AUSTRALIA – POLITICS AND GOVERNMENT

Gary Morgan’s comment on Roy Morgan July Business Confidence

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Original article by Roy Morgan Research
Market Research Update – Page: Online : 9-Aug-16

Although the result in the House of Representatives at the recent Federal Election was disappointing, the result in the Senate is probably better for Prime Minister Malcolm Turnbull’s leadership. The increase in the cross-bench at first appears challenging for the Turnbull Government; however, the fact is that most of the new Senators are right-of-centre and likely to be favourable to the Government’s broader Budget and policy agenda. Two of the most important policies the Government took to the election were significant corporate tax cuts and the re-introduction of the Australian Building and Construction Commission (ABCC) to improve workplace productivity in the Construction industry. Despite the challenges, the Government should be able to pass these important reforms which will stimulate an Australian economy still dealing with the end of the mining boom.

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ROY MORGAN RESEARCH LIMITED

Business Confidence lower in July – down 2.8% to 116.1 during month of political uncertainty

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Original article by Roy Morgan Research
Market Research Update – Page: Online : 9-Aug-16

Roy Morgan Research’s Business Confidence fell 2.8% to 116.1 in July 2016 following the inconclusive Australian Federal Election at the start of July. The fall in Business Confidence comes despite an upward trend on the Australian sharemarket in July – the All Ordinaries closed the end of July at 5,644 (up 6.3% (or 334pts) from June 30, 5310). This was the highest close for exactly a year since July 31, 2015 (5,681). The fall in Business Confidence in July means Business Confidence has dipped just below the 6yr average of 116.7.

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ROY MORGAN RESEARCH LIMITED

Windfalls exempt from super cap

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Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 4 : 9-Aug-16

Australians who receive large sums of money as a result of "life events" will be offered an exemption from the proposed $A500,000 lifetime cap on non-concessional superannuation contributions. "Life events" include accident-related compensation payments, lottery wins and divorce settlements. Federal Treasurer Scott Morrison has stressed that the proposed cap on super contributions is necessary to make the super system more equitable.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN LABOR PARTY, LIBERAL PARTY OF AUSTRALIA, AUSTRALIAN GREENS, ARRIUM LIMITED – ASX ARI

Unhappy crossbenchers threaten IR laws

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Original article by Primrose Riordan
The Australian Financial Review – Page: 7 : 8-Aug-16

Liberal Democrat senator David Leyonhjelm has accused the Coalition of reneging on a deal to include a sunset clause in legislation to extend a ban on the importation of the Adler A110 shotgun. He says that the Coalition may now not be able to count on his support for a bill to reinstate the Australian Building & Construction Commission. Senator Leyonhjelm also intends to introduce legislation to scrap section 18C of the Racial Discrimination Act, a reform which the Coalition had backed down on.

CORPORATES
LIBERAL DEMOCRATIC PARTY, AUSTRALIAN BUILDING AND CONSTRUCTION COMMISSION, LIBERAL PARTY OF AUSTRALIA, NATIONAL PARTY OF AUSTRALIA

CEOs warn: bashing banks a growth risk

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Original article by Phillip Coorey, James Eyers
The Australian Financial Review – Page: 1 & 6 : 5-Aug-16

Prime Minister Malcolm Turnbull and Treasurer Scott Morrison have been asked to refrain from criticising the banks. Westpac CEO Brian Hartzer said on 4 August 2016 that their criticism is unwarranted. He stated that the banks could not pass on the recent official interest rate cut in full because of the necessity to balance the interests of borrowers with the need for prudent management of their funding needs. Turnbull reminded the banks that they have an obligation to act in socially responsible ways.

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 BANKERS’ ASSOCIATION, RESERVE BANK OF AUSTRALIA, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY

Flame out: Labor Left union brawl cost Shorten the election

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Original article by Aaron Patrick
The Australian Financial Review – Page: 1 & 36 : 5-Aug-16

The Australian Labor Party lost one Victorian seat in the 2016 federal election, although it had expected to win at least two. Party insiders downplay the impact that the Country Fire Authority dispute had on Labor’s federal election prospects, although Veterans’ Affairs Minister Dan Tehan says the dispute ensured that the Coalition was returned to office with a one-seat majority rather than the election resulting in a hung parliament. United Firefighters’ Union secretary Peter Marshall does not believe that the CFA dispute had any impact on the election result.

CORPORATES
AUSTRALIAN LABOR PARTY, VICTORIA. COUNTRY FIRE AUTHORITY, UNITED FIREFIGHTERS’ UNION OF AUSTRALIA, AUSTRALIA. DEPT OF VETERANS’ AFFAIRS, VICTORIA. DEPT OF PREMIER AND CABINET, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, LIBERAL PARTY OF AUSTRALIA, MELBOURNE METROPOLITAN FIRE BRIGADE, VICTORIAN BUILDING INDUSTRY DISPUTES PANEL, AUSTRALIAN GREENS, AUSTRALIA. FAIR WORK COMMISSION, AUSTRALIA. DEPT OF EMPLOYMENT, AUSTRALIA. DEPT OF THE ENVIRONMENT, KING AND WOOD MALLESONS, NATIONAL PARTY OF AUSTRALIA

Hanson’s power bloc holds key in ABCC union battle

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Original article by David Crowe
The Australian – Page: 1 & 2 : 5-Aug-16

The support of One Nation in the Senate may be crucial to the Coalition’s chances of passing legislation to reinstate the Australian Building & Construction Commission. The Coalition will have 30 seats in the new Senate, while the Australian Labor Party and the Greens will have 26 and nine respectively. The Coalition will need 39 votes to pass the ABCC bill in the upper house, or 114 in a joint sitting of Parliament. One Nation senator-elect Brian Burston has indicated that he is likely to support the ABCC bill.

CORPORATES
AUSTRALIAN BUILDING AND CONSTRUCTION COMMISSION, LIBERAL PARTY OF AUSTRALIA, NATIONAL PARTY OF AUSTRALIA, AUSTRALIAN LABOR PARTY, AUSTRALIAN GREENS, ONE NATION PARTY, NICK XENOPHON TEAM, LIBERAL DEMOCRATIC PARTY, FAMILY FIRST PARTY AUSTRALIA LIMITED, AUSTRALIA. DEPT OF EMPLOYMENT

Red tape ‘pushing investors elsewhere’

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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

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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

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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