AUSTRALIA – POLITICS AND GOVERNMENT

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

Turnbull is winning despite polls

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Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 4 : 24-May-16

Strategists for both the Liberal-National Coalition and the Australian Labor Party agree that the outcome of the federal election on 2 July 2016 remains too close to call. Although most public opinion polls suggest that Labor will win the election, analysis shows that the Coalition would in fact win if the election were held now, as the swing to Labor has not been sufficient in the seats it needs to win in order to take office. The Coalition won the 2013 election with 53.5 per cent of the vote on a two-party preferred basis.

CORPORATES
LIBERAL PARTY OF AUSTRALIA, NATIONAL PARTY OF AUSTRALIA, AUSTRALIAN LABOR PARTY, FAIRFAX MEDIA LIMITED – ASX FXJ, IPSOS AUSTRALIA PTY LTD, SEVEN NETWORK LIMITED, REACHTEL PTY LTD, NEWSPOLL, LABOUR PARTY (GREAT BRITAIN), LIBERAL PARTY OF VICTORIA, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET

Shorten backs WA Metronet

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Original article by Tess Ingram, Julie-anne Sprague
The Australian Financial Review – Page: 5 : 24-May-16

Opposition Leader Bill Shorten has promised to provide $A1bn worth of funding for the Metronet rail project in Western Australia if the Australian Labor Party wins the 2016 federal election. Shorten intends to utilise funding that was previously allocated to the state’s Perth Freight Link road project. State Opposition Leader Mark McGowan intends to proceed with the Metronet project if his party wins the state election in March 2017.

CORPORATES
AUSTRALIAN LABOR PARTY, WESTERN AUSTRALIA. DEPT OF THE PREMIER AND CABINET, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, CURTIN UNIVERSITY OF TECHNOLOGY, WESTERN AUSTRALIA. DEPT OF TREASURY AND FINANCE, AUSTRALIA. DEPT OF FINANCE

Stop digging, we’re deep enough in this fiscal hole

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Original article by Judith Sloan
The Weekend Australian – Page: 24 : 21-May-16

The Australian Government’s policies means the nation faces cumulative budget deficits of $A85bn over the next four years, although this is based on GDP and revenue projections that are unlikely to be realised. The May 2016 Budget papers also show that the deficit will blow out to $A584bn in 2019-20, compared with $A499bn in 2016-17. Australia is almost certain to lose its triple-A credit rating long before 2025-26, when the deficit will top $A647bn. However, the Australian Labor Party’s election policies would ensure that the Budget is even worse off than under a Coalition government.

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