Producers fight industry oil levy

Original article by Perry Williams
The Australian – Page: 17 : 10-Jun-21

It will cost taxpayers some $47.4m to maintain the Northern Endeavour in 2020-21, according to the federal government’s Budget papers. Meanwhile, oil and gas producers will lobby against a proposed industry levy to help finance decommissioning and remediation costs associated with the offshore oil production vessel in the Timor Sea. Some industry players believe that the Northern Endeavour’s former owner Woodside Petroleum should bear the cost; in 2015 it sold the vessel to Northern Oil & Gas Australia, which subsequently went into administration.

CORPORATES
WOODSIDE PETROLEUM LIMITED – ASX WPL, NORTHERN OIL AND GAS AUSTRALIA PTY LTD

Levy sparks alarm in energy industry

Original article by Perry Williams
The Australian – Page: 19 : 13-May-21

Industry body APPEA has expressed concern about the federal government’s proposed levy on the nation’s offshore oil and gas industry. The Budget measure will help fund the cost of decommissioning the Northern Endeavour floating platform and the associated Laminaria and Corallina oil fields in the Timor Sea. APPEA Andrew McConville says other options should be considered, warning that the levy is a "terrible precedent" that could adversely affect the domestic economy and jobs in the oil and gas sector.

CORPORATES
AUSTRALIAN PETROLEUM PRODUCTION AND EXPLORATION ASSOCIATION LIMITED

Canavan calls for retaliatory levy on iron ore to China

Original article by Ben Packham
The Australian – Page: 6 : 14-Dec-20

Former resources minister Matt Canavan contends that the federal government should respond to China’s import bans and punitive tariffs by imposing a levy on iron ore exports. Australia ships nearly 900 million tonnes of iron ore to China each year, and Canavan argues that a levy of just one per cent would raise more than $800m annually; this could be used to compensate companies that have been hit by China’s trade sanctions. Canavan notes that iron ore has not been affected by the trade war, as China cannot quickly and easily source an alternative supply.

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Greens want coal levy to fund more paid firefighters

Original article by Judith Ireland
The Sydney Morning Herald – Page: Online : 6-Feb-20

Greens leader Adam Bandt has proposed the introduction of a levy on coal, gas and oil producers. The levy would be priced at $1 per tonne of carbon dioxide and would raise about $1.5bn a year. Most of the proceeds would be used to hire nearly 16,000 additional paid firefighters in metropolitan and rural areas. Bandt says the nation’s firefighters are exhausted by the intensity and duration of the bushfire season. The Australia Institute also called for a levy on fossil fuel producers in late 2019, as part of its proposal for a National Climate Disaster Fund.

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AUSTRALIAN GREENS, THE AUSTRALIA INSTITUTE LIMITED

Morrison slams Labor’s proposal for bank tax

Original article by James Frost, John Kehoe
The Australian Financial Review – Page: 4 : 26-Feb-19

Prime Minister Scott Morrison says Labor’s plan to impose a new levy on banks raises the question of what sector it will target next, while Greens senator Peter Whish-Wilson says it should not apply to smaller banks as it will affect their competitiveness. Consumer Action Law Centre CEO Gerard Brody has welcomed Labor’s plan to use some of the proceeds from the levy to finance additional financial counsellors but argues that it should be broadened to include sectors such as telcos and utilities. Labor’s tax is slated to raise $640m over four years.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIAN GREENS, CONSUMER ACTION LAW CENTRE, LAW COUNCIL OF AUSTRALIA, STANDARD AND POOR’S ASX 100 INDEX, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, WESTPAC BANKING CORPORATION – ASX WBC, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AMP LIMITED – ASX AMP, BANK OF QUEENSLAND LIMITED – ASX BOQ, BENDIGO AND ADELAIDE BANK LIMITED – ASX BEN, SUNCORP GROUP LIMITED – ASX SUN, MACQUARIE GROUP LIMITED – ASX MQG

Labor plans to slug banks $640m to pay for fairness fund

Original article by John Kehoe
The Australian Financial Review – Page: 1 & 4 : 25-Feb-19

Labor proposes to establish a Financial Rights Fund if it wins the 2019 federal election, which will assist victims of misconduct in the financial services sector. The so-called ‘fairness’ fund will be financed via a new levy on Australia’s largest financial institutions, and is slated to raise $160m annually over four years. This is in addition to the federal government’s bank levy. Amongst other things, Labor’s levy would be used to provide consumers with free financial counselling and significantly increase the number of government-funded financial counsellors.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, AUSTRALIAN FINANCIAL COMPLAINTS AUTHORITY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET

Morrison resists milk levy

Original article by Phillip Coorey
The Australian Financial Review – Page: 6 : 6-Sep-18

Agriculture Minister David Littleproud has proposed the adoption of a temporary $0.10 per litre on milk to help dairy farmers who are struggling with the drought and low milk prices. He says that Woolworths has indicated it was willing to support such a levy, which would raise around $250 million a year, provided that Coles did. Littleproud says he has spoken to the Coles CEO, who indicated to Littleproud that he is not so favourably disposed to the idea. Prime Minister Scott Morrison has indicated he is reluctant to support Littleproud’s proposal.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF AGRICULTURE AND WATER RESOURCES, WOOLWORTHS GROUP LIMITED – ASX WOW, COLES SUPERMARKETS AUSTRALIA PTY LTD

Labor will stick to top tax rate of 49pc

Original article by Phillip Coorey
The Australian Financial Review – Page: 6 : 17-May-18

Shadow treasurer Chris Bowen has used a National Press Club speech to reiterate that a Labor government would reinstate the temporary budget repair levy. Bowen argued that the two per cent levy on incomes of more than $A180,000 is justified as the Budget is still in deficit. He added that Labor would retain the levy until the Budget is sustainably in surplus, and nominated one per cent of GDP as a likely figure. Bowen also gave indications that Labor will support the second stage of the May 2018 Budget’s income tax package.

CORPORATES
AUSTRALIAN LABOR PARTY, NATIONAL PRESS CLUB (AUSTRALIA)

Goode blasts ‘unfair’ tax on big five banks

Original article by Eli Greenblat
The Australian – Page: 20 : 17-Oct-17

Diversified United Investments (DUI) chairman Charles Goode says the Federal Government must reconsider its proposed levy on the four major banks and Macquarie Group. He has told the listed investment company’s shareholders that the banks already pay billions of dollars in income tax, and targeting only some companies in a specific sector is unfair and discriminatory. DUI holds $A240m worth of shares in the major banks, while Australian United Investments – which is also chaired by Goode – has a $A315m exposure to the big banks.

CORPORATES
DIVERSIFIED UNITED INVESTMENT LIMITED – ASX DUI, AUSTRALIAN UNITED INVESTMENT COMPANY LIMITED – ASX AUI, MACQUARIE GROUP LIMITED – ASX MQG, LIBERAL PARTY OF AUSTRALIA, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, WOODSIDE PETROLEUM LIMITED – ASX WPL, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, IAN POTTER FOUNDATION, FLAGSTAFF PARTNERS PTY LTD, WALLARA ASSET MANAGEMENT, RIVER CAPITAL PTY LTD, SG HISCOCK AND COMPANY LIMITED, AUSTRALIAN FOUNDATION INVESTMENT COMPANY LIMITED – ASX AFI

Coalition tips Medicare Levy will get over the line

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

The Federal Government is optimistic that its proposed 0.5 per cent increase in the Medicare levy will be passed by the Senate. The bill will be put before the upper house on 17 August, although a vote is unlikely before September. The increase in the levy is one of 10 bills that were endorsed by the Coalition’s partyroom on 16 August. The Opposition is pushing for the increased levy to be restricted to people whose annual income exceeds $A87,000. The Government hopes to secure the support of crossbenchers.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN LABOR PARTY, NICK XENOPHON TEAM, ONE NATION PARTY, AUSTRALIAN GREENS