Australia must make itself as ‘powerful as possible' amid threat of China
Former deputy prime minister Barnaby Joyce discusses the threat China poses to a net zero weakened Australia.
'Communist Chinese … stooging around our nation, of Sydney … they did live fire exercises,' Mr Joyce told Sky News host Andrew Bolt.
'That is practising to attack … we have to make this nation as powerful as possible, as quickly as possible.'
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The Advertiser
4 hours ago
- The Advertiser
Migrants reaching UK in small boats hits a 2025 high
Nearly 1200 migrants arrived in the UK in small boats from France across the English Channel - the highest number recorded on a single day so far this year. Britain's Home Office figures show that 1194 migrants arrived in 18 boats on Saturday, bringing the provisional annual total so far to 14,811. That's 42 per cent higher than the same point last year, an increase that has piled pressure on the Labour government, which returned to power nearly a year ago partly on disillusionment with the previous Conservative administration's efforts to get a grip on the the numbers making the crossing. Having ditched the Conservative government's plan to send migrants who arrived in the UK by unauthorised means to Rwanda, Prime Minister Keir Starmer said his government would get control by smashing the gangs and the business models that sustain their smuggling operations. Since gaining power, Starmer's government has sought better intelligence-sharing internationally, enhanced enforcement operations in northern France and has adopted tougher rules in its immigration legislation. French police officers were seen watching on Saturday as migrants boarded at a beach in Gravelines, between Calais and Dunkirk, and authorities were then pictured escorting the boats. French authorities said they rescued 184 people. "Pretty shocking, those scenes yesterday," Defence Secretary John Healey told Sky News. It was a "really big problem" that French police are unable to intervene to intercept boats in shallow waters, he said. The UK is pressing the French to put new rules into operation so they can intervene. "They're not doing it, but, but for the first time for years … we've got the level of co-operation needed," he said. "We've got the agreement that they will change the way they work, and our concentration now is to push them to get that into operation so they can intercept these smugglers and stop these people in the boats, not just on the shore." Despite French and UK efforts, the cross-Channel route, one of the world's busiest shipping lanes, remains a major smuggling corridor for people fleeing conflict or poverty. Many migrants favour the UK for reasons of language, family ties or perceived easier access to asylum and work. The Home Office says 36,816 people arrived in the UK on small boats in 2024, 25 per cent more than in 2023. The highest number of arrivals was in 2022, with 45,774. Nearly 1200 migrants arrived in the UK in small boats from France across the English Channel - the highest number recorded on a single day so far this year. Britain's Home Office figures show that 1194 migrants arrived in 18 boats on Saturday, bringing the provisional annual total so far to 14,811. That's 42 per cent higher than the same point last year, an increase that has piled pressure on the Labour government, which returned to power nearly a year ago partly on disillusionment with the previous Conservative administration's efforts to get a grip on the the numbers making the crossing. Having ditched the Conservative government's plan to send migrants who arrived in the UK by unauthorised means to Rwanda, Prime Minister Keir Starmer said his government would get control by smashing the gangs and the business models that sustain their smuggling operations. Since gaining power, Starmer's government has sought better intelligence-sharing internationally, enhanced enforcement operations in northern France and has adopted tougher rules in its immigration legislation. French police officers were seen watching on Saturday as migrants boarded at a beach in Gravelines, between Calais and Dunkirk, and authorities were then pictured escorting the boats. French authorities said they rescued 184 people. "Pretty shocking, those scenes yesterday," Defence Secretary John Healey told Sky News. It was a "really big problem" that French police are unable to intervene to intercept boats in shallow waters, he said. The UK is pressing the French to put new rules into operation so they can intervene. "They're not doing it, but, but for the first time for years … we've got the level of co-operation needed," he said. "We've got the agreement that they will change the way they work, and our concentration now is to push them to get that into operation so they can intercept these smugglers and stop these people in the boats, not just on the shore." Despite French and UK efforts, the cross-Channel route, one of the world's busiest shipping lanes, remains a major smuggling corridor for people fleeing conflict