In August, Chalmers must tell a story about real tax reform
Jim Chalmers likes to say that people who robustly question the health of the federal budget are 'talking down' the Australian economy.
Like all skilled narrative politicians, the treasurer is particularly aware of the way storytelling can be used to shape public understanding and opinion about key economic policies. Hence his sensitivity to critical media coverage (a trait shared with his predecessor Josh Frydenberg).
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News.com.au
an hour ago
- News.com.au
‘Financial disadvantage': Super boost to close gender gap
Major superannuation changes are set to roll out across the country starting from July 1, set to help millions of women bridge the gender pay gap. Starting next Tuesday parents taking government-funded paid parental leave will also receive a superannuation payment. This additional payment is estimated to help the near 200,000 Australian mothers each year and narrow the gender superannuation gap by around 30 per cent. According to the ASFA a woman taking 24 weeks leave the superannuation contributions will lead to $7,200 more at the time of retirement. When the regime is extended to 26 weeks, the boost to the super balance increases to around $7,800. ASFA chief executive Mary Delahunty said this is a major win for Australian women who take time out of the paid workforce to have and raise children, and helps reduce the superannuation gender gap. 'While compulsory superannuation has been delivering on its purpose of providing a dignified retirement for most Australians, it's long been known that women are often financially disadvantaged in retirement due to time taken out of work to have and raise a family. she said. 'The introduction of superannuation payments on government paid parental leave from 1 July on will go a long way to closing the gender superannuation gap.' Australian treasurer Jim Chalmers said paying super on paid parental leave from this Tuesday is part of our efforts to ensure parents earn more, keep more of what they earn and retire with more as well. 'A sornger paid parental leave system is good for families and good for the economy as well,' he told NewsWire. 'This important change means a more dignified and secure retirement for more Australian parents and especially women.' A second change which will see nearly 14 million workers will see their superannuation guarantee increase from 11.5 to 12 per cent starting from July 1. While the changes seem small, the treasury uses an example of a 27 year old woman who has taken up a graduate position as a professional lawyer. 'During her career, she takes an extended six-year career break for the birth and care of her two children,' treasury estimates. 'Her balance will be $22,000 higher at retirement as a result of the permanent 0.5 percentage point increase in the SG rate from 11.5 to 12 per cent.' Mr Chalmers says these reforms will make a meaningful difference for millions of Australians, helping them work towards a well-deserved and dignified retirement. 'Since we've come to government, we've increased the superannuation guarantee four times, and this means an extra $98,000 at retirement for a 30 year old earning the average full-time income,' Mr Chalmers said. While the Albanese government has implemented an increase of the Superannuation guarantee from 10 to 12 per cent. It was the then Morrison government who started the changes, which saw superannuation lift from 9.5 per cent to 12, at a 0.5 per cent increment a year. The treasury department says the changes to Tuesday's superannuation guarantee will see 14 million employees have their retirement lifted. The ASFA said this increase means a median 30-year old worker making $75,000 a year will add about $20,000 to their superannuation balance by the time they retire. This $20,000 increase will mean the median 30-year old will retire with $610,000 in superannuation, above the $53,383 a year or $595,000 they would need for a comfortable retirement. ASFA says a couple requires $73,875 a year or $690,000 combined in total to live comfortably in retirement using their super plus age pension top-ups. The major caveat to these figures for singles and couples is owning your own home by retirement. The National Minimum Wage and award wages will increase by 3.5 per cent from 1 July 2025, adding $0.85 per hour to $24.95 for full time staff. Treasury estimates this change will add $75,114 over the average working life of an employee.
