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Sky News AU
2 days ago
- Business
- Sky News AU
Tax on superannuation robs retirees of self-respect by turning them into wards of state, a ploy straight out of the socialist playbook
If you earn more than $350 a week and are not yet old enough for retirement, you are classified as a "taxable person" by the Australian government. The income tax the Australian Taxation Office claws from your pay packet provides services for non-taxable citizens, be they young, old, poor or infirm. The social compact, in which the nation insures its citizens against misfortune, works well as long as the number of net-contributors and net-recipients remains in balance. Yet the inescapable fact is that the number of taxpayers relative to the number of non-taxpayers will shrink over the next half century as Australians grow older and fewer future taxpayers are born. The old-age dependency ratio, which measures the number of people aged 65 and over for every 100 working-age people, is expected to increase from 26.6 per cent to 38.2 per cent by 2062. This explains why Jim Chalmers is looking to retirement savings rather than income, as he seeks ways to increase government revenue. The $4.4 trillion we have collectively invested in superannuation is too tempting to resist. The government's plan to extract money from superannuation savings by taxing unrealised gains on investments is partly born out of desperation and partly because taxing and spending are what socialist governments like to do. The $3 million threshold will fool few. The Treasurer's refusal to link it to inflation means it will eventually apply to most superannuation savers. Like all forms of taxation, it will transfer wealth from private citizens to the public purse, where it will be spent on the whim of politicians and bureaucrats rather than at the discretion of individuals. Taxing people's retirement savings is particularly egregious. Thrifty individuals who forgo spending during their working years to provide for the necessities of old age should be given every incentive to do so. Every self-funded retiree is one less recipient of public pensions. Those who accumulate enough capital are more likely to maintain their private health insurance payments and enjoy the added comforts of private aged care homes. A tax incentive for working-age individuals to save reduces the burden on future generations of taxpayers. When the government pockets that tax, it improves the books in the short term but creates a long-term public liability. The costs quickly add up. The nominal lifetime cost of paying the average pension is $430,000 for men and $550,000 for women. When you add to that the average cost of public health in retirement ($140,000 for men, $180,000 for women) and aged care, the case for allowing people to look after themselves becomes clear. Yet the explicit assumption in Treasury's forecasts is that an expanded welfare state will provide those things. Treasury's 2023 Intergenerational Report (IGR) frames the ageing population as an inevitable fiscal and economic burden — a "challenge" that will strain public finances, depress productivity, and expand the cost of government services. In the Treasury's perverse logic, the absence of tax on superannuation savings is branded as an expenditure. Yet, if we follow this twisted line of thinking and assume that refraining from taxing superannuation is a cost to the state, it must be set against the money the government will save on pension spending. As the report concedes, while the cost of public pensions is expected to increase by an average of 1.4 per cent of GDP in most OECD countries by the middle of the century, in Australia, it will decrease from 2.3 per cent of GDP in 2022-23 to two per cent in 2062-63. For this, we must thank the Hawke and Keating Labour governments, who had the foresight to use both carrots and sticks to encourage workers to save for retirement. Today, 44 per cent of retirees claim the full government pension, while 25 per cent are self-funded. By 2063, however, those figures are expected to be reversed, as 43 per cent of retirees will be fully self-funded, and only 21 per cent will rely on the state, according to the IGR forecast. The report misses a fundamental opportunity: to recognise older Australians not as dependants but as contributors. From the outset, the report assumes that an ageing population means fewer workers, slower economic growth, and ballooning government expenditure on health, aged care and pensions. It tells us, for example, that government payments for health, aged care, and the NDIS will rise from 6.2 per cent to 10.7 per cent of GDP over the next 40 years. It forecasts the need to double the size of the care workforce, funded primarily through public outlays. It fails to explore how those costs might be reduced, or at least better managed, with the right incentives to encourage personal responsibility. It ignores the potential for Australians of independent means to contribute more directly to their own health and aged care costs if given the freedom and incentive to do so. There is no meaningful discussion of co-contribution models, private health strategies, or reforms that might allow wealthier retirees to opt out of publicly funded care in favour of private arrangements. If government policy continues to penalise thrift and reward dependency, we should not be surprised that more Australians turn to the public purse. The government appears to accept the rise in state dependency as a given. The old are to be cared for, not empowered. Indeed, this will become a self-fulfilling prophecy if the government discourages people from saving for retirement. It presents us with a fatalistic vision of a dystopian welfare state, the kind of future Robert Menzies railed against in 1942 Forgotten People radio talk, a world in which an all-powerful State "will nurse us and rear us and maintain us and pension us and bury us". Menzies's objection to the dependency-driven welfare state was not primarily fiscal or even against the evils of big government. It was that it robbed individuals of the dignity that comes from paying their way in life and the freedom to strive for something better. 'If the motto is to be 'Eat, drink and be merry, for tomorrow you will die, and if it chances you don't die, the State will look after you; but if you don't eat, drink and be merry and save, we shall take your savings from you', then the whole business of life would become foundation-less,' he said. If today's Liberal leaders remain true to the principles of their intellectual founder, they will oppose Chalmers' superannuation tax unconditionally. Taxing paper profits that may never be realised is fundamentally unfair. Nick Cater is a senior fellow at Menzies Research Centre and a regular contributor to Sky News Australia
