More tax not ruled out by Cormann

October 6, 2014roymorgansocial Leave a comment

Original article by Joanna Heath
The Australian Financial Review – Page: 7 : 6-Oct-14

Finance Minister Mathias Cormann says the Australian Government remains committed to returning the Budget to surplus. Cormann has conceded that increasing taxes is one option in the December 2014 Budget update, as the Government seeks to finance the additional expenditure that has been made since the Budget was released in May. Cormann adds that the forward Budget estimates will include cost-saving measures that have been blocked by the Senate

CORPORATES
AUSTRALIA. DEPT OF FINANCE, AUSTRALIA. DEPT OF THE TREASURY, SKY NEWS, AUSTRALIAN NEWS CHANNEL PTY LTD, AUSTRALIAN LABOR PARTY

Hockey’s budget retreat

October 1, 2014roymorgansocial Leave a comment

Original article by Laura Tingle, Phillip Coorey, Jacob Greber
The Australian Financial Review – Page: 1 & 6 : 1-Oct-14

The Australian Government has conceded that only about $A3 billion of its proposed welfare cuts will be passed by the Senate. Measures worth $A10 billion are likely to be blocked. The Government may be forced to drop up to $A30 billion of Budget savings, threatening its promise to reduce the deficit. The Government is examining alternative savings measures that will be revealed in the mid-year budget review in December 2014

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN LABOR PARTY, AUSTRALIAN GREENS, LIBERAL PARTY OF AUSTRALIA, PALMER UNITED PARTY, AUSTRALIA. DEPT OF EDUCATION, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET

Budget deficit hits $48.5b

September 26, 2014roymorgansocial Leave a comment

Original article by Joanna Heath
The Australian Financial Review – Page: 9 : 26-Sep-14

The Australian Government’s May 2014 Budget had forecast that the deficit for 2013-14 would be $A49.9bn. It has now revealed that the deficit for the financial year was $A48.5bn, while Treasury notes that 2013-14 tax revenue was $A3.3bn below expectations. Treasurer Joe Hockey says returning the Budget to surplus and reducing debt are still on the Government’s agenda

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

CEOs: Senate threat to growth

September 1, 2014roymorgansocial Leave a comment

Original article by James Thomson, Shaun Drummond, Simon Evans, Jamie Freed, Jessica Gardner, Jenny Wiggins
The Australian Financial Review – Page: 1 & 4 : 1-Sep-14

Wotif.com CEO Scott Bulme and Cochlear CEO Chris Roberts are among the executives who say the Senate should cease its resistance to the Australian Government’s Budget measures. Business leaders are concerned about the outlook for consumer and business confidence, arguing that it is being undermined by the impasse in the upper house. Many CEOs also believe that the Reserve Bank should not increase official interest rates while business confidence remains weak

CORPORATES
WOTIF.COM HOLDINGS LIMITED – ASX WTF, COCHLEAR LIMITED – ASX COH, PERPETUAL LIMITED – ASX PPT, RESERVE BANK OF AUSTRALIA, FLIGHT CENTRE TRAVEL GROUP LIMITED – ASX FLT, MEMBERS EQUITY BANK PTY LTD, TABCORP HOLDINGS LIMITED – ASX TAH, NIB HOLDINGS LIMITED – ASX NHF, AMP LIMITED – ASX AMP, EXPEDIA INCORPORATED

Hockey hits business for ‘weak’ help

August 7, 2014roymorgansocial Leave a comment

Original article by Jacob Greber, Phillip Coorey
The Australian Financial Review – Page: 1 & 4 : 7-Aug-14

Bank of America Merrill Lynch’s Saul Eslake expects the 2017-18 Budget deficit to be $A18bn if the Senate continues to oppose key measures, while he expects Australia’s net debt to rise to 16.5 per cent of GDP. Meanwhile, Treasurer Joe Hockey has defended the May 2014 Budget, arguing that Australians’ future standard of living will be adversely affected unless action on budget reform is taken now

