AUSTRALIA – POLITICS AND GOVERNMENT

L-NP vote up 1% as Opposition Leader Bill Shorten under controversy for his role in the AWU ‘affair’ and caught out on a lie – however ALP would still win a Federal Election

roymorgansocial Leave a comment

Original article by Roy Morgan Research
Morgan Poll Update – Page: Online : 29-Jun-15

A multi-mode Morgan Poll on Federal voting intention has found that support for the Coalition on a two-party preferred basis has risen by one per cent to 46.5 per cent. The poll, which was carried out on the weekends of 20-21 and 27-28 June 2015, also shows that the Coalition’s primary vote has risen by 1.5 per cent to 39 per cent, while the Roy Morgan Government Confidence Rating is unchanged at 98.5 points. Roy Morgan Research executive chairman Gary Morgan notes that support for the Australian Labor Party has fallen after Opposition Leader Bill Shorten admitted to lying about his support for former prime minister Julia Gillard just before she was deposed two years ago.

CORPORATES
MORGAN POLL, ROY MORGAN RESEARCH LIMITED, LIBERAL PARTY OF AUSTRALIA, NATIONAL PARTY OF AUSTRALIA, AUSTRALIAN LABOR PARTY, AUSTRALIAN GREENS, PALMER UNITED PARTY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN WORKERS’ UNION-FEDERATION OF INDUSTRIAL, MANUFACTURING AND ENGINEERING EMPLOYEES, AUSTRALIA. ROYAL COMMISSION INTO TRADE UNION GOVERNANCE AND CORRUPTION, CLEANEVENT PTY LTD, SPOTLESS GROUP HOLDINGS LIMITED – ASX SPO, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, ABC TV

Federal tax reform labelled a ploy to force GST increase

roymorgansocial Leave a comment

Original article by Phillip Coorey, Geoff Winestock
The Australian Financial Review – Page: 6 : 25-Jun-15

The Australian Chamber of Commerce & Industry supports a proposal to permit the states to introduce income taxes and set their own tax rates. It is one of the proposed measures outlined in a green paper on federation reform. The paper also proposes shifting responsibility for funding of schools and hospitals to the states. Victorian Premier Tim Pallas argues that this measure is aimed at persuading the states to support an increase in the scope or rate of the GST.

CORPORATES
AUSTRALIAN CHAMBER OF COMMERCE AND INDUSTRY, VICTORIA. DEPT OF TREASURY AND FINANCE, NEW SOUTH WALES. THE TREASURY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, SOUTH AUSTRALIA. DEPT OF THE PREMIER AND CABINET, AUSTRALIAN LABOR PARTY, LIBERAL PARTY OF NEW SOUTH WALES

Greens push for probe into finance scandals

roymorgansocial Leave a comment

Original article by Adele Ferguson
The Australian Financial Review – Page: 16 : 24-Jun-15

The Federal Government and the Opposition will not support the Australian Greens’ motion for a royal commission into misconduct in the financial services industry. Liberal Democratic Party senator David Leyonhjelm and Family First Party senator Bob Day also oppose a royal commission, although independent senator Nick Xenophon and the National Party’s John Williams will support the motion. IOOF is the latest financial group to embroiled by claims of misconduct.

CORPORATES
AUSTRALIAN GREENS, AUSTRALIAN LABOR PARTY, LIBERAL DEMOCRATIC PARTY, FAMILY FIRST PARTY AUSTRALIA LIMITED, NATIONAL PARTY OF AUSTRALIA, IOOF HOLDINGS LIMITED – ASX IFL, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, MACQUARIE PRIVATE WEALTH MANAGEMENT PTY LTD, MACQUARIE GROUP LIMITED – ASX MQG, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION

Make states fund health: PM’s office

roymorgansocial Leave a comment

Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 4 : 23-Jun-15

A leaked green paper from the Department of Prime Minister & Cabinet outlines a number of potential options for reforms to the public hospital system. They include transferring all responsibility for funding and operating the public health system to the states and territories, establishing a system similar to the Medicare Benefits Schedule for public and private hospitals, and making health care entirely funded at federal level.

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

BP joins calls to raise GST in line with OECD

roymorgansocial Leave a comment

Original article by Peter Ker
The Australian Financial Review – Page: 20 : 17-Jun-15

BP Australia COO Andy Holmes notes that the average GST rate among OECD countries is 18 per cent. He argues that Australia should lift its GST rate from 10 per cent to 15 per cent, and broaden the scope of the consumption tax. BP’s submission on the Federal Government’s tax white paper also calls for changes to the stamp duty regime and the petroleum resource rent tax. Rio Tinto also favours stamp duty reform, arguing that it deters investment in Australia.

