BUDGET – AUSTRALIA

Researchers cut at Ebola laboratory

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Original article by Nicky Phillips, Phillip Thomson, Bridie Smith
The Sydney Morning Herald – Page: 7 : 15-Aug-14

The Australian Government’s May 2014 Budget contained funding cuts of $A111m over four years for the CSIRO research body. It has now been claimed by the CSIRO Staff Association that as many as eight researchers will be made redundant at its Australian Animal Health Laboratory. The facility in Geelong is the only one in the nation equipped to handle live samples of dangerous viruses such as ebola. The cuts are criticised by Australian Infectious Disease Research Centre director Mark Walker and Nobel Prize winner Peter Doherty. Kurt Zuelke, director of the Biosecurity Flagship at CSIRO, says research on the Hendra virus and avian influenza will remain unaffected

CORPORATES
CSIRO, CSIRO. AUSTRALIAN ANIMAL HEALTH LABORATORY, CSIRO STAFF ASSOCIATION, UNIVERSITY OF QUEENSLAND. AUSTRALIAN INFECTIOUS DISEASES RESEARCH CENTRE, NOBEL FOUNDATION

Hockey hits business for ‘weak’ help

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Original article by Jacob Greber, Phillip Coorey
The Australian Financial Review – Page: 1 & 4 : 7-Aug-14

Bank of America Merrill Lynch’s Saul Eslake expects the 2017-18 Budget deficit to be $A18bn if the Senate continues to oppose key measures, while he expects Australia’s net debt to rise to 16.5 per cent of GDP. Meanwhile, Treasurer Joe Hockey has defended the May 2014 Budget, arguing that Australians’ future standard of living will be adversely affected unless action on budget reform is taken now

CORPORATES
BANK OF AMERICA AUSTRALIA LIMITED, MERRILL LYNCH (AUSTRALIA) PTY LTD, AUSTRALIA. DEPT OF THE TREASURY, DEMOCRATIC LABOR PARTY, AUSTRALIAN MOTORING ENTHUSIAST PARTY, PALMER UNITED PARTY, AUSTRALIAN LABOR PARTY, THE AUSTRALIA AND NEW ZEALAND SCHOOL OF GOVERNMENT LIMITED, NEW ZEALAND. TREASURY, BUSINESS COUNCIL OF AUSTRALIA, RESERVE BANK OF AUSTRALIA, AUSTRALIA. PARLIAMENTARY BUDGET OFFICE

Business warns impasse will stunt its growth

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Original article by David Ramli
The Australian Financial Review – Page: 1 & 6 : 23-Jul-14

BHP Billiton CEO Andrew Mackenzie says the Senate’s move to block key measures in the Federal Government’s May 2014 Budget is discouraging offshore investors from investing in Australia. In particular, he has urged senators to support the abolition of the mining tax, describing it as a "huge" disincentive for potential foreign investors. ANZ Bank CEO Mike Smith says the Government has been given a mandate and should be allowed to pursue it, a view shared by Telstra CEO David Thodey

CORPORATES
BHP BILLITON LIMITED – ASX BHP|AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ|TELSTRA CORPORATION LIMITED – ASX TLS|GE MINING SERVICES HOLDINGS PTY LTD|GROUP OF TWENTY (G-20)|BUSINESS 20 (B20)|AUSTRALIA. DEPT OF THE TREASURY|PALMER UNITED PARTY|AUSTRALIAN GREENS

Budget is dead, says Palmer

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Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 4 : 18-Jul-14

The Australian Government has succeeded in scrapping the carbon tax, although the Senate is expected to block legislation to repeal the mining tax. Meanwhile, many of the key measures in the May 2014 Budget remain in doubt due to resistance in the Senate. Crossbench MP Clive Palmer believes that the Government’s only options are a mini-budget or a new election. Palmer and Australians Greens leader Christine Milne both say the Government had not sought to negotiate with them regarding Budget measures

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIAN GREENS, PALMER UNITED PARTY, McKELL INSTITUTE, AUSTRALIAN LABOR PARTY, LIBERAL PARTY OF AUSTRALIA

Post-budget worries hard to shake off

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Original article by Bianca Hartge-Hazelman
The Australian Financial Review – Page: 27 : 17-Jul-14

New data shows that Australian consumers remain concerned about the impact of the Federal Government’s May 2014 Budget. The consumer anxiety index, which is produced by National Australia Bank, rose to a new high of 64.5 points in the June quarter. This compares with 61.7 points in the March quarter. The level of anxiety is highest among people whose annual income is less than $A35,000, while women are more anxious than men

