
The government's super changes for high earners, explained
The government's super changes for high earners, explained
Published 6 June 2025, 8:24 am
New research into the government's plans to increase the tax on high-income earners' superannuation has revealed it could eventually apply to half a million Australians. Labor is moving to pass its contentious plan for 30% taxes on earnings for multi-million dollar balances when parliament returns. SBS Chief political correspondent Anna Henderson explains.
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ABC News
36 minutes ago
- ABC News
From celebrity hideaway to feral goat problems: What's next for these derelict island resorts?
Derelict Queensland island resorts that were once playgrounds for the rich and famous are facing a state government takeover, amid frustrations they have been used for land banking. Premier David Crisafulli has issued his strongest warning yet to the owners of the crumbling island getaways — some of which have been left to rot, overrun by weeds and feral goats — saying it was now the time to "use it or lose it". The Queensland government's bid to reclaim what were once the crown jewels of the state's tourism industry is part of a plan to revitalise the sector and double spending on tourism to $84 billion annually by 2045. Mr Crisafulli has accused some operators of "land banking" — holding onto prime sites without investing in them, while waiting for land values to rise — and said the Department of Natural Resources had begun issuing notices to those not doing the right thing. "These are assets that belong to the people of Queensland. I'm just not comfortable that in many cases, international corporations come in, buy the rights, sit on it, and just see an appreciation in its value," Mr Crisafulli said this week. The government can cancel or reclaim leases if operators fail to meet their obligations. At the top of the government hit list is Double Island off Cairns, once a celebrity hideaway for the likes of actors Jennifer Aniston and Brad Pitt. It has now become an uninhabitable mess. Last year, the then-Labor state government took the unprecedented step of launching court action to strip a Hong Kong-based developer of the lease, following years of decay and public access disputes. The current government is now preparing to sell the 19-hectare island, but it will not simply go to the highest bidder — the state wants a buyer with the financial and managerial muscle to return it to its former glory. Across the Great Barrier Reef, once popular tourism destinations are now scarred by dilapidated infrastructure and environmental degradation. A 2024 parliamentary inquiry found high operational costs, cyclone damage, and a lack of lease compliance enforcement had left several island resorts in disrepair — including those on Great Keppel (Woppa), Hook, South Molle, and Lindeman islands. Brampton Island, near Mackay, was sold to United Petroleum in 2010 for $5.9 million. Today, its oceanfront pool lies unused, filled with sand. The 1980s party paradise, Great Keppel (Woppa) Island, off the central Queensland coast, is currently battling a feral goat problem. Keswick Island, just off Mackay, has faced stalled development and restricted public access for years. The island's lease has been held by Chinese-owned Oasis Forest Ltd since 2019. Resident Adrian Hayne said unreliable access had made life difficult. 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She said Australian buyers had become more active since the COVID-19 pandemic. "Australian investors have realised there's a real shortage of luxury resorts — and those are the ones that tend to thrive on these islands." Australian businessman Christopher Morris has recently spent tens of millions of dollars reviving run-down resorts in north Queensland and said island tourism was anything but simple. "It probably costs double to run a resort on an island compared to the mainland. You've got no utilities. Power, water, waste — everything — has to be generated or brought in," he said. Mr Morris bought Pelorus Island near Townsville just over a decade ago and said he had spent upwards of $25 million on refurbishments, including a solar installation and backup generators. Guests now pay $18,500 a night for the entire island. He then bought nearby Orpheus Island in 2017. A night there starts at $2,000. Mr Morris said it had taken years to see a return. "You're probably looking at three years before you make any money. It's about building the brand, getting overseas visitors, and working with travel agents," he said. Mr Morris said he linked his properties with private boats, helicopters and other tourism experiences. The billionaire said he had his eye on Double Island and had submitted an expression of interest for the site. He said the state government could do more to support credible island resort operators and pointed to insurance costs and red tape, such as complex approval processes and infrastructure challenges. As the billionaires circle, Keswick Island resident Adrian Hayne said he would like to see the islands remain open for everyone to enjoy.

News.com.au
40 minutes ago
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Why the Bank of Mum and Dad is now a necessity
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ABC News
2 hours ago
- ABC News
Tasmanian Liberals rule out sale of state-owned assets amid talk of early election
Tasmania's Liberal government has scrapped its controversial plan to explore the privatisation of some publicly owned companies, as it gears up for a very early election. Labor, members of the crossbench and the Greens passed a motion of no-confidence in Premier Jeremy Rockliff on Thursday afternoon. One of the reasons for the motion was the government's hopes to sell of some state-owned companies to pay down Tasmania's growing debt. With an election now on the horizon, Mr Rockliff has walked away from those plans. "There will be no privatisation under the Tasmanian Liberal government," Mr Rockliff said in a statement on Saturday. The government had commissioned independent economist Saul Eslake to assess which government business enterprises might be worth selling off. Mr Eslake had already ruled out a number, including Port Arthur and TasRacing, with the government taking his advice on board. It had also ruled out selling Hydro Tasmania and Spirit of Tasmania operator TT-Line. Mr Eslake was due to hand down a further report on June 30. But Mr Rockliff said that process was now over, and accused Labor Leader Dean Winter of using a "scare campaign" around privatisation to force an early election. "It's clear Mr Winter is incapable of having a mature conversation," Mr Rockliff said. "Given this, we are ceasing that process now. "It is over. "There will be no privatisation of any government-owned business under our Liberal government. "None." In a statement Mr Winter accused Mr Rockliff of being "pathetic". "How could you ever believe him? He was talking up his privatisation plan on Thursday then pretending he didn't believe in it on Friday. "This is an act of a desperate man who will do anything to cling to power. Tasmanians will never trust him not to sell our assets. "He's broken the budget, he'll privatise our assets and our Spirits of Tasmania are still on the wrong side of the world. "This is yet another example why Tasmania needs change." Years before he was Labor leader, Mr Winter spoke in favour of having conversations about privatisation, describing them as healthy to have. Mr Rockliff said the government would also be implementing all of Mr Eslake's recommendations from the Independent Review into the State's Finances. The exception was those that related to new or increased taxes and reducing infrastructure spending.