ETC – AUSTRALIA

‘Dangerous’ bank levy may have domino effect: Bligh

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Original article by David Crowe, Andrew White
The Australian – Page: 17 & 21 : 27-Jul-17

Australian Bankers’ Association CEO Anna Bligh has expressed concern that more state governments could implement their own version of the federal levy on banks. The levy is intended to boost government revenue by $A6.2bn, but Bligh has told the National Press Club that this impost could double if all states introduced their own levy. Bligh also supports Peter Costello’s call for banking industry executives to justify their high salaries, while she has questioned whether a royal commission into banks – as advocated by Labor – is appropriate and necessary.

CORPORATES
AUSTRALIAN BANKERS’ ASSOCIATION, AUSTRALIAN LABOR PARTY, AUSTRALIA. FUTURE FUND MANAGEMENT AGENCY, NATIONAL PRESS CLUB (AUSTRALIA), SOUTH AUSTRALIA. DEPT OF THE PREMIER AND CABINET, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIA. DEPT OF FINANCE

Same-sex brawl fuels Lib turmoil

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Original article by David Crowe
The Australian – Page: 1 & 4 : 27-Jun-17

Leaked comments by Defence Industry Minister Christopher Pyne on the issue of same-sex marriage are causing major headaches for the Federal Government. Pyne’s comments appear to indicate that moderate Liberals could push for a conscience vote on the issue in the near future, despite Prime Minister Malcolm Turnbull having previously committed to a plebiscite on same-sex marriage. Conservative Liberals have accused Pyne of "sheer stupidity" over his comments, contending that the issue has taken the spotlight off the Government’s successful passage of its schools funding package

CORPORATES
AUSTRALIA. DEPT OF DEFENCE, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, LIBERAL PARTY OF AUSTRALIA, SKY NEWS, NEWS CORPORATION – ASX NWS, AUSTRALIAN LABOR PARTY, AUSTRALIA. ATTORNEY-GENERAL’S DEPT, AUSTRALIAN CONSERVATIVES, NEWSPOLL

Public service fat cats, MPs get the cream

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Original article by Adam Creighton, Primrose Riordan, David Uren
The Australian – Page: 1 & 4 : 23-Jun-17

Australia’s Remuneration Tribunal has granted federal politicians, judges and high-ranking public servants a two per cent pay rise from 1 July 2017. Greens leader Richard Di Natale has queried the need for a pay rise, as has Liberal Democrats senator David Leyonhjelm. Nadine Flood of the Community & Public Sector Union says its members, who have been battling with the Coalition government for improved wages since it was elected in 2013, are unlikely to be impressed.

CORPORATES
AUSTRALIA. REMUNERATION TRIBUNAL, AUSTRALIAN GREENS, LIBERAL DEMOCRATIC PARTY, COMMUNITY AND PUBLIC SECTOR UNION, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, RESERVE BANK OF AUSTRALIA, HIGH COURT OF AUSTRALIA, HUMAN RIGHTS COMMISSION, AUSTRALIA. DEPT OF DEFENCE, AUSTRALIAN TAXATION OFFICE

Boards ‘not tough enough’ to tackle complex pay packages

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Original article by Damon Kitney
The Australian – Page: 23 : 5-May-17

Australian company boards have been urged to adopt a tougher approach when it comes to dealing with executive remuneration. Paula Dwyer, the chair of both Tabcorp and Healthscope, has told the Australian Council of Superannuation Investors conference that the general public expects directors to hold their executives to account when it comes to meeting pay targets, while she noted that some executive pay packages are excessively complex. Both Dwyer and Aurizon chairman Tim Poole agreed that Australian boards are too risk-adverse.

CORPORATES
TABCORP HOLDINGS LIMITED – ASX TAH, HEALTHSCOPE LIMITED – ASX HSO, AUSTRALIAN COUNCIL OF SUPERANNUATION INVESTORS INCORPORATED, AURIZON HOLDINGS LIMITED – ASX AZJ, SCENTRE GROUP – ASX SCG, AUSTRALIA POST, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, OZ MINERALS LIMITED – ASX OZL

Brokers slam ‘radical’ home loan reforms

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Original article by Duncan Hughes, James Frost
The Australian Financial Review – Page: 15 & 19 : 20-Apr-17

The recommendations of a review of remuneration in Australia’s retail banking industry have been criticised by mortgage brokers. The recommendations include banning volume-based incentives and so-called soft dollar payments. Mortgage Choice and Australian Finance Group are among the mortgage broking firms that have questioned the recommendations of the review, which was undertaken by Stephen Sedgwick on behalf of the Australian Bankers’ Association.

