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Labor uses Mike Baird to attack Coalition over negative gearing – question time live Labor uses Mike Baird to attack Coalition over negative gearing – question time live
(35 minutes later)
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Jim Chalmers to Malcolm Turnbull: I refer to the PM’s previous answers and to a new report that he divested his interests in a vulture fund which profited from foreclosing [on] Hurricane Katrina victims. Why has the PM now suddenly decided to avoid investing in funds that exploit vulnerable people and will the PM finally sell his holdings in managed funds which invest in 7-Eleven, a company which is notorious for exploiting workers?
This relates to a Daily Telegraph story by Sharri Markson.
PRIME minister Malcolm Turnbull has withdrawn more than $1 million from a US hedge fund that exploits hardship by swooping on family homes and businesses when they hit troubled times.
The Daily Telegraph can reveal Mr Turnbull has invested in seven high-return funds, which combined have a minimum buy-in of $20m, some of which back distressed assets and bankrupt businesses.
Others engage in short-selling, where investors profit from the share price of a business falling.
Mr Turnbull, who is worth an estimated $183m, does not directly control his investments. His portfolio is handled by investment adviser, Linden Global Strategies founder Josephine Linden.
Turnbull says he has an investment adviser who decides which managed funds he puts money into.
That’s for obvious reasons, so it is accountable, it’s transparent but it also involves any personal involvement that can create conflicts of the kind that honourable members and the public would be concerned about. As far as 7-Eleven is concerned, it is a part of the Japanese index, and so any fund that has an investment in the Japanese index, as most big managed funds do, will have therefore a derived and very small investment.
He warns the opposition that Australian Super invests in the 7-Eleven holding company and
Cbus, the construction and building superannuation fund, backed by the CFMEU, indeed Cesar Melham was a director of it until 2013, now, according to Cbus’s total private equity holdings as at 30 June last year, Cbus held investments in a number of distressed opportunity funds – Segalla distressed opportunity funds 3 and 2 and those funds are obviously ones which invest in distressed assets. The reality is that all of these big managed funds have a variety of assets and the important thing is that they are accountable.
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Backbench #QT Tony Abbott fills out xmas cards & Kevin Andrews reads " A history of Italian Cycling" @gabriellechan pic.twitter.com/P4haekLppA
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Plibersek to O’Dwyer: Has the minister or her office received any written correspondence from the attorney general about the WA kickback scandal? And will the minister now undertake to the House to table all documents related to the scandal?
Kelly O’Dwyer says she is responsible for the Australian Tax Office and she has sought advice on the Bell litigation.
[The ATO] have given very clear advice that they needed to ensure that they intervened in the high court proceedings and I supported them fully in that action. Now, when it comes to correspondence I have received from other members of parliament, I’m very happy to check my records and report back to the House.
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Malcolm Turnbull expresses full confidence in George Brandis
Shorten to Turnbull: At exactly this time last year, the PM stood at the dispatch box and expressed full confidence in ministers Briggs, Brough and the member for Fadden. One year on, in the last week of this parliament for this year, will the PM express the same full confidence in the attorney general?
Turnbull:
Of course I do.
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Mark Dreyfus to Malcolm Turnbull: The Bell Group case began in the high court in November 2015. A barrister appeared for the commonwealth in the high court on 8th February in the Bell Group case. How is it possible that the attorney general was not aware of this litigation until March? (which Brandis said in the Senate statement).
Turnbull says the Bell litigation has been going for 20 years, the commonwealth was represented and the tax office was represented.
(Therefore nothing to see here.)
Turnbull:
The reality is that the interests of the commonwealth were always protected. The interests of the ATO were always protected but it has to be said this endless litigation is continuing and the only beneficiaries are the members of the legal profession.
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Labor’s Mark Dreyfus to Malcolm Turnbull: Will the PM on behalf of the commonwealth waive legal privilege in communications with the attorney general about the WA kickbacks scandal so the truth can be revealed?
Turnbull, who is firing up more often these days:
The only kickback scandals that is being investigated today is the one relating to Cesar Melham and the Fair Work Commission. That’s what is being investigated today and it is that type, that type of corruption, that the opposition seeks to protect by its trenchant resistance to the reforms represented by the registered organisations bill, happily passed now by the parliament, and their continued opposition to the restoration of the Australian Building and Construction Commission.
