Latest news with #SMH
9 News
19 hours ago
- Business
- 9 News
Surprising number of Aussies back proposed super tax hike
Your web browser is no longer supported. To improve your experience update it here Higher taxes tend to be about as welcome as a flat tyre but it appears Australians actually aren't too fussed about one that's heading their way. That will effectively see earnings on accounts with a balance of more than $3 million taxed at 30 per cent, instead of 15. A new poll suggests only a small number of Australians oppose the government's proposed tax increase for earnings on superannuation balances above $3 million. (Dion Georgopoulos/SMH) The government took the policy to the May election, which it won in a historic landslide, and has been at pains to point out it will affect just the wealthiest 0.5 per cent of people with a super account – about 80,000 in total. At the same time, it is forecast to generate $2 billion in revenue for the federal budget in its first year alone. It seems the government's message has got through, with a new survey from trading and investment platforms eToro and Spaceship finding a clear majority of Australians aren't opposed to the tax increase. The survey of 1000 people with superannuation accounts found 45 per cent supported the policy and 29 per cent were neutral on the issue. The government has been at pains to stress the small proportion of Australians who will be affected by the change. (Getty) Just 26 per cent of respondents said they opposed the proposal. Unsurprisingly, given they are the cohort who are more likely to have more than $3 million in super – and also more likely to be drawing on their super balances – people aged 60-65 were most opposed to the new tax, with 37 per cent saying they were against it. However, 47 per cent of Baby Boomers said they supported it, with just 16 per cent of the oldest cohort undecided on the issue. The proposal enjoyed the highest level of support from Gen Z, with 48 per cent of 18-27-year-olds saying they backed the tax while just 16 per cent opposed it. "It's notable that a significant portion of Australians either support the measure or remain neutral," eToro managing director Robert Francis said. "This suggests a broad recognition of the need for tax reform, particularly around high super balances. "For younger Australians who are more in support of this change, the tax may be seen as a step towards greater equity in the retirement system, while older Australians, especially those nearing or in retirement, are more likely to view it as a potential threat to their savings." While the government comfortably has the numbers to get the tax through the House of Representatives, it requires the support of either the Greens or opposition to pass the Senate and have it become law. CONTACT US
9 News
5 days ago
- Business
- 9 News
The crucial factor that could soon cost every Aussie $14,000 a year
Your web browser is no longer supported. To improve your experience update it here Productivity: it's the crucial economic principle that has helped propel Australians into some of the best living standards in the world. But even as politicians and economists discuss it more and more, ahead of the federal government's crucial upcoming roundtable, it's something that many people still don't quite understand. So what actually is productivity, and why are experts so concerned with it at the moment? This is what you need to know. Productivity has driven the massive improvement in Australian living standards since mid-last century. (Edwina Pickles/SMH) Think of productivity as working smarter, not harder. Economically speaking, productivity is the amount of output you get from a set of inputs. Inputs are things like labour – often measured as the number of employees or number of hours worked – and capital, while output is the amount of goods and services produced. For a basic example, let's say a fast food outlet employs five staff, who work a combined 200 hours per week, and produces 5000 burgers over the course of that week. Its productivity would be 25 burgers per hour worked. So, put super simply, productivity is how much stuff you get from a set amount of effort. Productivity growth has been slowing in Australia and most other advanced economies. (Louie Douvis/AFR) Productivity itself isn't falling, but productivity growth is most certainly on the decline in Australia. The Australian Bureau of Statistics' (ABS) main, top-line measure of productivity growth has fallen substantially in recent years. In 2022-23, the 20-year average annual growth rate had fallen to 0.9 per cent, down from 1.2 per cent the year before and just half of the 1.8 per cent it was in 2003-04. It's important to note this problem isn't unique to Australia; just about every developed country is experiencing slowing productivity. Improved productivity is responsible for Australians' improved living standards. It leads to higher wages, more (and cheaper and better-quality) goods and services available, bigger profits for businesses, and overall economic growth. It also even paves the way for more leisure time; according to the Productivity Commission, the average Australian now spends five fewer hours at work every week than in 1960 due to better productivity. But if growth continues to slow, it puts all those benefits at risk. Improved productivity has allowed companies to produce more goods that are both cheaper and better quality. (Getty) To put a dollar figure on it, the Productivity Commission estimates that full-time workers will be $14,000 a year worse off by 2035 if Australia can't rediscover its previous growth and instead continues on its current trend. "The implications of that, I think, are already being felt," RBA Governor Michele Bullock said on August 12. "Real wages are not rising by very much, because that's the implication of slow productivity growth is that real wages can't grow as quickly. "If we can get productivity growth up, that will allow for more growth in real wages, which is ultimately good for Australians." Artificial intelligence has been touted as a potential productivity gamechanger. (Getty) While economists have been discussing productivity for decades – the Productivity Commission was established in the late '90s – a few developments have thrust it very firmly into the public eye. That came a week out from the federal government's productivity roundtable (officially the Economic Reform Roundtable), which was announced by Prime Minister Anthony Albanese in June. RBA Governor Michelle Bullock has warned Australians are already feeling the pinch of slowing productivity growth. (Dominic Lorrimer) The roundtable, to be held from August 19-21 in Canberra, will be a three-day discussion involving business and union leaders about how to address stagnating productivity growth. Many of the ideas put forward ahead of the summit have focused on tax (although AI, regulation, and even a four-day working week have also been discussed), following these comments made by Treasurer Jim Chalmers in June. "No sensible progress can be made on productivity, resilience or budget sustainability without proper consideration of more tax reform," he told the National Press Club. "I don't just accept that, I welcome it. Tax is one of many ways our three primary economic challenges are related." Treasurer Jim Chalmers flagged the economic roundtable could lead to tax reform. (Rohan Thomson/AFR) That's the trillion-dollar question. Albanese has been giving mixed messages, at one point ruling out any new tax reform ("the only tax policy that we're implementing is the one that we took to the election") and reminding everyone that he and his ministers get final say on any productivity solutions ("governments make government policy"). But the prime minister has also welcomed the glut of proposals he and Chalmers have been presented with, and has insisted he's "up for big reform" – although it might be something he takes to the next election in 2028. "We're up for discussion, and one of the things I said very clearly was we weren't going to get into the rule-in, rule-out game," he told ABC radio. "We have a big agenda. We were elected with a clear mandate on May 3. That's our priority, delivering on that. "But we're also up for ideas and we're up for things that can be done immediately. If they will improve the economy, then of course we'll give it consideration." Anthony Albanese has ruled out any new tax reform but at the same time said he's open to big ideas. (James Brickwood) Respected economist Richard Holden, who along with independent MP Kate Chaney proposed a revised GST model for the roundtable , said it was crucial that proper reform does come out of the summit. "That's the question: is the upcoming August 19 roundtable going to be a moment for genuinely thinking about bold ideas?" he said. "Or is it going to be another one of these pro-forma... we have three days, we'll put out a press release and we go back to normal? "I hope it's the former." CONTACT US Property News: Rubbish-strewn house overtaken by mould asks $1.2 million.
Daily Maverick
11-08-2025
- Politics
- Daily Maverick
Australia plans to recognise Palestinian state within days, Sydney Morning Herald reports
Prime Minister Anthony Albanese could sign off on the move within days after a regular cabinet meeting on Monday, the SMH reported, citing unidentified sources. Albanese's office did not immediately respond to a request seeking comment. France and Canada last month said they planned to recognise a Palestinian state, while Britain has said it would follow suit unless Israel addresses the humanitarian crisis in the Palestinian territories and reaches a ceasefire. Israel has condemned decisions by countries to support a Palestinian state, saying it will reward Hamas, the militant group that governs Gaza. Netanyahu told reporters on Sunday that most Israeli citizens were against establishing a Palestinian state as they thought that would bring war and not peace, even as thousands of protesters flooded the streets of Tel Aviv, opposing his plan to escalate the nearly two-year war and seize Gaza City. 'To have European countries and Australia march into that rabbit hole just like that, fall right into it … this is disappointing and I think it's actually shameful but it's not going to change our position,' Netanyahu said. Albanese has been calling for a two-state solution, with his centre-left government supporting Israel's right to exist within secure borders and Palestinians' right to their own state. 'I've said it's a matter of when, not if,' Albanese told reporters on Saturday in New Zealand on his government's stance on a Palestinian state. 'For a long period of time, there's been a bipartisan position in Australia of support for two states.
