BUSINESS AND POLITICS – AUSTRALIA

Small business in line for big win

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Original article by David Crowe, Emily Ritchie
The Australian – Page: 5 : 9-May-17

A tax deduction that is popular with small business owners is due to expire on 30 June 2017. The "instant" deduction is able to be claimed against capital costs of up to $A20,000, and was first introduced by the Australian Labor Party in 2012. Peter Strong from the Council of Small Business Australia says he is hopeful that Treasurer Scott Morrison will announce an extension to the tax deduction in the May 2017 Budget.

CORPORATES
AUSTRALIAN LABOR PARTY, COUNCIL OF SMALL BUSINESS ORGANISATIONS OF AUSTRALIA LIMITED, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF INDUSTRY, INNOVATION AND SCIENCE

Corporate changes blast the 457 visa changes

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Original article by Patrick Durkin
The Australian Financial Review – Page: 10 : 5-May-17

Business leaders are continuing their attack on the Federal Government’s changes to the skilled visa system and its abolition of 457 visas. Gregory Robinson of Blenheim Partners says the changes to the skilled visa system have seen companies withdraw job offers to overseas candidates, while the scrapping of the 457 system has been described by some business leaders as "protectionist" and giving into "populism"

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, BLENHEIM PARTNERS, TABCORP HOLDINGS LIMITED – ASX TAH, HEALTHSCOPE LIMITED – ASX HSO, AURIZON HOLDINGS LIMITED – ASX AZJ, AUSTRALIAN COUNCIL OF SUPERANNUATION INVESTORS INCORPORATED, OZ MINERALS LIMITED – ASX OZL, INVESTA OFFICE FUND – ASX IOF, INDIA. PRIME MINISTER’S OFFICE, NEW ZEALAND. DEPT OF THE PRIME MINISTER AND CABINET, GRAINCORP LIMITED – ASX GNC, SCENTRE GROUP – ASX SCG, WESTFIELD CORPORATION – ASX WFD

Treasurer blocks BHP offshore move

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Original article by Emily Ritchie
The Australian – Page: 1 & 6 : 4-May-17

The Federal Government has signalled that it would intervene to thwart any attempt to shift BHP Billiton’s primary sharemarket listing to the UK. Treasurer Scott Morrison says retaining BHP’s dual listing is in the national interest, given the resources group’s economic contribution to Australia and BHP’s large domestic shareholder base. BHP itself has estimated that the proposal by activist hedge fund Elliott Management would cost around $US1.3bn ($A1.73bn). Morrison has also suggested that BHP directors could face criminal and civil action if the dual listing is abolished.

CORPORATES
BHP BILLITON LIMITED – ASX BHP, AUSTRALIA. DEPT OF THE TREASURY, ELLIOTT MANAGEMENT CORPORATION, MOODY’S INVESTORS SERVICE INCORPORATED, ARCONIC INCORPORATED, ALCOA INCORPORATED

States lock away 200 years of gas supply: business

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Original article by Sarah Martin, Anthony Klan
The Australian – Page: 1 & 4 : 28-Apr-17

The Australian Petroleum Production & Exploration Association says the Federal Government’s move to impose LNG export controls could increase the nation’s sovereign risk and discourage investment in exploration and production. APPEA and Resources Minister Matt Canavan have criticised state governments for restrictions on gas exploration, and APPEA estimates that there are sufficient untapped gas reserves in Victoria and New South Wales to meet demand for gas on the east coast for about 200 years.

CORPORATES
AUSTRALIAN PETROLEUM PRODUCTION AND EXPLORATION ASSOCIATION LIMITED, AUSTRALIA. DEPT OF INDUSTRY, INNOVATION AND SCIENCE, BUSINESS COUNCIL OF AUSTRALIA, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF THE TREASURY, SANTOS LIMITED – ASX STO, COUNCIL OF AUSTRALIAN GOVERNMENTS

Government may step in, PM warns gas sector

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Original article by Sarah Martin
The Australian – Page: 1 & 2 : 20-Apr-17

Prime Minister Malcolm Turnbull held further talks with energy industry CEOs on 19 April 2017, as part of the Federal Government’s efforts to resolve the gas crisis. However, the energy groups’ failure to offer new strategies to increase domestic gas supplies prompted Turnbull to raise the prospect of more government intervention in the sector. The Government has also asked the Australian Competition & Consumer Commission to use its inquiry powers to investigate the domestic gas market over the next three years.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, SANTOS LIMITED – ASX STO, ORIGIN ENERGY LIMITED – ASX ORG, ROYAL DUTCH SHELL PLC, AUSTRALIA. DEPT OF THE ENVIRONMENT AND ENERGY, AUSTRALIA. DEPT OF INDUSTRY, INNOVATION AND SCIENCE, THE AUSTRALIAN INDUSTRY GROUP

Santos warns ‘hot air’ inflating gas debate

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Original article by Leo Shanahan
The Australian – Page: 17 & 20 : 19-Apr-17

Executives from LNG producers will meet with Prime Minister Malcolm Turnbull on 19 April 2017. Santos CEO Kevin Gallagher has cautioned against government intervention to address the gas crisis on the east coast, arguing that it is not the role of governments to "pick winners and losers". He adds that lack of sufficient development of gas resources is the main cause of the crisis. Opposition Leader Bill Shorten believes that the government should step in to resolve the crisis, saying domestic gas users should be prioritised over export customers.

CORPORATES
SANTOS LIMITED – ASX STO, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIAN LABOR PARTY, GLADSTONE LNG PTY LTD, ORIGIN ENERGY LIMITED – ASX ORG, AUSTRALIA PACIFIC LNG LIMITED, ROYAL DUTCH SHELL PLC, QUEENSLAND CURTIS LNG PTY LTD

Networks seek end to kids’ TV quotas

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Original article by Mitchell Bingemann
The Australian – Page: 23 : 10-Apr-17

Australia’s commercial free-to-air networks have argued that the growing range of viewing options means the quota system for children’s programming is no longer appropriate. The networks’ submissions to the Federal Government’s arts inquiry noted that children are spending less time watching TV content on free-to-air, citing factors such as the emergence of streaming services and growing viewership of ABC channels among young audiences.

CORPORATES
AUSTRALIA. DEPT OF COMMUNICATIONS AND THE ARTS, TEN NETWORK HOLDINGS LIMITED – ASX TEN, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, SEVEN WEST MEDIA LIMITED – ASX SWM, AUSTRALIAN BROADCASTING CORPORATION

It’s time to raise GST, says Proust

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Original article by Glenda Korporaal
The Australian – Page: 19 & 22 : 2-Feb-17

Australian Institute of Company Directors president Elizabeth Proust says the Federal Government should pursue comprehensive tax reform. She argues that this should include increasing the goods and services tax from 10 per cent to 15 per cent, and adds that reducing personal income tax rates should also be a higher priority than company tax cuts. The AICD released a position paper in 2016 which noted that the average GST rate among OECD countries is 19.2 per cent.

CORPORATES
AUSTRALIAN INSTITUTE OF COMPANY DIRECTORS, ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT, BUSINESS COUNCIL OF AUSTRALIA, AUSTRALIA. DEPT OF THE TREASURY, UNITED STATES. EXECUTIVE OFFICE OF THE PRESIDENT

$200b ‘Google tax’ could snare innocent businesses

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Original article by Joanna Mather
The Australian Financial Review – Page: 1 & 4 : 18-Jan-17

Chartered Accountants Australia & New Zealand has warned that the Federal Government’s Diverted Profits Tax will deter investment in Australia, while discouraging local multinational companies from pursuing overseas expansion. Greenwoods & Herbert Smith Freehills has expressed concern about the scope of the draft legislation compared with the British version of the tax. The tax, which aims to combat profit-shifting by multinationals, is forecast to raise about $A200m over four years and is slated to take effect from mid-2017.

CORPORATES
CHARTERED ACCOUNTANTS AUSTRALIA AND NEW ZEALAND, GREENWOODS AND HERBERT SMITH FREEHILLS PTY LTD, CORPORATE TAX ASSOCIATION, AUSTRALIAN TAXATION OFFICE, AUSTRALIA. DEPT OF THE TREASURY, ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT

Thank me for miners’ GST push: Grylls

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Original article by Paul Garvey
The Australian – Page: 13 & 14 : 10-Jan-17

Minerals Council of Australia CEO Brendan Pearson has rejected suggestions that its proposal for changes to the system for distributing GST revenue was influenced by Western Australian National Party leader Brendon Grylls. The MCA’s submission to the Productivity Commission argues that the system disadvantages states that encourage the development of resources projects. Grylls urged the mining sector to lobby for GST reform in 2016, when he proposed to increase the state’s iron ore levy from $A0.25 per tonne to $A5.

CORPORATES
MINERALS COUNCIL OF AUSTRALIA, NATIONAL PARTY OF AUSTRALIA, AUSTRALIA. PRODUCTIVITY COMMISSION, BHP BILLITON LIMITED – ASX BHP, RIO TINTO LIMITED – ASX RIO