Latest news with #US-Australian
Sydney Morning Herald
4 days ago
- Business
- Sydney Morning Herald
The hidden nasty for Australian investors in Trump's ‘big, beautiful bill'
New York: A proposed new tax on foreigners buried in the 'big, beautiful bill' championed by US President Donald Trump has alarmed the Australian business community in New York, with multinationals, super funds and high-net-worth individuals all liable to be hit. Section 899 of Trump's key taxation bill, which has passed the US House of Representatives and now heads to the Senate, would impose 'increased rates of tax on foreign persons of discriminatory foreign countries', starting at 5 per cent and increasing annually to as high as 20 per cent. A number of Australian policies are considered unfair or discriminatory by the US government. The tax threat has unnerved Wall Street and rattled figures in the US-Australian business community, as well as at the highest levels of the Australian consulate in New York. American Australian Association president Steven Marshall said there was growing concern among Australian investors about the proposal, 'particularly its implications for cross-border investment and taxation'. But he noted the bill was not finalised. 'The full details and potential impact remain unclear. We'll have a better sense of the real consequences once the legislation progresses to the US Senate and more concrete provisions are released.' Michael Brown, a senior analyst at Melbourne-based broker Pepperstone, whose clients are largely Australian, said: 'If it ends up passing through the Senate and becoming law, it's going to be incredibly punitive to actually invest in the United States.' Brown said his firm had been flooded with inquiries from Australian and European clients about the proposed law, which escaped initial headlines about the 'big, beautiful bill' but has now become widely seen as a secret 'sting in the tail' of the legislation.
The Age
4 days ago
- Business
- The Age
The hidden nasty for Australian investors in Trump's ‘big, beautiful bill'
New York: A proposed new tax on foreigners buried in the 'big, beautiful bill' championed by US President Donald Trump has alarmed the Australian business community in New York, with multinationals, super funds and high-net-worth individuals all liable to be hit. Section 899 of Trump's key taxation bill, which has passed the US House of Representatives and now heads to the Senate, would impose 'increased rates of tax on foreign persons of discriminatory foreign countries', starting at 5 per cent and increasing annually to as high as 20 per cent. A number of Australian policies are considered unfair or discriminatory by the US government. The tax threat has unnerved Wall Street and rattled figures in the US-Australian business community, as well as at the highest levels of the Australian consulate in New York. American Australian Association president Steven Marshall said there was growing concern among Australian investors about the proposal, 'particularly its implications for cross-border investment and taxation'. But he noted the bill was not finalised. 'The full details and potential impact remain unclear. We'll have a better sense of the real consequences once the legislation progresses to the US Senate and more concrete provisions are released.' Michael Brown, a senior analyst at Melbourne-based broker Pepperstone, whose clients are largely Australian, said: 'If it ends up passing through the Senate and becoming law, it's going to be incredibly punitive to actually invest in the United States.' Brown said his firm had been flooded with inquiries from Australian and European clients about the proposed law, which escaped initial headlines about the 'big, beautiful bill' but has now become widely seen as a secret 'sting in the tail' of the legislation.
Sydney Morning Herald
5 days ago
- Science
- Sydney Morning Herald
When worlds collide
Award-winning historian Martin Thomas tells how the US-Australian scientific expedition team set out with fanfare in 1948 and how quickly the expedition turned toxic.
The Age
5 days ago
- Science
- The Age
When worlds collide
Award-winning historian Martin Thomas tells how the US-Australian scientific expedition team set out with fanfare in 1948 and how quickly the expedition turned toxic.
