BUSINESS AND POLITICS – AUSTRALIA

Trump’s tax cut puts heat on Labor

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Original article by Andrew White, Cameron Stewart
The Australian – Page: 1 & 4 : 4-Dec-17

Australian business leaders have warned that jobs and investment will be at risk unless proposed changes to the corporate tax regime are implemented. Business Council of Australia CEO Jennifer Westacott says the US will attract more capital at the expense of Australia after the US Senate passed the tax package of President Donald Trump. The US corporate tax rate will be slashed from 35 per cent to around 20 per cent, prompting business groups to urge the Australian Labor Party and crossbenchers to support the proposal for an across-the-board reduction in Australia’s company tax rate to 25 per cent.

CORPORATES
BUSINESS COUNCIL OF AUSTRALIA, AUSTRALIAN CHAMBER OF COMMERCE AND INDUSTRY, AUSTRALIAN LABOR PARTY, UNITED STATES. EXECUTIVE OFFICE OF THE PRESIDENT, PRICEWATERHOUSECOOPERS, UNIVERSITY OF SYDNEY. UNITED STATES STUDIES CENTRE, AUSTRALIA. DEPT OF THE TREASURY, REPUBLICAN PARTY (UNITED STATES)

Tax cuts will unleash investment

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Original article by Andrew Tillett
The Australian Financial Review – Page: 1 & 7 : 20-Nov-17

Just over 80 per cent of companies taking part in a Business Council of Australia survey say they would increase investment if the corporate tax rate was cut to 25 per cent. Just under 75 per cent stated they felt a reduction in the tax rate would make them more competitive globally, while 70 per cent stated they would hire more staff. Prime Minister Malcolm Turnbull says the results of the survey shows the federal government’s plan to cut company tax is the correct one.

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

Westpac CEO says political consensus needed to lift business confidence

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Original article by James Eyers,James Frost
The Australian Financial Review – Page: Online : 7-Nov-17

Westpac CEO Brian Hartzer has urged Australia’s politicians to find common ground on issues such as energy policy and infrastructure spending, so as to encourage business confidence. He made his remarks while announcing on 6 November that Westpac had recorded an annual profit of $A8.1 billion. Westpac predicts that Australian gross domestic product will grow by just 2.5 per cent in 2018, compared with forecast global growth of 3.5 per cent. Hartzer does not expect any change in interest rates for some time to come.

CORPORATES
WESTPAC BANKING CORPORATION – ASX WBC,AUSTRALIA. DEPT OF THE TREASURY,RESERVE BANK OF AUSTRALIA,AUSTRALIAN LABOR PARTY,AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ,NATIONAL AUSTRALIA BANK LIMITED – ASX NAB

Citizenship debacle a trust breaker: Goyder

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Original article by Jacob Greber
The Australian Financial Review – Page: 4 : 3-Nov-17

Wesfarmers CEO Richard Goyder says political uncertainty is weighing on consumer confidence and retail sales. He used a National Press Club speech on 2 November to criticise former Senate president Stephen Parry over a long delay in disclosing concerns that he may have British citizenship by descent. Goyder added that Parry’s inaction has contributed to the general public’s lack of trust in politicians and heightened the perception that they are not addressing the needs of electors.

CORPORATES
WESFARMERS LIMITED – ASX WES, NATIONAL PRESS CLUB (AUSTRALIA), HIGH COURT OF AUSTRALIA, AMAZON.COM INCORPORATED

NAB, CBA: We didn’t hike rates for profit

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Original article by James Frost
The Australian Financial Review – Page: 3 : 23-Oct-17

The Australian Prudential Regulation Authority requested in March that interest-only loans be capped at 30 per cent of all mortgages. National Australia Bank and Commonwealth Bank executives were asked by federal parliament’s economics committee on 20 October why they lifted rates for existing interest-only loan customers in the wake of APRA’s directive, with the suggestion being that they were motivated by profit. However, this implication was rejected by the bank executives.

CORPORATES
AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIA. HOUSE OF REPRESENTATIVES STANDING COMMITTEE ON ECONOMICS, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALIA. PRODUCTIVITY COMMISSION, MACQUARIE GROUP LIMITED – ASX MQG

Strong backing for energy plan

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Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 4 : 18-Oct-17

The Australian Energy Regulator will be responsible for ensuring that electricity retailers comply with carbon emission reduction targets under the Federal Government’s National Energy Guarantee. The new energy policy also requires electricity retailers to meet reliability standards. Business leaders are generally supportive of the policy, although the Opposition has some concerns about it, while some state governments are highly critical. Former prime minister Tony Abbott maintains that the energy policy should not include an emissions reduction target.

