YouTube unleashes its creators in war over social media ban
In a note sent to some Australian YouTubers on Thursday, the Google-owned tech giant said it was worried the government would ignore the views of creators and the wider community after the eSafety Commissioner recommended YouTube be included in the ban.
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Perth Now
an hour ago
- Perth Now
US dollar collapse sparks rate cut hopes
A 'couple of storm fronts coming out of the US' has seen the Australian dollar soar in recent weeks, adding further pressure on the RBA to cut interest rates. Australia's dollar hit an eight month high against the US dollar on the back of greenback having its worst start to a year since 1973. A host of economic policies, which is adding to a budget deficit already running at 7 per cent of GDP, has investors in the US dollar fearing it will be unable to pay its money back. Webull securities Australia chief executive Rob Talevski said the RBA will be closely watching the fallout from the latest Trump development. 'We have a couple of storm fronts coming out of the US in the scene of the big beautiful bill but also a depreciating US dollar and questions of the independence of the Fed. 'This obviously has ramifications for the rest of the world and one the RBA will be taking note of. 'Ultimately, the RBA will be cautious, but for the short-term there's plenty of reasons for the RBA to cut in July,' he said. DRAG ON THE AUSSIE ECONOMY While a rising Aussie dollar against the US is good for travellers and those buying from overseas, it could have a massive impact on the Australian economy. Australia's three major sectors are raw materials exports, tourism and international education at universities which all come under pressure with a rising Australian dollar. The Australian dollar is jumping on the back of this. NewsWire / Nicholas Eagar Credit: NCA NewsWire While conceding a couple of rate cuts won't alone solve Australia's economic problems, Mr Taleski says it adds to a chance of a rate cut 'Obviously the Australian dollar is a commodity dollar and that is the sector that will be impacted. 'We've already seen a slowdown in tourism and international education with a strengthening Aussie dollar likely to harm us. 'It is definitely something the RBA will be monitoring closely. According to Mr Talevski combined the falls in mining revenues, tourism and education will see the Australian economy stall over the next 12-months. NED-9175-Australia's GDP Unemployment Figures He also opines this adds more pressure on the RBA which would be wise to consider the mounting risk that a falling US-dollar has on the global economy. 'Brand USA has been an impeccable defence in the face of mounting economic challenges in recent decades – sustaining global investor trust throughout the massive post-GFC monetary expansion and a deteriorating fiscal trajectory is not a luxury that would be afforded to any other country on earth,' he said. Mr Talevski said the RBA acting a bit quicker and cutting rates in July could help with some of the pain from a higher Australian dollar. 'If we look back and analyse the RBA historically, the main criticism is that they are very slow to react whether it is increasing or decreasing monetary policy.' 'Information flows really quickly whether it is good or bad so reactions from that need to be a lot quicker than we've seen the RBA perform. BIG BEAUTIFUL BILL The latest storm facing the US dollar US President Donald Trump's passing his signature bill through the US House of Representatives by four votes on Friday overnight. Dubbed the 'big beautiful bill' will do a host of things including fund a crackdown on immigration, pass his 2017 tax cuts, no more taxes on tips, cut credits or clean energy and EVs, state and local tax deductions as well as cut social safety net programs. Republicans said the legislation would lower taxes for Americans across the income spectrum and will help spur on economic growth. Critics say it gives the top 1 per cent of US households with incomes of more than $917,000 will get a $66,000 tax cut or about 2.4 per cent of their income. Going along with the bill will be cut to medicaid and food stamps meant for lower income earners. Overall the tax cuts will add $US3.4 trillion to the national debt between 2025 to 2034, adding to the US current $36.2 trillion national debt according to the nonpartisan Congressional Budget Office. Mr Trump cheered the passing of the big beautiful bill on Truth Social. 'One of the most consequential Bills ever. The USA is the 'HOTTEST' Country in the World, by far!!!' Mr Trump wrote. AMP chief economist Shane Oliver said the economic impact of this bill will be ambiguous. 'On the one hand the tax cuts likely provide a supply side boost to the economy, partly offsetting the negative supply side impact of the tariffs,' he wrote in his economic note. 'It may provide some near-term stimulus via the front loading of tax cuts but again this is at least partly offset by the tariffs. 'And with the income tax cuts being skewed to the rich (who don't change their spending much) and the spending cuts skewed to low-income earners it may mean that it could act as a drag on growth.' But over the longer-term Dr Oliver conceded it will add further pressure on the federal debt levels.
