POLITICAL PARTIES – AUSTRALIA – PLATFORMS

Katter hands PM a temporary reprieve

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Original article by Rosie Lewis, Richard Gluyas
The Australian – Page: 5 : 13-Feb-19

Financial Services Council CEO Sally Loane has cautioned against rushing legislation through parliament in response to the final report of the financial services royal commission. Meanwhile, independent MP Bob Katter has signalled that he will not support Labor’s push to recall parliament for an additional two weeks in March to implement some of the inquiry’s recommendations. He argues that the federal government should take action immediately. Katter has also described the royal commission’s recommendations as "worthless".

CORPORATES
FINANCIAL SERVICES COUNCIL, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE TREASURY, NATIONAL PARTY OF AUSTRALIA

Banks’ election risks rise

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Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 4 : 12-Feb-19

Labor requires 76 votes in the lower house to force parliament to sit for an additional two weeks to legislate some of the Hayne royal commission’s recommendations. The support of crossbenchers may be crucial, and independent MP Bob Katter says he may be prepared to back Labor’s motion. This could potentially see the government abandon a deal struck with Katter regarding supply and confidence following the Wentworth by-election. Prime Minister Scott Morrison argues that there is insufficient time before the election to enact all of Hayne’s recommendations that will require legislation.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALIA. DIRECTOR OF PUBLIC PROSECUTIONS, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY

Shorten in backdown on borders

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Original article by Simon Benson, Greg Brown, Joe Kelly
The Australian – Page: 1 & 4 : 12-Feb-19

Labor’s caucus has approved key amendments to legislation initiated by independent MP Kerryn Phelps regarding the medical transfer of asylum-seekers from offshore processing centres to Australia. The amendments seek to give more ministerial control over doctor-directed transfers. However, Prime Minister Scott Morrison has ruled out any prospect of the Coalition supporting the amended legislation, claiming that it will compromise the ability of the government to control who comes to Australia. Greens MP Adam Bandt claims that Labor is again "caving in" on the issue of refugees.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIAN GREENS

Morrison faces recall push over proposals

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Original article by Phillip Coorey
The Australian Financial Review – Page: 10 : 7-Feb-19

Opposition Leader Bill Shorten says the federal government must begin implementing the recommendations of the financial services royal commission’s final report prior to the upcoming election. Labor will seek the support of lower house crossbenchers for a motion to recall parliament for an additional two weeks in March, with a view to legislating some of commissioner Kenneth Hayne’s recommendations. Shorten says that unless action is seen to be taken quickly, the general public will believe that the misconduct exposed by the inquiry will be allowed to continue.

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

Labor says PM squibbed on Hayne

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Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 6 : 6-Feb-19

Opposition Leader Bill Shorten has called for federal parliament to sit for an additional two weeks in March to allow some of the financial services royal commission’s recommendations to be enacted before the election. Meanwhile, Labor claims that the government has not fully committed to implementing 14 of the 76 recommendations outlined in the inquiry’s final report. Both Prime Minister Scott Morrison and predecessor Malcolm Turnbull have conceded that the inquiry should have begun much earlier.

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

LNG import plans pushed back to 2020

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Original article by Angela Macdonald-Smith
The Australian Financial Review – Page: 11 & 14 : 5-Feb-19

AGL Energy’s proposed import terminal at Crib Point in Victoria and Australian Industrial Energy’s planned LNG import terminal at Port Kembla in New South Wales are among five LNG import terminals flagged for Australia. However, Saul Kavonic of Credit Suisse says none of the five may be approved by the end of 2019. Labor’s energy spokesman Mark Butler says it has not ruled out LNG import terminals if it wins the upcoming election, while Australian Workers’ Union national secretary Daniel Walton has spoken out against importing LNG.

CORPORATES
AGL ENERGY LIMITED – ASX AGL, AUSTRALIAN INDUSTRIAL ENERGY PTY LTD, AUSTRALIAN LABOR PARTY, AUSTRALIAN WORKERS’ UNION-FEDERATION OF INDUSTRIAL, MANUFACTURING AND ENGINEERING EMPLOYEES, CREDIT SUISSE (AUSTRALIA) LIMITED

Franking plan violates fair go tax principles: retirees

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Original article by Tim Boyd
The Australian Financial Review – Page: 5 : 5-Feb-19

Retiree Bernard Shea has told a parliamentary committee that Labor’s proposal to abolish cash refunds for excess dividend imputation credits is in violation of "the pillars and basic principles of taxation". The inquiry was being held at the Merimbula RSL on the New South Wales south coast, with most submissions coming from retirees who are against the changes. Retiree Jon Gaul claimed that he would lose $6,000 a year if Labor’s policy is enacted, while Shea said the policy discriminates against self-managed superannuation funds.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIAN TAXATION OFFICE, INSTITUTE OF PUBLIC ACCOUNTANTS LIMITED

Parties gear up for bank-bashing poll

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Original article by Ben Packham, Joe Kelly
The Australian – Page: 6 : 5-Feb-19

Treasurer Josh Frydenberg has indicated that the federal government will "act on" all 76 recommendations of the financial services royal commission’s final report. However, the limited number of scheduled parliamentary sittings prior to the election means the government will not have much scope to pursue legislative reforms in its current term in office. Shadow treasurer Chris Bowen says Labor will embrace all of commissioner Kenneth Hayne’s recommendation, and he has invited the Coalition to open a dialogue with Labor about reforms that can be implemented before the election.

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

Labor mulls NBN write-down trigger

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Original article by John Kehoe, Max Mason
The Australian Financial Review – Page: 1 & 10 : 4-Feb-19

The Opposition’s communications spokeswoman Michelle Rowland says Labor has no plans at this stage to sell the NBN should it win the upcoming federal election. However, she says Labor has not ruled out a write-down of the NBN’s value. Such a strategy would reduce the NBN’s financial targets, which would allow it to reduce broadband wholesale charges to telcos such as Telstra and Optus, which in turn would potentially lead to lower prices for consumers.

CORPORATES
AUSTRALIAN LABOR PARTY, NBN CO LIMITED, TELSTRA CORPORATION LIMITED – ASX TLS, SINGTEL OPTUS PTY LTD, VODAFONE AUSTRALIA LIMITED, TPG TELECOM LIMITED – ASX TPM, STANDARD AND POOR’S (AUSTRALIA) PTY LTD, GILBERT AND TOBIN LAWYERS, TELSYTE PTY LTD, AUSTRALIA. DEPT OF FINANCE

No mercy for unethical banks

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

Prime Minister Scott Morrison and Labor leader Bill Shorten have both made an in-principle commitment to implement all of the financial services royal commission’s recommendations. However, Morrison and Treasurer Josh Frydenberg say that any regulatory changes arising from the inquiry’s recommendations need to be balanced to prevent a further tightening of access to credit. Federal Parliament’s limited number of sitting days before the election means that both major parties will take their responses to the inquiry to the electorate. The inquiry’s final report will be publicly released after financial markets close on 4 February.

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