The Omnibus Repeal Day (Autumn 2014) Bill 2014 was introduced in the House of Reps on Wed 19.3.2014. It proposes to amend or repeal legislation across 10 portfolios. The Bill also includes measures that repeal redundant and spent Acts and provisions in Commonwealth Acts and complements the measures included in the Statute Law Revision Bill…
Senator Cormann on Mon 24.3.2014, confirmed the Government remained committed to implementing its proposed FoFA changes “as soon as possible” noting the legislation before the House of Reps “will continue through the normal parliamentary process”. Senator Cormann also announced the implementation of the FoFA Regulations will be paused. “Now that the legislation has been referred…
The Financial Planning Association of Australia (FPA) has welcomed the Government’s amended restrictions to the general advice exemption under FoFA. The FPA said it has consistently and clearly raised the issue of potential consumer risks – through its submissions to Government and in the public arena – particularly highlighting the general advice exemption and conflicted…
The Corporations Amendment (Streamlining of Future of Financial Advice) Bill 2014 was introduced into the House of Reps on Wed 19.3.2014, to give effect to the Government’s proposed FoFA reforms to reduce the regulatory burden on the financial services industry. The key amendments proposed to the Corporations Act 2001 include: Best interests duty – removing…
Rio Tinto on Mon 17.3.2014, published its latest “Taxes paid report”, the 4th year it has published this report, which details the US$7.5 billion of taxes the company paid around the world in 2013. The company said it also paid USid=”mce_marker”.9 billion of taxes on behalf of its employees. The voluntary annual report details all…
A draft report by the Productivity Commission on public infrastructure was released on Thur 13.3.2014. It found an abundance of flaws, mythologies and forgone opportunities in infrastructure financing, funding and procurement. The draft outlines a proposed process for improving infrastructure investment across all levels of government; and as a consequence attracting increased private investment. Peter…
The Farm Household Support Bill 2014 and the Farm Household Support (Consequential and Transitional Provisions) Bill 2014 were introduced in the House of Reps on Thur 6.3.2014. The Farm Household Support Bill provides the mechanism to implement a new Farm Household Allowance (FHA), an income support payment for farmers and their partners who are in…
The Crimes Legislation Amendment (Unexplained Wealth and Other Measures) Bill 2014 was introduced in the House of Reps this Wed 5.3.2014. It contains measures to implement recommendations made by the Parliamentary Joint Committee on Law Enforcement (the PJC-LE) in its final report on its inquiry into Commonwealth unexplained wealth legislation and arrangements. The inquiry took evidence…
The Government has advised that more than 3.6m pensioners will receive an increase to their payments from 20 March 2014. Minister for Social Services, Kevin Andrews, said single age pensioners will receive an increase of id=”mce_marker”5.70 a fortnight, while age pensioner couples will receive $23.80 extra a fortnight. “This means total pension payments for people on the…
At its meeting Tue 4.3.2014, the Reserve Bank Board decided to leave the cash rate unchanged at 2.5%. Bank Governor Glenn Stevens said monetary policy was “appropriately configured” to foster sustainable growth in demand and inflation outcomes consistent with the target. On present indications, the Board considered the most prudent course “is likely to be…