BUSINESS AND POLITICS – AUSTRALIA

Pressure on Shorten to fix tax split

roymorgansocial Leave a comment

Original article by Simon Benson, Ben Packham
The Australian – Page: 1 & 6 : 28-Jun-18

Dissent within Labor is continuing over plans to reverse tax cuts for companies with annual turnover of between $A10m and $A50m if Labor wins the next election. Labor’s leadership group is expected to endorse the policy at a meeting on 28 June, despite some Labor MPs expressing concern that Opposition Leader Bill Shorten announced the policy without consulting the shadow cabinet or caucus. The Federal Government remains hopeful of gaining the support of Senate crossbenchers for its full company tax cuts package.

CORPORATES
AUSTRALIAN LABOR PARTY, CENTRE ALLIANCE, ONE NATION PARTY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. DEPT OF FINANCE, COUNCIL OF SMALL BUSINESS ORGANISATIONS OF AUSTRALIA LIMITED, REACHTEL PTY LTD

Shorten’s $20bn tax clawback

roymorgansocial Leave a comment

Original article by Simon Benson, Ben Packham
The Australian – Page: 1 & 6 : 27-Jun-18

Opposition Leader Bill Shorten has confirmed that Labor will reverse tax cuts for businesses with turnover of $A10m to $A50m if it wins the next federal election. A cut tax for firms with turnover of $A25m to $A50m is scheduled to take effect on 1 July. Shorten has indicated that Labor could also repeal previously legislated tax cuts for businesses with turnover of $A2m to $A10m. Employers’ groups have warned that Labor’s stance will create uncertainty for businesses, while some Labor MPs say Shorten did not consult shadow cabinet or caucus before announcing the policy.

CORPORATES
AUSTRALIAN LABOR PARTY, COUNCIL OF SMALL BUSINESS ORGANISATIONS OF AUSTRALIA LIMITED, BUSINESS COUNCIL OF AUSTRALIA, AUSTRALIAN CHAMBER OF COMMERCE AND INDUSTRY

MPs risk jobs with tax block

roymorgansocial Leave a comment

Original article by Simon Benson
The Australian – Page: 1 & 7 : 26-Jun-18

BHP Billiton CEO Andrew Mackenzie and Fortescue Metals Group CEO Elizabeth Gaines are among the business leaders who have urged the Senate to pass the Federal Government’s company tax cuts package. Mackenzie says the lack of a globally competitive tax rate could prompt BHP to redirect up to $A32bn worth of investment to other countries. One Nation leader Pauline Hanson in particular has been targeted over her stance on the tax cuts, with beef processor JBL stressing that it employs 6,500 people in her home state of Queensland.

CORPORATES
BHP BILLITON LIMITED – ASX BHP, FORTESCUE METALS GROUP LIMITED – ASX FMG, ONE NATION PARTY, JBL, CENTRE ALLIANCE, THOMAS FOODS INTERNATIONAL, AUSTRALIAN LABOR PARTY, UNITED AUSTRALIA PARTY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET

Huawei hits back over security ban

roymorgansocial Leave a comment

Original article by Andrew Tillett, Jennifer Hewett
The Australian Financial Review – Page: 1 & 2 : 18-Jun-18

Huawei Australia directors have refuted suggestions that the Chinese telco’s participation in the construction of a 5G wireless network raises national security concerns. They have written to federal MPs arguing that Huawei supplies equipment for the mobile networks of Optus, Vodafone and TPG, and they have warned that the company could potentially withdraw from Australia if it is excluded from the 5G project. Huawei has also dismissed concerns about its links to the Chinese government, stressing that it is a privately-owned company.

CORPORATES
HUAWEI TECHNOLOGIES COMPANY LIMITED, HUAWEI TECHNOLOGIES (AUSTRALIA) PTY LTD, SINGTEL OPTUS PTY LTD, VODAFONE AUSTRALIA LIMITED, TPG TELECOM LIMITED – ASX TPM, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA CHINA BUSINESS COUNCIL, ZTE CORPORATION, AUSTRALIA. DEPT OF FOREIGN AFFAIRS AND TRADE, AUSTRALIAN LABOR PARTY

Renewables rush a risk to industry

roymorgansocial Leave a comment

Original article by Ben Packham
The Australian – Page: 1 & 6 : 15-Jun-18

Large electricity users are concerned about the impact of the Federal Government’s national energy guarantee on baseload power supply. Tomago Aluminium CEO Matt Howell argues that some industrial users require competitively priced baseload power around the clock, which renewables cannot guarantee without reliable storage technology. Resources Minister Matt Canavan says coal is still the best option for supplying cheap and reliable baseload power, and he warns that coal would no longer be competitive under Labor’s carbon emissions policy.

CORPORATES
TOMAGO ALUMINIUM COMPANY PTY LTD, AUSTRALIA. DEPT OF INDUSTRY, INNOVATION AND SCIENCE, AUSTRALIA. DEPT OF THE ENVIRONMENT AND ENERGY, AUSTRALIAN LABOR PARTY, MANUFACTURING AUSTRALIA LIMITED, BLUESCOPE STEEL LIMITED – ASX BSL, CSR LIMITED – ASX CSR, DULUXGROUP LIMITED – ASX DLX, BRICKWORKS LIMITED – ASX BKW, ADELAIDE BRIGHTON LIMITED – ASX ABC, CEMENT AUSTRALIA PTY LTD, RHEEM AUSTRALIA LIMITED, TESLA INCORPORATED, AGL ENERGY LIMITED – ASX AGL

Call to cut red tape in bid to hasten projects

roymorgansocial Leave a comment

Original article by Joe Kelly
The Australian – Page: 2 : 8-Jun-18

A new report from the Institute of Public Affairs advocates a range of measures aimed at reducing the compliance burden for the business sector. The report’s co-author, Daniel Wild, says the annual cost of red tape is $A176bn and a major overhaul of the regulatory regime is necessary. Amongst other things, the IPA report calls for sweeping changes to the approvals process for major projects and people who want to start their own business.

CORPORATES
INSTITUTE OF PUBLIC AFFAIRS LIMITED

ALP urged to clarify company tax plan

roymorgansocial Leave a comment

Original article by Phillip Coorey
The Australian Financial Review – Page: 6 : 30-May-18

The tax rate of businesses whose turnover is within the range of $A25m-$A50m will be reduced from 30 per cent to 27.5 per cent from 1 July, under the next stage of the Federal Government’s company tax cuts package. Council of Small Business Australia CEO Peter Strong says Labor should state whether it intends to reverse the tax cuts that have been legislated if it wins the next federal election, arguing that businesses need certainty with regard to tax policy.

CORPORATES
AUSTRALIAN LABOR PARTY, COUNCIL OF SMALL BUSINESS ORGANISATIONS OF AUSTRALIA LIMITED, NATIONAL PARTY OF AUSTRALIA, AUSTRALIA. PARLIAMENTARY BUDGET OFFICE

Minister lambasts CBA fee gouge

roymorgansocial Leave a comment

Original article by Caitlin Fitzsimmons
The Age – Page: 8 : 24-May-18

Financial Services Minister Kelly O’Dwyer has criticised the Commonwealth Bank’s move to impose a "regulatory reform fee" on members of its superannuation and pension funds. Super fund members have been told that the fee is to cover the cost of unspecified but "highly technical and complex" regulatory reforms. O’Dwyer says there appears to be no justification for the fee, and argues that customers’ retirement savings should not be used to meet compliance requirements.

CORPORATES
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIA. DEPT OF FINANCE, COLONIAL FIRST STATE GROUP LIMITED, COMMONWEALTH PRIVATE BANK, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY

Business demands clarity on cuts

roymorgansocial Leave a comment

Original article by Joe Kelly
The Australian – Page: 4 : 15-May-18

The tax rate for companies with turnover of up to $A50m is slated to be reduced to 27.5 per cent on 1 July, as part of the Federal Government’s enterprise tax plan. Australian Chamber of Commerce & Industry CEO James Pearson has urged the Opposition to declare its stance on the tax cuts. He says businesses may choose not to utilise the extra cash due to concerns that the tax cuts may be reversed if Labor wins the next election. Council of Small Business of Australia CEO Peter Strong has also called for Labor to clarify its position.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIAN CHAMBER OF COMMERCE AND INDUSTRY, COUNCIL OF SMALL BUSINESS ORGANISATIONS OF AUSTRALIA LIMITED, AUSTRALIA. DEPT OF FINANCE, ONE NATION PARTY, CENTRE ALLIANCE

Bring on TPP-11 or lose $15bn a year, says Minerals Council

roymorgansocial Leave a comment

Original article by Adam Creighton
The Australian – Page: 17 & 20 : 14-May-18

The Minerals Council of Australia has released the results of modelling which suggests that the Trans-Pacific Partnership will boost Australia’s GDP by about 0.54 per cent a year, which equates to $A15bn. CEO David Byers says the 11-nation trade deal will bolster jobs, wages, economic growth and consumer choice in Australia. Byers has downplayed the ACTU’s concerns that the TPP will prompt a surge in temporary skilled migrant numbers, and called on federal parliament to endorse it.

CORPORATES
MINERALS COUNCIL OF AUSTRALIA, TRANS-PACIFIC PARTNERSHIP, ACTU, UNITED STATES. EXECUTIVE OFFICE OF THE PRESIDENT, AUSTRALIA. DEPT OF FOREIGN AFFAIRS AND TRADE, BRANDEIS UNIVERSITY, JOHN HOPKINS UNIVERSITY, NATIONAL FARMERS’ FEDERATION LIMITED, UNIVERSITY OF NEW SOUTH WALES