Japan Today
11-08-2025
- Politics
- Japan Today
Australia plans to recognize Palestinian state within days: report
FILE PHOTO: Palestinians carry aid supplies they collected from trucks that entered Gaza through Israel, in Beit Lahia, in the northern Gaza Strip August 10, 2025. REUTERS/Dawoud Abu Alkas/File Photo Australia plans to recognize a Palestinian state soon following similar moves by France, Britain and Canada, the Sydney Morning Herald reported. Prime Minister Anthony Albanese could sign off on the move within days after a regular cabinet meeting on Monday, the SMH reported, citing unidentified sources. Albanese's office did not immediately respond to a request seeking comment. France and Canada last month said they planned to recognize a Palestinian state, while Britain has said it would follow suit unless Israel addresses the humanitarian crisis in the Palestinian territories and reaches a ceasefire. Israel has condemned decisions by countries to support a Palestinian state, saying it will reward Hamas, the militant group that governs Gaza. Netanyahu told reporters on Sunday that most Israeli citizens were against establishing a Palestinian state as they thought that would bring war and not peace, even as thousands of protesters flooded the streets of Tel Aviv, opposing his plan to escalate the nearly two-year war and seize Gaza City. "To have European countries and Australia march into that rabbit hole just like that, fall right into it ... this is disappointing and I think it's actually shameful but it's not going to change our position," Netanyahu said. Albanese has been calling for a two-state solution, with his centre-left government supporting Israel's right to exist within secure borders and Palestinians' right to their own state. "I've said it's a matter of when, not if," Albanese told reporters on Saturday in New Zealand on his government's stance on a Palestinian state. "For a long period of time, there's been a bipartisan position in Australia of support for two states." © Thomson Reuters 2025.
Hindustan Times
11-08-2025
- Politics
- Hindustan Times
Australia plans to recognise Palestinian state within days, in line with France, Britain and Canada: Report
Australia plans to recognise a Palestinian state as early as Monday following similar moves by France, Britain and Canada, the Sydney Morning Herald reported. Displaced Palestinians travel on carts and vehicles through a makeshift camp along the beach in Gaza City, Sunday, Aug. 10, 2025. (AP) Prime Minister Anthony Albanese could sign off on the move within days after a regular cabinet meeting on Monday, the SMH reported, citing unidentified sources. Albanese's office did not immediately respond to a request seeking comment. France and Canada last month said they planned to recognise a Palestinian state, while Britain has said it would follow suit unless Israel addresses the humanitarian crisis in the Palestinian territories and reaches a ceasefire. Israel has condemned decisions by countries to support a Palestinian state, saying it will reward Hamas, the militant group that governs Gaza. Netanyahu told reporters on Sunday that most Israeli citizens were against establishing a Palestinian state as they thought that would bring war and not peace, even as thousands of protesters flooded the streets of Tel Aviv, opposing his plan to escalate the nearly two-year war and seize Gaza City. "To have European countries and Australia march into that rabbit hole just like that, fall right into it ... this is disappointing and I think it's actually shameful but it's not going to change our position," Netanyahu said. Albanese has been calling for a two-state solution, with his centre-left government supporting Israel's right to exist within secure borders and Palestinians' right to their own state. "I've said it's a matter of when, not if," Albanese told reporters on Saturday in New Zealand on his government's stance on a Palestinian state. "For a long period of time, there's been a bipartisan position in Australia of support for two states."
