AUSTRALIA – POLITICS AND GOVERNMENT

Liberals give Abbott six months

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Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 6 : 30-Jan-15

Senior members of the Liberal Party of Australia are believed to have given Prime Minister Tony Abbott six months to repair his reputation among voters. If he fails, he may be replaced as the leader of the party, possibly by Foreign Minister Julie Bishop. Abbott has recently made a series of mistakes that made him unpopular even within his own party

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF FOREIGN AFFAIRS AND TRADE, AUSTRALIA. DEPT OF FINANCE, LIBERAL PARTY OF AUSTRALIA, NATIONAL PRESS CLUB (AUSTRALIA), AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF HEALTH

Cat out of bag on Labor taxes: PM

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Original article by Joe Kelly, Adam Creighton
The Australian – Page: 2 : 21-Jan-15

Australian Chamber of Commerce & Industry CEO Kate Carnell has proposed countering "bracket creep" by linking changes to income tax brackets to the inflation rate. This has also been suggested by Robert Carling of the Centre for Independent Studies. Meanwhile, shadow treasurer Chris Bowen has not ruled out tax increases to reduce the Budget deficit if the Australian Labor Party wins the next federal election. His comments have been criticised by Prime Minister Tony Abbott

CORPORATES
AUSTRALIAN CHAMBER OF COMMERCE AND INDUSTRY, AUSTRALIAN LABOR PARTY, THE CENTRE FOR INDEPENDENT STUDIES LIMITED, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF THE TREASURY, LIBERAL PARTY OF AUSTRALIA

Commonwealth legal services spending rises

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Original article by Nicola Berkovic
The Australian – Page: 23 : 16-Jan-15

New figures show that the Australian Government’s expenditure on legal services increased by around $A6m in 2013-14, to $A688.6m. There was a $A10m blowout in the cost of the Government’s in-house legal teams during the financial year, although there was a slight decline in the amount paid to private law firms. Clayton Utz accounted for about 11 per cent of the government legal work that was outsourced to private firms

CORPORATES
CLAYTON UTZ, ASHURST AUSTRALIA, DLA PIPER, MINTER ELLISON, SPARKE HELMORE, NORTON ROSE FULBRIGHT AUSTRALIA, CORRS CHAMBERS WESTGARTH, MADDOCKS LAWYERS, KING AND WOOD MALLESONS, AUSTRALIAN GOVERNMENT SOLICITOR, AUSTRALIA. ATTORNEY-GENERAL’S DEPT

Jobs goal slips out of PM’s reach

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Original article by David Crowe
The Australian – Page: 1 & 2 : 15-Jan-15

Approximately 11,700 jobs were created each month in the Australian Government’s first year in office. During the 2013 election campaign the Coalition committed to a five-year target of creating one million new jobs. The Government seems unlikely to achieve this goal, which would require some 18,000 new jobs to be created each month over the next four years. Economists are divided as to whether the job creation target can be achieved

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, BANK OF AMERICA AUSTRALIA LIMITED, MERRILL LYNCH (AUSTRALIA) PTY LTD, HSBC AUSTRALIA HOLDINGS PTY LTD, DEUTSCHE BANK AG, AUSTRALIAN BUREAU OF STATISTICS, AUSTRALIA. DEPT OF EMPLOYMENT, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN LABOR PARTY, AUSTRALIAN GREENS, UNIVERSITY OF MELBOURNE. INSTITUTE OF APPLIED ECONOMIC AND SOCIAL RESEARCH

China deal to deliver benefits faster than other FTAs

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Original article by Greg Earl
The Australian Financial Review – Page: 7 : 12-Jan-15

The Australian Government has revealed that the free trade agreement (FTA) with China will result in tariffs on goods imported from China being abolished within four years. In contrast, the respective FTAs with Japan and South Korea do not abolish tariffs for seven years after the trade deals take effect. The Government believes that reducing tariffs on Chinese goods more quickly will benefit Australia, as it will in turn increase local manufacturers’ and service providers’ access to the Chinese market

CORPORATES
AUSTRALIA. DEPT OF FOREIGN AFFAIRS AND TRADE, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET

Old power stations drive blackout risk

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Original article by Mark Ludlow
The Australian Financial Review – Page: 6 : 12-Jan-15

It is estimated that Australia’s National Energy Market has about 9,000 megawatts of electricity that is surplus to demand. However, Industry Minister Ian Macfarlane says the Federal Government does not intend to pay power companies to shut down older power stations, arguing that the issue needs to be addressed by the market. AGL Energy chairman Jeremy Maycock has previously raised concerns that power blackouts may become more frequent as companies are continuing to operate older power stations

CORPORATES
AUSTRALIA. DEPT OF INDUSTRY AND SCIENCE, AGL ENERGY LIMITED – ASX AGL, AUSTRALIAN ENERGY MARKET OPERATOR LIMITED, AUSTRALIAN ENERGY REGULATOR

Easy entry for skilled foreigners

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Original article by Joanna Mather
The Australian Financial Review – Page: 1 & 6 : 7-Jan-15

The Australian Government may relax the visa requirements for skilled overseas workers who are hired on temporary contracts. The reforms would allow companies to recruit foreign workers on a "short-term mobility" visa rather than the existing 457 visa for skilled workers. Migration Solutions MD Mark Glazbrook supports the proposed reforms, but ACTU president Ged Kearney argues that hiring and training Australian workers should be the priority

CORPORATES
MIGRATION SOLUTIONS PTY LTD, ACTU, AUSTRALIA. DEPT OF IMMIGRATION AND BORDER PROTECTION, AUSTRALIAN MINES AND METALS ASSOCIATION (INCORPORATED), MASTER BUILDERS AUSTRALIA INCORPORATED

Coalition eyes cross-party deal on taxing low-cost imports

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Original article by David Uren
The Australian – Page: 3 : 5-Jan-15

The Australian Government’s tax white paper will push the case for the goods and services tax threshold for imported goods to be lowered. Assistant Treasurer Josh Frydenberg notes that in recent years there has been a sharp increase in the volume of goods bought online from overseas that are priced below the tax threshold of $A1,000. Tax reform will need the support of the states, but Western Australia in particular is proving to be recalcitrant on the issue

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, WESTERN AUSTRALIA. DEPT OF TREASURY AND FINANCE, GROUP OF TWENTY (G-20), AUSTRALIA. COMMONWEALTH GRANTS COMMISSION, ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT

Business plea to fix budget mess

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Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 4 : 16-Dec-14

The Australian Government’s mid-year economic and fiscal outlook forecasts an increase in the Budget deficit and the unemployment rate. The deficit is expected to rise to $A40.4bn in 2014-15, compared with the May 2014 Budget forecast of $A29.8bn. The jobless rate is now expected to top 6.5 per cent in 2015. The Business Council of Australia and the Australian Industry Group say bipartisan support in Parliament is needed to ensure that necessary reforms are implemented

CORPORATES
BUSINESS COUNCIL OF AUSTRALIA, THE AUSTRALIAN INDUSTRY GROUP, AUSTRALIA. DEPT OF FOREIGN AFFAIRS AND TRADE, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET

Softer China blows out the budget deficit

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Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 4 : 15-Dec-14

The Australian Government’s mid-year Budget update will scale back its forecast for 2014-15 revenue to $A379bn, compared with expectation of $A386bn in the May 2014 Budget. Treasurer Joe Hockey has attributed the revenue shortfall primarily to the decline in commodity prices. The update also forecasts that Australia’s terms of trade will fall by 13.5 per cent, compared with a previous forecast of a 6.75 per cent decline. The Government has also downgraded its forecast for China’s economic growth

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. DEPT OF FOREIGN AFFAIRS AND TRADE, AUSTRALIAN LABOR PARTY