The billionaire who wants to make Australia great
Gina Rinehart is Australia's richest person – and as her wealth continues to rise, so does her power and influence. But what does she want? As the federal election approaches, Guardian Australia's new series explores the impact Australia's richest person could have on Australian politics. Senior correspondent Sarah Martin investigates decades of family history and infighting to make sense of how she became a mining billionaire, legal warrior and Trump admirer – and what she might do next.
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The Guardian
4 hours ago
- The Guardian
Morning Mail: staggering prison death toll revealed, LA braces for more unrest, Albanese to deliver key speech
Good morning everyone. Our top story today reveals a staggering death toll from government inaction. In a five-month investigation, scouring coronial findings from 248 deaths, Guardian Australia has found that 57 inmates in Australian jails hanged themselves in the past two decades using ligature points that were known to authorities but not removed. Plus: Anthony Albanese will map out his priorities for his second term in a key speech today, Los Angeles braces for more unrest, and we hear about a time when Monet, Cezanne et al were panned by the critics. 'Meet the moment' | Anthony Albanese will tell the National Press Club today that government and democratic institutions 'including a free media' can meet the demands of global uncertainty, despite growing attacks around the world and the shooting of an Australian reporter covering the Los Angeles unrest. 18C 'battle' | A Sydney cleric being sued in the federal court for alleged racial discrimination of Jewish people has described his case as an existential battle 'between Islam and unbelievers'. Koala cut | New South Wales environmental activists say an area that is home to endangered koalas and southern greater gliders has been left out of the Minns government's assessment for its proposed great koala national park. Tasmania tangle | After a week of drama in Tasmanian politics, the premier, Jeremy Rockliff, is expected to visit the state's governor on Tuesday to request a state election. Greensill case | The Australian financier Lex Greensill has told a court in London that senior managers at SoftBank 'felt threatened' by his relationship with Masayoshi Son, the founder of the Japanese tech investor that pumped millions into Greensill's company before its collapse. Veteran warning | As crowds gathered in Los Angeles for a fourth day of protests against immigration detentions, veterans warned the Trump administration's deployment of national guard troops to the city over the head of California's governor is a major escalation that risks the politicisation of the US military. Unions have demanded the release of a leader arrested and injured during the Ice raids in the city on Friday. You can follow developments live, and also learn more about the protests with our visual explainer. AI 'limits' | Apple researchers have found 'fundamental limitations' in cutting-edge artificial intelligence models, in a paper raising doubts about the technology industry's race to develop ever more powerful systems. Russia threat | Russia could be ready to attack westwards within five years, Nato's chief has warned, with member states expected to agree to increase military spending to 5% of GDP later this month. Ukraine claims to have damaged two fighter jets in another audacious raid deep inside Russia. Western guests including Elon Musk's father will speak at a pro-Putin conference being held in Moscow. Boat blocked | A boat with Greta Thunberg and fellow activists on board is being held in an Israeli port ahead of deportation hearings after the country's military seized the vessel when the group tried to break the blockade on Gaza. Celebrity defamation | A judge has dismissed Justin Baldoni's US$400m defamation claim against Blake Lively and Ryan Reynolds, finding that Lively's accusations of sexual harassment against Baldoni were legally protected. Trump takes on the LA protesters and Elon Musk Washington DC bureau chief David Smith tells Nour Haydar why Donald Trump's reaction to the LA protests is a diversion from his feud with billionaire Elon Musk. Sorry your browser does not support audio - but you can download here and listen $ There's a shrine in Karen Reid's home to her son Luke. His white hard hat sits on top of a toolbox. His old vape is there, tucked inside one of his favourite sneakers. Luke died in 2022 at 27 years old on his first night on remand. He took his own life by hanging in a prison cell that authorities knew contained a dangerous ligature point, but failed to remove. As part of a new Guardian Australia investigation launched today, Karen speaks out, saying government