AUSTRALIA – POLITICS AND GOVERNMENT

Retired engineer calls Treasurer’s wealth idea crap

roymorgansocial Leave a comment

Original article by Ben Potter
The Australian Financial Review – Page: 5 : 25-Sep-15

Older Australians own almost $A1bn worth of residential property assets. Treasurer Scott Morrison has proposed that they capitalise on this wealth by downsizing to a smaller home and using the proceeds to help finance their retirement. However, retired engineer Peter Walker argues that many retirees could not afford to buy a smaller home that is close to family and friends. Walker and his wife opted for a home equity loan rather than a reverse mortgage to provide them with a retirement income stream.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. PRODUCTIVITY COMMISSION, BENDIGO AND ADELAIDE BANK LIMITED – ASX BEN, HOMESAFE SOLUTIONS PTY LTD

Treasurer wants to rejig the tax mix for growth

roymorgansocial Leave a comment

Original article by Phillip Coorey, Laura Tingle
The Australian Financial Review – Page: 4 : 25-Sep-15

Australian Treasurer Scott Morrison is confident that the Budget deficit can be reduced via spending cuts and measures aimed at lifting economic growth. In contrast, shadow treasurer Chris Bowen argues that tax increases will also be necessary in order to cut the deficit. Morrison also says any tax reforms undertaken by the Federal Government will aim to stimulate the economy and increase government revenue without any increase in the tax take.

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

7-Eleven was warned over worker fraud

roymorgansocial Leave a comment

Original article by Adele Ferguson, Sarah Danckert
The Age – Page: 25 : 24-Sep-15

Consumer advocate Michael Fraser has revealed in a submission to a Senate inquiry into wage exploitation at 7-Eleven that he first warned the convenience store group of the scandal in late 2012. Meanwhile, Stewart Levitt, the principal of law firm Levitt Robinson, has used his submission to urge the Federal Government to hold 7-Eleven’s Melbourne head office accountable for the scandal, rather than franchisees. He says the Government should provide an amnesty for 7-Eleven workers who are on student visas.

CORPORATES
7-ELEVEN STORES PTY LTD, LEVITT ROBINSON, SHOP, DISTRIBUTIVE AND ALLIED EMPLOYEES’ ASSOCIATION, MAURICE BLACKBURN PTY LTD, AUSTRALIA. FAIR WORK COMMISSION

Business urges PM to be more aggressive on IR

roymorgansocial Leave a comment

Original article by Ewin Hannan
The Australian Financial Review – Page: 7 : 22-Sep-15

Australian Industry Group CEO Innes Willox says the Federal Government should act immediately to introduce reforms that were recommended by the Harper review of competition policy. Willox also says the Government should be more active in promoting the need for industrial relations reform ahead of the federal election, and he argues that it should adopt the Productivity Commission’s recommendations on issues such as weekend penalty rates.

CORPORATES
THE AUSTRALIAN INDUSTRY GROUP, AUSTRALIA. PRODUCTIVITY COMMISSION, AUSTRALIA. ROYAL COMMISSION INTO TRADE UNION GOVERNANCE AND CORRUPTION, ACTU, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF EMPLOYMENT

Subs won’t be sunk by unions, says Premier

roymorgansocial Leave a comment

Original article by Simon Evans
The Australian Financial Review – Page: 8 : 22-Sep-15

South Australian Premier Jay Weatherill has told the Federal Government that there are compelling reasons to award the contract to build a new submarine fleet to Adelaide-based ASC. He has noted in particular the harmonious relations with the three unions that have a presence on the site. They have agreed to keep industrial action to a minimum in order to increase the prospects of submarine work being awarded to ASC. Several offshore groups are also bidding for the contract.

CORPORATES
SOUTH AUSTRALIA. DEPT OF THE PREMIER AND CABINET, ASC PTY LTD, AUSTRALIA. DEPT OF DEFENCE, AUSTRALIAN WORKERS’ UNION-FEDERATION OF INDUSTRIAL, MANUFACTURING AND ENGINEERING EMPLOYEES, AUSTRALIAN MANUFACTURING WORKERS’ UNION, COMMUNICATIONS, ELECTRICAL, ELECTRONIC, ENERGY, INFORMATION, POSTAL, PLUMBING AND ALLIED SERVICES UNION OF AUSTRALIA, LIBERAL PARTY OF AUSTRALIA, ROYAL AUSTRALIAN NAVY

