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9 News
24 minutes ago
- 9 News
New GST proposal would give everyone $3300 a year. But there's a catch
Your web browser is no longer supported. To improve your experience update it here The government is facing a new call to raise the GST but shield low-income earners from the ill effects by handing out a hefty rebate to all taxpayers each year. The new proposal, put forward by teal independent MP Kate Chaney and highly respected economist Richard Holden, would hike the GST from 10 per cent to 15 per cent. At the same time, it would remove the current exemptions for the likes of fresh food and private education and health. Every Australian adult would get a $3300 payment under a new proposal to raise the GST. (Louise Kennerley) In order to ensure low-income earners aren't unfairly impacted by the take hike, Chaney and Holden have proposed a universal $3300 "basics rebate", to be paid to every Australian adult, which would effectively provide a $22,000 GST-free threshold. They say the changes would leave the lowest 60 per cent of income earners better off than under the current system, while at the same time giving the federal budget an extra $23.8 billion in revenue in 2026-27. "Intergenerational inequity is built into our tax system," Chaney said. "Younger generations are facing the growing burden of funding an ageing population and will bear the cost of future interest payments to cover the structural deficit forecast for the next decade. "We have to have courageous conversations about other revenue sources to avoid handballing this problem to future generations." Kate Chaney said the reforms were necessary to address the intergenerational inequality built in to the tax system. (Getty) Holden said the proposal would have the added benefit of allowing the government to cut income tax rates and index them, ending bracket creep in the process, and still provide billions of extra funding for the budget. Ahead of its productivity roundtable this month, the government has faced repeated calls to change the tax system to remove the reliance on personal income tax and fix the structural deficit the budget has fallen into. "Australia's tax system is pretty strange relative to other... advanced economies," Holden told 3AW this morning. "We get about twice as much of our revenue from income tax and about half as much from the GST, or value-added taxes, as other countries. "That's very inefficient, it holds back productivity, it holds back innovation, it has intergenerational problems where it taxes younger people of working age a lot more." Although Treasurer Jim Chalmers is sceptical of raising the GST, and Prime Minister Anthony Albanese has all but ruled it out, the consumption tax has been cited by economists as an obvious target for reform because it is so efficient. Holden acknowledged politicians had typically been averse to raising the GST, but said he hoped the time was right for the government to embrace the courageous move. While not a fan of changes to the GST, Jim Chalmers has been at pains to avoid ruling anything out ahead of his productivity roundtable, but Anthony Albanese has had no such qualms. (Alex Ellinghausen/SMH) "This moment with the Chalmers economic roundtable is the moment where this has got a little more traction and a little more attention," he said. "So I think that's the question: is the upcoming August 19 roundtable going to be a moment for genuinely thinking about bold ideas?" Senior Nationals senator Bridget McKenzie this morning encouraged the government to use its massive parliamentary majority to properly address tax reform and stagnating productivity. "This is a great opportunity that only comes around every couple of decades," she told Today . "This government's got a huge mandate. They have to use it. "It might get some people off, particularly their traditional stakeholders, but they've got to use it. They've got to be bold." CONTACT US Property News: Rubbish-strewn house overtaken by mould asks $1.2 million.
AU Financial Review
24 minutes ago
- AU Financial Review
Mum, we bought a lithium mine! Taxpayers tip into Liontown, but no Gina
Congratulations! You, me and every other Australian taxpayer will soon become the proud owners of a decent chunk of Liontown Resources and its Kathleen Valley lithium mine in Western Australia, after the federal government's $15 billion National Reconstruction Fund said it would invest $50 million of equity into the battling company. But Liontown's biggest shareholder, Gina Rinehart's Hancock Prospecting, will not tip into the $266 million raising, which chief executive Tony Ottaviano says will keep Liontown cash-healthy until at least calendar 2027 at today's sagging lithium prices.
Perth Now
24 minutes ago
- Perth Now
Albo won't consult Trump on Palestine issue
Anthony Albanese has indicated he will not consult Donald Trump ahead of deciding whether Australia will stand with western allies to recognise Palestinian statehood. The decision could occur as soon as September when the Prime Minister attends the United Nations General Assembly, with the United Kingdom, France and Canada publicly stating their intention formally recognise Palestine there. Speaking from Melbourne, the Mr Albanese was asked whether he would 'talk to Donald Trump before (making) the decision about Palestinian recognition'. In response, Mr Albanese said: 'We're a sovereign government, and Australia makes decisions on behalf of the Australian government'. It was the same answer he gave when asked whether he feared Australia recognising a Palestinian State, a view not held by the US, would 'complicate an already complicated relationship' with the US President. Anthony Albanese said Australia will make its own decision as to whether it will recognise Palestinian statehood. NewsWire / Valeriu Campan Credit: News Corp Australia As it stands, Mr Albanese has yet to confirm whether Australia will join UK Prime Minister Keir Starmer and Canadian Prime Minister Mark Carney in officially recognising Palestinian statehood, following growing international condemnation of Israel for blocking aid and food shipments to Gazan civilians. Mr Albanese's comments rejecting a call with Mr Trump on Palestinian statehood also follows calls with Mr Starmer and French President Emmanuel Macron. Mr Albanese says Australia would only move to recognise Palestine in order to progress the two-state solution, which would require a ceasefire, the surrendering of Hamas and the release of Israeli hostages captured on October 7, 2023. First reported on Sunday, Mr Albanese is also currently seeking a call with Israeli Prime Minister Benjamin Netanyahu, with Foreign Minister Penny Wong saying it was 'important for us to put our view very clearly at the most senior levels of the government'. This comes as Mr Albanese spoke to Palestinian National Authority President Mahmoud Abbas overnight on Tuesday, where they discussed Australia's desires for an immediate ceasefire and the release of hostages. 'Prime Minister Albanese also reinforced Australia's commitment to a two-state solution because a just and lasting peace depends upon it,' read a statement from the Prime Minister's office. 'The leaders discussed deepening co-operation across a range of areas, and agreed to meet on the sidelines of the United Nations General Assembly.'
