AUSTRALIA – POLITICS AND GOVERNMENT

Joyce cuts off LNP bid to split

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Original article by Michael McKenna, Sarah Martin
The Australian – Page: 1 & 5 : 22-Jul-16

The growing unrest within the Liberal-National Party of Queensland regarding its reduced representation in federal cabinet has prompted dissidents to push for a separate party-room in Canberra. The LNP has also proposed to negotiate its own coalition agreement with the Liberal Party of Australia. The state executive has rejected the motion by a margin of just four votes. A split between the National Party of Australia and the LNP would reduce the former’s party-room from 22 members to 14.

CORPORATES
LIBERAL-NATIONAL PARTY OF QUEENSLAND, NATIONAL PARTY OF AUSTRALIA, LIBERAL PARTY OF AUSTRALIA, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. ATTORNEY-GENERAL’S DEPT

Labor to reject mandate on IR

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Original article by Joe Kelly
The Australian – Page: 4 : 21-Jul-16

The Australian Government continues to be criticised over its failure to respond to the Productivity Commission’s review of industrial relations laws. The Opposition argues that the Coalition does not have a mandate to pursue workplace reforms during its second term in office as it did not respond to the report prior to the 2016 election. The report, which was released in late 2015, makes 70 recommendations on changes to workplace laws. Business groups have urged the Coalition to pursue IR reforms.

CORPORATES
AUSTRALIA. PRODUCTIVITY COMMISSION, AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF EMPLOYMENT, THE AUSTRALIAN INDUSTRY GROUP, AUSTRALIAN BUILDING AND CONSTRUCTION COMMISSION, VICTORIA. COUNTRY FIRE AUTHORITY

Super fix comes at cost

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Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 6 : 21-Jul-16

The Australian Government will allow exemptions to its proposed $A500,000 lifetime cap on non-concessional superannuation contributions, to take into account "life events" such as a divorce settlement or an inheritance. The cap had been expected to generate Budget savings of about $A550m over four years, but some estimates have suggested that the exemptions could potentially cost between $A300m and $A450m. Meanwhile, shadow treasurer Chris Bowen has stressed that any super reforms must not be retrospective. The Government plans to backdate the lifetime cap to 2007.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN LABOR PARTY, FINANCIAL SERVICES COUNCIL, LIBERAL PARTY OF AUSTRALIA, NATIONAL PARTY OF AUSTRALIA

PC takes aim at rural protectionism

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Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 4 : 21-Jul-16

The Productivity Commission has recommended a number of changes to Australia’s agricultural policy. The commission states in a draft report that protectionist measures should be removed. It says the aim of liberalisation of the agricultural market necessitates the abolition of marketing agencies such as the New South Wales Rice Marketing Board and the Western Australian Potato Marketing Corporation. The Commission also says foreign investment in Australia’s agricultural sector should be encouraged rather than discouraged.

CORPORATES
AUSTRALIA. PRODUCTIVITY COMMISSION, RICE MARKETING BOARD, POTATO MARKETING CORPORATION OF WESTERN AUSTRALIA, AUSTRALIA. FOREIGN INVESTMENT REVIEW BOARD, NATIONAL PARTY OF AUSTRALIA, LIBERAL PARTY OF AUSTRALIA, AUSTRALIAN LABOR PARTY, BUSINESS COUNCIL OF AUSTRALIA, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET

Crossbench spurns super tax hike

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Original article by David Crowe
The Australian – Page: 4 : 20-Jul-16

Prime Minister Malcolm Turnbull has signalled that the Coalition is open to some changes to its proposed superannuation reforms, amid unrest within its own ranks. Allowing exemptions to the lifetime cap on non-concessional contributions is believed to be under consideration. Meanwhile, the Opposition and the Greens have both indicated that they are open to negotiation regarding the super reforms, although Senator-elect Derryn Hinch says Turnbull must put the election policy reforms to parliament rather than bow to pressure from backbenchers.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIAN LABOR PARTY, AUSTRALIAN GREENS, FINANCIAL SERVICES COUNCIL, NICK XENOPHON TEAM

