Latest news with #DanielMulino
Sky News AU
19-05-2025
- Business
- Sky News AU
Assistant Treasurer Daniel Mulino defends super tax as ‘fair' despite exemption for some state politicians on old pension scheme
The Albanese government has declared its controversial superannuation tax is a matter of 'fairness', despite some state politicians being exempted from the policy. Sky News Sunday Agenda revealed that former state premiers and state parliamentarians on the old pension scheme will be exempt from the 30 per cent tax. Labor MPs have since told Sky News they have been receiving emails from constituents about the perceived unfairness in the tax. Assistant Treasurer Daniel Mulino told Sky News on Monday the decision to double the tax on super funds above $3 million was to make the system 'fairer'. 'At its heart, this is a tax about fairness. It's a tax that makes our super system fairer and more sustainable,' Mr Mulino said on Monday. It comes after the office of Treasurer Jim Chalmers confirmed that former state politicians on the old pension scheme would be constitutionally exempt. The loophole extends to members of staff of a governor of state, clerks of a house of parliament of state and judges and magistrates. In response, Trade Minister Don Farrell acknowledged the discrepancy but defended the broader principle. 'There are some constitutional issues that relate to how superannuation is dealt with by state governments,' Mr Farrell told Sky News. 'But rest assured that the people who are going to be making this decision will themselves be covered by this tax — if they get to that high level of super income.' Federal politicians, including Prime Minister Anthony Albanese and former opposition leader Peter Dutton will not be exempt. Despite the government's insistence that the measure is targeted and reasonable, it has drawn sharp criticism from the opposition. Shadow finance minister Jane Hume told Sky News the super tax had been 'bad (policy) from day one'. 'We've never had a tax of unrealised capital gains before. That's taxing profits before you've actually made profits,' she said. The government has not indexed the $3 million threshold, a point of contention among fund managers and economists. Treasury has estimated that around 10 per cent of taxpayers will exceed the cap within three decades if no changes are made. However, AMP Deputy Chief Economist Diana Mousina has forecast the average 22 year old will be hit by the tax by the time they retire. CPA Australia's Superannuation Lead, Richard Webb, called on policymakers to ensure the policy will be indexed to inflation. 'Bracket creep is already having a silent eroding effect on personal finances,' Mr Webb said in a statement. 'Allowing this further erosion of superannuation savings is contrary to the fundamental principles of our tax system.' The Assistant Treasurer said the policy would not be indexed but argued that future governments could revisit the future threshold in later years. The new tax, which comes into effect from July 1, will double the tax rate on earnings over $3 million from 15 per cent to 30 per cent. It has been forecast raise an additional $2.3 billion in 2027–28 and $40 billion over the next decade. flashpoint in Labor's claims to economic credibility — and fairness.
Daily Mail
14-05-2025
- Business
- Daily Mail
57 percent pay rise for politicians after Albanese win
By Published: | Updated: Australia's newest ministers are in for big pay rises following Labor's landslide election win - including some still aged in their thirties. Anthony Albanese is the highest paid around the Cabinet table at $607,516, followed by his deputy Richard Marles on $479,003 and Treasurer Jim Chalmers on $438,113, although these salaries are unchanged from their previous term. The biggest pay rises went to new Melbourne-based ministers elevated from the backbench on Tuesday when they were sworn in by Governor-General Sam Mostyn . These MPs have been promoted from the backbench to the outer ministry, increasing their base salaries by 57.5 per cent, from $233,660 to $368,015. Sam Rae (pictured left) at just 38 has been appointed the new Minister for Aged Care and Seniors, as a former Labor state secretary. He's joined in that salary jump by Daniel Mulino, an economist with a PhD from Yale, who has been appointed Assistant Treasurer; and Jess Walsh, a former union leader who now holds the Early Childhood Education portfolio. Two high-profile women have moved into the 23-member cabinet from the outer ministry - with their salary hiked from $368,015 to $403,064. They are Anne Aly (pictured left), a former academic and Perth-based MP, who now has the International Development, Multicultural Affairs and Small Business portfolios; plus former Brisbane-based lawyer Anika Wells, 39, who is moving into Cabinet with the Communications portfolio. Tim Ayres, a senator for NSW, got a 38 per cent pay rise and is the new Industry Innovation and Science Minister, earning $403,064 - up 38 per cent from his previous assistant minister job. New assistant ministers will earn a salary of $292,075. These include Rebecca White, the former Tasmanian Opposition Leader who is now the Assistant Minister for Health, Aged Care and Women. Also among their number are Andrew Charlton, an economist who moves from the backbench to become Cabinet Secretary and Assistant Minister for Science, Technology and the Digital Economy; Peter Khalil, the new Assistant Minister for Defence; and Josh Wilson, Assistant Minister for Climate Change and Energy. Senior ministers Tanya Pilbersek (now Social Services), Amanda Rishworth (Employment and Workplace Relations) and Michelle Rowland (Attorney-General) keep their $403,064 salary. The most senior ministers Penny Wong (pictured) (Foreign Affairs) and Jim Chalmers (Treasurer) earn $438,113 while Katy Gallagher (Finance) earns a little less at $408,905. Backbenchers get a base salary of $233,660. The Remuneration Tribunal determines the base pay of federal MPs every year, along with loadings for senior Cabinet ministers, junior ministers, assistant ministers and those who head parliamentary committees. New pay rises for all MPs come into effect in July, flowing through to backbenchers all the way up to the PM. But the loading formula for ministers remains the same, including those with extra duties managing government business in the Senate. Not everyone was a winner. Josh Burns, the Melbourne-based MP, was appointed a special envoy for social housing and homelessness - but unlike assistant ministers, doesn't get a 25 per cent loading on top of a backbencher's base salary of $233,660. And then the pay cuts... Former ministers suffered a 42 per cent pay cut, seeing their salaries fall from $403,064 down to $233,660. Former industry minister Ed Husic and attorney-general Mark Dreyfus will suffer big salary hits after Marles declined to use his clout as a Right faction leader to save them.
