Economy
Tax push renders budget surplus forecasts ‘unrealistic’
15 July
More tax cuts for workers would keep the budget in deficit beyond the next decade, the agency that assesses the nation’s finances warns. The outlook for the federal budget has improved over the past year, despite economic headwinds from the Middle...[Read More]
Tax cuts, pay rises and text message changes on the way
1 July
WHAT IS CHANGING ON JULY 1? * About 2.7 million workers on award wages will get a 4.75 per cent pay bump, while workers on the minimum wage will get a six per cent pay rise, following a Fair Work Commission decision * Workers will also receive super...[Read More]
Freefall: home prices notch biggest drop in years
1 July
Home prices have recorded the biggest monthly fall in almost four years as tax changes accelerate Australia’s housing downturn. Sydney’s median home price fell 1.2 per cent to $1,265,608 in June, leading a nationwide decline of 0.4 per cent,...[Read More]
Treasurer responds after budget attack by ex-RBA head
1 July
The treasurer has hit back at attacks to budget tax changes from a former Reserve Bank governor after the contentious laws passed parliament. Ex-RBA governor Philip Lowe said changes limiting negative gearing and the capital gains tax discount would...[Read More]
Labor identifies businesses to be exempt from new tax
24 June
A budget backlash has prompted Labor to announce new carve-outs for innovative firms from the capital gains tax, as well as a backdown on a minimum tax on testamentary trusts. WHAT DID LABOR ANNOUNCE IN THE BUDGET? * The existing 50 per cent...[Read More]
What Labor agreed to in order for tax change support
24 June
WHAT THE GOVERNMENT WANTS PASSED * Laws stemming from the federal budget would limit negative gearing to new builds from July 2027, while scrapping a 50 per cent discount on the capital gains tax and replacing it with a minimum 30 per cent rate tied...[Read More]
Better but ‘not perfect’ tax reform wins expert support
17 June
Parliamentarians are being urged to pass laws limiting tax breaks for property investors and not “let the perfect be the enemy of the good”. Looming tax reforms would help make the tax system more equitable, independent economist Saul Eslake...[Read More]
Fresh warnings migration cuts could make housing worse
17 June
Migration opponents are being warned big cuts to Australia’s intake numbers would cause havoc for the economy and impact housing targets. Immigration and housing numbers were out of balance with each other but dramatic cuts were not the solution,...[Read More]
Get back on the tools and fix housing, government urged
17 June
The Commonwealth must return to its historical role as a home builder rather than a protector of huge profits made by banks and developers. It’s advice that’s been overlooked but a warning that cannot continue to go unheeded, senators have been...[Read More]
Nation-first stamp duty cut gains federal endorsement
17 June
State governments have been encouraged to follow the lead of the ACT and abolish stamp duty, but it’s unlikely to happen without Commonwealth support. ACT Treasurer Chris Steel announced all first home buyers would be exempt from paying stamp duty...[Read More]
Fight and flight: tax inquiry fuming just a smokescreen
17 June
Concerns controversial tax changes are being rushed have been hosed down as experts dismiss claims businesses will flee overseas due to the measures. Under changes proposed by the federal government, the capital gains tax discount of 50 per cent...[Read More]
‘Reform is always hard’: PM coy on tax carve outs
10 June
Startups may be able to claim greater tax concessions than initially announced in the federal budget as the government grapples with blowback to its economic reforms. Treasurer Jim Chalmers is in talks with businesses about allowing startups to keep...[Read More]
Tax changes push biotech and health sectors offside
10 June
Some of Australia’s leading health and life sciences organisations are urging Treasurer Jim Chalmers to review the changes to research and development taxes proposed in his budget. Sector advocates say while they’re concerned over a number of Dr...[Read More]
Interest rate impact hits housing approval levels
3 June
Rising interest rates have been blamed for a downturn in housing approvals, but tax changes in the federal budget could lead to an uptick. Figures from the Australian Bureau of Statistics showed the total number of dwellings approved in April fell...[Read More]
Minimum wage tops $1000 a week, stoking inflation fears
3 June
Workers on the minimum wage will receive more than $1000 a week for the first time, but businesses and economists warn the pay bump could fuel inflation and more rate rises. Industrial umpire the Fair Work Commission handed a 4.75 per cent pay boost...[Read More]