POLITICAL PARTIES – AUSTRALIA – PLATFORMS

Labor flags modern rules for the media

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Original article by John Kehoe, Max Mason
The Australian Financial Review – Page: 30 : 4-Feb-19

Shadow communications minister Michelle Rowland says public interest journalism will be a priority for Labor if it wins the 2019 federal election. She adds that Labor will also pursue changes to the media industry’s regulatory framework, arguing that it was designed for the analogue era and is outdated. Rowland adds that Labor would not seek to reverse the federal government’s cross-media ownership reforms, despite having opposed the abolition of the ‘two-out-of-three rule’.

CORPORATES
AUSTRALIAN LABOR PARTY, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, FAIRFAX MEDIA LIMITED, NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS, GILBERT AND TOBIN LAWYERS, NETFLIX INCORPORATED, GOOGLE INCORPORATED, FACEBOOK INCORPORATED

ALP goads seniors: vote against us

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Original article by Simon Benson, Joe Kelly
The Australian – Page: 1 & 4 : 31-Jan-19

Analysis of tax data shows that Labor’s proposal to abolish cash refunds for excess dividend imputation credits would affect up to eight per cent of electors in the 10 most marginal federal seats. It is estimated that they would lose an average of $2,700 as a result of the policy. However, shadow treasurer Chris Bowen says Labor will press ahead with the policy if it wins the upcoming election. He has also suggested that self-funded retirees should vote against Labor if they are concerned about the policy, prompting Treasurer Josh Frydenberg to accuse him of arrogance.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN TAXATION OFFICE, NATIONAL SENIORS AUSTRALIA LIMITED, SMSF ASSOCIATION, LLOG EXPLORATION COMPANY, AUSTRALIA. PARLIAMENTARY BUDGET OFFICE

Widows, elderly caught by shares crackdown

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Original article by Tom McIlroy
The Australian Financial Review – Page: 9 : 30-Jan-19

Professor Sinclair Davidson has concluded that Labor’s proposal to abolish cash refunds for excess dividend imputation credits would have the biggest impact on self-managed superannuation funds and self-funded retirees. His analysis also shows that women account for 56 per cent of people who receive cash refunds under the existing scheme, and 68 per cent of them are over the age of 60. In addition, 47 per cent are single or widowed. Labor estimates that its policy would boost government revenue by $55.7bn over 10 years.

CORPORATES
AUSTRALIAN LABOR PARTY, RMIT UNIVERSITY, INSTITUTE OF PUBLIC AFFAIRS LIMITED, AUSTRALIAN TAXPAYERS’ ALLIANCE PTY LTD, AUSTRALIAN TAXATION OFFICE, AUSTRALIA. DEPT OF THE TREASURY

PM pledges more jobs, no debt

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Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 4 : 29-Jan-19

Prime Minister Scott Morrison will use a speech in Brisbane on 29 January to commit the Coalition to creating an additional 1.25 million jobs over five years if it wins the 2019 federal election. He will note that the Coalition has created more than 1.2 million jobs since it won the 2013 election. Morrison will also indicate that his government will aim to clear Australia’s net debt within a decade. It currently stands at $351.9bn, or 18.2 per cent of GDP. The mid-year Budget update had forecast that net debt will fall to 1.5 per cent of GDP in 2028-29.

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

Dividend credit refunds distort economic system

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Original article by Michael Roddan
The Australian – Page: 19 & 26 : 24-Jan-19

Professor Kevin Davis from the University of Melbourne has expressed support for Labor’s plan to abolish cash refunds for excess dividend imputation credits. He says that dividend imputation was intended to prevent the double taxation of corporate profits, and providing franking credit refunds for investors who do not pay tax has resulted in a "significant economic distortion". Meanwhile, the University of Sydney’s Andrew Ainsworth says retail investors may be engaging in short-term trading to receive franking credit refunds.

