GOVERNMENTAL INVESTIGATIONS – AUSTRALIA

Greens push for probe into finance scandals

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Original article by Adele Ferguson
The Australian Financial Review – Page: 16 : 24-Jun-15

The Federal Government and the Opposition will not support the Australian Greens’ motion for a royal commission into misconduct in the financial services industry. Liberal Democratic Party senator David Leyonhjelm and Family First Party senator Bob Day also oppose a royal commission, although independent senator Nick Xenophon and the National Party’s John Williams will support the motion. IOOF is the latest financial group to embroiled by claims of misconduct.

CORPORATES
AUSTRALIAN GREENS, AUSTRALIAN LABOR PARTY, LIBERAL DEMOCRATIC PARTY, FAMILY FIRST PARTY AUSTRALIA LIMITED, NATIONAL PARTY OF AUSTRALIA, IOOF HOLDINGS LIMITED – ASX IFL, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, MACQUARIE PRIVATE WEALTH MANAGEMENT PTY LTD, MACQUARIE GROUP LIMITED – ASX MQG, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION

Big miners spook Abbott

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Original article by Phillip Coorey, Julie-anne Sprague, Mark Ludlow
The Australian Financial Review – Page: 1 & 4 : 20-May-15

Fortescue Metals Group chairman Andrew Forrest says the Australian Government should proceed with a parliamentary inquiry into the iron ore industry. He notes that lower prices for the steel input affects government revenue, and he says the Government should not yield to pressure from BHP Billiton and Rio Tinto. The two big miners have criticised proposals for a federal inquiry, while Prime Minister Tony Abbott has moderated his position on the issue, after previously supporting such an inquiry.

CORPORATES
FORTESCUE METALS GROUP LIMITED – ASX FMG, BHP BILLITON LIMITED – ASX BHP, RIO TINTO LIMITED – ASX RIO, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF FOREIGN AFFAIRS AND TRADE, AUSTRALIA. DEPT OF INDUSTRY AND SCIENCE, LIBERAL PARTY OF AUSTRALIA, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION

Hockey in iron ore inquiry talks

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Original article by John Kerin, Amanda Saunders
The Australian Financial Review – Page: 1 & 8 : 15-May-15

Independent Senator Nick Xenophon wants a bipartisan parliamentary committee to hold an inquiry into iron ore pricing. There is speculation that any such inquiry could be chaired by Liberal MP Angus Taylor, who has worked as a consultant in the sector. Minerals Council of Australia CEO Brendan Pearson rejects claims by Andrew Forrest that BHP Billiton and Rio Tinto are ramping up production with a view to forcing smaller producers out of the iron ore market, and says there is no need for an inquiry.

CORPORATES
BHP BILLITON LIMITED – ASX BHP, RIO TINTO LIMITED – ASX RIO, FORTESCUE METALS GROUP LIMITED – ASX FMG, AUSTRALIA. DEPT OF THE TREASURY, LIBERAL PARTY OF AUSTRALIA, MINERALS COUNCIL OF AUSTRALIA, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, AUSTRALIAN LABOR PARTY

Treasury may go alone on ‘Google tax’

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Original article by Joanna Mather
The Australian Financial Review – Page: 9 : 10-Apr-15

The Australian Government would like to introduce changes to the taxation system as soon as possible. Treasury deputy secretary Robert Heferen told the Senate inquiry into corporate tax avoidance on 9 April 2015 that the Government should act now rather than wait for the OECD’s action plan on base erosion and profit shifting. The implementation of the OECD plan would be very complicated

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT, GOOGLE INCORPORATED, UNIVERSITY OF SYDNEY

CBA customers face deposit tax hit

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Original article by James Eyers, Clancy Yeates
The Australian Financial Review – Page: 8 : 2-Apr-15

The Commonwealth Bank of Australia (CBA) has expressed its support for the financial system inquiry’s recommendation to introduce a tax on deposits to cover the costs of any bank collapse. The proposed tax would amount to $A500 million a year in total for the sector. In a submission to Treasury in response to the inquiry’s recommendations, CBA stated that the tax might be passed on to its customers

