BUSINESS AND POLITICS – AUSTRALIA

Miners demand Fair Work overhaul

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Original article by Ewin Hannan
The Australian – Page: 6 : 26-Oct-16

Australian Mines & Metals Association CEO Steve Knott has called for Employment Minister Michaelia Cash to implement an independent review of the Fair Work Commission. Knott has accused the FWC of being "highly dysfunctional" and politicised, and says several senior members of the FWC have told him that they intend to retire early for these reasons. Knott has also urged the Federal Government to pursue industrial relations reforms such as changes to unfair dismissal laws and restricting unions’ right to access workplaces.

CORPORATES
AUSTRALIA. FAIR WORK COMMISSION, AUSTRALIAN MINES AND METALS ASSOCIATION (INCORPORATED), AUSTRALIA. DEPT OF EMPLOYMENT, AUSTRALIA. PRODUCTIVITY COMMISSION, GROCON PTY LTD, VICTORIA. COUNTRY FIRE AUTHORITY

NXT nixes big business tax cuts

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Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 7 : 19-Oct-16

The Nick Xenophon Team’s three senators will vote against the Federal Government’s $A48bn package to progressively reduce the company tax rate to 25 per cent over 10 years. The Government requires the support of at least nine of the 11 crossbenchers for its proposal to reduce the tax rate for all companies with turnover of at least $A10m, as the Opposition only favours a tax cut for companies whose turnover is no more than $A2m. Business groups have called for the implementation of the full tax reform package.

CORPORATES
NICK XENOPHON TEAM, AUSTRALIAN LABOR PARTY, AUSTRALIAN GREENS, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, BUSINESS COUNCIL OF AUSTRALIA, AUSTRALIAN CHAMBER OF COMMERCE AND INDUSTRY, COUNCIL OF SMALL BUSINESS ORGANISATIONS OF AUSTRALIA LIMITED, ESSENTIAL MEDIA COMMUNICATIONS PTY LTD

Media bosses back to Senate

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Original article by Jake Mitchell
The Australian – Page: 22 : 13-Oct-16

The Senate’s Environment & Communications Legislation Committee will release the findings of its second inquiry into the Federal Government’s cross-media ownership reforms on 7 November 2016. The CEOs of media companies fronted the first inquiry in March and April, and they are said to have been asked to appear before the committee again on 24 October. The first inquiry recommended that Parliament should approve the reforms, although the bill was shelved due to the double-dissolution election.

CORPORATES
AUSTRALIA. SENATE STANDING COMMITTEE ON ENVIRONMENT, COMMUNICATIONS, INFORMATION TECHNOLOGY AND THE ARTS, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, SEVEN WEST MEDIA LIMITED – ASX SWM, FAIRFAX MEDIA LIMITED – ASX FXJ, SOUTHERN CROSS MEDIA GROUP LIMITED – ASX SXL, PRIME MEDIA GROUP LIMITED – ASX PRT, WIN CORPORATION PTY LTD, NSW FARMERS’ ASSOCIATION, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, LIBERAL PARTY OF AUSTRALIA, AUSTRALIAN LABOR PARTY

Labor tax cut block to hit 100,000 businesses

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Original article by Joe Kelly, Sarah Vogler
The Australian – Page: 1 & 2 : 12-Oct-16

The business sector says the Australian Labor Party should reconsider its commitment to restricting a tax cut to businesses with turnover of $A2m rather than the Federal Government’s proposed threshold of $A10m. Tony Greco of the Institute of Public Accountants notes that between 90,000 and 100,000 businesses that boast turnover of $A2m to $A10m have employees and are more likely to use tax relief to take on additional staff than businesses that are below the $A2m threshold, as many of them are sole proprietors.

CORPORATES
AUSTRALIAN LABOR PARTY, INSTITUTE OF PUBLIC ACCOUNTANTS LIMITED, MYOB GROUP LIMITED – ASX MYO, AUSTRALIAN CHAMBER OF COMMERCE AND INDUSTRY, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, CORELLA CONSTRUCTION

Diamond days as TV celebrates a jubilee

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Original article by Darren Davidson
The Australian – Page: 5 : 12-Oct-16

Industry executives and on-air presenters have joined politicians in marking the 60th anniversary of TV in Australia at Parliament House in Canberra. The event coincided with a decision by the Australian Labor Party’s caucus to support a proposed 25 per cent reduction in broadcasting licence fees for commercial TV and radio stations. Free TV Australia chairman Harold Mitchell notes that linear TV continues to be an important part of daily family life.

