POLITICAL PARTIES – AUSTRALIA – PLATFORMS

Shorten’s team rich in assets

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Original article by Ben Packham, Joe Kelly
The Australian – Page: 1 & 6 : 26-Jun-18

Analysis of federal parliament’s register of pecuniary interests shows that many Labor MPs own at least one investment property. Tanya Plibersek, Anthony Albanese and Mark Dreyfus are among the Labor frontbenchers who will benefit from the party’s proposal to "grandfather" its changes to the negative gearing regime. Labor intends to abolish negative gearing for people entering the property market, although people who invest in new housing stock will be exempt from the change.

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

Hanson in crosshairs on tax cuts

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Original article by Greg Brown, Simon Benson
The Australian – Page: 1 & 4 : 25-Jun-18

One Nation leader Pauline Hanson has advised that she will not support the Federal Government’s company tax cuts package, citing its unwillingness to target multinationals. Hanson’s stance on company tax cuts has been criticised by Australian Conservatives founder Cory Bernardi and the Liberal Democrats’ David Leyonhjelm. The government requires an additional four votes in the upper house to pass its company tax cuts, and Prime Minister Malcolm Turnbull has ruled out excluding banks from the bill in order to gain the support of crossbenchers.

CORPORATES
ONE NATION PARTY, AUSTRALIAN CONSERVATIVES, LIBERAL DEMOCRATIC PARTY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF FINANCE, AUSTRALIAN LABOR PARTY, CENTRE ALLIANCE, KATTER’S AUSTRALIAN PARTY

PM delivers on historic tax reform

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Original article by Simon Benson
The Australian – Page: 1 & 6 : 22-Jun-18

The first stage of the Federal Government’s personal income tax cuts package will proceed on 1 July after nine Senate crossbenchers voted for the bill, although Opposition Leader Bill Shorten has described the tax cuts as "unfair and unaffordable". Business Council of Australia CEO Jennifer Westacott has welcomed the income tax reform, but stresses the need for a further reduction in the company tax rate. One Nation leader Pauline Hanson has signalled that she may be willing to support the company tax cuts if the government further cracks down on tax avoidance by multinationals.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIAN LABOR PARTY, ONE NATION PARTY, BUSINESS COUNCIL OF AUSTRALIA, AUSTRALIA. DEPT OF FINANCE

Coalition MPs may cross floor on NEG

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Original article by Joe Kelly
The Australian – Page: 4 : 21-Jun-18

The Coalition remains divided on the issue of the Federal Government’s national energy guarantee, after seven MPs opposed the policy at a joint partyroom meeting on 19 June. Former prime minister Tony Abbott has warned that some Coalition MPs could vote against the policy, and he has expressed concern that senior government ministers seem to be taking the partyroom for granted. Liberal MP Craig Kelly has expressed similar sentiments, and he has not ruled out crossing the floor when parliament votes on the NEG.

CORPORATES
LIBERAL PARTY OF AUSTRALIA, NATIONAL PARTY OF AUSTRALIA, AUSTRALIA. DEPT OF THE ENVIRONMENT AND ENERGY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, COUNCIL OF AUSTRALIAN GOVERNMENTS

Hanson to seal PM’s tax win

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Original article by Ben Packham
The Australian – Page: 1 & 4 : 21-Jun-18

The Federal Government is set to pass its personal income tax cuts package after it gained the support of One Nation and the two Centre Alliance senators. The upper house approved the bill on 20 June, after endorsing Labor’s amendments to scrap the third stage of the tax cuts. However, the amended bill is set to be rejected by the lower house on 21 June, and the original bill will then be put to the Senate again. One Nation leader Pauline Hanson and Labor have accused each other of deserting so-called "battlers" with their stances on the tax package.

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

Labor to ditch $120b of tax cuts

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Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 4 : 20-Jun-18

Opposition Leader Bill Shorten says Labor will only support the first stage of the Federal Government’s personal income tax package, which is slated to take effect on 1 July. The government has ruled out legislating the first stage separately, and it requires the support of eight crossbenchers to pass its bill in the Senate. At present it has the support of seven crossbenchers, with One Nation still opposing the third stage of the tax cuts. Shorten has indicated that a future Labor government would scrap the second and third stages of the tax package if the bill is passed.

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

Game of chicken on tax cuts

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Original article by Phillip Coorey
The Australian Financial Review – Page: 1 : 19-Jun-18

A meeting of Labor MPs on 19 June is expected to endorse the first stage of the Federal Government’s personal income tax cuts package. However, Labor’s continued opposition to the rest of the tax package means the Government will require the support of One Nation and Centre Alliance to pass the full tax cuts in the Senate. Prime Minister Malcolm Turnbull and Treasurer Scott Morrison have again ruled out splitting the tax bill to enable the first stage of the tax cuts to proceed on 1 July.

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

Hanson last barrier to full tax cuts

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Original article by Andrew Tillett
The Australian Financial Review – Page: 1 & 4 : 18-Jun-18

Five of the Senate crossbenchers will support all three stages of the federal government’s income tax cuts package, while the two Centre Alliance senators will back the first two stages and are open to negotiation on the third. The stance of One Nation’s two remaining senators is likely to be crucial, given that the government requires the support of eight crossbenchers. Finance Minister Mathias Cormann says the government will not split the bill.

CORPORATES
CENTRE ALLIANCE, ONE NATION PARTY, AUSTRALIA. DEPT OF FINANCE, AUSTRALIAN GREENS, AUSTRALIAN GREENS

$10bn hole in Shorten’s retirees plan

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Original article by Simon Benson
The Australian – Page: 1 & 2 : 18-Jun-18

Modelling by the Treasury has found that Labor’s proposal to scrap franking credit refunds would prompt individuals and self-managed superannuation funds to redirect their investment portfolios away from franked shares that pay dividends. This in turn would reduce the savings generated by the measure by nearly $A10bn over 10 years. Labor had estimated that the policy would save $A55.7bn over a decade, but the modelling suggests that the figure would be just $A45.8bn. Labor has already been forced to scale back its initial savings estimate of $A59bn.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN LABOR PARTY, AUSTRALIA. PARLIAMENTARY BUDGET OFFICE

Labor credit report delay will entrench banks: Fintechs

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Original article by James Eyers
The Australian Financial Review – Page: 17 : 15-Jun-18

The CEOs of five financial technology lenders have urged shadow treasurer Chris Bowen to reconsider Labor’s push for a key part of the comprehensive credit reporting regime to be delayed for 12 months. The CCR regulations are slated to take effect on 1 July, but Labor has advocated deferring the reporting of repayment history information for a year. The CEOs of SocietyOne, RateSetter, MoneyPlace, Harmoney and WISR have warned that such a delay will allow the major banks to retain their competitive advantage.

CORPORATES
AUSTRALIAN LABOR PARTY, SOCIETYONE AUSTRALIA PTY LTD, RATESETTER AUSTRALIA PTY LTD, MONEYPLACE PTY LTD, HARMONEY LIMITED, WISR LIMITED – ASX WZR