Friday , November 17 2017
Breaking News


Australian state abandons proposed bank tax


  MELBOURNE: Australia’s largest banks have dodged a second tax on their liabilities after a state’s plans for a version of a new federal levy were blocked by opposition parties. The government of South Australia said Wednesday it had abandoned legislation that included a major bank tax aimed at funding job-creation initiatives after opposition from three rival parties, including the ... Read More »

Australia to ban trading in rhino horn, ivory


  SYDNEY: While trading in rhino horn and ivory in South Africa is legal, Australia has just tabled a Parliamentary motion to ban it within its own borders. Australian MP Jason Wood has just tabled a Parliamentary motion to ban it within its own borders, writes Adam Cruise. Wood says an Australian domestic trade ban “is about stopping illegal poaching ... Read More »

Australia should blacklist tax havens, Oxfam says


  SYDNEY: Australia should create a global blacklist of of tax havens, and impose sanctions on those who exploit them, Oxfam has said in the wake of the global publication of the Paradise Papers. “Scandals involving the super-rich robbing the world’s poorest of much-needed tax revenues, like those revealed in the Paradise Papers leak, can be avoided if the Australian ... Read More »

Boost for Australian citrus exports to China


  SYDNEY: Citrus Australia has welcomed the announcement by Assistant Ministers for Agriculture and Water Resources Luke Hartsuyker and Senator Anne Ruston that China has agreed to amend its import conditions for Australian citrus. The changes come at an opportune time when citrus exports to China are increasing. Citrus Australia has worked closely with the Australian Government Department of Agriculture ... Read More »

Peru, Australia to sign free trade deal


  SYDNEY: Australia and Peru confirmed that they will sign a free trade agreement, in an announcement at the ongoing APEC ministers’ meeting. It is said that the deal will eliminate trade taxes on 99 percent of Australian product lines to Peru, slashing the current prohibitively high tax burden. The deal will therefore significantly decrease the taxes that Australian exporters ... Read More »

Company tax cuts will deliver Australia $30bn revenue boost


CANBERRA: Australia could gain an extra $30bn in revenue if the government cuts the company tax rate while wages and economic growth will take a permanent hit if nothing is done, a new report shows. Treasurer Scott Morrison is aiming to introduce the full corporate tax rate cut from 30 to 25 per cent by 2026, in a bid to ... Read More »

Australia tightens GST rules on property purchases


  SYDENY: The Australian Government is consulting on draft legislation to amend the goods and services tax (GST) rules for property transactions from July 1, 2018. The Government has proposed that purchasers should withhold the GST on the purchase price of new residential premises and new residential subdivisions. They would then remit the GST directly to the Australian Taxation Office ... Read More »

Australia new vehicle sales rebound in Oct

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SYDNEY: Australian new vehicle sales rebounded in October as demand in the commercial sector remained red hot, auguring well for business spending in the economy. The Australian Federal Chamber of Automotive Industries’ VFACTS report out on Friday showed 95,763 new vehicles were sold in October, up 2.6 percent on the same month last year. Both months had the same number ... Read More »

Australian retail sales flat line

People enter and  exit a Macy's department store in Boston's Downtown Crossing district, Wednesday, July 11, 2007.  As merchants reported their June sales results Thursday July 12, 2007, the disappointments cut across many segments of the retail  industry including Macy's Inc. Macy's suffered a 2.7 percent drop in same-stores sales, worse than the 0.8 percent decline expected. (AP Photo/Steven Senne)

CANBERRA: Australian retail sales missed expectations again in September, following a sharp fall in August. According to the Australian Bureau of Statistics (ABS), nominal sales growth was flat at 0.0% in seasonally adjusted terms, short of forecasts for a gain of 0.4%. Quarterly figures for retail sales volumes rose by 0.1%, slightly ahead of expectations with analysts forecasting flat growth. ... Read More »

National Australia Bank to slash 4,000 jobs


CANBERRA: National Australia Bank said it would cut a net 4,000 jobs – about 12 per cent of its workforce – on Thursday as it seeks to automate and simplify its business by investing in new technologies. The Australian lender announced the job cuts as it reported a cash profit after tax of A$6.64bn in full year 2017, a rise ... Read More »

