INDEPENDENT REGULATORY COMMISSIONS – AUSTRALIA

Outrage as ACCC rubbishes plans for free range egg standard

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Original article by Esther Han
The Sydney Morning Herald – Page: 13 : 14-Nov-14

Australian Competition & Consumer Commission chairman Rod Sims argues that the nation does not need a standard on what constitutes free-range eggs. John Coward of Australian Egg Farmers warns that Sims’ comments could affect the progress that has been made to date on developing a standard for the industry. Choice also favours a national standard in order to protect consumers

CORPORATES
AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, AUSTRALIAN EGG FARMERS PTY LTD, AUSTRALIAN CONSUMERS’ ASSOCIATION, FEDERAL COURT OF AUSTRALIA, PIROVIC FAMILY FARMS, NEW SOUTH WALES. DEPT OF COMMERCE. OFFICE OF FAIR TRADING

Red tape war raises the bar for regulators

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Original article by Damon Kitney
The Australian – Page: 19 : 29-Oct-14

The Australian Government will on 29 October 2014 issue its response to the Productivity Commission’s review of the relationship between regulators and small business. There will be half a dozen new performance indicators against which agencies such as the Australian Competition & Consumer Commission, Australian Securities & Investments Commission, Australian Taxation ­Office and Australian Prudential Regulation Authority will be gauged. The Business Council of Australia and Australian Chamber of Commerce & Industry had lodged submissions to the inquiry

CORPORATES
AUSTRALIA. PRODUCTIVITY COMMISSION, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALIAN TAXATION OFFICE, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, BUSINESS COUNCIL OF AUSTRALIA, AUSTRALIAN CHAMBER OF COMMERCE AND INDUSTRY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET

Competition watchdog won’t call for Woolies liquor split

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Original article by Julie-Anne Sprague
The Australian Financial Review – Page: 15 & 22 : 6-Oct-14

A former Woolworths executive has claimed that the retail giant has too much market power in the liquor sector. Tony Leon says Woolworths should be forced to divest one of its liquor chains, as its market dominance allows it to put pressure on liquor suppliers. However, Australian Competition & Consumer Commission chairman Rod Sims says forcing companies to offload assets should not be within the regulator’s purview, arguing that it can already address concerns about abuse of market power

CORPORATES
WOOLWORTHS LIMITED – ASX WOW, BWS – BEER WINE SPIRITS, DAN MURPHY’S, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, COLES GROUP LIMITED, WESFARMERS LIMITED – ASX WES, IBISWORLD PTY LTD, LIQUORLAND (AUSTRALIA) PTY LTD, VINTAGE CELLARS (AUSTRALIA) PTY LTD, FIRST CHOICE LIQUOR SUPERSTORE, AUSTRALIAN LEISURE AND HOSPITALITY GROUP LIMITED, AUSTRALIAN NATIONAL RETAILERS ASSOCIATION LIMITED, STEVE’S LIQUOR, METCASH LIMITED – ASX MTS, AUSTRALIAN LIQUOR MARKETERS PTY LTD, CELLARBRATION PTY LTD, BOTTLE-O, IGA LIQUOR

ACCC orange light on Wotif takeover

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Original article by Jamie Freed
The Australian Financial Review – Page: 15 : 5-Sep-14

The Australian Competition & Consumer Commission (ACCC) had been widely tipped to approve Expedia’s acquisition of Wotif.com. However, the competition regulator has expressed concern that the $A703m deal may lead to an increase in commission rates in the accommodation sector. The ACCC has noted that Wotif.com’s low commission rates may have influenced rivals such as Expedia to offer lower rates in Australia than in other markets

CORPORATES
WOTIF.COM HOLDINGS LIMITED – ASX WTF, EXPEDIA INCORPORATED, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, BOOKING.COM BV, BELL POTTER SECURITIES LIMITED, BELL FINANCIAL GROUP LIMITED – ASX BFG, CLIFFORD CHANCE, FLIGHT CENTRE TRAVEL GROUP LIMITED – ASX FLT, HELLOWORLD LIMITED – ASX HLO, STA TRAVEL PTY LTD, PRICELINE.COM, EUROMONITOR, JETSET TRAVELWORLD LIMITED, STELLA TRAVEL SERVICES LIMITED, DRANSFIELD HOTELS AND RESORTS PTY LTD, ACCOMMODATION ASSOCIATION OF AUSTRALIA PTY LTD

APRA hints at shifting capital

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Original article by Michael Bennet
The Australian – Page: 16 : 1-Sep-14

The Australian Prudential Regulation Authority has lodged its submission to the Federal Government’s financial system review. The watchdog wants global rules for the banking sector that require greater capital reserves for mortgage lending to apply locally. It is also sharing concerns of the Reserve Bank of Australia that more liberal lending standards could create unsustainable prices in the residential real estate market. Banks using advanced systems can access public guarantees at a lower cost

CORPORATES
BENDIGO AND ADELAIDE BANK LIMITED – ASX BEN, MACQUARIE BANK LIMITED – ASX MBL, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, RESERVE BANK OF AUSTRALIA, DEUTSCHE BANK AG

Stricter super rules ‘inevitable’

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Original article by Sally Patten
The Australian Financial Review – Page: 21 : 18-Aug-14

Ernst & Young’s Graeme McKenzie forecasts that at some point the Australian Prudential Regulatory Authority will subject the nation’s $A1.8bn superannuation industry to greater supervision. He doubts that the regulatory regime will be tightened in the near-term, as APRA released new standards in 2013, but he argues that the amount of money flowing into the sector will necessitate stricter regulation in the future

CORPORATES
ERNST AND YOUNG, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, TOWERS WATSON

Virgin, Jetstar to face joint action

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Original article by Anthony Klan
The Australian – Page: 19 : 7-Aug-14

The Australian Competition & Consumer Commission recently launched Federal Court action against Jetstar Airlines and Virgin Australia over allegedly misleading practices. It is being claimed that the carriers’ online booking web sites hide additional fees and charges when they advertise fares for flights. The ACCC’s legal team has now agreed with a suggestion by the judge to combine the two actions into a single one

CORPORATES
VIRGIN AUSTRALIA HOLDINGS LIMITED – ASX VAH, QANTAS AIRWAYS LIMITED – ASX QAN, JETSTAR AIRLINES PTY LTD, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, FEDERAL COURT OF AUSTRALIA, WOOLWORTHS LIMITED – ASX WOW, COLES GROUP LIMITED, WESFARMERS LIMITED – ASX WES

ACCC chases carbon levies

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Original article by Phillip Coorey, Joanna Heath
The Australian Financial Review – Page: 5 : 30-Jul-14

The Australian Competition & Consumer Commission (ACCC) will crack down on about 120 organisations that fail to recompense consumers following the abolition of the carbon tax. This includes companies such as airlines and waste management groups, as well as local councils. They had generally increased prices when the tax was introduced, and the ACCC is concerned that they may try to avoid passing on savings to consumers now that tax has been scrapped

CORPORATES
AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, QANTAS AIRWAYS LIMITED – ASX QAN, VIRGIN AUSTRALIA HOLDINGS LIMITED – ASX VAH, AUSTRALIAN LANDFILL OWNERS ASSOCIATION LIMITED, VEOLIA ENVIRONMENTAL SERVICES (AUSTRALIA) PTY LTD, AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE ENVIRONMENT

Complaints may spur sham charity clampdown

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Original article by Nassim Khadem
The Australian Financial Review – Page: 40 : 9-Jul-14

Taxation experts predict a crackdown on businesses that obtain tax-exempt status by setting up fake charities. Such abuses account for about a quarter of the 805 complaints received by the Australian Charities & Not-for-profits Commission since it began operating in May 2014. The Federal Government wants to scrap the watchdog and hand responsibility for the charities sector back to the Australian Taxation Office

CORPORATES
AUSTRALIAN TAXATION OFFICE, AUSTRALIAN CHARITIES AND NOT-FOR-PROFITS COMMISSION, WEALTH SAFE PTY LTD

Union rushes to enlist

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Original article by Michael Bleby
The Australian Financial Review – Page: 10 : 4-Jul-14

Construction groups such as Lend Lease and Leighton Holdings off-shoot John Holland are warning subcontractors that they will have to comply with a new building and construction industry code. However the relevant legislation has not yet been passed by the senate, with the Federal Government needing the votes of the Palmer United Party and independents. The Construction, Forestry, Mining & Energy Union is busy signing up subcontractors to an enterprise agreement. It hopes that if sufficient numbers can be reached, it will be easier to convince senators to vote against the reinstatement of the Australian Building & Construction Commission, which would enforce the code

CORPORATES
LEND LEASE GROUP LIMITED – ASX LLC, LEIGHTON HOLDINGS LIMITED – ASX LEI, JOHN HOLLAND PTY LTD, CONSTRUCTION, FORESTRY, MINING AND ENERGY UNION OF AUSTRALIA, AUSTRALIAN BUILDING AND CONSTRUCTION COMMISSION, MASTER BUILDERS ASSOCIATION OF NEW SOUTH WALES PTY LTD, PALMER UNITED PARTY, AUSTRALIAN LABOR PARTY, AUSTRALIAN GREENS