AUSTRALIA – POLITICS AND GOVERNMENT

Slashed TV fee delivers windfall

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Original article by Jake Mitchell
The Australian – Page: 4 : 29-Apr-16

The office of Communications Minister Mitch Fifield has declined to comment on speculation that the Australian Government’s May 2016 Budget will include a reduction in TV broadcasters’ licence fees. Free-to-air networks have lobbied the Government in the lead-up to the Budget, and some media reports have suggested that it will agree to their request. Pay-TV group Foxtel has argued that any reduction in licence fees should be accompanied by changes to the anti-siphoning list for sports events.

CORPORATES
AUSTRALIA. DEPT OF COMMUNICATIONS AND THE ARTS, FOXTEL MANAGEMENT PTY LTD, NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS, TELSTRA CORPORATION LIMITED – ASX TLS, NINE NETWORK AUSTRALIA LIMITED, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, SEVEN NETWORK LIMITED, SEVEN WEST MEDIA LIMITED – ASX SWM, TEN NETWORK HOLDINGS LIMITED – ASX TEN, FAIRFAX MEDIA LIMITED – ASX FXJ, WIN CORPORATION PTY LTD, SOUTHERN CROSS MEDIA GROUP LIMITED – ASX SXL, PRIME MEDIA GROUP LIMITED – ASX PRT, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIAN LABOR PARTY, GOOGLE INCORPORATED, NETFLIX INCORPORATED

Shorten leaves Gillard’s carbon policy behind

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Original article by Phillip Coorey
The Australian Financial Review – Page: 4 : 28-Apr-16

Opposition Leader Bill Shorten says the Federal Government’s Direct Action policy will be abolished if the Australian Labor Party wins the 2016 election. Labor will aim for a 45 per cent reduction in greenhouse gas emissions reduction by 2030. Shorten’s policy is very different from the carbon price scheme of former prime minister Julia Gillard and quite similar to Malcolm Turnbull’s proposal when he was the opposition leader in 2009.

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

PM plots possible sale of naval shipbuilder

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Original article by Laura Tingle
The Australian Financial Review – Page: 1 & 6 : 28-Apr-16

The value of Adelaide-based ASC has risen significantly since the Federal Government announced that its shipyards will be used to build the nation’s new $A50bn submarine fleet. There is renewed speculation that the Government may consider privatising ASC, whose shipyards will also be used to build new naval frigates and patrol boats. Meanwhile, some estimates have suggested that building the submarines in Australia will increase the final cost by 30-40 per cent, although the Government believes that the cost can be reduced significantly by the time construction commences.

CORPORATES
ASC PTY LTD, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF DEFENCE, AUSTRALIA. DEPT OF FINANCE

Deflation raises budget rate cut

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Original article by Jacob Greber
The Australian Financial Review – Page: 1 & 8 : 28-Apr-16

The consumer price index fell by 0.2 per cent in the March 2016 quarter, with year-on-year growth of 1.3 per cent. The latest inflation data has raised the prospect that the Reserve Bank of Australia could cut official interest rates on 3 May, when the Federal Government will also deliver the 2016 Budget. National Australia Bank now expects the cash rate to be reduced in May, while financial markets now regard the chance of a rate rise to be 55 per cent.

CORPORATES
RESERVE BANK OF AUSTRALIA, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIAN LABOR PARTY, JP MORGAN AUSTRALIA LIMITED

Adelaide-built submarines will cost more, Coalition concedes

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Original article by Laura Tingle
The Australian Financial Review – Page: 1 & 8 : 27-Apr-16

The Australian Government’s decision to build a new $A50bn fleet of submarines in Adelaide will create 2,800 jobs in South Australia, including 1,100 direct jobs. RAND Corporation has estimated that building the 12 submarines overseas would have reduced the cost by 30-40 per cent, but notes that the cost will be reduced by having a continuous shipbuilding program. The submarine contract has been awarded to France-based DCNS, which edged out defence contractors from Japan and Germany.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF DEFENCE, DCNS SA, RAND CORPORATION, JAPAN. MINISTRY OF DEFENCE, JAPAN. OFFICE OF THE PRIME MINISTER, AUSTRALIAN LABOR PARTY

Labor tries again on carbon plan

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Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 6 : 27-Apr-16

The Federal Opposition will release details of its climate change policy on 27 April 2016. It will seek to reduce greenhouse gas emissions by 45 per cent on 2005 levels by 2030. The Australian Labor Party will introduce a new domestic emissions trading scheme in two stages, which will have the ultimate goal of reducing the nation’s carbon emissions to zero by 2050. Labor also intends to introduce a separate emissions trading scheme for the electric power industry from 2018.

CORPORATES
AUSTRALIAN LABOR PARTY, CLIMATE INSTITUTE (AUSTRALIA) LIMITED, AUSTRALIA. CLEAN ENERGY FINANCE CORPORATION, NATIONAL PARTY OF AUSTRALIA

High earners may cop super tax rises

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Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 4 : 27-Apr-16

The Australian Government’s May 2016 Budget might include reducing the income threshold for the 30 per cent tax rate for superannuation contributions from $A300,000 to $A250,000. This is the same threshold that was proposed by the Opposition in 2015. Meanwhile, the Government is believed to have ruled out reducing the level of super contributions that attract the concessional tax rate from $A30,000 a year to $A20,000. Other super changes include abolition of the anti-detriment payment and transition-to-retirement provisions.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN LABOR PARTY, DELOITTE ACCESS ECONOMICS PTY LTD

Brace ‘for another $129b’ in deficits

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Original article by Jacob Greber
The Australian Financial Review – Page: 4 : 26-Apr-16

Chris Richardson of Deloitte Access Economics expects the Australian Government to announce a 2016 Budget deficit of $A41.7bn, compared with $A37.9bn in 2015. It would also be $A4.3bn higher than the Government had forecast in the mid-year Budget update. Richardson downplays the impact of the recent rally in the iron ore price on the deficit, arguing that slowing growth in wages will have a bigger effect on government revenue.

CORPORATES
DELOITTE ACCESS ECONOMICS PTY LTD, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. DEPT OF FINANCE, AUSTRALIAN LABOR PARTY

Double tax cut for best paid

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Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 4 : 26-Apr-16

People with annual income of more than $A180,000 will benefit from abolition of the temporary deficit levy and an increase in the $A80,001 income tax threshold in the Australian Government’s May 2016 Budget. The levy was introduced in the 2014 Budget and is slated to be abolished in 2017, although the Opposition has signalled that the levy may become permanent if it wins the election. Increasing the income tax threshold is aimed at combating so-called "bracket creep".

CORPORATES
AUSTRALIAN LABOR PARTY

Unions to push for penalty rates law

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Original article by Ewin Hannan
The Australian Financial Review – Page: 3 : 26-Apr-16

Unions have criticised Federal Opposition Leader Bill Shorten for indicating that he will support the Fair Commission’s decision if it rules in favour of reducing Sunday penalty rates. They argue that his comments undermines the union movement’s "Save Our Weekend" campaign, and the Victorian Trades Hall Council secretary Luke Hilakari says unions will seek to have minimum penalty rates included in the National Employment Standards if the Opposition wins the 2016 federal election.

CORPORATES
AUSTRALIAN LABOR PARTY, VICTORIAN TRADES HALL COUNCIL, AUSTRALIA. FAIR WORK COMMISSION, AUSTRALIA. DEPT OF EMPLOYMENT, ACTU, AUSTRALIA. PRODUCTIVITY COMMISSION