ABC News
12-05-2025
- Politics
- ABC News
Mark Dreyfus cabinet dumping 'gratuitous', says Ed Husic in new swipe at Labor
Attorney-general Mark Dreyfus was denied "dignity" in his "gratuitous" sacking from Labor's frontbench, a fellow victim of the factional carve-up says. Ed Husic took another swipe at his own party on the ABC's Q+A on Monday, after the Prime Minister announced a new-look ministry this afternoon. Mr Husic and Mr Dreyfus were both ousted from cabinet last week, elevating Victorian MPs Daniel Mulino and Sam Rae to balance the left and right factions in NSW. Mr Husic, the former industry and science minister, said he felt "particularly strongly about what happened" to Mr Dreyfus. "He should have been given dignity," he said. "There should have been some class extended to Mark. "I feel really bad for the way that he's gone. I think a lot of other people feel that way. "If people had … actually taken the time to have a yarn with him and talk it through, maybe (it would have been) a different outcome. Mr Husic said the way the frontbench is decided — faction bosses pick names while the Prime Minister allocates portfolios — "can moderate ambition" and "provide an orderly path for renewal", something he had benefited from in the past. But how that power was wielded over the last week will "repel people from the party". "I just don't think at the start of what was a great win, I just don't think we should have had the distraction." Mr Husic said he met with the Prime Minister today and told him he wants to continue to have a role in the government. Yesterday on the ABC's Insiders program, Mr Husic called out Deputy Prime Minister Richard Marles as a "factional assassin" and claimed his cabinet exit was in part the result of speaking out on the conflict in Gaza. On Q+A, Mr Husic said if Labor was embracing diversity in the party room it also had to embrace the diverse views those members bring. "You can't celebrate diversity and then just expect it to say nothing," he said. "There's no way in the world I could just sit and not say something." Greens Senator David Shoebridge rejected that their condemnation of Israel's assault on Gaza was behind the loss of three lower house seats in the election. He said, while there are diverse views in the community, the government should advocate for Palestinians. "I think we connected with millions of Australians who wanted our government to be doing everything they could to stop a genocide," he said. "If you take a political hit from some people … well, you take the political hit because you have to speak up." The panel was responding to one young Australian of Algerian descent, Maseenas Haddad, who questioned whether Islamic voices were being silenced in parliament in relation to the conflict in Gaza. "Who can we look up to, who reflects our beliefs and our values in terms of policy?" the 17-year-old Sydney high school student asked. Outgoing Liberal Senator Hollie Hughes said the war started with Hamas' attack on Israel on October 7 in 2023 and any debate had to acknowledge detained hostages and global impacts on the Jewish community. "The rise of antisemitism is outrageous and absolutely beyond acceptable behaviour," she said. Watch the full episode of Q+A on ABC iview. Want to join the Q+A audience? Register your details and we'll be in touch when we come to your town.
News.com.au
12-05-2025
- Business
- News.com.au
Anthony Albanese unveils new cabinet after factional fighting
Anthony Albanese has revealed the ministry for his government's second term, elevating backbenchers and moving an assistant minister into cabinet. Tim Ayres, who served as assistant minister for trade in the Albanese government's first term, was promoted to industry and science minister. But backbenchers Daniel Mulino, Jess Walsh and Sam Rae were the big winners. Mr Mulino was picked for assistant treasurer, succeeding retired MP Stephen Jones. The Italian-born Melbourne MP holds a PhD in economics from Yale University and was elected in 2019. Senator Walsh was given minister for early childhood education and youth, while Sam Rae was handed minister for aged care and seniors. The Prime Minister kept his most senior cabinet ministers in their roles, with Richard Marles continuing as defence minister, Penny Wong as foreign minister and Don Farrell as trade minister. The new ministry will be sworn in on Tuesday. The new picks came after fierce factional fighting booted Ed Husic and Mark Dreyfus from their portfolios.
AU Financial Review
09-05-2025
- Business
- AU Financial Review
PM calls for unity amid ministry dramas; Aly to be promoted
The country's first female Muslim MP Anne Aly will be elevated into cabinet while up-and-coming Victorian MP and economist Daniel Mulino is favourite to become assistant treasurer when Anthony Albanese unveils his new-look ministry on Monday. As the prime minister urged his triumphant colleagues to unify following a day of drama in which Mark Dreyfus and Ed Husic were dumped from cabinet by their Right faction, speculation abounded that NSW MP Tim Ayres would take Husic's industry and science portfolio.
