MNI BRIEF: China To Step Up Macroeconomic Policies - Politburo

MNI: PBOC Net Drains CNY51.03 Bln via OMO Tuesday

MNI: PBOC Sets Yuan Parity Higher At 7.1364 Tues; -1.28% Y/Y

CHINA PBOC CONDUCTS CNY216.27 BILLION VIA 7-DAY REVERSE REPOS TUES

CHINA SETS YUAN CENTRAL PARITY AT 7.1364 TUES VS 7.1316

MNI China Daily Summary: Monday, July 29

MNI: EUROZONE Q2 PRELIM FLASH GDP +0.6% Y/Y

MNI: EUROZONE Q2 FLASH GDP +0.3% Q/Q

MNI: NORTH RHINE WESTPHALIA CPI +0.3% M/M, +2.3% Y/Y

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

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Warnings That Franking Credit Changes Will Cost Government

AUSTRALIA

Today the Federal government is planning to introduce legislation to restrict the use of franking credits in capital raisings and off-market share buybacks which is estimated to add $600mn to the budget over five years but impact the over 75s and superannuation funds the most. But Wilson Asset Management chair Wilson has warned that the changes will “encourage large companies to minimise tax payments in Australia and cripple small growth companies”.

  • Wilson has also said that the measures will also “destroy” small firms’ ability to raise capital.
  • Their chief investment officer estimated “these franking proposals will cost the Australian government at least $1bn in the first year growing to $3bn in forward estimates,” as large companies find ways to minimise their tax.
    - The Australian
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