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Shorten to Turnbull: in question time the PM was asked whether the attorney general had given the solicitor general a verbal instruction to run a particular argument in the high court. A question that the PM and the attorney general repeatedly refused to answer. So I ask again: Did the attorney give this instruction, yes or no? Shorten to Turnbull: in question time the PM was asked whether the attorney general had given the solicitor general a verbal instruction to run a particular argument in the high court. A question that the PM and the attorney general repeatedly refused to answer. So I ask again: did the attorney give this instruction, yes or no?
Turnbull says George Brandis dealt with the matter in his statement on Monday.Turnbull says George Brandis dealt with the matter in his statement on Monday.
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03:3903:39
George Brandis: two people can have a different understanding from same meetingGeorge Brandis: two people can have a different understanding from same meeting
Paul KarpPaul Karp
Labor is asking the attorney general, George Brandis, if there was a deal between the federal government and the Western Australian government to let the state leapfrog the ATO in the list of Bell Group creditors.Labor is asking the attorney general, George Brandis, if there was a deal between the federal government and the Western Australian government to let the state leapfrog the ATO in the list of Bell Group creditors.
No there was not – not in my opinion and not to my knowledge.No there was not – not in my opinion and not to my knowledge.
Brandis re-explains that the letters between the then federal treasurer, Joe Hockey, and the WA treasurer, Mike Nahan, don’t evidence a deal, in his opinion.Brandis re-explains that the letters between the then federal treasurer, Joe Hockey, and the WA treasurer, Mike Nahan, don’t evidence a deal, in his opinion.
The Labor senator Glenn Sterle asks whether Nahan misled the WA parliament by saying there was a deal.The Labor senator Glenn Sterle asks whether Nahan misled the WA parliament by saying there was a deal.
Brandis replies that two people can come away from the same meeting with a different understanding. He said he believes Nahan is honest and told the parliament that there was a deal in good faith.Brandis replies that two people can come away from the same meeting with a different understanding. He said he believes Nahan is honest and told the parliament that there was a deal in good faith.
I do not have any knowledge of those discussions and the only evidence I have seen does not support that conclusion [that there was a deal].I do not have any knowledge of those discussions and the only evidence I have seen does not support that conclusion [that there was a deal].
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Labor’s Kate Ellis to Barnaby Joyce: Can the deputy PM assure the House that there are no documents which confirm that the government considered cutting funding to the Murray-Darling Basin plan?Labor’s Kate Ellis to Barnaby Joyce: Can the deputy PM assure the House that there are no documents which confirm that the government considered cutting funding to the Murray-Darling Basin plan?
Joyce says any changes would need legislation so it would be brought into parliament.Joyce says any changes would need legislation so it would be brought into parliament.
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Tony Burke asks Barnaby Joyce: As a result of water entitlement prices doubling in some major catchments of the Murray-Darling Basin, has the deputy PM been trying to secure additional funds to secure 450 gigalitres can be delivered or has the deputy PM been trying to cut government funding to the Murray-Darling Basin?Tony Burke asks Barnaby Joyce: As a result of water entitlement prices doubling in some major catchments of the Murray-Darling Basin, has the deputy PM been trying to secure additional funds to secure 450 gigalitres can be delivered or has the deputy PM been trying to cut government funding to the Murray-Darling Basin?
Joyce said there will a review in 2019, which Burke would know full well as he wrote the act.Joyce said there will a review in 2019, which Burke would know full well as he wrote the act.
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The Greens MP Adam Bandt to the energy and environment minister, Josh Frydenberg: In a Senate committee report tabled yesterday, AGL, which runs coal-fired generators like Loy Yang in Victoria and Bayswater in NSW, called for a clear national plan for the orderly retirement of coal-fired generators. For the first time ever, the companies running coal-fired power stations are joining with affected communities, unions and environment groups in calling for a government-led orderly and just transition to a clean economy. Minister, will you do what the Senate committee report recommended and take a plan to the December meeting of the Coag Energy Council, or for this government is plan still just another four-letter word?The Greens MP Adam Bandt to the energy and environment minister, Josh Frydenberg: In a Senate committee report tabled yesterday, AGL, which runs coal-fired generators like Loy Yang in Victoria and Bayswater in NSW, called for a clear national plan for the orderly retirement of coal-fired generators. For the first time ever, the companies running coal-fired power stations are joining with affected communities, unions and environment groups in calling for a government-led orderly and just transition to a clean economy. Minister, will you do what the Senate committee report recommended and take a plan to the December meeting of the Coag Energy Council, or for this government is plan still just another four-letter word?