Australia’s Westpac defends heavy bank bill buying in court


MELBOURNE: Australia’s No. 2 lender, Westpac Banking Corp, defended its bank bill trading in court on Wednesday, saying it was crucial to funding the group and managing large amounts of cash it held following the global financial crisis. The Australian Securities and Investments Commission (ASIC) has argued that communications within the bank and with external traders show Westpac dominated trading ... Read More »

Australia’s AGL seeks mix of LNG imports from 2020


MELBOURNE: Australia’s biggest power producer, AGL Energy, plans to import up to 2.5 million tonnes a year of liquefied natural gas (LNG) to the southeast of the country, including spot cargoes from 2020, a senior executive said. In a move that would ease the grip of fuel supply majors on the market, AGL’s wholesale markets head Richard Wrightson told Reuters ... Read More »

Australian Taxation Office $4.2 bln short of budget revenue target


CANBERRA: The Tax Office has fallen short of budget revenue targets by $4.2 billion, its 2017 annual report shows. The 20,435-strong organisation also reported it continued to cut deals with the top end of down, rather than heading to court. Over the past financial year the ATO initially issued 36 large companies with tax bills amounting to $2.8 billion, but ... Read More »

Australia foreign chief stands in for PM after deputy ousted


SYDNEY: Foreign Minister Julie Bishop will stand in as Australia’s acting prime minister while Malcolm Turnbull is away on a brief overseas trip, due to the dual citizenship crisis that has sidelined his deputy. Turnbull has refrained from officially appointing a new deputy in what is expected to be the five-week absence of Barnaby Joyce. He and four other lawmakers ... Read More »

Australia’s NAB reaches agreement with regulator over rate rigging


SYDNEY: National Australia Bank (NAB.AX), the country’s No.3 lender by market value, on Friday said it had reached an agreement worth A$50 million ($38 million) with the corporate watchdog to settle a case over alleged manipulation of a key interest rate. The Australian Securities & Investment Commission (ASIC) had filed a lawsuit last year, alleging three of Australia’s top lenders ... Read More »

Australia’s ANZ bank profit rises 18% on cost cuts


CANBERRA: Australia’s No.3 lender, Australia and New Zealand Banking Group Ltd, posted a 18 percent jump in annual cash profit on cost cutting efforts, following the partial sale of its wealth management arm earlier this month. ANZ said cash profit, which excludes various one-off items, was A$6.94 billion ($5.34 billion) for the year-ending Sept. 30, compared with A$5.89 billion last ... Read More »

Australian inflation rebound falls short


SYDNEY: A limp rebound in inflation disappointed currency hawks looking for reasons to push up the Australian dollar further, strengthening the likelihood that interest rates will stay unchanged over the next year. While a surge in electricity prices had been flagged by economists as possibly sparking renewed momentum in inflation ahead of the data, sharper falls in vegetable prices resulted ... Read More »

ASIC set to to triple corporate penalties to $3 mln


CANBERRA: The Turnbull government is preparing to triple corporate penalties for wrongdoing and force offending companies to forfeit profits from wrongdoing, to give incoming chairman of the Australian Securities and Investments Commission James Shipton a big stick to re-energise the watchdog. Minister for Financial Service Kelly O’Dwyer will release a review by the ASIC Enforcement Review Taskforce as early as ... Read More »

Australia’s cautionary tale on LNG exports

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CANBERRA: Australia’s domestic natural-gas prices are rising as the country is on track to become the world’s biggest exporter of liquefied natural-gas (LNG) by 2019, the Energy Information Administration said Friday. Australia’s experience building out its export capacity of LNG is often considered a cautionary tale for what could happen in the U.S., which is experiencing a similar LNG export ... Read More »

National Australia Bank takes aim at middle managers


CANBERRA: National Australia Bank’s senior leadership team has targeted the group’s middle management for failing to “fill our people with excitement about the future” after NAB came up well short of its top-quartile objective for staff engagement. A note from chief executive Andrew Thorburn and the bank’s 11-strong senior management team, which has been obtained by The Australian, said NAB’s ... Read More »