Latest news with #Bennelong
Daily Mail
27-05-2025
- Business
- Daily Mail
EXCLUSIVE Labor MP representing one of Australia's richest postcodes makes a surprising call on super tax
A federal MP representing one of Australia's richest electorates has admitted the government's plan to tax unrealised gains on super is 'complicated'. Jerome Laxale made history this month as the first ever Labor representative to be re-elected in Bennelong, covering Sydney 's lower north shore. He now has a safe seat, even with new boundaries east of the Lane Cove River, where Labor had never previously had a federal MP. His redrawn electorate now also includes Hunters Hill and Woolwich - double waterfront suburbs in the 2110 postcode, where the average taxable income of $215,456 is almost triple the national average of $72,327. These harbourside suburbs make up Australia's ninth richest postcode, making it much more likely to have residents with large superannuation balances in the millions. Laxale admitted Labor's plan for a new 15 per cent tax on the notional value of superannuation assets above a $3million threshold was complex. 'Yes, it is complicated but it is the simplest of the other alternatives,' he told Daily Mail Australia. 'The Treasury was tasked with finding a way to do it in a way that was simple and cost effective and this was the advice that they gave the Treasurer.' Under the Labor's tax division 296 plan, those with a self-managed super fund would be forced to sell assets like real estate or land to keep their retirement savings under $3million and avoid having to pay the hated tax on unrealised gains. Labor is also planning to double earnings taxes to 30 per cent for retirement savings above this threshold. Like Treasurer Jim Chalmers, Laxale has defended the government's plan to avoid indexing it for inflation, despite AMP modelling showing it will affect an average, 22-year-old worker now in four decades' time. 'I point to the tax tables which also aren't indexed and they move as well,' he said. 'A future government will move this if it's unindexed and that's a pretty regular occurrence in tax law in Australia.' Despite the Opposition opposing Labor's plan, Laxale claimed very few people had raised the issue as he campaigned for re-election, in a seat with new boundaries that were notionally Liberal heading into the May 3 election. 'It didn't come up much when it passed through the House of Representatives a couple of years ago - it's only come up a handful of times during the election,' he said. 'I think people see this as a modest change and one that will impact only half a per cent of Australians and people with over $3million in super. 'The facts are that the overwhelming majority of people in Bennelong have super balances under $3million and will not be affected, which is why it wasn't really raised that much with me.' In the 2110 postcode, covering Hunters Hill, the average super balance is $600,829, or more than triple Australia's average super balance of $164,126, tax office data shows. But this still well below the $1.027m average at Palm Beach, on Sydney's northern beaches, where the average taxable income is $216,262 in a Teal electorate. Labor estimates its plan will only affect 0.5 per cent of Australian or 80,000 people with no plans to index it for inflation. Australians had $4.2billion in superannuation at the end of last year but a quarter of that, or $1.1billion was in a self-managed super fund rather in than the usual industry or retail fund. Labor's is going ahead with its plan to tax those with high superannuation balances, even though it now represents more ultra-wealthy voters than the Liberal Party. Hunters Hill wasn't the only top 10 postcode for wealth in a Labor electorate with the ALP also representing Hawksburn in the former Green leader Adam Bandt's old seat of Melbourne, where the average super balance is $956,724 and $266,020 is the average, taxable income. The 3142 postcode is Australia's fourth richest, and also covers neighbouring Toorak, now in Teal MP Monique Ryan's redrawn Kooyong electorate. Teal MPs represent eight of Australia's 10 richest postcodes, and they have expressed concerns about taxing unrealised gains. Allegra Spender's Wentworth electorate in Sydney's east is home to five of Australia's richest postcodes, with the Liberal Party representing just one ultra-wealthy suburb, Portsea, in the seat of Flinders on the Mornington Peninsula south-east of Melbourne. Labor won 59.27 per cent of the two-party vote in Bennelong and overwhelmingly carried a landslide majority of the 63 booths in the electorate, including in the upmarket waterfront suburbs of Gladesville and Greenwich. 'It is historic being only the first Labor MP to hold on to Bennelong and to win those new areas,' Laxale said. 'It's something I won't take for granted - some people came up to me on election day saying this is the first time in their life they voted Labor and that's a huge responsibility for me. 'An overwhelming majority of Australians want people to govern from the centre and that was reflected in the vote. 'Our government offered policies and plans that resonated well with people in Bennelong regardless of their income.' The exceptions were one booth in Hunters Hill, where Liberal Party candidate Scott Yung had 56.78 per cent of the vote after preferences. The Liberal Party also carried three hospital booths, getting 61.49 per cent of the vote in one of them, suggesting highly-paid surgeons were less likely to vote Labor and may have had misgivings about the plan to increase taxes on large superannuation balances. Laxale claimed older voters, who are more likely to have big super balances, voted Labor because of its $16billion plan to cut student debt by 20 per cent or an average of $5,520 from their Higher Education Contribution Scheme liabilities. 'You've got a lot of older people who came to me on election day and said, 'What tipped me over the line was the 20 per cent reduction in HECS because I want my kids not to be burdened with this debt and to be able to get a start in life either for a place to rent or a place to live',' he said. Bennelong's longest-serving member, former Liberal prime minister John Howard, introduced new laws in 2006 enabling those over 60 to withdraw their super tax free during the retirement phase.
