Greens strike conciliatory tone on super tax changes
The Greens are "absolutely ready" to work with Labor to make proposed changes to superannuation, acknowledging the mandate voters gave the Albanese government at the election.
Labor is looking to double the tax rate of super balances above $3 million to 30 per cent, in a bid to limit the number of wealthy people using their balances for tax deductions rather than their retirements.
The coalition has vowed to oppose the changes, labelling them unfair.
With the government lacking a majority in the Senate, it needs the Greens or the coalition to pass legislation through the parliament.
Greens treasury spokesman Nick McKim said he expected to begin negotiations with Treasurer Jim Chalmers before the new parliament returns at the end of July.
"We are absolutely ready to work with with the treasurer and with Labor to try and move the superannuation system a little bit back towards what its original intent was when it was set up," he told ABC's RN on Monday.
"We want the system to be as fair and as strong as it can be in terms of providing for a dignified retirement for working Australians, and that'll be our aim."
Senator McKim said Dr Chalmers was a "re-elected treasurer in a re-elected government" which had taken the proposal to the May poll.
Striking a more conciliatory tone, the Greens have previously been criticised for delaying Labor's housing bills during a crisis.
The minor party lost three of its four lower house seats to Labor in a near wipe-out in the House of Representatives.
Former Greens leader Adam Bandt also lost his seat after 15 years in parliament.
The vast majority of Australians are unlikely to feel the impact of Labor's proposal, with the median super balance for 60 to 64-year-olds sitting at about $200,000 for men and $150,000 for women.
Deputy Nationals leader Kevin Hogan said the coalition remained strongly opposed to taxing unrealised gains.
"I don't know of many examples around the world that do that, and it's very damaging," he told ABC's RN.
"The non indexation of that makes an exceptionally penalising policy as well."
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The Advertiser
28 minutes ago
- The Advertiser
Call for action as Aussie journo hit with rubber bullet
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She said the incident must be investigated and Prime Minister Anthony Albanese should call Donald Trump and ask for an urgent explanation or speak to him about when the pair meet in coming days. "Trump is a threat to journalistic freedom and to democratic values and we cannot afford, as Australians, to sit by and see an attack on those values by US authorities shooting at one of our journalists," senator Hanson-Young said. "The prime minister needs to be very clear here, Australia is not going to stand by and see our journalists attacked for simply doing their job." Mr Albanese has yet to speak publicly on the incident. Deputy Prime Minister Richard Marles declined to comment on US immigration policy under Mr Trump, but said he was glad to hear Ms Tomasi was OK. "At the end of the day, how America operates its own immigration system is really a matter for the United States, and how it manages its own internal law enforcement is a matter for the United States," he told Sky News. It follows a similar incident in 2020 when Seven Network correspondent Amelia Brace was shot by US police with non-lethal rounds and struck with a truncheon during a Black Lives Matter protest. Ms Brace and cameraman Tim Myers were in Washington DC's Lafayette Square when officers began aggressively clearing the area before a surprise appearance by Mr Trump. She later told US Congress she was shot in the legs and backside and Mr Myers was hit in the neck by non-lethal rounds from a police automatic weapon. The prime minister needs an urgent explanation from the US president after police shot an Australian TV reporter with a rubber bullet in Los Angeles, a senator says. Nine Network's US correspondent Lauren Tomasi was recording a piece to camera about protests against immigration raids when she appeared to be struck in the leg, with the incident caught live on camera. "After hours of standing off, this situation has now rapidly deteriorated, the LAPD moving in on horseback, firing rubber bullets at protesters, moving them on through the heart of LA," Ms Tomasi said. Seconds later, she was shot with a rubber bullet. Footage of the incident appeared to show an officer taking aim in the direction of Ms Tomasi and firing. Greens media and communications spokesperson Sarah Hanson-Young said the shooting was shocking and "must be called out in the strongest terms". She said the incident must be investigated and Prime Minister Anthony Albanese should call Donald Trump and ask for an urgent explanation or speak to him about when the pair meet in coming days. "Trump is a threat to journalistic freedom and to democratic values and we cannot afford, as Australians, to