Frydenberg says there is a transition, with eight out of the 12 most emission intensive power stations close. It will be nine when Hazelwood closes next year.Frydenberg says there is a transition, with eight out of the 12 most emission intensive power stations close. It will be nine when Hazelwood closes next year.
InAustralia, 60% of our power is being generated by coal and we have a transition plan which involves putting energy security at number one ... We will not sacrifice blue-collar jobs in the regions in order to win green votes in the city, which is not just the position of the Greens but unfortunately has been now joined by the Labor party who are in partnership with the Greens – a bit like they were during Julia Gillard and Bob Brown’s time.InAustralia, 60% of our power is being generated by coal and we have a transition plan which involves putting energy security at number one ... We will not sacrifice blue-collar jobs in the regions in order to win green votes in the city, which is not just the position of the Greens but unfortunately has been now joined by the Labor party who are in partnership with the Greens – a bit like they were during Julia Gillard and Bob Brown’s time.
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03:2403:24
Labor to Joyce: Last week in question time, the deputy PM said the current funding for the promised 450 gigalitres was insufficient, saying, and I quote: “You have not got a hope in Hades of delivering 450 gigs. Not a hope.” One week later, is that still the deputy PM’s position?Labor to Joyce: Last week in question time, the deputy PM said the current funding for the promised 450 gigalitres was insufficient, saying, and I quote: “You have not got a hope in Hades of delivering 450 gigs. Not a hope.” One week later, is that still the deputy PM’s position?
Joyce basically confirms this is still the case – not in so many words. He says the problems were caused by the former Labor water minister Tony Burke, who asked the question.Joyce basically confirms this is still the case – not in so many words. He says the problems were caused by the former Labor water minister Tony Burke, who asked the question.
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Joel Fitzgibbon to Barnaby Joyce: Was the president of the National Farmers Federation accurate this morning when she said, “We were absolutely blindsided by an item in the budget that came in, that we weren’t consulted about, that said that they were going to put the backpacker tax up to 32% from 0%”?Joel Fitzgibbon to Barnaby Joyce: Was the president of the National Farmers Federation accurate this morning when she said, “We were absolutely blindsided by an item in the budget that came in, that we weren’t consulted about, that said that they were going to put the backpacker tax up to 32% from 0%”?
Barnaby Joyce again suggests the backpacker tax was a result of Labor’s actions.Barnaby Joyce again suggests the backpacker tax was a result of Labor’s actions.
This is not correct.This is not correct.
I will keep fact checking this until he stops saying it.I will keep fact checking this until he stops saying it.
Joe Hockey’s 2015 budget speech signalled the change in that budget. Hockey said:Joe Hockey’s 2015 budget speech signalled the change in that budget. Hockey said:
And anyone on a working holiday in Australia will have to pay tax from their first dollar earned, rather than enjoying a tax-free threshold of nearly $20,000. This will save the budget $540m.And anyone on a working holiday in Australia will have to pay tax from their first dollar earned, rather than enjoying a tax-free threshold of nearly $20,000. This will save the budget $540m.
Joyce says:Joyce says:
The dilemma that we were placed in, was we made the promise that we would resolve this issue by the time the rate went back to 32.5%, which was 1st January next year.The dilemma that we were placed in, was we made the promise that we would resolve this issue by the time the rate went back to 32.5%, which was 1st January next year.
IT WAS A PROBLEM CREATED BY THE COALITION GOVERNMENT. IT WAS THEIR DEADLINE. IT WAS THEIR RATE AFTER THEY CHANGED THE RULES.IT WAS A PROBLEM CREATED BY THE COALITION GOVERNMENT. IT WAS THEIR DEADLINE. IT WAS THEIR RATE AFTER THEY CHANGED THE RULES.
*argghhh, live blogger runs screaming from the office**argghhh, live blogger runs screaming from the office*
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Shorten to Turnbull: An hour ago the premier of NSW confirmed it is the position of his [government that] negative gearing reform should be considered. Given the premier of the state of the heart of Australia’s housing affordability crisis has put negative gearing on the table, why does the PM continue to rule it out and is getting rich parents still his only policy on housing affordability?Shorten to Turnbull: An hour ago the premier of NSW confirmed it is the position of his [government that] negative gearing reform should be considered. Given the premier of the state of the heart of Australia’s housing affordability crisis has put negative gearing on the table, why does the PM continue to rule it out and is getting rich parents still his only policy on housing affordability?
Turnbull suggests Shorten might misrepresent Baird.Turnbull suggests Shorten might misrepresent Baird.
Shorten reads the transcript.Shorten reads the transcript.
I would just like to table the transcript. It was a question from the Financial Review: “Do you and your government have negative gearing, is it a problem?” I think I have an answer to this. ... “My answer is yes, it should be considered.” Here in black and white.I would just like to table the transcript. It was a question from the Financial Review: “Do you and your government have negative gearing, is it a problem?” I think I have an answer to this. ... “My answer is yes, it should be considered.” Here in black and white.
Turnbull starts an attack on Shorten regarding his allies Cesar Melhem and new senator Kimberley Kitching.Turnbull starts an attack on Shorten regarding his allies Cesar Melhem and new senator Kimberley Kitching.
It’s so touching to see the way he wants to be the ferocious class warrior. Oh, yes, Bill Shorten, defender of the poor and ...It’s so touching to see the way he wants to be the ferocious class warrior. Oh, yes, Bill Shorten, defender of the poor and ...
(various points of order)(various points of order)
Did he ever call up Cesar and say, “Cesar, that was disgraceful.” No, absolutely not.Did he ever call up Cesar and say, “Cesar, that was disgraceful.” No, absolutely not.
This was the Cesar Melhem story from the Oz this morning:This was the Cesar Melhem story from the Oz this morning:
The Fair Work Commission has begun an investigation into Cesar Melhem, a key ally of Labor leader Bill Shorten, over Royal Commission into Trade Union Governance and Corruption findings that he orchestrated deals where ­employers paid employees’ dues.The Fair Work Commission has begun an investigation into Cesar Melhem, a key ally of Labor leader Bill Shorten, over Royal Commission into Trade Union Governance and Corruption findings that he orchestrated deals where ­employers paid employees’ dues.
News of the investigation has broken just as the Turnbull government scrambles to secure the last few votes to pass laws reinstating the construction industry watchdog, the Australian Building and Construction Commission.News of the investigation has broken just as the Turnbull government scrambles to secure the last few votes to pass laws reinstating the construction industry watchdog, the Australian Building and Construction Commission.
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Question time in 3, 2, 1 ...Question time in 3, 2, 1 ...
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Apropos my earlier post, the New South Wales premier, Mike Baird, was asked whether he agreed with his planning minister, Rob Stokes, who suggested that supply issues alone could not solve Sydney’s housing affordability issues. He was also asked what he thought of the pushback from the federal government against the suggestion that tax deductibility (negative gearing) could be part of the problem.Apropos my earlier post, the New South Wales premier, Mike Baird, was asked whether he agreed with his planning minister, Rob Stokes, who suggested that supply issues alone could not solve Sydney’s housing affordability issues. He was also asked what he thought of the pushback from the federal government against the suggestion that tax deductibility (negative gearing) could be part of the problem.
It was a long and winding answer but Baird says Stokes is the most qualified planning minister. (He is a lawyer and academic specialising in environment and planning.)It was a long and winding answer but Baird says Stokes is the most qualified planning minister. (He is a lawyer and academic specialising in environment and planning.)
Baird says:Baird says:
Why doesn’t everyone come back a minute and say we have a credentialed planning minister making a credible contribution to one of the most complex challenges that we have. Why don’t we take a back seat and say, in terms of what is being presented, is that something we should consider further? That is really my position on it.Why doesn’t everyone come back a minute and say we have a credentialed planning minister making a credible contribution to one of the most complex challenges that we have. Why don’t we take a back seat and say, in terms of what is being presented, is that something we should consider further? That is really my position on it.
He says housing approvals have gone from 25,000 to over 75,000 – a record (supply is not the only problem).He says housing approvals have gone from 25,000 to over 75,000 – a record (supply is not the only problem).
Baird says he knows there will be political push back (from his own side) but he would rather they focus on the issue.Baird says he knows there will be political push back (from his own side) but he would rather they focus on the issue.
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