Irish Daily Mirror
5 days ago
- Sport
- Irish Daily Mirror
Emerald Warriors RFC win Union Cup becoming European Champions
Twenty years after the club competed in its first Union Cup in Montpellier, Ireland's oldest and leading LGBT+ rugby club, the Emerald Warriors stand out in Europe by winning the Union Cup. An incredible 130 people travelled to the International Gay Rugby (IGR) Union Cup, in Oslo, 29 May to 1 June, which spanned 45 teams from 10 countries. Green Captain Graham Flaherty said, 'Coming into the tournament we knew if we could play to our full potential we could go far in the competition. The team really rose to the occasion in Oslo and played some of the best rugby of our season particularly in the semi and final matches of the tournament which were held on the same day against tough French oppositions." He continued, "Our semi-final performance against Les Gaillards Paris was particularly pleasing and shows the progress the squad has made this season as Gaillards had knocked us out of the Bingham Cup in Rome at semi-final stages in 2024. Our opponents in the final, Los Valents de Montpelhièr were a very physical and powerful team but the whole squad brought an amazing passion and determination on the pitch raising their performance levels in defence and attack. 'Our match winning try came from a fantastic grubber kick down the wing by Gearóid Ó Cualain who chased and touched down to keep us ahead in the game ensuring we would lift the Union Cup. Winning our first IGR tournament is a massive milestone for the club and all of the players take a huge amount of pride in the teams performance. We will all cherish the special memories of lifting the Union Cup together.' Emerald Warriors President Richie Fagan said, 'This didn't happen overnight it was forged through years of commitment, resilience, and a shared love for the game. The Emerald Warriors Green Team's undefeated performance at Union Cup reflects how, as a club, we relentlessly pursue the twin goals of promoting inclusivity, and a high standard of rugby. Congratulations to Coach Shane Dunne, and the team on this incredible accomplishment. We are proud to represent Ireland internationally, as part of the largest ever contingent which included the Cork Hellhounds and the Belfast Azlans.' Richie added, 'The tournament also marked a milestone for our womens+ team, the Azures, who were Ireland's only womens+ team competing. Two years ago, we established the team in February 2023. With only a few weeks' training a dozen Azures joined the club to play what was for many their first rugby match at Union Cup, in Birmingham, in April. This year they competed in the Inaugural Emily Valentine Cup, named for Ireland's own first-recorded female rugby player. The 25-strong squad, guided by coaches Tabz Peterken and Max du Pradel, co-won the Emily Valentine Vase.' Azure Captain Marion Peltret said, 'Union Cup 2025 has been a very intense and important tournament for the Azure team. Two years ago, on our first ever IGR tournament we didn't have a full team and this year we landed in Oslo with a squad of 25 players. Some of them have been playing rugby for less than a year. International Gay Rugby tours are always special and it's been amazing to witness the growth of the team within only three days. 'The team had to fight against strong sides, the French Les Simones, Swedish Stockholm Beserkers, German/Austrian Flying Nuns, and German/Swedish Bruiserkers, and managed to secure the joint third place winning the Emily Valentine Vase. This trophy is a great achievement for such a young team. We were able to celebrate first tournaments participation, a first try, but mainly a genuine camaraderie between the women+ teams. We were the only Irish women+ team in Oslo and we are hoping to inspire others to follow our lead. Roll on Bingham 2026 in Australia!' Richie noted, 'All our teams put in inspirational performances, the Navy Team Captained by Allan Rowe had one of their best performances with wins against the London Stags, and Rugbi Paneteres Grogues Rugby from Barcelona. And not on did the Teal Team, Captained Paul Cashman, win the Alfheim Horn we showcased what a one-club ethos should look like with Azure players Hollie Kavanagh, Casey Schwarzkopf, Ciara Finlay, and Kim O'Neill, playing with the men when injuries left their team short. These fearless Azures embodied what it means to be a Warriors. 'The Azures also participated in the Trans Pride Match with, Orly Mahoney, Jensen Byrne and Lis Maloney, all putting incredible performances that reflected why rugby is a sport for all, that can improve lives by building confidence and community. 'I'm endlessly proud of what we achieved together and incredibly grateful to the coaching staff, captains, committee, team management, medics, physios, drivers, sub-committees, and our loyal sponsors, Bank of Ireland, The George, National environmental Services (NSS), Diageo Guinness, Meaghers Pharmacy, and Windsor Motors,' Richie concluded. The Emerald Warriors weren't the only Irish team to bring home silverware. The Cork Hellhounds clinched the Tier 3 league title (Bifrost Tier), while the Belfast Azlans secured the Vanaheim Bowl in the same division. All in all, it was an outstanding tournament for Irish rugby.
