AUSTRALIA – POLITICS AND GOVERNMENT

Penalty rates a poll bombshell

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Original article by Elizabeth Colman, Joe Kelly
The Australian – Page: 1 & 4 : 21-Apr-16

The Fair Work Commission may issue its ruling on weekend penalty rates in the retail and hospitality industries before the 2016 federal election. Employers are seeking a reduction in the penalty rates that apply for working on Sundays and public holidays. Australian Industry Group chief executive Innes Willox says penalty rates will be the key industrial relations issue during the election campaign. He argues that the current regime deters employers from hiring and training staff.

CORPORATES
AUSTRALIA. FAIR WORK COMMISSION, THE AUSTRALIAN INDUSTRY GROUP, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIAN LABOR PARTY, ACTU, SHOP, DISTRIBUTIVE AND ALLIED EMPLOYEES’ ASSOCIATION, UNITED VOICE, TOURISM ACCOMMODATION AUSTRALIA, RESERVE BANK OF AUSTRALIA, AUSTRALIAN BUILDING AND CONSTRUCTION COMMISSION

Labor eyes tax hit on top earners

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Original article by David Crowe
The Australian – Page: 1 & 4 : 21-Apr-16

The Australian Government has ruled out extending the Budget deficit levy on high-income earners beyond 30 June 2017. However, the Opposition may consider retaining the levy on individuals whose annual taxable income exceeds $A180,000 if it wins the 2016 federal election. The levy is estimated to have raised about $A1.2bn each year since it was announced in the May 2014 Budget. Australian Greens Leader Richard Di ­Natale says the deficit levy should be permanent rather than temporary.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIAN GREENS, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. PARLIAMENTARY BUDGET OFFICE, AUSTRALIAN TAXATION OFFICE, LIBERAL PARTY OF AUSTRALIA

Turnbull puts trust in job-creation record

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Original article by David Crowe
The Australian – Page: 5 : 20-Apr-16

Prime Minister Malcolm Turnbull has rejected suggestions that the 2016 election campaign has begun, stressing that he will not request the dissolution of Parliament until after the Budget is handed down on 3 May. Turnbull has also signalled that trust will be a key theme of the election, and highlighted the Coalition Government’s track record on job creation since it took office in 2013.

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

Media reform could be delayed until after budget, federal vote

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Original article by Max Mason
The Australian Financial Review – Page: 5 : 20-Apr-16

Federal Parliament is unlikely to sit again until 2 May 2016, ahead of the Australian Government’s Budget on 3 May. The Government is now expected to postpone proposed changes to cross-media ownership laws until after the double-dissolution election on 2 July, in order to focus on the Budget. Abolition of the "reach rule" and the "two-out-of-three rule" is still on the Government’s agenda, while the Ten Network has again called for broadcasting licence fees to be reduced in the Budget.

CORPORATES
AUSTRALIA. DEPT OF COMMUNICATIONS AND THE ARTS, TEN NETWORK HOLDINGS LIMITED – ASX TEN, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, LIBERAL PARTY OF AUSTRALIA, AUSTRALIAN LABOR PARTY, AUSTRALIAN GREENS, AUSTRALIAN BUILDING AND CONSTRUCTION COMMISSION, PRIME MEDIA GROUP LIMITED – ASX PRT, SOUTHERN CROSS MEDIA GROUP LIMITED – ASX SXL, WIN CORPORATION PTY LTD

Kidman ‘deal’ off election agenda

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Original article by Sue Neales
The Australian – Page: 1 & 2 : 20-Apr-16

Shanghai Pengxin, Shanghai CRED Real Estate and Australian Rural Capital are poised to acquire the S. Kidman & Company rural property empire, comprising nine cattle stations and 180,000 head of cattle. However, federal Treasurer Scott Morrison will defer a decision on whether to approve the sale until late July 2016, to ensure that it does not become an election issue. The two Chinese groups will have an 80 per cent stake in the Kidman business.

CORPORATES
S KIDMAN AND COMPANY PTY LTD, SHANGHAI PENGXIN GROUP COMPANY LIMITED, SHANGHAI CRED REAL ESTATE STOCK COMPANY LIMITED, AUSTRALIAN RURAL CAPITAL LIMITED – ASX ARC, AUSTRALIA. DEPT OF THE TREASURY, DAKANG AUSTRALIA HOLDINGS PTY LTD, AUSTRALIA. FOREIGN INVESTMENT REVIEW BOARD, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION

Morgan Poll, the ABCC and banking industry regulation

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Original article by Gary Morgan, Roy Morgan Research
Morgan Poll Update – Page: Online : 18-Apr-16

