Has Finance lost the plot? Perhaps the Audit Office should look at them
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West Australian
7 hours ago
- West Australian
Chalmers slams ‘grumps and cynics', insists roundtable aims for genuine ideas not rubber stamping Labor plans
Treasurer Jim Chalmers has hit out at 'grumps and cynics' of this week's economic roundtable and insisted the motive is not to rubber stamp Labor-choreographed policies. It comes as Anthony Albanese told reporters in Perth he was upbeat about the 'full suite of issues' on the agenda, flagging 'jobs of the future' and 'responsible fiscal policy' as priorities. The duo used Sunday media appearances to lambast Opposition skepticism that the roundtable was a 'stitch up' orchestrated to endorse predetermined outcomes, insisting the Government was open to any ideas put forward. 'There will always be the usual kind of grumps and cynics who say the usual grumpy and cynical things about this,' Dr Chalmers said. The PM added he would 'make no apologies' for 'opening up to ideas'. 'What we're doing is inviting people to come in, from business, from unions, from civil society, to put forward their ideas about how we deal with the economic challenges of boosting productivity,' Mr Albanese said. The Coalition intensified their concerns about the event after the ABC on Thursday published details of a leaked Treasury document which included recommended outcomes from the event. The leaked pre-written list included advice to pause changes to the National Construction Code, a National AI plan, and clearing a backlog of home approvals under dated environmental laws. It made no mention of big tax reform. But the Treasurer stressed the Government had not pre-empted any outcome and insisted the briefing was prepared based on ideas already put forward. 'We're not pre-empting or predetermining the outcomes of the discussions that we're having in the coming week, but we are preparing for them,' Dr Chalmers said at a press conference in Queensland on Sunday. 'I think it is entirely unsurprising that when people put literally hundreds of ideas to us, that the Treasury does the work on that. 'We'll see if there's consensus and momentum around some of those ideas. 'Not pre-empting the discussion in the coming week but certainly preparing for it.' The Treasurer also flagged that his government had slashed hundreds of ''nuisance tariffs' on imports. 'There are good reasons to swim against the tide a bit when it comes to tariffs, some of these nuisance tariffs in our economy, risk doing more harm than good,' he told Sky News on Sunday. 'We're very proud of that progress that we've been able to make unilaterally, because tariffs push up compliance costs on business.' Shadow industry minister Alex Hawke slammed the Government for using minor policy tweaks to mask their lack of ambition on major policy reform. 'This Government doesn't seem to have a big agenda on tax and the economy,' Mr Hawke said. 'They say, 'oh, look, we've done these 10 tiny little things here that don't impact a lot of people and they don't raise any money, and that's reform'. 'Well that is just a clean up of some pretty low hanging fruit and that isn't a substitute for actual meaningful things that will get productivity moving.' Shadow industrial relations Minister Tim Wilson warned the Government were not going to find 'courage sitting around a round table'. 'You need to actually put proposals forward, debate them and take the Australians together,' he said. Already, 9000 submissions have been received ahead of the three day event, which kicks off in Canberra on Tuesday. Mr Hawke also slammed the guest list, accusing the Government of sacking it with Labor and union affiliates, saying 'the union movement' was 'aggressively front-running this summit'. Nine of the 24 people invited are either current or former Labor MPs, union officials, or party-aligned professionals. It includes former WA Labor treasurer Ben Wyatt, NSW Labor treasurer Daniel Mookhey, former QLD Labor treasurer Andrew Fraser and four union officials. Dr Chalmers on Sunday said he was unsure of who had first pitched the idea between him and the PM but claimed the two were on the same page about their ambitions for it. It comes after the pair had made contradictory statements in the lead up to their level of ambitions for the boardroom blitz, which was first labelled a productivity roundtable by the PM before being altered by Dr Chalmers to an 'economic reform roundtable'. 'It came from a couple of discussions after the election. I'm not sure who first raised it, but we've been on the same page on this throughout,' the Treasurer said.