Daily Mail
20-05-2025
- Automotive
- Daily Mail
Sydney parking space smashes sales record as bidders go crazy for prime location
Six parking spaces in a carpark have sold for a mammoth $3.65million, smashing a previous sale record. The spaces were sold as a single lot underneath the 29-storey building known as The Quay on 2 Phillip Street, in Sydney 's CBD, last week. Each parking space was valued at around $608,000 with five bidders ultimately vying for the 85sq metre block. The most expensive single car space in the Harbour City had previously been set on Notts Avenue, in Bondi, when it sold for $304,7000 in January 2024. The car park fronts onto Circular Quay ferry terminals and the thoroughfare toward the Opera House. A budget of about $600,000 would purchase two-bedroom apartments in some of Australia's other capital cities, including Adelaide or Perth. Colliers advertised the 'premium car spaces' as an 'irreplaceable opportunity'. 'Ideal for nearby office and residential owners, corporate institutions, or savvy investors, this offering presents a rare chance to acquire valuable parking in the tightly held Sydney CBD market,' the listing read. Ninety-two prospective buyers inquired about the property, and 16 inspected the lot. It is understood most interested parties were affluent locals to the nearby Bennelong, Opera Quays and One Circular Quay apartments. Selling agent James Cowan said the bidding war surpassed his expectations. 'Being one of the most undersupplied and tightly held asset classes in the Sydney CBD, we knew competition was going to very high,' he told The spaces were offered with vacant possession and were dubbed the 'holy grail' of city parking by an industry insider.
Daily Mail
09-05-2025
- Business
- Daily Mail
The traditional Liberal Party heartland that has turned red
The Labor Party now has a safe seat on Sydney 's wealthy north shore for the first time ever. Areas east of the Lane Cove River had traditionally been Liberal Party heartland, producing conservative premiers and prime ministers. Until the May 3 election, Labor had never held a federal electorate in this rich part of Sydney, and it had been more than four decades since the ALP held any state seat on the north shore. But that has now all changed with Labor getting resoundingly re-elected in Bennelong, even with new boundaries covering Chatswood, Lane Cove and Greenwich. This saw Jerome Laxale defeat his Liberal opponent Scott Yung, 59 per cent to 41 per cent, after scoring a nine per cent swing in his favour after preferences. Labor now has constituents that had previously been represented by four Liberal Party leaders during the past three decades. Even more surprisingly, Labor convincingly won upmarket polling booths that had traditionally been Liberal Party strongholds, with the two-party ALP vote in these leafy areas with water views well above the national average of 54.8 per cent. A Chatswood booth, west of the Pacific Highway, delivered Labor a landslide 65.2 per cent to 34.8 per cent margin, with Mr Laxale getting 45.9 per cent of the primary vote. Greenwich on the Lane Cove River was even more enthusiastic about Labor, with this booth voting for the ALP with a 69 per cent to 31 per cent margin, with Mr Laxale getting almost half or 49.6 per cent of first-preference votes. Lane Cove was almost just as pro-Labor, with Mr Laxale having 67.4 per cent of of the vote, compared with just 32.6 per cent for the Liberal Party. This area is far from working class, with Lane Cove now having a median house price of $3.1million, which is more than double greater Sydney's $1.5million mid-point, CoreLogic data showed. Former Lane Cove mayor Andrew Zbik, who in 2017 became the area's first Labor representative since 1947 when he was elected to council, said the ALP was no longer regarded as socialist on Sydney's north shore. 'We've proven at a local level that we're not the extreme socialists that their grandparents affiliated the Labor Party as going back to the Cold War,' he told Daily Mail Australia. 'Labor was never a communist party but a lot of Liberal voters mistakenly thought that.' Mr Zbik, a financial planner, said Labor representation on the Lane Cove and Ryde council areas had helped turn traditionally Liberal Party areas red, boosting the political fortunes of Mr Laxale, a former Ryde mayor. Greenwich on the Lane Cove River was even more enthusiastic about Labor, with this booth voting for the ALP with a 69 per cent to 31 per cent margin, with Mr Laxale getting 49.6 per cent of first-preference votes 'We've definitely found at a local level, they're actually going, "You guys are quite sensible",' he said. 'I think that's where Jerome's built his profile as well - as local councillor, mayor, sensible, rational, makes good decisions; he's now the federal member for Bennelong. 