AUSTRALIA – POLITICS AND GOVERNMENT

Election now too close to call: ALP 51% cf. L-NP 49%. Minor Parties ‘won’ last night’s Leaders’ debate.

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Original article by Roy Morgan Research
Morgan Poll Update – Page: Online : 30-May-16

A multi-mode Morgan Poll on Federal voting intention has found that support for Australia’s ruling Liberal-National Coalition on a two-party preferred basis has risen by 1.5 per cent to 49 per cent. The poll, which was carried out on the weekends of 21-22 and 28-29 May 2016, also shows that the Coalition’s primary vote has risen by one to 37.5 per cent, while the Roy Morgan Government Confidence Rating has fallen by 2.5 points to 102. Roy Morgan Research executive chairman Gary Morgan notes that support for the minor parties is at a massive 30 per cent (up 8.9 per cent from the 2013 Federal Election), and support for the minor parties will only rise after the uninspiring Leader’s debate. Prime Minister Malcolm Turnbull did not explain how the unemployed and under-employed (18.1 per cent, or 2.322 million) will get jobs and Opposition Leader Bill Shorten gave no indication on how a Labor Government would create more private sector jobs by massive increases in public sector spending. However, Turnbull and Shorten still have time to present believable policies which tackle Australia’s booming "cash economy" and reduce real unemployment and under-employment.

CORPORATES
MORGAN POLL, ROY MORGAN RESEARCH LIMITED, LIBERAL PARTY OF AUSTRALIA, NATIONAL PARTY OF AUSTRALIA, AUSTRALIAN LABOR PARTY, AUSTRALIAN GREENS, PALMER UNITED PARTY, NICK XENOPHON TEAM, FAMILY FIRST PARTY AUSTRALIA LIMITED, LIBERAL DEMOCRATIC PARTY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET

New ACCI head urges big workplace fix

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Original article by Ewin Hannan
The Australian Financial Review – Page: 7 : 31-May-16

Australian Chamber of Commerce & Industry CEO James Pearson has called for action on the issue of industrial relations reform. He says ACCI surveys show that over-regulation and the compliance burden are key concerns for its members, and he has called for both sides of politics to put workplace reform on their policy agenda. Pearson also notes that debate on workplace reform is constantly stifled by unions’ claims that it will result in a return to WorkChoices-style workplace laws.

CORPORATES
AUSTRALIAN CHAMBER OF COMMERCE AND INDUSTRY, AUSTRALIAN LABOR PARTY, NATIONAL PRESS CLUB (AUSTRALIA), ACTU, SHELL COMPANY OF AUSTRALIA LIMITED, CHEVRON AUSTRALIA PTY LTD, AUSTRALIAN PETROLEUM PRODUCTION AND EXPLORATION ASSOCIATION LIMITED, AUSTRALIA. DEPT OF FOREIGN AFFAIRS AND TRADE, WESTERN AUSTRALIA. DEPT OF INDUSTRY AND RESOURCES, AUSTRALIA. FAIR WORK COMMISSION

Labor’s decade of 49pc tax

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Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 4 : 31-May-16

The Australian Labor Party will retain the Budget deficit levy on high-income earners for at least 10 years if it wins the federal election. The levy was intended to be phased out in mid-2017, and Labor has previously flagged keeping it in place beyond this date for an unspecified period. Labor intends to retain the levy in order to finance its healthcare funding. The Australian Greens also support retaining the levy and would most likely back legislation to extend it beyond 2017.

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

Morrison worried about growth

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Original article by Jacob Greber, Mark Mulligan
The Australian Financial Review – Page: 1 & 4 : 31-May-16

Economists forecast that the Australian economy expanded by just 0.6 per cent in the March 2016 quarter. Data to be released on 31 May is tipped to show GDP growth of 2.7 per cent year-on-year during the quarter, compared with three per cent previously. Treasurer Scott Morrison has used the slowing economy to defend the Federal Government’s push to reduce the corporate tax rate. He has also criticised Opposition Leader Bill Shorten for opposing tax cuts that would stimulate economic activity.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN LABOR PARTY, AUSTRALIAN BUREAU OF STATISTICS, RESERVE BANK OF AUSTRALIA

Leaders vie to score goals in women’s sport

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Original article by Sarah Martin, Rosie Lewis
The Australian – Page: 8 : 30-May-16

Federal Opposition Leader Bill Shorten notes that women’s sports events account for just seven per cent of Australian TV networks’ overall sports coverage. Shorten aims to address this imbalance by committing an extra $A21m in funding for the ABC to provide greater coverage of women’s sports. Meanwhile, Prime Minister Malcolm Turnbull has indicated that the Government will provide an additional $A60m in funding for the Sporting Schools program.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIAN BROADCASTING CORPORATION, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET

Alarm over debt to GDP ratio

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Original article by Jacob Greber
The Australian Financial Review – Page: 4 : 30-May-16

Analysis by Morgan Stanley suggests that each additional $A1 of GDP in 2015 cost more than $A9 of debt to generate. Morgan Stanley economist Daniel Blake says Australia must find ways to generate economic growth that are less dependent on debt. He warns that the decline in the productivity of Australia’s debt is likely to increase the severity of any economic downturn that may occur. He also argues that tax incentives should encourage investment in innovation and business start-ups rather than residential property.

CORPORATES
MORGAN STANLEY AUSTRALIA LIMITED, MOODY’S INVESTORS SERVICE INCORPORATED, AUSTRALIAN LABOR PARTY

Labor veteran brands Shorten ‘anti-business’

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Original article by Annabel Hepworth
The Australian – Page: 1 & 6 : 30-May-16

Business leaders have criticised the Australian Labor Party’s handling of the issue of corporate tax during the 2016 federal election campaign. Minerals Council of Australia CEO Brendan Pearson has described Labor’s approach to the issue as "disappointing", while Queensland’s former Labor treasurer Keith DeLacy has accused federal Labor’s tax policy of being "anti-business". Meanwhile, former ANZ Bank chairman John Morschel has expressed concern that Labor’s election policies would result in a big increase in government spending.

CORPORATES
AUSTRALIAN LABOR PARTY, MINERALS COUNCIL OF AUSTRALIA, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, MACARTHUR COAL LIMITED, CUBBIE STATION, NSW BUSINESS CHAMBER LIMITED, BUSINESS COUNCIL OF AUSTRALIA, AUSTRALIAN CHAMBER OF COMMERCE AND INDUSTRY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET

CFMEU’s 18 per cent pay grab

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Original article by Ewin Hannan, Patrick Hatch
The Australian Financial Review – Page: 1 & 2 : 26-May-16

Victorian members of the militant Construction, Forestry, Mining & Energy Union have approved a new enterprise agreement for construction workers. It includes an annual wage rise of five per cent for the next three years and a three per cent pay rise the following year. John Setka, the state secretary of the CFMEU’s building division, said members should lock in the pay deal in case the Coalition wins the federal election and makes another attempt to reinstate the Australian Building & Construction Commission.

CORPORATES
CONSTRUCTION, FORESTRY, MINING AND ENERGY UNION OF AUSTRALIA, AUSTRALIAN BUILDING AND CONSTRUCTION COMMISSION, THE MASTER BUILDERS ASSOCIATION OF VICTORIA, DELOITTE ACCESS ECONOMICS PTY LTD, AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF EMPLOYMENT, BROOKFIELD MULTIPLEX LIMITED, PROBUILD PTY LTD, HICKORY GROUP PTY LTD, LU SIMON PTY LTD, BUILT PTY LTD

Business united in push for PM’s economic agenda

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Original article by David Crowe
The Australian – Page: 1 & 6 : 25-May-16

Support for the Federal Government’s push to reduce the corporate tax rate will be a key element of the Australian Chamber of Commerce & Industry’s policy agenda, which will be launched on 25 May 2016. ACCI CEO James Pearson has urged bipartisan support for the eventual adoption of a uniform tax rate for all businesses, arguing that this is necessary in order to encourage investment and create jobs. Meanwhile, Opposition Leader Bill Shorten has defended the Australian Labor Party’s economic plan, stressing that its focus is on "fairness".

CORPORATES
AUSTRALIAN CHAMBER OF COMMERCE AND INDUSTRY, AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET

Party’s all but over for Palmer

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Original article by Rosie Lewis, Sarah Elks
The Australian – Page: 6 : 24-May-16

Businessman and federal MP Clive Palmer has advised that he will not recontest the seat of Fairfax in the 2016 election. Palmer has also indicated that he will not seek a seat in the upper house. Zhenya Wang is currently the Palmer United Party’s only representative in the Senate. Palmer’s nephew, Martin Brewster, will be the party’s sole candidate for the lower house. He will contest the seat of Herbert, in which Palmer’s failed Queensland Nickel is based. The company was wound up in April.

CORPORATES
PALMER UNITED PARTY, QUEENSLAND NICKEL PTY LTD, LIBERAL PARTY OF AUSTRALIA, LIBERAL-NATIONAL PARTY OF QUEENSLAND, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION