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Sydney Morning Herald
21 hours ago
- Business
- Sydney Morning Herald
Australian superannuation: What does the average person with a $3 million total look like?
Of the 80,000 Australians with super balances eclipsing $3 million, about 55 per cent are male, one-quarter have at least one investment property and about a third are still earning wage or salary income, according to the association. Of those still working, most are in managerial or professional roles. Older Australians comprise an overwhelming majority of those with super balances above $3 million, with 65 per cent classed as retirees. About 90 per cent of those with super balances above that threshold are aged over 60 and just under half are aged over 70. While some individuals report little-to-no taxable income, the average taxable income of people with super balances over $3 million is $240,000 a year, while the median is $110,000 a year. These figures do not include income from superannuation in retirement phase, which can be withdrawn tax-free if an individual is aged over 60. About one in 20 reported income from farming or agricultural sources, but the Association of Superannuation Funds noted that often this was not the primary source of income, bringing into question claims that many farmers could be unfairly hit with unaffordable bills under the new super tax. National Farmers Federation president David Jochinke has taken aim at Labor's decision to tax unrealised capital gains, saying many farmers would not be able to pay the higher tax bill if the value of their land increased but their earnings did not, especially amid seasonal volatility. 'Taxing something that has only paper value, and no relation to your ability to pay that tax, is flawed,' he said previously. 'Farms will be sold and generations of farming discontinued purely on this decision.' But the data shows about 7 per cent of the Australians likely to be affected by the change – roughly 5600 people – live in rural areas, with only some of those ever having been involved in farming – and even fewer reporting self-managed super fund balances over $3 million. Most of those with more than $3 million in super live in affluent regions within the major capital cities, with very few in rural or remote areas. Areas with the highest shares of these people include the eastern suburbs, north shore and northern beaches in Sydney, inner areas of Melbourne and the Mornington Peninsula, and inner suburbs of Perth and Brisbane. The Association of Superannuation Funds also found there were significant numbers of these individuals in retirement areas such as the Gold Coast and the Sunshine Coast. Loading Meanwhile, areas with the lowest proportions of people with super balances over $3 million include rural Tasmania, the Hunter Valley, the Central West of NSW, Murray, outer south-west Sydney, Hume, Darling Downs, Darwin, Logan in Queensland, and Mandurah in Western Australia. Cut through the noise of federal politics with news, views and expert analysis. Subscribers can sign up to our weekly Inside Politics newsletter.
Sydney Morning Herald
5 days ago
- Politics
- Sydney Morning Herald
Listen: The opportunity Labor has not had this century and won't have again
Much has been said about Australia's standing on the world stage recently. Prime Minister Anthony Albanese, after all, walked a diplomatic tightrope with President Xi Jinping in China this week, while US President Donald Trump's shadow loomed from across the ocean. But next week will see a new term of federal parliament begin, with fresh faces and, hopefully, fresh ideas tackling our domestic issues. Speaking with Acting Federal Editor Nick Bonyhady in a new Inside Politics podcast episode, Nine's Chief Political Editor Charles Croucher delves into the rare opportunity that Labor hasn't had since before Kevin Rudd's first turn as leader. Click the player below to listen to the full episode, or read on for an edited extract of the conversation. Bonyhady: Albanese's trip to China wrapped up on Thursday. He's back in Australia today, Friday, and straight back into parliament next week. What does he face in that sitting period? The Coalition are trying to rebuild from an absolute walloping at the last election. Labor's got a remarkably large agenda. Can we expect to see them be more optimistic in that first sitting week? Croucher: Yeah, I would assume so. And I would assume there is a stability that this government has that no government's really had since probably John Howard. Loading Now, I was doing a talk with some year 5 kids doing government studies the other day. And one of them asked, 'What's been the one bit of policy we've got right?' And I was trying to think of something good for them. And it was really hard. And I realised that for their whole life, they've had this instability, right? We had Rudd, but Rudd came in with all this hope and promise, and then was hit with the [Global Financial Crisis]. And then Julia Gillard ... always had to look over her shoulder at Kevin Rudd. And then in comes Tony Abbott, and again, he had Malcolm Turnbull, Malcolm Turnbull had Tony Abbott, then he goes, Scott Morrison comes in. It was what the Betoota Advocate called the Nightwatchman, so he was just there for a short time. Then he wins the surprise election, all of a sudden, there's a mandate, but there's also COVID-19. And so that robs him of that opportunity. Anthony Albanese takes over, it's a slim majority, he's got inflation, he got hit with cost of living and the Voice.
