POLITICAL PARTIES – AUSTRALIA – PLATFORMS

Calls to further limit cash payments

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Original article by Tom McIlroy
The Australian Financial Review – Page: 5 : 31-Jul-19

Business owners who accept large cash payments would face a fine of $25,000 and jail terms of up to two years as part of the federal government’s crackdown on the cash economy. Cash payments will be restricted to $10,000 under the reforms announced in the 2018 Budget. However, KPMG tax partner Grant Wardell-Johnson says the government should consider lowering the threshold over time, suggesting that a limit of $5,000 or even just $2,000 may be appropriate. Tony Greco of the Institute of Public Accountants agrees that reducing the threshold may be justified.

CORPORATES
KPMG AUDIT PLC, INSTITUTE OF PUBLIC ACCOUNTANTS LIMITED, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. ATTORNEY-GENERAL’S DEPT. AUSTRALIAN TRANSACTION REPORTS AND ANALYSIS CENTRE, RESERVE BANK OF AUSTRALIA

Insurers to be barred from using unfair contracts in new legislation

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Original article by James Fernyhough
The Australian Financial Review – Page: 4 : 31-Jul-19

Labor is expected to support the Coalition’s proposal to subject insurers to the same rules with regard to unfair contract terms as other financial services providers. The final report of the Hayne royal commission recommended abolishing the exemption, which arose because insurers are regulated by the Insurance Contracts Act. In contrast, rules on unfair contract terms are covered by the ASIC Act. The Australian Competition & Consumer Commission has also made a number of recommendations for changes to the regulatory regime for insurers.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION

Lib MPs in bid to ditch super boost

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Original article by Adam Creighton
The Australian – Page: 1 & 2 : 22-Jul-19

The federal government is facing growing pressure from within its ranks to reconsider an increase in the superannuation guarantee from 9.5 per cent to 12 per cent by mid-2025. Andrew Hastie is among seven backbenchers who oppose the increase; he says it would be preferable for people to use this income to pay off their mortgage now rather than have to wait until they retire. Senator Amanda Stoker in turn says wage increases should be a higher priority at present than changes to the superannuation guarantee.

CORPORATES
LIBERAL PARTY OF AUSTRALIA, GRATTAN INSTITUTE, AUSTRALIA. PRODUCTIVITY COMMISSION, AUSTRALIA. PARLIAMENTARY BUDGET OFFICE, AUSTRALIA. DEPT OF THE TREASURY

No surplus sacrifice for dole boost

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Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 4 : 22-Jul-19

The federal government is resisting pressure from welfare groups and unions to increase the Newstart allowance by $75 a week. The Treasury estimates that this would cost $12.5bn over four years and $39bn over a decade, and it would slash the projected Budget surplus for 2019-20. Labor has also called for Newstart to be increased, although it has not nominated a figure. Employment Minister Michaelia Cash says the government’s priority is getting people off welfare and into the workforce, and notes that Labor has opposed or criticised all of the Coalition’s employment programs.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. DEPT OF JOBS AND SMALL BUSINESS, AUSTRALIAN LABOR PARTY, ACTU, NATIONAL SENIORS AUSTRALIA LIMITED, BUSINESS COUNCIL OF AUSTRALIA, AUSTRALIAN GREENS, KPMG AUSTRALIA PTY LTD

Hues of Brazil dictatorship in anti-union bill

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Original article by David Marin-Guzman
The Australian Financial Review – Page: 5 : 18-Jul-19

The Ensuring Integrity Bill’s compliance with international conventions to which Australia is a signatory has been called into question. The International Centre for Trade Union Rights claims that the bill breaches international conventions regarding freedom of association and collective bargaining. Amongst other things, the bill is aimed at making it easier to deregister unions and to ban union officials. The federal government hopes the bill will be passed by the lower house within weeks.

CORPORATES
INTERNATIONAL CENTRE FOR TRADE UNION RIGHTS, ACTU, AUSTRALIA. REGISTERED ORGANISATIONS COMMISSION

Revamped bill to test ALP on forcing out rogue union bosses

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Original article by Phillip Coorey
The Australian Financial Review – Page: 4 : 17-Jul-19

The House of Representatives is slated to vote on the federal government’s amended Ensuring Integrity Bill within weeks. There have been significant changes to the bill in response to Labor’s concerns about the proposed legislation, but shadow industrial relations minister Tony Burke has warned that the amendments are insufficient and are also likely to be opposed by Labor. The bill is aimed at making it easier to deregister unions and ban union officials.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF JOBS AND SMALL BUSINESS, CONSTRUCTION, FORESTRY, MARITIME, MINING AND ENERGY UNION OF AUSTRALIA, MARITIME UNION OF AUSTRALIA

Labor urged to speed up dud policy review

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Original article by Greg Brown, Rachel Baxendale
The Australian – Page: 2 : 11-Jul-19

Labor has come under scrutiny for delaying a decision on key policies – including changes to the negative gearing and franking credits regimes – until a review of its 2019 federal election campaign is completed. Property Council of Australia CEO Ken Morrison argues that Labor should ditch these policies, as voters have rejected them at two elections. Wilson Asset Management chairman Geoff Wilson says the franking credits policy is flawed and inequitable, and was a key factor in Labor’s election defeat.

CORPORATES
AUSTRALIAN LABOR PARTY, PROPERTY COUNCIL OF AUSTRALIA LIMITED, WILSON ASSET MANAGEMENT, AUSTRALIA. DEPT OF THE TREASURY

It’s not time: Albo hastens slowly on ditching policies

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Original article by Greg Brown, Joe Kelly
The Australian – Page: 1 & 6 : 10-Jul-19

Labor will not decide whether to abandon policies that contributed to its federal election loss until a review of its election campaign is completed in October. Labor’s proposed changes to the negative gearing and franking credits regimes are amongst those that are likely to be reconsidered. A number of Labor MPs believe that the party’s review of its policy platform should not be rushed.

CORPORATES
AUSTRALIAN LABOR PARTY

Labor review may jettison 2pc tax slug

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Original article by Andrew Tillett
The Australian Financial Review – Page: 5 : 9-Jul-19

A spokesperson for Opposition Leader Anthony Albanese has stressed that Labor has not yet formally dropped its proposed changes to the negative gearing and franking credits regimes, after Albanese gave indications that they will be dumped. Labor intends to review all of its policies in the wake of the federal election loss; some Labor MPs have suggested that increasing the highest marginal income tax rate to 49 per cent by reinstating the budget repair levy is among the policies that may be dropped. Several Labor MPs also say there may be merit in Bill Kelty’s proposal to reduce the top income tax rate.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE TREASURY

Labor’s deeming rate reduction predicted to cost $1b

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Original article by Matthew Cranston
The Australian Financial Review – Page: 4 : 8-Jul-19

Treasurer Josh Frydenberg says the federal government will change the deeming rate for pensioners by the end of 2019, and that over 25 per cent of pension recipients will be better off as a result. Shadow social services minister Linda Burney says a change in the deeming rate is urgently needed, and that cutting it by 1.25 per cent would see pensioners $3,875 a year better off. The deeming rate has not been changed since 2015, while cutting it by 1.25 per cent would reduce the Budget bottom line of at least $1 billion.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN LABOR PARTY