CORPORATES
NATIONAL AUSTRALIA BANK LIMITED – ASX NAB

Post-budget uncertainty takes toll on CFO confidence

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Original article by Shaun Drummond
The Australian Financial Review – Page: 19 : 16-Jul-14

Deloitte has released the findings of its quarterly survey of Australian CFOs. Some 62 per cent of respondents expect the Federal Government’s May 2014 Budget to adversely affect the economy. Meanwhile, 38 per cent said the Budget will negatively affect their company, although 40 per cent anticipate no impact. The survey for the June quarter also found that 70 per cent of CFOs forecast revenue growth in the next 12 months

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DELOITTE TOUCHE TOHMATSU LIMITED

Palmer’s $9b bombshell

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Original article by Phillip Coorey
The Australian Financial Review – Page: 1-Apr : 8-Jul-14

Palmer United Party leader Clive Palmer on 7 July 2014 announced that its senators would vote against a further $A9.5bn worth of cuts planned by the Australian Government in the 2014-15 Budget. While agreeing to pass legislation for the repeal of the minerals resource rent tax, Palmer said programs funded with its revenue would be retained, at a cost of close to $A8bn. Similarly, the repeal of the carbon tax will not bring the proposed rise in the income tax-free threshold from $A18,200 to $A21,000. The total value of Budget initiatives now set to falter in the Senate is $A34bn

CORPORATES
PALMER UNITED PARTY, AUSTRALIAN LABOR PARTY, AUSTRALIAN GREENS, AUSTRALIAN CHAMBER OF COMMERCE AND INDUSTRY, BUSINESS COUNCIL OF AUSTRALIA, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. DEPT OF HUMAN SERVICES. MEDICARE AUSTRALIA, ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT

Budget blamed for retail slump

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Original article by Blair Speedy
The Australian – Page: 27 : 4-Jul-14

Australian retailers have blamed poor sales on the Federal Government’s May 2014 Budget. In May, retail sales dropped by a seasonally adjusted 0.5 per cent, the largest fall in 13 months. The greatest decline was in discretionary spending, with sales in department stores falling by 2.6 per cent. Australian National Retailers Association CEO Margy Osmond said that uncertainty about many Budget measures was weakening consumer confidence

CORPORATES
AUSTRALIAN NATIONAL RETAILERS ASSOCIATION LIMITED, AUSTRALIAN RETAILERS ASSOCIATION, AUSTRALIAN BUREAU OF STATISTICS, PACIFIC BRANDS LIMITED – ASX PBG, FLIGHT CENTRE TRAVEL GROUP LIMITED – ASX FLT, METCASH LIMITED – ASX MTS, THE REJECT SHOP LIMITED – ASX TRS, DEUTSCHE BANK AG, RESERVE BANK OF AUSTRALIA

Palmer’s $86bn budget saving plan doesn’t add up

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Original article by David Crowe
The Australian – Page: 2 : 24-Jun-14

Palmer United Party leader and federal MP Clive Palmer will soon hold talks with Australian Prime Minister Tony Abbott on passing legislation for the Government’s 2014-15 Budget measures. Palmer has also outlined his own strategy for savings, with the national broadband network roll-out’s cost to be lowered from $A45bn to $A7bn by only serving rural areas. Palmer wants to buy submarines from the US for $A10bn rather than to spend $A37bn on new ones, by opting for nuclear-powered vessels. Experts have cast serious doubts on both policy proposals

CORPORATES
PALMER UNITED PARTY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, NBN CO LIMITED, PAUL BUDDE COMMUNICATION PTY LTD, TELSTRA CORPORATION LIMITED – ASX TLS, COMMITTEE FOR ECONOMIC DEVELOPMENT OF AUSTRALIA, AUSTRALIAN STRATEGIC POLICY INSTITUTE LIMITED, DELOITTE ACCESS ECONOMICS PTY LTD

AMA wants GP fee gone

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Original article by Dan Harrison
The Sydney Morning Herald – Page: 11 : 6/19/2014

The Australian Government’s May 2014 Budget contained a new co-payment of $A7 for visits to general practitioners bulk-billed to Medicare. However, Australian Medical Association (AMA) president Brian Owler has spoken out against the measure, arguing it is based on ideology as well as "unfair and unnecessary". Health Minister Peter Dutton had said the AMA was backing the initiative

CORPORATES
AUSTRALIAN MEDICAL ASSOCIATION LIMITED, AUSTRALIA. DEPT OF HEALTH, AUSTRALIA. DEPT OF HUMAN SERVICES. MEDICARE AUSTRALIA, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET