATES
PETER G PETERSON INSTITUTE FOR INTERNATIONAL ECONOMICS, GROUP OF TWENTY (G-20), INTERNATIONAL MONETARY FUND, AUSTRALIA. DEPT OF THE TREASURY, STANDARD AND POOR’S CORPORATION