Tax options put back on table

roymorgansocial Leave a comment

Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 4 : 22-Sep-15

Prime Minister Malcolm Turnbull has given indications that the Australian Government is open to a wide range of tax reforms. This is likely to include reforms that had been ruled out by former PM Tony Abbott. Meanwhile, South Australian Labor Premier Jay Weatherill wants the Government to review superannuation tax concessions. He also says the federal Australian Labor Party should reconsider its opposition to an increase in the goods and services tax.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, SOUTH AUSTRALIA. DEPT OF THE PREMIER AND CABINET, AUSTRALIAN LABOR PARTY, NEW SOUTH WALES. DEPT OF PREMIER AND CABINET, BUSINESS COUNCIL OF AUSTRALIA, PROPERTY COUNCIL OF AUSTRALIA LIMITED, AUSTRALIA. DEPT OF THE TREASURY

New PM Turnbull gives L-NP (55%) big lead over ALP (45%)

roymorgansocial Leave a comment

Original article by Roy Morgan Research
Morgan Poll Update – Page: Online : 21-Sep-15

A multi-mode Morgan Poll on Federal voting intention has found that support for Australia’s ruling Liberal-National Coalition on a two-party preferred basis has risen by 12 per cent to 55 per cent. The poll, which was carried out on the weekend of 19-20 September 2015, also shows that the Coalition’s primary vote has risen by 11 per cent to 46 per cent, while the Roy Morgan Government Confidence Rating has risen by 17 points to 103 points. Roy Morgan Research executive chairman Gary Morgan says the positive response for Turnbull gives our new Prime Minister and his team a strong mandate to tackle the "cash economy" and the wage rorts that go hand-in-hand. The recent examples of 7-Eleven and United Petroleum show major industrial relations reforms are required to limit the "cash economy" – in particular tourism, retail and hospitality employees and tradesmen.

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, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, 7-ELEVEN STORES PTY LTD, UNITED PETROLEUM PTY LTD

Both sides claim victory in Canning, 7-point swing

roymorgansocial Leave a comment

Original article by Phillip Coorey
The Australian Financial Review – Page: 11 : 21-Sep-15

Opinion is divided within the Liberal Party regarding the effect that the leadership change had on the Canning by-election. The seat has been won by Liberal candidate Andrew Hastie, albeit with a seven per cent swing to the Australian Labor Party. Senator Arthur Sinodinos says this would have been much larger if Tony Abbott had not been dumped as prime minister, although Finance Minister Mathias Cormann says this may not necessarily have been a factor in the outcome of the by-election.

CORPORATES
LIBERAL PARTY OF AUSTRALIA, AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF FINANCE, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIAN GREENS, PALMER UNITED PARTY

GST hike ‘not feasible’ under Deloitte model

roymorgansocial Leave a comment

Original article by Joanna Mather
The Australian Financial Review – Page: 3 : 21-Sep-15

PricewaterhouseCoopers estimates that increasing the GST and broadening its scope would raise $A113.5bn a year by 2019-20. Compensating families for the increase in the GST increase would cost about $A76bn. PwC tax partner Paul Abbey has questioned similar modelling by Deloitte, arguing that the firm underestimated the amount of compensation that would have to be given to taxpayers.

CORPORATES
PRICEWATERHOUSECOOPERS AUSTRALIA (INTERNATIONAL) PTY LTD, DELOITTE TOUCHE TOHMATSU LIMITED, NEW SOUTH WALES. DEPT OF PREMIER AND CABINET, SOUTH AUSTRALIA. DEPT OF THE PREMIER AND CABINET, AUSTRALIAN LABOR PARTY

Turnbull’s cabinet clean-out

roymorgansocial Leave a comment

Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 4 : 21-Sep-15

Prime Minister Malcolm Turnbull has expanded his cabinet team from 20 to 23. Key appointments include Scott Morrison as Treasurer, Christian Porter as Social Services Minister and Marise Payne in the defence portfolio. A by-election will be held in the North Sydney seat of former treasurer Joe Hockey, who has announced that he will quit Parliament. Meanwhile, Turnbull has flagged a review of all Coalition policies, saying government policy must be responsive to a "rapidly-changing disruptive environment".

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. DEPT OF SOCIAL SERVICES, AUSTRALIA. DEPT OF DEFENCE, AUSTRALIA. DEPT OF INDUSTRY AND SCIENCE, RESERVE BANK OF AUSTRALIA, AUSTRALIAN LABOR PARTY