CORPORATES
BANK OF AMERICA AUSTRALIA LIMITED, MERRILL LYNCH (AUSTRALIA) PTY LTD, AUSTRALIA. DEPT OF THE TREASURY, DEMOCRATIC LABOR PARTY, AUSTRALIAN MOTORING ENTHUSIAST PARTY, PALMER UNITED PARTY, AUSTRALIAN LABOR PARTY, THE AUSTRALIA AND NEW ZEALAND SCHOOL OF GOVERNMENT LIMITED, NEW ZEALAND. TREASURY, BUSINESS COUNCIL OF AUSTRALIA, RESERVE BANK OF AUSTRALIA, AUSTRALIA. PARLIAMENTARY BUDGET OFFICE

Business warns impasse will stunt its growth

July 23, 2014July 25, 2014roymorgansocial Leave a comment

Original article by David Ramli
The Australian Financial Review – Page: 1 & 6 : 23-Jul-14

BHP Billiton CEO Andrew Mackenzie says the Senate’s move to block key measures in the Federal Government’s May 2014 Budget is discouraging offshore investors from investing in Australia. In particular, he has urged senators to support the abolition of the mining tax, describing it as a "huge" disincentive for potential foreign investors. ANZ Bank CEO Mike Smith says the Government has been given a mandate and should be allowed to pursue it, a view shared by Telstra CEO David Thodey

Post-budget worries hard to shake off

July 17, 2014roymorgansocial Leave a comment

Original article by Bianca Hartge-Hazelman
The Australian Financial Review – Page: 27 : 17-Jul-14

New data shows that Australian consumers remain concerned about the impact of the Federal Government’s May 2014 Budget. The consumer anxiety index, which is produced by National Australia Bank, rose to a new high of 64.5 points in the June quarter. This compares with 61.7 points in the March quarter. The level of anxiety is highest among people whose annual income is less than $A35,000, while women are more anxious than men

CORPORATES
NATIONAL AUSTRALIA BANK LIMITED – ASX NAB

Post-budget uncertainty takes toll on CFO confidence

July 16, 2014roymorgansocial Leave a comment

Original article by Shaun Drummond
The Australian Financial Review – Page: 19 : 16-Jul-14

Deloitte has released the findings of its quarterly survey of Australian CFOs. Some 62 per cent of respondents expect the Federal Government’s May 2014 Budget to adversely affect the economy. Meanwhile, 38 per cent said the Budget will negatively affect their company, although 40 per cent anticipate no impact. The survey for the June quarter also found that 70 per cent of CFOs forecast revenue growth in the next 12 months

CORPORATES
DELOITTE TOUCHE TOHMATSU LIMITED

Budget sales job failing

July 1, 2014roymorgansocial Leave a comment

Original article by Philip Coorey, Jacob Greber
The Australian Financial Review – Page: 1-Aug : 1-Jul-14

Some $A25 billion of the spending cuts and revenue measures in the Australian Government’s May 2014 Budget are likely to be defeated. Treasury secretary Martin Parkinson said that detractors who invoke "vague notions" of unfairness to argue against reform effectively want Australia to enter a slow decline. Parkinson addressed the Crawford Australian Leadership Forum, as did Malcolm Turnbull, the Communications Minister. Turnbull said the nation is overly-dependent on income tax revenue. He implied that the Government has not been sufficiently convincing about the need for reform

CORPORATES
AUSTRALIA. NATIONAL COMMISSION OF AUDIT, AUSTRALIA. DEPT OF COMMUNICATIONS, AUSTRALIA. DEPT OF HUMAN SERVICES. MEDICARE AUSTRALIA, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN LABOR PARTY, AUSTRALIAN NATIONAL UNIVERSITY. CRAWFORD SCHOOL OF ECONOMICS AND GOVERNMENT

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