or poverty. Many migrants favour the UK for reasons of language, family ties or perceived easier access to asylum and work. The Home Office says 36,816 people arrived in the UK on small boats in 2024, 25 per cent more than in 2023. The highest number of arrivals was in 2022, with 45,774. Nearly 1200 migrants arrived in the UK in small boats from France across the English Channel - the highest number recorded on a single day so far this year. Britain's Home Office figures show that 1194 migrants arrived in 18 boats on Saturday, bringing the provisional annual total so far to 14,811. That's 42 per cent higher than the same point last year, an increase that has piled pressure on the Labour government, which returned to power nearly a year ago partly on disillusionment with the previous Conservative administration's efforts to get a grip on the the numbers making the crossing. Having ditched the Conservative government's plan to send migrants who arrived in the UK by unauthorised means to Rwanda, Prime Minister Keir Starmer said his government would get control by smashing the gangs and the business models that sustain their smuggling operations. Since gaining power, Starmer's government has sought better intelligence-sharing internationally, enhanced enforcement operations in northern France and has adopted tougher rules in its immigration legislation. French police officers were seen watching on Saturday as migrants boarded at a beach in Gravelines, between Calais and Dunkirk, and authorities were then pictured escorting the boats. French authorities said they rescued 184 people. "Pretty shocking, those scenes yesterday," Defence Secretary John Healey told Sky News. It was a "really big problem" that French police are unable to intervene to intercept boats in shallow waters, he said. The UK is pressing the French to put new rules into operation so they can intervene. "They're not doing it, but, but for the first time for years … we've got the level of co-operation needed," he said. "We've got the agreement that they will change the way they work, and our concentration now is to push them to get that into operation so they can intercept these smugglers and stop these people in the boats, not just on the shore." Despite French and UK efforts, the cross-Channel route, one of the world's busiest shipping lanes, remains a major smuggling corridor for people fleeing conflict or poverty. Many migrants favour the UK for reasons of language, family ties or perceived easier access to asylum and work. The Home Office says 36,816 people arrived in the UK on small boats in 2024, 25 per cent more than in 2023. The highest number of arrivals was in 2022, with 45,774. Nearly 1200 migrants arrived in the UK in small boats from France across the English Channel - the highest number recorded on a single day so far this year. Britain's Home Office figures show that 1194 migrants arrived in 18 boats on Saturday, bringing the provisional annual total so far to 14,811. That's 42 per cent higher than the same point last year, an increase that has piled pressure on the Labour government, which returned to power nearly a year ago partly on disillusionment with the previous Conservative administration's efforts to get a grip on the the numbers making the crossing. Having ditched the Conservative government's plan to send migrants who arrived in the UK by unauthorised means to Rwanda, Prime Minister Keir Starmer said his government would get control by smashing the gangs and the business models that sustain their smuggling operations. Since gaining power, Starmer's government has sought better intelligence-sharing internationally, enhanced enforcement operations in northern France and has adopted tougher rules in its immigration legislation. French police officers were seen watching on Saturday as migrants boarded at a beach in Gravelines, between Calais and Dunkirk, and authorities were then pictured escorting the boats. French authorities said they rescued 184 people. "Pretty shocking, those scenes yesterday," Defence Secretary John Healey told Sky News. It was a "really big problem" that French police are unable to intervene to intercept boats in shallow waters, he said. The UK is pressing the French to put new rules into operation so they can intervene. "They're not doing it, but, but for the first time for years … we've got the level of co-operation needed," he said. "We've got the agreement that they will change the way they work, and our concentration now is to push them to get that into operation so they can intercept these smugglers and stop these people in the boats, not just on the shore." Despite French and UK efforts, the cross-Channel route, one of the world's busiest shipping lanes, remains a major smuggling corridor for people fleeing conflict or poverty. Many migrants favour the UK for reasons of language, family ties or perceived easier access to asylum and work. The Home Office says 36,816 people arrived in the UK on small boats in 2024, 25 per cent more than in 2023. The highest number of arrivals was in 2022, with 45,774.
The Advertiser
4 hours ago
- The Advertiser
Asia share markets, dollar wary on tariff news
Asian share markets have made a wary start to the week as investors navigate the shifting sands of White House tariff policy, while awaiting key US jobs data and a widely expected cut in European interest rates. There was little obvious reaction to President Donald Trump's threat late on Friday to double tariffs on imported steel and aluminium to 50 per cent, beginning on June 4, a sudden twist that drew the ire of European Union negotiators. Speaking on Sunday, Treasury Secretary Scott Bessent said Trump would soon speak with Chinese President Xi Jinping to iron out a dispute over critical minerals. White House officials continued to play down a court ruling that Trump had overstepped his authority by imposing across-the-board duties on imports from US trading partners. "The court ruling will complicate the path ahead on trade policy, but there remains an ample set of provisions available to the administration to deliver its desired results," said Bruce Kasman, chief economist at JPMorgan. "There is a commitment to maintaining a minimum US tariff rate of at least 10 per cent and imposing further sector tariff increases," he added. "An increase in ASEAN to discourage transhipment looks likely, and the bias for higher tariffs on US-EU trade persists." Markets will be particularly interested to see if Trump goes ahead with the 50 per cent tariff on Wednesday, or backs off as he has done so often before. In the meantime, caution reigned and MSCI's broadest index of Asia-Pacific shares outside Japan went flat. Japan's Nikkei fell 1.1 per cent on Monday, while South Korean stocks dipped 0.1 per cent. S&P 500 futures eased 0.2 per cent and Nasdaq futures lost 0.3 per cent. The S&P climbed 6.2 per cent in May, while the Nasdaq rallied 9.6 per cent on hopes final import levies will be far lower than the initial sky-high levels. Front-running the tariffs has already caused wild swings in the economy, with a contraction in the first quarter likely turning into a jump this quarter as imports fall back. The Atlanta Fed GDPNow estimate is running at an annualised 3.8 per cent, though analysts assume this will slow sharply in the second half of the year. Data this week on US manufacturing and jobs will offer a timely reading on the pulse of activity, with payrolls seen rising 130,000 in May while unemployment stays at 4.2 per cent. A rise in unemployment is one of the few developments that could get the Federal Reserve to start thinking of easing policy again, with investors having largely given up on a cut this month or next. A move in September is seen at around a 75 per cent chance, though Fed officials have stopped well short of endorsing such pricing. There are at least 11 Fed speakers on the diary for this week, led by Fed Chair Jerome Powell later on Monday. Fed Governor Christopher Waller said on Sunday that cuts remain possible later this year as he saw downside risks to economic activity and employment and upside risks to inflation from the tariffs. A softer jobs report would be a relief for the Treasury market, where 30-year yields continue to flirt with the five per cent barrier as investors demand a higher premium to offset the ever-expanding supply of debt. The Senate this week will start considering a tax-and-spending bill that will add an estimated $US3.8 trillion ($A5.9 trillion) to the federal government's $US36.2 trillion ($A56.3 trillion) in debt. Across the Atlantic, the European Central Bank is considered almost certain to cut its rates by a quarter point to 2.0 per cent on Thursday, while markets will be sensitive to guidance on the chance of another move as early as July. The Bank of Canada meets Wednesday and markets imply a 76 per cent chance it will hold rates at 2.75 per cent, while sounding dovish on the future given the tariff-fuelled risk of recession there. Widening rate spreads have so far offered only limited support to the US dollar. "The greenback remains near the lower end of its post-2022 range and considerably weaker than interest rate differentials would imply," noted Jonas Goltermann, deputy chief markets economist at Capital Economics. "Sentiment around the greenback remains negative and it continues to look vulnerable to further bad news on the fiscal and trade policy fronts." On Monday, the dollar had dipped 0.2 per cent on the yen to $143.79 , while the euro edged up a fraction to $1.1353 . The greenback also slipped 0.1 per cent on the Canadian dollar to $1.3727, getting no tailwind from Trump's threat of 50 per cent tariffs on Canadian steel exports. In commodity markets, gold edged up 0.6 per cent to $US3310 ($A5,147) an ounce , having lost 1.9 per cent last week. Oil prices bounced after OPEC+ decided to increase output in July by the same amount as it did in each of the prior two months, a relief to some who had feared an even bigger increase. Brent rose $US1.07 ($A1.66) to $US63.85 ($A99.28) a barrel, while US crude gained $US1.18 ($A1.83) to $US61.95 ($A96.33) per barrel. Asian share markets have made a wary start to the week as investors navigate the shifting sands of White House tariff policy, while awaiting key US jobs data and a widely expected cut in European interest rates. There was little obvious reaction to President Donald Trump's threat late on Friday to double tariffs on imported steel and aluminium to 50 per cent, beginning on June 4, a sudden twist that drew the ire of European Union negotiators. Speaking on Sunday, Treasury Secretary Scott Bessent said Trump would soon speak with Chinese President Xi Jinping to iron out a dispute over critical minerals. White House officials continued to play down a court ruling that Trump had overstepped his authority by imposing across-the-board duties on imports from US trading partners. "The court ruling will complicate the path ahead on trade policy, but there remains an ample set of provisions available to the administration to deliver its desired results," said Bruce Kasman, chief economist at JPMorgan. "There is a commitment to maintaining a minimum US tariff rate of at least 10 per cent and imposing further sector tariff increases," he added. "An increase in ASEAN to discourage transhipment looks likely, and the bias for higher tariffs on US-EU trade persists." Markets will be particularly interested to see if Trump goes ahead with the 50 per cent tariff on Wednesday, or backs off as he has done so often before. In the meantime, caution reigned and MSCI's broadest index of Asia-Pacific shares outside Japan went flat. Japan's Nikkei fell 1.1 per cent on Monday, while South Korean stocks dipped 0.1 per cent. S&P 500 futures eased 0.2 per cent and Nasdaq futures lost 0.3 per cent. The S&P climbed 6.2 per cent in May, while the Nasdaq rallied 9.6 per cent on hopes final import levies will be far lower than the initial sky-high levels. Front-running the tariffs has already caused wild swings in the economy, with a contraction in the first quarter likely turning into a jump this quarter as imports fall back. The Atlanta Fed GDPNow estimate is running at an annualised 3.8 per cent, though analysts assume this will slow sharply in the second half of the year. Data this week on US manufacturing and jobs will offer a timely reading on the pulse of activity, with payrolls seen rising 130,000 in May while unemployment stays at 4.2 per cent. A rise in unemployment is one of the few developments that could get the Federal Reserve to start thinking of easing policy again, with investors having largely given up on a cut this month or next. A move in September is seen at around a 75 per cent chance, though Fed officials have stopped well short of endorsing such pricing. There are at least 11 Fed speakers on the diary for this week, led by Fed Chair Jerome Powell later on Monday. Fed Governor Christopher Waller said on Sunday that cuts remain possible later this year as he saw downside risks to economic activity and employment and upside risks to inflation from the tariffs. A softer jobs report would be a relief for the Treasury market, where 30-year yields continue to flirt with the five per cent barrier as investors demand a higher premium to offset the ever-expanding supply of debt. The Senate this week will start considering a tax-and-spending bill that will add an estimated $US3.8 trillion ($A5.9 trillion) to the federal government's $US36.2 trillion ($A56.3 trillion) in debt. Across the Atlantic, the European Central Bank is considered almost certain to cut its rates by a quarter point to 2.0 per cent on Thursday, while markets will be sensitive to guidance on the chance of another move as early as July. The Bank of Canada meets Wednesday and markets imply a 76 per cent chance it will hold rates at 2.75 per cent, while sounding dovish on the future given the tariff-fuelled risk of recession there. Widening rate spreads have so far offered only limited support to the US dollar. "The greenback remains near the lower end of its post-2022 range and considerably weaker than interest rate differentials would imply," noted Jonas Goltermann, deputy chief markets economist at Capital Economics. "Sentiment around the greenback remains negative and it continues to look vulnerable to further bad news on the fiscal and trade policy fronts." On Monday, the dollar had dipped 0.2 per cent on the yen to $143.79 , while the euro edged up a fraction to $1.1353 . The greenback also slipped 0.1 per cent on the Canadian dollar to $1.3727, getting no tailwind from Trump's threat of 50 per cent tariffs on Canadian steel exports. In commodity markets, gold edged up 0.6 per cent to $US3310 ($A5,147) an ounce , having lost 1.9 per cent last week. Oil prices bounced after OPEC+ decided to increase output in July by the same amount as it did in each of the prior two months, a relief to some who had feared an even bigger increase. Brent rose $US1.07 ($A1.66) to $US63.85 ($A99.28) a barrel, while US crude gained $US1.18 ($A1.83) to $US61.95 ($A96.33) per barrel. Asian share markets have made a wary start to the week as investors navigate the shifting sands of White House tariff policy, while awaiting key US jobs data and a widely expected cut in European interest rates. There was little obvious reaction to President Donald Trump's threat late on Friday to double tariffs on imported steel and aluminium to 50 per cent, beginning on June 4, a sudden twist that drew the ire of European Union negotiators. Speaking on Sunday, Treasury Secretary Scott Bessent said Trump would soon speak with Chinese President Xi Jinping to iron out a dispute over critical minerals. White House officials continued to play down a court ruling that Trump had overstepped his authority by imposing across-the-board duties on imports from US trading partners. "The court ruling will complicate the path ahead on trade policy, but there remains an ample set of provisions available to the administration to deliver its desired results," said Bruce Kasman, chief economist at JPMorgan. "There is a commitment to maintaining a minimum US tariff rate of at least 10 per cent and imposing further sector tariff increases," he added. "An increase in ASEAN to discourage transhipment looks likely, and the bias for higher tariffs on US-EU trade persists." Markets will be particularly interested to see if Trump goes ahead with the 50 per cent tariff on Wednesday, or backs off as he has done so often before. In the meantime, caution reigned and MSCI's broadest index of Asia-Pacific shares outside Japan went flat. Japan's Nikkei fell 1.1 per cent on Monday, while South Korean stocks dipped 0.1 per cent. S&P 500 futures eased 0.2 per cent and Nasdaq futures lost 0.3 per cent. The S&P climbed 6.2 per cent in May, while the Nasdaq rallied 9.6 per cent on hopes final import levies will be far lower than the initial sky-high levels. Front-running the tariffs has already caused wild swings in the economy, with a contraction in the first quarter likely turning into a jump this quarter as imports fall back. The Atlanta Fed GDPNow estimate is running at an annualised 3.8 per cent, though analysts assume this will slow sharply in the second half of the year. Data this week on US manufacturing and jobs will offer a timely reading on the pulse of activity, with payrolls seen rising 130,000 in May while unemployment stays at 4.2 per cent. A rise in unemployment is one of the few developments that could get the Federal Reserve to start thinking of easing policy again, with investors having largely given up on a cut this month or next. A move in September is seen at around a 75 per cent chance, though Fed officials have stopped well short of endorsing such pricing. There are at least 11 Fed speakers on the diary for this week, led by Fed Chair Jerome Powell later on Monday. Fed Governor Christopher Waller said on Sunday that cuts remain possible later this year as he saw downside risks to economic activity and employment and upside risks to inflation from the tariffs. A softer jobs report would be a relief for the Treasury market, where 30-year yields continue to flirt with the five per cent barrier as investors demand a higher premium to offset the ever-expanding supply of debt. The Senate this week will start considering a tax-and-spending bill that will add an estimated $US3.8 trillion ($A5.9 trillion) to the federal government's $US36.2 trillion ($A56.3 trillion) in debt. Across the Atlantic, the European Central Bank is considered almost certain to cut its rates by a quarter point to 2.0 per cent on Thursday, while markets will be sensitive to guidance on the chance of another move as early as July. The Bank of Canada meets Wednesday and markets imply a 76 per cent chance it will hold rates at 2.75 per cent, while sounding dovish on the future given the tariff-fuelled risk of recession there. Widening rate spreads have so far offered only limited support to the US dollar. "The greenback remains near the lower end of its post-2022 range and considerably weaker than interest rate differentials would imply," noted Jonas Goltermann, deputy chief markets economist at Capital Economics. "Sentiment around the greenback remains negative and it continues to look vulnerable to further bad news on the fiscal and trade policy fronts." On Monday, the dollar had dipped 0.2 per cent on the yen to $143.79 , while the euro edged up a fraction to $1.1353 . The greenback also slipped 0.1 per cent on the Canadian dollar to $1.3727, getting no tailwind from Trump's threat of 50 per cent tariffs on Canadian steel exports. In commodity markets, gold edged up 0.6 per cent to $US3310 ($A5,147) an ounce , having lost 1.9 per cent last week. Oil prices bounced after OPEC+ decided to increase output in July by the same amount as it did in each of the prior two months, a relief to some who had feared an even bigger increase. Brent rose $US1.07 ($A1.66) to $US63.85 ($A99.28) a barrel, while US crude gained $US1.18 ($A1.83) to $US61.95 ($A96.33) per barrel. Asian share markets have made a wary start to the week as investors navigate the shifting sands of White House tariff policy, while awaiting key US jobs data and a widely expected cut in European interest rates. There was little obvious reaction to President Donald Trump's threat late on Friday to double tariffs on imported steel and aluminium to 50 per cent, beginning on June 4, a sudden twist that drew the ire of European Union negotiators. Speaking on Sunday, Treasury Secretary Scott Bessent said Trump would soon speak with Chinese President Xi Jinping to iron out a dispute over critical minerals. White House officials continued to play down a court ruling that Trump had overstepped his authority by imposing across-the-board duties on imports from US trading partners. "The court ruling will complicate the path ahead on trade policy, but there remains an ample set of provisions available to the administration to deliver its desired results," said Bruce Kasman, chief economist at JPMorgan. "There is a commitment to maintaining a minimum US tariff rate of at least 10 per cent and imposing further sector tariff increases," he added. "An increase in ASEAN to discourage transhipment looks likely, and the bias for higher tariffs on US-EU trade persists." Markets will be particularly interested to see if Trump goes ahead with the 50 per cent tariff on Wednesday, or backs off as he has done so often before. In the meantime, caution reigned and MSCI's broadest index of Asia-Pacific shares outside Japan went flat. Japan's Nikkei fell 1.1 per cent on Monday, while South Korean stocks dipped 0.1 per cent. S&P 500 futures eased 0.2 per cent and Nasdaq futures lost 0.3 per cent. The S&P climbed 6.2 per cent in May, while the Nasdaq rallied 9.6 per cent on hopes final import levies will be far lower than the initial sky-high levels. Front-running the tariffs has already caused wild swings in the economy, with a contraction in the first quarter likely turning into a jump this quarter as imports fall back. The Atlanta Fed GDPNow estimate is running at an annualised 3.8 per cent, though analysts assume this will slow sharply in the second half of the year. Data this week on US manufacturing and jobs will offer a timely reading on the pulse of activity, with payrolls seen rising 130,000 in May while unemployment stays at 4.2 per cent. A rise in unemployment is one of the few developments that could get the Federal Reserve to start thinking of easing policy again, with investors having largely given up on a cut this month or next. A move in September is seen at around a 75 per cent chance, though Fed officials have stopped well short of endorsing such pricing. There are at least 11 Fed speakers on the diary for this week, led by Fed Chair Jerome Powell later on Monday. Fed Governor Christopher Waller said on Sunday that cuts remain possible later this year as he saw downside risks to economic activity and employment and upside risks to inflation from the tariffs. A softer jobs report would be a relief for the Treasury market, where 30-year yields continue to flirt with the five per cent barrier as investors demand a higher premium to offset the ever-expanding supply of debt. The Senate this week will start considering a tax-and-spending bill that will add an estimated $US3.8 trillion ($A5.9 trillion) to the federal government's $US36.2 trillion ($A56.3 trillion) in debt. Across the Atlantic, the European Central Bank is considered almost certain to cut its rates by a quarter point to 2.0 per cent on Thursday, while markets will be sensitive to guidance on the chance of another move as early as July. The Bank of Canada meets Wednesday and markets imply a 76 per cent chance it will hold rates at 2.75 per cent, while sounding dovish on the future given the tariff-fuelled risk of recession there. Widening rate spreads have so far offered only limited support to the US dollar. "The greenback remains near the lower end of its post-2022 range and considerably weaker than interest rate differentials would imply," noted Jonas Goltermann, deputy chief markets economist at Capital Economics. "Sentiment around the greenback remains negative and it continues to look vulnerable to further bad news on the fiscal and trade policy fronts." On Monday, the dollar had dipped 0.2 per cent on the yen to $143.79 , while the euro edged up a fraction to $1.1353 . The greenback also slipped 0.1 per cent on the Canadian dollar to $1.3727, getting no tailwind from Trump's threat of 50 per cent tariffs on Canadian steel exports. In commodity markets, gold edged up 0.6 per cent to $US3310 ($A5,147) an ounce , having lost 1.9 per cent last week. Oil prices bounced after OPEC+ decided to increase output in July by the same amount as it did in each of the prior two months, a relief to some who had feared an even bigger increase. Brent rose $US1.07 ($A1.66) to $US63.85 ($A99.28) a barrel, while US crude gained $US1.18 ($A1.83) to $US61.95 ($A96.33) per barrel.
West Australian
5 hours ago
- West Australian
Matt Thistlethwaite questioned over the number of Aussies impacted by Labor government's proposed super tax
Politicians have clashed over the number of Australians that will be caught up in Labor's proposed super tax. Labor MP and Assistant Minister for Foreign Affairs and Trade Matt Thistlethwaite was pressed over the Albanese government's proposal to roll back concessions on ultra-high super balances and tax unrealised gains that would penalise younger generations in the future. The plan, one of the government's key economic policies, will hit those with more than $3m in their superannuation accounts with an extra 15 per cent tax – initially forecast to be about 80,000 people by 2025-26 – on top of the 15 per cent all super fund members are taxed on their earnings. That number has now jumped to up to 1.2 million Australians, significantly more than the original figure. '1.2 million Australians in the long run – that's not the small amount you've all been saying,' Sky News' Pete Stefanovic questioned Mr Thistlethwaite on Monday morning. 'Well, this is a policy … that's aimed at ensuring that we got fairness and equity in our taxation system,' Mr Thistlewaite began, before being cut off swiftly by Stefanovic: 'How's that fair if the PM gets a pass?' The proposal has come under fire for the inclusion of 'special rules' that would exempt Anthony Albanese until after the Prime Minister retires. Mr Thistlewaite continued: 'Everyone who's on a defined benefit scheme will be treated the same. That's the basis of it. 'Regardless of your occupation, where you live, (everyone) will all pay the same … at the moment, some people can divert money from income to avoid paying income taxation into superannuation to get a concessional rate. 'Now the average teacher, the average childcare worker or emergency services worker can't do that, so we just want to make sure that the system is fair and equitable, and everyone pays their fair share of tax.' The $3m figure will not be indexed, leaving about 1.2 million people within 30 years liable for the tax, Assistant Treasurer Daniel Mulino revealed last month. Liberal senator Hollie Hughes accused the government of not considering the 'unintended consequences'. 'I had dinner with a small-business owner last week whose office building is part of a superannuation plan, and her message to me was incredibly clear that if this goes ahead she does not know what she can do because this is something that the business is invested in, she's invested in,' Senator Hughes said. 'It's her business, and now, because of the increase in property prices she doesn't know if she can afford to pay a tax on an unrealised gain.' She said the tax would come 'knocking on the doors' of everyday Australians, especially small business owners and farmers. Questioned again about the confirmed number of Australians to be impacted by the tax, Mr Thistlethwaite said: 'Initially, it's a very small it's a very small number of Australians, less than 0.5 per cent of the population. 'I think we got to realise we're only talking about (balances) above $3m, and we're talking about something that hasn't been legislated yet, but at the moment people have the choice. 'They can pay their income tax or they can divert it into superannuation to get a concession.' He said the Labor government would 'work' with the opposition if it were prepared to be 'fair and reasonable'. The tax is proposed to take effect from the start of the next financial year, July 1.
