POLITICAL PARTIES – AUSTRALIA – PLATFORMS

Shorten rounds on super fund duds

roymorgansocial Leave a comment

Original article by Joanna Mather, John Kehoe
The Australian Financial Review – Page: 4 : 17-Jan-19

Federal Opposition Leader Bill Shorten has expressed some support for the Productivity Commission’s proposal to cull underperforming superannuation funds. He says super funds whose returns rank in the bottom quartile deserve to be culled, regardless of whether they are industry or retail funds. Meanwhile, Prime Minister Scott Morrison has not ruled out making the Future Fund a default super fund, but he stresses that doing so is not on the government’s policy agenda at present.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIA. PRODUCTIVITY COMMISSION, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. FUTURE FUND MANAGEMENT AGENCY

Kelty urges Shorten to stand up to dud funds

roymorgansocial Leave a comment

Original article by Eryk Bagshaw
The Age – Page: 3 : 16-Jan-19

Former ACTU secretary Bill Kelty says Opposition leader Bill Shorten must be prepared to take action against underperforming industry superannuation funds if Labor wins the federal election. Kelty has also criticised the Productivity Commission’s proposal for a list of the 10 best-performing super funds, arguing that the focus should be on targeting the 10 biggest underperformers and removing them from the industry. Industry Super Australia chairman Greg Combet also supports a crackdown on chronic underperformers.

CORPORATES
AUSTRALIAN LABOR PARTY, ACTU, AUSTRALIA. PRODUCTIVITY COMMISSION, INDUSTRY SUPER AUSTRALIA PTY LTD, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, AUSTRALIA. FAIR WORK COMMISSION, MERCER INVESTMENTS PTY LTD, MOTOR TRADES ASSOCIATION OF AUSTRALIA SUPERANNUATION FUND PTY LTD, SUPERRATINGS PTY LTD, AUSTRALIA. FUTURE FUND MANAGEMENT AGENCY

Dividends paid early to beat ALP

roymorgansocial Leave a comment

Original article by Eli Greenblat
The Australian – Page: 1 & 2 : 16-Jan-19

Jason Steed of Morgan Stanley expects some listed companies to announce share buybacks and special dividends prior to the federal election, in order to avoid Labor’s proposed changes to the franking credits system. Mirrabooka Investments has already advised that its special dividend will be paid immediately rather than on 1 July, with CEO Mark Freeman attributing the move to uncertainty regarding Labor’s policy. Liberal MP Tim Wilson notes that many companies have told a parliamentary committee that they have changed their investment strategy in anticipation of Labor’s policy.

CORPORATES
MORGAN STANLEY AUSTRALIA LIMITED, AUSTRALIAN LABOR PARTY, MIRRABOOKA INVESTMENTS LIMITED – ASX MIR, LIBERAL PARTY OF AUSTRALIA, CITIGROUP PTY LTD, CALTEX AUSTRALIA LIMITED – ASX CTX, HARVEY NORMAN HOLDINGS LIMITED – ASX HVN, RIO TINTO LIMITED – ASX RIO, METCASH LIMITED – ASX MTS, WOOLWORTHS GROUP LIMITED – ASX WOW

ALP’s tax plan hurts workers, says Frydenberg

roymorgansocial Leave a comment

Original article by Adam Creighton
The Australian – Page: 4 : 15-Jan-19

Treasurer Josh Frydenberg says data from the Australian Bureau of Statistics shows that low- and middle-income earners would bear the brunt of Labor’s proposed capital gains tax reforms. According to the ABS, some 194,000 middle-income earners had a capital gain in 2016, compared with just 70,635 people whose taxable income exceeded $180,000. The figures also show that middle-income earners made an average capital gains of $9,176, while the average capital gain for people on high incomes was $164,710.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN BUREAU OF STATISTICS, AUSTRALIAN LABOR PARTY

Shorten super tax net to trap a million

roymorgansocial Leave a comment

Original article by Rosie Lewis, Adam Creighton
The Weekend Australian – Page: Online : 12-Jan-19

Treasury analysis indicates up to one million Australians could be impacted by superannuation tax changes if Labor wins the next election. Labor’s planned changes include a cut to the cap on non-concessional superannuation contributions that people can make each year, and a reduction in the high-income super contribution threshold. The self-employed and mothers returning to work from maternity leave are among those most likely to be affected by Labor’s changes.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE TREASURY, RICE WARNER ACTUARIES PTY LTD