'At the local level, we proved that you can trust voting Labor.' The lower north shore also has some of Australia's highest registration numbers for new Teslas. Mr Zbik said his council's embrace of charging stations for electric cars had proven popular with north shore voters, helping Labor win Bennelong as defeated Opposition Leader Peter Dutton pledged during the campaign to scrap EV tax breaks. 'Lane Cove council, about two years ago we had the most public charging infrastructure out of any council on the lower north shore,' he said. 'This is an area that government needs to help catch up on and very much an acute awareness that Australia is behind the world compared to Europe in particular on take-up of electric cars.' The abolition of the former Teal-held seat of North Sydney saw Bennelong redrawn to cover 1970s boundaries that were in place when future prime minister John Howard first ran as a federal Liberal candidate in 1974. The absence of a Teal candidate in Bennelong meant the left-wing vote went to Labor instead of the Liberal Party. 'I believe so and the minute the Liberals came out with a nuclear policy, my reading of that is they're not trying to win back these Teal seats,' Mr Zbik said. Until Labor's victory on Bennelong, on new boundaries, the Labor Party hadn't held a seat on Sydney's north shore at a state or federal level since 1981, after the ALP had won Willoughby for a term in 1978 during popular premier Neville Wran's landslide re-election. The federal seat of Bennelong overlaps with the Liberal state seat of Willoughby, previously held by former premier Gladys Berejiklian and Opposition Leader Peter Collins, and the state seat of Lane Cove, which Kerry Chikarovski held as state Liberal leader. With Mr Howard thrown in the mix, Labor now represents an area held by four Liberal Party leaders during the past three decades. While the betting markets had expected the Liberal Party to lose neighbouring Bradfield, Gisele Kapterian was leading her Teal opponent Nicolette Boele by 204 votes, having 50.1 per cent of the two-party vote on Thursday night.
Epoch Times
03-05-2025
- Politics
- Epoch Times
Centre-Left Labor Party Wins Australian Election, Opposition Leader Loses His Seat
In a result that mirrors that of the recent Canadian election, the Australian centre-right opposition has lost the election, and its leader, Peter Dutton, has lost his own seat. With over 80 percent of first preference votes counted, the Australian Labor Party (ALP), which had endured declining popularity over the last year, is leading in 77 electorates and narrowly ahead in another 4. The Liberal-National Coalition leads in just 29 and is running a close race in another 10. Independents are ahead in 9, and may take one more. For Australia, this will be the first time a prime minister has won a second term since 1998. All 150 seats in the House of Representatives were on the line, and 40 of 76 Senate seats. Widely predicted to be a tightly contested race, with cost-of-living pressures, affordable housing, and energy policy dominating the campaign, the ALP managed to turn around its fortunes in the last few months. Related Stories 5/3/2025 5/2/2025 The ALP is projected to win 86 seats in total, with 40 to the Coalition, 10 to independents, and none to the Greens. However, there's as yet no results from Western Australian (WA) seats as the polls closed later than on the east coast due to the time difference. However, WA at present is very much a red state and has re-elected a string of state ALP governments, so is likely to cement Labor's national victory. Australia is unique with its preferential voting system—different from a 'first past the post system'—where voters can pick multiple parties on the ballot paper, and these votes can be redistributed to other candidates. Further, the country has compulsory voting, which changes the nature of campaigning with a sizeable portion of voters often less engaged with politics. Labor Sweeps Marginal Seats Too Labor has also held every one of its marginals, while winning most of the marginal seats previously held by the Coalition: Deakin, Bennelong, Sturt, Bass, Banks, Leichhardt, and Petrie. The scale of the victory is illustrated by the seat of Bennelong, once a blue-ribbon Liberal stronghold represented by former Prime Minister John Howard, redistribution turned it into the most marginal of Labor seats, held until now by Jerome Laxale with a margin of just 0.04 percent. But Laxale recorded a huge swing of 10.3 percent against the Liberal Party's Scott Yung, turning blue to a deep red despite the Liberal Party pouring huge resources into trying to take the seat. It's also evident in Hughes, a seat the Labor Party hasn't held for almost 30 years. There, the ALP's David Moncrieff is expected to defeat the 8.9 percent margin of the Liberals' Jenny Ware. Such was the rejection of the opposition that in the traditionally conservative rural heartland seat of