Actuaries back $500,000 cap and call for government to push package

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Original article by Sally Rose
The Australian Financial Review – Page: 5 : 19-Jul-16

Guy Thornburn of Mercer says the Federal Government’s proposed superannuation reforms will make the system fairer and more flexible. He adds that the proposal to impose a lifetime cap of $A500,000 on non-concessional contributions is "reasonable" in the context of the broader super reforms, although he suggests that it could be backdated by just three years rather than to 2007. Lance Cunningham of BDO says the cap should be a minimum of $A1m.

CORPORATES
MERCER INVESTMENTS PTY LTD, BDO AUSTRALIA LIMITED, RICE WARNER ACTUARIES PTY LTD

Next election may be two years away

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Original article by Phillip Coorey
The Australian Financial Review – Page: 5 : 19-Jul-16

Federal Parliament will resume on 30 August 2016, but it will not run for the full three-year term. Indeed, the timing of state elections in Victoria in November 2018 and New South Wales in March 2019 means that Prime Minister Malcolm Turnbull could potentially call an election in August 2018, which is the earliest possible date for a federal election. His decision to opt for a double-dissolution election means the next poll can be held no later than mid-May 2019.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET

PM resets agenda with reshuffle

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Original article by David Crowe
The Australian – Page: 1 & 4 : 19-Jul-16

The new Australian Government will have 23 cabinet ministers, with increased representation for the National Party. The role of the minister for Northern Australia, Matt Canavan, has been expanded to include the resources portfolio, and he has moved from the outer ministry to cabinet. Meanwhile, former resources minister Josh Frydenberg will take on the environment and energy portfolio, Greg Hunt has been appointed Minister for Industry, ­Innovation and Science, and former assistant treasurer Kelly O’Dwyer has been promoted to the Minister for Revenue and Financial Services.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF INFRASTRUCTURE AND REGIONAL DEVELOPMENT, AUSTRALIA. DEPT OF INDUSTRY, INNOVATION AND SCIENCE, AUSTRALIA. DEPT OF FINANCE, AUSTRALIA. DEPT OF THE ENVIRONMENT, NATIONAL PARTY OF AUSTRALIA, AUSTRALIAN LABOR PARTY, AUSTRALIAN ELECTORAL COMMISSION

Women’s work in cabinet drops as touted promotions evaporate

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Original article by Rosie Lewis
The Australian – Page: 5 : 19-Jul-16

The number of cabinet portfolios allocated to women has fallen in the Australian Government’s post-election reshuffle. The role of Marise Payne as Defence Minister will be reduced, with Christopher Pyne assuming responsibility for the construction of new naval vessels as the Minister for Defence Industries. Kelly O’Dwyer has been promoted to Minister for Revenue and Financial Services, although the small business portfolio has been reallocated.

CORPORATES
AUSTRALIA. DEPT OF DEFENCE, AUSTRALIA. DEPT OF FINANCE, AUSTRALIA. DEPT OF HEALTH, LIBERAL PARTY OF AUSTRALIA, NATIONAL PARTY OF AUSTRALIA, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET

PM bends to revolt over super

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Original article by Laura Tingle
The Australian Financial Review – Page: 1 & 4 : 18-Jul-16

Prime Minister Malcolm Turnbull has indicated that he may be open to changes to the Coalition’s superannuation reforms. The proposed changes will be discussed at the Coalition’s party room meeting on 18 July, with some backbenchers seeking a compromise on policies such as the $A500,000 lifetime cap on non-concessional contributions. Senator Nick Xenophon says the government must reconsider the lifetime cap and limiting concessional contributions to $A25,000 a year, arguing that they will not be approved by either the Senate or the Coalition’s own party room.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, LIBERAL PARTY OF AUSTRALIA, NATIONAL PARTY OF AUSTRALIA, NICK XENOPHON TEAM, AUSTRALIAN LABOR PARTY, AUSTRALIAN GREENS