BUSINESS AND POLITICS – AUSTRALIA

Robb joins fight over free-to-air licence fees

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Original article by Jake Mitchell
The Australian – Page: 23 : 9-Dec-16

The Ten Network’s remuneration report was rejected by 17.06 per cent of votes cast at the 2016 AGM. Ten is lobbying the Federal Government for a further reduction in TV broadcasting licence fees, but chairman David Gordon concedes that these efforts have had limited effect to date. Ten director Andrew Robb, who stepped down as trade minister earlier in 2016, says both major political parties recognise that local networks pay higher licence fees than their overseas peers. He adds that the government’s fiscal problems may be delaying reform.

CORPORATES
TEN NETWORK HOLDINGS LIMITED – ASX TEN, LIBERAL PARTY OF AUSTRALIA, WIN CORPORATION PTY LTD, FOXTEL MANAGEMENT PTY LTD, NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS, TELSTRA CORPORATION LIMITED – ASX TLS

Resources rent tax will face a ‘sober’ review

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Original article by Joanna Mather, Angela Macdonald-Smith
The Australian Financial Review – Page: 3 : 1-Dec-16

Treasurer Scott Morrison has revealed plans for an inquiry into Australia’s Petroleum Resources Rent Tax. Government revenue from the tax has fallen sharply in the wake of a downturn in the crude oil price, which has made oil and gas projects less profitable. Shell Australia chairman Andrew Smith argues that revenue from the "super profits"-based tax naturally fluctuates with commodity price changes, and lower government revenue does not mean the PRRT is flawed.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, SHELL COMPANY OF AUSTRALIA LIMITED, EXXONMOBIL CORPORATION, WOODSIDE PETROLEUM LIMITED – ASX WPL, BHP BILLITON LIMITED – ASX BHP, AUSTRALIAN PETROLEUM PRODUCTION AND EXPLORATION ASSOCIATION LIMITED

Resources rent tax will face a ‘sober’ review

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Original article by Joanna Mather, Angela Macdonald-Smith
The Australian Financial Review – Page: 3 : 1-Dec-16

Treasurer Scott Morrison has revealed plans for an inquiry into Australia’s Petroleum Resources Rent Tax. Government revenue from the tax has fallen sharply in the wake of a downturn in the crude oil price, which has made oil and gas projects less profitable. Shell Australia chairman Andrew Smith argues that revenue from the "super profits"-based tax naturally fluctuates with commodity price changes, and lower government revenue does not mean the PRRT is flawed.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, SHELL COMPANY OF AUSTRALIA LIMITED, EXXONMOBIL CORPORATION, WOODSIDE PETROLEUM LIMITED – ASX WPL, BHP BILLITON LIMITED – ASX BHP, AUSTRALIAN PETROLEUM PRODUCTION AND EXPLORATION ASSOCIATION LIMITED

Trump tax cuts must be matched

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Original article by Jacob Greber, Phillip Coorey, Misa Han
The Australian Financial Review – Page: 1 & 6 : 17-Nov-16

Federal Treasurer Scott Morrison says official data showing that annual wages growth fell below two per cent in the September 2016 quarter demonstrates the need for company tax reform. He adds that Australia will become less competitive if it does not cut the tax rate and US president-elect Donald Trump reduces company taxes to 15 per cent. Business Council of Australia CEO Jennifer Westacott will also highlight the need for corporate tax reform at the organisation’s annual dinner on 17 November.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, BUSINESS COUNCIL OF AUSTRALIA, UNITED STATES. EXECUTIVE OFFICE OF THE PRESIDENT, AUSTRALIAN LABOR PARTY, AUSTRALIAN GREENS, NICK XENOPHON TEAM, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIAN BUREAU OF STATISTICS, LIBERAL DEMOCRATIC PARTY, AMERICAN CHAMBER OF COMMERCE IN AUSTRALIA, RESERVE BANK OF AUSTRALIA

Natural disasters a threat to billions of dollars of GDP

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Original article by Sally Patten
The Australian Financial Review – Page: 27 : 8-Nov-16

The Federal Government has been urged to spend more money on mitigating the risks associated with natural disasters. SGS Economics & Planning and Insurance Australia Group estimate that 11 per cent of national GDP is at risk of being affected by bushfires, while cyclones pose a threat to 20 per cent of GDP. Disaster relief dominates in government spending on natural disasters, while only three per cent is spent on mitigation.

CORPORATES
INSURANCE AUSTRALIA GROUP LIMITED – ASX IAG, SGS ECONOMICS AND PLANNING PTY LTD, AUSTRALIA. PRODUCTIVITY COMMISSION

Clinton campaign boss paid by Adani-fight foundation

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Original article by Dennis Shanahan
The Australian – Page: 8 : 3-Nov-16

Hillary Clinton’s presidential campaign chairman John Podesta was paid $US7,000 a month by the Sandler Foundation, starting from February 2016. Documents released by WikiLeaks show that Podesta received the payments for his advice on Adani’s coal project in Queensland. The leaked information validates the Australian Government’s claims that foreign-funded groups were involved in the protest against the Adani project.

CORPORATES
ADANI MINING PTY LTD, GREENPEACE, SANDLER FOUNDATION, WIKILEAKS, GETUP LIMITED, LIBERAL-NATIONAL PARTY OF QUEENSLAND

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