Perth Now
an hour ago
- Perth Now
Major super boost for 200,000 Aussies
Major superannuation changes are set to roll out across the country starting from July 1, set to help millions of women bridge the gender pay gap. Starting next Tuesday parents taking government-funded paid parental leave will also receive a superannuation payment. This additional payment is estimated to help the near 200,000 Australian mothers each year and narrow the gender superannuation gap by around 30 per cent. According to the ASFA a woman taking 24 weeks leave the superannuation contributions will lead to $7,200 more at the time of retirement. When the regime is extended to 26 weeks, the boost to the super balance increases to around $7,800. Mothers are tipped to be among the winners when the superannuation changes come into effect on July 1. NewsWire / Nicholas Eagar Credit: NCA NewsWire ASFA chief executive Mary Delahunty said this is a major win for Australian women who take time out of the paid workforce to have and raise children, and helps reduce the superannuation gender gap. 'While compulsory superannuation has been delivering on its purpose of providing a dignified retirement for most Australians, it's long been known that women are often financially disadvantaged in retirement due to time taken out of work to have and raise a family. she said. 'The introduction of superannuation payments on government paid parental leave from 1 July on will go a long way to closing the gender superannuation gap.' Australian treasurer Jim Chalmers said paying super on paid parental leave from this Tuesday is part of our efforts to ensure parents earn more, keep more of what they earn and retire with more as well. 'A sornger paid parental leave system is good for families and good for the economy as well,' he told NewsWire. 'This important change means a more dignified and secure retirement for more Australian parents and especially women.' A second change which will see nearly 14 million workers will see their superannuation guarantee increase from 11.5 to 12 per cent starting from July 1. While the changes seem small, the treasury uses an example of a 27 year old woman who has taken up a graduate position as a professional lawyer. 'During her career, she takes an extended six-year career break for the birth and care of her two children,' treasury estimates. 'Her balance will be $22,000 higher at retirement as a result of the permanent 0.5 percentage point increase in the SG rate from 11.5 to 12 per cent.' Treasurer Chalmers said this will make a meaningful difference for Aussies. NewsWire / Martin Ollman Credit: News Corp Australia Mr Chalmers says these reforms will make a meaningful difference for millions of Australians, helping them work towards a well-deserved and dignified retirement. 'Since we've come to government, we've increased the superannuation guarantee four times, and this means an extra $98,000 at retirement for a 30 year old earning the average full-time income,' Mr Chalmers said. While the Albanese government has implemented an increase of the Superannuation guarantee from 10 to 12 per cent. It was the then Morrison government who started the changes, which saw superannuation lift from 9.5 per cent to 12, at a 0.5 per cent increment a year. The treasury department says the changes to Tuesday's superannuation guarantee will see 14 million employees have their retirement lifted. The ASFA said this increase means a median 30-year old worker making $75,000 a year will add about $20,000 to their superannuation balance by the time they retire. This $20,000 increase will mean the median 30-year old will retire with $610,000 in superannuation, above the $53,383 a year or $595,000 they would need for a comfortable retirement. ASFA says a couple requires $73,875 a year or $690,000 combined in total to live comfortably in retirement using their super plus age pension top-ups. The major caveat to these figures for singles and couples is owning your own home by retirement. The National Minimum Wage and award wages will increase by 3.5 per cent from 1 July 2025, adding $0.85 per hour to $24.95 for full time staff. Treasury estimates this change will add $75,114 over the average working life of an employee. This includes 353,000 retail industry workers, 287,000 social, community, home care and disability workers, and 234,000 hospitality worker
The Age
2 hours ago
- The Age
Chalmers hits China-linked companies with landmark lawsuit over crucial military minerals
Treasurer Jim Chalmers has launched an unprecedented lawsuit against China-linked interests to force them to sell their stake in an Australian rare earths miner, whose products are crucial to warplanes, missiles and submarines. The lawsuit, filed in the Federal Court on Thursday against foreign investors in Northern Minerals, is also seeking financial penalties for allegedly refusing to obey Chalmers' direction to sell out of the company last year. The Australian-listed company is developing the Browns Range heavy rare earths project in remote northern Western Australia, which could be one of the first non-Chinese sources of the minerals used in military guidance systems, wind turbines and electric vehicles. Chalmers' court action against an entity called Indian Ocean International Shipping and Service Company Ltd and a former associate follows his order last year for five Chinese-linked groups to sell their shares in Northern Minerals to unconnected buyers by September. 'Foreign investors in Australia are required to follow Australian law,' Chalmers said in a statement. 'We are doing what is necessary to protect the national interest and the integrity of our foreign investment framework.' China's control of rare earths and critical products is an escalating cause of concern to the United States and countries like Australia, after Donald Trump's trade war prompted Beijing to restrict shipments of the materials. It has made similar moves before, including against Japan in 2010 during a territorial dispute. China controls nearly all of the world's heavy rare earth production and Australian Strategic Policy Institute senior fellow Ian Satchwell said the global superpower's interests were seeking to exert influence over Northern Minerals. 'Australia, with like-minded partner nations, is seeking to build alternative supply chains for rare earths and other critical minerals, and the Northern Minerals shenanigans are a very obvious example of China-linked bad faith investing to allegedly seek to disrupt those efforts,' Satchwell said. 'In Australia's case those rare earths are used for things such as F35 fighters, missiles attached to them and in the future, nuclear-powered submarines.'
