POLITICAL PARTIES – AUSTRALIA – PLATFORMS

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

Labor fails to change tax cuts timetable

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Original article by Geoff Chambers
The Australian – Page: 5 : 3-Jul-19

The federal government has rejected Labor’s proposed amendments to its income tax package that would have brought forward the second stage of the tax cuts. Labor’s push to exclude the third-stage tax cuts from the package and to accelerate investment in infrastructure was also defeated in the lower house. Shadow treasurer Jim Chalmers says the Reserve Bank’s latest interest rate cut demonstrates the need for more economic stimulus. The Coalition requires the support of four crossbenchers to pass the full tax package in the Senate, and it is confident of doing so.

CORPORATES
AUSTRALIAN LABOR PARTY, RESERVE BANK OF AUSTRALIA, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF THE TREASURY, CENTRE ALLIANCE

Tax cut row blunting attacks, ALP MPs warn

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Original article by Geoff Chambers, Rosie Lewis
The Australian – Page: 1 & 4 : 2-Jul-19

The federal government will introduce its income tax cuts package to the lower house on 2 July before putting it to the Senate, where the Coalition needs the support of four crossbenchers if it is opposed by Labor and the Greens. Centre Alliance is open to supporting the tax package if the government agrees to measures aimed at addressing the issue of high domestic gas prices, while independent senator Jacqui Lambie may also be open to backing the tax cuts. Meanwhile, shadow treasurer Jim Chalmers says Labor may be willing to support the tax package if the Senate rejects its proposed amendments to the bill.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIAN GREENS, CENTRE ALLIANCE, ONE NATION PARTY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF THE TREASURY

Morrison tax assault on Labor arrogance

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Original article by Simon Benson, Rosie Lewis
The Australian – Page: 1 & 4 : 1-Jul-19

Prime Minister Scott Morrison expects Labor to pass the federal government’s income tax cuts package in the lower house on 2 July, and he says it would be an act of "belligerent arrogance" for Labor to then block it in the Senate. A senior Labor source has indicated that the party will wait until it knows if the Coalition has the support of crossbenchers before deciding whether to pass the tax package in the Senate. Labor continues to have concerns about the third stage of the tax cuts package, but the Coalition has ruled out splitting the tax bill.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIAN LABOR PARTY, AUSTRALIAN GREENS, CENTRE ALLIANCE, ONE NATION PARTY, AUSTRALIA. DEPT OF FINANCE, AUSTRALIA. DEPT OF THE TREASURY

Senators demand gas surplus for tax cuts

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Original article by Angela Macdonald-Smith, Tom McIlroy
The Australian Financial Review – Page: 1 & 4 : 27-Jun-19

Centre Alliance senator Rex Patrick has presented the federal government with a number of policy demands in return for supporting its income tax cuts package. Amongst other things, Patrick wants the Australian Domestic Gas Security Mechanism to be strengthened to ensure that the east coast has a surplus of gas. At present, the ADGSM only requires that there is no shortfall of gas in the domestic market. The tax package is scheduled to be debated in the Senate on 4 July.

CORPORATES
CENTRE ALLIANCE, AUSTRALIA. DEPT OF INDUSTRY, INNOVATION AND SCIENCE, ORICA LIMITED – ASX ORI, SANTOS LIMITED – ASX STO, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, ONE NATION PARTY, AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF FOREIGN AFFAIRS AND TRADE

Coalition slams Labor on tax cut rollback option

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Original article by Phillip Coorey
The Australian Financial Review – Page: 5 : 26-Jun-19

Shadow treasurer Jim Chalmers has indicated that Labor’s policy platform for the next federal election could potentially include scrapping the Coalition’s stage-three tax cuts that have already been legislated. He says the shadow cabinet continues to have reservations about both the legislated and unlegislated components of the third stage of the Coalition’s income tax cuts package. Chalmers’ comments have been criticised by Acting Treasurer Simon Birmingham, while Centre Alliance senator Rex Patrick remains open to supporting the full tax package.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE TREASURY, CENTRE ALLIANCE

PM’s tax cut ultimatum to senators

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Original article by Simon Benson, Joe Kelly
The Australian – Page: 1 & 2 : 25-Jun-19

The federal government will push for the Senate to pass its full income tax cuts package after Labor advised that it will not support the third stage of the tax cuts. A meeting of Labor’s frontbench endorsed the first stage of the tax package on 24 June, while Opposition Leader Anthony Albanese has urged the government to bring forward the second stage of the tax cuts to stimulate the economy. The government will require the support of four crossbench Senators if Labor votes against the full tax package.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF FINANCE, CENTRE ALLIANCE, AUSTRALIAN GREENS, THE AUSTRALIAN INDUSTRY GROUP, AUSTRALIAN CHAMBER OF COMMERCE AND INDUSTRY