Sky News AU
an hour ago
- Sky News AU
Albanese confident US tariffs will not affect Australia's economy
Prime Minister Anthony Albanese says he is confident US tariffs imposed on Australia will not impose on Australia's economic vision. Mr Albanese was quizzed on his economic agenda at an event hosted by Sky News Australia and The Australian, where he invited business leaders to share their ideas to supercharge the economy. 'Our nation does not need to go looking overseas for an economic model to copy … we want to do this the Australian way, not talking to Australia down,' Mr Albanese said. The forum was held ahead of the Prime Minister's visit to China.
The Advertiser
2 hours ago
- The Advertiser
Tax reform isn't hard. Slug multinationals and subsidise the things we want more of
Taxes are the price we pay for civilisation, but they are also a tool we can use to change the shape of our economy, not just its size. As the Treasurer embarks upon a national tax reform debate, it's important that the Australian public thinks about what we actually want to tax and how much. Who is paying too little tax? Are we taxing the right things? These are all democratic questions as much as economic ones. Taxes are just one of the ways that governments raise the revenue needed to provide the hospitals, schools, roads, aged care and social safety nets Australians rely on. The more tax a government collects, the bigger the public sector it can sustain. But who we choose to tax and how much has profound implications for fairness and equity. The fact is, Australia is one of the lowest-taxing countries in the developed world. Australia raises very little tax revenue compared to similar countries. If Australia were to collect the same amount of revenue from taxation as the OECD average, the Commonwealth would have had an extra $140 billion in revenue in 2023-24. Think what an additional $140 billion a year could deliver for your local emergency room, primary school, aged care facility or national park. Economists will tell you that we should tax the things we want less of and subsidise the things we want more of. In Norway, they tax the bejesus out of the gas industry and subsidise young people to attend university for free. In Australia, we subsidise the gas industry and charge our kids a fortune to get a university degree. We are one of the richest countries on Earth, yet our unemployment benefits are so low that those without a job are forced to skip meals and visits to the doctor and dentist. In fact, they are so low that they make it harder for those looking for work to find it because they don't have money to do basic things like travelling to interviews or buying professional clothing to present well at an interview. Australia spends less on the aged pension than most OECD nations, but we spend a hell of a lot giving superannuation tax concessions that mainly benefit the very wealthiest Australians. It makes no sense, but it's actually straightforward to fix. The decision to tax (or not) grog, cigarettes, wealth, gas exports, or greenhouse gas emissions has an enormous impact on public health, the gap between rich and poor and just how much extreme heat and weather we'll experience due to climate change. As many Australians have been struggling with the rise in the cost of living in recent years, the Labor government redesigned the stage three income tax cuts to make them fairer, ensuring that low- and middle-income earners received $84 billion more in benefits over the next decade than Scott Morrison would have delivered. While Morrison prioritised the highest income earners in the country, Anthony Albanese and Jim Chalmers had different priorities. We all pay GST, but private health insurance and private schools fees are exempt - is that fair? Private schools often include activities like swimming and music lessons as part of the curriculum, meaning they are included in the GST-free school fees. But parents who send their kids to public schools and pay extra for private swimming or music lessons, pay GST on them. Scott Morrison negotiated a GST top-up deal with WA - a resource-rich state - but smaller and poorer states like Tasmania miss out on additional revenue they need. But is the GST the best way the Commonwealth can support the states to provide schools and hospitals? Could we be charging multinational gas companies more to export our gas overseas? Should we bring back an inheritance tax? Do we want to maintain an income tax system where almost 100 millionaires paid no income tax? How we choose to answer these questions could make Australia fairer, or it could entrench inequality for generations to come. Helpfully, the Australia Institute developed five key principles to help evaluate what a good tax looks like. Using these principles, measures like a super profits or windfall taxes make a lot of sense. As does a carbon tax and reducing tax concessions for property investors. The tax debate is always awash with the voices of the self-interested. The Business Council of Australia will only ever push for lower taxes on companies. READ MORE EBONY BENNETT: While also regularly calling on the government to reduce the budget deficit. Budget restraint is important except when it comes to the tax they should pay. Australia currently collects more money from students paying HECS than it does from gas companies paying the Petroleum Resource Rent Tax and the gas export industry would like to keep it that way, after all in some cases Australia is giving its gas away to them for free. Post-World War II, when the economy