negligence allowed her son to die. She calls on authorities to take seriously their responsibility to keep inmates safe, and to urgently remove known hanging points from prison cells, 'so that no other mother and family has to go through this pain'. We have also asked other states why they haven't removed ligature points. The National Gallery of Victoria's new show, French Impressionism, celebrates some of the greatest names in art such as Monet, Renoir, Degas, Morisot and Pissarro. But the curator of the show tells Sian Cain that when they first started one critic said the style 'makes me sick'. Sign up to Morning Mail Our Australian morning briefing breaks down the key stories of the day, telling you what's happening and why it matters after newsletter promotion Test cricket | The World Test Championship starts tomorrow with Australia taking on South Africa at Lord's. Martin Pegan examines where the match will be won and lost. AFL | Collingwood showed why they are flag favourites by edging out the Demons by one point in a tense game at the MCG. Football | After sacking Ange Postecoglou last week, Tottenham have approached Brentford over appointing Thomas Frank as their new head coach. Former federal minister Eric Abetz is a 'creditable candidate' to be Tasmania's new premier, a key backer tells the Hobart Mercury. The De Bortoli winemaking family tell the Herald Sun they are 'doing the unthinkable' and ripping out vines amid a slump in wine sales. Circular Quay will be transformed by a giant half-woman half-whale sculpture, according to Sydney Morning Herald. Business | NSW premier Chris Minns and treasurer Daniel Mookhey will speak at a NSW Economic Review event ahead of the state budget. Technology | Summit in Sydney to discuss energy and water challenges faced by the data centre sector. If you would like to receive this Morning Mail update to your email inbox every weekday, sign up here, or finish your day with our Afternoon Update newsletter. You can follow the latest in US politics by signing up for This Week in Trumpland. And finally, here are the Guardian's crosswords to keep you entertained throughout the day. Until tomorrow. Quick crossword Cryptic crossword
The Guardian
10 hours ago
- The Guardian
Should young Australians be worried about Labor's superannuation tax changes?
As debate rages over the Labor government's tax changes for large superannuation accounts, some young workers have asked their financial advisers whether they will be caught by the reforms. Advisers have told Guardian Australia that some young workers have even questioned whether they should stop making additional contributions. Experts say it's unlikely that younger Australians will get caught by the changes, with older, high-income earners the most exposed to the reforms. Here's what young Australians need to know about the changes. Most workers are legally entitled to be paid a guaranteed 11.5% of their wages into their superannuation fund, or 12% from July this year. The government levies a tax of 15% on the earnings on super balances of workers yet to retire and of retirees with more than $2m. Labor has proposed to lift that 15% tax to 30%, but only for the earnings from the portion of the balances over $3m. Earnings on the first $3m in an account would still be taxed at 15%. The tax would be levied each year. You can read a broader breakdown here. Economists expect most young people currently working will not hit $3m balances, though higher-income earners will have a higher chance at getting there. By the 2050s, when millennials will be looking at retirement and gen Z and Alpha will dominate the workforce, one in 10 people will have $3m balances, Treasury and Grattan Institute modelling shows. That could rise to three or four in every 10 people in the 2060s according to Diana Mousina, an AMP economist. But she says it is unlikely that 'half of gen Z' will reach $3m in super balances, contrary to some media reporting of her analysis. Mousina's modelling shows a worker earning more than $90,000 a year who works for 40 years consecutively with a 3% pay rise every year would probably achieve a $3m balance. This means a worker in their 20s who reaches $90,000 or over soon, then maintains it for the rest of their working life, could one day be affected. Workers on lower incomes who made no extra contributions and took time off work, for example to have a child, would be unlikely to reach $3m, according to Harry Chemay, a superannuation and wealth management consultant. The Financial Services Council, meanwhile, expects about 500,000 people of 14.6 million currently employed would earn enough to see their top-range tax breaks reduced slightly under the new proposal. While the reform would increase tax rates on big balances, superannuation would still be an effective way for high-income earners to reduce the tax they pay. The average superannuation balance in mid-2022 was $164,000, so most Australians are nowhere near balances over $3m. Sign up for Guardian Australia's breaking news email The proposed 30% tax rate is still lower than the top income tax rate of 45%, meaning superannuation contributions would continue to offer a tax break for well-paid workers. Public debate over the tax illuminated how lightly superannuation is taxed, according to Jonathan Philpot, a wealth management partner at accounting firm HLB Mann Judd in Sydney. 'It actually highlights that super actually has much lower tax rates than virtually any other structure you can have in your retirement years,' he says. 'I wouldn't want people changing their super plans.' Experts believe it is likely the threshold for the new tax would be lifted above $3m at some point in the future, so some young people who hit the $3m figure may not end up paying extra. Mousina is among those who agree the $3m benchmark for the new extra rate will probably rise but she suggests the increase could be baked into the new laws for the tax, which need the Greens' support to pass. 'We should think about indexing it, rather than just having no legislation around when it's going to cap out,' she says. The lack of assurance on whether the tax threshold will be lifted above $3m has attracted some media outcry, despite expert consensus that the figure would have to rise. Debate has also focused on the proposal to tax a type of investment return called unrealised gains, which would see high earners pay tax on a rise in value of some assets on paper while leaving them unable to get that money back if the asset value falls in the future. Most super accounts would have limited exposure to unrealised gains, according to Chemay. Australians with self-managed super funds are more likely to struggle with this type of investment. However, self-managed super funds only make up about 1 million of the 20 million or so super savers – and just 15% of them are under the age of 45. For perspective, four million Australians have more than one super account. The government in 2018 estimated the resulting extra fees would leave the average worker about $50,000 worse off by the time they retired.
Reuters
11 hours ago
- Reuters
Australia regulator trials faster IPO process as listings hit decade low
SYDNEY, June 10 (Reuters) - Australia's securities regulator said on Tuesday it would trial changes to speed up initial public offerings that are at a decade low by implementing recommendations from earlier reviews and allowing faster access for retail investors. The Australian Securities and Investments Commission (ASIC) said the changes could shave as much as one week off the typical 20-week IPO process and reduce deal execution risk. The trial will begin on Tuesday and last for two years, the regulator said. "Creating a more streamlined IPO process underscores our commitment to ensuring our public markets remain attractive to companies and investors," ASIC Chairman Joe Longo said in a statement. Longo said the funds raised through IPOs were at the lowest level in more than a decade, with only A$4.2 billion ($2.74 billion) raised last year compared to A$22.9 billion in 2014. ASIC's new measures come just days after Virgin Australia ( opens new tab launched a closely watched A$685 million IPO that attracted strong investor demand. ASIC said the changes applied to companies seeking to list on the Australian Securities Exchange (ASX) ( opens new tab through "fast-track" status, with a projected market capitalisation above A$100 million and no ASX-imposed escrow. Most Australian IPOs are carried out through a front-end book-building process, which means the price is set and investor bids are taken ahead of the prospectus being reviewed and approved by Australian regulators. ASIC and the ASX have been under pressure to speed up the IPO vetting process, to reduce the time investors are exposed to market fluctuations while a prospectus is under review. Under the planned changes, companies would be able to submit a confidential prospectus or product disclosure statement at least 14 days before formal lodgement for ASIC review. ASIC said it would also adopt a "no action" position allowing eligible companies to begin accepting retail investor applications during the standard seven-day exposure period. Typically, retail investor orders are taken after the prospectus becomes public following the regulator's reviews. The trial was also a part of a broader review of regulatory settings around IPOs, ASIC said. "While we do not see regulatory settings as the silver bullet, we have received lots of ideas and are considering further regulatory adjustments to support a strong and well-functioning market," Longo said. ($1 = 1.5354 Australian dollars)