News.com.au
8 hours ago
- News.com.au
‘Feels very strange': Young Aussie admits to getting massive inheritance
A young Australian has spoken out about the stigma that surrounds inherited money after receiving over $250,000. Natasha Etschmann told that a close family member gifted her an early inheritance, enabling her to reach her financial goals overnight. The 27-year-old, who goes by the username TashInvests on social media, has amassed over 1.8 million likes on TikTok by openly discussing her finances. Though being transparent about money is something she routinely engages in with her followers, Ms Etschmann said she felt 'nervous' to reveal she'd gotten an inheritance. 'It feels very strange to talk about because I didn't earn it – but I also think we don't talk enough about when you do receive money,' she said. Ms Etschmann chose to disclose the inheritance on social media because she didn't want her followers to make unrealistic comparisons between her financial situation and their own – a decision that elicited an unexpected response. 'People were more positive than I thought they'd be. I've seen the stigma pop up where people say it is really unfair,' she said. 'It is an interesting one to talk about because the backlash can be quite big. I was surprised people were happy.' The young investor said that the $250,000 inheritance went towards her purchasing her second investment property in Brisbane – a four-bedroom family home she bought for around $800,000. The money meant that she didn't have to pull the equity out of her first investment property – a two-bedroom apartment in Perth she purchased for just shy of $300,000 five years ago, and has since doubled in value. The Brisbane home is negatively geared and currently costs her around $15,000 a year – even with tenants – just to hold onto it, Ms Etschmann said. The cost is offset by her Perth property being positively geared, with a mortgage of around $300 per week and her tenants paying over $600. Ms Etschmann said that while people have said it's 'great' she's willing to talk about inheriting money, many still disagree with her openness. 'It is the kind of thing where you know a lot of people are getting (inheritances) but not a lot of people are saying it,' she said. The property investor said she has a friend who is a mortgage broker, and who often tells her that most people have 'help from their families', even if it's rarely acknowledged in conversations about home ownership. Financial comparison website Finder released a First Home Buyer Report in 2025 that revealed 17 per cent of first-home buyers relied on financial help from mum and dad to save up for their deposit. It also found that first-home buyers who received financial support from their parents had 41 per cent more money left over in savings after making the purchase, compared to those who didn't receive help from the so-called bank of mum and dad. Among buyers without family support, 40 per cent took five years or more to save a deposit, compared to just 29 per cent of those who received assistance. Ms Etschmann stressed she was very 'lucky', adding that an early inheritance also allowed the family member she received it from to see how much it had helped. 'They can be involved too,' she said. Though she's grateful for the money on an individual level, Ms Etschmann acknowledged that inheritances do contribute to Australia's widening wealth gap. An inheritance can significantly 'help people along', she said, but for those who don't receive financial support from their families, home ownership is only 'getting harder'. 'House prices are just going to keep increasing – they're not going to drop, unfortunately,' she said. Finder's financial expert Richard Whitten said there was no denying that 'more and more Australians' are relying on their parents to help them buy property. 'For many young Aussies, the dream of homeownership feels out of reach without a six-figure contribution from their parents,' he said. 'Those who do get help aren't just buying a home sooner; they're also able to enter the market with more savings and a bigger budget, giving them a significant advantage.' Mr Whitten added that 'generosity can come with a risk, though', noting parents need to be careful not to 'jeopardise their own financial security in retirement' in an effort to support their adult children.
The Advertiser
a day ago
- The Advertiser
Workers call for support, training as AI 'irresistible'
Workers are calling for support to adapt to the adoption of artificial intelligence, with most saying they have not been offered training despite its increasing use. The Australian Services Union says surveyed white-collar workers are willing to adapt to using the technology but have been left with little guidance on how to navigate the change. More than 80 per cent of workers reported not having been offered any AI training or consultation on its use at work, despite almost 50 per cent of workplaces introducing these tools. Less than 35 per cent of workplaces have a formal policy guiding the technology's use, according to the research findings. The union's national secretary Emeline Gaske says artificial intelligence offers huge productivity opportunities to drive new jobs but the benefits need to extend beyond company profits. "Unions can't resist AI anymore than we could've resisted the internet," Ms Gaske said. "But it must come with an industry adjustment package that starts with workforce training." The call for more support and consultation comes ahead of a productivity roundtable in Canberra from Tuesday, with AI likely to be extensively discussed. The three-day summit, led by Treasurer Jim Chalmers and other ministers, will focus on boosting productivity in the economy, building resilience and strengthening the budget. It could lead to investigating the use of AI to streamline environmental measures and boost housing approvals, according to reported Treasury advice leaked to ABC News. More than 30,000 vocational education teachers could be trained to use AI under a recently announced year-long trial involving US tech giant Microsoft and Australia's Future Skills Organisation. The organisation has similarly noted the rate of white-collar workers using AI is more than double the rate of those who have been trained to do so. Ms Gaske says workers need to share in the benefits of AI, such as through shorter working weeks to give workers time back from productivity improvements, and has called for further consultation. "We have a willing and capable workforce but they need to be brought into the conversation," she said. "By investing in training, guaranteeing workers a say, and ensuring the gains are shared, we can boost productivity and improve the quality of jobs right across the economy." One surveyed worker reported widespread fear of the technology. "But if the right guidelines are in place I think it could be very useful," they said. Workers are calling for support to adapt to the adoption of artificial intelligence, with most saying they have not been offered training despite its increasing use. The Australian Services Union says surveyed white-collar workers are willing to adapt to using the technology but have been left with little guidance on how to navigate the change. More than 80 per cent of workers reported not having been offered any AI training or consultation on its use at work, despite almost 50 per cent of workplaces introducing these tools. Less than 35 per cent of workplaces have a formal policy guiding the technology's use, according to the research findings. The union's national secretary Emeline Gaske says artificial intelligence offers huge productivity opportunities to drive new jobs but the benefits need to extend beyond company profits. "Unions can't resist AI anymore than we could've resisted the internet," Ms Gaske said. "But it must come with an industry adjustment package that starts with workforce training." The call for more support and consultation comes ahead of a productivity roundtable in Canberra from Tuesday, with AI likely to be extensively discussed. The three-day summit, led by Treasurer Jim Chalmers and other ministers, will focus on boosting productivity in the economy, building resilience and strengthening the budget. It could lead to investigating the use of AI to streamline environmental measures and boost housing approvals, according to reported Treasury advice leaked to ABC News. More than 30,000 vocational education teachers could be trained to use AI under a recently announced year-long trial involving US tech giant Microsoft and Australia's Future Skills Organisation. The organisation has similarly noted the rate of white-collar workers using AI is more than double the rate of those who have been trained to do so. Ms Gaske says workers need to share in the benefits of AI, such as through shorter working weeks to give workers time back from productivity improvements, and has called for further consultation. "We have a willing and capable workforce but they need to be brought into the conversation," she said. "By investing in training, guaranteeing workers a say, and ensuring the gains are shared, we can boost productivity and improve the quality of jobs right across the economy." One surveyed worker reported widespread fear of the technology. "But if the right guidelines are in place I think it could be very useful," they said. Workers are calling for support to adapt to the adoption of artificial intelligence, with most saying they have not been offered training despite its increasing use. The Australian Services Union says surveyed white-collar workers are willing to adapt to using the technology but have been left with little guidance on how to navigate the change. More than 80 per cent of workers reported not having been offered any AI training or consultation on its use at work, despite almost 50 per cent of workplaces introducing these tools. Less than 35 per cent of workplaces have a formal policy guiding the technology's use, according to the research findings. The union's national secretary Emeline Gaske says artificial intelligence offers huge productivity opportunities to drive new jobs but the benefits need to extend beyond company profits. "Unions can't resist AI anymore than we could've resisted the internet," Ms Gaske said. "But it must come with an industry adjustment package that starts with workforce training." The call for more support and consultation comes ahead of a productivity roundtable in Canberra from Tuesday, with AI likely to be extensively discussed. The three-day summit, led by Treasurer Jim Chalmers and other ministers, will focus on boosting productivity in the economy, building resilience and strengthening the budget. It could lead to investigating the use of AI to streamline environmental measures and boost housing approvals, according to reported Treasury advice leaked to ABC News. More than 30,000 vocational education teachers could be trained to use AI under a recently announced year-long trial involving US tech giant Microsoft and Australia's Future Skills Organisation. The organisation has similarly noted the rate of white-collar workers using AI is more than double the rate of those who have been trained to do so. Ms Gaske says workers need to share in the benefits of AI, such as through shorter working weeks to give workers time back from productivity improvements, and has called for further consultation. "We have a willing and capable workforce but they need to be brought into the conversation," she said. "By investing in training, guaranteeing workers a say, and ensuring the gains are shared, we can boost productivity and improve the quality of jobs right across the economy." One surveyed worker reported widespread fear of the technology. "But if the right guidelines are in place I think it could be very useful," they said. Workers are calling for support to adapt to the adoption of artificial intelligence, with most saying they have not been offered training despite its increasing use. The Australian Services Union says surveyed white-collar workers are willing to adapt to using the technology but have been left with little guidance on how to navigate the change. More than 80 per cent of workers reported not having been offered any AI training or consultation on its use at work, despite almost 50 per cent of workplaces introducing these tools. Less than 35 per cent of workplaces have a formal policy guiding the technology's use, according to the research findings. The union's national secretary Emeline Gaske says artificial intelligence offers huge productivity opportunities to drive new jobs but the benefits need to extend beyond company profits. "Unions can't resist AI anymore than we could've resisted the internet," Ms Gaske said. "But it must come with an industry adjustment package that starts with workforce training." The call for more support and consultation comes ahead of a productivity roundtable in Canberra from Tuesday, with AI likely to be extensively discussed. The three-day summit, led by Treasurer Jim Chalmers and other ministers, will focus on boosting productivity in the economy, building resilience and strengthening the budget. It could lead to investigating the use of AI to streamline environmental measures and boost housing approvals, according to reported Treasury advice leaked to ABC News. More than 30,000 vocational education teachers could be trained to use AI under a recently announced year-long trial involving US tech giant Microsoft and Australia's Future Skills Organisation. The organisation has similarly noted the rate of white-collar workers using AI is more than double the rate of those who have been trained to do so. Ms Gaske says workers need to share in the benefits of AI, such as through shorter working weeks to give workers time back from productivity improvements, and has called for further consultation. "We have a willing and capable workforce but they need to be brought into the conversation," she said. "By investing in training, guaranteeing workers a say, and ensuring the gains are shared, we can boost productivity and improve the quality of jobs right across the economy." One surveyed worker reported widespread fear of the technology. "But if the right guidelines are in place I think it could be very useful," they said.
