$50k ‘man-stopper' guard dogs: Anxious wealthy fork out for security
What was once the exclusive domain of Hollywood A-listers and tech billionaires is becoming a mainstream luxury. Wealthy Australians are no longer just investing in overseas holidays and designer clothes – they are investing in peace of mind.
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9 News
2 hours ago
- 9 News
Call for 'death tax' to help Australia raise $70 billion
Your web browser is no longer supported. To improve your experience update it here As business, union, and community leaders gather in Canberra this week for the government's landmark economic round table, a call has come for Australia to impose an inheritance tax among other measures to raise $70 billion in tax revenue. A report from the Australia Institute claims this can be done in ways that wouldn't hurt low- or middle-income Australians. The report suggested a 2 per cent wealth tax on people with a worth of more than $5 million could alone raise $41 billion a year. A new report calls for the return of the inheritance tax. (iStock) It also found a reintroduced inheritance tax would raise $10 billion, as well as reducing "intergenerational inequality". An inheritance tax - often dubbed a "death tax" by critics - is a tax paid by a person who inherits money or property from a deceased person. They do not exist in Australia, though they previously did in state and federal form in the 1960s and 1970s. Federal Treasurer Jim Chalmers will head up an economic round table in Canberra. (Alex Ellinghausen) The report's third major suggestion was scrapping the capital gains tax discount. The researchers found this would raise an extra $19 billion a year and help make property prices more affordable for those struggling to crack the market. "Australia is a low-tax country that does not do a good job of taxing wealth," Australia Institute senior economist Matt Grudnoff said. "It is one of the few developed economies in the world which has neither a wealth tax nor an inheritance tax." "Correcting this would raise huge amounts of extra revenue for essential services and ease growing inequality in Australia." He said the wealth tax would still raise $41 billion even if family homes and superannuation were exempted. "If you limited it to just the 200 richest households in the country, it would still raise $12.5 billion per year," Grudnoff said. He said many developed economies, including the US, UK, Japan, and most of Europe, had an inheritance tax or something that functioned as one. "A couple of generations ago, Australia had probate and succession duties that raised 0.36 per cent of GDP, which, if reintroduced today, would deliver an extra $10 billion in revenue," he said. "These are not radical ideas. "If we want well-funded schools and hospitals; decent, affordable housing for all; a world-class NDIS; a fair welfare system; and dozens of other things which would improve the lives of millions of Australians, we can have them." An inheritance tax would raise $10 billion, the report found. (Getty Images/iStockphoto) The economic round table this week will consider nearly 900 submissions from "experts, industry leaders and individuals and over 40 forums that Ministers have held right around the country", Prime Minister Anthony Albanese said. "This healthy public debate has also made it clear there is substantial common ground on many issues – and that is where the immediate opportunities lie." money Tax Economy Australia national CONTACT US
The Advertiser
2 hours ago
- The Advertiser
Record fine leaves Qantas with unwanted brand baggage
Qantas stands accused of betraying Australian values and undermining its reputation by illegally sacking baggage handlers. Experts warn the airline, which markets itself as the "Spirit of Australia", risks losing its place in the national psyche as a result of its recent indiscretions. Qantas was on Monday fined a record $90 million for outsourcing 1820 ground staff roles, a move the Federal Court ruled was designed to curb union bargaining power in wage negotiations. It added to a $100 million fine it received for selling tickets to flights that were already cancelled between 2021 and 2023, against the backdrop of executives pocketing seven-figure bonuses. Trading on being the "Spirit of Australia" could mean the flag carrier might be held to "exceptional, indeed unique" standards, Justice Michael Lee noted as he delivered the fine. RMIT associate professor of finance Angel Zhong agreed, saying the positioning invited scrutiny of the airline's ethics, not only its performance. "Illegally sacking workers is seen as a betrayal of the very values Qantas claims to represent: fairness, mateship and respect," she told AAP. "If Qantas is the 'Spirit of Australia', then the public expects it to act with a conscience, not just a balance sheet." Illegally sacked Qantas employee Don Dixon said the company meant everything to Australians, but needed to behave with that in mind. "It's an Australian company. You go overseas and see that red kangaroo, you know 'that's my country and I'm going home, I feel safe' ... that's been lost," he told AAP. The embattled airline unsuccessfully appealed against the decision to the High Court, paving the way for