grew, everyone benefited, with the bottom 90 per cent of Australians sharing around 90 per cent of the benefits of growth. But in the decade after the GFC, up to the pandemic, that trend radically reversed, and the top 10 per cent pocketed 93 per cent of the benefits. That makes it clear that Australians can't afford to leave the economists from the banks and the powerful business lobby groups to lead the tax reform debate. If Australians want an economy that delivers for a majority of its people, we must make it clear to our leaders we expect fairness to be at the heart of any reforms. Taxes are the price we pay for civilisation, but they are also a tool we can use to change the shape of our economy, not just its size. As the Treasurer embarks upon a national tax reform debate, it's important that the Australian public thinks about what we actually want to tax and how much. Who is paying too little tax? Are we taxing the right things? These are all democratic questions as much as economic ones. Taxes are just one of the ways that governments raise the revenue needed to provide the hospitals, schools, roads, aged care and social safety nets Australians rely on. The more tax a government collects, the bigger the public sector it can sustain. But who we choose to tax and how much has profound implications for fairness and equity. The fact is, Australia is one of the lowest-taxing countries in the developed world. Australia raises very little tax revenue compared to similar countries. If Australia were to collect the same amount of revenue from taxation as the OECD average, the Commonwealth would have had an extra $140 billion in revenue in 2023-24. Think what an additional $140 billion a year could deliver for your local emergency room, primary school, aged care facility or national park. Economists will tell you that we should tax the things we want less of and subsidise the things we want more of. In Norway, they tax the bejesus out of the gas industry and subsidise young people to attend university for free. In Australia, we subsidise the gas industry and charge our kids a fortune to get a university degree. We are one of the richest countries on Earth, yet our unemployment benefits are so low that those without a job are forced to skip meals and visits to the doctor and dentist. In fact, they are so low that they make it harder for those looking for work to find it because they don't have money to do basic things like travelling to interviews or buying professional clothing to present well at an interview. Australia spends less on the aged pension than most OECD nations, but we spend a hell of a lot giving superannuation tax concessions that mainly benefit the very wealthiest Australians. It makes no sense, but it's actually straightforward to fix. The decision to tax (or not) grog, cigarettes, wealth, gas exports, or greenhouse gas emissions has an enormous impact on public health, the gap between rich and poor and just how much extreme heat and weather we'll experience due to climate change. As many Australians have been struggling with the rise in the cost of living in recent years, the Labor government redesigned the stage three income tax cuts to make them fairer, ensuring that low- and middle-income earners received $84 billion more in benefits over the next decade than Scott Morrison would have delivered. While Morrison prioritised the highest income earners in the country, Anthony Albanese and Jim Chalmers had different priorities. We all pay GST, but private health insurance and private schools fees are exempt - is that fair? Private schools often include activities like swimming and music lessons as part of the curriculum, meaning they are included in the GST-free school fees. But parents who send their kids to public schools and pay extra for private swimming or music lessons, pay GST on them. Scott Morrison negotiated a GST top-up deal with WA - a resource-rich state - but smaller and poorer states like Tasmania miss out on additional revenue they need. But is the GST the best way the Commonwealth can support the states to provide schools and hospitals? Could we be charging multinational gas companies more to export our gas overseas? Should we bring back an inheritance tax? Do we want to maintain an income tax system where almost 100 millionaires paid no income tax? How we choose to answer these questions could make Australia fairer, or it could entrench inequality for generations to come. Helpfully, the Australia Institute developed five key principles to help evaluate what a good tax looks like. Using these principles, measures like a super profits or windfall taxes make a lot of sense. As does a carbon tax and reducing tax concessions for property investors. The tax debate is always awash with the voices of the self-interested. The Business Council of Australia will only ever push for lower taxes on companies. READ MORE EBONY BENNETT: While also regularly calling on the government to reduce the budget deficit. Budget restraint is important except when it comes to the tax they should pay. Australia currently collects more money from students paying HECS than it does from gas companies paying the Petroleum Resource Rent Tax and the gas export industry would like to keep it that way, after all in some cases Australia is giving its gas away to them for free. Post-World War II, when the economy grew, everyone benefited, with the bottom 90 per cent of Australians sharing around 90 per cent of the benefits of growth. But in the decade after the GFC, up to the pandemic, that trend radically