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Sky News AU
an hour ago
- Politics
- Sky News AU
WATCH LIVE: Prime Minister Anthony Albanese speaks to reporters in WA alongside Premier Roger Cook
Prime Minister Anthony Albanese is addressing media in Perth alongside Western Australia Premier Roger Cook and Transport Minister Catherine King. Join to watch live. The press conference comes after calls for Mr Albanese to scrap WA's sweetheart GST deal. Eastern state governments, including NSW, Victoria and Queensland have pushed for the Coalition-era deal to be revoked as it has been seen to unfairly favour WA.
Sky News AU
2 days ago
- Business
- Sky News AU
Labor's unrealised gains tax sparking 'real panic' for small businesses, Chartered Accountants ANZ's Tony Negline warns
There is a 'real panic' over Labor's plan to double the tax rate on super funds above $3 million and target unrealised capital gains, a leading self-managed super fund expert has declared. Join to watch the full interview on Business Weekend at 11am (AEST). Labor's plan to hit unrealised capital gains has sparked concerns amongst small business owners and farmers who hold assets in their SMSFs. If the change is legislated, they will be forced to pay 30 per cent tax on the assets' increase above the $3m threshold despite not reaping the paper gain from it. Chartered Accountants ANZ's super and financial services leader Tony Negline said 70 per cent of his company's members did not favour the policy, with many concerned about the taxing of unrealised gains. 'We think unrealised gains is a major issue,' Mr Negline said. 'It's a terrible issue for farmers because the value of farm properties, in some cases, is going up dramatically, but the increase in cash flow is not matching that. 'So they're then saying, 'How do I pay this tax bill?' 'Small businesses, such as farmers (or) any small business that has their commercial property in their self-managed fund, has got real concerns. 'One of our members described to me yesterday, in some cases, there's a real panic.' Alongside concerns from farmers and small businesses about the tax, others have warned this will hurt startups. Wilson Asset Management's founder Geoff Wilson said investment will tighten and move away from the high-risk sector. 'People will move away from taking risks. They'll restructure their investments. It could be more money into the family home or their children's homes or their primary place of residence or their grandchildren's homes," Mr Wilson told 'More money away from risk capital and supporting corporate Australia - small and medium-sized companies in corporate Australia. It's the lifeblood of Australia.' After Labor's sweeping election victory, the Albanese government now only needs the support of the Greens to get the super tax legislation through the Senate. The Greens called for the threshold to be lowered to $2m, but indexed over time. Labor has tried to get the legislation through the Senate multiple times, at one point attempting to link it with a bill which would have scrapped debit card surcharges and reduce surcharges on credit cards. However, it was opposed by Senators David Pocock and Jacqui Lambie, who joined forces with the Coalition to defeat the proposals.
Sky News AU
3 days ago
- Health
- Sky News AU
'Becoming the dominant strain': New sub variant of Covid-19 wreaking havoc as epidemiologist encourages vaccinations amid rising infections
A distinguished epidemiologist has issued a warning over a new strain of Covid-19 as infection rates in Australia continue to rise. Omicron strain subvariant NB.1.8.1 is spreading fast in Queensland, which has seen a sudden spike in the number of people infected with Covid-19. A report by Queensland Health said 671 people were diagnosed with the disease in the week ending May 25, which was an 18 per cent increase from the week prior. There had been 15,693 notified cases of Covid-19 in the state since the beginning of this year according to the report, meaning an average of over 100 new cases per day. There were 54 people in hospital with the disease in Queensland as of Sunday, and the health authority reported 3,388 hospitalised cases between January 1 and May 25. The strain is also the most dominant variant in wastewater samples taken in Perth, while it makes up less than 10 per cent of cases in South Australia, and more than 40 per cent in Victoria. Deakin University distinguished professor and chair in epidemiology Catherine Bennett said NB.1.81. is a sub-variant, related to the JN.1 family of variants and was first reported in January 2025. "It's quickly becoming the dominant strain in both northern and southern hemispheres and will be the variant responsible for our next wave that's on our doorstep," she told "The variant doesn't seem to cause more severe disease but it has a different combination of mutations on the spike protein that make it less recognisable to our immune system and is also better at latching onto receptors in our respiratory linings, making it more infectious. "So those two things together, better able to escape our immune response and more infectious, means will spread quickly and replace older variants." Professor Bennett said Covid vaccines will still be effective in protecting against "severe disease" as it still targets the JN.1 family of variants. She urged more vulnerable people to stay up to date with their vaccines to prevent serious illness. "People over 65 are encouraged to stay up to date with a booster each year, two if over 75, and now is the best time to have it if due as this will then have time to build protection at the start of this wave and provide some protection through the wave which usually lasts 6-8 weeks. People who are immunocompromised should also check their booster status," she said. "Because we had a quiet summer wave most other adults won't have had the same natural boosting as in previous years, so (they) might also want to consider having a booster if it's been a while since they had an infection. "(There's) a few nasty bugs around already with RSV rates in try rise and rhinovirus causing some nasty colds, so also time to be aware of our own symptoms and trying not to spread infections ourselves, whatever virus it is."
