AUSTRALIA – POLITICS AND GOVERNMENT

Markets not worried about an early election

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Original article by Stephen Cauchi
The Australian Financial Review – Page: Online : 22-Mar-16

Matt Sherwood of Perpetual does not expect the 2016 federal election to have much impact on the Australian sharemarket. He adds that policies such as high taxes and high government spending are likely to have the biggest adverse effect on the market. Meanwhile, David Bassanese of BetaShares says the construction sector will benefit if the Federal Government succeeds in its bid to increase regulation of the industry, while the housing sector will face a less severe crackdown on negative gearing if it is returned to office.

CORPORATES
PERPETUAL INVESTMENTS, BETASHARES CAPITAL LIMITED, BORAL LIMITED – ASX BLD, MONADELPHOUS GROUP LIMITED – ASX MND, MIRVAC GROUP – ASX MGR, AUSTRALIAN BUILDING AND CONSTRUCTION COMMISSION, AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET

News calls for holistic media reform package

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Original article by Darren Davidson
The Australian – Page: 21 : 22-Mar-16

News Corporation’s submission to a Senate inquiry into changes to cross-media ownership laws has supported the proposed reforms but called for them to be more extensive. The Federal Government wants to abolish the "reach rule" and the "two-out-of-three rule", but News Corp says an additional three media ownership rules should be scrapped. Regional broadcasters WIN Corporation and Southern Cross Media Group have also supported the bill, while Foxtel has argued for changes to the anti-siphoning list for the broadcasting of sports.

CORPORATES
NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS, WIN CORPORATION PTY LTD, SOUTHERN CROSS MEDIA GROUP LIMITED – ASX SXL, FOXTEL MANAGEMENT PTY LTD, AUSTRALIA. DEPT OF COMMUNICATIONS AND THE ARTS, NETFLIX INCORPORATED, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, AUSTRALIAN BROADCASTING CORPORATION, SPECIAL BROADCASTING SERVICE (SBS)

Senate vote reforms ‘will beat challenge’

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Original article by Rachel Baxendale, Phillip Hudson
The Australian – Page: 5 : 21-Mar-16

Special Minister of State Mathias Cormann is confident that the Australian Government’s changes to the voting system for the Senate will be upheld by the High Court. The Family First Party’s Senator Bob Day intends to challenge the validity of the reforms, which were passed by the Senate on 18 March 2016. Constitutional law expert Anne Twomey of Sydney University does not expect the High Court to support any challenge to the reforms.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, FAMILY FIRST PARTY AUSTRALIA LIMITED, HIGH COURT OF AUSTRALIA, UNIVERSITY OF SYDNEY, AUSTRALIAN GREENS, AUSTRALIAN MOTORING ENTHUSIAST PARTY

Turnbull gets nod for early, double dissolution election

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Original article by
The Australian Financial Review – Page: 3 : 18-Mar-16

The Senate is likely to pass laws changing the Senate voting system. The purpose of the changes is to prevent micro parties using the preference system to win Senate seats. The passage of the proposed legislation would enable Prime Minister Malcolm Turnbull to call an early, double-dissolution election for 2 July 2016.

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

100 CFMEU militants in court

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Original article by Elizabeth Colman
The Australian – Page: 1 & 2 : 17-Mar-16

New figures show that the Construction, Forestry, Mining & Energy Union, its state branches and union officials have been fined a total of $A6.98m since 2002 for failing to comply with industrial laws. Meanwhile, 100 of the union’s officials and delegates have been charged with more than 1,000 offences in total, including coercion, intimidation and unlawful industrial action. Federal Employment Minister Michaelia Cash has urged Opposition Leader Bill Shorten to support a bill to reinstate the Australian Building & Construction Commission.

