BUSINESS AND POLITICS – AUSTRALIA

Innovation for all: Hunt

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Original article by Paul Kelly
The Australian – Page: 1 & 2 : 15-Aug-16

Australia’s Industry, Innovation and Science Minister, Greg Hunt, will emphasis that innovation is relevant to businesses of all sizes and sectors, rather than just technology start-ups. Hunt adds that his aim is to increase the proportion of businesses that are involved in innovation from the current level of around 45 per cent. Meanwhile, He has stressed that the $A49m worth of financial assistance that the Federal Government will provide to steel-maker Arrium is a loan rather than a grant.

CORPORATES
AUSTRALIA. DEPT OF INDUSTRY, INNOVATION AND SCIENCE, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, ARRIUM LIMITED – ASX ARI, DULUXGROUP LIMITED – ASX DLX, YATES GARDEN CARE (AUSTRALIA) PTY LTD, B&D AUSTRALIA PTY LTD, PRICEWATERHOUSECOOPERS AUSTRALIA (INTERNATIONAL) PTY LTD, McKINSEY AND COMPANY

CEOs warn: bashing banks a growth risk

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Original article by Phillip Coorey, James Eyers
The Australian Financial Review – Page: 1 & 6 : 5-Aug-16

Prime Minister Malcolm Turnbull and Treasurer Scott Morrison have been asked to refrain from criticising the banks. Westpac CEO Brian Hartzer said on 4 August 2016 that their criticism is unwarranted. He stated that the banks could not pass on the recent official interest rate cut in full because of the necessity to balance the interests of borrowers with the need for prudent management of their funding needs. Turnbull reminded the banks that they have an obligation to act in socially responsible ways.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, WESTPAC BANKING CORPORATION – ASX WBC, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN BANKERS’ ASSOCIATION, RESERVE BANK OF AUSTRALIA, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY

Red tape ‘pushing investors elsewhere’

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Original article by Joe Kelly
The Australian – Page: 6 : 4-Aug-16

A report produced by the Institute of Public Affairs estimates that excessive regulation costs the Australian economy about $A176bn each year. The report, by senior fellow Mikayla Novak, also raises doubts about the effectiveness of the Federal Government’s push to reduce the compliance burden since it took office in 2013. Novak argues that the overall reduction in "red tape" has been offset by the introduction of new regulations and legislation. The report also warns that over-regulation is deterring foreign investment in Australia/

CORPORATES
INSTITUTE OF PUBLIC AFFAIRS LIMITED, FRASER INSTITUTE, HERITAGE FOUNDATION, WORLD ECONOMIC FORUM, WORLD BANK

Banks reject Turnbull demand

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Original article by Phillip Coorey, Jacob Greber
The Australian Financial Review – Page: 1 & 4 : 4-Aug-16

Prime Minister Malcolm Turnbull has criticised the major banks for failing to reduce their interest rates by the full 25 basis point reduction in the cash rate on 2 August 2016. Turnbull says the banks have a "social licence" and their CEOs should explain why the rate cut was not passed on to their customers in full. ANZ Bank CEO Shayne Elliott has conceded that banks should do more to explain their decisions on interest rates, but notes that wholesale funding costs are rising and the banks will be subject to new capital requirements.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, WESTPAC BANKING CORPORATION – ASX WBC, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN LABOR PARTY, AUSTRALIAN BANKERS’ ASSOCIATION

Super reforms could hit half of all SMSFs

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Original article by Sally Patten
The Australian Financial Review – Page: 9 : 29-Jul-16

The SMSF Association is trying to persuade the Federal Government to amend its superannuation reforms. CEO Andrea Slattery has suggested a smaller reduction in the non-concessional super contributions limit, which the Government proposes to cut to $A25,000. According to the SMSF Association and Accurium, a 65-year old couple would need $A1 million in super savings to live comfortably in retirement, with $A59,000 to spend annually.

CORPORATES
SMSF ASSOCIATION, ACCURIUM PTY LTD, AUSTRALIA. DEPT OF THE TREASURY

Concern rises over proposed super ceiling

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Original article by Sally Patten, Joanna Mather
The Australian Financial Review – Page: 4 : 15-Jul-16

The Australian Institute of Superannuation Trustees has warned that the Federal Government’s proposed lifetime cap on non-concessional superannuation contributions could be difficult and costly for the industry to implement. It has suggested that capping annual contributions at $A50,000 would be easier for super funds to administer. The AIST has also expressed concern about the impact that reducing the cap on pre-tax contributions would have on older super fund members.

CORPORATES
AUSTRALIAN INSTITUTE OF SUPERANNUATION TRUSTEES, LIBERAL PARTY OF AUSTRALIA, NATIONAL PARTY OF AUSTRALIA, FINANCIAL SERVICES COUNCIL, AUSTRALIANSUPER PTY LTD, THE ASSOCIATION OF SUPERANNUATION FUNDS OF AUSTRALIA LIMITED, INDUSTRY SUPER AUSTRALIA PTY LTD, SAVE OUR SUPER

Plea for senators to back trade

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Original article by Annabel Hepworth
The Australian – Page: 17 & 20 : 11-Jul-16

Trade deals such as the Trans-Pacific Partnership are likely to attract greater scrutiny in federal parliament following the 2016 election, with some crossbenchers expressing concern about such agreements. However, BHP Billiton CEO Andrew Mackenzie has urged the Senate to support trade deals, arguing that they have a wide range of benefits. Whitehaven Coal chairman and former National Party leader Mark Vaile has also stressed the importance of free trade agreements.

CORPORATES
BHP BILLITON LIMITED – ASX BHP, WHITEHAVEN COAL LIMITED – ASX WHC, NATIONAL PARTY OF AUSTRALIA, TRANS-PACIFIC PARTNERSHIP, NICK XENOPHON TEAM, ONE NATION PARTY, MALLESONS STEPHEN JAQUES, BUSINESS 20 (B20), CORRS CHAMBERS WESTGARTH, INTERNATIONAL CHAMBER OF COMMERCE, MONASH UNIVERSITY. APEC STUDY CENTRE, VIRGIN AUSTRALIA HOLDINGS LIMITED – ASX VAH, HOST-PLUS, AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF FOREIGN AFFAIRS AND TRADE, AUSTRALIA. PRODUCTIVITY COMMISSION, WORLD TRADE ORGANIZATION, GROUP OF TWENTY (G-20)

Developers will cut jobs if Labor wins

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Original article by Michael Bleby
The Australian Financial Review – Page: 6 : 27-Jun-16

Research by the Urban Development Institute of Australia has found that the Federal Opposition’s proposed changes to the negative gearing regime would prompt many residential property developers to shed staff and build fewer homes. The survey also found that 72 per cent of respondents expect that rents would rise as a result of the changes to negative gearing, while more than 50 per cent expect that house prices would fall.

CORPORATES
URBAN DEVELOPMENT INSTITUTE OF AUSTRALIA, AUSTRALIAN LABOR PARTY, SQM RESEARCH PTY LTD, PROPERTY COUNCIL OF AUSTRALIA LIMITED, THE REAL ESTATE INSTITUTE OF AUSTRALIA LIMITED, STOCKLAND – ASX SGP, NATIONAL SHELTER

Reform FWC for actual fairness

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Original article by Steve Knott
The Australian – Page: 12 : 10-Jun-16

Opposition Leader Bill Shorten’s abrupt change in stance regarding the Fair Work Commission’s review of weekend penalty rates was not unexpected. FWC president Iain Ross – a former ACTU official – was appointed by Shorten in 2012, when he was the nation’s industrial relations minister. Indeed, 18 of the 27 appointments to the "independent" FWC made by the Australian Labor Party between 2007 and 2013 were affiliated with Labor or were previously in the union movement. Meanwhile, a survey has found that 87 per cent of employers in the resources sector support a review of the FWC.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIA. FAIR WORK COMMISSION, ACTU, AUSTRALIAN MINES AND METALS ASSOCIATION (INCORPORATED)

High company tax rate halted Sydney shift for Catcha Group

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Original article by Ben Potter
The Australian Financial Review – Page: 4 : 10-Jun-16

Catcha Group founder Patrick Grove has indicated that the corporate tax rate was a key factor in his decision not to relocate some of his Malaysia-based business empire’s operations to Australia. He adds that the corporate tax rate meant Australia was ruled out when he was considering shifting Catcha’s headquarters to a global city several years ago. The Federal Government intends to reduce the tax rate for all companies to 25 per cent over the next decade.

CORPORATES
CATCHA GROUP, IFLIX LIMITED, IPROPERTY GROUP LIMITED, ICAR ASIA LIMITED – ASX ICQ, ENSOGO LIMITED – ASX E88, REA GROUP LIMITED – ASX REA, NETFLIX INCORPORATED, AUSTRALIAN LABOR PARTY, ANDERSEN, TECHNOLOGY ONE LIMITED – ASX TNE, ONESHIFT PTY LTD, POWEREDLOCAL