Calare, deserting his party and standing against them—often frowned upon by voters tired of internal politicking—didn't affect newly minted independent Andrew Gee. He managed to defeat his replacement as Nationals' candidate, Sam Farraway, with a 23.2 percent swing. Results of that magnitude are being repeated across the country, with a national swing toward the ALP of at least 4 percent. The only state in which the Coalition has done better than Labor is its stronghold of Queensland, where so far it's taken 14 seats to the ALP's 11. It's done particularly poorly in Victoria, winning just 6 to Labor's 22, a critical state where it hoped to pick up a few suburban seats. Opposition Leader Loses His Seat The most painful defeat of the Liberal-Nationals, though, must be Dutton's seat of Dickson, which has gone to the ALP's Ali France with a 9.3 percent swing. A situation mirrored in Canada with the defeat of Pierre Poilievre. Dutton was challenged by a concerted campaign from Labor, but also a Teal independent. With most people, including pollsters and politicians, predicting a close race, albeit with Labor slightly ahead and likely to form a minority government, the result was unexpected. While the final results will change once early votes and those from Western Australia are counted, it's clear Labor will have a majority in Parliament. Australia's Opposition Leader Peter Dutton stands with his family as he concedes defeat in the general election at the Liberal Party election night event in Brisbane, Australia, on May 3, 2025. Patrick Hamilton/AFP via Getty Images And if support for the party is reflected in voting for the Senate—the results of which may not be known for as long as a month from now—then it may not have to cut deals with independents and minor parties to pursue its legislative agenda. The Teal independents, backed by Climate 200, have held their seats, mostly with increased margins, but voters seem to have decided that the Greens aren't needed in the lower house, losing the seats of Griffith and Brisbane (where their sitting MP came third) though, as at the time of writing, ahead in their last remaining seat of Ryan against a 5.91 percent swing to Labor. The party may, however, retain its influence over Labor's direction if it can hold its 12 Senate seats. The Teals have been promoted as independent candidates to appeal to affluent, white-collar voters keen for more climate change action, and transparency in government. At the same time, their preferences will often flow to Labor as well. Meanwhile, the suburban independent Dai Le—a former Liberal candidate—appears to have held her seat of Fowler, which had a 1.1 percent margin, with a 0.3 percent swing. The Liberal Party, which is now faced with finding a new leader before Parliament resumes, faces the prospect of several terms in the political wilderness unless it can rebuild its structure and platform over the next three years and convince the electorate that it's a viable alternative government.
The Age
03-05-2025
- Politics
- The Age
Labor heartland vibes: Pale ale flows freely, bundle of nerves evaporate
Back in Hursltone Park, NSW senator Deb O'Neill was first in the room among Labor parliamentarians, well before the scale of the bloodbath had become clear. She was shortly followed by her Senate colleague, Tim Ayres, who was swiftly bowled up by Labor-aligned lobbyist Eamonn Fitzpatrick. By the time the victorious PM arrived shortly after 10pm, the mood was jubilant. Albanese was preceded by the arrival of Labor elder statesman and ex-treasurer Wayne Swan and campaign supremo Paul Erickson. Foreign Minister Penny Wong, a fan favourite among the rank and file, revved up the crowd before introducing the PM, shedding tears of joy and relief as Albanese began his victory speech. Bennelong x Brethren x Abbott Earlier in the day, embattled Liberal candidate Scott Yung tried to save a controversy-soaked campaign in John Howard 's old seat of Bennelong with the help of the Exclusive Brethren's hordes, and former PM Tony Abbott. Saturday night's results swiftly made it clear how much that backfired. Speaking to media in the morning, PM28 bemoaned the lack of sausage sizzle at Eastwood Public 'I felt like breakfast actually,' Abbott told our correspondent. As CBD reported, former Liberal leaders have kept a low profile through the campaign. Malcolm Turnbull is out of the country. Scott Morrison popped up for a spot of campaigning in the shire – because he's only allowed in safe seats. But even he didn't fumble the bag quite like Dutton. Moore support The AFL is traditionally avowedly apolitical. Given every single politician of every political stripe plays feverish fealty to the Australian Football League city state, why would it bother doing anything else? So it was exciting to see Collingwood captain Darcy Moore come out and declare political support for an election