POLITICAL PARTIES – AUSTRALIA – PLATFORMS

Business rebuts tax-cut attacks

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Original article by Jacob Greber
The Australian Financial Review – Page: 1 & 8 : 9-Jun-16

The heads of four Australian employers’ and industry groups have criticised opponents of the Federal Government’s proposal to progressively reduce the company tax rate over 10 years. They note that GDP will be boosted by one per cent on an ongoing basis as a result of the tax cuts, and argue that there is no justification for taxing businesses at a different rate depending on their size. The business leaders also warn that opposition to the tax cuts reflects broader anti-business sentiment.

CORPORATES
THE AUSTRALIAN INDUSTRY GROUP, AUSTRALIAN CHAMBER OF COMMERCE AND INDUSTRY, BUSINESS COUNCIL OF AUSTRALIA, MINERALS COUNCIL OF AUSTRALIA, FORTESCUE METALS GROUP LIMITED – ASX FMG, EVOLUTION MINING LIMITED – ASX EVN, AUSTRALIAN LABOR PARTY, AUSTRALIAN GREENS, GRATTAN INSTITUTE, THE AUSTRALIA INSTITUTE LIMITED

Tax cut gain ‘twice cost to the budget’

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Original article by David Crowe
The Australian – Page: 1 & 6 : 8-Jun-16

Research by Chris Murphy of Independent Economics has concluded that the Australian Government’s proposal to progressively reduce the company tax rate will have significant economic benefits. Murphy has estimated that the "consumer benefit" from the tax cuts will be around $A2.39 for every $A1.00 in forgone revenue. Murphy has also rejected suggestions that the tax cuts will boost the after-tax profits of offshore investors.

CORPORATES
INDEPENDENT ECONOMICS, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN NATIONAL UNIVERSITY, AUSTRALIAN LABOR PARTY, GRATTAN INSTITUTE, THE AUSTRALIA INSTITUTE LIMITED, AUSTRALIAN GREENS, CHAMBER OF COMMERCE AND INDUSTRY OF WESTERN AUSTRALIA (INCORPORATED)

Union bid to torpedo China FTA

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Original article by Joe Kelly
The Australian – Page: 1 & 6 : 8-Jun-16

The Construction, Forestry, Mining & Energy Union and the Electrical Trades Union have launched an advertising campaign that aims to put free trade agreements on the election agenda. The trade deal with China is being targeted by the unions, which want the Australian Labor Party to reconsider its support for the deal if it wins the 2016 election. Meanwhile, Labor has indicated that it will seek to remove so-called "investor state dispute settlement" provisions from Australia’s trade deals with China, Japan and South Korea.

CORPORATES
CONSTRUCTION, FORESTRY, MINING AND ENERGY UNION OF AUSTRALIA, ELECTRICAL TRADES UNION, AUSTRALIAN LABOR PARTY, AUSTRALIA. FOREIGN INVESTMENT REVIEW BOARD, MIGRATION COUNCIL OF AUSTRALIA, AUSTRALIA. DEPT OF FOREIGN AFFAIRS AND TRADE

‘Unconscionable’ NAB sued by ASIC over alleged rate rigging

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Original article by James Eyers, Clancy Yeates
The Australian Financial Review – Page: 2 : 8-Jun-16

Opposition Leader Bill Shorten says the latest development in the scandal over manipulation of the bank bill swap rate demonstrates the need for a royal commission into the banking sector. The Australian Securities & Investments Commission will allege in the Federal Court that National Australia Bank manipulated the BBSW in 50 separate transactions from mid-2010 to late-2012. ASIC has previously launched legal action against Westpac and the ANZ Bank.

CORPORATES
NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALIAN LABOR PARTY, WESTPAC BANKING CORPORATION – ASX WBC, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, AUSTRALIAN GREENS, FEDERAL COURT OF AUSTRALIA, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET

Labor plan would blow out deficit

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Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 4 : 8-Jun-16

The Australian Government’s proposal to progressively reduce the company tax rate to 25 per cent is a key element of its 10-year economic growth plan. The Opposition will release its own 10-year economic growth strategy on 8 June 2016, which is expected to include an increase in the Budget deficit over the next four years before a return to surplus within a decade. Labor will also announce policies such as welfare reforms and changes to the national broadband network.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE TREASURY, LIBERAL PARTY OF AUSTRALIA, ESSENTIAL MEDIA COMMUNICATIONS PTY LTD

Greens plan to break up big four banks

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Original article by Joanna Mather, James Thomson
The Australian Financial Review – Page: 7 : 3-Jun-16

Cross-selling of financial products by Australian banks may come under scrutiny after the 2016 federal election. The Australian Greens will push for the major banks to divest their wealth divisions, which provide products and services such as superannuation, financial advice and insurance. Vertical integration in the banking sector would also be examined by a royal commission into banks if the Australian Labor Party wins the election. The Australian Bankers’ Association has urged Labor to rule out supporting the Greens’ policy on vertical integration.

CORPORATES
AUSTRALIAN GREENS, AUSTRALIAN LABOR PARTY, AUSTRALIAN BANKERS’ ASSOCIATION, MORNINGSTAR PTY LTD, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA

Super changes to hit 1.3m

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Original article by Sally Rose, Phillip Coorey, Sally Patten
The Australian Financial Review – Page: 1 & 4 : 3-Jun-16

The Association of Superannuation Funds of Australia has estimated that up to 1.26 million individuals will be affected by the superannuation tax reforms in the Federal Government’s May 2016 Budget. This equates to about nine per cent of super fund members, compared with the Government’s forecast of about four per cent. There is growing dissent within the Liberal Party regarding the proposed changes, but Prime Minister Malcolm Turnbull and Treasurer Scott Morrison have stressed that the reforms will be fully implemented if the Coalition wins the federal election.

CORPORATES
THE ASSOCIATION OF SUPERANNUATION FUNDS OF AUSTRALIA LIMITED, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF THE TREASURY, LIBERAL PARTY OF AUSTRALIA, RICE WARNER ACTUARIES PTY LTD, AUSTRALIAN INSTITUTE OF SUPERANNUATION TRUSTEES, AUSTRALIA. DEPT OF FOREIGN AFFAIRS AND TRADE, AUSTRALIAN LABOR PARTY, ELSTON PARTNERS PTY LTD

Labor’s decade of 49pc tax

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Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 4 : 31-May-16

The Australian Labor Party will retain the Budget deficit levy on high-income earners for at least 10 years if it wins the federal election. The levy was intended to be phased out in mid-2017, and Labor has previously flagged keeping it in place beyond this date for an unspecified period. Labor intends to retain the levy in order to finance its healthcare funding. The Australian Greens also support retaining the levy and would most likely back legislation to extend it beyond 2017.

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

Morrison worried about growth

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Original article by Jacob Greber, Mark Mulligan
The Australian Financial Review – Page: 1 & 4 : 31-May-16

Economists forecast that the Australian economy expanded by just 0.6 per cent in the March 2016 quarter. Data to be released on 31 May is tipped to show GDP growth of 2.7 per cent year-on-year during the quarter, compared with three per cent previously. Treasurer Scott Morrison has used the slowing economy to defend the Federal Government’s push to reduce the corporate tax rate. He has also criticised Opposition Leader Bill Shorten for opposing tax cuts that would stimulate economic activity.

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

Labor veteran brands Shorten ‘anti-business’

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Original article by Annabel Hepworth
The Australian – Page: 1 & 6 : 30-May-16

Business leaders have criticised the Australian Labor Party’s handling of the issue of corporate tax during the 2016 federal election campaign. Minerals Council of Australia CEO Brendan Pearson has described Labor’s approach to the issue as "disappointing", while Queensland’s former Labor treasurer Keith DeLacy has accused federal Labor’s tax policy of being "anti-business". Meanwhile, former ANZ Bank chairman John Morschel has expressed concern that Labor’s election policies would result in a big increase in government spending.

CORPORATES
AUSTRALIAN LABOR PARTY, MINERALS COUNCIL OF AUSTRALIA, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, MACARTHUR COAL LIMITED, CUBBIE STATION, NSW BUSINESS CHAMBER LIMITED, BUSINESS COUNCIL OF AUSTRALIA, AUSTRALIAN CHAMBER OF COMMERCE AND INDUSTRY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET