BUSINESS AND POLITICS – AUSTRALIA

Corporate executives set to escape 457 visa changes

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Original article by Patrick Durkin
The Australian Financial Review – Page: 2 : 5-Jun-17

The Australian Government is expected to release a revised list of occupations that are excluded from the 457 visa scheme by the end of June 2017. The CEOs of several listed companies are among those to be affected by the visa reforms, but business groups are confident that the Government will relax the new rules with regard to senior executives. Sectors such as retailing, hospitality, tourism and higher education are also seeking exemptions from the new visa rules.

CORPORATES
AUSTRALIA. DEPT OF IMMIGRATION AND BORDER PROTECTION, AUSTRALIAN CHAMBER OF COMMERCE AND INDUSTRY, GRAINCORP LIMITED – ASX GNC, ORICA LIMITED – ASX ORI, NBN CO LIMITED, KORN/FERRY AUSTRALASIA, AUSTRALIAN MINES AND METALS ASSOCIATION (INCORPORATED), BHP BILLITON LIMITED – ASX BHP, WOODSIDE PETROLEUM LIMITED – ASX WPL, AMERICAN CHAMBER OF COMMERCE IN AUSTRALIA, FRENCH CHAMBER OF COMMERCE AND INDUSTRY, MERCER CONSULTING GROUP INCORPORATED, WELLS FARGO AND COMPANY, GM HOLDEN LIMITED, 3M CORPORATION, EUROPCAR, UNIVERSITY OF SYDNEY

Offshore bank investors fret over housing: Elliott

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Original article by James Eyers
The Australian Financial Review – Page: 8 : 2-Jun-17

ANZ Bank CEO Shayne Elliott says UK investors with stakes in Australian banks are worried that recent regulatory changes to housing policy in Australia may lead to a market correction. Elliott, who was speaking at a G100 conference in Sydney, also said that comments by Federal Treasurer Scott Morrison that Australia’s large banks are "an oligopoly" were unhelpful, noting that there are other sectors in Australia that are just as concentrated as banking.

CORPORATES
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, AUSTRALIA. DEPT OF THE TREASURY

Media united on job fears

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Original article by David Crowe
The Australian – Page: 1 & 4 : 1-Jun-17

Executives from rival Australian media companies joined forces on 30 May to lobby federal politicians to support cross-media ownership reforms. The Australian Labor Party and the Greens were widely criticised for opposing reforms such as abolition of the "two out of three rule". Industry executives used the summit at Parliament House to stress that local content and jobs will be at risk if the existing regime is not changed to enable local media players to compete with digital giants such as Google and Facebook.

CORPORATES
TEN NETWORK HOLDINGS LIMITED – ASX TEN, MACQUARIE MEDIA LIMITED – ASX MRN, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS, SEVEN WEST MEDIA LIMITED – ASX SWM, FAIRFAX MEDIA LIMITED – ASX FXJ, FOXTEL MANAGEMENT PTY LTD, FREE TV AUSTRALIA LIMITED, AUSTRALIAN SUBSCRIPTION TELEVISION AND RADIO ASSOCIATION (ASTRA) INCORPORATED, GOOGLE INCORPORATED, FACEBOOK INCORPORATED, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF COMMUNICATIONS AND THE ARTS, AUSTRALIA. DEPT OF FOREIGN AFFAIRS AND TRADE, AUSTRALIAN LABOR PARTY, AUSTRALIAN GREENS, ONE NATION PARTY, NICK XENOPHON TEAM, TPG CAPITAL LP, HELLMAN AND FRIEDMAN

Bank levy slammed as ‘hate tax’

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Original article by Phillip Coorey, James Frost
The Australian Financial Review – Page: 1 & 4 : 1-Jun-17

Australia’s banks have conceded that the Federal Goverment’s proposed levy is likely to proceed, but they have expressed concern about the "aggressive" stance of Treasurer Scott Morrison regarding the sector. Financial System Inquiry chair David Murray has described the levy as a "hate tax" which raises the question of whether the Government will target other sectors. Australian Foundation Investment Company MD Ross Barker has also expressed concern about the Government’s stance on the banks, given their importance to the economy.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN FOUNDATION INVESTMENT COMPANY LIMITED – ASX AFI, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, AUSTRALIAN LABOR PARTY, AUSTRALIA. PARLIAMENTARY BUDGET OFFICE, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, MACQUARIE GROUP LIMITED – ASX MQG

Late bid by media bosses to sway ALP

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Original article by David Crowe
The Australian – Page: 6 : 31-May-17

Media executives will lobby federal politicians to support cross-media ownership reforms at meetings on 31 May. The support of Senate cross-benchers is likely to be crucial, as the Australian Labor Party still opposes abolition of the "two-out-of-three" rule. Communications spokeswoman Michelle Rowland argues that media ownership is already too concentrated under the existing regime. However, she says Labor would vote to scrap the "reach rule" if it is put to parliament in a separate bill.

CORPORATES
AUSTRALIAN LABOR PARTY, ONE NATION PARTY, SEVEN WEST MEDIA LIMITED – ASX SWM, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, TEN NETWORK HOLDINGS LIMITED – ASX TEN, FAIRFAX MEDIA LIMITED – ASX FXJ, NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS, AUSTRALIA. DEPT OF COMMUNICATIONS AND THE ARTS

Bitter war on banks escalates

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Original article by Phillip Coorey, James Eyers
The Australian Financial Review – Page: 1 & 8 : 11-May-17

Federal Treasurer Scott Morrison says Australia’s five largest banks should avoid passing the cost of a proposed $A6.2bn Budget repair levy on to customers, warning that it would make them even less popular. Morrison has also advised that the levy will not be abolished once the Budget returns to surplus, although Australian Bankers’ Association CEO Anna Bligh has called for it to be scrapped once the deficit is eliminated. Meanwhile, shadow treasurer Chris Bowen says a royal commission into the bank is still needed.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN BANKERS’ ASSOCIATION, AUSTRALIAN LABOR PARTY, AUSTRALIAN GREENS, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, WESTPAC BANKING CORPORATION – ASX WBC, MACQUARIE GROUP LIMITED – ASX MQG, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, LIBERAL PARTY OF 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