Australians earning under $126,000 a year are bracing for one of the largest tax hikes in history as the federal government’s low- and middle-income tax offset (LMITO) comes to an end in July this year. This means people taking home less than $126,000 (US$84,000) a year will be $1,500 (US$1,000) worse off, while those earning…
Low- to Middle-Income Australians to Feel the Pinch as Tax Offset Meets Its End
Australians Set to Work Longer and Earn Less in the Future: Productivity Commission
March 16, 2023
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AustraliaBusiness & Marketseconomic policiesInternationalJim Chalmerspersonal financeproductivityWorld
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Australians will need to improve productivity levels if better standards of living are to be achieved, says Federal Treasurer Jim Chalmers. The Labor treasurer predicts Australians will work two extra hours in the future while earning 40 percent less if the country fails to lift its game. In a speech to the Committee for Economic…
Redefining Capitalism: The Chalmers Prescription
March 16, 2023
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AustraliaAustralia renewablesBusiness & MarketscapitalismenergyJim ChalmersKarl MarxOpinionViewpointsWorld
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Commentary The Australian Federal Treasurer, Jim Chalmers, recently published a 6,000-word essay, entitled “Capitalism after the Crises.” In it, he argues that it is Australia’s mission “to redefine and reform our economy and institutions in ways that make our people and communities more resilient, and our society and democracy stronger as well.” He advocates for…
AUKUS Submarine Deal to Generate Thousands of Jobs in Australia
The newly revealed multi-billion dollar AUKUS submarine deal will generate thousands of jobs for the Australian economy in the coming decades as the government is expected to invest heavily in infrastructure and the workforce. On March 14, the Australian government announced that it was developing a plan to build up the industrial capacity, infrastructure, and…
Australian Tech Firms Face Difficulties Following Silicon Valley Bank’s Demise
The sudden collapse of Silicon Valley Bank (SVB) in the United States has spelt trouble for a number of Australian technology companies. While no significant losses were reported as the U.S. Federal Reserve stepped in to stabilise the banking system, the collapse caused some disruptions in business activities as many firms were temporarily unable to…
Labor’s Super Tax Will Capture 1 in 10 Australians in 30 Years, Treasure’s New Estimate Shows
Labor’s superannuation tax change would hit one in 10 Australians who are retiring in 30 years and will be calculated based on unrealised capital gain, the Finance Minister has revealed. The centre-left government previously described its decision to double the tax on super accounts over $3 million, from 15 percent to 30 percent, as a “modest”…
Labor’s $3 Million Super Threshold Could Affect Over 500,000 Australians: Liberal Senator
A Liberal senator has warned that Labor’s planned taxes on high superannuation balances could eventually impact over 500,000 Australians—a number impacting six times more individuals than what the government has claimed. Prime Minister Anthony Albanese this week unveiled his plan to double taxes on super accounts with more than $3 million (US$2.03 million) from 15…
Government Should Control Spending, Not Dip Into Our Retirement Nest Eggs
March 3, 2023
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anthony albaneseAustraliaBusiness & Marketseconomic policiesInternationalJim ChalmersOpinionpension fundpersonal financeSuperannuationViewpointsWorld
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Commentary The announcement by the federal government that it intends to change the tax structure on superannuation (pension funds) should be of concern to all Australians. Indeed, it should be concerning to all Australians as it is arguably retrospective. We are once again seeing a federal treasurer targeting a soft target (superannuation) in an attempt…
Softened Growth in December Quarter Sparks Concerns About Australia’s Economic Health
The drop in economic growth in the December 2022 quarter has raised concerns about Australia’s economic outlook as the country continues to struggle with high inflation and interest rate hikes. In the three months to December 2022, Australia’s GDP (gross domestic product) grew by 0.5 percent, taking the annual growth to 2.7 percent. The figure…
Australian Treasurer Walk Backs Comments Following PM Intervention
Australian Treasurer Jim Chalmers has admitted that he should have promised Australians that Labor had no plans to change or touch the Capital Gains Tax (CGT) exemption on the family home. The CGT is the tax paid when Australians sell their investments, such as stocks, bonds, or real estate. Homeowners in Australia, however, are exempted…
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