CORPORATES
BP AUSTRALIA LIMITED, BP PLC, RIO TINTO LIMITED – ASX RIO, ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT, PROPERTY COUNCIL OF AUSTRALIA LIMITED

Crackdown on super inducements

roymorgansocial Leave a comment

Original article by James Eyers, Clancy Yeates
The Australian Financial Review – Page: 16 : 15-Jun-15

The Superannuation Industry (Supervision) Act prohibits Australian financial institutions from offering employers incentives to choose them as their superannuation fund provider. Assistant Treasurer Josh Frydenberg has flagged stricter penalties to discourage such behaviour, a move that has been welcomed by Financial Services Council CEO Sally Loane.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, FINANCIAL SERVICES COUNCIL, AUSTRALIA. FAIR WORK COMMISSION, INDUSTRY SUPER AUSTRALIA PTY LTD

Coalition’s budget gain disappears

roymorgansocial Leave a comment

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

Support for the federal Australian Labor Party on a two-party preferred basis has risen to 53 per cent in June 2015, according to a Fairfax/Ipsos poll. Labor’s primary vote has increased by two per cent to 37 per cent, while the Coalition’s primary vote is down three per cent at 40 per cent. Meanwhile, the approval rating of Prime Minister Tony Abbott is down two per cent at 40 per cent, while the rating of Opposition Leader Bill Shorten is steady at 41 per cent.

CORPORATES
FAIRFAX MEDIA LIMITED – ASX FXJ, IPSOS AUSTRALIA PTY LTD, AUSTRALIAN LABOR PARTY, LIBERAL PARTY OF AUSTRALIA, NATIONAL PARTY OF AUSTRALIA, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIAN GREENS, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, HIGH COURT OF AUSTRALIA

Pressure to relax tax hit on foreigners

roymorgansocial Leave a comment

Original article by James Eyers
The Australian Financial Review – Page: 15 : 12-Jun-15

Australia, New Zealand, Singapore, Thailand, South Korea and the Philippines have agreed to participate in the Asia Region Funds Passport initiative. Australia’s Assistant Treasurer Josh Frydenberg hopes to convince Japan to sign up as well. However, Australia may come under pressure to reduce the withholding tax rate on the income of foreign investors, amid concerns that it is a deterrent for offshore investors. The Financial Services Council advocates reducing the tax from 15 per cent to five per cent for investments made via the Funds Passport.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, FINANCIAL SERVICES COUNCIL, ASIA-PACIFIC ECONOMIC CO-OPERATION, MITSUBISHI UFJ FINANCIAL GROUP INCORPORATED, JAPAN. FINANCIAL SERVICES AGENCY, NIKKO ASSET MANAGEMENT GROUP, PRICEWATERHOUSECOOPERS

Living in a $5m house, Hockey’s ‘affordable’ claim jars

roymorgansocial Leave a comment

Original article by Phillip Coorey, Su-Lin Tan, Michael Bleby
The Australian Financial Review – Page: 1 & 4 : 10-Jun-15

Federal Treasurer Joe Hockey has been criticised for saying that people who want to buy their first home should start by getting a highly-paid job. He has also dismissed claims that residential property in Sydney has become unaffordable, arguing that if this were true people would not be buying homes. Australian Council of Social Service CEO Cassandra Goldie and Opposition Leader Bill Shorten are among those who have criticised Hockey.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN COUNCIL OF SOCIAL SERVICE, AUSTRALIAN LABOR PARTY, AUSTRALIAN BUREAU OF STATISTICS

Spouses and doctors lose tax break

roymorgansocial Leave a comment

Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 4 : 9-Jun-15

The Australian Government has secured the Opposition’s support to scrap the Dependent Spouse Tax Offset, a 2014 Budget measure that were blocked by the Senate. Abolishing the offset is expected to generate cost savings of around $A300m over four years. The Opposition is also expected to support the Government’s proposed changes to the fringe benefits tax concessions regime for meals and entertainment expenses.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF FINANCE, AUSTRALIA. DEPT OF THE TREASURY, ABC RADIO, AUSTRALIAN GREENS, AUSTRALIA. PARLIAMENTARY BUDGET OFFICE