Albanese government ‘will deliver' on tax policy commitments
'Our policy is pretty clear, we want people to earn more, and we want them to keep more of what they earn,' Mr Albanese said.
'The Liberal and National Party went to the election on May the 3rd, calling for higher taxes and bigger deficits.'
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7NEWS
15 minutes ago
- 7NEWS
Banks forced to take action on high-fee accounts
Australian banks will refund more than $93 million to low-income customers who were charged high fees on their accounts. More than a million people have already been moved to low-fee accounts, saving an expected $50 million in annual fees, according the the Australian Securities and Investments Commission's (ASIC) Better and Beyond report released on Tuesday. The review follows the Better Banking for Indigenous Consumers report, released in July 2024, which revealed at least two million low-income Australians, who relied on Centrelink payments, had bank accounts charging high fees. There were 21 banks included in the latest report, which found even larger numbers of low-income Australians paying too much. 'What started as an initiative focused on addressing avoidable bank fees for low-income customers in regional and remote locations, particularly First Nations consumers, revealed a much wider problem affecting customers nationwide,' commissioner Alan Kirkland said. Since July 2024, the four banks involved in the initial report- ANZ, Bendigo Bank, Westpac and the Commonwealth Bank (including Bankwest) have paid more than $33 million in refunds to the customers identified. Three-of-those-four banks have committed to refunds to a broader group of low-income customers who have been in high-fee accounts. The Commonwealth Bank and Bankwest have indicated they don't intend making payments to customers outside the initial cohort, ASIC's report said. Several other banks have also reviewed the impact of high-fee accounts on low-income customers and have committed to remediation. A further $60 million will be refunded to more than 770,000 customers as a result. ASIC chairman Joe Longo said while banks had made improvements during the commission's surveillance, there was still work to be done. 'It should not take an ASIC review to force $93 million in refunds or make banks assess their processes to ensure the trust and expectations placed in them are justified,' he said. 'Banks need to truly hear the messages in this report - read it, review it, and ask themselves some difficult questions about what led to this situation.' Nine banks had made it easier to access low-fee accounts, while another seven had improved processes for moving customers to those types of accounts. Six more banks were now collecting data to identify First Nations customers, following a recommendations from the commission's initial review. 'Our intervention has forced many banks to take action, but more needs to be done to ensure financially vulnerable consumers are not put in this position again,' Mr Kirkland said. 'We encourage consumers to challenge their banks to ensure that they are in the best account for their needs. 'More importantly, we encourage banks to do more to proactively identify low- income customers and move them to low-fee accounts.'


Perth Now
44 minutes ago
- Perth Now
‘Dog's breakfast': Karl pans US beef deal
A trade deal to accept US beef into Australia has been labelled a dog's breakfast by Karl Stefanovic after the Trade Minister's apparent gaffe claiming Donald Trump personally lobbied for the deal. Trade Minister Don Farrell on Sunday said the US President raised the issue directly with Anthony Albanese in one of the three phone conversations the leaders shared. The Prime Minister said that was incorrect, and on Tuesday Stefanovic put criticism of the beef deal to Labor frontbencher Amanda Rishworth. Senator Don Farrell admitted to making a mistake when he said Donald Trump had raised the issue of beef with Anthony Albanese. Jason Edwards / NewsWire Credit: NewsWire 'I think he has clarified his comments,' Ms Rishworth said of Senator Farrell. 'We've discussed it on this show, that Donald Trump made public his issues around beef imports and exports. That was not a secret. 'I think this is making a mountain out of a molehill. Quite frankly, just silly politics on the side. 'What's important here is putting forward our best foot forward, for the national interest, to be prosecuting our case with the US, and that's what our government will keep doing.' Stefanovic suggested the US beef deal had become a shambles and asked senator David Pocock what needed to happen. Amanda Rishworth defended her colleague, Trade Minister Don Farrell. NewsWire / Martin Ollman Credit: News Corp Australia 'David, do you think there should be an inquiry? I mean, it's starting to look more and more like a dog's breakfast,' Stefanovic said. 'I think there's real questions to answer around the timing of this,' the senator replied. 'And on the bigger issue, who's going to buy American beef? We have some of the best beef in the world here in Australia. I certainly won't be buying US beef. 'I think a lot of Australians will see it on the shelf, if it even gets here, and say 'well, I'm going to support Australia'.' The Coalition has already called for an inquiry into the beef deal, arguing the government has put biosecurity at risk as a bargaining chip for a US tariff exemption. The Coalition wants a Senate inquiry into the government backflip, citing the timing of the decision amid stalled tariff negotiations. Labor has rejected claims of the link to ongoing tariff discussions, saying the decision follows a lengthy review undertaken by the Department of Agriculture, Fisheries and Forestry, which found new tracing protocols eliminated risks posed by beef sourced from Canada and Mexico but slaughtered in the US. However, Nationals Leader David Littleproud said an inquiry was required to give 'assurance' that 'Labor isn't sacrificing our high biosecurity standards'. As of Monday, July 28, Australian businesses were able to apply for import licences to get US fresh beef and beef products.

Sky News AU
44 minutes ago
- Sky News AU
Donald Trump will never serve Australia's ‘national interest'
Former Labor Senator Stephen Conroy discusses US President Donald Trump's plans to impose increased tariffs. Australian businesses could face tariffs of 15 to 20 per cent to trade in the United States, according to President Donald Trump. Mr Conroy said Donald Trump will never serve Australia's 'national interest'.