CORPORATES
AUSTRALIAN ENERGY REGULATOR, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF THE ENVIRONMENT AND ENERGY, AUSTRALIAN LABOR PARTY, AUSTRALIA. OFFICE OF THE CHIEF SCIENTIST, BUSINESS COUNCIL OF AUSTRALIA, AUSTRALIAN CHAMBER OF COMMERCE AND INDUSTRY, THE AUSTRALIAN INDUSTRY GROUP, AGL ENERGY LIMITED – ASX AGL, ORIGIN ENERGY LIMITED – ASX ORG, THE AUSTRALIA INSTITUTE LIMITED, LIBERAL-NATIONAL PARTY OF QUEENSLAND, SOUTH AUSTRALIA. DEPT OF THE PREMIER AND CABINET, VICTORIA. DEPT OF PREMIER AND CABINET, QUEENSLAND. DEPT OF ENERGY AND WATER SUPPLY, COUNCIL OF AUSTRALIAN GOVERNMENTS, AUSTRALIAN ENERGY MARKET COMMISSION, AUSTRALIAN ENERGY MARKET OPERATOR LIMITED, CLEAN ENERGY COUNCIL LIMITED

Goode blasts ‘unfair’ tax on big five banks

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Original article by Eli Greenblat
The Australian – Page: 20 : 17-Oct-17

Diversified United Investments (DUI) chairman Charles Goode says the Federal Government must reconsider its proposed levy on the four major banks and Macquarie Group. He has told the listed investment company’s shareholders that the banks already pay billions of dollars in income tax, and targeting only some companies in a specific sector is unfair and discriminatory. DUI holds $A240m worth of shares in the major banks, while Australian United Investments – which is also chaired by Goode – has a $A315m exposure to the big banks.

CORPORATES
DIVERSIFIED UNITED INVESTMENT LIMITED – ASX DUI, AUSTRALIAN UNITED INVESTMENT COMPANY LIMITED – ASX AUI, MACQUARIE GROUP LIMITED – ASX MQG, LIBERAL PARTY OF AUSTRALIA, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, WOODSIDE PETROLEUM LIMITED – ASX WPL, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, IAN POTTER FOUNDATION, FLAGSTAFF PARTNERS PTY LTD, WALLARA ASSET MANAGEMENT, RIVER CAPITAL PTY LTD, SG HISCOCK AND COMPANY LIMITED, AUSTRALIAN FOUNDATION INVESTMENT COMPANY LIMITED – ASX AFI

Senate push for stronger BOOT test

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Original article by David Marin-Guzman
The Australian Financial Review – Page: 11 : 5-Oct-17

The Business Council of Australia has supported a Senate committee’s proposal to make changes to the "better off overall test" in the Fair Work Act to ensure that workers’ rights are protected. A BCA spokesman says addressing such deficiencies is necessary in order to enhance the enterprise bargaining system and address the issue of low growth in wages. The Labor-dominated Senate committee recommended some "fine-tuning" of the better off overall test.

CORPORATES
BUSINESS COUNCIL OF AUSTRALIA, AUSTRALIAN LABOR PARTY, SHOP, DISTRIBUTIVE AND ALLIED EMPLOYEES’ ASSOCIATION, COLES SUPERMARKETS AUSTRALIA PTY LTD, NICK XENOPHON TEAM

Gas controls raise world LNG prices

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Original article by Angela Macdonald-Smith, Phillip Coorey
The Australian Financial Review – Page: 1 & 4 : 4-Oct-17

The Federal Government has signed a heads of agreement with Origin Energy, Santo and Shell that will avoid the need for it to impose LNG export controls. The LNG producers have committed to supplying sufficient gas to the domestic market to meet expected shortfalls in 2018 and 2019. The agreement also makes provision for any gas that is surplus to their contractual requirements to be offered to the domestic market first. Meanwhile, speculation that Australia’s LNG exports will be curbed has prompted a sharp rise in spot prices in North Asia in recent weeks.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF THE ENVIRONMENT AND ENERGY, ORIGIN ENERGY LIMITED – ASX ORG, SANTOS LIMITED – ASX STO, SHELL COMPANY OF AUSTRALIA LIMITED, AUSTRALIAN PETROLEUM PRODUCTION AND EXPLORATION ASSOCIATION LIMITED, AUSTRALIAN LABOR PARTY, AUSTRALIA PACIFIC LNG LIMITED, GLADSTONE LNG PTY LTD, WOOD MACKENZIE, JP MORGAN AUSTRALIA LIMITED

Enterprise deals unworkable, bosses warn

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Original article by Ewin Hannan
The Australian – Page: 5 : 20-Sep-17

Australian Industry Group CEO lnnes Willox has called for changes to the way the "better-off-overall test" is applied in approving enterprise bargaining agreements. He argues that applying the test equally to all workers at a company has become unworkable in the wake of the Fair Work Commission’s decision to strike down an EBA at Coles in 2016. Willox favours a recommendation of the Productivity Commission that the test be applied to different classes of employees.

CORPORATES
AUSTRALIA. FAIR WORK COMMISSION, THE AUSTRALIAN INDUSTRY GROUP, COLES SUPERMARKETS AUSTRALIA PTY LTD, SHOP, DISTRIBUTIVE AND ALLIED EMPLOYEES’ ASSOCIATION, AUSTRALIA. DEPT OF EMPLOYMENT