A Chinese-backed company’s attempt to increase its stake in a strategically vital rare earth producer has been blocked by the federal government. Yuxiao Fund, a Singapore-registered company, sought to increase its ownership in Northern Minerals from 9.9 percent to 19.9 percent but the move was stopped by Australian Treasurer Jim Chalmers, who signed a prevention…
Australian Treasurer Blocks Chinese Investment in Strategic Rare Earth Producer
February 28, 2023
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AustraliaBusiness & MarketsChinaChina-Australia RelationsChinese investmentcritical mineralsenergyFIRBInternationalInternational RelationsJim ChalmersPeter DuttonWorld
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Tax Rates Doubled for Pension Fund Accounts With Over $3 Million
February 28, 2023
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anthony albaneseAustraliaBusiness & Marketseconomic policiesInternationalJim Chalmerspension fundspersonal financeSuperannuationWorld
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Australians with more than $3 million (US$2.02 million) stowed away in their pension funds (superannuation) will see tax breaks reduced for money over that benchmark under a new Labor government policy announced on Feb. 28. Prime Minister Anthony Albanese and Treasurer Jim Chalmers say the move will affect 0.5 percent of the population—around 80,000 individuals—while…
Think Twice Before Tinkering With Peoples’ Retirement Savings
February 26, 2023
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AustraliaBusiness & Marketseconomic policiesInternationalJim ChalmersOpinionSuperannuationViewpointsWorld
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Commentary Honey pots attract bees as well as wasps. So it would seem the $3.3 trillion (US$2.3 trillion) sitting in various super funds for the retirement benefit of Australian workers attracts interested parties. Such a huge sum of money can be very influential. Those administering such eye-watering amounts have a huge impact on investment for…
Opposition Warns Australian Self-Funded Retirees Over Labor Superannuation Plan
February 23, 2023
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anthony albaneseAustraliaBusiness & MarketseconomicseconomyJim Chalmerspersonal financePeter DuttonSuperannuationWorld
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Australian opposition leader Peter Dutton has warned that any plans by Labor to raise superannuation tax would be “detrimental” to Australians’ retirement plans. The comment comes after Treasurer Jim Chalmers hinted at a cap on super balances over $3 million in the May budget, saying it will make super concessions more “affordable and sustainable.” If…
Consumers Fret Over Interest Rate Hikes
The latest interest rate hike has shaken consumers as businesses report a strong start to the year. Weekly and monthly consumer confidence surveys capture the February rate hike dragging confidence towards lows last seen in the early days of the pandemic. The monthly consumer sentiment survey from Westpac and Melbourne Institute revealed a 6.9 percent…
Greens Call on Australian Government to Stop Interest Rate Hikes
The Greens Party has called on the Australian government to stop the central bank from raising interest rates further. On Feb. 7, the Reserve Bank of Australia (RBA) announced the ninth consecutive interest rate hike, taking the official cash rate to 3.35 percent from the previous 3.1 percent. This marks the new record for Australia’s…
Treasurer Welcomes Renewal of Australia’s AAA Credit Rating Amid Challenging Economic Conditions
Australian Treasurer Jim Chalmers has said that the renewal of Australia’s AAA credit rating by rating agency Standard and Poor’s (S&P) proves the effectiveness of the Albanese government’s “responsible economic management” in the previous year. On Jan. 30, S&P Global announced that Australia had retained its AAA credit rating while expecting the country to avoid…
New Australian Inflation Figures Reinforce Expectations of More Interest Rate Hikes in 2023
The Australian economy is likely to face another interest rate increase in February and the following months as the higher-than-expected inflation figures raise the possibility of the central bank taking further action. The latest Australian Bureau of Statistics data reveals that the annual inflation rate reached 7.8 percent in the 2022 December quarter, up from…
Australian Treasurer Hopes Inflation Situation Will Ease in 2023
Australian Treasurer Jim Chalmers is hoping that inflation will lose steam in 2023 after reaching its peak in the December quarter of 2022. Ahead of the release of the December quarterly inflation figures, the treasurer said he hoped to see a drop in the inflation rate. In the 2022 September quarter, the Australian inflation rate…
Interest Rate Hikes to Push Australian Banks’ Earnings by 20 Percent in 2023: Goldman Sachs
January 17, 2023
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AustraliaBusiness & MarketsCompanieseconomic policiesGoldman Sachsinterest rate hikesJim ChalmersWorld
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Financial analysts have forecasted a booming year for Australian banks in 2023 as they allegedly exploit a loophole in the central bank’s interest rate hiking cycle. Analysts at the global investment bank Goldman Sachs estimated that Australian banks would see a 20 percent surge in earnings this financial year, with a combined profit of $35.5…
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