AUSTRALIA – POLITICS AND GOVERNMENT

Morrison declares open season on ASX

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Original article by Patrick Durkin
The Australian Financial Review – Page: 44 : 31-Mar-16

Federal Treasurer Scott Morrison announced on 30 March 2016 that ASX Limited will no longer have a monopoly on clearing and settlement activities. Elmer Funke Kupper’s recent resignation as CEO of the stock exchange operator makes it ill-prepared for the coming changes. Morrison said no licences will be granted during a transition period. The ASX has therefore 18 months to prepare itself for a new regulatory regime.

CORPORATES
ASX LIMITED – ASX ASX, AUSTRALIA. DEPT OF THE TREASURY, CHI-X AUSTRALIA PTY LTD, TABCORP HOLDINGS LIMITED – ASX TAH, COUNCIL OF FINANCIAL REGULATORS, CONTANGO ASSET MANAGEMENT LIMITED, LONDON STOCK EXCHANGE, DEUTSCHE BOERSE, SOCIETE GENERALE SA, UNICREDIT SPA, CHICAGO MERCANTILE EXCHANGE, INTERCONTINENTAL EXCHANGE, SINGAPORE EXCHANGE LIMITED, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, TELSTRA CORPORATION LIMITED – ASX TLS, LONDON CLEARING HOUSE

States resist Turnbull offer to tax incomes

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

Prime Minister Malcolm Turnbull and Treasurer Scott Morrison will discuss fiscal matters at a meeting with their state counterparts on 1 April 2016. Turnbull will propose a new intergovernmental taxation arrangement. The proposal includes a cut of about two percentage points in income tax rates and the introduction of an income tax surcharge by states and territories to compensate for the negative effects of the income tax cut on their tax revenues. The states are divided in their opinions on the proposal.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF THE TREASURY, SOUTH AUSTRALIA. DEPT OF THE PREMIER AND CABINET, COUNCIL OF AUSTRALIAN GOVERNMENTS, VICTORIA. DEPT OF PREMIER AND CABINET, NEW SOUTH WALES. DEPT OF PREMIER AND CABINET, WESTERN AUSTRALIA. DEPT OF THE PREMIER AND CABINET, QUEENSLAND. DEPT OF THE PREMIER AND CABINET, BUSINESS COUNCIL OF AUSTRALIA, AUSTRALIAN LABOR PARTY, AUSTRALIA. NATIONAL COMMISSION OF AUDIT

Crossbenchers open to negotiate stricter IR laws

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Original article by Phillip Coorey
The Australian Financial Review – Page: 4 : 30-Mar-16

Seven of the eight crossbench senators say they are willing to hold talks with the Australian Government regarding its proposed industrial relations reforms. The Government requires the support of at least six crossbenchers for its reforms to be passed by the upper house. Senator Glenn Lazarus has indicated that he will support the bill to reinstate the Australian Building & Construction Commission provided its powers are broadened to cover other industries. Senator Jacqui Lambie is the only crossbencher to have ruled out negotiating with the Government.

CORPORATES
AUSTRALIAN BUILDING AND CONSTRUCTION COMMISSION, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF EMPLOYMENT, AUSTRALIAN LABOR PARTY, AUSTRALIAN GREENS

Tax bracket creep to hit poorer half the hardest

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Original article by David Uren
The Australian – Page: 6 : 30-Mar-16

Economic modelling suggests that by 2020 so-called "bracket creep" is likely to wipe out Australian households’ gains from a series of tax cuts since 2004. The Australian Nat­ional University’s modelling indicates that unless the Federal Government’s May 2016 Budget includes income tax cuts, Australians on the lowest incomes may face the largest increase in their tax burden in the next four years. Treasurer Scott Morrison has ruled out personal income tax cuts.

CORPORATES
AUSTRALIAN NATIONAL UNIVERSITY. CENTRE FOR SOCIAL RESEARCH, AUSTRALIA. DEPT OF THE TREASURY

PM seeks deal to avoid DD election

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Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 4 : 29-Mar-16

The Australian Government requires the support of at least six crossbench senators for its industrial relations reforms to be passed by the upper house. Prime Minister Malcolm Turnbull has asked Family First Party’s Bob Day to intervene and persuade the other crossbenchers to negotiate with the Government. Turnbull has indicated that he is willing to broaden the legislation to address corruption in sectors other than the construction industry in order to avert a double dissolution election.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, FAMILY FIRST PARTY AUSTRALIA LIMITED, AUSTRALIAN BUILDING AND CONSTRUCTION COMMISSION, AUSTRALIA. OFFICE OF THE GOVERNOR-GENERAL, NEW SOUTH WALES. INDEPENDENT COMMISSION AGAINST CORRUPTION, AUSTRALIAN LABOR PARTY, LIBERAL PARTY OF AUSTRALIA

Voters missing full picture on ABCC

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Original article by Ewin Hannan
The Australian Financial Review – Page: 8 : 24-Mar-16

Voters are confused about the Federal Government’s plans to reinstate the Australian Building & Construction Commission. The Australian Labor Party opposes the creation of the ABCC, whose role would be limited to monitoring one industry sector. Yet when Labor was in power, former prime minister Julia Gillard argued at the ACTU Congress in Brisbane in 2009 that such a body was necessary. Her government subsequently established the Fair Work Building & Construction inspectorate.

CORPORATES
AUSTRALIAN BUILDING AND CONSTRUCTION COMMISSION, AUSTRALIAN LABOR PARTY, FAIR WORK BUILDING AND CONSTRUCTION, AUSTRALIA. OFFICE OF THE FAIR WORK BUILDING INDUSTRY INSPECTORATE, CONSTRUCTION, FORESTRY, MINING AND ENERGY UNION OF AUSTRALIA, ACTU, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. PRODUCTIVITY COMMISSION

Greens’ Brown praises Turnbull’s energy shift

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Original article by Rachel Baxendale
The Australian – Page: 1 & 7 : 24-Mar-16

The Australian Greens’ former leader Bob Brown has welcomed the decision of the Federal Government to retain the Clean Energy Finance Corporation. The current leader of the party, Richard Di Natale, is not impressed. He described Prime Minister Malcolm Turnbull’s move as a "con job". The Australian Labor Party stressed that Turnbull has cut funding to the Australian Renewable Energy Agency by $A1.3 billion.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIAN GREENS, AUSTRALIA. CLEAN ENERGY FINANCE CORPORATION, CLEAN ENERGY INNOVATION FUND, AUSTRALIAN RENEWABLE ENERGY AGENCY, AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE ENVIRONMENT

Seven warns of ‘piecemeal’ threat

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Original article by Darren Davidson
The Australian – Page: 21 : 24-Mar-16

Seven West Media’s submission to a Senate inquiry into proposed changes to cross-media ownership laws argues that the reforms should be broader. The Australian Government proposes to abolish the "reach rule" and the "two-out-three rule", but Seven says other media ownership rules should also be reviewed. Seven has also called for the TV drama tax offset to be increased and Australia’s TV broadcasting licence fees to be reviewed.

CORPORATES
SEVEN WEST MEDIA LIMITED – ASX SWM, TEN NETWORK HOLDINGS LIMITED – ASX TEN, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS, PRICEWATERHOUSECOOPERS AUSTRALIA (INTERNATIONAL) PTY LTD

ALP & L-NP now too close to call as electors react to Government forcing Senate voting changes last week as Turnbull today recalls Parliament in April for Double Dissolution Election showdown

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Original article by Gary Morgan
Morgan Poll Update – Page: Online : 22-Mar-16

This week’s Morgan Poll shows that the ALP (50.5 per cent, up 3.5 per cent) is now just in front of the L-NP (49.5 per cent, down 3.5 per cent) on a two-party preferred basis, after a chaotic week in which the Coalition Government with the help of the Greens forced contentious electoral changes through the Senate against the wishes of the ALP and the cross-benchers, who face losing their seats under the new system. Following on from last week’s Senate voting reform, Turnbull has turned up the heat on the Senate cross-benchers by deciding to recall Parliament in four weeks’ time to debate the reintroduction of the Australian Building & Construction Commission (ABCC). Turnbull has explicitly told the Senate cross-benchers to either pass the Bill restoring the ABCC or face a Double Dissolution Election on 2 July. To facilitate the potential calling of a Double Dissolution Election – which would have to be done by 11 May – Turnbull has also brought forward this year’s Federal Budget by a week, to the first Tuesday in May. Although the restoration of the ABCC is being used as a potential trigger to call an early election, the election will be fought on economic issues and taxation.

CORPORATES
MORGAN POLL, ROY MORGAN RESEARCH LIMITED, LIBERAL PARTY OF AUSTRALIA, NATIONAL PARTY OF AUSTRALIA, AUSTRALIAN LABOR PARTY, AUSTRALIAN GREENS, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET

Return ABCC to save ourselves: business

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Original article by Ewin Hannan
The Australian Financial Review – Page: 4 : 23-Mar-16

Australian Industry Group CEO Innes Willox will use a National Press Club speech to highlight the importance of reinstating the Australian Building & Construction Commission. He will argue that a proposed construction code is necessary to protect companies from unlawful conduct by unions. Master Builders Australia CEO Wilhelm Harnisch has also expressed concern that at present unions can use threats of industrial action to secure pay rises for the members.

CORPORATES
THE AUSTRALIAN INDUSTRY GROUP, AUSTRALIAN BUILDING AND CONSTRUCTION COMMISSION, MASTER BUILDERS AUSTRALIA INCORPORATED, CONSTRUCTION, FORESTRY, MINING AND ENERGY UNION OF AUSTRALIA, NATIONAL PRESS CLUB (AUSTRALIA), AUSTRALIA. PRODUCTIVITY COMMISSION, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIAN BUREAU OF STATISTICS