ELECTIONS – AUSTRALIA

Chalmers stakes future on staying AAA

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Original article by Greg Brown, Matthew Cranston
The Australian – Page: 1 & 6 : 30-Apr-25

Treasurer Jim Chalmers has downplayed concerns that Australia’s coveted ‘AAA’ credit rating may be downgraded. S&P Global has warned of this possibility due to election campaign promises and the growing use of so-called ‘off-budget’ spending. Chalmers says the federal govermment respects the global ratings agency and concedes that its "opinion matters". However, he adds that Labor’s "responsible economic management" means there would be no reason for a credit rating downgrade if it retains office on Saturday. The Australian Chamber of Commerce & Industry’s CEO Andrew McKellar says the S&P report is a "wake-up call" for both of the major political parties, and that budget repair must be a priority for the next government.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, S&P GLOBAL INCORPORATED, AUSTRALIAN CHAMBER OF COMMERCE AND INDUSTRY

Tax warning for 130,000: Labor out to get you

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Original article by Matthew Cranston
The Australian – Page: 6 : 29-Apr-25

The federal government is continuing to attract scrutiny over its plans to tax the unrealised capital gains of superannuation funds. Shadow treasurer Angus Taylor says Labor is "coming after superannuation", despite stating prior to the 2022 election that it did not plan to do so; he adds that the policy will particularly affect people such as farmers and small business owners. However, Treasurer Jim Chalmers says it is only a "modest change" that will affect a small number of people with more than $3m in their superannuation fund. Meanwhile, Wilson Asset Management chairman Geoff Wilson has expressed concern about the policy in a letter to the firm’s 130,000 investors.

CORPORATES
LIBERAL PARTY OF AUSTRALIA, AUSTRALIA. DEPT OF THE TREASURY, WILSON ASSET MANAGEMENT

Overseas students to cop 25pc visa fee hike

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Original article by Natasha Bita
The Australian – Page: 7 : 29-Apr-25

International students currently pay $1,600 to apply for a visa, but the federal government proposes to increase this to $2,000 from 1 July. Finance Minister Katy Gallagher says the 25 per cent increase is a "sensible and modest change" that puts an appropriate price on the benefits of studying in Australia. However, Universities Australia CEO Luke Sheehy says the nation already has the world’s highest student visa fees, while the Regional Universities Network has warned that the proposed increase will affect the desirability and competitiveness of Australia in the international education market.

CORPORATES
AUSTRALIA. DEPT OF FINANCE, UNIVERSITIES AUSTRALIA LIMITED, REGIONAL UNIVERSITIES NETWORK

Labor releases election promise costings including saving of $6.4bn from cutting more consultants

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Original article by Henry Belot, Patrick Commins
The Guardian Australia – Page: Online : 29-Apr-25

Treasurer Jim Chalmers released the federal government’s election policy costings on Monday. Amongst other things, Labor expects to reduce government expenditure by about $6.4bn over four years by further reducing the use of consultants and labour firms. Finance Minister Katy Gallagher says the proposed cutbacks will not affect the quality of the service provided by federal public servants. The government’s plan to increase visa application fees for international students is in turn expected to boost revenue by about $760m.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. DEPT OF FINANCE

PM scores AAA for denial

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Original article by Greg Brown, Matthew Cranston
The Australian – Page: 1 & 6 : 29-Apr-25

S&P Global has warned that Australia’s coveted ‘AAA’ credit rating is at risk due to the erosion of "sound fiscal management". The firm has raised concern about how the major political parties will fund their election promises if they win the election on 3 May, noting that the budget deficit could widen if the election promises are not funded via revenue or cost savings. S&P also expressed concern about the growing use of so-called ‘off-budget’ spending. However, Prime Minister Anthony Albanese has rejected suggestions that Australia could face a credit rating downgrade, while Treasurer Jim Chalmers says Opposition leader Peter Dutton and the Coalition are the biggest risk to the nation’s credit rating.