CORPORATES
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, WESTPAC BANKING CORPORATION – ASX WBC, AUSTRALIAN LABOR PARTY, AUSTRALIAN GREENS, AUSTRALIA. DEPT OF THE TREASURY, CUSTOMER OWNED BANKING ASSOCIATION, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA

Wesfarmers criticises ‘effects test’

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Original article by Julie-Anne Sprague
The Australian Financial Review – Page: 10 : 2-Apr-15

The final report of the Harper review of competition law has recommended strengthening existing laws on the misuse of market power. However, retail giants Woolworths and Wesfarmers do not support the introduction of a so-called "effects test", and Wesfarmers CEO Richard Goyder believes that it may in fact adversely affect consumers. An effects test has the support of National Farmers’ Federation CEO Simon Talbot

CORPORATES
WESFARMERS LIMITED – ASX WES, WOOLWORTHS LIMITED – ASX WOW, NATIONAL FARMERS’ FEDERATION LIMITED, AUSTRALIAN LABOR PARTY, COLES GROUP LIMITED

Small business warning

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Original article by James Eyers
The Australian Financial Review – Page: 15 : 1-Apr-15

The Australian Bankers’ Association’s submission on the financial system inquiry has broadly supported the recommendations on increased capital requirements for the nation’s banks. However, it has questioned the need for local banks to be in the top quartile of banks globally. The submission also raises concerns over the proposal for credit contracts to be covered by laws on unfair contracts, noting the potential impact on loans to small businesses

CORPORATES
AUSTRALIAN BANKERS’ ASSOCIATION, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. DEPT OF INDUSTRY AND SCIENCE, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION

ASX chief puts weight behind Murray recommendations

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Original article by James Chessell
The Australian Financial Review – Page: 19 : 11-Mar-15

The final report of the Australian Government’s financial system inquiry included recommendations on the future regulation of the corporate bond market. ASX CEO Elmer Funke Kupper has urged bipartisan parliamentary support for the proposed reforms, arguing that issuing retail corporate bonds in particular is costly and time consuming in Australia. He notes that the disclosure and prospectus requirements are much more onerous that when raising capital on the sharemarket

CORPORATES
ASX LIMITED – ASX ASX, TABCORP HOLDINGS LIMITED – ASX TAH, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIA. DEPT OF THE TREASURY

Calls for wider inquiry into financial planning

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Original article by Clancy Yeates, Adele Ferguson
The Australian Financial Review – Page: 13 & 16 : 23-Feb-15

The Australian Government is likely to face increased pressure to hold an inquiry in the wake of a new controversy involving financial planners. It has been revealed that 750 customers of National Australia Bank have received compensation for poor advice from its investment advisers over the last five years. Several senators have urged the Government to undertake a royal commission, while Australian Consumers’ Association spokeswoman Erin Turner says there is need for greater transparency in dealing with such scandals

CORPORATES
NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIAN CONSUMERS’ ASSOCIATION, AUSTRALIAN LABOR PARTY, NATIONAL PARTY OF AUSTRALIA, AUSTRALIAN GREENS, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, MACQUARIE PRIVATE WEALTH MANAGEMENT PTY LTD, MACQUARIE GROUP LIMITED – ASX MQG, JBWERE LIMITED, MERITUM FINANCIAL GROUP PTY LTD

Weapons drawn in IR battle

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Original article by Joe Kelly
The Australian – Page: 4 : 23-Jan-15

An issues paper has been made public by the Productivity Commission, for its investigation of Australia’s industrial relations system. While the focus on reform of the Fair Work Act is being applauded by the Business Council of Australia, the Australian Industry Group, the Council of Small Business of Australia and the Australian Chamber of Commerce & Indus­try, the ACTU union umbrella group sees it as dominated by the "obsession" of the Federal Government with penalty rates and individual workplace agreements. Enterprise bargaining and the minimum wage are also on the agenda

CORPORATES
AUSTRALIA. PRODUCTIVITY COMMISSION, AUSTRALIAN CHAMBER OF COMMERCE AND INDUSTRY, BUSINESS COUNCIL OF AUSTRALIA, ACTU, THE AUSTRALIAN INDUSTRY GROUP, COUNCIL OF SMALL BUSINESS ORGANISATIONS OF AUSTRALIA LIMITED, FRIENDS