CORPORATES
MORTGAGE CHOICE LIMITED – ASX MOC, AUSTRALIAN FINANCE GROUP LIMITED – ASX AFG, MONEYQUEST, AUSTRALIAN BANKERS’ ASSOCIATION, AUSTRALIAN PUBLIC SERVICE COMMISSION, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA

Rio’s deferral of bonus to Walsh ‘reasonable’

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Original article by Peter Ker
The Australian Financial Review – Page: 13 : 12-Apr-17

Proxy adviser ISS has backed Rio Tinto’s decision to delay paying bonuses to former CEO Sam Walsh until it completes an investigation into the Simandou payments scandal. The firm concluded that Rio’s action regarding Walsh’s short and long-term bonuses was "reasonable". However, ISS also noted that in contrast to Walsh, two Rio Tinto executives who were sacked over the iron ore scandal in Guinea will lose their bonuses completely, which will cost them about $A4m apiece.

CORPORATES
RIO TINTO LIMITED – ASX RIO, INSTITUTIONAL SHAREHOLDER SERVICES INCORPORATED, MOXICO RESOURCES PLC

Union backs ACTU boss on breaking law

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Original article by Aaron Patrick, David Marin-Guzman
The Australian Financial Review – Page: 5 : 17-Mar-17

Comments by new ACTU secretary Sally McManus suggesting that it was reasonable to break unfair laws have been widely criticised. Representatives from the Business Council of Australia, the Australian Industry Group and the Council of Small Business Organisations of Australia were among those to condemn her remarks. Federal Opposition leader Bill Shorten does not support McManus, saying his approach to bad laws was to get them changed. McManus has refused to retract her comments.

CORPORATES
ACTU, BUSINESS COUNCIL OF AUSTRALIA, THE AUSTRALIAN INDUSTRY GROUP, COUNCIL OF SMALL BUSINESS ORGANISATIONS OF AUSTRALIA LIMITED, AUSTRALIAN LABOR PARTY, CONSTRUCTION, FORESTRY, MINING AND ENERGY UNION OF AUSTRALIA, AUSTRALIA. FAIR WORK COMMISSION, AUSTRALIA. DEPT OF HUMAN SERVICES. MEDICARE AUSTRALIA, MASTER BUILDERS AUSTRALIA INCORPORATED, AUSTRALIA. DEPT OF EMPLOYMENT

It’s time to raise GST, says Proust

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Original article by Glenda Korporaal
The Australian – Page: 19 & 22 : 2-Feb-17

Australian Institute of Company Directors president Elizabeth Proust says the Federal Government should pursue comprehensive tax reform. She argues that this should include increasing the goods and services tax from 10 per cent to 15 per cent, and adds that reducing personal income tax rates should also be a higher priority than company tax cuts. The AICD released a position paper in 2016 which noted that the average GST rate among OECD countries is 19.2 per cent.

CORPORATES
AUSTRALIAN INSTITUTE OF COMPANY DIRECTORS, ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT, BUSINESS COUNCIL OF AUSTRALIA, AUSTRALIA. DEPT OF THE TREASURY, UNITED STATES. EXECUTIVE OFFICE OF THE PRESIDENT

Thank me for miners’ GST push: Grylls

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Original article by Paul Garvey
The Australian – Page: 13 & 14 : 10-Jan-17

Minerals Council of Australia CEO Brendan Pearson has rejected suggestions that its proposal for changes to the system for distributing GST revenue was influenced by Western Australian National Party leader Brendon Grylls. The MCA’s submission to the Productivity Commission argues that the system disadvantages states that encourage the development of resources projects. Grylls urged the mining sector to lobby for GST reform in 2016, when he proposed to increase the state’s iron ore levy from $A0.25 per tonne to $A5.

CORPORATES
MINERALS COUNCIL OF AUSTRALIA, NATIONAL PARTY OF AUSTRALIA, AUSTRALIA. PRODUCTIVITY COMMISSION, BHP BILLITON LIMITED – ASX BHP, RIO TINTO LIMITED – ASX RIO

Growth-sapping GST must face overhaul: miners

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Original article by Sid Maher
The Australian – Page: 1 & 2 : 9-Jan-17

The Minerals Council of Australia has used its submission to the Productivity Commission’s five-year productivity review to urge changes to the system for distributing goods and services tax revenue. The MCA argues that the current system redirects GST revenue from states that have encouraged the development of natural resources to states that place strictures on mining and energy projects. The MCA has also called for a reduction in the corporate tax rate and action to address the power of unions under the Fair Work Act.

CORPORATES
MINERALS COUNCIL OF AUSTRALIA, AUSTRALIA. PRODUCTIVITY COMMISSION, AUSTRALIA. FAIR WORK COMMISSION, AUSTRALIA. COMMONWEALTH GRANTS COMMISSION, ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT