Australia politics live: Labor makes move to crack down on consultants after latest scandal | Australia news
Labor moves to clean up consultancy sector
Tom McIlroy
The federal government has published an options paper to improve regulation of accounting, auditing and consulting firms in Australia, the latest move in the wake of the KPMG scandal in which partners leaked client information and mishandled the whistleblower who raised the alarm.
KPMG staff leaked confidential Lendlease and Optus information to colleagues applying for lucrative audit contracts at Westpac, Dexus and Telstra. At least three partners were involved.
New options document released by the deputy treasurer, Daniel MulinoPossible moves to impose quality management and ethical obligations on large companies, as well as possible operational or structural separation of different business functions, were hinted at on Wednesday.
Partnership limits may be reduced, new governance rules may be implemented, and mandatory periodic testing of audit services may be introduced or regular rotation of contracts may be introduced.
In recent years we have seen unfair and dishonest behavior by some of the major accounting, auditing and consulting firms in Australia.
This has undermined firms’ self-confidence and raised broader questions about the durability of frameworks aimed at protecting market integrity.
It is time to restore trust and integrity so that government, taxpayers and other businesses can rely on the services of big accounting, auditing and consulting firms.
important events
Wilson says time and trust needed to win back public
The Guardian Essential poll shows the Coalition still struggling and its votes being drained by One Nation.
There is some interesting data in the latest survey on One Nation, with the public’s appetite for some of its key policies waning a bit; read the following:
But it also shows One Nation’s primary vote falling from 28 per cent to 26 per cent and Labor rising from 29 per cent to 30 per cent, while the Coalition still remains in third place with a very low primary vote share of just 23 per cent. So Sky News presenter Pete Stefanovic asks TimWilson Why aren’t people still buying what the Liberal Party is selling?
Wilson says it’s about time and trust.
There are certainly policies that we need to articulate and articulate to the Australian people. We have already put in place a number of policies to effectively protect Australians from being guaranteed tax refunds. Jim Chalmer Active inflation agenda.
When we talk to people about it, they see the benefit and advantages of it, but it will take time. Nobody claims otherwise.
The most important thing we need to do is to solidify trust… and part of the challenge is that we need to be a sustainable alternative that clearly articulates a vision for the country.
Wilson calls housing market cooling ‘crisis of confidence’
TimWilson blames the treasurer Jim Chalmers In June, the decrease in housing prices, which experienced the biggest decrease in the last three years, affected the budget.
The shadow treasurer said Chalmers had “shattered the confidence of the Australian economy” since his budget; These include major changes to capital gains tax, negative gearing and tax relief for working Australians passed last week.
Wilson told Sky News that despite government claims that the chill would allow young people to catch up and gain a foothold in the market, he had heard no evidence from banks that this was happening.
What’s happened is there’s been a crisis of confidence in the Australian economy, we’ve had record small business installments, record low, small business confidence record low, consumer confidence.
For all the claims that it’s about young people owning a home, I’m told banks are saying there’s not a lot of lending to young people trying to buy a house.
‘It’s all a bit confusing’: Butler answers leadership questions
Mark ButlerHe was asked about conversations about whether he could be the next leader after health secretary Anthony Albanese.
Butler, from South Australia, is a senior member of the Labor Party’s left wing and a key Labor ally. Anthony Albaneseand is about to turn 56 (Albanian is 63).
He’s one of a handful of names floating around, including Jim Chalmersone of the most senior members of the right-wing group and a Queenslander.
Butler says he has “frankly no idea” why everyone is talking about this.
It’s all a bit confusing.
We are just a year into an era where our Prime Minister, Anthony Albanese, has won a truly significant victory with a truly grand agenda… As a team with the privilege of leading this country, our duty is to work together under a leader like Anthony Albanese, whom I feel privileged to support.
‘We have great confidence in the Treasury’s forecasts’: Labor defends tax reforms against cooling housing market
Labor is under pressure to defend itself as new data shows house prices in Sydney and Melbourne recorded their biggest one-month fall in value in three years.
Treasury had predicted the impact of the government’s budget measures on capital gains tax and negative gearing would slow prices by 2%, but Cotality data showed prices fell 1.2% in Sydney and 1% in Melbourne in June.
Mark ButlerThe health secretary was asked on ABC News Breakfast whether the Treasury was wrong in that estimate. He says he believes these are “based on solid foundations”:
You have to wait more than a few weeks. As I said, there is a lot going on in the economy and the housing market; Many of these are a result of global factors, as we have seen for several years. I am sure that the Treasury’s estimates are well-founded, they have considered this very carefully. The history of house prices in Australia is a growth story. And that doesn’t mean there won’t be a week here or there where you’ll get certain numbers. However, we have great confidence in the Treasury’s estimates.
Good morning
Krishani Dhanji
Good morning, Krishani Dhanji We are with you for another busy day, thank you. Martin Farrer for starting us.
Gambling reforms will be on the government’s agenda today; But advocates are still pushing for changes to further crack down on online gambling advertising.
It’s also July 1, which means that any changes that will come into effect (minimum wage increase, paid maternity leave increase, social service indexation (which happens automatically without government input)) will be carried out by Labor.
And tonight is Canberra’s night of nights, the Midwinter Ball, so some people may be a little distracted as they prepare for the event this afternoon.
Let’s get straight to the point!
Labor moves to clean up consultancy sector
Tom McIlroy
The federal government has published an options paper to improve regulation of accounting, auditing and consulting firms in Australia, the latest move in the wake of the KPMG scandal in which partners leaked client information and mishandled the whistleblower who raised the alarm.
KPMG staff leaked confidential Lendlease and Optus information to colleagues applying for lucrative audit contracts at Westpac, Dexus and Telstra. At least three partners were involved.
New options document released by the deputy treasurer, Daniel MulinoPossible moves to impose quality management and ethical obligations on large companies, as well as possible operational or structural separation of different business functions, were hinted at on Wednesday.
Partnership limits may be reduced, new governance rules may be implemented, and mandatory periodic testing of audit services may be introduced or regular rotation of contracts may be introduced.
In recent years we have seen unfair and dishonest behavior by some of the major accounting, auditing and consulting firms in Australia.
This has undermined firms’ self-confidence and raised broader questions about the durability of frameworks aimed at protecting market integrity.
It is time to restore trust and integrity so that government, taxpayers and other businesses can rely on the services of big accounting, auditing and consulting firms.
Caitlin Cassidy
Independent MP Boele supports child care reforms
Independent Member for Bradfield, Nicolette BoeleHe backed calls for a national early childhood education and care commission to manage supply in the sector and improve safety regulations.
Speaking in parliament on Tuesday evening, Boele said “supply and need are not aligned and this points to a market in need of proper management.”
The proposed commission has support NSW parliamentary inquiry and childcare groups such as Thrive by Five, The Parenthood, Early Childhood Australia and Minderoo.
Boele said families can’t wait for reviews while bills pile up and demanded an updated timeline on the government’s Deloitte pricing review:
If you’re in this situation, it’s not very valid to hear that the government is waiting for Deloitte to finish a report before increasing the childcare subsidy. Families cannot allocate a budget based on a maybe. I have written to the Minister and want the government to commit to setting up a national commission with a firm timetable – rather than keeping it in the “to be considered” pile.
Welcome
Good morning and welcome to our live news blog. I Martin Farrer with the best night stories and then it will be Krishani Dhanji with the main action.
There’s plenty of news to come, but we’re starting with Labor announcing the actions it intends to take to disrupt the consultancy industry in the wake of the latest scandal at KPMG.
We’ll have more information on this in a few minutes.