RNZ News
27-04-2025
- Politics
- RNZ News
Dutton names China as biggest threat to Australia's security as leaders faced off in fiery final debate
By political reporter Maani Truu , ABC Australia's opposition leader Peter Dutton. Photo: DAVID GRAY / AFP Australia's coalition leader Peter Dutton singled out China as the biggest threat to Australia's national security and pressed Prime Minister Anthony Albanese on whether Welcome to Country ceremonies were overdone in a fiery final leaders' debate. The leaders were also quizzed about the the economy, housing, Donald Trump and the cost of eggs on Sunday, with 60 undecided viewers selected by the Seven Network handing the win to Albanese less than a week out from election day. National security featured heavily in the hour-long debate - the fourth in this campaign - with Dutton citing intelligence and defence officials who he said are worried about China, the potential for conflict in our region and what that could mean for trade. Asked if he agreed with his opponent that China was the number one threat to Australia, the Labor leader swerved the question and instead said the global super power was "seeking to increase its influence". "But the relationship is complex as well, because China is our major trading partner," he added. When asked whether he would single out China directly as the biggest threat facing Australia, Albanese said: "I'm the prime minister of a country, and how you deal as prime minister is diplomatically and that is what we continue to do." Both leaders said they could trust US President Donald Trump to have Australia's back when it comes to national security. When asked the same question during a debate earlier in the campaign, Dutton responded that he had not met the president and therefore could not say. But on Sunday he offered a different answer, stating "we can trust whoever is in the Oval Office". "We respect the views of the American people and they've elected a president," he said. Both Dutton and Albanese noted there was strong support for the US-Australian alliance from both Republicans and Democrats. The prime minister said he begun his relationship with the president at "100 per cent trust", noting that they held different views on trade. That gave way to an awkward exchange when Albanese was asked if he had Trump's number and he responded that the pair texted but "he's not sure" the president has a phone. "We text each other, we do," he said. "But global leaders, you set up, there are people taking notes from either side, it's not something that's a casual relationship." Questioned again on whether that meant he did not have Trump's number, or if the president does not have a phone, the prime minister said "I don't know". "You don't have discussions with global leaders just over the phone," he said. The Coalition leader declared that a lot of Australians thought Welcome to Country ceremonies were "overdone", days after a prominent Neo-Nazi and others heckled an Indigenous elder as he delivered his address at an Anzac Day dawn ceremony. Both leaders condemned the action shortly after it occurred and reiterated their disproval during the debate, with Albanese describing it as an "act of cowardice". Asked whether he would continue to have Welcome to Country ceremonies, Dutton said they were a "respectful thing to do" for some events like the opening of parliament, which he suggested would continue. "But for the start of every meeting at work or the start of a football game, I think a lot of Australians think it's overdone, and it cheapens the significance of what it was meant to do," he said. "It divides the country, not dissimilar to what the prime minister did with the Voice." Coalition frontbencher Jacinta Nampijinpa Price has previously said she would review federal funding for Indigenous Welcome to Country ceremonies if her party is elected. Asked to respond, the prime minister said he believed the ceremonies were a "matter of respect" but that it was up to the host of the event whether they held one, declining to say whether he believed they were "overdone" when Dutton asked him directly. "People will have different views, and people are entitled to their views, but we have a great privilege, from my perspective, of sharing this continent with the oldest continuous culture on earth," Albanese said. Housing is one of the key issues at this election, with both major parties offering competing policies they say will make it easier for first-time buyers to enter the market. Early in the debate, both leaders were asked what the "Australian dream looks like today" for those trying to step onto the property ladder. "It looks like a nightmare," Dutton said, blaming Labor for high rents due to migration. Albanese said the issue had not only emerged over the last few years, naming supply as the number one issue to solve. The prime minister also said that changes to negative gearing, as Labor had previously proposed, were "off the table". "We moved on, because the key is supply, and that measure will not boost supply. So that is what we have been concentrating on," he said. A round of quick fire questions capped off the debate, with the two leaders asked to name the price of eggs and give their thoughts on Elon Musk. On the price of eggs, Dutton guessed about $4.20, which host Natalie Barr noted "might get you about half a dozen". Albanese said $7 "if you can find them", closer to the $8-something reality. They were also shown a photo of Elon Musk - the American billionaire behind the Trump administration's Department for Government Efficiency - and asked "what comes to mind". Both leaders were initially short and sharp. Albanese said "Tesla and a very rich man", while Dutton went with "evil genius". The exchange led to a question for the Coalition leader on whether he had distanced himself enough from President Trump. "I haven't sought to be anybody other than myself," Dutton said, calling out former prime minister John Howard as his political mentor. The prime minister interjected, questioning the parallels between some of the Coalition policies and Trump's agenda, leading to a heated back and forth over "government efficiency".
