The federal government is considering new laws that could stymie the advent of “woke” corporate policy among Australia’s biggest businesses. On Friday, Treasurer Josh Frydenberg announced consultations around possible new laws—modelled on U.S. and UK legislation—that will force shareholder proxy firms to be more transparent with their decision-making process. Proxy firms work for major shareholders…
Australian Treasurer Proposes New Laws That Could Hinder Woke Corporate Policy
May 2, 2021
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Unemployment Rate Needs to Start With a Four: Treasurer
April 28, 2021
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The Australian government will not be making a sharp pivot towards austerity despite the strengthening economy because the nation is “not out of the pandemic yet,” says the Treasurer. Treasurer Josh Frydenberg used the pre-budget speech on Thursday to reveal the shift in budget policy to focus on job creation and reducing the unemployment rate…
Big Business, Unions Call for Childcare Reform to Bring Women Back to Work
Big business and the unions are looking for Treasurer Josh Frydenberg’s May 11 budget to get women back to work by revamping the childcare and paid parental leave systems. Jennifer Westacott, the chief executive of the Business Council of Australia (BCA), argues that Australia’s population is growing at its lowest rate since World War I…
Chinese Demand For Australian Iron Ore Still Booming Despite Trade Tensions
April 22, 2021
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Australian iron ore exporters aren’t feeling any effects of Beijing’s ongoing economic sanctions against Australian exports, as China’s colossal demand for the mineral drive prices up to a 10-year high. Rio Tinto, an iron export giant, said their Australian iron ore assets had excellent operating performance in the first quarter of 2021. In the report…
HomeBuilder Construction Deadline Extended by 12 Months
April 20, 2021
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Existing applicants for HomeBuilder are being given an extra 12 months to commence construction as new home building has reached its highest levels in 21 years. On April 17, Treasurer Josh Frydenberg and Housing Minister Michael Sukkar announced an extension of the construction commencement requirement for the HomeBuilder scheme from six to 18 months, meaning…
Low and Middle Income Tax Offset to Be Removed in June, Potentially Impacting Millions
An estimated 3.4 million Australians with a taxable income between $48,000 and $90,000 will be affected as the low and middle-income tax offset (LMITO), worth $1080, finishes at the end of this financial year, says the Bankwest Curtin Economics Centre. Originally part of stage 1 of the Coalition government’s Personal Income Tax Plan, the LMITO was introduced…
IMF Forecasts Australian Economy to Bounce Back
Australia is predicted to outperform all major advanced economies this year after forecasts from the International Monetary Fund (IMF) World Economic Outlook noted the Australia’s economy would grow by 4.5 percent in 2021 and 2.8 percent in 2022, after contracting by 2.4 percent in 2020. The world economy is forecast to grow by 6 percent in…
Treasurer Frydenberg Considers Overhaul for JobMaker Scheme
The Morrison government’s $4 billion JobMaker hiring credit scheme has been snubbed by employers, forcing Treasurer Josh Frydenberg to make changes to it in the upcoming May budget. The scheme, which was expected to create a total of 450, 000 jobs in two and a half years, has so far failed to generate any real…
Australia’s Leading Business Groups Urge PM Not to Abandon IR Reforms
A watered-down industrial relations omnibus bill has passed through Australia’s Senate but industry leaders have urged the federal government not to give up on the scrapped provisions. The government dumped its provisions on enterprise agreements, award simplification, greenfield agreements, and wage theft after it failed to gain enough support for the omnibus bill. Australia’s leading…
$12 Billion in Tax Cuts to Drive Australian Economy
March 16, 2021
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Working Australians are expected to see $12 billion worth of tax cuts go into their pockets in the next six months as the federal government moves on from JobKeeper to other economic support policies. Treasurer Josh Frydenberg said the data shows around 8.8 million Australians had already benefitted from $9 billion in tax cuts from…
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