Despite Prime Minister Malcolm Turnbull receiving good publicity surrounding last week’s visit to China, today’s Morgan Poll shows the L-NP 50% (down 2.5%) dead-locked with the ALP 50% (up 2.5%) on a two-party preferred basis after Opposition Leader Bill Shorten called for a Royal Commission into the Banking & Finance industry – an idea which found widespread public support. The next three weeks leading into the Federal Budget will play an important role in determining whether the Turnbull Government can show leadership and live up to its image as the better economic managers. Malcolm Turnbull needs to convince Australian electors on "why" the construction industry needs to be subjected to additional regulation and the ABCC legislation must be passed; and why the banks are already sufficiently controlled by Government regulation (APRA, ASIC and the RBA). If not the ALP will continue to undermine the Government’s narrative and present itself as a credible Government in waiting.

CORPORATES
MORGAN POLL, ROY MORGAN RESEARCH LIMITED, AUSTRALIAN BUILDING AND CONSTRUCTION COMMISSION, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIAN LABOR PARTY, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, RESERVE BANK OF AUSTRALIA

Election would be too close to call: L-NP 50% cf. ALP 50%; Roy Morgan Government Confidence falls 7pts to 99 – lowest since Turnbull became PM.

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Original article by Roy Morgan Research
Morgan Poll Update – Page: Online : 18-Apr-16

In mid-April L-NP support is 50% (down 2.5%) cf. ALP 50% (up 2.5%) on a two-party preferred basis following debate about the reintroduction of the ABCC (Australian Building & Construction Commission) and Labor calls for a Royal Commission into the Banking and Finance industries. If a Federal Election were held now the result would be too close to call and would likely result in a hung Parliament. Primary support for the L-NP is 40.5% (down 1.5%) with ALP at 32% (up 1%). Support for the Greens is up 1% to 14%, Nick Xenophon Team (NXT) 4.5% (unchanged; 22.5% in South Australia), Katter’s Australian Party is 0.5% (unchanged), Palmer United Party is 0% (unchanged) and Independents/ Others are at 8.5% (down 0.5%). The Roy Morgan Government Confidence Rating is down this week – down 7pts to 99 with 40.5% (down 2%) of Australians saying Australia is "heading in the right direction" and 41.5% (up 5%) saying Australia is "heading in the wrong direction". This is the first time the Government Confidence Rating has dipped below 100 since Malcolm Turnbull became Prime Minister in mid-September 2015.

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

Bank inquiry could spook foreign lenders, says Argus

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Original article by Anne Hyland
The Australian Financial Review – Page: 15 : 19-Apr-16

Don Argus, a former CEO of National Australia Bank, says there is no need for a royal commission into the Australian banking sector. He has accused the Australian Labor Party of politicising the issue of corporate culture in the banking sector and described its proposal for a royal commission as a "political witch hunt". In his view, the sector is already well regulated, and any further scrutiny of the sector could alienate foreign lenders.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB

Tax crackdown to hit profit shifting

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Original article by Joanna Mather
The Australian Financial Review – Page: 1 & 2 : 19-Apr-16

The Australian Government is expected to make changes to thin capitalisation rules in order to curb multinational tax avoidance. The changes, to be announced in the May 2016 Budget, would reduce the amount of debt which multinational companies are allowed to take through their Australian operation from 60 per cent to 50 per cent. The reduction in the "safe harbour" debt-to-assets ratio could lead to accusations of discouraging foreign investment in Australia.

CORPORATES
PRICEWATERHOUSECOOPERS AUSTRALIA (INTERNATIONAL) PTY LTD, AUSTRALIAN LABOR PARTY, AUSTRALIAN GREENS, INTERNATIONAL TRANSPORT WORKERS’ FEDERATION, KPMG AUSTRALIA PTY LTD

Tribunal driven onto fast track to oblivion

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Original article by Joe Kelly
The Australian – Page: 6 : 19-Apr-16

The Australasian Convenience & Petroleum Marketers Association has welcomed the Senate’s passing of legislation to abolish the Road Safety Remuneration Tribunal. The Australian Labor Party, which had established the tribunal in 2012, opposed its abolition, but the legislation was narrowly passed with the support of crossbench senators. The Federal Government intends to provide the National Heavy Vehicle Regulator with an additional $A4m in annual funding for safety initiatives in the trucking industry.

CORPORATES
AUSTRALIA. ROAD SAFETY REMUNERATION TRIBUNAL, AUSTRALASIAN CONVENIENCE AND PETROLEUM MARKETERS ASSOCIATION, AUSTRALIAN LABOR PARTY, AUSTRALIA. NATIONAL HEAVY VEHICLE REGULATOR, TRANSPORT WORKERS’ UNION, AUSTRALIA. DEPT OF INFRASTRUCTURE AND REGIONAL DEVELOPMENT