‘Awash with money': Governments around the world continuing to spend
Investors Mutual co-founder Anton Tagliaferro discusses the "record expenditure' being seen by the Albanese government.
Australia's stock market got within two per cent of its all-time high set in early February, before Donald Trump's Liberation Day spooked the markets.
'You've got a situation where the fiscal tap is still open and governments around the world are still spending,' Mr Tagliaferro told Sky News Business Editor Ross Greenwood.
'The world is pretty awash with money at the moment.'
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Sky News AU
38 minutes ago
- Sky News AU
16 June
Ooops, an error has occurred! Please call us on 1800 070 535 and we'll help resolve the issue or try again later. The Streaming Subscription provides Australians access to top rating opinion shows, award-winning political coverage, live breaking news, sport and weather, expert business insights and groundbreaking documentaries across four dedicated news channels for $5 a month. This includes: Sky News – Australia's news channel featuring award-winning journalists, insights from the biggest names in opinion, ground-breaking special investigations, and live breaking news, sport and weather. Available live and on-demand. Sky News Extra – A dedicated 24/7 channel featuring live press conferences and Parliament broadcasts, with unfiltered access to Australian democracy in action. Available live. Sky News Weather – Australia's only 24/7 weather channel bringing you the latest weather forecasts from the country's largest team of meteorologists. Available live. FOX SPORTS News – Australia's only 24/7 sports news channel, first and live in breaking sports news. Available live. Stream Sky News channel shows in full live and on-demand on or the Sky News Australia app and cast to your compatible TV. For the best streaming experience, stream your favourite Sky News shows on your compatible Smart TV. For a step-by-step guide on how to sign in on your Smart TV or to find out if your Smart TV is compatible, visit our help page. There is no lock-in contract when you subscribe to a Streaming Subscription. Renewals occur automatically unless cancelled as per full Terms and Conditions . The Streaming Subscription is not available outside of Australia. If overseas (excluding New Zealand), you can access your favourite Sky News Australia programs by signing up to Australia Channel. Sky News Australia's international 24/7 news streaming service. Find out more here. You can continue to access digital-only content, video highlights, and listen to the latest podcasts without a subscription on our website and app. The Streaming Subscription gives subscribers live stream access to unrivalled news and opinion content across four dedicated news channels 24/7.
SBS Australia
an hour ago
- SBS Australia
World leaders arrive in Canada for the G7 summit
Listen to Australian and world news, and follow trending topics with SBS News Podcasts . As world leaders descend on Calgary, Canada, for the G7 summit, Israel's war with Iran will likely top the agenda. Donald Trump departed the U-S on Sunday - holding true to a message that's becoming familiar. "Well I hope there's gonna be a deal. Sometimes they have to fight it out, but we're gonna see what happens." The US President has travelled north to a country he's repeatedly said he wants to make part of the United States. His counterpart in the host nation, Canadian P-M Mark Carney, was helped to power by his defiant stance against US tariffs, and he's been looking to strengthen alliances in uncertain times. He welcomed Australian Prime Minister Anthony Albanese upon his arrival in Canada. "Welcome, and thank you for coming for the G7. Canada and Australia, of course, great partners that share the same values, share many of the same interests." Anthony Albanese says they discussed defence, critical minerals, and collaborating to combat bushfires, as well as conflict in the Middle East. "We did discuss Israel and Iran. And both of us share a view, wanting to see a de-escalation of conflict, wanting to prioritise and diplomacy. I have expressed before our concern about Iran gaining the capacity of nuclear weapons as something that is a threat to security in the region." It was one of many meetings scheduled for the coming days, as Mr Albanese makes the most of his chance to advance Australia's interest on the world stage. The G7 consists of major economies, including France, Germany, Italy, Japan, the United Kingdom, and the U-S, but features several guest nations this year. Anthony Albanese's biggest test will come on Tuesday - Canadian time - when he sits down with Donald Trump for their first face-to-face meeting. "I look forward to the discussions with President Trump, I deal with people constructively, respectfully and I advance Australia's national interest, and that is what I'll continue to do." Mr Albanese has had no shortage of advice about how to deal with the president. His advisors include former prime ministers with firsthand experience, who maintain the only successful approach is to stand up to the president's hardball negotiations. US tariffs have been a key issue leading into the talks. "Now our position when it comes to tariffs is very clear. We see tariffs as acts of economic self harm by the country imposing the tariffs, because what it does is lead to increased costs for the country that is making those decisions." Ahead of the G7 summit, European Commission President Ursula von der Leyen says she is hoping to find a solution to U-S trade tensions before a pause on tariffs expires next month. "We are also working on lowering the trade barriers. This was the reason why we offered 'zero-for-zero', so zero tariffs for all industrial goods on both sides. This should be over time the goal. But we are amidst the negotiations right now." There are fears the AUKUS defence pact could be up for some re-negotiation as well, after it was placed under review by the Trump administration. Mr Albanese is under pressure to re-state Australia's case for the acquisition of nuclear-powered submarines, starting from 2032. "On AUKUS, it is very much in the interests of all three countries. What AUKUS offers the US is firstly the support that we're providing for their industrial capacity." Australia has already invested $800 million to support submarine building in the U-S, as production lags far behind key American targets. "And secondly, the increased capacity to have their subs in the water as well, because of the maintenance facilities that will take place at Henderson. In addition to that, there's all of the support that we give to the United States, and with our defence relationships, including fuel reserves in the Northern Territory; including the presence of US forces in in Darwin, as well." SBS News also asked Anthony Albanese whether he will raise the impact of Israel's conflict with Iran on the humanitarian crisis in Gaza when he speaks with Donald Trump. ANNA: "While these strikes are unfolding, there is no more aid getting into Gaza. So when you meet with the US President Donald trump will you be calling on him to apply pressure to the prime minister of Israel to allow aid through?" ALBANESE: "The discussion with President trump will be very much about Australia and the United States and our relations. We've got a few things to talk about."