The Age
5 days ago
- Politics
- The Age
Listen: The opportunity Labor has not had this century and won't have again
Much has been said about Australia's standing on the world stage recently. Prime Minister Anthony Albanese, after all, walked a diplomatic tightrope with President Xi Jinping in China this week, while US President Donald Trump's shadow loomed from across the ocean. But next week will see a new term of federal parliament begin, with fresh faces and, hopefully, fresh ideas tackling our domestic issues. Speaking with Acting Federal Editor Nick Bonyhady in a new Inside Politics podcast episode, Nine's Chief Political Editor Charles Croucher delves into the rare opportunity that Labor hasn't had since before Kevin Rudd's first turn as leader. Click the player below to listen to the full episode, or read on for an edited extract of the conversation. Bonyhady: Albanese's trip to China wrapped up on Thursday. He's back in Australia today, Friday, and straight back into parliament next week. What does he face in that sitting period? The Coalition are trying to rebuild from an absolute walloping at the last election. Labor's got a remarkably large agenda. Can we expect to see them be more optimistic in that first sitting week? Croucher: Yeah, I would assume so. And I would assume there is a stability that this government has that no government's really had since probably John Howard. Loading Now, I was doing a talk with some year 5 kids doing government studies the other day. And one of them asked, 'What's been the one bit of policy we've got right?' And I was trying to think of something good for them. And it was really hard. And I realised that for their whole life, they've had this instability, right? We had Rudd, but Rudd came in with all this hope and promise, and then was hit with the [Global Financial Crisis]. And then Julia Gillard ... always had to look over her shoulder at Kevin Rudd. And then in comes Tony Abbott, and again, he had Malcolm Turnbull, Malcolm Turnbull had Tony Abbott, then he goes, Scott Morrison comes in. It was what the Betoota Advocate called the Nightwatchman, so he was just there for a short time. Then he wins the surprise election, all of a sudden, there's a mandate, but there's also COVID-19. And so that robs him of that opportunity. Anthony Albanese takes over, it's a slim majority, he's got inflation, he got hit with cost of living and the Voice.
New York Post
10-07-2025
- Business
- New York Post
Adams positions himself as pro-education mayoral candidate, announcing $80M funding surge
Mayor Eric Adams is spotlighting his child care accomplishments, in an apparent attempt to position himself as the pro-education candidate ahead of the general election by revealing a new $10 million pilot program that would expand free child care to low-income families. Hizzoner touted his commitment to continuing former Mayor Bill de Blasio's legacy to bring free universal child care to New Yorkers with less cash to spare — as child care and education become central to the race to City Hall, 'For years, the cost of living has driven many New Yorkers out of the five boroughs, but our administration has been taking action because we understand the best way to make the American Dream a reality for New Yorkers is by making our city more affordable for working-class families,' Adams said. Advertisement 3 Adams was joined by Schools Chancellor Melissa Aviles-Ramos on Thursday to tout his recent childcare accomplishments. Paul Martinka The mayor — who's running for reelection as an Independent — drew special attention to a $10 million pilot program the city will begin rolling out in January of 2026 to expand access to infant and toddler care for kids up to 2 years old. The program will be free to low-income families throughout the city. 'This will be the beginning steps of ensuring universal child care for low-income families,' Adams said at a press conference Thursday. 'No one works harder for this city than parents who are attempting to raise their children under some difficult and economical challenges. And so we believe if we can continue to expand this universal child care for low-income families, it will send a clear, loud message that we are investing in these children at an early age.' Advertisement He also announced $70 million in funding to support pre-K special education students by increasing access to speech, occupational and physical therapy for preschoolers in need of such intervention. 'Far too often, universal pre-K wasn't fully universal, since it left out children with special needs. But our administration has changed that,' Adams said of the funding increase. Universal Pre and 3-K was the crown jewel of de Blasio's lefty administration and an initiative that Adams has consistently championed. During April's budget season, the unlikely pair joined forces to further highlight their accomplishments to the press. Advertisement In one cringe-worthy interview, though, de Blasio – who leans far more liberal than Adams – refused to endorse the current mayor for reelection on Dana Bash's CNN show Inside Politics. 