Sky News AU
4 days ago
- Business
- Sky News AU
Energy expert says gas price drop from Queensland exploration 'not guaranteed' as Anthony Albanese government looks to unlock east coast gas reserve
The development of an east coast gas reserve could be on Anthony Albanese government's agenda as a looming investigation is revealed, as an energy expert has warned a fresh move to explore gas opportunities in Queensland may not necessarily benefit the domestic supply. The Queensland government this week announced nine new areas, totalling about 16,000 square kilometres, will be available for gas exploration. Queensland Premier David Crisafulli claimed opening up the state for gas supply will put downward pressure on power prices. The state's Minister for Natural Resources David Last said only two of tenders will be left for domestic supply demands at this stage, leaving about 15,000 square kilometres of the total tendered area without domestic mandates and available for export. However, an energy expert has said though the state government's move may drive gas prices down, it is 'not guaranteed". Centre for Independent Studies director of energy research Aidan Morrison said it was 'critical' to determine whether more or less gas ends up being contracted for export than what the newly earmarked areas produced. 'If they develop more gas in Queensland, but sign contracts to export even more gas than what they can produce and use the domestic market to top up what they develop... that pushes up domestic prices, which flow through to electricity costs,' Mr Morrison told "However, there could be substantial downward pressure on prices even if some of the gas is exported, particularly if this export meets Santos' current shortfall in their own production. It all depends on the balance - ensuring more gas is produced than is contracted for export." It comes as Resources Minister Madeline King outlined a review of Australian domestic gas supplies that would soon get underway at a conference in Brisbane earlier this week. 'I will say publicly what I have said privately to industry – the review we are about the undertake is an opportunity to achieve important reforms in the national gas system,' Ms King said in her speech. Energy sector sources have now signalled they are getting ready for the federal government to launch a viability study into developing a gas reservation on the east coast, according to AFR. A spokesperson for the Resources Minister told the masthead 'the role of market bodies to ensure more gas is made available for Australians' will be looked at as part of the federal government's gas review. 'Queensland and Western Australia are our two biggest gas exporters and they both have state-based gas reservation schemes,' the spokesperson told AFR. 'Australia has a suite of mechanisms that ensure Australian homes and businesses have enough gas for heating, cooking and manufacturing.' Meanwhile, the federal Labor government has this week approved a bid to extend the life of Australia's largest gas plant until 2070. Environment Minister Murray Watt announced on Wednesday a proposed decision to approve pushing out Woodside's North West Shelf gas project from its original deadline of 2030.
Sky News AU
5 days ago
- Politics
- Sky News AU
King Frederick extends olive branch to his nephews after their royal titles were removed
Digital Reporter Reilly Sullivan has commented on Denmark's King Frederick's recent move to grant a special royal honour to his nephews. The Danish monarch awarded the Grand Cross of the Order of the Dannebrog to Count Nikolai and Count Felix of Monpezat, two years after they were stripped of their princely titles by their grandmother, former Queen Margrethe II, in January 2023. 'It was a very controversial decision, but it reflected what King Charles also seems to support — a more streamlined monarchy,' Mr Sullivan told Sky News Digital Presenter Gabriella Power. 'She took this action because the Danish royal family functions best when it remains small, and she felt it was becoming too extended with so many cousins and nephews. That decision did not go down well at all. 'Now, two years on, I think King Frederick is correcting that mistake. It's a smart and thoughtful move.'
