LEGISLATIVE BODIES – COMMITTEES

Fortescue pushes for ore inquiry in WA

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Original article by Amanda Saunders
The Australian Financial Review – Page: 11 : 2-Jun-15

Fortescue Metals Group is expected to lobby Western Australia’s economics standing committee to hold a parliamentary inquiry into the iron ore industry. Opposition MP Bill Johnston failed in a recent bid for parliament to hold such an inquiry, while Premier Colin Barnett holds the view that a parliamentary inquiry would not be appropriate. The Australian Government has also rejected Fortescue’s request for a federal inquiry.

CORPORATES
FORTESCUE METALS GROUP LIMITED – ASX FMG, WESTERN AUSTRALIA. LEGISLATIVE ASSEMBLY STANDING COMMITTEE ON ECONOMICS AND INDUSTRY, WESTERN AUSTRALIA. DEPT OF THE PREMIER AND CABINET, AUSTRALIAN LABOR PARTY, NATIONAL PARTY OF AUSTRALIA, LIBERAL PARTY OF WESTERN AUSTRALIA, AUSTRALIA. PRODUCTIVITY COMMISSION, MINERALS COUNCIL OF AUSTRALIA

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

Fairfax’s 15.7pc tax rate draws Senate spotlight

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Original article by Darren Davidson
The Australian – Page: 19 : 5-Feb-15

Claims by the Tax Justice Network that major Australian corporations are using strategies such as profit shifting to minimise their tax burden have sparked a Senate Economics Committee investigation. In a submission prepared by senior research fellow Sinclair Davidson of the right-wing ­Institute of Public Affairs, newspaper publisher Fairfax Media is accused of enjoying an effective tax rate of a mere 15.78% rather than the statutory 30% in 2013-14. Fairfax had in 2014 published articles on alleged tax avoidance by rival News Corp Australia

CORPORATES
FAIRFAX MEDIA LIMITED – ASX FXJ, NEWS CORPORATION – ASX NWS, NEWS CORP AUSTRALIA PTY LTD, TAX JUSTICE NETWORK, INSTITUTE OF PUBLIC AFFAIRS LIMITED, AUSTRALIA. SENATE STANDING COMMITTEE ON ECONOMICS, RMIT UNIVERSITY, ROYAL MELBOURNE INSTITUTE OF TECHNOLOGY

News Corp’s $417m tax bill confounds critics

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Original article by Darren Davidson
The Australian – Page: 22 : 4-Feb-15

Australia’s Senate Economics Committee is looking into claims by unions and other organisations that major corporations engage in profit shifting to minimise their tax burden. In its submission to the inquiry, News Corp Australia says its payments of income and withholding tax between 2009-10 and 2013-14 totalled $A417.3m. The media group also notes that its combined goods and services, fringe benefits and payroll taxes for those years were worth a further $A900m

CORPORATES
NEWS CORPORATION – ASX NWS, NEWS CORP AUSTRALIA PTY LTD, AUSTRALIAN TAXATION OFFICE, AUSTRALIA. SENATE STANDING COMMITTEE ON ECONOMICS, FOXTEL MANAGEMENT PTY LTD, FOX SPORTS AUSTRALIA PTY LTD, REA GROUP LIMITED – ASX REA, FEDERAL COURT OF AUSTRALIA, TAX JUSTICE NETWORK, UNITED VOICE, HARPERCOLLINS PUBLISHERS PTY LTD

Queries over telcos holding data two years

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Original article by Lisa Cox
The Age – Page: 10 : 30-Jan-15

A Senate inquiry into the new metadata retention bill on 29 January 2015 heard from Federal Privacy Commissioner Timothy Pilgrim. He argued that the authorities empowered to access the details of telephone calls and internet sessions would usually do so within six to 12 months, and it was therefore not necessary to force telcos and ISPs to store the records for two years. Vivienne Thom, the Inspector-General of Intelligence & Security, also voiced fears the Australian Security Intelligence Organisation may keep the metadata of people no longer deemed a threat