Labor slams attack on union super

roymorgansocial Leave a comment

Original article by John Kehoe, Joanna Mather, David Marin-Guzman
The Australian Financial Review – Page: 1 & 4 : 11-Jan-19

Shadow treasurer Chris Bowen has criticised the Productivity Commission’s proposed changes to the default superannuation fund regime. He says restricting the default fund to a list of the 10-best performing funds is problematic, as returns can vary significantly over a period of time. The PC’s key recommendation is opposed by labour unions, while the Financial Services Council and the Association of Superannuation Funds of Australia have also expressed reservations. However, Treasurer Josh Frydenberg says the proposal has merit and is worth considering.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIA. PRODUCTIVITY COMMISSION, FINANCIAL SERVICES COUNCIL, THE ASSOCIATION OF SUPERANNUATION FUNDS OF AUSTRALIA LIMITED, AUSTRALIA. DEPT OF THE TREASURY, COUNCIL OF SUPERANNUATION CUSTODIANS, SUPERANNUATION CONSUMERS’ CENTRE, BT FINANCIAL GROUP PTY LTD, WESTPAC BANKING CORPORATION – ASX WBC

Labor plans overhaul of job welfare

roymorgansocial Leave a comment

Original article by Rick Morton
The Australian – Page: 1 & 4 : 8-Jan-19

The Business Council of Australia and the Council of Small Business of Australia support Labor’s proposal for changes to the Jobactive system if it wins the 2019 federal election. Amongst other things, Labor will relax the requirement that unemployed people must apply for up to 20 jobs a month. The BCA argues that this creates an unnecessary cost for both businesses and job-seekers, as employers receive many application from people who are not qualified for a job. Labor may also make changes to the ‘Work for the Dole’ scheme.

CORPORATES
AUSTRALIAN LABOR PARTY, BUSINESS COUNCIL OF AUSTRALIA, COUNCIL OF SMALL BUSINESS ORGANISATIONS OF AUSTRALIA LIMITED, AUSTRALIA. DEPT OF JOBS AND SMALL BUSINESS, AUSTRALIA. DEPT OF HUMAN SERVICES. CENTRELINK

Million face tax sting under Shorten

roymorgansocial Leave a comment

Original article by Adam Creighton, Rosie Lewis
The Australian – Page: 1 & 2 : 8-Jan-19

The Treasury estimates that about 580,000 Australians will pay the highest marginal income tax rate in 2018-19. However, modelling by the Treasury suggests that this could rise to nearly 1.1 million by 2025 if Labor wins the federal election and proceeds with plans to scrap the Coalition’s proposed increase in the threshold for the top tax rate from $180,000 to $200,000 in 2024-25. The modelling also shows that the number of people in the highest tax bracket would rise to 820,000 by 2024-25 under a Coalition government.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN LABOR PARTY

Labor creating a rental famine

roymorgansocial Leave a comment

Original article by Greg Brown
The Australian – Page: 2 : 7-Jan-19

Liberal senator Dean Smith contends that young Australians would be most affected by Labor’s proposed changes to negative gearing. With 2.1 million renters aged between 20 and 34 in Australia, Smith says Labor’s plans represent an opportunity for the federal government to portray itself as a better option for voters in this age group. Shadow treasurer Chris Bowen says he would be happy to have a debate on whether Labor or the Coalition has the best housing policies for young people.

CORPORATES
LIBERAL PARTY OF AUSTRALIA, AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE TREASURY, SQM RESEARCH PTY LTD

Greens’ Basin bill bad for climate

roymorgansocial Leave a comment

Original article by Richard Ferguson
The Australian – Page: 2 : 4-Jan-19

The Mineral Council of Australia has warned that a proposed ban on thermal coal production in Queensland’s Galilee Basin would force Asian countries to buy lower-quality coal from developing countries. The MCA argues that this could in turn result in higher global carbon emissions. In addition, it has questioned the constitutional validity of such a ban. The Australian Greens’ bill to ban thermal coal production in the Galilee Basin is also opposed by the Queensland division of the Construction, Forestry, Maritime, Mining & Energy Union.

CORPORATES
MINERALS COUNCIL OF AUSTRALIA, AUSTRALIAN GREENS, CONSTRUCTION, FORESTRY, MARITIME, MINING AND ENERGY UNION OF AUSTRALIA, QUEENSLAND RESOURCES COUNCIL LIMITED, ADANI MINING PTY LTD