CORPORATES
AUSTRALIAN LABOR PARTY, UNIVERSITY OF MELBOURNE, UNIVERSITY OF SYDNEY, AUSTRALIA. PARLIAMENTARY BUDGET OFFICE, GRATTAN INSTITUTE, RESERVE BANK OF AUSTRALIA

ALP locks in shipping fleet

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Original article by Primrose Riordan
The Australian – Page: 1 & 4 : 24-Jan-19

The Maritime Union of Australia’s national secretary Paddy Crumlin says Labor is likely to pursue coastal shipping reforms if it wins the 2019 federal election. He expects Labor to mandate that cargo ships operating between the nation’s ports must be Australian-flagged, with local crews who are subject to Australian conditions of employment. Minerals Council of Australia CEO Tania Constable says that such restrictions would lead to higher costs for businesses and consumers.

CORPORATES
MARITIME UNION OF AUSTRALIA, AUSTRALIAN LABOR PARTY, MINERALS COUNCIL OF AUSTRALIA, CONSTRUCTION, FORESTRY, MARITIME, MINING AND ENERGY UNION OF AUSTRALIA, AUSTRALIA. PRODUCTIVITY COMMISSION, BHP GROUP LIMITED – ASX BHP, AUSTRALIA. DEPT OF INFRASTRUCTURE AND REGIONAL DEVELOPMENT, INTERNATIONAL ENERGY AGENCY

Bowen touts $200b tax hike buffer

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Original article by John Kehoe
The Australian Financial Review – Page: 1 & 4 : 23-Jan-19

Shadow treasurer Chris Bowen identifies Australia’s high level of household debt and low wages growth as key issues that concern him. Bowen adds that Labor’s proposed $200bn package of tax increases is necessary to provide the nation with a "fiscal buffer" in the event of a global economic downturn. He has also defended Labor’s plan to direct the bulk of tax relief to low- and middle-income earners, arguing that they tend to spend more than people on high incomes. Bowen has also downplayed fears that Labor’s negative gearing reforms would have an adverse effect on residential property values.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE TREASURY, INTERNATIONAL MONETARY FUND

Argus warns Shorten on silly class war

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Original article by Patrick Durkin
The Australian Financial Review – Page: 4 : 22-Jan-19

Former BHP chairman Don Argus says Labor leader Bill Shorten could divide the nation if he contests the 2019 election on the basis of class warfare. Argus adds that despite Shorten’s rhetoric, the majority of employers and workers recognise the need to work together. Wesfarmers chairman Michael Chaney and AustralianSuper chair Heather Ridout are among the other business leaders who have cautioned Shorten against engaging in populist politics.

CORPORATES
AUSTRALIAN LABOR PARTY, BHP GROUP LIMITED – ASX BHP, WESFARMERS LIMITED – ASX WES, AUSTRALIANSUPER PTY LTD, ASX LIMITED – ASX ASX, SIMS METAL MANAGEMENT LIMITED – ASX SGM, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, BLUESCOPE STEEL LIMITED – ASX BSL, THE AUSTRALIAN INDUSTRY GROUP

ALP’s tax reforms will sting its voters

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Original article by Adam Creighton, Michael Roddan
The Australian – Page: 5 : 21-Jan-19

Sixteen per cent of those who voted Labor at the 2016 federal election owned an investment property, according to research by the Australian National University. With Labor planning to make changes to negative gearing if it wins the next election, ANU professor Ian McAllister notes that 16 per cent of Labor voters "equates to a lot of voters". He says the fact that Labor plans to grandfather its changes could reduce the possible impact to its vote. Meanwhile, a study of Australian Taxation Office data indicates that over 200,000 voters in Labor-held seats could be affected by its plans to increase capital gains tax.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIAN NATIONAL UNIVERSITY, AUSTRALIAN TAXATION OFFICE, AUSTRALIA. DEPT OF THE TREASURY

Trust tax to ‘hit Labor’s backyard’

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Original article by Adam Creighton
The Australian – Page: 2 : 18-Jan-19

Treasurer Josh Frydenberg claims that about 300,000 small businesses with turnover of up to $10 million would be affected by Labor’s proposal to impose a 30 per cent tax on the distributions of family trusts. The Treasury’s analysis of tax office data shows that the Greens-held seat of Melbourne Ports and the Labor seat of Adelaide would be hardest-hit by the policy, although the Coalition holds six of the 10 seats that would be impacted the most. Shadow treasurer Chris Bowen contends that 98 per cent of taxpayers would not be affected by the policy.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN TAXATION OFFICE, AUSTRALIAN LABOR PARTY, AUSTRALIAN GREENS, BDO AUSTRALIA LIMITED