CORPORATES
AUSTRALIA. OFFICE OF THE FEDERAL PRIVACY COMMISSIONER, AUSTRALIA. OFFICE OF THE INSPECTOR-GENERAL OF INTELLIGENCE AND SECURITY, AUSTRALIA. ATTORNEY-GENERAL’S DEPT, AUSTRALIAN SECURITY INTELLIGENCE ORGANISATION, SKYPE TECHNOLOGIES SA

ANZ backs exam for financial advisers

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Original article by Joanna Mather, Joyce Moullakis
The Australian Financial Review – Page: 3 : 12-Jan-15

The ANZ Bank’s submission to a Senate inquiry has supported a proposal to subject financial planners to an annual exam of their skills and knowledge. The bank’s submission cites a US Financial Industry Regulatory Authority exam as a model that could be considered in Australia. Centrepoint Alliance and Choice are among the other organisations that support exams for financial planners, although the Financial Planning Association does not

CORPORATES
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, AUSTRALIAN CONSUMERS’ ASSOCIATION, CENTREPOINT ALLIANCE LIMITED – ASX CAF, FINANCIAL PLANNING ASSOCIATION OF AUSTRALIA LIMITED, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, WESTPAC BANKING CORPORATION – ASX WBC, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALIA. SENATE STANDING COMMITTEE ON ECONOMICS, MACQUARIE PRIVATE WEALTH MANAGEMENT PTY LTD, MACQUARIE GROUP LIMITED – ASX MQG

RBA asked to explain backflip on lending risks

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Original article by Christopher Joye
The Australian Financial Review – Page: 6 : 29-Sep-14

The Reserve Bank of Australia (RBA) in mid-2013 reduced the official cash interest rate to a record low, and said the residential real estate market was not experiencing a "bubble". However a year on the central bank has revised its stance, and now warns of a dangerous prices surge. It may even resort to using macroeconomic tools, which has sparked concern among federal Senate economics committee members Matthew Canavan and Sam Dastyari of the National Party and Australian Labor Party respectively. RBA deputy governor Philip Lowe has been asked to address the committee on the issue

CORPORATES
RESERVE BANK OF AUSTRALIA, AUSTRALIA. SENATE STANDING COMMITTEE ON ECONOMICS, AUSTRALIAN LABOR PARTY, NATIONAL PARTY OF AUSTRALIA, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, AUSTRALIAN BUREAU OF STATISTICS

Energy report urges job reform

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Original article by Amos Aikman
The Australian – Page: 18 : 18-Aug-14

A new study, "Heading North: The Importance of Labour Mobility in Developing Northern Australia", has been commissioned by the Australian Petroleum Production & Exploration Association special interest group. It will argue before the federal parliament’s Joint Select Committee on Northern Australia on 18 August 2014 that state and federal governments must do more to support flexible staffing solutions. These include "fly in, fly out" rosters, more skilled immigration and the use of "457" visas. Such measures could unlock a potential $A180bn in capital investments

CORPORATES
AUSTRALIAN PETROLEUM PRODUCTION AND EXPLORATION ASSOCIATION LIMITED, AUSTRALIA. JOINT SELECT COMMITTEE ON NORTHERN AUSTRALIA

CommBank covered up scandal

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Original article by James Eyers, Clancy Yeates
The Australian Financial Review – Page: Jan-45 : 27-Jun-14

A Senate report is critical of Commonwealth Bank of Australia and the Australian Securities & Investments Commission (ASIC). The findings by the Senate economics committee were tabled on 26 June 2014. The report called for a royal commission, saying that the bank tried to avoid investigation of its financial planning subsidiary. The regulator was criticised for its slow action on the issue. The report made 61 recommendations for ASIC and the financial planning industry

CORPORATES
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, MACQUARIE PRIVATE WEALTH MANAGEMENT PTY LTD, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, AUSTRALIAN LABOR PARTY, AUSTRALIAN GREENS, LIBERAL PARTY OF AUSTRALIA, NATIONAL PARTY OF AUSTRALIA