'I don't have any intention to get involved in any way at this point, but I'm going to watch really closely,' said de Blasio, who still has yet to officially endorse in the NYC Mayor's race, though he's come to the defense of Democrat nominee Zohran Mamdani. 3 Adams has been positioning himself as the pro-childcare and education candidate since officially announcing his re-election. Bloomberg via Getty Images Mamdani, who won the Democratic primary by a landslide last month, recently told the New York Times, de Blasio was the best NYC mayor to ever have the job, despite his rather polarizing tenure. Advertisement The socialist hasn't made education a central platform of his campaign, but has promised to implement free childcare for New Yorkers 6 weeks to 5 years old, in line with Adams' plan – though he doesn't support full mayoral control of the school system, opting instead for co-governance. The Queens assemblyman also recently snagged a major endorsement from the city's teachers' union, the United Federation of Teachers, undermining Adams' position. 3 Paul Martinka The group applauded his pledge of 'revamping mayoral control [of schools] to give more say to educators and parents,' in a resolution recommending the endorsement. New York City currently has 71,349 Pre-K seats for all eligible 4-year-olds and 48,000 for eligible 3-year-olds.
New York Post
10-07-2025
- Politics
- New York Post
Bill Nye says US climate crisis is a reason deadly Texas floods were so destructive: ‘Exactly what was predicted'
Bill Nye 'The Science Guy' said Wednesday that fossil fuel companies and the U.S. Congress's neglect of the climate crisis are a big reason the flooding in central Texas was so destructive. During the latest episode of CNN's 'Inside Politics,' Nye argued that one of the main ways to prevent what host Dana Bash reported was an increasing frequency of 'once in 100-year' storms is to ban fossil fuels. Advertisement 'So, 'What are we going to do about it?' is the ancient question. And it would be to stop burning fossil fuels. When you're in a hole, stop digging, and so on,' he said. More than 100 people, including children and counselors at a girls' camp, were killed in central Texas in flash flooding that began last week. The National Weather Service (NWS) sent several flash flood warnings early Friday morning, followed by several flash flood emergency notices. Critics of President Donald Trump alleged that his federal staffing and budget cuts prevented the NWS from being adequately prepared for the disaster — an accusation that the White House and Trump allies have rejected. Advertisement 5 Fossil fuel companies and the U.S. Congress's neglect of the climate crisis are reasons the flooding in central Texas was so destructive, Bill Nye said. CNN 5 'So, 'What are we going to do about it?' is the ancient question. And it would be to stop burning fossil fuels. When you're in a hole, stop digging, and so on,' Nye said. CNN Other liberals have called out their own side for politicizing the tragedy and said NWS cuts weren't a factor. Nye blamed the government as well, saying that it has been convinced by fossil fuel companies to ignore climate change, which he believes has made these disasters worse. Advertisement 'But the fossil fuel industry has been very successful in getting organizations like the U.S. Congress to think that it's really not happening,' he said. 5 More than 100 people, including children and counselors at a girls' camp, were killed in central Texas in flash flooding that began last week. AP The media personality claimed earlier in the segment that, because of climate change, these natural disasters are going to keep happening. 'This is exactly what was predicted. It's very difficult to tie any one weather event to climate change. However, the warm weather events are actually easier to tie to climate change,' he said. 'But it will happen again, to your point.' Advertisement Follow The Post's coverage on the deadly Texas flooding Nye continued, noting that 'warning systems' to alert people about these disasters exist and can be implemented successfully. However, the real issue, he claimed, was getting the U.S. to take climate change seriously. Bash followed up by noting the Trump administration's efforts to eliminate cuts to fossil fuel production in the U.S., suggesting that this has contributed to the problem. 5 The National Weather Service (NWS) sent several flash flood warnings early Friday morning, followed by several flash flood emergency notices. AP 5 Damaged vehicles and debris are seen roped off near the banks of the Guadalupe River after flooding in Ingram, Texas, on July 4. AP Nye acknowledged her point and said the federal government needs to reverse course.' So, the opportunity still exists, but we do need to turn things around,' he declared.
