GOVERNMENTAL INVESTIGATIONS – AUSTRALIA

Time is past for banks royal commission policy

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Original article by David Crowe
The Australian – Page: 2 : 1-Sep-17

Australian banks are attracting increased regulatory scrutiny in the wake of the Commonwealth Bank’s money-laundering scandal. This has weakened the Australian Labor Party’s case for a royal commission into banks, as such an inquiry would take some time to set up if Labor wins the next federal election. Meanwhile, Labor may not be able to act on the inquiry’s recommendations until after the following election. Labor increased the Australian Securities & Investments Commission’s regulatory powers when it was previously in government, and it could so again without the need for a royal commission.

CORPORATES
AUSTRALIAN LABOR PARTY, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, AUSTRALIA. ATTORNEY-GENERAL’S DEPT. AUSTRALIAN TRANSACTION REPORTS AND ANALYSIS CENTRE

Taskforce seeks tobacco blitz

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Original article by Duncan Hughes
The Australian Financial Review – Page: 7 : 7-Aug-17

The Black Economy Taskforce’s chairman Michael Andrew says he plans to urge the Australian Government to clamp down on the illegal tobacco industry. A spokesperson for cigarette and tobacco company Philip Morris estimates that the illegal tobacco industry costs governments almost $A4 billion a year in foregone tobacco excise. The spokesperson adds that greater co-ordination between law enforcement bodies and regulators is needed to tackle the problem.

CORPORATES
PHILIP MORRIS (AUSTRALIA) LIMITED, AUSTRALASIAN ASSOCIATION OF CONVENIENCE STORES INCORPORATED, AUSTRALIAN LABOR PARTY, ATA INTERNATIONAL

‘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

Competition inquiry looks into access to finance

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Original article by James Eyers
The Australian Financial Review – Page: 17 : 13-Jul-17

A Productivity Commission inquiry into competition in the financial services sector will be wide-ranging but focus on banks. It will examine factors such as the effect of banks’ vertically integrated business models on competition and whether consumers ultimately receive the benefits of innovation in the sector. Submissions to the inquiry must be lodged by 15 September, and the Commission’s final report is slated to be completed by mid-2018.

CORPORATES
AUSTRALIA. PRODUCTIVITY COMMISSION, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN BANKERS’ ASSOCIATION, BANK OF QUEENSLAND LIMITED – ASX BOQ, BENDIGO AND ADELAIDE BANK LIMITED – ASX BEN, SUNCORP GROUP LIMITED – ASX SUN, ME BANK, KING AND WOOD MALLESONS

Senate pushes union pay deal inquiry

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Original article by Ewin Hannan
The Australian – Page: 5 : 16-Jun-17

The Senate will proceed with an inquiry into enterprise bargaining agreements struck by the Shop, Distributive & Allied Employees Association and large retailers. The inquiry follows allegations that employers such as Coles and KFC had offered EBAs with lower penalty rates than the industry award. The inquiry’s scope to look into "any other related matters" will be restricted to penalty rates in the retail, hospitality and fast-food sectors. This is likely to exclude Cleanevent from the inquiry. Its controversial EBA was negotiated during the tenure of Opposition Leader Bill Shorten at the Australian Workers’ Union.

CORPORATES
SHOP, DISTRIBUTIVE AND ALLIED EMPLOYEES’ ASSOCIATION, COLES SUPERMARKETS AUSTRALIA PTY LTD, KFC, WOOLWORTHS LIMITED – ASX WOW, McDONALD’S AUSTRALIA LIMITED, CLEANEVENT PTY LTD, AUSTRALIAN LABOR PARTY, AUSTRALIAN WORKERS’ UNION-FEDERATION OF INDUSTRIAL, MANUFACTURING AND ENGINEERING EMPLOYEES, AUSTRALIAN GREENS, COUNCIL OF SMALL BUSINESS ORGANISATIONS OF AUSTRALIA LIMITED, NICK XENOPHON TEAM, ACTU

Wesfarmers, Woolies rule out pokies exit

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Original article by Sue Mitchell, Lucille Keen
The Australian Financial Review – Page: 13 : 20-Dec-16

Wesfarmers has no intention to exit the poker machine sector. Such a move would involve selling Coles 3,069 poker machines. Woolworths’ pubs and clubs business ALH also remains committed to its 12,000 poker machines. Independent Senator Nick Xenophon insists that a Senate inquiry is necessary to scrutinise the gambling industry. He warned that 2017 could be "a very unhappy year" for the sector.

