BUDGET – AUSTRALIA

Budget bottom line to take $5b hit

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Original article by Laura Tingle
The Australian Financial Review – Page: 4 : 2-Nov-15

The Australian Government’s mid-year Budget review is expected to include lost revenue and spending costs of about $A5bn over the next four years. Some informed sources have suggested that this figure could even be within the range of $A6bn to $A8bn. Much of the cost blowout is expected to be included in the 2015-16 Budget.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, DELOITTE ACCESS ECONOMICS PTY LTD, RESERVE BANK OF AUSTRALIA, AUSTRALIA. DEPT OF EDUCATION AND TRAINING

CFOs lose patience with pace of reform

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Original article by Jacob Greber, Lucille Keen
The Australian Financial Review – Page: 3 : 16-Jul-15

A quarterly survey of CFOs by Deloitte shows that nearly 74 per cent of respondents think the Australian Government should act more quickly to reduce the Budget deficit. This compares with 54 per cent 12 months earlier. Meanwhile, 56 per cent of CFOs do not expect the small business measures in the May 2015 Budget to do much to boost business investment. However, 68 per cent anticipate that their company’s revenue will rise in the next year.

CORPORATES
DELOITTE TOUCHE TOHMATSU LIMITED, WESTPAC BANKING CORPORATION – ASX WBC, RESERVE BANK OF AUSTRALIA, AUSTRALIA. DEPT OF THE TREASURY, BUSINESS COUNCIL OF AUSTRALIA, AUSTRALIAN CHAMBER OF COMMERCE AND INDUSTRY

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

ANZ-Roy Morgan Australian Consumer Confidence: Budget Boosts Confidence in the Economy

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Original article by Roy Morgan Research
Market Research Update – Page: Online : 19-May-15

The ANZ-Roy Morgan Consumer Confidence rating for Australia rose by 3.6 per cent to 114.6 in the week ended 17 May 2015, to the highest level since early November 2014. Confidence is up a cumulative 5.4 per cent over the last fortnight, suggesting a more positive reaction to the Federal Government’s Budget and the interest rate cut in May. Budget measures aimed at households and micro businesses were likely key reasons for the lift in confidence. This is in marked contrast to 2014, when a number of unpopular tightening measures saw confidence plunge to 99.3 in the weeks following the Budget.

CORPORATES
ROY MORGAN RESEARCH LIMITED, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ

Tax breaks to lift borrowing

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Original article by Clancy Yeates
The Australian Financial Review – Page: 18 : 18-May-15

The Commonwealth Bank of Australia (CBA) expects more small businesses to take out loans as a result of the Australian Government’s May 2015 Budget. CBA’s Clive van Horen says the $A5.5bn small business package should boost the confidence of small businesses and provide them with the incentive to invest in new equipment. However, TS Lim of Bell Potter says that even with the tax breaks, many small businesses will be reluctant to increase their debt.

CORPORATES
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, BELL POTTER SECURITIES LIMITED, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ

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

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

Chaney tells Senate to OK budget

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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

Telcos to get metadata storage cash

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Original article by John Kerin
The Australian Financial Review – Page: 5 : 12-May-15

The Australian Government’s May 2015 Budget will include additional $A450m in funding for national security initiatives. Some $A131m will be allocated to telcos and ISPs to offset the cost of upgrading their systems in order to retain metadata for up to two years under the Government’s data retention laws. Intelligence agencies will receive a $A296m funding increase.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET

Budget’s switch to spending

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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