AUSTRALIA – POLITICS AND GOVERNMENT

Reach rule ‘putting local news at risk’

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Original article by Dominic White
The Australian Financial Review – Page: 30 : 25-May-15

Prime Media Group CEO Ian Audsley expects WIN Corporation to scrap more of its regional news bulletins following the closure of its newsrooms in Mackay and Mildura. WIN has attributed the move to factors such as the regulatory regime and the economic viability of local newsrooms. Audsley says the Australian Government’s lack of action on abolishing the so-called "reach rule" is contributing to the demise of regional broadcasters’ news services.

CORPORATES
WIN CORPORATION PTY LTD, PRIME MEDIA GROUP LIMITED – ASX PRT, AUSTRALIA. DEPT OF COMMUNICATIONS, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET

Don’t hoard super, says Morrison

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Original article by Laura Tingle
The Australian Financial Review – Page: 1 & 4 : 25-May-15

Some 90 per cent of people on lower incomes will be adversely affected by measures in the Australian Government’s 2014 and 2015 Budgets, according to research by the National Centre for Social & Economic Modelling. Changes to the pension assets test will hit retirees with significant assets in particular, but Social Services Minister Scott Morrison argues that they should rely on their superannuation savings rather than the age pension.

CORPORATES
UNIVERSITY OF CANBERRA. NATIONAL CENTRE FOR SOCIAL AND ECONOMIC MODELLING, AUSTRALIA. DEPT OF SOCIAL SERVICES, AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET

Paid parental leave fight gears up

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Original article by Joanna Mather, Lucille Keen
The Australian Financial Review – Page: 5 : 22-May-15

Women on Boards chair Ruth Medd is among the individuals and organisations that have lobbied Prime Minister Tony Abbott to abandon proposed changes to the taxpayer-funded paid parental leave scheme. They have urged Abbott to reconsider the reforms, and argue that the Australian Government should aim to increase paid leave from 18 weeks to 26 weeks. Meanwhile, Chief Executive Women president Diane Smith Gander says the Government could seek a compromise on the reforms.

CORPORATES
WOMEN ON BOARDS, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, CHIEF EXECUTIVE WOMEN, WORLD HEALTH ORGANIZATION, NATIONAL FOUNDATION FOR AUSTRALIAN WOMEN LIMITED, UNIVERSITY OF NEWCASTLE, MERCER INVESTMENTS PTY LTD

Directors blast Coalition over tax

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Original article by Agnes King
The Australian Financial Review – Page: 5 : 21-May-15

Corporate directors have criticised the Australian Government for failing to include GST and superannuation in its tax reform agenda. Perpetual director Sylvia Falzon says tax reform is "pointless" if these issues are not part of the debate, while Wesfarmers director Jennifer Westacott argues that tax reform will encourage greater investment and workforce participation.

CORPORATES
PERPETUAL LIMITED – ASX PPT, WESFARMERS LIMITED – ASX WES, BUSINESS COUNCIL OF AUSTRALIA, SAI GLOBAL LIMITED – ASX SAI, REGIS HEALTHCARE LIMITED – ASX REG, TEN NETWORK HOLDINGS LIMITED – ASX TEN, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, BRAMBLES LIMITED – ASX BXB, INSURANCE AUSTRALIA GROUP LIMITED – ASX IAG, STOCKLAND – ASX SGP, BUSINESS COALITION FOR TAX REFORM

Abbott tipped to dump ore probe

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Original article by Phillip Coorey
The Australian Financial Review – Page: 6 : 21-May-15

Prime Minister Tony Abbott says the Federal Government has not yet decided whether to hold a parliamentary inquiry into the iron ore industry. However, he stressed that it is inappropriate for governments to intervene in free markets. Abbott had been in favour of an inquiry only days earlier, but some Coalition MPs oppose any such move.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF THE TREASURY, BHP BILLITON LIMITED – ASX BHP, RIO TINTO LIMITED – ASX RIO, FORTESCUE METALS GROUP LIMITED – ASX FMG, LIBERAL PARTY OF AUSTRALIA

