POLITICAL PARTIES – AUSTRALIA – PLATFORMS

Labor plan: spend and tax to bigger surpluses

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Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 4 : 3-May-18

The Australian Labor Party will raise at least $A160bn in additional revenue over 10 years if it wins the next federal election. This would be boosted by $A35bn if Labor revoked company tax cuts that have yet to be legislated. Labor argues that the additional revenue would allow it to achieve a Budget surplus while increasing government spending in sectors such as health and education. Finance Minister Mathias Cormann has warned that Labor’s tax plan will have an adverse impact on jobs and investment.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF FINANCE, AUSTRALIA. DEPT OF THE TREASURY

Morrison to pledge a surplus of tax cuts

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Original article by David Uren, Ben Packham
The Australian – Page: 1 & 4 : 1-May-18

Treasurer Scott Morrison says the Federal Government will ensure that tax revenue is capped at no more than 23.9 per cent of GDP, and it will cut personal income taxes when necessary to avoid breaching this threshold. However, shadow treasurer Chris Bowen says this suggests that the Coalition has backtracked on its stated policy of achieving a Budget surplus that is equivalent to one per cent of GDP. Business Council of Australia CEO Jennifer Westacott argues that personal income tax cuts should not be on the government’s agenda unless it also pursues measures that will increase productivity, such as reducing the corporate tax rate.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN LABOR PARTY, BUSINESS COUNCIL OF AUSTRALIA, DELOITTE ACCESS ECONOMICS PTY LTD

Rudd cautions Shorten over CFMEU

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Original article by David Marin-Guzman
The Australian Financial Review – Page: 8 : 24-Apr-18

Opposition Leader Bill Shorten has dismissed suggestions that he is too close to the Construction, Forestry, Mining & Energy Union. Former prime minister Kevin Rudd says Shorten should distance himself from the militant union, as he did when he was in office. Meanwhile, Workplace Relations Minister Craig Laundy says Labor’s industrial relations policy is being driven by unions and will result in job losses. Labor intends to scrap the Australian Building & Construction Commission if it wins the next election.

CORPORATES
AUSTRALIAN LABOR PARTY, CONSTRUCTION, FORESTRY, MINING AND ENERGY UNION OF AUSTRALIA, AUSTRALIA. DEPT OF JOBS AND SMALL BUSINESS, AUSTRALIAN BUILDING AND CONSTRUCTION COMMISSION

Convert bank tax cuts into compo for victims: Hanson

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Original article by Ben Packham
The Australian – Page: 2 : 23-Apr-18

Financial Services Minister Kelly O’Dwyer has rejected a proposal by One Nation leader Pauline Hanson to shelve a proposed tax cut for banks and divert the revenue into a compensation fund for victims of misconduct in the financial services sector. Hanson says the fund should also be used to pay the costs of the banking royal commission and to bail out banks in the event of a financial crisis. Opposition leader Bill Shorten has also advocated a compensation fund for victims of misconduct in the banking sector.

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

Shorten defends super cash grab

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Original article by Greg Brown
The Australian – Page: 4 : 19-Apr-18

Opposition Leader Bill Shorten has responded to criticism of a proposal to abolish cash refunds for excess dividend imputation credits. He says claims that the policy could cost retail superannuation funds more than $3.75bn over 10 years are "rubbish", and he has refuted suggestions that the policy will hit pensioners. Shorten adds that taxpayers’ funds should be spend on infrastructure rather than giving cash refunds to people who do not pay tax.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE TREASURY

Labor’s $3.75bn savings grab

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Original article by Simon Benson
The Australian – Page: 1 & 4 : 18-Apr-18

New data suggests that the Federal Opposition’s plan to abolish cash refunds for excess dividend imputation credits would affect about 2.6 million accounts of superannuation funds that are regulated by the Australian Prudential Regulation Authority. The Australian Taxation Office data shows that some 2,013 of the 2,603 APRA-regulated funds claimed such refunds in 2015-16, which totalled almost $A309m. This implies that Labor’s policy would cost such funds around $A3.75b over 10 years. Labor has claimed that only 10 per cent of APRA-regulated funds would be affected by the policy.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, AUSTRALIAN TAXATION OFFICE, AUSTRALIA. DEPT OF THE TREASURY, THE ASSOCIATION OF SUPERANNUATION FUNDS OF AUSTRALIA LIMITED, INDUSTRY SUPER AUSTRALIA PTY LTD

Greens unveil plan to sell marijuana through agency

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Original article by Tom McIlroy
The Australian Financial Review – Page: 8 : 16-Apr-18

The Greens have called for cannabis to be legalised in Australia for recreational use, with its sale to be managed through a government agency. The Australian Cannabis Agency would serve as the sole wholesaler of the drug, while people would be able to grow up to six cannabis plants at home for their own use. Announcing its policy, Greens leader Richard Di Natale said "the war on drugs has failed". The Greens contend that its policy would help to reduce crime, as well as boosting the Budget by hundreds of millions of dollars.

CORPORATES
AUSTRALIAN GREENS, AUSTRALIAN DRUG LAW REFORM FOUNDATION, AUSTRALIA. PARLIAMENTARY BUDGET OFFICE

Greens’ income plan to cost extra $254bn a year

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Original article by Adam Creighton
The Australian – Page: 1 & 8 : 5-Apr-18

Economists have criticised a proposal by Australian Greens leader Richard Di ­Natale to introduce a universal basic income. This would replace all existing welfare payments, but some estimates suggest that the policy would increase federal government spending by 55 per cent a year, or $A254bn. Modelling by social researcher Ben Phillips also suggests that funding a UBI would require all marginal tax rates to be increased by 33 per cent. This in turn would be likely to significantly reduce the incentive to work for many people.

CORPORATES
AUSTRALIAN GREENS, NATIONAL PRESS CLUB (AUSTRALIA), AUSTRALIAN NATIONAL UNIVERSITY, ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT, RESERVE BANK OF AUSTRALIA, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA

Labor urged to hold fire on super rise

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Original article by Andrew Tillett
The Australian Financial Review – Page: 7 : 4-Apr-18

The superannuation guarantee is currently slated to increase to 12 per cent in 2025. Labor had originally legislated for the super guarantee to reach this level in 2019, and employers’ groups have cautioned against any move to bring forward the Coalition’s revised target date. Jenny Lambert of the Australian Chamber of Commerce & Industry says any such move could dampen wages growth and would be too costly and disruptive for many businesses. Labor’s employment spokesman Brendan O’Connor stresses that changes to the super guarantee would depend on the state of the Budget.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIAN CHAMBER OF COMMERCE AND INDUSTRY, BUSINESS COUNCIL OF AUSTRALIA, ACTU, SHOP, DISTRIBUTIVE AND ALLIED EMPLOYEES’ ASSOCIATION, AUSTRALIA. DEPT OF THE TREASURY

Union merger test abandoned

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Original article by Ewin Hannan
The Australian Financial Review – Page: 4 : 27-Mar-18

The Federal Government will not seek to block a merger between the Construction, Forestry, Mining & Energy Union and the Maritime Union of Australia. The Government has shelved plans to introduce a public interest test for union mergers after failing to secure sufficient support for the bill among crossbenchers. Australian Mines & Metals Association CEO Steve Knott and Master Builders Australia CEO Denita Wawn have expressed disappointment with the decision.

CORPORATES
CONSTRUCTION, FORESTRY, MINING AND ENERGY UNION OF AUSTRALIA, MARITIME UNION OF AUSTRALIA, AUSTRALIAN MINES AND METALS ASSOCIATION (INCORPORATED), MASTER BUILDERS AUSTRALIA INCORPORATED, AUSTRALIA. DEPT OF JOBS AND SMALL BUSINESS, AUSTRALIA. FAIR WORK COMMISSION, ACTU