AUSTRALIA – POLITICS AND GOVERNMENT

Chaney tells Senate to OK budget

roymorgansocial Leave a comment

Original article by Sue Mitchell, Tim Binsted
The Australian Financial Review – Page: 1 & 6 : 12-May-15

Incoming Wesfarmers chairman Michael Chaney says the Australian Government needs to be more proactive in informing the public about the need to reduce spending in the May 2015 Budget. He has also stressed the need for bipartisan support for Budget measures in the Senate, and says consumer confidence, employment and the economy will be negatively affected if the Budget is rejected by the upper house. Chaney will succeed Bob Every as Wesfarmers chairman in November.

CORPORATES
WESFARMERS LIMITED – ASX WES, AUSTRALIA. DEPT OF THE TREASURY, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, INCITEC PIVOT LIMITED – ASX IPL

Budget’s switch to spending

roymorgansocial Leave a comment

Original article by Phillip Coorey, Jacob Greber
The Australian Financial Review – Page: 1 & 4 : 11-May-15

The Australian Government’s May 2015 Budget will replace all existing rebates for childcare services with one means-tested subsidy. However, Prime Minister Tony Abbott has indicated that the $A3.5bn childcare package is conditional on Senate support for welfare reforms that were in the 2014 Budget. Shadow treasurer Chris Bowen has reiterated that the Opposition will not support the proposed changes to family benefits.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. DEPT OF SOCIAL SERVICES, AUSTRALIA. DEPT OF FINANCE, AUSTRALIAN LABOR PARTY, AUSTRALIAN GREENS, AUSTRALIA. PRODUCTIVITY COMMISSION

Hockey rejects recession fears

roymorgansocial Leave a comment

Original article by Jacob Greber
The Australian Financial Review – Page: 6 : 11-May-15

The Australian Government’s Mid-Year Economic and Fiscal Outlook had forecast GDP growth of 2.5 per cent in 2014-15. This is expected to be scaled back in the May 2015 Budget, but Treasurer Joe Hockey has downplayed suggestions by Macroeconomics’ Stephen Anthony that there is the potential for a recession in 2016. Meanwhile, Hockey is confident that the Government can keep the unemployment rate at no more than 6.5 per cent, compared with 6.2 per cent at present.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, MACROECONOMICS.COM.AU PTY LTD, RESERVE BANK OF AUSTRALIA

‘No reason to deny’ Qantas-China Eastern deal

roymorgansocial Leave a comment

Original article by Matt O’Sullivan
The Australian Financial Review – Page: 18 : 14-Apr-15

The Australian Competition & Consumer Commission (ACCC) opposes an alliance between Qantas and China Eastern Airlines. However, the Department of Infrastructure & Regional Development’s submission on the regulator’s draft decision argues that the alliance will benefit travellers and the Australian economy. It takes the view that the ACCC has focused too much on the alliance’s impact on competition on the Sydney-Shanghai route

CORPORATES
QANTAS AIRWAYS LIMITED – ASX QAN, CHINA EASTERN AIRLINES CORPORATION LIMITED, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, AUSTRALIA. DEPT OF INFRASTRUCTURE AND REGIONAL DEVELOPMENT, CATHAY PACIFIC AIRWAYS LIMITED, SINGAPORE AIRLINES LIMITED, MALAYSIAN AIRLINE SYSTEMS, UNIVERSITY OF TECHNOLOGY, SYDNEY. AUSTRALIA-CHINA RELATIONS INSTITUTE, AIR CHINA

‘No way’ to a Glencore-Rio merger: Hockey

roymorgansocial Leave a comment

Original article by Amanda Saunders
The Australian Financial Review – Page: 17 & 22 : 9-Apr-15

The prohibition on Glencore executives commenting on a bid for Rio Tinto lapsed on 8 April 2015, six months after Rio rejected a takeover approach. Glencore is tipped to make another bid for Rio, but Australian Treasurer Joe Hockey is believed to have explicitly ruled out Federal Government approval for such a deal. His comments are said to have been made at a private meeting with business leaders and mining industry executives in late March

