BUSINESS AND POLITICS – AUSTRALIA

Political chaos hits business

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Original article by Jonathan Shapiro, James Eyers
The Australian Financial Review – Page: 1 & 14 : 12-Feb-15

The Commonwealth Bank of Australia posted a cash profit of $A4.62bn for the first half of 2014-15 on 11 February 2015. However, the group’s shares fell by 0.79 per cent to close at $A91.86. Meanwhile, CEO Ian Narev has urged the nation’s policymakers to pursue measures aimed at bolstering business confidence, arguing that the failure to deliver "coherent" policy will hinder economic growth. Shareholders will receive an interim dividend of $A1.98 per share

CORPORATES
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, RESERVE BANK OF AUSTRALIA, INVESTORS MUTUAL LIMITED, PM CAPITAL LIMITED, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY

Rethink call for two-tier tax

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Original article by Phillip Coorey
The Australian Financial Review – Page: 7 : 11-Feb-15

Employers’ groups have expressed concern about a proposal to reduce the corporate tax rate for small businesses while retaining the existing rate that applies to large companies. Australian Chamber of Commerce & Industry CEO Kate Carnell says businesses will face more red tape if the Federal Government implements a "two-tiered" corporate tax system. She has urged the Government to consult the business sector on the issue

CORPORATES
AUSTRALIAN CHAMBER OF COMMERCE AND INDUSTRY, BUSINESS COUNCIL OF AUSTRALIA, AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT

Business leaders in no doubt: Newman on right track with asset sales

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Original article by Annabel Hepworth, Michael McKenna
The Australian – Page: 1 & 4 : 15-Jan-15

Public assets privatisation is a major issue in the campaigning for the Queensland state election to be held on 31 January 2015. Business leaders, as surveyed by the Chamber of Commerce & Industry Queensland, have voiced strong support for the plans of Premier Campbell Newman to lease power and ports infrastructure to overseas institutional investors. He believes that the eventual gains may exceed the original estimate of $A37bn, of which $A25bn will be used to pay down the state’s debt

CORPORATES
QUEENSLAND. DEPT OF THE PREMIER AND CABINET, CHAMBER OF COMMERCE AND INDUSTRY QUEENSLAND, UNIVERSITY OF QUEENSLAND, SUNCORP GROUP LIMITED – ASX SUN, FLIGHT CENTRE TRAVEL GROUP LIMITED – ASX FLT, QIC LIMITED, BHP BILLITON LIMITED – ASX BHP, QUEENSLAND. TREASURY, PORT BOTANY, PORT OF BRISBANE CORPORATION, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN LABOR PARTY, GRIFFITH UNIVERSITY, QANTAS AIRWAYS LIMITED – ASX QAN, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, MEDIBANK PRIVATE LIMITED – ASX MPL, HSBC AUSTRALIA HOLDINGS PTY LTD, BANK OF AMERICA AUSTRALIA LIMITED, MERRILL LYNCH (AUSTRALIA) PTY LTD, LIBERAL-NATIONAL PARTY OF QUEENSLAND

Change GST before next election, pleads business

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Original article by Joe Kelly
The Australian – Page: 2 : 9-Jan-15

John Osborn of the Australian Chamber of Commerce & Industry says a sweeping review of the tax system is needed, and has urged immediate action. The goods and services tax (GST) has been at the centre of recent debate on tax reform, but Peter Strong of the Council of Small Business of Australia has also called for reforms such as the reintroduction of the loss carry back scheme. The Australia Institute has suggested broadening the GST to include private health insurance and private schools

CORPORATES
AUSTRALIAN CHAMBER OF COMMERCE AND INDUSTRY, COUNCIL OF SMALL BUSINESS ORGANISATIONS OF AUSTRALIA LIMITED, THE AUSTRALIA INSTITUTE LIMITED, AUSTRALIAN RETAILERS ASSOCIATION, AUSTRALIA. DEPT OF THE TREASURY, LIBERAL PARTY OF AUSTRALIA, INSTITUTE OF PUBLIC ACCOUNTANTS LIMITED, ASSOCIATION OF HEADS OF INDEPENDENT SCHOOLS

Easy entry for skilled foreigners

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Original article by Joanna Mather
The Australian Financial Review – Page: 1 & 6 : 7-Jan-15

The Australian Government may relax the visa requirements for skilled overseas workers who are hired on temporary contracts. The reforms would allow companies to recruit foreign workers on a "short-term mobility" visa rather than the existing 457 visa for skilled workers. Migration Solutions MD Mark Glazbrook supports the proposed reforms, but ACTU president Ged Kearney argues that hiring and training Australian workers should be the priority

CORPORATES
MIGRATION SOLUTIONS PTY LTD, ACTU, AUSTRALIA. DEPT OF IMMIGRATION AND BORDER PROTECTION, AUSTRALIAN MINES AND METALS ASSOCIATION (INCORPORATED), MASTER BUILDERS AUSTRALIA INCORPORATED