the penalty to be awarded. Justice Lee ordered Qantas to pay $90 million in penalties, with $50 million to be paid to the union that brought the proceedings and highlighted the illegal conduct. He cited the "sheer scale of the contraventions, being the largest of their type" as a reason to impose a penalty that would deter other businesses from similar conduct. Qantas will have to pay the hefty bill on top of a $120 million compensation payment it has made to the affected ground staff for their economic loss, pain and suffering following the outsourcing. Public frustration and disappointment with Qantas might have increased, Assoc Prof Zhong said, but it wouldn't necessarily change consumer behaviour with price, route availability and loyalty programs outweighing ethical concerns. "That said, sustained reputational damage can have long-term effects," she said. "If trust continues to decline, Qantas risks losing not just customers, but its privileged position in the national psyche." Qantas stands accused of betraying Australian values and undermining its reputation by illegally sacking baggage handlers. Experts warn the airline, which markets itself as the "Spirit of Australia", risks losing its place in the national psyche as a result of its recent indiscretions. Qantas was on Monday fined a record $90 million for outsourcing 1820 ground staff roles, a move the Federal Court ruled was designed to curb union bargaining power in wage negotiations. It added to a $100 million fine it received for selling tickets to flights that were already cancelled between 2021 and 2023, against the backdrop of executives pocketing seven-figure bonuses. Trading on being the "Spirit of Australia" could mean the flag carrier might be held to "exceptional, indeed unique" standards, Justice Michael Lee noted as he delivered the fine. RMIT associate professor of finance Angel Zhong agreed, saying the positioning invited scrutiny of the airline's ethics, not only its performance. "Illegally sacking workers is seen as a betrayal of the very values Qantas claims to represent: fairness, mateship and respect," she told AAP. "If Qantas is the 'Spirit of Australia', then the public expects it to act with a conscience, not just a balance sheet." Illegally sacked Qantas employee Don Dixon said the company meant everything to Australians, but needed to behave with that in mind. "It's an Australian company. You go overseas and see that red kangaroo, you know 'that's my country and I'm going home, I feel safe' ... that's been lost," he told AAP. The embattled airline unsuccessfully appealed against the decision to the High Court, paving the way for the penalty to be awarded. Justice Lee ordered Qantas to pay $90 million in penalties, with $50 million to be paid to the union that brought the proceedings and highlighted the illegal conduct. He cited the "sheer scale of the contraventions, being the largest of their type" as a reason to impose a penalty that would deter other businesses from similar conduct. Qantas will have to pay the hefty bill on top of a $120 million compensation payment it has made to the affected ground staff for their economic loss, pain and suffering following the outsourcing. Public frustration and disappointment with Qantas might have increased, Assoc Prof Zhong said, but it wouldn't necessarily change consumer behaviour with price, route availability and loyalty programs outweighing ethical concerns. "That said, sustained reputational damage can have long-term effects," she said. "If trust continues to decline, Qantas risks losing not just customers, but its privileged position in the national psyche." Qantas stands accused of betraying Australian values and undermining its reputation by illegally sacking baggage handlers. Experts warn the airline, which markets itself as the "Spirit of Australia", risks losing its place in the national psyche as a result of its recent indiscretions. Qantas was on Monday fined a record $90 million for outsourcing 1820 ground staff roles, a move the Federal Court ruled was designed to curb union bargaining power in wage negotiations. It added to a $100 million fine it received for selling tickets to flights that were already cancelled between 2021 and 2023, against the backdrop of executives pocketing seven-figure bonuses. Trading on being the "Spirit of Australia" could mean the flag carrier might be held to "exceptional, indeed unique" standards, Justice Michael Lee noted as he delivered the fine. RMIT associate professor of finance Angel Zhong agreed, saying the positioning invited scrutiny of the airline's ethics, not only its performance. "Illegally sacking workers is seen as a betrayal of the very values Qantas claims to represent: fairness, mateship and respect," she told AAP. "If Qantas is the 'Spirit of Australia', then the public expects it to act with a conscience, not just a balance sheet." Illegally sacked Qantas employee Don Dixon said the company meant everything to Australians, but needed to behave with that in mind. "It's an Australian company. You go overseas and see that red kangaroo, you know 'that's my country and I'm going home, I feel safe' ... that's been lost," he told AAP. The embattled airline unsuccessfully appealed against the decision to the High Court, paving the way for the penalty to be awarded. Justice Lee ordered Qantas to pay $90 million in penalties, with $50 million to be paid to the union that brought the proceedings and highlighted the illegal conduct. He cited the "sheer scale of the contraventions, being the largest of their type" as a reason to impose a penalty that would deter other businesses from similar conduct. Qantas will have to pay the hefty bill on top of a $120 million compensation payment it has made to the affected ground staff for their economic loss, pain and suffering following the outsourcing. Public frustration and disappointment with Qantas might have increased, Assoc Prof Zhong said, but it wouldn't necessarily change consumer behaviour with price, route availability and loyalty programs outweighing ethical concerns. "That said, sustained reputational damage can have long-term effects," she said. "If trust continues to decline, Qantas risks losing not just customers, but its privileged position in the national psyche." Qantas stands accused of betraying Australian values and undermining its reputation by illegally sacking baggage handlers. Experts warn the airline, which markets itself as the "Spirit of Australia", risks losing its place in the national psyche as a result of its recent indiscretions. Qantas was on Monday fined a record $90 million for outsourcing 1820 ground staff roles, a move the Federal Court ruled was designed to curb union bargaining power in wage negotiations. It added to a $100 million fine it received for selling tickets to flights that were already cancelled between 2021 and 2023, against the backdrop of executives pocketing seven-figure bonuses. Trading on being the "Spirit of Australia" could mean the flag carrier might be held to "exceptional, indeed unique" standards, Justice Michael Lee noted as he delivered the fine. RMIT associate professor of finance Angel Zhong agreed, saying the positioning invited scrutiny of the airline's ethics, not only its performance. "Illegally sacking workers is seen as a betrayal of the very values Qantas claims to represent: fairness, mateship and respect," she told AAP. "If Qantas is the 'Spirit of Australia', then the public expects it to act with a conscience, not just a balance sheet." Illegally sacked Qantas employee Don Dixon said the company meant everything to Australians, but needed to behave with that in mind. "It's an Australian company. You go overseas and see that red kangaroo, you know 'that's my country and I'm going home, I feel safe' ... that's been lost," he told AAP. The embattled airline unsuccessfully appealed against the decision to the High Court, paving the way for the penalty to be awarded. Justice Lee ordered Qantas to pay $90 million in penalties, with $50 million to be paid to the union that brought the proceedings and highlighted the illegal conduct. He cited the "sheer scale of the contraventions, being the largest of their type" as a reason to impose a penalty that would deter other businesses from similar conduct. Qantas will have to pay the hefty bill on top of a $120 million compensation payment it has made to the affected ground staff for their economic loss, pain and suffering following the outsourcing. Public frustration and disappointment with Qantas might have increased, Assoc Prof Zhong said, but it wouldn't necessarily change consumer behaviour with price, route availability and loyalty programs outweighing ethical concerns. "That said, sustained reputational damage can have long-term effects," she said. "If trust continues to decline, Qantas risks losing not just customers, but its privileged position in the national psyche."
Sydney Morning Herald
3 hours ago
- Sydney Morning Herald
What about the 1.2 million Australians who receive no super tax breaks?
If we want true tax reform we need to start with changes for the lowest balances, not the highest. After the Albanese government's landslide return to government all eyes have been on tax reform and in particular, a proposal to trim tax concessions for the 80,000 Australians with balances over $3 million. In the frenzied debate over the changes to tax concessions for this small group, commentators, news outlets and politicians continue to make noise over what is 'fair'. At the same time, we keep hearing calls for more ambitious tax reform policy that achieves two aims – to help the economy recover and, again, to strike a balance that's fair. So while everyone focuses on the super balances of 80,000 Australians with a handsome $3 million nest egg, what we should be asking is: what about the 1.2 million Australians who receive no super tax concessions whatsoever? Loading Is it fair that the majority of those 1.2 million Australians who miss out on tax concessions are women earning between $37,000 and $45,000? Including aged care workers, childcare workers, apprentices and women working part-time while caring for family. Is it fair that this group pay more in tax on their super than their take-home pay? Is it fair that we provide little to no tax concessions to those who typically have the lowest levels of retirement savings? And that the majority of tax concessions are skewed in favour of men despite the fact that many Australian women retire in abject poverty?