CORPORATES
WESFARMERS LIMITED – ASX WES, COLES GROUP LIMITED, ALH AUSTRALIA LIMITED, GAMING TECHNOLOGIES ASSOCIATION LIMITED, ALLIANCE FOR GAMBLING REFORM, AUSTRALIA. PRODUCTIVITY COMMISSION

Dodgy ABN’s ‘key to crackdown’

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Original article by Joanna Mather
The Australian Financial Review – Page: 7 : 15-Dec-16

The Australian Government’s taskforce on the cash economy will release an interim report in March 2017. The taskforce will be led by Michael Andrew, who says the large number of Australian Business Numbers that have been issued but have never incurred a tax liability is a major concern. He has also flagged the potential to impose harsher penalties as part of the crackdown on the cash economy, and adds that the $A100 note would not be missed by most consumers if it were withdrawn from circulation.

CORPORATES
KPMG, SWINBURNE UNIVERSITY OF TECHNOLOGY, RESERVE BANK OF AUSTRALIA, LIBERAL PARTY OF AUSTRALIA

Crackdown on cash economy targets billions

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Original article by Joanna Mather
The Australian Financial Review – Page: 3 : 14-Dec-16

The Federal Government’s Mid-Year Economic and Fiscal Outlook will include the creation of a taskforce aimed at combating the cash economy. It will be headed by former KPMG executive Michael Andrew, and one of its priorities will be to investigate the large number of $A100 notes that are in circulation, despite the growing trend toward electronic payments. The taskforce’s final report will be delivered in October 2017. It is estimated that the cash economy accounts for about 1.5 per cent of Australia’s GDP, which equates to $A21bn.

CORPORATES
AUSTRALIA. DEPT OF FINANCE, KPMG, RESERVE BANK OF AUSTRALIA, AUSTRALIAN FEDERAL POLICE, AUSTRALIA. DEPT OF HUMAN SERVICES, AUSTRALIA. ATTORNEY-GENERAL’S DEPT. AUSTRALIAN TRANSACTION REPORTS AND ANALYSIS CENTRE, AUSTRALIA. DEPT OF IMMIGRATION AND BORDER PROTECTION, CHARTERED ACCOUNTANTS AUSTRALIA AND NEW ZEALAND, AUSTRALIAN NATIONAL AUDIT OFFICE, HSBC AUSTRALIA HOLDINGS PTY LTD, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. BOARD OF TAXATION, UBS HOLDINGS PTY LTD

PM rejects advice on carbon plan

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Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 8 : 8-Dec-16

The Federal Government has decided against considering a carbon scheme for the electricity sector and thus ignored advice from Chief Scientist Alan Finkel. In early December 2016, Energy Minister Josh Frydenberg suggested that such a scheme could be considered under Finkel’s review of Australia’s National Energy Market. He subsequently rejected this scenario, under pressure from Senator Cory Bernardi and Industry Minister Christopher Pyne.

CORPORATES
AUSTRALIA. DEPT OF THE ENVIRONMENT AND ENERGY, AUSTRALIA. OFFICE OF THE CHIEF SCIENTIST, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, COUNCIL OF AUSTRALIAN GOVERNMENTS, AUSTRALIA. DEPT OF INDUSTRY, INNOVATION AND SCIENCE

Census meltdown to cost $30m

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Original article by Rosie Lewis
The Australian – Page: 2 : 20-Oct-16

The shutdown of the Australian Bureau of Statistics’ census website on 9 August 2016 will cost up to $A30 million. Chief statistician David Kalisch has told the Senate estimates committee that $A20m has already been spent. He expects the ABS to spend another $A10m. IBM stated in a submission to the committee that the website was ready to be reactivated within three hours but the actions of other organisations extended the delay to 40 hours.

CORPORATES
AUSTRALIAN BUREAU OF STATISTICS, AUSTRALIAN SIGNALS DIRECTORATE, IBM AUSTRALIA LIMITED, NEXTGEN PTY LTD