CORPORATES
CONSTRUCTION, FORESTRY, MINING AND ENERGY UNION OF AUSTRALIA, AUSTRALIA. DEPT OF EMPLOYMENT, AUSTRALIAN LABOR PARTY, AUSTRALIAN BUILDING AND CONSTRUCTION COMMISSION, FAIR WORK BUILDING AND CONSTRUCTION, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, QUEENSLAND UNIVERSITY OF TECHNOLOGY, AUSTRALIAN GREENS, AUSTRALIA. ROYAL COMMISSION INTO TRADE UNION GOVERNANCE AND CORRUPTION, MASTER BUILDERS AUSTRALIA INCORPORATED, AUSTRALIA. ROYAL COMMISSION INTO THE BUILDING AND CONSTRUCTION INDUSTRY, AUSTRALIA. OFFICE OF THE FAIR WORK BUILDING INDUSTRY INSPECTORATE

Government revisits ‘backpacker tax’

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Original article by Jamie Freed
The Australian Financial Review – Page: 3 : 17-Mar-16

Tourism and International Education Minister Richard Colbeck says the Australian Government may reconsider elements of its proposed tax on people who hold working holiday visas. The so-called ‘backpacker tax’ is slated to take effect on 1 July 2016, and will abolish the tax-free threshold for temporary workers. Colbeck has conceded that changes may be necessary to avoid a shortage of staff in sectors such as tourism and hospitality.

CORPORATES
AUSTRALIA. DEPT OF FOREIGN AFFAIRS AND TRADE, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIAN LABOR PARTY, TOURISM AUSTRALIA PTY LTD, TTF AUSTRALIA LIMITED TOURISM AND TRANSPORT FORUM, NORTHERN TERRITORY. DEPT OF THE CHIEF MINISTER, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ

Fifield criticises ‘analogue warriors’

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Original article by Dominic White, Max Mason
The Australian Financial Review – Page: 32 : 17-Mar-16

Federal Communications Minister Mitch Fifield has refuted suggestions that cross-media ownership reforms will benefit some media groups in particular. Addressing the National Press Club in Canberra, he said the majority of media companies favour abolishing the "reach rule" and the "two-out-of-three rule". He also dismissed the concerns of some senators that the reforms would allow Rupert Murdoch to increase his control of the media sector.

CORPORATES
AUSTRALIA. DEPT OF COMMUNICATIONS AND THE ARTS, NATIONAL PRESS CLUB (AUSTRALIA), NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS, TEN NETWORK HOLDINGS LIMITED – ASX TEN, AUSTRALIAN LABOR PARTY

Big business takes hit to please Nats

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Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 13 : 17-Mar-16

The Federal Government has decided to introduce an "effects test" to competition law. The Business Council of Australia opposes the "effects test", but the new policy is supported by other organisations, including the Australian Chamber of Commerce & Industry, the Australian Competition & Consumer Commission and the Australian Industry Group. Wesfarmers CEO Richard Goyder expressed his disappointment with the decision at "The Australian Financial Review" Business Summit.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, BUSINESS COUNCIL OF AUSTRALIA, NATIONAL PARTY OF AUSTRALIA, COLES GROUP LIMITED, WOOLWORTHS LIMITED – ASX WOW, BHP BILLITON LIMITED – ASX BHP, COUNCIL OF SMALL BUSINESS ORGANISATIONS OF AUSTRALIA LIMITED, AUSTRALIAN LABOR PARTY, AUSTRALIAN CHAMBER OF COMMERCE AND INDUSTRY, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, THE AUSTRALIAN INDUSTRY GROUP

Shorten makes his pitch on tax take

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Original article by David Crowe, Sarah Martin
The Australian – Page: 4 : 16-Mar-16

Federal Opposition Leader Bill Shorten has told the National Press Club that superannuation and negative gearing tax concessions should be reduced, with the savings redirected to areas where more spending is needed. Shorten also stressed the Australian Labor Party’s commitment to achieving full employment, which he defines as a jobless rate of five per cent. Labor will release a report on issues such as social services reform, inequality and unemployment on 16 March 2016.

CORPORATES
AUSTRALIAN LABOR PARTY, NATIONAL PRESS CLUB (AUSTRALIA), AUSTRALIA. DEPT OF INDUSTRY, INNOVATION AND SCIENCE

Lower taxes to wait for spending cuts

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Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 5 : 16-Mar-16

Treasurer Scott Morrison has indicated that the Australian Government’s May 2016 Budget will include a reduction in superannuation tax concessions. However, he has warned that this measure will not be sufficient to finance a significant income tax cut. Morrison says a reduction in government spending rather than increasing other taxes is the best strategy in both the short- and long-term for reducing taxes.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN LABOR PARTY