News.com.au
an hour ago
- News.com.au
One third of Aussie investors are still in the dark about key tax detail: report
An estimated 1.5 million Aussies are in the dark about a potentially crippling tax-time blunder, according to new research into the habits of cryptocurrency investors Down Under. Cryptocurrency began as a niche experiment that saw early adopters scorned by traditional economists. Fast-forward to today and it's become an extremely popular cornerstone of modern portfolios, largely fuelled by recent meteoric rises, meme-fuelled bull runs and highly publicised billion-dollar NFT frenzies. An estimated six million Australians now own crypto in some form or another, but an alarming amount still don't understand that it's largely moved on from its original spot in the shadows. The taxman, as always, has caught up. According to a University of Queensland study of 745 coin holders, a full third of Australian crypto investors either don't know or aren't sure that their gains are taxable. That means roughly one in three of Australia's estimated 4.5 million crypto investors could be caught off guard when the Australian Taxation Office (ATO) comes knocking. 'Australians may not be fully aware of the potential tax consequences and may experience adverse events, which leave them financially vulnerable,' the study reads. According to the study, it's not just tech novices or first-time investors falling into the trap. Of those who admitted they were unaware that crypto profits could be taxed, nearly half (49 per cent) had tertiary level qualifications. Women made up nearly two-thirds (64.5 per cent) of those who were unsure or unaware. The research arrives on the back of a volatile few years in crypto. After the infamous 2022 crash wiped hundreds of billions from the global market, a 2024 rebound has refuelled the optimism. For Aussies, the ATO is not casting a kind eye on those who fail to appropriately declare all their gains in recent surge. 'Ignorance is no excuse, I'm afraid,' Australian crypto analyst Sydel Sierra said in a report provided to 'I, myself, copped a whopping big tax bill when I first made a profit on my crypto, so I know what it's like.' The ATO treats cryptocurrency as a personal asset, not a currency. That means capital gains tax applies when it's sold for a profit, just like regular shares or property. 'This is obvious, but you need to budget for that, you could be up for hundreds of thousands of dollars,' Sierra says. 'It might come as a shock if you didn't know the ATO would come knocking, but the plus side is, you're still up. It's not as if the taxman takes the whole lot, just a percentage.' For those earning less than the tax-free threshold of $18,200, profits can be kept in full. But if you're in the top tax bracket ($180,001 or more) you could lose 45 cents in every dollar of profit to tax. But there's still a silver lining for long-term holders. 'If you sell your crypto after holding it for more than a year, you'll be eligible for a 50% discount,' Sierra explains. 'That's the key to minimising your contributions. There's merit in buying early in the so-called crypto winter, so by the time a bull market swings around, you've seen out your 12 months and can withdraw at any time without paying full freight.' While the 'golden era' of Bitcoin-as-anarchy may be over, the illusion that crypto lives outside the reach of regulation still lingers. But Sierra says that's a dangerous misconception. 'A lot of people hear that crypto is decentralised and think that means it's unregulated, that's not entirely true,' she says. 'The taxable amount will depend on your personal income and be treated as part of it.' With regulators, banks, and tax offices worldwide tightening the screws, the age of crypto as a sovereign loophole is rapidly ending. 'My advice is do your due diligence on crypto before you invest,' Sierra says. 'And that's not just for tax purposes school yourself up on how the whole system works, and what are the potential risks. That's how you avoid them.'