reversed, and the top 10 per cent pocketed 93 per cent of the benefits. That makes it clear that Australians can't afford to leave the economists from the banks and the powerful business lobby groups to lead the tax reform debate. If Australians want an economy that delivers for a majority of its people, we must make it clear to our leaders we expect fairness to be at the heart of any reforms. Taxes are the price we pay for civilisation, but they are also a tool we can use to change the shape of our economy, not just its size. As the Treasurer embarks upon a national tax reform debate, it's important that the Australian public thinks about what we actually want to tax and how much. Who is paying too little tax? Are we taxing the right things? These are all democratic questions as much as economic ones. Taxes are just one of the ways that governments raise the revenue needed to provide the hospitals, schools, roads, aged care and social safety nets Australians rely on. The more tax a government collects, the bigger the public sector it can sustain. But who we choose to tax and how much has profound implications for fairness and equity. The fact is, Australia is one of the lowest-taxing countries in the developed world. Australia raises very little tax revenue compared to similar countries. If Australia were to collect the same amount of revenue from taxation as the OECD average, the Commonwealth would have had an extra $140 billion in revenue in 2023-24. Think what an additional $140 billion a year could deliver for your local emergency room, primary school, aged care facility or national park. Economists will tell you that we should tax the things we want less of and subsidise the things we want more of. In Norway, they tax the bejesus out of the gas industry and subsidise young people to attend university for free. In Australia, we subsidise the gas industry and charge our kids a fortune to get a university degree. We are one of the richest countries on Earth, yet our unemployment benefits are so low that those without a job are forced to skip meals and visits to the doctor and dentist. In fact, they are so low that they make it harder for those looking for work to find it because they don't have money to do basic things like travelling to interviews or buying professional clothing to present well at an interview. Australia spends less on the aged pension than most OECD nations, but we spend a hell of a lot giving superannuation tax concessions that mainly benefit the very wealthiest Australians. It makes no sense, but it's actually straightforward to fix. The decision to tax (or not) grog, cigarettes, wealth, gas exports, or greenhouse gas emissions has an enormous impact on public health, the gap between rich and poor and just how much extreme heat and weather we'll experience due to climate change. As many Australians have been struggling with the rise in the cost of living in recent years, the Labor government redesigned the stage three income tax cuts to make them fairer, ensuring that low- and middle-income earners received $84 billion more in benefits over the next decade than Scott Morrison would have delivered. While Morrison prioritised the highest income earners in the country, Anthony Albanese and Jim Chalmers had different priorities. We all pay GST, but private health insurance and private schools fees are exempt - is that fair? Private schools often include activities like swimming and music lessons as part of the curriculum, meaning they are included in the GST-free school fees. But parents who send their kids to public schools and pay extra for private swimming or music lessons, pay GST on them. Scott Morrison negotiated a GST top-up deal with WA - a resource-rich state - but smaller and poorer states like Tasmania miss out on additional revenue they need. But is the GST the best way the Commonwealth can support the states to provide schools and hospitals? Could we be charging multinational gas companies more to export our gas overseas? Should we bring back an inheritance tax? Do we want to maintain an income tax system where almost 100 millionaires paid no income tax? How we choose to answer these questions could make Australia fairer, or it could entrench inequality for generations to come. Helpfully, the Australia Institute developed five key principles to help evaluate what a good tax looks like. Using these principles, measures like a super profits or windfall taxes make a lot of sense. As does a carbon tax and reducing tax concessions for property investors. The tax debate is always awash with the voices of the self-interested. The Business Council of Australia will only ever push for lower taxes on companies. READ MORE EBONY BENNETT: While also regularly calling on the government to reduce the budget deficit. Budget restraint is important except when it comes to the tax they should pay. Australia currently collects more money from students paying HECS than it does from gas companies paying the Petroleum Resource Rent Tax and the gas export industry would like to keep it that way, after all in some cases Australia is giving its gas away to them for free. Post-World War II, when the economy grew, everyone benefited, with the bottom 90 per cent of Australians sharing around 90 per cent of the benefits of growth. But in the decade after the GFC, up to the pandemic, that trend radically reversed, and the top 10 per cent pocketed 93 per cent of the benefits. That makes it clear that Australians can't afford to leave the economists from the banks and the powerful business lobby groups to lead the tax reform debate. If Australians want an economy that delivers for a majority of its people, we must make it clear to our leaders we expect fairness to be at the heart of any reforms. Taxes are the price we pay for civilisation, but they are also a tool we can use to change the shape of our economy, not just its size. As the Treasurer embarks upon a national tax reform debate, it's important that the Australian public thinks about what we actually want to tax and how much. Who is paying too little tax? Are we taxing the right things? These are all democratic questions as much as economic ones. Taxes are just one of the ways that governments raise the revenue needed to provide the hospitals, schools, roads, aged care and social safety nets Australians rely on. The more tax a government collects, the bigger the public sector it can sustain. But who we choose to tax and how much has profound implications for fairness and equity. The fact is, Australia is one of the lowest-taxing countries in the developed world. Australia raises very little tax revenue compared to similar countries. If Australia were to collect the same amount of revenue from taxation as the OECD average, the Commonwealth would have had an extra $140 billion in revenue in 2023-24. Think what an additional $140 billion a year could deliver for your local emergency room, primary school, aged care facility or national park. Economists will tell you that we should tax the things we want less of and subsidise the things we want more of. In Norway, they tax the bejesus out of the gas industry and subsidise young people to attend university for free. In Australia, we subsidise the gas industry and charge our kids a fortune to get a university degree. We are one of the richest countries on Earth, yet our unemployment benefits are so low that those without a job are forced to skip meals and visits to the doctor and dentist. In fact, they are so low that they make it harder for those looking for work to find it because they don't have money to do basic things like travelling to interviews or buying professional clothing to present well at an interview. Australia spends less on the aged pension than most OECD nations, but we spend a hell of a lot giving superannuation tax concessions that mainly benefit the very wealthiest Australians. It makes no sense, but it's actually straightforward to fix. The decision to tax (or not) grog, cigarettes, wealth, gas exports, or greenhouse gas emissions has an enormous impact on public health, the gap between rich and poor and just how much extreme heat and weather we'll experience due to climate change. As many Australians have been struggling with the rise in the cost of living in recent years, the Labor government redesigned the stage three income tax cuts to make them fairer, ensuring that low- and middle-income earners received $84 billion more in benefits over the next decade than Scott Morrison would have delivered. While Morrison prioritised the highest income earners in the country, Anthony Albanese and Jim Chalmers had different priorities. We all pay GST, but private health insurance and private schools fees are exempt - is that fair? Private schools often include activities like swimming and music lessons as part of the curriculum, meaning they are included in the GST-free school fees. But parents who send their kids to public schools and pay extra for private swimming or music lessons, pay GST on them. Scott Morrison negotiated a GST top-up deal with WA - a resource-rich state - but smaller and poorer states like Tasmania miss out on additional revenue they need. But is the GST the best way the Commonwealth can support the states to provide schools and hospitals? Could we be charging multinational gas companies more to export our gas overseas? Should we bring back an inheritance tax? Do we want to maintain an income tax system where almost 100 millionaires paid no income tax? How we choose to answer these questions could make Australia fairer, or it could entrench inequality for generations to come. Helpfully, the Australia Institute developed five key principles to help evaluate what a good tax looks like. Using these principles, measures like a super profits or windfall taxes make a lot of sense. As does a carbon tax and reducing tax concessions for property investors. The tax debate is always awash with the voices of the self-interested. The Business Council of Australia will only ever push for lower taxes on companies. READ MORE EBONY BENNETT: While also regularly calling on the government to reduce the budget deficit. Budget restraint is important except when it comes to the tax they should pay. Australia currently collects more money from students paying HECS than it does from gas companies paying the Petroleum Resource Rent Tax and the gas export industry would like to keep it that way, after all in some cases Australia is giving its gas away to them for free. Post-World War II, when the economy grew, everyone benefited, with the bottom 90 per cent of Australians sharing around 90 per cent of the benefits of growth. But in the decade after the GFC, up to the pandemic, that trend radically reversed, and the top 10 per cent pocketed 93 per cent of the benefits. That makes it clear that Australians can't afford to leave the economists from the banks and the powerful business lobby groups to lead the tax reform debate. If Australians want an economy that delivers for a majority of its people, we must make it clear to our leaders we expect fairness to be at the heart of any reforms.