sit by and see an attack on those values by US authorities shooting at one of our journalists," senator Hanson-Young said. "The prime minister needs to be very clear here, Australia is not going to stand by and see our journalists attacked for simply doing their job." Mr Albanese has yet to speak publicly on the incident. Deputy Prime Minister Richard Marles declined to comment on US immigration policy under Mr Trump, but said he was glad to hear Ms Tomasi was OK. "At the end of the day, how America operates its own immigration system is really a matter for the United States, and how it manages its own internal law enforcement is a matter for the United States," he told Sky News. It follows a similar incident in 2020 when Seven Network correspondent Amelia Brace was shot by US police with non-lethal rounds and struck with a truncheon during a Black Lives Matter protest. Ms Brace and cameraman Tim Myers were in Washington DC's Lafayette Square when officers began aggressively clearing the area before a surprise appearance by Mr Trump. She later told US Congress she was shot in the legs and backside and Mr Myers was hit in the neck by non-lethal rounds from a police automatic weapon. The prime minister needs an urgent explanation from the US president after police shot an Australian TV reporter with a rubber bullet in Los Angeles, a senator says. Nine Network's US correspondent Lauren Tomasi was recording a piece to camera about protests against immigration raids when she appeared to be struck in the leg, with the incident caught live on camera. "After hours of standing off, this situation has now rapidly deteriorated, the LAPD moving in on horseback, firing rubber bullets at protesters, moving them on through the heart of LA," Ms Tomasi said. Seconds later, she was shot with a rubber bullet. Footage of the incident appeared to show an officer taking aim in the direction of Ms Tomasi and firing. Greens media and communications spokesperson Sarah Hanson-Young said the shooting was shocking and "must be called out in the strongest terms". She said the incident must be investigated and Prime Minister Anthony Albanese should call Donald Trump and ask for an urgent explanation or speak to him about when the pair meet in coming days. "Trump is a threat to journalistic freedom and to democratic values and we cannot afford, as Australians, to sit by and see an attack on those values by US authorities shooting at one of our journalists," senator Hanson-Young said. "The prime minister needs to be very clear here, Australia is not going to stand by and see our journalists attacked for simply doing their job." Mr Albanese has yet to speak publicly on the incident. Deputy Prime Minister Richard Marles declined to comment on US immigration policy under Mr Trump, but said he was glad to hear Ms Tomasi was OK. "At the end of the day, how America operates its own immigration system is really a matter for the United States, and how it manages its own internal law enforcement is a matter for the United States," he told Sky News. It follows a similar incident in 2020 when Seven Network correspondent Amelia Brace was shot by US police with non-lethal rounds and struck with a truncheon during a Black Lives Matter protest. Ms Brace and cameraman Tim Myers were in Washington DC's Lafayette Square when officers began aggressively clearing the area before a surprise appearance by Mr Trump. She later told US Congress she was shot in the legs and backside and Mr Myers was hit in the neck by non-lethal rounds from a police automatic weapon. The prime minister needs an urgent explanation from the US president after police shot an Australian TV reporter with a rubber bullet in Los Angeles, a senator says. Nine Network's US correspondent Lauren Tomasi was recording a piece to camera about protests against immigration raids when she appeared to be struck in the leg, with the incident caught live on camera. "After hours of standing off, this situation has now rapidly deteriorated, the LAPD moving in on horseback, firing rubber bullets at protesters, moving them on through the heart of LA," Ms Tomasi said. Seconds later, she was shot with a rubber bullet. Footage of the incident appeared to show an officer taking aim in the direction of Ms Tomasi and firing. Greens media and communications spokesperson Sarah Hanson-Young said the shooting was shocking and "must be called out in the strongest terms". She said the incident must be investigated and Prime Minister Anthony Albanese should call Donald Trump and ask for an urgent explanation or speak to him about when the pair meet in coming days. 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Ms Brace and cameraman Tim Myers were in Washington DC's Lafayette Square when officers began aggressively clearing the area before a surprise appearance by Mr Trump. She later told US Congress she was shot in the legs and backside and Mr Myers was hit in the neck by non-lethal rounds from a police automatic weapon.