Business plea to fix budget mess

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Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 4 : 16-Dec-14

The Australian Government’s mid-year economic and fiscal outlook forecasts an increase in the Budget deficit and the unemployment rate. The deficit is expected to rise to $A40.4bn in 2014-15, compared with the May 2014 Budget forecast of $A29.8bn. The jobless rate is now expected to top 6.5 per cent in 2015. The Business Council of Australia and the Australian Industry Group say bipartisan support in Parliament is needed to ensure that necessary reforms are implemented

CORPORATES
BUSINESS COUNCIL OF AUSTRALIA, THE AUSTRALIAN INDUSTRY GROUP, AUSTRALIA. DEPT OF FOREIGN AFFAIRS AND TRADE, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET

Reforms to cut through red tape

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Original article by Andrew White
The Australian – Page: 20 : 11-Dec-14

National Australia Bank’s Angela Mentis has suggested to the Federal Government that it could reduce red tape for small businesses by scrapping business activity statements. This is one of the recommendations that Mentis has made to the Minister for Small Business, Bruce Bilson. She argues that technology solutions could be used to assist small business owners to compile data for the monthly statements

CORPORATES
NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIA. DEPT OF INDUSTRY, AUSTRALIA. PRODUCTIVITY COMMISSION, COUNCIL OF AUSTRALIAN GOVERNMENTS, AUSTRALIAN CHAMBER OF COMMERCE AND INDUSTRY

Business pans power abuse test

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Original article by Katie Walsh
The Australian Financial Review – Page: 23 : 9-Dec-14

A submission to the Harper competition review panel by the Business Council of Australia has criticised proposed changes to regulations governing abuse of market power. The employer’s group argues that the reforms would create uncertainty, result in significant cost to the economy and could potentially lead to lengthy litigation. The Australian Industry Group and large corporations such as Telstra and Coles have also expressed concern about the proposed reforms

CORPORATES
BUSINESS COUNCIL OF AUSTRALIA, THE AUSTRALIAN INDUSTRY GROUP, TELSTRA CORPORATION LIMITED – ASX TLS, COLES GROUP LIMITED, WESFARMERS LIMITED – ASX WES, ORIGIN ENERGY LIMITED – ASX ORG, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, AUSTRALIA. COMPETITION TRIBUNAL, MASTER GROCERS’ AUSTRALIA PTY LTD, GLENCORE COAL HOLDINGS LIMITED, RIO TINTO LIMITED – ASX RIO, RAMSAY HEALTH CARE LIMITED – ASX RHC, FORD MOTOR COMPANY AUSTRALIA LIMITED, CITY OF MELBOURNE

Rio pushes for nuclear power in energy debate

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Original article by Annabel Hepworth
The Australian – Page: 20 : 2-Dec-14

Submissions have been lodged with the Australian Government’s new energy white paper taskforce. Rio Tinto argues that nuclear power should not automatically be ruled out as an option for the nation as it seeks to curb its greenhouse gas emissions. Fellow uranium producer BHP Billiton says in order for Australia to cash in on the growing demand for energy worldwide, local labour market laws must be relaxed to boost productivity. Others to make submissions are ANZ Banking, Peabody Energy and Qantas Airways

CORPORATES
RIO TINTO LIMITED – ASX RIO, BHP BILLITON LIMITED – ASX BHP, QANTAS AIRWAYS LIMITED – ASX QAN, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, PEABODY ENERGY AUSTRALIA COAL PTY LTD, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF FOREIGN AFFAIRS AND TRADE

SBS ad boost ‘will cost networks $198m’

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Original article by David Crowe
The Australian – Page: 2 : 19-Nov-14

The Australian Subscription Television & Radio Association has criticised the Federal Government’s plan to allow more advertising on SBS. The public broadcaster will be able to show 10 minutes of ads per hour during prime time if the reforms proceed. Mark Pejic of MediaCom estimates that this will boost SBS’s revenue by $A198.7m over five years, largely at the expense of the free-to-air commercial networks

CORPORATES
SPECIAL BROADCASTING SERVICE (SBS), AUSTRALIAN SUBSCRIPTION TELEVISION AND RADIO ASSOCIATION (ASTRA) INCORPORATED, MEDIACOM AUSTRALIA PTY LTD, TEN NETWORK HOLDINGS LIMITED – ASX TEN, SEVEN NETWORK LIMITED, SEVEN WEST MEDIA LIMITED – ASX SWM, NINE NETWORK AUSTRALIA LIMITED, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, FREE TV AUSTRALIA LIMITED, WIN CORPORATION PTY LTD, SOUTHERN CROSS AUSTEREO PTY LTD, FOXTEL COMMERCIAL PRODUCTIONS, DISCOVERY CHANNEL, WALT DISNEY COMPANY, VIACOM AUSTRALIA, AUSTRALIA. DEPT OF COMMUNICATIONS, AUSTRALIA. DEPT OF FINANCE, AUSTRALIA. DEPT OF THE TREASURY