CORPORATES
S&P GLOBAL RATINGS, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF THE TREASURY

Labor spends more than Coalition on election TV ads but Palmer’s Trumpet of Patriots leads YouTube outlay

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Original article by Amanda Meade, Henry Belot
The Guardian Australia – Page: Online : 24-Apr-25

Data shows that Labor has spent $5.8m on free-to-air and subscription TV advertising so far during the federal election campaign, while Clive Palmer’s Trumpet of Patriots party has spend $5.6m. In contrast, the Coalition has spent just $4.2m on broadcast TV advertising to date. The major political parties have also embraced social media, with Labor having spent nearly $700,000 to advertise on Facebook and Instagram since the election began; the Liberal Party has in turn spent $385,266 on these two platforms. Meanwhile, the Coalition has spent $2.3m on YouTube advertising, while Labor has spent $2m and Trumpet of Patriots has spent $4m.

CORPORATES
AUSTRALIAN LABOR PARTY, LIBERAL PARTY OF AUSTRALIA, NATIONAL PARTY OF AUSTRALIA, TRUMPET OF PATRIOTS

Australians rush to cast early votes in record numbers

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Original article by Shane Wright
The Sydney Morning Herald – Page: Online : 24-Apr-25

Data from the Australian Electoral Commission shows that a record 542,000 people voted on Tuesday, when pre-poll voting began. This compares with just 314,000 on the first day of pre-poll voting in 2022. The AEC has also sent out ballot papers to 2.2 million people who have registered for a postal vote. The growing shift to early voting – just 46 per cent of Australians voted on the actual election day in 2022 – has implications for the major political parties and individual candidates, given that some key policies have not yet been announced. The total cost of each party’s policies are also typically released in the last week of an election campaign.

CORPORATES
AUSTRALIAN ELECTORAL COMMISSION

Super tax plan risks $25bn exodus

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Original article by Matthew Cranston
The Australian – Page: 1 & 4 : 24-Apr-25

Financial services industry veteran Geoff Wilson says Labor’s proposed tax on the unrealised capital gains of superannuation funds is the ‘sleeper’ issue of the federal election campaign. He adds that the policy should be enough for Labor to lose office on 3 May. Labor intends to set the threshold at $3m, but the Greens will demand that it be reduced to $2m in return for supporting it. Wilson says he is receiving enquires from clients about shifting money from self-managed super funds into property due to concerns about the proposed tax, and he estimates that around 24,500 members of SMSFs could seek to withdraw money to avoid the threshold.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIAN GREENS

Income tax rise to fund Dutton’s $21b for defence

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Original article by Michael Read, Andrew Tillett
The Australian Financial Review – Page: 5 : 24-Apr-25

Opposition leader Peter Dutton has justified his decision to delay announcing his defence policy until the final weeks of the election campaign. Dutton says he wanted to wait until the Coalition had a better understanding of the state of the nation’s finances and how much money it could spend on defence if it wins the 3 May election. Dutton has confirmed that a Coalition government would aim to increase defence spending to 2.5 per cent of GDP over five years, and three per cent over the next decade. He has also revealed that the proposed $21bn increase in defence spending will be funded by repealing the ‘top-up’ income tax cuts that Labor unveiled in its pre-election budget in March, and which are slated to take effect in mid-2026.

CORPORATES
LIBERAL PARTY OF AUSTRALIA, AUSTRALIAN LABOR PARTY

Dutton in U-turn on EV tax break

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Original article by Jack Quail, Greg Brown
The Australian – Page: 5 : 24-Apr-25

Opposition leader Peter Dutton issued a statement on Wednesday in which he committed to scrapping the fringe benefits tax exemption for people who buy electric vehicles. Dutton stated that abolishing the "badly designed" electric car subsidies will generate up to $3bn worth of savings over the forward estimates period and $23bn over the medium-term. However, Dutton had explicity ruled out abolishing the tax break on Monday. A Coalition source has suggested that Dutton might have misheard the question about the tax break on Monday. Dutton had previously backflipped regarding the Coalition’s policy of requiring federal public servants to return to working in the office full-time.

CORPORATES
LIBERAL PARTY OF AUSTRALIA