CORPORATES
RIO TINTO LIMITED – ASX RIO, GLENCORE PLC, AUSTRALIA. DEPT OF THE TREASURY, MINERALS COUNCIL OF AUSTRALIA, BUSINESS COUNCIL OF AUSTRALIA, BHP BILLITON LIMITED – ASX BHP, ARCHER DANIELS MIDLAND COMPANY, GRAINCORP LIMITED – ASX GNC, AUSTRALIA. FOREIGN INVESTMENT REVIEW BOARD, ALUMINIUM CORPORATION OF CHINA LIMITED

Leave GST allocation, as it is, Hockey advised

roymorgansocial Leave a comment

Original article by Phillip Coorey
The Australian Financial Review – Page: 4 : 8-Apr-15

Australia’s federal and state Treasurers will meet in Canberra on 9 April 2015. The distribution of goods and services tax revenue will be on the agenda, with Western Australia arguing for some years that it is disadvantaged by the current distribution model. However, a Commonwealth Grants Commission report has recommended retaining the status quo

CORPORATES
AUSTRALIA. COMMONWEALTH GRANTS COMMISSION, AUSTRALIA. DEPT OF THE TREASURY

L-NP support jumps following Mike Baird’s triumph in NSW Election

roymorgansocial Leave a comment

Original article by Roy Morgan Research
Morgan Poll Update – Page: Online : 7-Apr-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 three per cent to 47 per cent. The poll, which was carried out on the weekends of 28-29 March and 3-6 April 2015, also shows that support for the Australian Labor Party has fallen by three per cent to 53 per cent. Roy Morgan Research executive chairman Gary Morgan says labour market deregulation is needed to stimulate the economy and enable the 2.5 million Australians who are unemployed and under-employed to get jobs

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 TREASURY, NEW SOUTH WALES. DEPT OF PREMIER AND CABINET

Government’s finger on double-dissolution trigger

roymorgansocial Leave a comment

Original article by Phillip Coorey
The Australian Financial Review – Page: 4 : 2-Apr-15

The Australian Government insists on continuing with its policy of university fee deregulation. Education Minister Christopher Pyne said on 1 April 2015 that he will present the proposed legislation to the Senate again, despite the fact that it has already been rejected twice. If the bill is rejected again, it may trigger a double dissolution election

CORPORATES
AUSTRALIA. DEPT OF EDUCATION AND TRAINING, THE GROUP OF EIGHT LIMITED

Budget may move on super, Grattan warns

roymorgansocial Leave a comment

Original article by Sally Patten
The Australian Financial Review – Page: 14 : 1-Apr-15

The Grattan Institute has suggested that the Australian Government’s May 2015 Budget could feature changes to tax breaks for superannuation contributions. CEO John Daley says such measures could potentially include reducing the annual contributions limit or the salary threshold at which a higher tax on contributions applies

CORPORATES
GRATTAN INSTITUTE, AUSTRALIA. DEPT OF THE TREASURY, TAXPAYERS AUSTRALIA INCORPORATED

Google tax to hit profit shifting

roymorgansocial Leave a comment

Original article by Phillip Coorey, Laura Tingle
The Australian Financial Review – Page: 1 & 5 : 1-Apr-15

The Australian Government’s May 2015 Budget will include tax measures aimed at addressing the problem of profit-shifting by multinational corporations. The so-called "Google tax" will be modelled on the UK’s Diverted Profits Tax. The Australian Labor Party recently unveiled measures intended to combat profit-shifting. The Budget will also include a levy on bank deposits, while the small business sector will receive a tax cut

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, GOOGLE INCORPORATED, GROUP OF TWENTY (G-20), AUSTRALIAN TAXATION OFFICE, THE GROUP OF EIGHT LIMITED, AUSTRALIA. DEPT OF EDUCATION AND TRAINING