West Australian
an hour ago
- West Australian
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Perth Now
an hour ago
- Perth Now
Big changes coming to BNPL from Tuesday
Big changes are coming for Buy Now Pay Later providers as tighter regulations aim to stop consumers being affected by potentially harmful credit contracts. From Tuesday June 10, BNPL products – including Afterpay, Zip and Humm, as well as low cost credit contracts for significant purchases, including solar panels or dental work – will be regulated in the same way as credit cards. The new legislation was introduced by the Albanese government in June 2024, requiring BNPL providers to hold an Australian credit licence, comply with existing credit laws regulated by the Australian Securities and Investments Commission (ASIC), and establish a new category of low cost credit under the Credit Act. BNPL providers, under ASIC, may be required to complete mandatory checks and inquiries about a consumer's financial situation, including in relation to their income and expenditure, to prevent financial strain. Major changes are coming for BNPL products like Zip, Afterpay and Humm from Tuesday June 10. NewsWire / John Gass Credit: News Corp Australia BNPL products are the third-most used credit product in the country, sitting behind credit cards (58 per cent) and home loans (21 per cent), according to CreditSmart. This means consumers may begin to see missed or late repayments appearing on their credit reports. It also means consumers can expect to undergo mandatory credit checks, which could impact their credit scores. 'Some BNPL providers will report additional information, such as repayments, on consumers' credit reports,' Arca chief executive officer Elsa Markula said. 'However, BNPL providers such as Afterpay will report credit checks only.' The majority of BNPL customers are younger Australians. NewsWire /Gaye Gerard Credit: News Corp Australia A study from CreditSmart revealed one fifth of Australian consumers use a BNPL service such as Afterpay or Zip, but one third (33 per cent) have never checked their credit reports. Younger Australians are the biggest consumer of BNPL, with Millennials making up 38 per cent and Gen Z representing 13 per cent. However, 15 per cent of Gen Z said they didn't believe lenders would check their credit report during an application process. Ms Markula said the change in BNPL regulations would give consumers a harsh reality check when it comes to their credit scores, especially if they were hoping to apply for a loan or a mortgage.'BNPL is now the third most used credit product in Australia, behind credit cards and home loans,' she said. 'But too few people understand how it affects their credit profile, especially young Australians. 'Under the new rules, your BNPL behaviour could directly impact your credit score and your future ability to get a loan, a credit card, or even a mortgage.' The BNPL products will now be regulated like credit cards and home loans. NewsWire / John Gass Credit: News Corp Australia She urged consumers to be wary as the changes may catch them off-guard. 'Not all providers will report the same data at the same time, so check updates from your BNPL provider,' she said. Ms Markula said the sweeping legislation changes could be a positive move for Australians hoping to improve their credit score. 'Done right, BNPL usage can now be a tool for strengthening your credit profile, especially for younger or credit-invisible consumers looking to access more traditional forms of credit down the track,' she told NewsWire. She urged consumers to make repayments on time to avoid a negative hit to the credit reports. 'While not all BNPL providers report payment history, where this information is reported it is the most important factor for building or protecting your credit score,' she said. Consumers have also been cautioned to check their credit score regularly, and watch for errors or missing information. 'Check your credit reports from all three major credit reporting bodies to ensure your information is accurate,' she said. Ms Markula said the regulation changes should make Australians consider when they use BNPL products, and limit credit applications if unnecessary. 'Apply for credit only when needed; multiple applications in a short time may signal financial stress to lenders,' she said. 'Only take on credit – including BNPL – you can comfortably repay.'
