BUDGET – AUSTRALIA

$500m yearly drop in tariffs on Japan goods

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Original article by Sid Maher
The Australian – Page: 21 : 16-Dec-14

The Australian Government’s mid-year Budget update shows that the free trade agreement with Japan will reduce revenue from tariffs by $A100m in 2014-15 and $A1.59bn over the next four years. The Budget update also forecasts that China’s economic growth will slow to 6.5 per cent in 2016, while India’s economy will grow by six per cent

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, JAPAN. OFFICE OF THE PRIME MINISTER, INDIA. PRIME MINISTER’S OFFICE

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

More tax not ruled out by Cormann

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Original article by Joanna Heath
The Australian Financial Review – Page: 7 : 6-Oct-14

Finance Minister Mathias Cormann says the Australian Government remains committed to returning the Budget to surplus. Cormann has conceded that increasing taxes is one option in the December 2014 Budget update, as the Government seeks to finance the additional expenditure that has been made since the Budget was released in May. Cormann adds that the forward Budget estimates will include cost-saving measures that have been blocked by the Senate

CORPORATES
AUSTRALIA. DEPT OF FINANCE, AUSTRALIA. DEPT OF THE TREASURY, SKY NEWS, AUSTRALIAN NEWS CHANNEL PTY LTD, AUSTRALIAN LABOR PARTY

Budget takes $10b welfare hit

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Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 6 : 2-Oct-14

Prime Minister Tony Abbott says the Australian Government still aims to roll out cuts to welfare spending worth $A10bn. This is despite the Budget measures having been abandoned in a compromise deal struck with the Opposition. The Australian Labor Party will now vote for a bill that contains $A2.7bn worth of cuts, after negotiations were fruitful on 1 October 2014. Treasurer Joe Hockey and Finance Minister Mathias Cormann will also continue to hold talks with independent and minor party senators on getting more bills passed

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

Hockey’s budget retreat

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Original article by Laura Tingle, Phillip Coorey, Jacob Greber
The Australian Financial Review – Page: 1 & 6 : 1-Oct-14

The Australian Government has conceded that only about $A3 billion of its proposed welfare cuts will be passed by the Senate. Measures worth $A10 billion are likely to be blocked. The Government may be forced to drop up to $A30 billion of Budget savings, threatening its promise to reduce the deficit. The Government is examining alternative savings measures that will be revealed in the mid-year budget review in December 2014

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

CEOs: Senate threat to growth

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Original article by James Thomson, Shaun Drummond, Simon Evans, Jamie Freed, Jessica Gardner, Jenny Wiggins
The Australian Financial Review – Page: 1 & 4 : 1-Sep-14

Wotif.com CEO Scott Bulme and Cochlear CEO Chris Roberts are among the executives who say the Senate should cease its resistance to the Australian Government’s Budget measures. Business leaders are concerned about the outlook for consumer and business confidence, arguing that it is being undermined by the impasse in the upper house. Many CEOs also believe that the Reserve Bank should not increase official interest rates while business confidence remains weak

CORPORATES
WOTIF.COM HOLDINGS LIMITED – ASX WTF, COCHLEAR LIMITED – ASX COH, PERPETUAL LIMITED – ASX PPT, RESERVE BANK OF AUSTRALIA, FLIGHT CENTRE TRAVEL GROUP LIMITED – ASX FLT, MEMBERS EQUITY BANK PTY LTD, TABCORP HOLDINGS LIMITED – ASX TAH, NIB HOLDINGS LIMITED – ASX NHF, AMP LIMITED – ASX AMP, EXPEDIA INCORPORATED

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

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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