CORPORATES
AUSTRALIAN LABOR PARTY, FREE TV AUSTRALIA LIMITED, NINE NETWORK AUSTRALIA LIMITED, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, SEVEN NETWORK LIMITED, SEVEN WEST MEDIA LIMITED – ASX SWM, TEN NETWORK HOLDINGS LIMITED – ASX TEN, OZTAM PTY LTD, NETFLIX INCORPORATED

New Free TV boss Savill to push for cuts in broadcast licence fees

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Original article by Max Mason
The Australian Financial Review – Page: 29 : 10-Oct-16

Brett Savill, who has succeeded Julie Flynn as CEO of Free TV Australia, says the TV sector is likely to undergo greater change in the next 5-10 years than the switch from analogue to digital. However, he notes that TV is still the only medium than can attract the large audiences that viewed the recent Australian Football League and National Rugby League grand finals. Savill is expected to lobby the Federal Government for a further reduction in broadcasting licence fees, which Communications Minister Mitch Fifield has indicated is under active consideration.

CORPORATES
FREE TV AUSTRALIA LIMITED, AUSTRALIA. DEPT OF COMMUNICATIONS AND THE ARTS, NINE NETWORK AUSTRALIA LIMITED, TEN NETWORK HOLDINGS LIMITED – ASX TEN, SEVEN NETWORK LIMITED, SOUTHERN CROSS MEDIA GROUP LIMITED – ASX SXL, PRIME MEDIA GROUP LIMITED – ASX PRT, BAI COMMUNICATIONS, BROADCAST AUSTRALIA PTY LTD, PRICEWATERHOUSECOOPERS, KORN/FERRY INTERNATIONAL, AUSTRALIAN FOOTBALL LEAGUE, NATIONAL RUGBY LEAGUE

Bank culture won’t change overnight: PM

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Original article by Phillip Coorey
The Australian Financial Review – Page: 8 : 6-Oct-16

Prime Minister Malcolm Turnbull says Australian banks require more accountability and transparency. He is confident that requiring the "big four" CEOs to front a parliamentary committee at least once a year will facilitate this, although he concedes that it will take some time for the culture within banks to change. The Federal Government also proposes to create a new tribunal for aggrieved customers to seek restitution, which was backed by Commonwealth Bank CEO Ian Narev and ANZ Bank CEO Shayne Elliott when they fronted the committee.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, LIBERAL PARTY OF AUSTRALIA, TIMBERCORP LIMITED

Regulating profits ‘dangerous’

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Original article by James Eyers, Joanna Mather
The Australian Financial Review – Page: 1 & 8 : 5-Oct-16

Commonwealth Bank CEO Ian Narev fronted a parliamentary committee on 4 October 2016, where he responded to questions on issues such as profits, interest rates and the bank’s insurance and financial planning scandals. Narev cautioned against any move to regulate the profits of the banking sector, stressing that banks need healthy profits to ensure that they can ride out economic shocks. The CEOs of the other major banks will appear before the committee in coming days. The Australian Labor Party continues to argue the case for a royal commission into the banking sector.

CORPORATES
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIA. HOUSE OF REPRESENTATIVES STANDING COMMITTEE ON ECONOMICS, FINANCE AND PUBLIC ADMINISTRATION, AUSTRALIAN LABOR PARTY, WESTPAC BANKING CORPORATION – ASX WBC, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, COMMONWEALTH FINANCIAL PLANNING LIMITED, COMMINSURE, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, LIBERAL PARTY OF AUSTRALIA, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, RESERVE BANK OF AUSTRALIA

Stop point scoring and plan, says industry

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Original article by Ben Potter
The Australian Financial Review – Page: 4 : 4-Oct-16

Bruce Mountain of Carbon Market Economics rejects suggestions that the state-wide power outage in South Australia could have been avoided if its coal-fired power plant had not been decommissioned. Meanwhile, Energy Users Association of Australia chairman Brian Morris has urged both sides of federal politics to co-operate in developing a national energy policy. A similar view has been expressed by Tony Wood of the Grattan Institute.

CORPORATES
CARBON MARKET ECONOMICS PTY LTD, ENERGY USERS ASSOCIATION OF AUSTRALIA, GRATTAN INSTITUTE, SCHNEIDER ELECTRIC (AUSTRALIA) PTY LTD, AUSTRALIA. DEPT OF INDUSTRY, INNOVATION AND SCIENCE, BHP BILLITON LIMITED – ASX BHP, ARRIUM LIMITED – ASX ARI

Extra tax perks to boost R&D

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Original article by Michael Bailey, Joanna Mather
The Australian Financial Review – Page: 1 & 6 : 29-Sep-16

The Federal Government wants to encourage large companies to be more technologically innovative. The existing research and development scheme was reviewed by Innovation Australia chairman Bill Ferris, chief scientist Alan Finkel and Treasury Secretary John Fraser, who recommended doubling the value of tax breaks for large companies to a maximum of $A17 million a year. They also proposed an annual cap of $A2 million on cash claims by smaller companies.

CORPORATES
INNOVATION AUSTRALIA, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. OFFICE OF THE CHIEF SCIENTIST, DULUXGROUP LIMITED – ASX DLX, CSIRO