Latest news with #678
Perth Now
20-05-2025
- Politics
- Perth Now
'Scrap the tax': angry firies, farmers shut down CBD
Thousands of angry farmers and firefighters have descended outside the halls of power with one message. "Scrap the tax," they shouted in unison outside Victoria's parliament on Tuesday as budget papers were being scrutinised inside. Incensed with the state government's Emergency Services Levy, which replaces the Fire Services Property Levy from July 1 and raise an extra $2.1 billion for emergency services, the fire volunteers and farmers made their positions known. Dozens of fire trucks lined Spring Street bumper to bumper in a show of numbers outside parliament as protesters waved signs reading, "I fight fires for free. Now I have to pay for that too" and "Farmers aren't cash cows". The tax was originally projected to lift the average annual bill for residential home owners by $63 and $678 for primary producers, but last-minute changes lowered the rate for primary production land and introduced rebates for CFA and SES volunteers and life members. Led by the United Firefighters Union secretary Peter Marshall, many protesters rose at the crack of dawn and travelled from across the state to demand the levy be rescinded and a parliamentary inquiry into the policy. "It is so wrong that the government actually raise a tax in your good name because this is not about you, it's about retiring state debt," Mr Marshall said. The government had signalled a $600 million surplus in their 2025/26 budget, which the union secretary said was funded solely from the expanded tax. Farmer and CFA volunteer of 39 years Rob Armstrong said the government's plan was just plugging a hole it had created, warning of more serious protest measures. "If this government refuses to listen, we will stop the food from leaving the farms," Mr Armstrong told the crowd. "Meat, vegetables, cereals, grains, a week at first, and if you don't listen, we'll do it again. "Your food isn't grown in the supermarket. It's grown by us." Firefighter and union delegate Lachlan Butterfield said the state's fire service is in crisis and needs proper funding. "All they're doing is using our good name to redistribute funds off so they can use it elsewhere," he said. CFA volunteer and cattle farmer Lyn Burleigh got up at 5am to make the two-hour train trip into the CBD from Terip Terip in the state's high country. Ms Burleigh said the levy would devastate her community, impacting sporting clubs and community halls and result in an exodus of farmers who won't be able to sustain their operations. Opposition Leader Brad Battin says he will ditch the expanded levy if the coalition wins government at the 2026 election. "We will ensure that we cancel this tax and ensure our volunteers in the SES in the CFA and all other industries are supported," he said. But Premier Jacinta Allan defended the move, saying the state's emergency services are being asked more and more to go out and protect the community in some of the most difficult conditions. "They need additional support," she said on Tuesday. "We've taken that existing levy and expanded it to provide them with that additional support."
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Business Standard
29-04-2025
- Business
- Business Standard
Spotify Q2 profit forecast misses estimates as payroll taxes weigh down
Spotify forecast second-quarter profit below market estimates on Tuesday due to employee salary-related taxes, taking the shine off its strong subscriber growth and sending shares of the Swedish music-streaming giant down 7 per cent before the bell. The company's profitability is closely watched by investors looking for signs that it can bolster margins after years of prioritizing user growth. While cost-cutting initiatives and price increases have aided profits in recent quarters, its latest earnings took a hit from taxes tied to higher salaries and benefits that jumped sharply due to an increase in the company's stock price. Spotify recorded 76 million euros ($86.47 million) in such charges in the first quarter, offsetting lower marketing costs and weighing on its operating profit of 509 million euros, which was below the average analyst estimate of 518.2 million euros, according to data compiled by LSEG. Its second-quarter profit forecast of 539 million euros includes 18 million euros in payroll taxes, and was below estimates of 557.5 million euros. Still, strong subscriber growth showed that efforts to draw users with more video content and AI-powered services, including playlists generated with a simple written prompt, were working. Premium subscribers rose 12 per cent to 268 million in the first quarter, beating Visible Alpha estimates of 265.3 million. The company had 678 million monthly active users, above estimates of 671.9 million. "The underlying data at the moment is very healthy. The short term may bring some noise, but we remain confident in the long-term story," CEO Daniel Ek said. Spotify's shares have risen about 34 per cent so far this year. It expects monthly active users to rise to 689 million in the second quarter, compared with LSEG-compiled estimates of 684.9 million. Premium subscribers are expected to increase to 273 million, above Visible Alpha estimates of 271.5 million. First-quarter revenue rose 15 per cent to 4.19 billion euros, slightly below LSEG-compiled estimates of 4.20 billion euros.
CNA
29-04-2025
- Business
- CNA
Spotify profit takes hit from higher payroll taxes, shares drop
Spotify forecast second-quarter profit below market estimates on Tuesday due to employee salary-related taxes, taking the shine off its strong subscriber growth and sending shares of the Swedish music-streaming giant down 7 per cent before the bell. The company's profitability is closely watched by investors looking for signs that it can bolster margins after years of prioritizing user growth. While cost-cutting initiatives and price increases have aided profits in recent quarters, its latest earnings took a hit from taxes tied to higher salaries and benefits that jumped sharply due to an increase in the company's stock price. Spotify recorded 76 million euros ($86.47 million) in such charges in the first quarter, offsetting lower marketing costs and weighing on its operating profit of 509 million euros, which was below the average analyst estimate of 518.2 million euros, according to data compiled by LSEG. Its second-quarter profit forecast of 539 million euros includes 18 million euros in payroll taxes, and was above estimates of 518.2 million euros. Still, strong subscriber growth showed that efforts to draw users with more video content and AI-powered services, including playlists generated with a simple written prompt, were working. Premium subscribers rose 12 per cent to 268 million in the first quarter, beating Visible Alpha estimates of 265.3 million. The company had 678 million monthly active users, above estimates of 671.9 million. "The underlying data at the moment is very healthy. The short term may bring some noise, but we remain confident in the long-term story," CEO Daniel Ek said. Spotify's shares have risen about 34 per cent so far this year. It expects monthly active users to rise to 689 million in the second quarter, compared with LSEG-compiled estimates of 684.9 million. Premium subscribers are expected to increase to 273 million, above Visible Alpha estimates of 271.5 million. First-quarter revenue rose 15 per cent to 4.19 billion euros, slightly below LSEG-compiled estimates of 4.20 billion euros. Spotify forecast second-quarter revenue of 4.3 billion euros, in line with estimates.