‘Bring it on’: Labor will fight on super tax

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Original article by Phillip Coorey
The Australian Financial Review – Page: 6 : 20-May-15

Shadow treasurer Chris Bowen will address the National Press Club on 20 May 2015. His speech will advocate changes to the superannuation system, arguing that tax concessions for retirees are not sustainable. He will also stress that the Opposition is prepared to fight the next federal election on the issue of super. The Federal Government recently dropped plans for super reform, but National Seniors Australia believes that reforms should not have been restricted to the pension system.

CORPORATES
AUSTRALIAN LABOR PARTY, NATIONAL PRESS CLUB (AUSTRALIA), NATIONAL SENIORS AUSTRALIA LIMITED, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF SOCIAL SERVICES, AUSTRALIA. DEPT OF THE TREASURY

Big miners spook Abbott

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Original article by Phillip Coorey, Julie-anne Sprague, Mark Ludlow
The Australian Financial Review – Page: 1 & 4 : 20-May-15

Fortescue Metals Group chairman Andrew Forrest says the Australian Government should proceed with a parliamentary inquiry into the iron ore industry. He notes that lower prices for the steel input affects government revenue, and he says the Government should not yield to pressure from BHP Billiton and Rio Tinto. The two big miners have criticised proposals for a federal inquiry, while Prime Minister Tony Abbott has moderated his position on the issue, after previously supporting such an inquiry.

CORPORATES
FORTESCUE METALS GROUP LIMITED – ASX FMG, BHP BILLITON LIMITED – ASX BHP, RIO TINTO LIMITED – ASX RIO, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF FOREIGN AFFAIRS AND TRADE, AUSTRALIA. DEPT OF INDUSTRY AND SCIENCE, LIBERAL PARTY OF AUSTRALIA, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION

Budget’s sugar hit lifts Coalition back to 50:50

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Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 4 : 18-May-15

A Fairfax/Ipsos Poll shows that support for the Federal Coalition on a two-party preferred basis has risen from 46 per cent to 50 per cent since April 2015. Meanwhile, the Coalition’s primary vote has increased from 39 per cent to 43 per cent in the wake of the May 2015 Budget. The personal approval rating of Prime Minister Tony Abbott has risen by eight per cent to 42 per cent, and his rating as preferred prime minister is up six points at 44 per cent.

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

Deposits levy to hurt big credit unions’ profit

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Original article by Shaun Drummond
The Australian Financial Review – Page: 19 : 15-May-15

The Customer Owned Banking Association believes that the proposed deposits levy will reduce the annual profits of many small credit unions by around seven per cent. CUA estimates that its earnings will be cut by about six per cent, while People’s Choice Credit Union anticipates that its profit will be reduced by 5-7 per cent. The Australian Government will issue its response to the financial system inquiry before deciding whether to proceed with the levy.

CORPORATES
CUSTOMER OWNED BANKING ASSOCIATION, CREDIT UNION AUSTRALIA LIMITED, PEOPLE’S CHOICE CREDIT UNION, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY

Hockey to tax global giants

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Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 4 : 12-May-15

The Australian Government’s May 2015 Budget will feature spending initiatives that will cost up to $A10bn. It includes $A3.5bn for childcare and an additional $A450m for national security. Meanwhile, the Government has announced that downloading digital content from offshore providers will attract the GST, while it will crack down on international corporations that avoid their tax liabilities by shifting profits overseas. However, it has ruled out a so-called "Google Tax".

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, GOOGLE INCORPORATED, NETFLIX INCORPORATED, AUSTRALIAN LABOR PARTY, ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT, AUSTRALIAN TAXATION OFFICE, THE TAX INSTITUTE, ARNOLD BLOCH LEIBLER, AUSTRALIA. DEPT OF SOCIAL SERVICES, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET