Trump's Big Beautiful Bill would ‘disincentivise' Australian investment in the US
WAM Global Lead Portfolio Manager Catriona Burns has discussed how Section 899 of US President Donald Trump's new bill would 'disincentivise investment in the US'.
Earlier this week, President Trump's 'Big Beautiful Bill'- aimed at cutting US taxes - passed the US House of Representatives.
Although largely a domestic bill, Section 899 has a significant impact on Australian investors.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Canberra Times
25 minutes ago
- Canberra Times
'He was a rock for the party': Vale former Liberal MLA Greg Cornwell
"I have to say that too often in this place I have seen an abdication by us as elected representatives of our duty to the rich as well as the poor and our duty to the majority as well as the minority, the distortion of straightforward Australian values for the elitist and social divisiveness of multiculturalism, and a failure to accept all Australians as just that, Australians, irrespective of colour, creed, sex or race. Instead, I see special concessions being granted to people whom I think are personally diminished by such patronising and charitable behaviour," he said at the time.
AU Financial Review
25 minutes ago
- AU Financial Review
First TACO, now TWIT: Trump will inevitably tank the economy
This time, Donald Trump didn't chicken out. Instead, he launched what some describe as the boldest use of American military power since George W. Bush's shock-and-awe assault on Saddam Hussein in 2003. Trump had a bit on his mind when he prematurely exited the G7 leaders summit in the Canadian Rockies late last week, standing up Anthony Albanese in the process.
Sky News AU
40 minutes ago
- Sky News AU
Queensland's 2032 Olympic vision in doubt as Minister flags venue and funding uncertainty
Federal Sports Minister Anika Wells has warned that Queensland cannot expect to control all decisions surrounding the 2032 Olympic Games, casting fresh doubt on the state's all-in hosting ambitions. Speaking in Brisbane on Thursday, Ms Wells warned that while the state government remains committed to a 'Queensland Games,' ultimate decisions around venue locations could rest with international sporting bodies - not local politicians. 'Obviously, the Queensland Government has indicated their strong preference that all events be contested within the state,' Ms Wells said while speaking in Brisbane alongside state Sports Minister Tim Mander. 'But it isn't just up to Tim (Mander), or I, or even Brisbane 2032 (Organising Committee), it is also very much a question for the International Federations to advise us on what they will accept.' The federal minister's comments follow speculation some events may be moved interstate - with rowing potentially headed to Penrith and tennis to Melbourne - echoing Prime Minister Anthony Albanese's earlier remarks casting doubt on the state's all-in hosting plan. Ms Wells referenced historical precedents, including Sydney 2000 and Paris 2024, to reinforce the possibility of interstate or international venues being considered. 'I don't think anyone would challenge my passion for being a Queenslander, but as the Australian Sports Minister, I am elected and charged with the responsibility of making sure that all Australian taxpayers feel … that they have a place in the Brisbane 2032 Games,' she added. The contentious Rockhampton rowing venue remains a sticking point and despite ongoing concerns about its suitability, Deputy Premier Jarrod Bleijie is standing firm. 'Rowing will absolutely be in Rockhampton on the mighty Fitzroy River,' he declared. 'And as I've said for many occasions now, including to the IOC, I might add, if it is okay for a teenager from Rocky to row the mighty Fitzroy River on the weekend, so too, is it okay for Pierre from Paris.' While discussions continue between Brisbane 2032, World Rowing, and the International Canoe Federation - including a potential technical visit to Rockhampton - no final decision has been made. In a linked development, Queensland has passed legislation designed to speed up the delivery of Games-related infrastructure by exempting Olympic venues from significant state and local planning laws. The new laws give final planning approval powers to the state, effectively sidelining local councils and bypassing 15 regulatory frameworks, including environmental and heritage protections. 'You're going to see a lot of work in a very short period of time, there'll be excavators, there'll be tractors, there'll be bulldozers, there'll be yellow vests,' Mr Bleijie said. 'There'll be shovels being turned across the state.' But the changes have drawn sharp criticism from community groups, particularly those opposing development in Brisbane's Victoria Park - the planned site of a new 63,000-seat Olympic stadium. "We were expecting it, but we're still incredibly disappointed, but we're not deterred. We'll continue to fight this no matter what gets thrown at us," said Andrea Lunt from Save Victoria Park back in May. "The park is too important to lose; it's such a precious natural asset to Brisbane. 'If you're thinking about showcasing Brisbane for the Olympic Games, you'd think we'd protect and enhance such a beautiful natural asset, not cover it up for stadiums." The legislation, officially titled the Planning (Social Impact and Community Benefit) and Other Legislation Amendment Bill 2025, also includes reforms to renewable energy project approvals. It mandates public consultation and binding community benefit agreements for large-scale wind and solar developments. Mr Bleijie insists the changes are necessary to meet tight construction deadlines and leave a meaningful post-Games legacy. 'This is about making sure that housing is delivered, the roads are upgraded, temporary accommodation for workers is put in place, schools, housing,' he said. Amid debate over venue locations and legal planning exemptions, the long-awaited funding deal between the state and Commonwealth governments remains unresolved - although officials on both sides insist it's imminent. The previous Labor-led plan for a $2.5 billion indoor arena in Brisbane's CBD was scrapped by the LNP government in favour of a privately funded facility at Woolloongabba. The decision has forced a fresh round of negotiations over how the federal government's $3.4 billion Olympic contribution will be spent. "We expect to have news on that front for you very soon. We understand that people want to see us get on with this," said Ms Wells. 'These aren't just venues that are relevant to a four-week period in 2032, these are venues people want to get their value out of as quickly as possible.' Mr Mander echoed that optimism, saying, 'I'm very confident that an agreement will be made shortly, and the discussions are very positive and very constructive.' The state's Olympic ministers also confirmed ongoing discussions with Athletics Australia, football and gymnastics officials over their venue needs, with legacy infrastructure still a key promise. 'I'm very confident we'll have legacy infrastructure for all those sports,' Mr Mander said. He also reiterated that the total infrastructure cost would not exceed previously announced limits. 'I can guarantee you that there'll be legacy in those sports,' he said. 'Queenslanders won't be paying more than $7.1 billion between the state and federal governments.'