candidate on Friday. No matter that the said candidate was hundreds of kilometres from Moore's inner Melbourne electorate. The candidate bestowed with the Moore seal of approval was none other than Alex Dyson, the former Triple J announcer turned teal independent candidate standing in the Victorian Surf Coast seat of Wannon, hoping to wrest it from Liberal Dan Tehan. Over a pic of Dyson and Moore at a music event, Moore wrote on Instagram: 'Big week for the DJ duo. One back on the MCG and one getting elected to the FEDERAL PARLIAMENT!!! @aedyson bring it home.' Moore also tagged Collingwood Football Club in his post, which surely didn't appreciate it. The club was traditionally an old Labor working-class stronghold. Late on Saturday night, Dyson's chances of securing the seat from Tehan – the third time he has tried – were looking shaky. Camera shy Spotted: The Melbourne lord mayor sporting not the mayoral robes but a red Labor T-shirt at Bell Primary School, dutifully handing out for Labor MP Ged Kearney. Beyond the boundary of the City of Melbourne local government area in the federal electorate of Cooper, the LM is just plain old Nick Reece to you and I. When approached for a photo and on-the-record comment, Reece was uncharacteristically demure. The lord mayor declining publicity? Must be a first. Now you see it This unexpected political poster was spotted by Age photographer Jason South at Balwyn Primary School in Kooyong, held by teal independent Monique Ryan. It is the work of Hothouse Magazine, which the ABC reports has spent at least $400,000 this year, mainly attacking the Coalition. It has also runs ads in this masthead. The Liberal Party takes a dim view of Hothouse and has accused it of being a 'cashed-up activist group' that poses as a news outlet. The poster was authorised by one Matt Bray, the Hothouse 'chief editor', whom the ABC reports has a background in arts and activism. CBD quiz time Is it a meme? Is it a piece of abstract art? No, it is actually Opposition Leader Peter Dutton at a polling booth at Albany Creek State School on Election Day, caught in the moment by the incomparable James Brickwood. Beagling to the polling booth Simon Holmes à Court, the financial engine behind the teal movement, was perfectly accessorised for a trip to his local polling booth in the teal stronghold of Kooyong on Saturday, with Kingston – his nine-year-old Beaglier dog – who was sporting a natty bandana featuring teal MP Monique Ryan. Holmes à Court has lived in Hawthorn for more than 20 years and is the convener of Climate 200, which is contributing financial backing to many teals. Fascinatingly, he used to be a member of Kooyong 200, former Liberal MP Josh Frydenberg's fundraising vehicle, before he was ousted after a falling out over fossil fuel power stations, one of the most consequential beefs in political history. Holmes à Court, son of Australia's first billionaire Robert Holmes à Court, would not be drawn about how the teal army was faring, but was happy to discuss Kingston's fashion choices. The bandana is actually a vintage piece circa 2022, recycled from old campaign T-shirts and refashioned. Peak teal. A taste for it One of the more surprising federal election candidates was former AFL star Anthony 'Kouta' Koutoufides, who stood in the seat of Melbourne, held by Greens leader Adam Bandt. CBD's operative found him handing out flyers outside St Ignatius Church Hall in the inner-eastern suburb of Richmond. Kouta got a taste for politics last year when he ran for the lord mayor of Melbourne and made finals, coming fourth. 'I think I ran a really good campaign my first time ever going into politics,' he says. 'I believe I can help … a lot of businesses are struggling and safety and cost-of-living are a problem.' While Kouta is in it to win it (what former sports star wouldn't be?) some political observers think that his major contribution in the seat will be as a preference funnel for the Liberal candidate Stephanie Hunt, whose dad Malcolm was spotted dutifully handing out Liberal flyers over the river at the South Yarra Library. Koutoufides told us he didn't think much about the preference strategy as he left it to his team. Well, he did used to play for that bastion of business and the Liberal Party, Carlton. A passing young man yells 'you've got my vote, Kouta!' , much to Koutoufides' delight. In fact, so delighted was Kouta that hours later he was again spotted, still at the same voting centre. Not exactly adequate ground game, we think. Laurie sounds off There was a time when former Nine news political editor Laurie Oakes could move the national political dial, having once been in receipt of crucial details of the federal budget before it was announced to the nation. Oakes retired in 2017 and has been content to stay out of political coverage, save for some Statler and Waldorf style harrumphs from the sidelines.