New Indian Express
5 days ago
- Business
- New Indian Express
Actor Jeetendra sells Andheri plot for Rs 855 crore to NTT Global Data Centers
Veteran Bollywood actor Jeetendra and his family-owned firms -- Pantheon Buildcon Private Limited and Tusshar Infra Developers Private Limited -- have sold a land parcel in Andheri, Mumbai, for Rs 855 crore, according to property registration documents reviewed by Square Yards on the website of the Inspector General of Registration (IGR). The transaction was registered in May 2025. The land parcel, along with the built-up area, was bought by NTT Global Data Centers & Cloud Infrastructure India Private Limited, formerly known as Netmagic IT Services Private Limited. NTT, a Japanese tech conglomerate, is India's largest data center provider and a prominent IT services company. It specializes in a range of services including public and private cloud solutions, hosting, data management, application development, threat monitoring, content delivery networks, and testing services and serves customers globally. According to property registration documents from the IGR, reviewed by Square Yards, the transaction comprised two contiguous land parcels spanning a total area of 9,664.68 sq. m. (~0.96 hectares or ~2.39 acres). The site currently houses Balaji IT Park, and includes three constructed buildings with a cumulative built-up area of 45,572.14 sq. m. (4,90,534 sq. ft.). The deal incurred a stamp duty of Rs. 8.69 crore and registration charges amounting to Rs. 30,000.
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Business Standard
5 days ago
- Business
- Business Standard
Rs 855 cr deal: Jeetendra Kapoor, family sell Balaji IT Park in Andheri
Veteran Bollywood actor Jeetendra Kapoor and his family-owned firms have sold a land parcel in Andheri, Mumbai, for Rs 855 crore, according to property registration documents reviewed by Square Yards on the website of Inspector General of Registration (IGR). The transaction was registered in May 2025. The sellers—Pantheon Buildcon Private Limited and Tusshar Infra Developers Private Limited—are firms owned by Jeetendra Kapoor and his family land parcel, along with the built-up area, was bought by NTT Global Data Centers & Cloud Infrastructure India, formerly known as Netmagic IT Services Private Limited. The company specializes in a range of services including public and private cloud solutions, hosting, data management, application development, threat monitoring, content delivery networks, and testing services and serves customers globally. According to property registration documents from the IGR, reviewed by Square Yards, the transaction comprised two contiguous land parcels spanning a total area of 0.96 hectares or 2.39 acres). The site currently houses Balaji IT Park, and includes three constructed buildings with a cumulative built-up area of 4,90,534 sq. ft. The deal incurred a stamp duty of Rs. 8.69 crore and registration charges amounting to Rs 30,000. Strategically positioned between Mumbai's prominent business districts and entertainment zones, Andheri boasts excellent connectivity through the Western Express Highway, Link Road, SV Road, and the Versova-Andheri-Ghatkopar Metro line. Over the years, Andheri has evolved into a dynamic commercial and residential destination, featuring a lively blend of modern office complexes, co-working spaces, upscale retail outlets, entertainment centres, and premium residential developments. Kapoor is a prominent figure in Hindi cinema, having acted in over 200 films across a career spanning more than six decades. His daughter, Ekta Kapoor, is a well-known producer and director in Hindi television and film, currently serving as Joint Managing Director and Creative Head of Balaji Telefilms Limited. His son, Tusshar Kapoor, is also active in the entertainment industry as an actor and producer.
Time of India
6 days ago
- Business
- Time of India
Jaideep Ahlawat and his wife Jyoti Hooda buy Rs 10 crore luxury apartment in Andheri West: Report
Bollywood actor Jaideep Ahlawat and his wife Jyoti Hooda have purchased a luxury apartment in Mumbai's upscale Andheri West locality for Rs 10 crore, as per official property registration documents reviewed by Square Yards. Located in the sought-after Poorna Apartments, the property offers a carpet area of 1,950 sq ft and a built-up area of 2,341 sq ft. The deal, registered on May 22, 2025, also includes four designated car parking spots — a premium amenity in the bustling suburb. According to data from the Inspector General of Registration (IGR), the transaction involved a stamp duty payment of Rs 60 lakh and registration charges of Rs 30,000. The actor was unavailable for a comment on this said report. Andheri West: A real estate hotspot Strategically located between Mumbai's key business and entertainment hubs, Andheri West has emerged as one of the city's most desirable neighbourhoods. With a mix of high-end residential complexes, modern offices, and entertainment centres, it continues to attract celebrities and professionals alike. Jaideep Ahlawat Unveils Dramatic Transformation: Drops 26 kg for New Movie Jaideep Ahlawat is a National School of Drama alumnus widely regarded for his intense and nuanced performances. He gained early recognition with films like Gangs of Wasseypur (2012), Raees (2017), and Raazi (2018), and earned critical acclaim for his lead role in the Amazon Prime Video series Paatal Lok (2020). Over the years, Ahlawat has established himself as one of the most versatile and respected actors in contemporary Hindi cinema. He was most recently seen in Jewel Thief alongside Saif Ali Khan , Kunal Kapoor and Nikita Dutta. Check out our list of the latest Hindi , English , Tamil , Telugu , Malayalam , and Kannada movies . Don't miss our picks for the best Hindi movies , best Tamil movies, and best Telugu films .
