POLITICS & POLICY

As calls for the establishment of a fifth pillar in the Australian banking industry grow, the country’s credit unions and building societies appear to be heading into a collision course with major banks as the former urged the federal government for financial guarantee so they can effectively compete against the giant financial institutions.

Queensland needs to swing-open its doors to uranium mining and with the state government playing deaf and blind on that emerging reality, cross-sectoral voices are training their attention on federal Labor stalwarts to overturn the state’s standing ban on uranium exploration and nuclear energy.

The Australian Taxation Office (ATO) ruled with finality on the question of asset sales tax dues for private equity firms, upholding an earlier draft decision that gains from such transactions must be subjected under the income tax provisions.

Federal subsidies on household rooftop solar panels will soon come to an end as the Climate Change Ministry announced the earlier withdrawal of the energy credit scheme, claiming that state and territory government would instead assume the burden of supporting renewable energy costs.

Federal Treasurer Wayne Swan maintained his stance that the Australian economy remains resilient despite the mere 0.2 percent growth it posted in the September quarter, admitting that road bumps may be present but the country’s economic fundamentals and growth prospects are solidly in place.

Global telecommunication firm Vodafone Group is welcome to the idea of a national broadband network in Australia as the company reportedly prodded the federal government early this week to continue on with the project’s full implementation.

Australian rock lobster exporters are being punished by China for avoiding tax duties on their products, according to an export specialist, who added that the seafood industry has been deliberately dodging Chinese authorities for some time now.

The latest economic pronouncements of Reserve Bank of Australia (RBA) governor Glenn Stevens are acts of veiled criticisms on the economic policies of the Labor-led federal government.

Some analysts believe the Australian prime minister's attempt to set a price on carbon will fail despite Julia Gillard yesterday declaring 2011 a year of delivery and decision for her Government.

Following the passage of the bill on Monday that would restructure the operational make up of Australia’s dominant telecommunication provider, Telstra Corporation, the country’s other telco industry players appear to be breathing fresh air, and for a good reason.

China has decided to temporary block the entry of rock lobsters from Australia on its market pending the outcome of the ongoing negotiations with the Australian government, which could lead to the establishment of a formal industry trade deal between the two countries.

A global study on government-sponsored broadband projects aired reservations on the wisdom of spending huge amounts of taxpayers’ money to finance the realisation of a national broadband network such as the case of Australia.

With the Queensland state election still a long way in 2012, the latest poll results released over the weekend showed that the incumbent state government could be pushed out of power if elections were to be held today.

The Coalition has confirmed that it would attempt to extend on some provisions of the amendments being sought by South Australian Senator Nick Xenophon for the national broadband network once the Parliament resumes for a special session on Monday.

With the National Broadband Network almost a certainty and giant telco firm Telstra Corporation required by law to put its copper-wire network out of service to make way for the fibre optics system to be rolled out under the NBN project, Australia’s leading telecommunication provider appears to be graciously moving on.

Australia's Senate passed legislation on Friday to force dominant phone company Telstra Corp (ASX: TLS) to separate its wholesale and retail arms. This 'paves the way' for the Canberra's planned $36 billion national broadband network.

The Reserve Bank of Australia does not believe the banks are over-charging mortgage borrowers.

Queensland Motorways Ltd (QML) would not go private after all as the state government had opted to allow its investment body, the Queensland Investment Corporation (QIC) to purchase the company and takeover its operations.

Western Australian authorities appear lukewarm on suggestions that the federal government needs to nationalise the regulation of the oil and gas industry across Australian states and territories in light of the deemed failure of a regional regulatory body in preventing the Montara oil spill incident.

The national broadband network jigsaw puzzle appears to be finally forming as another piece has been added to complete the picture with independent Senator Steve Fielding providing maybe the final link, announcing on late Wednesday that he would support the NBN bill.

The Montara oil spill in August 2009, Australia’s worst offshore oil spill incident, could have been avoided yet due to the failure of the region’s regulatory authorities to effectively implement safety regimes, the accident still happened.

Bankers today warned politicians of the possible consequences of going ahead with the Green's banking bill.

Independent Senator Nick Xenophon eventually acceded in supporting the National Broadband Network legislation that would pave for the way for the structural partitioning of Telstra Corporation, which the federal government maintained is crucial to full roll out of NBN.

The federal opposition is convinced that too little studies were being undertaken by the federal government in the growing trend of foreign ownership of agri-business operations in Australia even as a government audit has been committed by the treasury to pore over into the issue by next year.

Hollywood actor Matt Bomer pushes for religious tolerance in a new PSA.

Buoyed by the solid value of the Australian dollar and a relatively liberal GST regulation on online commerce, many shoppers appear to be turning on internet shopping which prompted the federal treasury to mull the imposition of goods purchased through retail websites.

The Government's proposals to reshape the business research and development tax incentive remain of serious concern to industry and need further consideration before being passed by the Senate, according to the Australian Industry Group.

The Australian Industry Group today lodged a submission in support of its application to Fair Work Australia (FWA) to clarify public holiday penalties over the Christmas/ New Year period and to avoid unnecessary cost and confusion.

Crocodile Dundee star Paul Hogan would be free from any criminal liabilities after all following the Australian Crime Commission’s (ACC) announcement on Tuesday that the investigation against the Australian actor would be ceased.